More news in brief

Germany's consumers are more upbeat than at any time since 2001, according to the closely watched report by German market research group GfK. Some analysts interpreted the news as raising the possibility of a further interest rate increase next week.

Yesterday the latest GfK consumer sentiment index - compiled from a survey of 2,000 Germans - also showed that Germans' "willingness to buy" is higher than at any time since 1980.

On Tuesday Germany's respected Ifo economic research institute said that business sentiment in Germany's economy - which is the largest in Europe and accounts for over one quarter of the euro zone economy - hit a 15-year high in June.

Economists reacted positively to signs that the German economic recovery is now extending to the country's consumers, although some said that this could be a temporary development.

CRH appoints former GE chief

Building materials group CRH yesterday announced the appointment of Dan O'Connor, former president and chief executive of GE Consumer Finance Europe (GECFE), as a non-executive director.

Mr O'Connor will continue to represent GE at board level in European businesses in which GECFE has an equity interest despite taking up the position with CRH.

IEA downplays oil demand growth

Global oil demand growth in the next few years may be weaker than previously expected because of high prices, which hit a record in April, an International Energy Agency analyst said yesterday.

The IEA, adviser to 26 industrialised countries, plans to release a new forecast for mid-term oil demand growth in July. In December the agency said demand would rise by 1.8 million to two million barrels a day from 2007 to 2010.

Crude oil in New York hit a record high of $75.35 a barrel in April because of concern about supply cuts in Nigeria and tension over Opec member Iran's nuclear programme, prompting some analysts to suggest rising costs would slow demand growth.

In a June 13th report, the IEA trimmed its global demand growth forecast for 2006 by 10,000 bpd to 1.24 million bpd, with the US seen as the clearest case for lower consumption. - (Reuters)

Lapp Plats in joint venture talks

Lapp Plats, the IEX-listed exploration firm that last year reported a loss of £145,068 (€210,215), said it was in talks to set up a joint venture to work on its exploration concessions in northern Sweden.

In a statement to the stock exchange, the company also said it was in talks with a number of parties with a view to a corporate transaction that would create value for shareholders. It said it should be in a position to make a final announcement in the near future.

Slovenia given conversion rate

The European Commission proposed Slovenia's tolar should be replaced by the euro at a conversion rate of 239.640 tolars per euro when the former communist economy joins the single currency on January 1st.

The proposed conversion rate was in line with expectations and will be sent to finance ministers of the EU's 25 member states for approval at their next meeting on July 11.

Analysts welcomed the news. - (Reuters)