Business International

US Treasury 'flexible' on housing measures

US Treasury Secretary Henry Paulson indicated the Bush administration is willing to consider congressional plans to stem foreclosures by expanding government guarantees for mortgages.

Banks lead increase in stock prices

Stocks rose in Europe and Asia, led by banks and insurers, as investors speculated financial firms will weather credit-market losses. US index futures advanced.

Personal borrowing soars in UK

Personal borrowing in the United Kingdom soared by its highest amount in more than five years in February, figures showed yesterday, as consumers rushed to raise what funds they can in the wake of the credit crisis.

Is 2008 becoming another 1938?

Anyone trying to make sense out of the day-to-day swings in US stocks this year has to look back seven decades for a precedent. The earlier performance ought to hearten those anticipating a rally later this year.

IN BRIEF (Page 17)

Business International

Big loss forces Ospel off UBS throne

UBS AG, battered by the biggest writedowns from the collapse of the US subprime mortgage market, reported a 12 billion-franc ($11.9 billion) first-quarter loss and said Chairman Marcel Ospel will step down.

Can top lawyer revive Swiss lender?

UBS AG, which reported a second consecutive quarterly loss after $19 billion more in writedowns, is calling on its chief lawyer to replace Chairman Marcel Ospel and revive the fortunes of Europe's biggest bank by assets.

Deutsche Bank to write down 2.5b euros

Deutsche Bank AG, Germany's biggest bank, will write down 2.5 billion euros of loans and asset-backed securities and said markets are deteriorating.

Finance sector faces 'major crisis'

Credit market turmoil poses the most severe crisis for banks in 30 years, surpassing Black Monday in 1987, the Asia currency crisis and the burst of the dot-com bubble, Morgan Stanley and Oliver Wyman said in a joint report.

IN BRIEF (Page 17)