UPDATE 1-Cinram amends credit lines to cut borrowing costs
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Cinram International Inc. (CRW.TO: Quote, Profile, Research) has amended $1.175 billion of credit lines to take advantage of lower rates and cut its borrowing costs, the maker and distributor of DVDs and CDs said on Wednesday.
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Citigroup Inc , the largest U.S. bank, may eliminate 17,000 to 24,000 jobs and write off as much as $24 billion for subprime and other credit losses, as part of a plan to cut costs and add capital, CNBC television said on Monday.
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Higher customer fees offset rising loan losses and pressure from interest rates and mortgage lending.
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Several bank credit card companies, responding to growing pressure from U.S. lawmakers, said on Wednesday they are working to do a better job of explaining fees and charges to consumers.
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Citigroup Inc. , the world's largest financial services company, on Friday said it will simplify its business structure and streamline its capital markets activities.
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Calculate the cost before borrowing cash from your credit card.
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Credit card firms have upped their interest rates to offset cuts in their default charges, a report says.
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The lender said it would offer refinancing or modifications in loans whose interest rates are set to adjust by the end of 2008.
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Nonetheless, some investors expect the bank to cut borrowing costs this year, backtracking from its pledge to raise interest rates gradually.
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ORLANDO, Florida  - U.S. Treasury Secretary Henry Paulson said on Monday that moves by some banks, including Citigroup , to bring off-balance sheet investments tied to subprime mortgages back onto their books would help ward off a widespread credit crunch.
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Consumer borrowing increased less than expected in July as higher incomes allowed Americans to reduce their credit card use.
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Regulators have reached an agreement in principle on how to revamp a contentious accounting rule that cost businesses millions of dollars more than anticipated, removing a pair of major stumbling blocks attacked by consumer advocates.
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Oct. 28 - New banking rules usually go unnoticed by consumers, but a change going into effect today is going to cost consumers plenty.
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U.S. Treasury Secretary Henry  Paulson said on Monday that moves by some banks, including  Citigroup , to bring off-balance sheet investments tied to  subprime mortgages back onto their books would help ward off a  widespread credit crunch.
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ZURICH/LONDON  - Moody's Investors Service cut its ratings on Citigroup Inc  debt by a notch, the latest embarrassment for the largest U.S. bank, and putting it under renewed pressure to shore up its shrinking capital base.
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Moody's Investors Service lowered the credit ratings on $5.2 billion of bonds backed by subprime mortgages and Standard &amp; Poor's said it may cut ratings on $12 billion as the companies seek to deflect criticism they were too slow to act as home-loan defaults rose.
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Canadians are paying more to borrow money for homes, cars and other purchases today after a quarter-point interest-rate increase by the Bank of Canada yesterday was quickly matched by the chartered banks.