A round-up of today's other stories in brief.
Industrial production falls in April
Euro zone industrial production fell in April, prompting fears that Europe's economic recovery remains fragile. Economists reacted by calling on the European Central Bank (ECB) to remain cautious about raising interest rates.
The EU statistics office Eurostat revealed yesterday that industrial output in the 12 member zone fell 0.6 per cent in April compared with March. The monthly fall was unexpected and although output rose annually by 1.9 per cent, this was lower than expected.
"The relapse in industrial production in April highlights the fact that sustained healthy euro zone growth is far from guaranteed over the coming months and any stepping up in the pace of monetary tightening risks stifling the region's upturn", Howard Archer, chief European economist at Global Insight said yesterday.
But Luxembourg Prime Minister Jean-Claude Juncker, who also chairs the so-called Eurogroup club of euro zone prime ministers, expressed confidence in the region's economy.
Extra jobs in finance sector
An extra 300 jobs were created in the banking and insurance industry in the first three months of the year, according to data from the Central Statistics Office (CSO). Total employment in the sector - which includes banking, insurance and building societies - stood at 55,600 in March 2006, up 3,100 on a year previously.
Average earnings rose by 1.4 per cent in the first quarter and stood 4.0 per cent higher in March than a year before, markedly lower than the average 8 per cent growth recorded over 2005.
AIB directors buy 20,500 shares
Two non-executive directors in AIB have between them spent €356,336 on shares in the bank. Don Godson spent a total of €268,836 on 15,500 shares, while Kieran Crowley bought 5,000 shares for €87,500.
Mr Godson bought his holding in two blocks, paying €17.93 and €17.90. Mr Crowley paid €17.50 for his shares. AIB closed at €18.40 last night.
Statement from SEC on mergers
The US Securities and Exchange Commission yesterday issued a statement designed to damp speculation that a transatlantic merger of stock exchanges would force European companies to conform to US Sarbanes-Oxley corporate governance rules "through the backdoor".
Annette Nazareth, SEC commissioner, said: "I cannot conceive of how that is going to happen. US law does not apply unless you are listed in the US, or you choose to do business in the US."
The statement came after weeks of criticism in Europe of the proposed merger between the NYSE Group, which controls the New York Stock Exchange, and Euronext, the pan-European exchange. European politicians have complained that this could force European companies to submit to US regulation. - (Financial Times service)
Russia close to closing debt deal
Russia was last night close to finalising a deal with the Paris Club of creditor nations that would allow it to pay off its $22 billion of outstanding debt ahead of schedule.
The deal marks a political victory for Russia, which will host the summit of the Group of Eight industrialised nations next month.
The oil-rich country has been keen to negotiate more early payback deals after paying back about $15 billion of debt last year.- (Financial Times service)
