Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Towards a 'Third Intifada'?

Read more

IN THE PAPERS

Germany and Russia discuss secret Ukraine deal

Read more

DEBATE

Iraq's Christians: Nowhere to Run? (part 2)

Read more

IN THE PAPERS

France commemorates a hero of the left

Read more

DEBATE

Iraq's Christians: Nowhere to Run?

Read more

WEB NEWS

Fake Twitter accounts spread chinese propaganda

Read more

FOCUS

What solutions for California's overcrowded prisons?

Read more

MIDDLE EAST MATTERS

Gaza conflict: Palestinians mark sombre Eid

Read more

WEB NEWS

Celebrities in the Israel-Gaza crossfire

Read more

  • Israel calls up 16,000 more reservist as Gaza death toll soars

    Read more

  • Scores feared dead in India landslide

    Read more

  • Video: Inside Hamas ‘terror’ tunnels in Gaza

    Read more

  • Sierra Leone quarantines Ebola outbreak epicentres

    Read more

  • Russia defiant as US, EU unveil 'phase three' sanctions

    Read more

  • Iraq's Christians: Nowhere to Run?

    Read more

  • US House votes to sue Obama for over-reaching his powers

    Read more

  • Argentina fails to reach deal with creditors

    Read more

  • Women should not laugh in public, Turkey's deputy PM says

    Read more

  • Suspect in Jewish Museum attack charged with 'terrorist' murder

    Read more

  • Fourth female suicide bomber targets Nigerian city

    Read more

  • US rebounds to 4% growth in second quarter

    Read more

  • Rats on the rampage at Louvre museum gardens

    Read more

  • 'Compelling' signs Kosovo leaders trafficked organs, prosecutor says

    Read more

Business

Mitsubishi UFJ sinks into red, slashes profit forecast

Latest update : 2009-02-06

Japan's biggest bank, Mitsubishi UFJ Financial Group, has announced it sank into the red in the nine months to December 2008 due to falling stock markets and the credit crunch, posting a net loss of 42.07 billion yen (462 million dollars).

AFP - Japan's biggest bank, Mitsubishi UFJ Financial Group, said Friday it sank in the red in the nine months to December, hit by slumping stock markets and the credit crunch.

The megabank reported a net loss of 42.07 billion yen (462 million dollars) for the first three quarters of the financial year, against a year-earlier profit of 314.66 billion yen.

The group slashed its net profit forecast to 50 billion yen for the full financial year to March, from a previous projection of 220 billion yen.

The bank, which bought a chunk of troubled Wall Street titan Morgan Stanley, said it lost 326 billion yen because of falling share prices and 179 billion yen on securitised products and related investments.

Falls in net fees and commissions for investment trusts, insurance, securities and real estate also pressured earnings.

Japan's banks had been seen as relatively immune to the global financial crisis that brought down once-mighty US banks Bear Stearns and Lehman Brothers.

But they are now being squeezed by a plunging stock market and Japan's first recession in seven years.

Date created : 2009-02-06

COMMENT(S)