A round-up of today's other stories in brief...
Ireland sixth highest for consumer debt
Ireland has the sixth highest level of consumer debt in the world, according to new research. Figures from research company Lafferty Group says Ireland is ranked sixth alongside the UK, with consumer borrowing at 154 per cent of personal disposable income.
European countries occupy seven of the top 10 positions on consumer indebtedness, according to research carried out as part of Lafferty Group's World Cards Intelligence.
The Netherlands has the highest level of consumer borrowing at 227 per cent. Denmark is second with 224 per cent, followed by Norway (172 per cent), Malaysia (165 per cent) and Australia (157 per cent).
Lafferty says that on the back of well over a decade of "striking economic growth" in Ireland, "consumer attitudes and expectations are such that economic hardship has almost departed from the national psyche, and individuals see very little reason to curb either spending or borrowing."
Lafarge buys Egyptian firm
Lafarge, the world's biggest cement maker, has agreed to buy Egypt's Orascom Cement from Orascom Construction Industries (OCI) for €€8.8 billion in a deal which will boost its earnings exposure to fast-growing emerging markets.
OCI chief executive and main shareholder Nassef Sawiris will take a 11.4 per cent stake in the French group as a result and join its board.
The group said buying Orascom Cement would mean that 65 per cent of its earnings before interest, tax, depreciation and amortisation would come from emerging markets by 2010, compared with 45 per cent this year. - (Financial Times service)
Moody's rates AIB at B-
Ratings agency Moody's has assigned "a bank financial strength rating" of B- to AIB, which translates into a A1 credit assessment.
It said the credit quality of its loan book remained good, though it has a sizeable exposure to the Irish property market. About 20 per cent of loans are Irish residential mortgages, while 21 per cent are Irish construction and property loans.
Moody's said in a note: "We believe that this concentration and the high growth levels of the loan portfolio could leave AIB exposed to an economic downturn, although we note that the strong property price appreciation seen in Ireland over the last decade mitigates these concerns to a degree."
ACCBank owed €14.6m by family
ACCBank has secured summary judgment for €14.6 million against three members of a family arising from loans advanced in connection with a property development in Co Kilkenny.
In the Commercial Court yesterday, Mr Justice Peter Kelly said he was satisfied the sums sought from William Phelan, Karl Phelan and Lourda Phelan, all with addresses at Whitethorn Walk, Westminster Park, Foxrock, Co Dublin, trading as William Phelan and Son, were due and owing.
The defendants did not file a defence and were not represented in court.
Origin sees more growth
Origin Enterprises, the listed nutrition and food business, is well-placed to achieve growth from continuing operations, chairman Owen Killian, told its agm yesterday.The IAWS spin-off reported a buoyant fiscal first-quarter driven by increased cereal planting in the UK.
Builders earning €824 a week
Building workers earned €824.35 a week on average in the 12 months to last September, 7.2 per cent more than they earned last year, the latest CSO figures show.
