Worldwide financial meltdown accelerates - Belgium's biggest bank and insurer by market value, reported the first loss since its creation
Walt Pyka
Nov. 6, 2008

The relentless selling of equities all over the world has started again. The financial meltdown is accelerating. KBC Group NV, Belgium's biggest bank and insurer by market value, reported the first loss since its creation in a 1998 merger on write downs of collateralized debt obligations. Euro zone, India, China, Russia and Japan – all face major recession that can transform into recession any time.

KBC was the last major Belgian bank to seek government support after a downgrade of debt securities by Moody's Investors Service prompted a 1.6 billion-euro pretax writedown on its CDO portfolio. KBC raised 3.5 billion euros from Belgium on Oct. 27 by selling non-voting securities that pay annual interest of at least 8.5 percent and scrapped the dividend for 2008 to cushion against credit losses and declines in the value of other investments.

Worldwide financial meltdown accelerates - Belgium's biggest bank and insurer by market value, reported the first loss since its creation
Walt Pyka
The relentless selling of equities all over the world has started again.
READ MORE>>

The depression deepens; Obama tries to find answer in traditional channels, the in fighting between Clintons and Obama can take Dow below 5,000 before Jan 20, 2009
Tania Sen
The market is watching. The power struggle in the new Obama Administration...
READ MORE>>

Obama’s first mistake in Governance – former Clinton aids are the worst choices – time has changed, world has changed – flukes do not work anymore
Ron Desilva
Clinton era is over. Bush era has proved to be catastrophic.
READ MORE>>

US Economy lost 250,000 jobs in October, unemployment rose to 6.8% according market expectations and econometric models
Walt Pyka
Payrolls shrank by 230,000 workers, according to the market expectations...
READ MORE>>

The intervention by the regulators to save the U.S. economy will lead to further bankruptcies of banks and insurance companies
Rita Nareen
Bernanke and Paulson acted unwisely.
READ MORE>>

Enhance your retirement fund with commodity future arbitrage as commodities got washed out in October 2008
Sam Adelton
This is the right time to get involved in commodities again.
READ MORE>>

The Great depression of India and China is here – India abruptly lowers rates, Chinese manufacturing collapses
Jay Hsu
China's manufacturing contracted as the worst financial crisis since the Great Depression...
READ MORE>>

MORE ARTICLES >>