Global chemical giant Ineos Phenol, stung by a $192 million jury verdict, has denied stealing a hazardous waste recycling idea from a Mobile chemist and said it would appeal a judge’s order upholding the award. Mobile County Circuit Judge Robert …
French bank BNP Paribas said it has called off its plan to buy a stake in Belgium’s Fortis, after the Brussels Court of Appeal decided to suspend the transaction for 65 days. [See IJ web site – https://www.insurancejournal.com/news/international/2008/12/16/96333.htm and https://www.insurancejournal.com/news/international/2008/12/15/96289.htm]. …
The Belgian government said on Monday it would appeal against a court ruling threatening to derail a state-led break-up of stricken financial group Fortis and part sale to France’s BNP Paribas (See previous article). Prime Minister Yves Leterme told a …
A state-led deal to carve up financial group Fortis should be renegotiated following a court ruling that has suspended the transactions, a lawyer for a group of the company’s shareholders said on Sunday. Mischael Modrikamen, representing some 2,000 shareholders, said …
Belgian banking and insurance group KBC will get a 3.5 billion euro ($4.4 billion) capital injection from the Belgian government and will not pay a dividend for 2008, the bank said on Monday. The injection will boost KBC’s core tier-1 …
One of Pat Oliphant’s more recent editorial cartoons shows presidential candidate John McCain held in the trunk of an enraged elephant labeled “The Economy.” “My friends,” says McCain to a bewildered Barack Obama and Sarah Palin, “kindly pay no attention …
Standard & Poor’s Ratings Services has placed certain of its ratings on the insurance entities of Fortis group on CreditWatch as follows: –With positive implications, the ‘A’ long-term counterparty credit and financial strength ratings on Fortis Insurance Belgium (FIB); –With …
French bank BNP Paribas agreed to scoop up assets in Belgium and Luxembourg of banking and insurance group Fortis for €14.5 billion ($19.66 billion) to become the Euro zone’s biggest deposit bank. The move followed a weekend of frantic talks …
Fortis, the Belgian-Dutch banking and insurance giant, faced a takeover or break-up as European Central Bank President Jean-Claude Trichet held emergency talks with Dutch and Belgian lawmakers to restore faith in the Belgian-Dutch financial group. Trichet, who as ECB [European …
U.S. lawmakers rejected a $700 billion bailout plan for the financial industry in a shock vote that sent global markets sliding as the world credit crisis claimed more banks. By a vote of 228-to-205 the House rejected a compromise plan …
