TopNews

Ulster Bank has said that it is planning to close down a total of 40 branches during this year and next year as part of a plan to revive the bank.

The bank said that it is aiming to transform the institution into a smaller, lower cost and profitable bank. The bank will close down mainly rural branches to reduce costs but will keep about 175-185 branches open compared to 214 at present and 238 in 2012. The bank also said that the remaining branches will be focused on urban centres and have reduced staff.

Enegi Oil and its joint venture partner ABTechnology have singed a heads of agreement with Antrim Energy for operations at Fyne field.

The agreement covers the UK Central North Sea Licence P077 that includes the Fyne field. Enegi and ABT have bene appointed to taking care of the costs of preparing an amended field development plan (FDP) for Fyne that is to be submitted to the UK Department of Energy and Climate Change (DECC) while Antrim will remain as the operator of the licence.

Online retailer, Ocado has said that its revenues have risen by an impressive 15 per cent to to £382.7million during the first half of the year.

The company aid that the number of consumers increased to 360,000 from 337,000 during the first half of the year till June, 2013. The company said that higher number of customers is using their smartphones to order weekly shopping instead of going to the super markets. Its 29 per cent to £19.2million but the group made a loss of £3.8million.

Aviation firm, Tiger Airways Australia has indicated that it is aiming to revive its operations in the region following a rebranding effort from the company's management.

Following the rebranding effort, the company will be called Tigerair Australia. The company said that the changes are a part of the group wide rebranding effort aimed at better connecting with the customers. The company also displayed its first plane with the new branding theme at Melbourne Airport this morning.

Service Stream, a National Broadband Network construction partner, has indicated that it might to slash 100 jobs as it tries to control falling profits.

The uncertainties relating to the NBN joint venture are affecting the company's profitability. It is aiming to improve its financial position, which has been affected by continuing issues with Syntheo, which is its joint venture with Lend Lease, which holds several lucrative construction contracts to build the NBN.

The Housing Industry Association (HIA) in Australia has expressed concerns over the decision by the country's central bank to hold the interest rates for another month.