Ackermann: More writedowns likely

Deutsche Bank Chief Executive Josef Ackermann warned that the pain may not be over for the global banking sector, with more writedowns possible if the liquidity and credit crisis continues to hit valuations.

Troubled Citigroup posts worst loss in 196 years

Citigroup Inc posted the biggest loss in the US bank's 196-year history as surging defaults on home loans forced it to write down the value of subprime mortgage investments by $18 billion.

EMI plans jobs axe to revive profits

EMI Group Plc, the music company bought last year by private-equity financier Guy Hands, will cut as many as 2,000 jobs after a slump in music sales led to a record loss.

Toshiba price cut ups stakes in Blu-ray battle

Consumer electronics maker Toshiba Corp said it is slashing prices of its HD DVD format players by between 40 to 50 percent as major Hollywood studios move to embrace Sony Corp's Blu-ray format high definition DVDs.

Burberry stock suffers huge loss

Burberry Group Plc, the maker of $3,100 metal-studded Knight handbags, fell 12 percent in London trading, the most ever, after the company said it may miss profit estimates.

IN BRIEF (Page 17)

Business International

Markets braced for bad news from major US banks

Major American banks are expected to unveil substantial losses and secure more cash from abroad in what is shaping up to be a pivotal week for the global credit crisis, with central banks also poised to weigh in again.

Dollar dips to lowest in 7 weeks

The dollar fell to a seven-week low against the euro as investors bet US interest rates will fall below those of the 15 nations that share the euro for the first time in three years.

Oil steadies near $96 a barrel

Oil steadied near $93 a barrel yesterday after three sessions of losses, as violence in Nigeria and tensions involving Iran countered worries oil demand could be hit in a global economic downturn.

Nokia set to report earnings boost

The world's top cellphone vendor Nokia is set to report a rise in fourth quarter earnings on Jan 24, boosted by buoyant demand for cheap phones in emerging markets and strong holiday sales in Europe.

Balfour Beatty strikes confident note on results

Construction and engineering firm Balfour Beatty said its 2007 results would be at the top end of expectations, but its richly valued shares fell as Citigroup warned on public and private sector spending growth.