Losses soar at Japanese megabank
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Japanese megabank and merger target UFJ unveils huge losses and a $6.4bn cash injection from its favoured suitor.
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HVB Bank, the second largest bank in Germany, said it would post a loss for 2004 after writing down 2.5 billion euros ($3.2 billion) for its real estate loans portfolio.
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Citigroup , which has been raising funds since taking a huge hit from the U.S. subprime mortgage meltdown, has sold its Japan headquarters to rival Morgan Stanley  in a deal reportedly worth US$445 million.
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Germany's IKB Industriebank says  losses from its exposure to US sub-prime mortgages will reach almost $1bn.
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The troubled mortgage lender posted a loss of $422 million, citing rising loss provisions and impairment charges.
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Softbank, which acquired Japan Telecom this summer, today complained that its plan to offer mobile phone service could be thwarted by the government&#39;s refusal to provide the necessary bandwidth.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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The tsunami catastrophe in Asia has wreaked economic damage of more than $13.6 billion, the world&#39;s largest reinsurer estimates.
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Mizuho Financial Group, Japanâs biggest bank, reported an 8.4 percent fall in first-half profit on Monday but raised its full-year outlook by 33 percent due to smaller charges than expected for writing off bad loans.
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The Nikkei average fell 0.62 percent on   Wednesday as Softbank Corp. 9984.T and Yahoo Japan Corp.   4689.T declined on a bearish broker report from Credit   Suisse, while recent gainers such as Canon Inc. 7751.T also   came under pressure.
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Switzerland's largest bank, UBS, on Tuesday reported its first quarterly loss in five years after its third quarter results were hit in the financial crisis caused by the ailing US home loans market.
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A FIRST estimate has put the cost of the Niigata earthquakes at more than Y1trillion ($12.5billion), or at least twice as much as all the natural disasters Japan suffered last year.
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Japan's financial regulator may suspend  or even end some private banking operations at the Japanese  commercial banking unit of U.S. financial services firm  Citigroup Inc. due to lost customer data and questionable  securities transactions, local media said on Thursday.
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Slow growth in Japanese bank adds to concerns the world's second-biggest economy may head into a recession.
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SOFTBANK, Japan&#39;s largest internet provider, has complained that its plan to offer a new mobile phone service could be thwarted by the government&#39;s refusal to provide the necessary bandwidth.
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Softbank's hopes of starting a mobile phone service were dealt a blow on Monday after the Japanese telecoms regulator decided not to allocate bandwidth to new entrants for the time being.
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UFJ Holdings Inc., Japan&#39;s fourth- biggest lender, said it hasn&#39;t finalized its earnings outlook. UFJ plans to eliminate more than 700 billion yen ($6.