In Short

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

Average house prices at 2002 levels after 1.3% drop in third quarter

Average house prices are now at 2002 levels having fallen 36 per cent since their peak in 2006 and 1.3 per cent in the third quarter of this year, new figures show. This is the lowest quarterly reduction since the second quarter of 2008. The Permanent TSB/Economic and Social Research Institute (ESRI) House Price Index shows house prices nationally have fallen to €198,689 from €233,137 in the third quarter of 2009, and €311,078 at their peak.

The reduction in average national house prices in the first nine months of this year was 7.6 per cent. This compares to a reduction of 11.7 per cent in the first nine months of last year.

MEPs vote to raise EU's 2011 budget

MEPs have voted to raise the EU's 2011 budget by 5.9 per cent to €130.1 billion. The vote at a parliamentary sitting in Strasbourg sets up difficult talks with EU governments, who want to limit the increase to 2.9 per cent.

The divergence between MEPs and states over the budget's size means Belgium's EU presidency must now embark on a process of "conciliation".

Any failure to reach a deal would be a setback for the European authorities as the talks take place under new rules in the Lisbon Treaty.

Revenue falls at Trinity Biotech

Trinity Biotech, the Irish manufacturer of medical diagnostic products, secured revenues of $18.7 million in the third quarter of 2010, a fall of 41 per cent quarter-on-quarter.

The company, which is listed on the Nasdaq index in the US, said the reduction was due mainly to the sale of its coagulation testing products business in the second quarter.

Revenues in its point-of-care division rose by 8 per cent due to improved sales in the key US and Africa markets. Operating profit fell 10 per cent to $3.3 million on the year ago period.

AIB bank deal boosts Irish MAs

AIB’s agreement to sell its stake in Polish bank Zachodni and Ardagh’s purchase of Impress boosted the value of Irish-related merger and acquisitions (MAs) to €5.5 billion in the third quarter of the year.

Figures released yesterday by stockbroking firm NCB, show that 50 deals were agreed during the three-month period from the beginning of July to the end of September this year.

The biggest was AIB’s sale of its 70 per cent share of Zachodni for €3.1 billion, part of the Irish bank’s recapitalisation effort.