A roundup of today's other stories in brief.
Home starts in US fall to 10-year low
Home starts fell to a 10-year low in the US in January, figures showed yesterday, offering a timely reminder that a soft landing for housing is still not certain.
Work on homes dropped by 14 per cent to 1.4 million last month, although there were signs of stabilisation ahead as applications for building permits fell only modestly.
The sharp fall in new construction unsettled investors and underlined the threat to economic growth as the sector enters the key selling period between Superbowl Sunday and mid-April when two-thirds of homes are sold.
The monthly new home starts figure is volatile and strongly influenced by weather conditions.
Nonetheless, Michael Moskow, head of the Federal Reserve Bank of Chicago, said the figures "highlight that downside risks remain". He noted: "Nationwide inventories of unsold homes remain much higher than they were a year ago", and said it would "take some time for the excess inventory of homes to be sold". But he predicted: "Homebuilding will stabilise as we move through the year."
Economists say a retrenchment in building is necessary to clear the glut of empty homes weighing on prices after the building boom. - (Reuters)
Tesco workers back pay deal
Tesco's Irish workers have voted overwhelmingly in favour of a new pay deal that promises greater certainty on working hours and higher pay.
The deal follows months of negotiations between Tesco and the Mandate trade union.
Under the agreement, Tesco employees' basic salaries will increase by 11 per cent. Employees will receive a further 1 per cent increase through the firm's share bonus scheme.
The union expressed hope that this agreement will encourage other employers in the retail sector to follow Tesco's lead.
New powers for Pensions Board
The Pensions Board has been given the power to impose on-the-spot fines on employers, trustees, PRSA providers and actuaries who commit offences relating to pension schemes. This new power is contained in the Social and Pensions Welfare Act 2007 published yesterday, and provides the board with an alternative to prosecuting offenders.
In addition, fines have been increased from €1,904 to €5,000 for a summary offence, and from €12,697 to €25,000 for an indictable offence.
The Pensions Board has also been given the power to exchange information on trust retirement annuity contracts with the Revenue Commissioners.
McInerney wins Wigan permission
McInerney Homes has got the go-ahead for a key house-building project in the UK after winning a planning row by the narrowest of margins.
Wigan Council in the north of England has given the Irish housebuilder permission to proceed with the construction of an 111-home estate in the town.
A council majority of just one vote backed the plan for the site of the town's old Bispham Brickworks.
Campbell soups up new markets
Campbell Soup is gearing up to test market its soup in China and Russia as the world's largest maker of soup looks to tap into markets with hundreds of millions more consumers.
"These are the two biggest soup markets in the world," Douglas Conant, president and chief executive of Campbell, said. "There's a huge opportunity there." - (Reuters)
