Kerviel: SocGen was complacent on trades

Jerome Kerviel, the Societe Generale trader whose unauthorized bets led to the biggest trading loss in history, told prosecutors the bank cast a "complacent look" on his practices.

UBS reports record loss

UBS AG, Europe's largest bank by assets, reported a record loss after about $14 billion of writedowns on assets infected by subprime mortgages in the United States.

Rogue traders are nothing more than lovable rogues

In the days since Jerome Kerviel was hauled before his bosses at Societe Generale SA to explain his trading positions, he must have had some dark moments of the soul.

IN BRIEF (Page 16)

Stocks up amid expectations of further Fed cut

Stocks advanced in Europe and Asia, led by industrial and mining shares, on speculation the Federal Reserve will cut interest rates to spur economic growth and JPMorgan Chase & Co recommended buying equities.

A&L secures funding to get through '08

UK bank Alliance & Leicester (A&L) said it had secured funding to see it through this year but warned that profits would plunge after it trebled the impact of its losses on complex financial instruments.

Writedowns squeeze Sumitomo

Sumitomo Mitsui Financial Group Inc's third-quarter profit fell after Japan's second-largest bank by market value wrote down the value of US mortgage investments by more than it predicted two months ago and as provisions for bad loans surged.

Business International

Biz people

Icahn insists on board seats

IN BRIEF (Page 16)

Finance minister says SocGen in 'crisis'

France's economy minister said Societe Generale, reeling from losses blamed on a rogue trader, is a bank in crisis and may need to ditch its chairman.

Bankers discuss economic woes

Bankers meeting at the Swiss ski resort of Davos said there are increasing risks of a global recession, while manufacturers countered that they have yet to feel it in their business.