Today's other stories in brief
Madoff put under house arrest
Disgraced Wall Street investment manager Bernard Madoff, accused of orchestrating a $50 billion (€35 billion) fraud, has been put under house arrest.
BNP Paribas SA became the latest European bank to reveal its exposure to the scandal, and its stock was the main loser among Europe's top banks, as the chairman of the US Securities and Exchange Commission again answered questions about why the alleged fraud went on for a decade.
A federal judge ordered Mr Madoff (70) to remain confined to his Manhattan apartment and told Mr Madoff's wife, Ruth, to surrender her US passport as part of modified bail conditions.
Readymix to report pretax loss of 33m
Readymix, the Irish cement maker controlled by Cemex SA, said it would report a 2008 pretax loss of €33 million as sales fall and severance costs increase. The Dublin-based firm said it anticipated that operating losses would continue into 2009 albeit at a significantly reduced rate. - (Bloomberg)
US firm to create 250 jobs in Athlone
US firm Pharmaceutical Product Development (PPD) is to create 250 jobs over the next five years at a new research facility in Athlone, Co Westmeath.
The IDA Ireland-supported development will see the company invest up to €14 million and the jobs will be for PhD scientists, laboratory staff and clinical development professionals. PPD has a worldwide workforce of more than 8,000 in 27 countries and it conducts clinical trials for pharmaceutical manufacturers.
German corporate sentiment falls again
German corporate sentiment deteriorated for the seventh month running in December, with manufacturers of export goods suffering acutely from the global downturn, a closely watched survey showed.
The Munich-based Ifo economic research institute said its business climate index, based on a monthly poll of about 7,000 firms, fell to 82.6 in December from 85.8 in November. Such a low reading has not been seen since German reunification in 1990. Ifo said it had to go back to 1982 to find such a weak index level in the former West Germany.
BNP Paribas decides against Fortis stake
French bank BNP Paribas has called off its plan to buy a stake in Belgium's Fortis, after the Brussels court of appeal decided to suspend the transaction for 65 days.
The deal was agreed as part of a rescue of financial group Fortis, severely weakened by the financial crisis, but it was also intended to improve earnings quality at BNP Paribas.
Analysts said cancellation of the deal may now mean a rights issue by the French bank.
"Given the ruling by the Brussels court of appeal on December 12th, the acquisition of a stake by BNP Paribas in Fortis Banque cannot proceed as initially planned," France's biggest bank by market capitalisation said.
Bord Bia-approved hams delivered
Aryzta subsidiary Carroll Cuisine has started delivering the first Bord Bia-approved post-recall hams to supermarkets, delis and other retailers.
The company said its products were fully traceable, Irish and carried the new Department of Agriculture/Bord Bia labelling given under the pigmeat quality assurance scheme.
