BERLIN (AP) – Germany’s financial regulator has lifted a freeze on accounts at the German branch of Iceland’s Kaupthing Bank enacted last year to keep it from collapsing.
The regulator, BaFin, said Monday it had received a letter from Iceland’s economy minister stating that the deposits of nearly 31,000 Kaupthing customers in Germany met Icelandic and [...]
By NATALIYA VASILYEVA
AP Business Writer
MOSCOW (AP) – Russian authorities and the Bank of New York Mellon will discuss a possible settlement this week of the $22.5 billion case filed by the country’s customs service against the bank, a Moscow court heard on Tuesday.
The Moscow Arbitration Court adjourned hearings in the case until April 14 at [...]
HELSINKI (AP) – Nokia Corp. said Thursday it has signed up for a euro500 million ($630 million) loan from the European Investment Bank to help finance research and development projects.
The world’s largest mobile phone maker said the five-year loan, to be used in 2009-2011, was aimed at making its Symbian-based smartphones more competitive.
“Nokia envisages that [...]
SEOUL, South Korea (AP) – The South Korean arm of General Motors said Thursday it held talks with a state-run bank over long-term financing, while a news report said it sought hundreds of million of dollars in aid.
GM Daewoo Auto & Technology Co. President Michael Grimaldi visited Korea Development Bank last week “to discuss cash-flow [...]
By IEVA M. AUGSTUMS
AP Business Writer
CHARLOTTE, North Carolina (AP) – Bank of America Corp. Chief Financial Officer Joe Price assured employees Friday the company has enough cash to finance operations for more than two years.
“Market turmoil has created lingering industrywide concerns that magnify the importance of maintaining an extra level of capital to support business [...]
By PAN PYLAS
AP Business Writer
LONDON (AP) – The head of the Bank of England said Wednesday that Britain was in a “deep recession” that would require further easing of monetary policy amid a deteriorating global backdrop.
“The UK economy is in a deep recession,” bank Governor Mervyn King said at a news conference, who also gave [...]
By PAN PYLAS
AP Business Writer
LONDON (AP) – British Prime Minister Gordon Brown said Monday there must be “no rewards for failure” in Britain’s banks as public anger mounts at reports that Royal Bank of Scotland is planning to pay a billion pounds ($1.47 billion) worth of bonuses despite massive losses.
Brown’s comments came as the Treasury [...]
By LOUISE WATT
Associated Press Writer
LONDON (AP) – European and U.S. markets rose sharply Wednesday as investors hoped the Obama administration will help banks deal with the bad assets weighing down the financial system and that a fiscal stimulus package will be approved by lawmakers.
In Europe, Germany’s DAX soared 4.5 percent to close at 4,518.72, France’s [...]
By PAN PYLAS
AP Business Writer
LONDON (AP) – World markets rallied Friday as investors breathed a sigh of relief that Bank of America, the biggest bank in the U.S., has been bailed out by the federal government as it tries to absorb losses from its acquisition of Merrill Lynch.
Markets across the world have posted heavy losses [...]
By IEVA M. AUGSTUMS
AP Business Writer
CHARLOTTE, North Carolina (AP) – Escalating credit losses drove Bank of America Corp. to report a fourth-quarter loss and slash its quarterly dividend to a penny on Friday, hours after receiving amultibillion-dollar lifeline from the federal government.
After a marathon negotiating session, the Bush administration reached an agreement early Friday to [...]
