Opening Bell: RBS cuts, construction surge, Ireland's newest McDonald's

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Ulster Bank's parent company RBS is planning a new series of cutbacks, which will include branch closures.

It hopes to cut its operating costs by £1bn - The Sunday Times said yesterday that up to 15,000 jobs could go.

The Irish Independent reports that no new cost-cutting measures will be introduced in Ireland.

RBS will announce new profit targets when it releases its annual results on February 24th.

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McDonald's has officially opened its newest restaurant in Dublin today.

65 new jobs have been created at the €3.5m investment based in Citywest.

The company, which has 91 establishments in Ireland, says it's employed three-quarters of the staff at the restaurant from the local area.

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Ireland's construction industry has had a strong start to 2017, with new orders and hiring in the sector nearing record highs.

The overall Ulster Bank Construction Purchasing Managers’ Index came to 55.7 - just below the 58.9 recorded in December, but still indicating strong growth.

Approximately 27% of respondents signalled a rise in staffing levels during the month.

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A study claims more than one in three British businesses have already been negatively hit by the UK's decision to leave the European Union.

Accountants Moore Stephens say the fall in sterling has especially affected small companies who rely on imported goods.

It also found a quarter of employers feared Brexit would make investing in the UK less attractive.