Opening Bell: Intel's Irish redundancies, Singapore fund to move on Eir, data centre to bring jobs to Cork

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The first wave of redundancies at Intel's plant in Leixlip, Co Kildare will come into effect today.

The Irish Times reports that most of the positions will be vacated by the middle of next week 

It has been indicated that between 350 and 400 jobs will be lost by staff and contractors as the tech giant sheds 11% of its global workforce while the company is restructured.

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Singapore's sovereign wealth fund GIC is set to spend up to €230m buying up Eir shares.

The Irish Independent reports that the fund plans to buy the shares at €232 per share.

The deal is subject to agreement from shareholders and an extraordinary general meeting is expected to be held later in this month.

The sovereign investment fund of the Qatari Royal Family is also being lined up to acquire a possible 15% shareholding in Eir according to media reports earlier in this week.

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150 new jobs could be on the way thanks to a commercial construction company in Cork.

JCD have plans to build a number of data centres in the region which will see hundreds of workers hired during construction.

Planning permission is due in a number of weeks to transform a 32-acre site at Little Island into a technology campus.

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The UK’s once booming oil and gas industry will have shed up to 120,000 jobs – a reduction of about 30% - in the 30 month period between mid-2014 and the end of the current year due to the sharp downturn in oil prices and investment according to figures published by trade group Oil and Gas UK.

The UK’s largest oil companies including Shell and BP have shipped massive losses and are slashing jobs while many small companies are on the brink of insolvency according to the report, even at current modestly-recovered oil prices of $50 per barrel.

The consultancy firm, EY has warned that a third of all oilfield service firms active in the North Sea, could close by the end of 2016.