Commerzbank subprime bill approaches $1.2 billion
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Commerzbank  saw its bill from the subprime crisis creep up towards 800 million euros ($1.2 billion) in 2007 but still managed a record net profit for the year as bad debt provisions fell.
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KarstadtQuelle, the troubled German department store operator, said its creditor banks had agreed to meet its liquidity needs until December 31, but had not yet agreed to its request for a three-year-loan of 1.75 billion euros (2.2 billion dollars).
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Online shopping mall operator Rakuten Inc  said on Thursday it would face an additional cost of 23.8  billion yen ($210.1 million) for its credit card business to  comply with tighter lending rules.
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Business & money: Building society damaged by the sub-prime mortgage crisis in the US and other one-off charges
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The growing bank reports its second-quarter 2007 earnings.
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The Federal Reserve, working to combat the effects of a severe credit crunch, announced Friday it had auctioned another $20 billion in funds to commercial banks at an interest rate of 4.67 percent. Fed officials pledged to continue with the auctions "for as long as necessary."
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Business & money: Inflation would soar too far above 2% target if several cuts were made to rates this year, Bank warns
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DALLAS - An art collector has paid about $2.3 million for a $1,000 U.S. bill printed in 1890, the auction house that brokered the transaction between two anonymous private collectors said Friday.
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Business & money: City gripped by speculation that a major high street bank has been forced to borrow Â£1.6bn from the Bank of England to see it through a cash-flow problem.
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In today&#39;s fines, Merrill Lynch &amp; Co. was hit with the second largest, at US$1.6 million, followed by American Express Financial Advisors, at $700,000.
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Taxpayers could be faced with a Â£1bn bill following the collapse of Metronet, a PPP arbiter says.
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A $2 billion investment will help keep Countrywide chugging along.
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Citigroup said in a research note that UBS  could face up to 20 billion Swiss francs ($18.10 billion) in new writedowns in 2008 after revealing it has $80 billion in exposures to subprime loans and other debt.
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Russia's Yukos has paid $2.2 billion of its $3.4 billion tax bill for 2000, a top Yukos official said today, as he renewed warnings about the company's possible bankruptcy.
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Business & money: Swiss bank suffers a further Â£2bn writedown, pushing it into the first annual loss in its history
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Credit Suisse said on Tuesday it was writing down a further 2.85 billion dollars (1.9 billion euros) worth of assets linked to the US housing market due to adverse conditions in the first quarter.
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U.S. financial markets were rattled by  news on Tuesday that late payments on U.S. mortgages had  reached their highest level in 3-1/2 years, while regulators  began a probe of subprime mortgage lending and called for  legislation.