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Commission goes to court over pipeline

THE European Commission said yesterday that it is taking the Irish and British governments to the European Court of Justice because inadequate gas infrastructure is limiting competition. The two governments could face fines.

The commission believes that the gas pipe linking the Republic to the North is not open to enough competition.

One51 gets rid of its 4.4pc stake in IFG


INVESTMENT company One51 continued its deleveraging strategy yesterday after it sold its 4.4pc stake in financial group IFG. Terms of the sale were not released but at IFG's opening price yesterday of €1.12, the sale would have netted around €6.2m for the company.

Increase in monthly factory gate prices


MONTHLY factory gate prices increased by 0.5pc in December, the CSO said. Annual percentage change showed an increase of 2.4pc in December 2011, compared with an increase of 1.9pc in the year to November 2011. There was an increase of 1.9pc in the price index for export sales over the year.

Geithner 'doesn't expect' role renewal


TREASURY Secretary Timothy Geithner said yesterday he would not expect to be asked to continue as treasury chief if President Barack Obama wins re-election. "He's not going to ask me to stay on, I'm pretty confident," Geithner said during a television interview in North Carolina. There would be "something else for me," Geithner added.

Nokia enjoys better year than expected


NOKIA, a year into an alliance with Microsoft to try to win back market share lost to Apple, sold more smartphones last quarter than analysts predicted, boosting confidence in its ability to compete. Nokia delivered 19.6 million smartphones during the year, about 1 million more than analysts expected. Apple sold 37 million iPhones in the same period.

Irish Independent