German Bank Gets $7.2 Billion Bailout
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WestLB, hit by losses tied to bad trades and the subprime mortgage market, will reduce its work force by 25 percent  under a rescue plan forged with regulators.
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Net income was 1.7 billion euros ($2.5 billion) in contrast to a loss of 12 million euros in the period a year earlier, Daimler said.
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Commerzbank, the second biggest German bank, posted Thursday a record full-year result for 2007, though the group's fourth quarter was hit by a heavy loss related to the US subprime market meltdown.
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HSBC (0005.HK) will receive  T$47.5 billion ($1.5 billion) in Taiwan government funds and  make a major cash infusion to rescue the failed Chinese Bank,  in the latest Taiwan acquisition by a major foreign bank.
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The German savings bank federation DSGV on Friday bought the regional Landesbank Berlin (LBB) for 4.62 billion euros (6.1 billion dollars), ending years of uncertainty over its future.
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The German central bank made around four billion euros in profits last year, according to a report in Financial Times Deutschland on Monday.
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German electronics giant Siemens said that its Siemens Business Services unit had signed a 2.7-billion-euro (3.3-billion-dollar) contract to supply technology services to the British Broadcasting Corporation.
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CHICAGO The Pritzker family co-owned a suburban Chicago bank that failed three years ago. Now, it appears set to receive tens of (M) millions of dollars in a settlement involving the bank&#39;s collapse.
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E.ON, Germany's leading power supplier, unveiled its 2005-2007 investment plan worth 18.7 billion euros (24.8 billion dollars), a third of it set aside for acquisitions.
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Northern Rock, the mortgage lender saved from collapse  by the Bank of England, took a step toward repaying the loans by selling a 2.2 billion pound portfolio to JP Morgan.
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Commerzbank , which has been persistently cited as a possible takeover target, jumped 2.2 percent to 37.8 euros, its highest in nearly seven years on market talk Citigroup  was likely to bid about 45 euros a share for the bank.
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Bank of America Corp. said a departing executive is eligible to collect about $20.7 million in severance and other payments from the company.
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Commerzbank, the second-biggest listed bank in Germany, said it has sold its 8.4-percent stake in Italian sports car maker Ferrari for an estimated 260 million euros (329 million dollars).
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Seven German banks - including WestLB - are to hand back state aid worth more than 3bn euros that the EU says broke competition laws.
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DRESDEN, Germany  - The government of the eastern German state of Saxony on Sunday decided to sell its stricken lender SachsenLB to Stuttgart-based LBBW  for what sources said was 300 million euros in a move that speed further bank consolidation.
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The rescue plan for the stricken German regional bank WestLB will cost at least 1,300 jobs.
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Deustche Bank, Germany's biggest bank, said it finalised the sale of a portfolio of 109 business properties to British investment fund Eurocastle Investment for 300 million euros (211 million pounds).