Wednesday, November 5, 2008

EUROPEAN UNION

E.U. nations will consider giving car makers soft loans to help them build more fuel-efficient vehicles as the region tightens standards on greenhouse gas emissions, French Finance Minister Christine Lagarde said.

E.U. car companies are seeking $52 billion from governments so they can invest in green technology. They say slumping sales and tight credit markets make it hard for them to fund the switch to less-polluting cars themselves.

Royal Bank of Scotland Group said it could suffer its first ever annual loss this year after it announced more write-downs on bad assets in the third quarter.

RBS, one of three British banks relying on a multibillion pound government bailout, said that mounting bad loans in Britain, the United States and Asia had forced it to write down $325 million worth of assets in the third quarter.

UBS posted a net profit of $252 million for the third quarter, its first after four consecutive quarterly losses, and predicted customers would continue withdrawing funds in the last three months of the year. The bank benefited from a $776 million tax credit and a revaluation of its credit positions that led to a $1.88 billion gain.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.