The euro fell for a third day yesterday, its longest stretch of losses this month, on speculation that European Central Bank president Mario Draghi will consider adding to monetary stimulus.

A “vintage era” for Irish small business exporters will likely extend through next year, as the euro remains lower for longer against sterling than once thought, leading economists have predicted.

Sterling advanced yesterday approaching its strongest level in three weeks against the euro, after Bank of England policymakers said China’s slowdown hasn’t shaken their conviction that the time for the first UK interest-rate increase since 2007 is coming nearer.

The euro fell to a six-week low against the yen as the inflation rate in the eurozone matched the lowest since Feb 2011 in June, adding to concern that the region is headed for a recession.

THE purchase of a minority stake in AIB by the Canadian Imperial Bank of Commerce (CIBC) would ease the threat of nationalisation hanging over the Irish bank.

ALLIED Irish Banks confirmed yesterday that it has been approached about the possible sale of a minority stake to an overseas bank, understood to be the Canadian Imperial Bank of Commerce (CIBC).

COGNOTEC, the Dublin-based company that provides foreign exchange software to banks, made a profit for the first time in 2004.

Banking software firm Eontec has seen losses continue as turnover for the year to end December 2002 fell by nearly 2 million.

BROWN THOMAS owner Galen Weston’s $1 billion bid for Selfridges Plc, a luxury-goods retailer that competes with Harrods, may cost Canada’s second-richest man as little as $5 million of his own money.

Nine investment banks financed lucrative schemes that helped Enron, the failed US energy giant, appear to be a profit powerhouse up to its collapse, said lawyers who plan to add the banks to a shareholder lawsuit today.

Eontec has been selected by Canadian Imperial Bank of Commerce [CIBC] to supply a strategic development platform for its retail banking technology and operations.