Troubled IKB bank to get 1.5-billion-euro rescue package: minister
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The government will lead a fresh rescue package worth 1.5 billion euros (2.3 billion dollars) for troubled German lender IKB, Finance Minister Peer Steinbrueck said Wednesday.
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The taxpayer will underwrite Northern Rock's huge debt for as long as five years in a rescue plan to be announced.
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Business & money: Swiss bank takes a Â£5.72bn fourth-quarter hit and warns 2008 will be another difficult year
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Britain's finance minister said on  Wednesday he was working on a set of measures which will allow  the government to launch emergency rescues if other banks run  into trouble similar to that experienced by Northern Rock.
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IKB Deutsche Industriebank, the bank that is being bailed out after investing in subprime loans, will post a loss of up to 700 million euros, or $954 million, for the fiscal year. The chief executive, GÃ¼nther BrÃ¤unig, said during a conference call that the bank would curtail investments in international securities financed by commercial paper, a type of short-term business loan, and that it expected future earnings to be âsignificantly lower.â The bank had a profit of 179.6 million euros in the year that ended March 31. The government-owned KfW development bank and the German banking associations agreed to cover some losses at IKB after rising defaults on home loans hurt the value of mortgage-backed securities.
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Emergency legislation is to be introduced to temporarily nationalise the stricken Northern Rock bank.
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The British government said it will now give the World Bank 50 million pounds (74 million euros, 99 million dollars) it had frozen in a dispute over conditions linked to aid for developing nations.
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They formed a new bloc in the European Parliament last month and now receive $1.5 million in public funding.
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Bank of England expected to push rates up to 5.75%.
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Shares in the troubled German business lender IKB leapt by more than 15 percent here on Thursday after a new aid package was unveiled to cover its latest subprime related losses.
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The World Bank said Saturday it is ready to help Bangladesh&#39;s military-backed government bring back stolen money allegedly siphoned off by politicians and businessmen during the previous governments.
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The International Monetary Fund is to offer up to $1bn in financial assistance to each nation affected by the Asian tsunami.
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SRINAGAR: Indian Prime Minister Manmohan Singh said yesterday the government would raise $5.3 billion from international lenders for investments in power, roads and telephones in strife-torn Kashmir.
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The Bank of England agrees to give emergency financial support to mortgage lenders Northern Rock.
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Finance Minister Peter Robinson gives Â£5m to help people across NI affected by this week's flooding.
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PRAGUE- The Czech Foreign Ministry has proposed to earmark more than five million crowns to help victims of a devastating earthquake which hit Asia on Sunday, ministry spokesman Vit Kolar told CTK today.
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Business & money: Bank can hand $25bn to investors, say analysts.