Opening Bell: BoE cut and Irish exports, Apple rewards, liquidating Setanta

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Yesterday, the Bank of England took radical action to prevent the UK from falling into recession, cutting interest rates to 0.25% - the lowest level in the institution’s 322-year history - and pumping billions of pounds of newly created money into the economy.

The bank cut its forecasts for the growth of the UK economy by the biggest single amount since it starting producing regular forecasts in 1993, slashing its GDP projection next year from 2.2% to 0.8% and predicting a rise in unemployment from 5% to 5.4%.

This will make life more difficult for Irish exporters are their goods become relatively more expensive for British buyers.


The cost of liquidating Setanta Insurance will come to almost €6m according to reports in today's Irish Times.

David Carson, a Deloitte partner who's acting as liquidator, has published a legal notice calling on preferential creditors to come forward with details of their claims before February 2nd.

The Malta-domiciled company offered motor insurance in Ireland before being liquidated in 2014.

Policyholders are still waiting for claims to be paid by the liquidator as there is a dispute over who should be responsible for these pay-outs.


Apple is offering cash rewards to hackers who spot security flaws in its software.

It'll pay some researchers up to £150,000 for discovering problems.

Other companies - including Google - already offer so-called "bug bounties" to encourage people to push its security systems to their limits.


Goldman Sachs has submitted a regulatory filing in the US which states that the firm is considering restructuring some of its UK operations.

It says the Brexit referendum result, "may adversely affect the manner in which we operate certain of our businesses in the European Union and could require us to restructure."

It has not commented on what form such restructuring would take, or how advanced these provisions are.