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U.S. markets recover from steep losses
BRUSSELS, Sept. 29 (UPI) -- Three European governments seized international bank Fortis Monday in a bailout plan meant to head off panic among investors and depositors, officials said.
Belgium, the Netherlands and Luxembourg, known as the Benelux Union, put a combined $16 billion into the deal, The Times of London reported Monday.
Half the Belgium population banks at Fortis, the Times reported. The Belgium government would put up $6.77 billion, purchasing 49 percent of the bank's equity, Prime Minister Yves Leterme announced.
Luxembourg and the Netherlands would purchase 49 percent of the bank's business in their respective countries, the Times said.
"The important thing is that it's a Benelux agreement. The governments are directly intervening to take control of the three banks in the three countries," Belgian Finance Minister Didier Reynders said at a news conference.
"We said that we would not leave any client by the wayside," Reynders said.
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China National Offshore Oil Corp. announced Thursday it made a new oil discovery in the shallow waters of south Liaodong Bay.
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WASHINGTON, May 24 (UPI) --
Australia is seeking to upgrade its F/A-18F fighter aircraft to the "G" configuration, the U.S. Defense Security Cooperation Agency said.
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First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
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It is a whole new ball of wax in Europe these days.
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