THE economic situation in the eurozone has started to improve but is still weaker than the European Central Bank had hoped, ECB Governing Council member Ewald Nowotny said yesterday.
"The economic situation has started to improve over the last months or even the last year," Mr Nowotny said. A plunge in eurozone inflation to just 0.7pc in October prompted the ECB to deliver a surprise interest rate cut this month.
TEST FOR PROPERTY PLAN
CHINA'S plans to stabilise its booming property market face a stiff challenge after home prices surged to fresh record highs in October. Home prices in large Chinese cities have continued to set records despite a four-year-long government campaign to cool the market.
This adds to the threat of a price bubble and social unrest. Responding to these concerns, the leadership pledged to push forward property tax legislation and allow farmers to sell their land more freely.
$5BN IN PLANE DEALS
AIRBUS and Boeing have signed deals to buy some $5bn (€3.7bn) of parts and materials from Abu Dhabi yesterday. The deals are a sign that the Gulf states are seeking a reciprocal boost to their economies from the huge orders they have placed with the planemakers.
Gulf airlines struck plane deals worth almost $150bn (€111bn) on the first day of the Dubai Airshow on Sunday. The buying spree underscored a shift in power in the industry, as the economies of the Gulf take advantage of their position between East and West to draw more travellers.
MF TO REPAY $1BN
A US federal judge in New York has ordered MF Global Inc to return more than $1bn to harmed customers and pay an additional $100m penalty as part of a civil settlement with US derivatives regulators.
The approval marks the end of the CFTC's litigation initiated in June against MF Global Inc over the brokerage's October 2011 collapse and loss of more than $1bn.
TCAS SECURES &EURO;650K
Irish software start-up TCAS Online Limited (TCAS) has secured a €650,000 seed capital investment from Irish venture capital house Kernel Capital, Enterprise Ireland and private investors.
The investment includes €250,000 by Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund. TCAS provides software to manage student accommodation.