Deutsche Bank admits to 'mistakes'

Deutsche Bank AG, Germany's biggest bank, will write down the value of leveraged loans and scale back hiring plans after making "mistakes" during the credit boom that ground to a halt in the past two months, Chief Executive Officer Josef Ackermann said.

European stocks fall on lender's announcement

European stocks fell after Deutsche Bank AG Chief Executive Officer Josef Ackermann said Germany's biggest bank "made mistakes" that will force it to write down the value of leveraged loans and scale back hiring.

Subprime may take toll on Commerzbank

Commerzbank may face a higher-than-expected loss from the US subprime crisis it said yesterday, a day after rival Deutsche Bank warned the global credit crunch was hitting its profits.

Major UK stores in fix over milk prices

The United Kingdom's largest supermarkets have artificially raised dairy product prices, ignoring a previous warning and increasing consumer costs by around 270 million pounds, the UK's consumer watchdog said yesterday.

FTSE grants Israel 'developed market' status

Israel won "developed" status from FTSE Group, enabling its stock market to attract more of the estimated $2 trillion in funds that track the index provider's global benchmarks.

IN BRIEF (Page 16)

Business International

Japan central bank keeps rates on hold

The Bank of Japan kept interest rates unchanged after the economy shrank last quarter and the US Federal Reserve cut borrowing costs to avert a recession.

Crude passes $82 in New York

Crude oil rose, trading above $82 a barrel for a second day in New York, on speculation a US interest rate cut will bolster fuel demand.

Stocks rally globally on Fed's rate reduction

European stocks climbed the most in a month, following gains in Asian and US markets, after the Federal Reserve lowered its benchmark lending rate by half a percentage point to keep the world's largest economy growing.

Will banks now be in driving seat?

Now that the Federal Reserve is reducing interest rates, it's tempting to assume the largest US banks will lead the stock market for a change.

Australia will 'Weather crisis'

Australia's economy is strong enough to weather the financial crisis sparked by the US housing slump, Treasurer Peter Costello said.