Regulators take over 2 banking units of Irwin Financial; 94 bank failures so far this yearSeptember 18th, 2009 Regulators seize 2 banks; 94 failures this yearNEW YORK — Regulators shut down two banking units of Irwin Financial Corp. Friday, marking the 93rd and 94th failures this year of federally insured banks.
Natixis posts Q2 loss; sees return to profitability with parent to guarantee toxic assetsAugust 26th, 2009 Natixis parent company to guarantee toxic assetsPARIS — French bank Natixis said its parent company has agreed to guarantee euro35 billion ($50 billion) of its toxic assets, a move it expects will help it return to profitability in the second half after reporting Wednesday its fifth consecutive quarterly loss. Natixis, whose main owners recently merged, posted a net loss in the second quarter of euro883 million ($1.26 billion), less than the euro1.02 billion it lost in the same period a year ago, due to writedowns.
IKB Deutsche Industriebank posts euro19 million Q1 net profit; loan loss provisions increaseAugust 24th, 2009 German bank IKB posts euro19 million Q1 net profitFRANKFURT — German lender IKB Deutsche Industriebank AG said Monday it returned to a net profit in its fiscal first quarter after booking big financial write-downs last year, though its loan loss provisions more than doubled during the beginning of its 2009 financial year. The Duesseldorf-based bank said its profit of euro19.4 million ($28 million) in its April-June fiscal first quarter compared with a net loss of euro517 million in the year-ago period.
IKB Deutsche Industriebank posts €19 million Q1 net profit; loan loss provisions increaseAugust 24th, 2009 German bank IKB posts €19 million Q1 net profitFRANKFURT — German lender IKB Deutsche Industriebank AG said Monday it returned to a net profit in its fiscal first quarter after booking big financial write-downs last year, though its loan loss provisions more than doubled during the beginning of its 2009 financial year. The Duesseldorf-based bank said its profit of €19.4 million ($28 million) in its April-June fiscal first quarter compared with a net loss of €517 million in the year-ago period.
Royal Bank of Scotland posts wider first-half net loss; makes progress on restructureAugust 7th, 2009 RBS posts wider first-half net lossLONDON — The Royal Bank of Scotland posted a wider first-half net loss on Friday, after sluggish trading in its retail and corporate businesses wiped out strong gains in its investment banking unit. RBS, in which the government now holds a 70.3 percent stake, reported a net loss of 1.04 billion pounds ($1.7 billion) in the first half, compared with a loss of 827 million pounds a year ago.
Regulators close banks in Fla., NJ, Ohio, Okla., Ill.; 69 US bank failures this yearAugust 1st, 2009 Regulators shut down banks in five statesWASHINGTON — Regulators on Friday shut down banks in Florida, New Jersey, Ohio, Oklahoma and Illinois, boosting to 69 the number of federally insured banks to fail this year amid the pressures of the weak economy and mounting loan defaults. The Federal Deposit Insurance Corp.
Singapore Airlines posts first quarterly loss since 2003 as revenue plungesJuly 30th, 2009 Singapore Airlines posts first loss since 2003SINGAPORE — Singapore Airlines Ltd. posted its first quarterly loss since 2003 as tourism dropped and travelers sought budget carriers amid a global recession.
Sweden's SEB bank posts 2Q loss amid large credit losses in the BalticsJuly 20th, 2009 Sweden's SEB bank posts 2Q lossSTOCKHOLM — Swedish bank SEB AB on Monday posted a second-quarter loss as credit losses for its operations in the Baltic countries increased more than eight-fold. The bank said net loss for the quarter was 193 million kronor ($24.7 million) compared with a profit of 2.8 billion kronor in the same period a year earlier.
Singapore bans 10 financial firms from selling structured notes after Lehman-linked defaultJuly 8th, 2009 Singapore bans 10 firms from selling risky bondsSINGAPORE — Singapore's central bank has banned some of the island's biggest financial institutions from selling structured notes after they improperly marketed $367 million of the bonds that were linked to Lehman Brothers Holdings Inc. The 10 banks and brokerages can't sell structured notes for between six months and two years, the central bank, known as the Monetary Authority of Singapore, said in a statement late Tuesday.
Homebuilder Hovnanian posts $118.6 million loss in 2nd qtr and 49 percent drop in revenueJune 2nd, 2009 Hovnanian 2nd-quarter loss narrowsHovnanian Enterprises Inc. says it trimmed its fiscal second-quarter loss versus a year ago as the homebuilder slashed prices to woo reluctant buyers but had to absorb losses from the declining value of land and other assets.
GM posts $6B 1Q loss, spends $10.2B more cash than it took in as bankruptcy deadline loomsMay 8th, 2009 GM posts $6 billion loss for first quarterDETROIT — General Motors Corp. says it lost $6 billion in the first quarter and spent $10.2 billion more cash than it took in, as a sales slump cut revenue by $20 billion.
UBS confirms 2 billion francs net loss in 1st quarter, client withdrawals continueMay 5th, 2009 UBS confirms 2B francs net loss for Q1ZURICH — UBS AG reported a first-quarter net loss of 1.98 billion Swiss francs ($1.73 billion) Tuesday, confirming a warning given last month, and said it remains cautious about its outlook as loan losses are expected to mount amid the economic downturn. UBS, which replaced its CEO, chairman and several other senior officials after record losses of some 21 billion francs last year, also said customer withdrawals continued in the first quarter.
Singapore recession likely bottomed in 1st quarter, but weak recovery seen, central bank saysApril 29th, 2009 Central bank: Singapore recession likely bottomedSINGAPORE — Singapore's central bank says the city-state's worst recession likely bottomed in the first quarter, but faces a tepid recovery amid weak export demand. The economy could shrink as much as 9 percent this year as a "deep and prolonged" global downturn batters exports, which account for about 60 percent of GDP, the Monetary Authority of Singapore said in a quarterly report Wednesday.
Bank of China says 1Q net profit falls 14 percent on lower fees and interest incomeApril 28th, 2009 Bank of China's 1Q net profit falls 14 percentSHANGHAI — Bank of China Ltd., the country's third-largest commercial bank by assets, said Tuesday its first-quarter profit fell 14.4 percent as slowing exports and imports cut into its trade finance business. The Beijing-based lender said profit fell to 18.57 billion yuan ($2.7 billion), or 0.07 yuan per share.
China's biggest bank, ICBC, says quarterly profit up 6 percent despite fall in interest incomeApril 27th, 2009 Chinese bank ICBC says 1Q profit up 6 percentBEIJING — Industrial & Commercial Bank of China Ltd., the country's biggest commercial lender by assets, said Monday its quarterly profit rose 6 percent from a year earlier despite a double-digit fall in interest income. Profit for the three months ending March 31 was 35.1 billion yuan ($5.1 billion), or 0.11 yuan per share, the Beijing-based lender said.
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