The European Central Bank reported today that the annual rate of growth of M3 - a broad measure of money and credit in the Eurozone economy - fell to 9.3% in July 2008, from 9.5% in June 2008. The three-month average of the annual growth rates of M3 over the period May 2008 - July 2008 declined to 9.6%, from 10.0% in the period April 2008 - June 2008.

Eircom, the Irish telco which is majority owned by a fund controlled by the troubled Australian bank Babcock & Brown, today reported an 8% increase in earnings for the year to the end of June.

UK house prices fell at the fastest annual rate in almost two decades in August after restricted mortgage lending and recession fears put off home buyers, the Nationwide Building Society said today.

Unemployment in Germany fell slightly in August despite falling business and consumer confidence in Eurozone’s biggest economy, the Federal labour agency said in Nurenburg today.

Kentz Group, the Irish-Malaysian international engineering contractors, which is listed on London’s AIM market, today announced that it has been awarded a contract in excess of Rands 1.75 billion (US$250 million) for the procurement, fabrication and site installation of the air-cooled condensers and associated equipment on the new Medupi Power Station in the Limpopo Province.

The latest Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), based on a mid-month survey of economic conditions in the euro area retail sector, indicates a continuing contraction in Eurozone retail sales for the third consecutive month. While the PMI rose to a three-month high during August, at 47.7 it remains below the crucial 50.0 no change mark.

European Central Bank policymakers are seeking to damp down speculation on the inevitability of interest rate cuts in the near future in response to a sharp slowing in Eurozone economic activity in the second quarter. On Wednesday, one member of the ECB’s Governing Council warned that it may be necessary to hike rates as the economy recovers.

Markets news on stocks, currencies and commodities.

McInerney Holdings, the Irish building group, reports today that in the first half of 2008, it made a loss before tax of €53.6 million compared with a profit of €9.2 million in the same period last year.

Elan, the Irish drugs company, reported today that total revenue increased by 18% to $352.1 million in the first half of 2008, compared to the same period in 2007 and the net loss fell by 44% to $159.4 million.