In Short...

A round up of today's other stories in brief.

Euro-zone retail sales up, index reports

Euro-zone retail sales turnover increased in October after contracting in September, according to a survey of retail purchasing managers published yesterday.

The Bloomberg/NTC euro-zone retail purchasing managers' index (PMI) rose to 50.4 from 49.7 in September, above the 50 mark which separates growth from contraction.

The retail PMI for Germany, which accounts for around one-third of the 12-nation euro zone's gross domestic product (GDP), showed a contraction for a second straight month in October, albeit at a slower pace than in September. The index rose to 48.1 from 45.2. - (Reuters)

Providence drilling project completed

Providence Resources said yesterday that it had completed its development drilling programme on the Singleton oilfield in the UK.

The drilling programme was designed to develop reserves not presently accessed.

The new wells are now expected to be tested and brought on stream in the coming weeks, increasing daily oil production.

Providence has a 20 per cent interest in the field, which is operated by Star Energy.

Share buyback costs Abbey €9m

Housebuilder Abbey spent €9 million buying back one million of its own shares, at €9.00 each, yesterday. The shares will now be cancelled.

Manufacturing in Britain falls again

British manufacturing output unexpectedly fell for the second consecutive month in September, casting doubt on the pace of the sector's recovery from recession.

The UK Office for National Statistics said yesterday that manufacturing output fell 0.3 per cent, the biggest decline since March, compared with analysts' forecasts of a rise of 0.3 per cent. That left output 0.8 per cent weaker than a year ago. - (Reuters)

Finance ministers to discuss Fazio

European Union finance ministers will discuss informally today whether there is a need for action over the behaviour of Italian central bank governor Antonio Fazio in recent cross-border banking mergers, a European Commission spokesman said yesterday.

Spokesman Oliver Drewes said that Mr Fazio's role was not addressed formally in a report to ministers by EU internal market commissioner Charlie McCreevy on removing obstacles to cross-border consolidation in the European financial sector.

"But of course the question arises here, will we do something with the concrete case of Italy, yes or no?

"This will certainly be also at least informally discussed tomorrow," he told a news briefing. - (Reuters)

Armor warns of decline in

ArmorGroup has warned that profits this year will be "substantially" below expectations, providing more evidence that the lucrative boom for armed security companies in Iraq has ended.

Shares in the UK-based security services group fell more than 20 per cent on the news.

Armor, which is chaired by Malcolm Rifkind, former British foreign secretary and vocal opponent of the Iraq war, said that key contracts had been delayed, partly because of the recent referendum in the country and unrest in Basra. - (Financial Times Service)