A round-up of today's other stories in brief
German year-on-year inflation eases
German consumer price inflation eased year on year in December pointing to a lower rate for the overall euro zone, despite a month-on-month spike due to Christmas holiday costs, figures showed on Friday.
Analysts say that inflation in the euro zone could head below the European Central Bank's 2 percent target next year provided oil costs do not bounce up again.
Germany accounts for around one third of the pan-euro zone consumer price index.
"These are pleasing figures. The trend is downwards. We could fall below two percent in spring, as long as oil prices play their part," said Commerzbank economist Christoph Weil, referring to Germany. - (Reuters)
Italian senate approves reforms
Italy's senate on Friday gave final parliamentary approval to a reform of financial regulation aimed at shoring up investor confidence following a scandal at the Bank of Italy.
Under the new regulations, the central bank governor's mandate will be cut to a six-year renewable mandate from an open-ended term. Supervision of banking mergers will henceforth be shared by the Bank of Italy and the anti-trust authority.
The reform also seeks to improve corporate governance after a slew of financial scandals including the 2003 massive fraud at food group Parmalat. - (Reuters)
Avion Group aims to raise €900m
The parent of an Irish-based aircraft maintenance company is set to raise over €900 million on the Icelandic Stock Exchange.
Aviation investment specialist, Avion Group, owner of Shannon-based Air Atlanta Aero Engineering, plans to list on the Icelandic market in late January.
The company announced yesterday that it intends to admit 100 per cent of its share capital for trading on the market, after an offering to institutional investors was oversubscribed.
The flotation will raise approximately 68.7 billion Icelandic kroner (€905 million).
US consumers show confidence
US consumer sentiment in December reached the highest level since July, a report showed on Friday, bolstered by falling energy prices.
The University of Michigan's final December measure of consumer sentiment rose to 91.5 from November's 81.6 and a preliminary 88.7 reading from early December, according to sources who saw the report.
However, the index came in below its December 2004 level of 97.1. Lower energy costs have steadily improved consumers' outlook on spending and inflation since September. - (Reuters)
Drugmaker Roche gives India licence
Drug maker Roche Holding AG said on Friday it had granted a sub-licence to India's Hetero Drugs to produce Tamiflu for developing nations, the second such deal to boost output of the scarce anti-viral drug.
The agreement with Hetero covers India and other developing nations and allows the Indian firm to produce a generic version of the flu treatment specifically for governments wishing to create emergency stores.
The decision to outsource production of Tamiflu to other companies follows pressure on the Swiss drug maker to increase output as governments around the world stockpile the medicine as the best defence against a bird flu pandemic. - (Reuters)
