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2008 In Economics
October * October 5: **The German government moves to back troubled Hypo Real Estate with a 50 billion euro rescue plan(MarketWatch)**German Chancellor Angela Merkel announces that Germany will explicitly guarantee the deposits in banks held by its citizens(MarketWatch)* October 9: Iceland nationalises Kaupthing Bank. * October 9: IMF: World on brink of recession; prepares special loan program. * October 9: Markets down across the world; Dow Jones falls below 9,000. * October 10: Hampshire councils have £3 million invested in Icelandic banks. * October 10: Dow Jones recovers hundreds of points, before losing them in minutes. * October 10: Global markets plunge. * October 10: WTO calls meeting on trade finance and economic crisis. * October 11: G7 says "all available tools" will be used to solve crisis. * October 11: Iceland and United Kingdom in diplomatic dispute over financial crisis. * October 11: George W. Bush George Walker Bush (born July 6, 1946) is an American p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated between the Baltic and North seas to the north, and the Alps to the south; it covers an area of , with a population of almost 84 million within its 16 constituent states. Germany borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, and France, Luxembourg, Belgium, and the Netherlands to the west. The nation's capital and most populous city is Berlin and its financial centre is Frankfurt; the largest urban area is the Ruhr. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity. A region named Germania was documented before AD 100. In 962, the Kingdom of Germany formed the bulk of the Holy Roman Empire. During the 16th ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hypo Real Estate
The Hypo Real Estate Holding AG is a holding company based in Munich, Germany which comprises a number of real estate financing banks. The company's activities span three sectors of the real estate market: commercial property, infrastructure and public finance, and capital markets and asset management. Hypo Real Estate is the second largest commercial property lender in Germany. The bank originated in 2003 from the real estate financing business of HypoVereinsbank. It employs about 2,000 people and was one of the 30 members of the DAX stock market index of the largest German companies between December 2005 and December 2008, before the shares were demoted to the MDAX. Its shares were further demoted to the SDAX in September 2009. In 2007 it acquired public finance company Depfa Bank. The company remains a legal entity as a wholly owned subsidiary of the Hypo Real Estate Group. The firm received a bailout from the Deutsche Bundesbank and other German banks in October 2008 i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . The euro is divided into 100 cents. The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the euro. As of 2013, the euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. , with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Angela Merkel
Angela Dorothea Merkel (; ; born 17 July 1954) is a German former politician and scientist who served as Chancellor of Germany from 2005 to 2021. A member of the Christian Democratic Union (CDU), she previously served as Leader of the Opposition from 2002 to 2005 and as Leader of the Christian Democratic Union from 2000 to 2018. Merkel was the first female chancellor of Germany. During her tenure as Chancellor, Merkel was frequently referred to as the ''de facto'' leader of the European Union (EU), the most powerful woman in the world, and since 2016 the leader of the free world. Merkel was born in Hamburg in then-West Germany, moving to East Germany as an infant when her father, a Lutheran clergyman, received a pastorate in Perleberg. She obtained a doctorate in quantum chemistry in 1986 and worked as a research scientist until 1989. Merkel entered politics in the wake of the Revolutions of 1989, briefly serving as deputy spokeswoman for the first democratically elected Go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iceland
Iceland ( is, Ísland; ) is a Nordic island country in the North Atlantic Ocean and in the Arctic Ocean. Iceland is the most sparsely populated country in Europe. Iceland's capital and largest city is Reykjavík, which (along with its surrounding areas) is home to over 65% of the population. Iceland is the biggest part of the Mid-Atlantic Ridge that rises above sea level, and its central volcanic plateau is erupting almost constantly. The interior consists of a plateau characterised by sand and lava fields, mountains, and glaciers, and many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate, despite a high latitude just outside the Arctic Circle. Its high latitude and marine influence keep summers chilly, and most of its islands have a polar climate. According to the ancient manuscript , the settlement of Iceland began in 874 AD when the Norwegian chieftain Ingólfr Arnarson became the first p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kaupthing Bank
Kaupthing Bank ( is, Kaupþing banki; ) was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic based operations were spun into a new bank ''New Kaupthing'', which was subsequently renamed Arion Banki. All the non-Icelandic assets and debts remained with the now defunct Kaupthing Bank. Prior to its collapse it also allegedly loaned money to various parties with the purpose of buying Kaupthing shares. Prior to its collapse, Kaupthing Bank operated in thirteen countries, including all the Nordic countries, the Netherlands, Belgium, Luxembourg, Switzerland, the United Kingdom and the United States. It was seventh largest bank in the Nordic countries in terms of market capitalization. The bank had employed over 3,300 people with 36 retail branches in Iceland. As of 31 December 2007, the bank had a total assets of €58.3 billion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Icelandic Banks
The following is a list of banks in Iceland. Contemporary banks Central * Central Bank of Iceland Commercial * Arion Bank (formerly known as ''New Kaupthing'') * Íslandsbanki (formerly known as ''New Glitnir'') * Landsbankinn (formerly known as ''New Landsbanki'') * Kvika banki Investment * Kvika banki * Defunct banks * Askar Capital (privately owned) * Búnaðarbanki (merged with Kaupthing, became KB Bank and later Kaupthing Bank) * Glitnir (previously government-owned, privatized, went back into government hands during the Icelandic financial crisis) * Iðnaðarbanki (merged with Útvegsbanki, Alþýðubanki, Verzlunarbanki and Samvinnubanki) * Íslandsbanki (First Íslandsbanki was founded in 1904, went bankrupt during the Great Depression. Second Íslandsbanki came into existence when the government owned banks Útvegsbanki, Samvinnubanki, Iðnaðarbanki and Verslunarbanki merged. Íslandsbanki was later re-branded as Glitnir Bank, which was taken into go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dow Jones Industrial Average
The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. Many professionals consider it to be an inadequate representation of the overall U.S. stock market compared to a broader market index such as the S&P 500. The DJIA includes only 30 large companies. It is price-weighted, unlike stock indices which use market capitalization. Furthermore, the DJIA does not use a weighted arithmetic mean. The value of the index can also be calculated as the sum of the stock prices of the companies included in the index, divided by a factor which is currently () approximately 0.152. The factor is changed whenever a constituent company undergoes a stock split so that the value of the index is unaffected by the stock split. First calculated on May 26, 1896, the index is the second-oldest among U.S. market ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George W
George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he previously served as the 46th governor of Texas from 1995 to 2000. While in his twenties, Bush flew warplanes in the Texas Air National Guard. After graduating from Harvard Business School in 1975, he worked in the oil industry. In 1978, Bush unsuccessfully ran for the House of Representatives. He later co-owned the Texas Rangers of Major League Baseball before he was elected governor of Texas in 1994. As governor, Bush successfully sponsored legislation for tort reform, increased education funding, set higher standards for schools, and reformed the criminal justice system. He also helped make Texas the leading producer of wind powered electricity in the nation. In the 2000 presidential election, Bush defeated Democratic incum ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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