In Brief: Coillte reports a rise in exports
FORESTRY group Coillte says that its products were exported to 32 countries in 2012, largely because of the growth in new markets for its wood-panel products. Countries including Bahrain, Lebanon, Mexico and South Africa have increased their imports of Coillte's products. Its main markets for panels remain the UK and Europe.
"Continued expansion into new markets demonstrates our commitment to seeking out new uses for the great wood fibre resource we manage," the company said.
JPMorgan told to hand over papers
THE US Treasury Department watchdog has ordered JPMorgan Chase to work with US regulators seeking documents in connection with a probe into the bank's relationship with convicted Ponzi schemer Bernard Madoff.
The warning letter from Treasury Inspector General Eric Thorson to JPMorgan's general counsel, Stephen Cutler, revealed that the Office of the Comptroller of the Currency (OCC) has been unable to get documents it requested. JPMorgan has argued it does not have to turn over certain kinds of documents to the OCC because it would impinge on its attorney-client privilege rights, according to the letter.
Rabobank pulls out of Euribor
RABOBANK has become the highest-profile European bank to quit the money-market benchmark Euribor, dealing a fresh blow to the credibility of the lending rate. The Dutch co-operative, one of Europe's highest-rated banks, confirmed that it had quit the more-than 40-strong Euribor panel after data showed that it did not submit a contribution yesterday.
It told Reuters: "The changed circumstances on the money market have strongly affected Rabobank's business. As a result, Rabobank evaluated its contribution to the Euribor panel from a business economics point of view."
Music chain falls victim to digital
VIRGIN France is to declare itself insolvent, the latest music chain to fail against a backdrop of consumers shifting to buying digital music. The firm – which is not affiliated with Richard Branson's Virgin Group – has 25 stores in France, including a flagship outlet on the Champs Elysees in Paris.
It has already taken steps to terminate the lease on the Paris store and will hold a meeting with unions on Monday, a spokesman said. Virgin France employs 1,000 people.