A round-up of today's business news in brief

Consumer confidence weak in December

Consumer confidence was marginally lower in December, signalling that while many people are less nervous about their economic situation than a year ago, few expect a dramatic improvement in conditions this year.

The latest KBC Ireland/ESRI consumer sentiment index was 53.3 last month, compared to 53.6 in November but above the reading of 50.2 in December 2008. The three-month moving average rose to 53.7 compared to the 52.5 recorded in November. That December, the three-month moving average stood at 45.6.

The index value of consumer expectations, which is based on consumers’ perceptions of their future financial situation, the economic outlook and employment expectations, stood at 40.1 in December compared with 37.7 in November.

Their perception of their current situation weakened in December to 73 compared to 77.1 a month earlier.

People cutting back on insurance cover

Almost half of consumers fear that they or their partner could lose their jobs over the next year, according to research carried out by insurance firm Friends First.

In response, people are cutting back on their financial protection, the research found, with 13 per cent saying they had cancelled insurance policies as a result of reduced income.

The first policies to go were for travel and life insurance, cited by 28 per cent. A quarter cancelled their car insurance and 22 per cent dispensed of their critical illness cover.

Crospon secures 2m in funding€

Galway-based medical devices firm Crospon says it has secured €2 million in funding and received FDA approval for its flagship gastroenterology product, EndoFlip.

The latest funding round includes continued investment from Enterprise Ireland and private investors as well as from The Welcome Trust in the UK.

Established in 2006, Crospon develops minimally invasive medical devices for monitoring, diagnosis and therapy in the gastroenterology area.

Court allows IL&P holding-company move

The High Court has sanctioned the move to make Irish Life Permanent Group Holdings the new holding company of the Irish Life Permanent (ILP) group, a move that will facilitate any future break-up of the business.

The scheme will become effective upon the issue by the Registrar of Companies of a certificate of registration of the court order. According to a statement from ILP, it is expected the order will be filed with the registrar after close of business on Friday and the scheme will become effective on that date. It is expected the new company will be admitted for trading on the Dublin and London markets from Monday.