Today's other stories in brief
Toll operator to expand range of services
Toll operator eTrip plans to expand its range of services following its acquisition of Eazy Pass Ltd from NTR.
Jointly owned by Irish company Electro Automation and French company Egis Projects, eTrip already offers a combined service of tolling and car parking from a single tag.
"The next project for us is probably to look at a petrol venture," said Ciara O'Brien, general manager of eTrip services. "You drive into a petrol station and the cost of petrol will be deducted from your eTrip tag."
ETrip has gained an extra 60,000 customers following its acquisition of Eazy Pass for an undisclosed sum.
US regulators take over two banks
US regulators took over two banks at the weekend and sold them on, the sixth and seventh US bank failures this year as financial institutions struggle with a housing slump and credit crunch.
Two weeks after the Federal Deposit Insurance Corp (FDIC) seized IndyMac Bancorp, the US office of the comptroller of the currency said it closed First National Bank of Nevada and First Heritage Bank NA of California.
First National, characterised as undercapitalised, had total assets of $3.4 billion (€2.2 billion) and $3 billion in deposits. First Heritage, described as critically undercapitalised, had assets of $254 million and $233 million in deposits, regulators said.
The FDIC said the cost to its insurance fund was estimated to be $862 million. - (Reuters)
Iona shareholders to vote on proposed acquisition
Shareholders of Iona Technologies will be asked to vote on the company's proposed acquisition by Progress Software at an extraordinary general meeting on August 28th.
Progress Software was the only one of four final bidders who met the deadline for bids and its $4.05-a-share bid is being recommended by the board.
German consumer confidence slides
German consumer confidence dropped to the lowest in more than five years as soaring energy prices sapped purchasing power and the economic outlook deteriorated.
GfK AG's index for August fell to 2.1, the lowest since June 2003, from a revised 3.6 in July, the Nuremberg-based market research firm said yesterday.
Economists had predicted the gauge would fall to 3.5 from an initial July estimate of 3.9.
Record oil and food prices pushed inflation in Germany to 3.4 per cent last month, squeezing disposable incomes just as the euro's gains and a deepening US housing slump hit demand for exports.
Business confidence fell the most since the 9/11 attacks and investor confidence fell to a record low, signalling growth is faltering in Europe's biggest economy. - (Bloomberg)
Motor insurance claims being settled quicker and at lower cost
Motor insurance claims are being settled quicker and at a lower cost, according to the financial regulator, which yesterday published its private motor insurance statistics for 2006.
Over the course of 2005 and 2006, there was a decrease in average costs per claim - by 15 per cent for comprehensive cover and by 17 per cent for third-party fire and theft.
"Although there are many factors which could influence the cost of claims, it is worth noting that the injuries board had its full first year in operation in 2005," the regulator said.
Premiums continued to fall in 2006, the fourth successive annual decrease in premiums for both comprehensive and third-party fire and theft cover.
There was a decline of 10 per cent to more than €4,200 per claim for comprehensive cover, while third-party fire and theft claims fell by 1 per cent to just over €6,100 per claim.
