Oct. 19: Dutch financial group ING is reportedly in talks with the Dutch government for a cash injection estimated to be worth up to 9 billion euros ($12.12 billion), the Sunday Times said.
South Korea, too, joined efforts on Sunday to shore up banks and markets, pummelled by the biggest economic crisis since the Great Depression.
Authorities in Seoul pledged $130 billion in state guarantees and capital injections, hours after the US and European leaders said they planned to hold a series of global summits to try to form an action plan.
ING, the Netherlands biggest listed bank, is expected to announce a deal in the next 24 hours.
Chief executive Michel Tilmant was in talks with the Dutch central bank all day yesterday negotiating a deal.
ING said on Friday it expected to post a net loss of about 500 million euros ($674 million) for the third quarter, its first quarterly loss since the group was formed in 1991.
In India, ING offers retail banking services through its joint venture with Vysya Bank apart from setting up a presence in the life insurance and asset management businesses.
In Seoul, authorities rushed out a rescue plan to bolster markets plagued by worries that local banks high level of foreign borrowing makes Asias fourth-largest economy particularly vulnerable to the 14-month-old credit crisis.
The government has decided to join in global co-ordinated efforts to stabilise financial markets, finance minister Kang Man-soo told reporters.
In West Asia, the United Arab Emirates was reported to be planning to inject $19.06 billion into long-term bank deposits.
According to Merrill Lynchs latest survey of global fund managers, about 69 per cent of the respondents believe that the global economy was in the grip of a recession, which is up significantly from 44 per cent one month ago.
Oil price fear
The Organisation of the Petroleum Exporting Countries (Opec) should order a substantial cut in oil output at next weeks emergency meeting in Vienna, Algerian energy minister and current Opec chief Chakib Khelil said.
There will be a reduction in production at the next extraordinary meeting of Opec, and it will have to be a substantial one to get the balance right between supply and demand, Khelil said.
The fall in demand is being driven by lower consumption in big markets such as the US.
The global demand has fallen by three million barrels per day, Khelil said.
Iran — Opecs second largest exporter — also called for a significant cut amid prospects of reduced demand in the face of the global economic slowdown.
Opec has announced it would hold an extraordinary meeting earlier than expected next Friday — instead of November — to discuss the global financial crisis and its impact on the oil market.
General Electric Company (GE) is paranoid about the global financial turmoil, but the company is in a good position and is ready for any eventuality that might take place, chief executive Jeffrey Immelt told a television channel.
Weve one of the few triple A-rated companies in the world. Thats a pretty good place to be in. Weve got a good investor base. I think were pretty good, Immelt said.
The impact of the global credit crisis got reflected in GEs financial service business, which constitutes 40 per cent of the company.