Berlin  - Hamburg-based HSH Nordbank registered a preliminary loss of 2.8 billion euros (3.6 billion dollars) for the year 2008, bank officials said Friday.

The bank, run by the states of Hamburg and Schleswig-Holstein, wrote down 1.6 billion euros in losses for 2008.

Additionally, it has to shoulder an extra 1.4 billion euros to cover the risks associated with its credit business.

Cairo  - Egypt's central bank on Friday announced it would cut interest rates for the first time since 2006, in response to slowed economic growth and inflation.

The Central Bank of Egypt lowered the overnight deposit and lending rates by 100 basis points to 10.5 and 12.5 per cent, respectively, its first cut since April 2006.

London  - Britain'

Last month federal government announced, in its budget, the formation of the Canadian Secured Credit Facility under which Ottawa will purchase up to $12 billion in securities from financial institutions including banks.

The securities would be supported by loans and leases on vehicles and equipment. This would enable the automakers to offer financing to more consumers and dealers.

This news comes as the much needed relief to the automobile industry scorched by recession. But they seem to be getting much too impatient to wait till June.

Tata group owned Tata Motors and Bangalore based Corporation Bank has signed a deal aimed to provide easy finance facilities to customers for purchase of passenger cars. The deal may help the company, facing low demand in auto sector under the impact of global slowdown and recession like conditions across the world.

Stockholm - Swedish banking group Swedbank fourth-quarter 2008 operating profit declined 23 per cent, the group said Thursday, announcing a write-down of its subsidiary in Ukraine.

Fourth-quarter operating profit was 2.4 billion kronor (294 million dollars), while total income in the quarter increased 26 per cent to 10.34 billion kronor.

The write-down in Ukraine totalled 1.4 billion kronor. In a comment Swedbank chief executive Jan Liden, who is to leave the bank in April, said that "although the short-term outlook in Ukraine is challenging, we are convinced of a positive long-term future."