Today's other stories in brief

Driving a hard bargain for used cars in UK

The average value of second-hand cars has slumped more than 14 per cent in the UK in the past year, industry figures show, with savvy consumers securing deals unprecedented in recent years.

Buyers are making dealers "derisory" offers for top-of-the-range, second-hand vehicles in an effort to take advantage of what some in the industry have branded the weakest market since the last recession. Analysts say retailers are increasingly tempted to accept lower offers. - (Financial Times service)

GE's profits fall 3.9% for second quarter

General Electric's second-quarter profit fell 3.9 per cent, matching analysts' estimates on a per-share basis after a surprise earnings slump in the year's first three months that hurt its stock price.

Profit from continuing operations was $5.39 billion, or 54 cents a share, compared with $5.61 billion, or 54 cents, a year earlier, the Fairfield, Connecticut-based company said today in a statement.

Sales rose 11 per cent to $46.9 billion. Chief executive officer Jeffrey Immelt is selling slower-growing units to help prop up the stock, which has fallen 25 per cent since a surprise drop in first-quarter profit. - (Bloomberg)

Surprise narrowing in US trade deficit

The US trade deficit unexpectedly narrowed in May as the cheaper dollar spurred gains in exports, helping make up for the soaring cost of imported oil.

The gap between imports and exports shrank 1.2 per cent to $59.8 billion from a revised $60.5 billion in April that was smaller than previously estimated, the Department of Commerce said in Washington.

Growth in overseas markets and a weaker dollar are helping lift exports even as oil prices, which reached a record last week, are pushing up imports.

A shrinking trade gap is one of the few bright spots remaining on the US economic horizon. - (Bloomberg)

CSO figures show turnover by building firms up 21% for 2006

Turnover by building firms in 2006 rose by 21 per cent to €21.3 billion, according to figures released by the Central Statistics Office today.

According to the CSO's census of building and construction, there were 1,291 building firms employing 20 or more staff, for a total of 97,484 people. This was a 9 per cent rise on the 1,184 firms employing 89,117 people in 2005. In what was arguably the height of the construction boom, construction firms spent over €6 billion on goods and services, compared with €5.2 billion the previous year.

In 2006 the average wage per building sector employee was €42,929.

The overall wage bill for the sector was €5.04 billion, almost €500 million higher than the previous year.