Madrid - Major Spanish banking group BBVA reported Wednesday that it remained in the black after nine months this year despite the turbulence on international financial markets.

BBVA (Banco Bilbao Vizcaya Argentaria) said it achieved net income of 4.5 billion euros (5.6 billion dollar), down 5.4 per cent from earnings in the corresponding period of 
2007.

Spain's second-biggest bank noted that last year's earnings were bloated by extraordinary income. Adjusting for that factor, then this year's nine-month earnings would have been 9.1 per cent higher.

Paris - A trader believed to have been responsible for a loss of 751 million euros (954 million dollars) to the French bank Caisse d'Epargne has been taken into police custody, France Info radio reported on Wednesday.

No details were available regarding the trader's identity or the charges he may face.

The loss was reported by in mid-October and incurred the wrath of President Nicolas Sarkozy, who demanded that the bank's senior managers "take responsibility." As a result, Caisse d'Epargne head Charles Milhaud and two other highly placed executives resigned.

Madrid - Major Spanish banking group BBVA reported Wednesday that it remained in the black after nine months this year despite the turbulence on international financial markets.

BBVA (Banco Bilbao Vizcaya Argentaria) said it achieved net income of 4.5 billion euros (5.6 billion dollar), down 5.4 per cent from earnings in the corresponding period of 2007.

Spain's second-biggest bank noted that last year's earnings were bloated by extraordinary income. Adjusting for that factor, then this year's nine-month earnings would have been 9.1 per cent higher.

Reykjavik  - Iceland's central bank on Tuesday said it would hike its key interest rate from 12 to 18 per cent, after cutting the rates in mid-October.

The central bank, or Sedlabanki, had cut the rates from 15.5 per cent to 12 per cent on October 15.

Cash-strapped Iceland on Friday said it had signed a deal with the International Monetary Fund (IMF) for a 2.1-billion-dollar emergency loan to help stabilize Iceland's economy.

The IMF board has yet to approve the agreement.

Iceland has been hit by the global credit crunch that has seen the collapse of its three largest commercial banks.

With the aim to support the economy in the times of financial crisis, a set of recommendations, including further cut in key interest rates were planned on Sunday by the leading industry body, the Confederation of Indian Industry (CII). 

A statement issued by the chamber said, "It is necessary to further reduce repo rate by at least 50 basis points and in CRR (cash reserve ratio) by 150 bps to ensure adequate liquidity and reasonable cost of funding."