Fortis | G.O.O.D

Posts Tagged “Fortis” Oct 06 2008 Fortis, Hypo Real Estate Bailed Out as European Governments Rush to Rescue Posted by: Joshuah in Economics, tags: Fortis, Hypo Real Estate Source: Bloomberg.com European governments from Brussels to Copenhagen to Berlin rushed to shore up their faltering banks as the credit crunch worsened in Europe. BNP Paribas SA agreed to buy Fortis’s units in Belgium and Luxembourg for 14.5 billion euros ($19.8 billion) after a government rescue failed, while the German state and financial institutions put together a 50 billion-euro rescue package for Hypo Real Estate Holding AG. Denmark and Germany said they will guarantee all their countries’ bank deposits. Financial shares tumbled in European trading on concern the hurried actions will fail to unlock bank lending. The leaders of Europe’s four biggest economies were unable to agree on joint responses at an Oct. 4 meeting, pledging instead to work together to limit the economic fallout, ease accounting rules, and seek tougher financial regulations. The governments’ plan for individual action “is a failure,” said Pio De Gregorio, head of equity research and trading at Centrobanca SpA in Milan. “This is a systemic crisis and it warrants a systemic solution. We need a European fund that will recapitalize banks.” The escalation in the cost of rescuing Hypo Real Estate and Fortis, just a week after the initial bailouts were announced, also undermined confidence, analysts said. Full Story… No Comments » Sep 29 2008 Stock index futures fall; bailout vote awaited Posted by: Joshuah in Economics, tags: Bradford & Bingley, Fortis Source: Reuters Stock index futures fell on Monday on signs the global credit crisis was intensifying as European authorities rescued two embattled banks and U.S. lawmakers prepared to vote on a $700 billion emergency bailout plan. By 4:44 a.m. EDT, S&P 500 futures were down 1.9 percent, Dow Jones futures were down 1.6 percent and Nasdaq 100 futures were down 1.9 percent. European stocks tumbled 2.5 percent on Monday after the Belgian, Dutch and Luxembourg governments agreed to inject 11.2 billion euros ($16.4 billion) into crippled lender Fortis, which became the first major casualty of the credit crisis in the euro zone. Stricken UK lender Bradford & Bingley was also nationalised after its branch network and deposit business was sold to Spain’s Banco Santander. Stateside, congressional leaders from both parties said they reached a tentative agreement on the bailout plan aimed at purging banks’ balance sheets from bad mortgage-related debt and unclogging the financial system. Full Story… No Comments » Sep 26 2008 Fortis shares slump anew as financial health debate rages Posted by: Joshuah in Economics, tags: Fortis The former Predictors of Doom… Source: MarketWatch Shares of Fortis, the Belgian-Dutch banking and insurance group that took part in the ABN Amro takeover last year, slumped for a second day on Friday amid lingering questions around its financial health. In early trading, Fortis (NL:30086: news, chart, profile) (BE:000380118: news, chart, profile) slumped 9%, putting the shares’ cumulative loss at nearly 20% for the last two sessions. The stock-market losses for Fortis have been felt in China, as Ping An Insurance (HK:2318: news, chart, profile) has a 5% stake. Full Story… No Comments »
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Creative Commons Attribution 3.0 United States

Creative Commons Attribution 3.0 United States