Opening Bell: David Drumm denied bail again, oil slides, Clinton targets the super rich with tax surcharge

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Former Anglo Irish Bank chief David Drumm has failed in his second bid to be released on bail in the US.

He is in prison in Boston pending the outcome of proceedings to extradite him to Ireland to face fraud and false accounting charges.

The Irish Independent says his lawyers argued he is being held in "intolerable and inhumane" conditions which subject him to safety risks.

But a Boston District Court judge denied the application, his hearing will be held on March 1st.

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Oil prices are on the slide again, brent crude oil fell by 6% yesterday to $31.90 a barrel - that was close to a 12 year low.

The US benchmark West Texas Intermediate crude oil price fell by more than 6% to a low of $30.99, the cheapest price since late 2003.

Morgan Stanley has warned that the oil market has entered "uncharted territory," and that it is possible that the price of a barrel of oil will move towards $20.

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Hilary Clinton has proposed a 4% surcharge income-tax for wealthy Americans - this would restore a top rate of tax which has not been levied in 30 years.

This tax would only apply to individuals who's adjusted gross incomes are greater than $2m.

Speaking yesterday, she described this as a "fair share surcharge" - her campaign has estimated that this tax on the super rich would raise $150bn in taxes over 10 years.

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A €28m euro investment is being announced in 21 science projects.

The fund is for research equipment and facilities, through Science Foundation Ireland.

The investment, through the Department of Jobs, is for projects in sectors including applied geosciences, pharmaceutical manufacturing, bio-banking, marine renewable energy, internet of things, astronomy, big data and additive manufacturing using nano-materials.

Speaking at the launch SFI Director general Prof Mark Ferguson, said: "Science Foundation Ireland is delighted to support and drive Ireland’s science strategy, Innovation 2020, with the addition of key infrastructure to propel important research projects.

"Ultimately, this is about providing Irish researchers in strategic areas with the tools to be world leading [in their fields].”