A roundup of today's other business news in brief

50% of firms cutting staff, says survey

Firms confronted with weaker levels of business are cutting jobs, according to the winter business sentiment survey from KBC and the Institute of Chartered Accountants in Ireland (ICAI).

The survey, published today, says 50 per cent of companies surveyed are shedding employees and two-thirds are experiencing a slowdown in their business.

ICAI communications director Ronan O'Brien said the survey confirmed that a broadly based economic downturn was now in place with a majority of firms seeing a weaker start to 2009. Food and retail businesses are beginning to feel the squeeze, on top of the construction sector.

KBC chief economist Austin Hughes, said the layoffs "suggest firms right across the economy are taking early albeit painful action to protect their business".

Italy able to inject 20bn into banks

Italian authorities won permission from the European Commission yesterday for a €20 billion aid package for their banks caught up in the credit crunch.

The commission, which polices competition in the 27-nation European Union, said in a statement that the scheme was in line with EU guidance on state aid. The statement said the measures allow Italy to subscribe to subordinated debt instruments. The scheme's global budget will be up to €20 billion.

Solid improvement in cement stocks

Shares in Cemex, the Mexican cement group, jumped sharply yesterday - pulling those of other cement companies higher in its wake - after the group said it had made important progress in refinancing its bank debts.

The company, which controls Irish cement producer Readymix and faces a string of maturing loans in 2009 and 2010 on top of the general building downturn.

- (Financial Times service)