Britain's HBOS bank sees profit slump in first half of 2008
Submitted by Marina Dimova on Thu, 07/31/2008 - 08:54.
Pre-tax profits at HBOS, Britain's biggest mortgage leaders, dropped by 58 per cent in the first six months of the year, as a result of the credit crisis and a tougher economic climate.
Halifax Bank of Scotland said profits dropped to 1.08 billion pounds (2.16 billion dollars) compared with 2.57 billion pounds in the same period a year earlier.
HBOS, which has met a disappointing response from shareholders to a rights issue to improve its balance sheet, said its bad debt rose by 36 per cent to 1.31 billion pounds up to the end of June.
The German car market is facing its worse downturn, the nation's auto industry association warned Wednesday as the deepening sense of economic gloom in the country leads to a shakeout in the industry and the prospects of big job cuts.
A comedy starring Vince Vaughn and Reese Witherspoon as a couple trying to avoid their families at Christmas debuted in first place over the weekend at North American box offices, according to preliminary studio estimates issued Sunday.