Its last half-point cut on 8 November brought eurozone interest rates to the lowest level since February 2000.Wim Duisenberg, president of the ECB, said data released since the last rate cut were in line with the bank’s expectations.”Conditions are there for economic growth to improve in the course of 2002. Financing conditions in the euro area are favourable,” the ECB chief said.”The information which has become available since our meeting on 8 November confirmed our expectations and also the forward-looking decisions taken over the past few months,” he said. “We continue to consider the current level of key rates as appropriate.”The decision was expected by financial markets, but means no early Christmas gift for eurozone governments, squeezed between the tight fiscal corset of the monetary union and daily reports of job cuts at European companies.Economists said the traditionally cautious central bank would want to see more evidence that past rate cuts were enough to pull the 12-nation bloc back from the brink of recession. The ousted chairman of Non-League Media had borrowed nearly £600,000 from the group, partly to buy a house for his wife, a company statement said yesterday.

Fiaz ur Rehman, the finance director, also quit at the time.Non-League said that Eye Group, a company controlled by Mr Gutteridge, had borrowed £569,000 from Non-League last year – £292,000 of which was not shown in the accounts. It was discovered in October 2001 that £272,000 of the loan was put towards the purchase of a house for Mrs Gutteridge, reportedly a property in Acton, London.The company said it hoped to recover £301,000 it was still owed by Eye Group. Mr Gutteridge retains a 25 per cent stake in Non-League, which counts Bobby Robson, the Newcastle United manager, among its non-executive directors.Non-League had said in October it would be profitable for the whole of the year ended 30 June 2002.Yesterday it admitted this was “unlikely to be achieved”, although there would be profitability for part of that year – depending on the sum owed by Eye Group being recovered. The company said its Non-League paper, Non-League magazine, She Kicks magazine and The Non-League Club Directory are all making a positive contribution, before overheads.Trading in Non-League shares was suspended in November and dealing was restored yesterday. The stock closed down 0.75p at 4.25p, having been floated at 24p in June last year.At the time of suspension in November, Non-League said it had discovered “a material overstatement of cash and a corresponding understatement of debtors [amounts owned to the company]“. The finance director was replaced by Charles Stobart at the time – he subsequently discovered the housing transaction.Non-League also disclosed Mr Gutteridge sold one million shares in the company on or around 10 August, but this was not announced until the company reported it on 16 November..

The stock market value of KS Biomedix, the Guildford-based biotech company, was slashed by a third yesterday after it said it was abandoning work on its leading arthritis painkiller. Houses prices surged higher last month following a two-month hiatus as consumer confidence returned, according to the latest survey from Halifax. The [terrorist] attacks also diverted attention away from the process of buying a house.”The stronger-than-expected recovery meant the annual rate of house price inflation increased to 11.5 per cent in November, well up on the 9 per cent rise in the previous two months. The average selling price was £96,010 last month.Mr Ellis said the figures showed the interest rate cuts since 11 September are keeping consumer confidence going and this was also supported by strong recent consumer high street spending data.Looking forward however, Halifax is forecasting 2002 will see national house prices rises of just 5 per cent.