SUBPRIME IMPACT: The bank reduced its net profit for last year by 6 percent yesterday and said it was unlikely to turn a profit in the first quarter of this year. Its stock dropped
Swiss banking giant Credit Suisse took another hit to earnings yesterday from its exposure to the US subprime loan crisis and warned there could be no profit in this year's first quarter.

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Shares of Societe Generale, the French bank buffeted by a trading loss of 4.9 billion euros (US$7.2 billion), fell 7 percent on Wednesday after a rival bank, BNP Paribas, confirmed that it had no plans to try a takeover.

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SPECULATION: Rumors that a mortgage lender was in trouble triggered a quick warning from authorities that they would hunt down those who spread tales
Heads of major British banks prepared to meet with senior officials from the Bank of England yesterday following days of bearish pressure on bank stocks.

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British billionaire Joseph Lewis plans to take action to protect the value of his 8.4 percent stake in Bear Stearns Cos, which is being acquired in an emergency deal with JPMorgan Chase & Co, a regulatory filing in the US on Wednesday indicated.

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ENERGY BOOST? : CEO Howard Schultz unveiled the new Mastrena at a shareholders meeting in Seattle . The company will also stop using pre-ground coffee next month
Starbucks is introducing a new automated espresso machine and getting back to grinding beans in its stores as the coffee retailer seeks to re-energize its slumping business.

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■ ENERGY