HARD HIT: The bank posted a 12.45 billion franc loss for the fourth quarter of last year after writing down 15.6 billion francs in bad investments from US subprime mortgages
Swiss bank UBS AG said yesterday it expected to post first quarter net losses of 12 billion Swiss francs (US$12.1 billion) and would seek SF15 billion in new capital.

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Deutsche Bank, Germany's biggest bank, said yesterday that it estimated first quarter write-downs to hit about US$3.9 billion owing to bad loans in the housing sector.

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Japan issued a warning yesterday against stockpiling gasoline at home as motorists lined up at the pumps after a special fuel tax expired due to deadlock in parliament.

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YOUNG WOMEN: As inflation has picked up in recent years, strikes have become more common, with workers demanding higher pay and better working conditions
More than 20,000 Vietnamese workers have walked off the job at a Taiwanese-owned plant that makes shoes for Nike Inc, demanding higher pay to keep pace with skyrocketing prices, officials said yesterday.

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FIXING IT: The announcement comes as the regulatory system is blamed for failing to stop blatant excesses in lending that set off what is now seen as a financial crisis
A proposal on Monday for the most sweeping overhaul of financial market regulation since the New Deal evoked a range of reaction from praise to outright skepticism.

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France's stock market regulator said yesterday it would bring charges against some people after investigating alleged insider trading at Airbus parent company EADS.

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Confidence at major Japanese manufacturers worsened to its lowest in more than four years as the plunging dollar, soaring fuel prices and fears of a US slowdown weighed on the economy.

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