Monday, September 29, 2008

Update

Tomorrow, if the weather is OK, I will drive to Izmir for a short break, and from there I will take a boat to one of the Greek islands. I am in Turkey for 6 years but never been to Izmir. So it will be my first visit.

Two blogs are added to Internations chain: Nihal's Crossroads and Metin's Talk Turkey (again.)!
Also added a niced widget about S. Palin; I look forward to her debate with Biden.

Rest me to wish all Muslims a Happy Bayram.

Three governments nationalise Fortis bank

The Belgium, Dutch and Luxembourg governments have agreed to inject 11.2 billion euros into financial services group Fortis after the banking and insurance company got into trouble last week. The bailout announced on Sunday makes the three governments the owners of the company. Fortis was valued at 12 billion euros at the close of Friday trading.

"We could have not intervened, but the question was whether Fortis would have survived on Monday," Dutch finance minister Wouter Bos told reporters.
Dutch and Belgium finance ministers, their central bank presidents and European central bank president Jean-Claude Trichet deliberated with Fortis' management throughout the weekend. Fortis, one of Europe's top 20 banks with 85,000 staff worldwide, was deemed too big to be allowed to fail.

Each government will take a 49 percent stake in Fortis in their respective countries. Belgium will inject 4.7 billion euros, with the Netherlands investing four billion euros and Luxembourg 2.5 billion euros, the latter in the form of a convertible loan.
The intervention comes as both consumers and investors lost faith in Fortis' plans to avert the crisis. Last Friday Fortis management announced it would boost its balance sheet by selling an additional 10 billion euros in assets but that was not enough to stop a further 21 percent drop in its share price. CEO Herman Verwilst resigned and was replaced by Filip Dierckx as acting CEO.
In total, Fortis lost 35 percent of its value last week. It’s troubles stem from the international financial crisis and the expensive 24 billion euro acquisition of operations belonging to Dutch bank ABN Amro last year.

The governments’ plans for Fortis include the sale of ABN Amro Nederland to an unknown party. Fortis chairman Maurice Lippens, accused by shareholders of concealing the bank's troubles for too long, resigned as part of the rescue deal.

source: nrc.nl

Obama - McCain covers


The back side and the cover of the American magazine Mature. Do you see any differences.)
Below the cover of New York June 2008.

Here the best covers finalists 2008.

'The market tried to tell us something and no one listened'

Mohamed A. El-Erian is the co-ceo of the world's largest asset management company Pimco. An interview about the ins and outs of the credit crunch.

By Egbert Kalse and Daan van Lent in New York

Mohamed El-Erian has worked through the weekend again, just like he has every other weekend over the past weeks. When the American government announced the comprehensive bail out plan for banks, he wrote a ten page investment instruction for his employees at Pimco, the largest asset manager in the world.
During an interview with El-Erian on the 49th floor of the Allianz Tower, with a view on Central Park, he looks exhausted. As Pimco’s co-ceo is responsible for Pimco’s 830 billion dollars in assets.

He says the American bailout plan is “a necessary step because the situation had to be stabilised”. But he doubts it will be sufficient. “My sense is you need to do more. We are going to look back and 700 billion will not be the final number.”

continue reading herreeee

Obama: The Savior for the American Economy and Needed Change Agent

Obama forges new American ground as the first nominated African-American presidential candidate for the Democratic Party. I guess the Republicans can now toot their first with a woman as a vice-presidential candidate.

I wonder if the Republicans would have ever nominated a woman had Hillary Clinton not run as a presidential candidate and fared so well. Probably not!

While the Obama campaign still seeks donations to combat the McCain ads and other ridiculous falsehoods, Obama supporters are out on the streets daily signing up voters, canvassing neighborhoods and calling people on the phone to let them know the Barack Obama many believe who'll save the American economy and change the face of American politics.

Find out more about Obama beginnings, his background and education and make an informed decision for the November 4th elections.

I think it's always good too to get opinions from other Americans with a different perspective due to their culture, ethnicity, religion or country of birth. Sam Sedaei, and Iranian-American, gives a detailed look at why he believes Obama is the answer.

Vote on election day and hopefully, you'll mark Barack Obama for president.

Day opening - September 29