In short

Today's other stories in brief

Construction lending down 8.7% in year

Lending to the construction sector declined by €2.2 billion, or 8.7 per cent, in the 12 months to September 2008, according to a breakdown of private sector credit published by the Central Bank.

Although there was an increase in lending for real estate activities, when construction is added in, the annual lending growth rate to these two sectors was 15 per cent in the third quarter of 2008, compared with 33.2 per cent 12 months earlier.

HP's fourth-quarter profits up 4%

Strong sales of notebook computers and the contribution of newly acquired services company EDS allowed HP to increase fourth-quarter revenues by 19 per cent to $33.6 billion, with operating profit up 4 per cent to $2.7 billion.

Revenues for the 2008 financial year were up 13 per cent to $118.4 billion, producing net earnings of $9.3 billion. The world's largest PC maker said that sales of notebooks were up 21 per cent.

Naftogaz to pay off Russian debt

Ukraine's state gas firm agreed to pay an outstanding debt to Russia by the end of this month. But it failed to dispel the spectre of a potential price row in mid-winter.

"An agreement was reached for Naftogaz to pay the debts owed for gas delivered in September," Kremlin-controlled energy company Gazprom said.

Gazprom says it will not supply Ukraine with gas beyond the end of this year unless a new contract is signed. Naftogaz previously insisted that it owed Gazprom nothing, but acknowledged arrears of $1.27 billion to a firm that handles gas trade between Russia and Ukraine.

20% still opting for 40-year mortgage

Despite falling house prices, over a fifth of first-time buyers are still opting for a 40-year mortgage.

According to statistics from the Irish Mortgage Corporation, 21 per cent of first-time buyers chose a 40-year mortgage during the third quarter of 2008.

BHP gives up on pursuit of Rio Tinto

BHP Billiton abandoned its year-long pursuit of Anglo-Australian mining rival Rio Tinto yesterday, triggering a 37 per cent fall in Rio's shares. The deal's collapse comes as commodity prices have plummeted in the wake of a rapid slowdown in global growth. - (Financial Times service)

Furniture company director disqualified

A furniture company director has been disqualified by a High Court judge from being involved in the affairs of any company for seven years.

Mr Justice Kevin Feeney made the order under Section 160 of the Companies Act yesterday against John Quinn, Jigginstown, Naas, Co Kildare, a director of Nationside Ltd, a furniture company, of South Main Street, Naas.