LONDON (Reuters) - A global sell-off knocked world shares to a five-month low on Thursday as surging oil fanned concerns about inflation and slowing growth, just hours ahead of an expected euro zone interest rate hike and a key U.S. jobs report. The gloom was rampant everywhere with Tokyo stocks setting their longest losing streak in more than half a century while the dollar hit a two-month low against the euro. Government bonds largely benefited from a global risk aversion.
The European Central Bank is set to become the first G7 central bank to raise interest rates since the credit crisis erupted in August. The decision is due at 12:45 p.m. At 1:30 p.m., ECB President Jean-Claude Trichet gives a news conference and at the same time the U.S. non-farm payrolls data is due.
Tightening comes as the global economy struggles with the chilling effects of an almost one-year-old financial turmoil. "This has been a summer of thunder storms that have been building up for some time," said Justin Urquhart Stewart, investment director at Seven Investment Management.
"Only now are people beginning to realise quite how dark this particular storm is looking, but it's been a long time coming. The FTSEurofirst 300 index was down 1.5 percent, hitting a level not seen since July 2005. MSCI main world equity index fell 0.7 percent to its lowest since January 23, breaching the low set during the height of Bear Stearns crisis in March.
Posted: Thu Jul 03, 2008 6:53 am Post subject: Re: Fortis chairman predicts total financial meltdown in wee
jdmartin wrote:
I searched and it appears to be a hoax as far as I can see. I suspected as much, because I don't believe for a second that CEOs are going to make public any kind of knowledge they might have or suspect about a global economic meltdown. They're going to save their own asses first, and that doesn't include making your stock options worthless. My guess is people won't know what's hitting them until it's already hit them - they're not going to get an "Oh, by the way" from some CEO somewhere...
Hey, it's not a hoax. You can WATCH Lippens say the words. Check my post on page 2, referring to the television interview. _________________ The Beginning is Near!
Joined: Aug 18, 2005 Posts: 529 Location: Belgium, Europe
Posted: Thu Jul 03, 2008 9:43 am Post subject: Re: Fortis chairman predicts total financial meltdown in wee
Yep I confirm. It was in various newspapers here in Belgium as well as on flemisch tv.
The only remark to make here is the fact that critics say that Lippens said those things only to justify the unexpected emission of more fortis-stock. _________________ www.peakoil.be
Posted: Thu Jul 03, 2008 12:10 pm Post subject: Re: Fortis chairman predicts total financial meltdown in wee
sameu wrote:
The only remark to make here is the fact that critics say that Lippens said those things only to justify the unexpected emission of more fortis-stock
Exactly. But the mere fact that he uttered these desperate words is highly significant as well: Fortis has to accept money from dirty people, poor money, maffia money even, to stay afloat. He has to sell scraps and bits of his bank to Russian oil dealers and other shady figures. For a big bank, that's not a good sign. (For a nobel man that's a serious humiliation). So he tries to camouflage his own bank's meltdown, by predicting a general meltdown of the financial system.
By the way, how are u doing sameu? Long time no see. Any news from peakoil.be? _________________ The Beginning is Near!
Joined: Aug 18, 2005 Posts: 529 Location: Belgium, Europe
Posted: Thu Jul 03, 2008 12:36 pm Post subject: Re: Fortis chairman predicts total financial meltdown in wee
working for a respectable oil company
stockpiling
entertaining girlfriend
not really time for peakoil.be (noch de goesting in feite) _________________ www.peakoil.be
Wasn't this the guy that we had the post in here on a couple of weeks ago talking about half the US banks failing? _________________ After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off.
Posted: Sun Jul 13, 2008 1:52 am Post subject: Re: Fortis CEO gets the boot
One problem was that he did not come clean early enough with the shareholders about the problems the bank was facing and had earlier said everything was fine.
Quote:
Jean-Paul Votron's resignation comes after he proposed a controversial plan to raise cash that involves cutting the shareholder dividend. ... But the plan has angered investors who were shocked by the sudden change of heart after Fortis previously said the dividend was safe and its capital reserves were healthy.
The Link (BBC report) _________________ We should teach our children the 4-Rs: Reduce, Reuse, Recycle and Rejoice.
Joined: Jan 16, 2005 Posts: 318 Location: Delft, Netherlands
Posted: Sun Jul 13, 2008 4:11 am Post subject: Re: Fortis CEO gets the boot
IslandCrow wrote:
One problem was that he did not come clean early enough with the shareholders about the problems the bank was facing and had earlier said everything was fine.
That's right. Last year, Fortis bought a part of ABN Amro bank for 24 billion euro's (about 30G$ I think, at the time.) I guess they suffered extra now because they are having to find the funding for this in the middle of the credit crisis. The problems of Fortis are very different from most other large banks.
I don't think Votron made mistakes that other CEO's didn't make. I bet the other CEO's were just as foolishly oblivous to the current, not unpredictable implosion in the financial sector. His 'mistake' was not to publicise the specifics of Fortis' unique predicament, which I imagine has favourable for investors during the recent scramble for affordable credit, I suspect, although I am no expert on the subject.
Joined: Aug 18, 2005 Posts: 529 Location: Belgium, Europe
Posted: Sun Jul 13, 2008 6:02 am Post subject: Re: Fortis CEO gets the boot
jdmartin wrote:
Votron gets the boot Wasn't this the guy that we had the post in here on a couple of weeks ago talking about half the US banks failing?
no, Votron is the CEO of Fortis. The guy that predicted a 'financial meltdown' the coming days to weeks is Lippens, the chairman of Fortis _________________ www.peakoil.be
Joined: Sep 17, 2005 Posts: 175 Location: The Netherlands
Posted: Sun Jul 13, 2008 3:50 pm Post subject: Re: Fortis CEO gets the boot
I read that Fortis as a whole (including recently bought ABN Amro Bank) is now worth less than what Fortis paid for ABN Amro. _________________ The man who moves a mountain begins by carrying away small stones.
Posted: Mon Sep 15, 2008 6:23 am Post subject: Maurice lippens of fortis was right afterall
Maurice lippens was the former ceo of fortis i believe and he said a month or 2 ago that the us will go into an financial meltdown. in the belgian times you can read the full article link it's dutch so most of you probably don't understand it here is the translation:
Quote:
The glass sphere of Maurice Lippens
Maurice Lippens justified the end of June the capital increase of Fortis by an impending financial tsunami in the United States. He got criticism for firing. De Tijd published mid-July, after another wave bad news from the financial sector following the text. The current crisis on Wall Street makes these statements again topical.
(time) - Does Fortis chairman Maurice Lippens on a glass bulb? At the end of June, he justified the recapitalization of the bank-insurer by an impending financial tsunami in the U.S.. That was not thank him declined. But after the perikelen of Fannie Mae and Freddie Mac, the nationalization of IndyMac and concerns about Lehman Brothers to the ball he seems to have not completely wrong.
'Two months ago we knew not so bad that it is in America. And it will be much worse. There begins a complete meltdown (collapse) in the U.S.. We expect bankruptcies among the 6,000 U.S. banks, but also Citigroup and General Motors at risk. "
Maurice Lippens said that ominous predictions just after the capital increase of Fortis. That bad blood continued to analysts, shareholders, investors and, allegedly, even when the supervisor CBFA. There he was accused that he wanted the problems of Fortis and declare the attention of the bank-insurer wanted to distract.
Lippens' kritikasters be two weeks later, however, admit that the Fortis Chair at least partly right.
Numerous difficulties: Fed Chairman Ben Bernanke said yesterday that the U.S. economy suffers from "numerous difficulties" that the growth of the U.S. economy worsened and that inflation "unusually uncertain '.
The American consumer has never been so bleak. The U.S. consumer confidence fell to its lowest level since 1964, the activity in the service sector declined yet again and the figures for the Retail Trade - an indication for the consumption of households - are worse than expected.
Mortgage: The heaviest blows fall on the U.S. mortgage market. A few days ago, the Bush administration mortgage bank IndyMac nationalise. A 'run' on the bank had exhausted the cashvoorraad. There is also concern about the financial position of Washington Mutual, the sixth American hypotheekverstrekker.
The government and the U.S. central bank had last weekend also facilitate hypotheekreuzen Fannie Mae and Freddie Mac. Minister of Finance Henry Paulson asked the permission for an unlimited amount of shares of Fannie and Freddie to buy and borrow money to both groups. Fannie and Freddie are crucial for the U.S. property market, and thus for the economy.
And that does not stop the agony in the financial sector includes Lehman Brothers, there would be a bad stand. The fear exists that Lehman same path as his true sectorgenoot Bear Stearns, which almost went bankrupt in March.
The crisis in the United States also has repercussions in Europe. Deutsche Bank is listed on the lowest level in years because they are heavily reliant on the U.S. market. Dexia also announced in the fold, because the group is active in the U.S. through the obligatieverzekeraar FSA.
For those still has a AAA rating and thus a competitive advantage over MBIA and Ambac, which already lost the top. But it is uncertain whether the FSA will retain top. Some analysts do not rule out that Dexia the most risky activities of FSA stop and that the group must collect additional capital. FSA publishes its results in mid-August, but that date may be brought forward.
Resultatenseizoen: Meanwhile pay the U.S. car market further. General Motors yesterday announced a broad restructuring in which the dividend is deleted and payroll should fall by 20 percent. Some observers conclude a bankruptcy not matter, but the car manufacturer says that he firmly enough. Will the resultatenseizoen that these days, gaining momentum Maurice Lippens more equal? That is likely to happen. There is at least in the financial markets no longer discern ounce of optimism.
apolagies for the errors in this topic but i translated it with google
Joined: Mar 07, 2007 Posts: 359 Location: Holland, United Kingdom (of the seven Netherlands)
Posted: Sun Sep 28, 2008 9:04 am Post subject: Fortis bank in the BeNeLux in trouble
Quote:
Belgian and Dutch central banks and regulators were discussing measures to restore confidence in Fortis, the financial-services company whose stock plunged 35 percent in Brussels trading last week.
... Brussels and Amsterdam-based Fortis needs more capital after spending 24 billion euros ($35 billion) on ABN Amro Holding NV assets last year just as the U.S. subprime-mortgage market started to collapse.
... "Fortis failed to restore confidence on its own and that can only be done now with the help of the regulatory institutions or rivals,'' said Corne van Zeijl, a senior portfolio manager at SNS Asset Management
... Talks about a takeover of Fortis by ING Groep NV and BNP Paribas SA stalled late yesterday amid demands for state guarantees, De Standaard reported on its Web site, without saying where it got the information. The Sunday Times reported the Belgian central bank and regulator are preparing to bail out Fortis. The newspaper didn't say where it got the information.
... Fortis last week said it had earmarked for sale banking and insurance businesses that may be valued as high as 10 billion euros. The Belgian company said it won't sell assets at fire-sale prices and doesn't have an urgent need for funds.
Fortis ranks among Europe’s top 20 financial institutions, with a market capitalisation of EUR 40 billion at year-end 2007. Together with ABN AMRO, we have a presence in over 50 countries and a dedicated, professional workforce of more than 85,000. All this makes us a leader in financial services in Europe, a top 3 private banker and a top tier asset manager.
Joined: Apr 27, 2007 Posts: 4353 Location: The Great Sonoran Desert
Posted: Sun Sep 28, 2008 9:36 am Post subject: Re: Fortis bank in the BeNeLux in trouble
Gerben wrote:
They control my pension. Good that I have most in savings. Cash is king.
As long as it is not FRN you may be ok. _________________ "There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
"... hope is a rotten-thighed whore" Niko Kazantzakis
Joined: Aug 26, 2005 Posts: 428 Location: Windy City No Longer
Posted: Sun Sep 28, 2008 9:39 am Post subject: Re: Fortis bank in the BeNeLux in trouble
Interesting. They own ABN Ambro, who owns LaSalle Bank - a large regional bank in the US Midwest. I wonder how a parent bank's woes affect its subsidiaries...
I'm guessing now that the US bailout won't be enough. This is now way too big. I hope I'm wrong, but dang. _________________ TANSTAAFL
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
