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Financial Crisis News

Postby colonelvesica » Fri Apr 28, 2017 11:39 am

Dalibor Markets Unstable Following New Verham Bank Default

The markets in Dalibor City are in crisis as it was announced that the New Verham Government is defaulting on a massive loan to the Schofield Financial, a Luthori bank based in Dalibor. The default comes on the heels as two major New Verham Companies, a arms manufacturing firm and state owned shipping concern filed for bankruptcy to the government following the loss of a massive shipment of arms by the infamous Rapa Pile Pirates.

Both of these firms, which were state owned or subsidized were both bringing in key income to the government which relied on loans from Schofield Financial to remain solvent.

Schofield, one of Dalibor's five biggest banks and one of thr largest though quietest players in Artania has long been considered too big too fail and there is already concern there will be a run on the bank.

More as this story develops.
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Re: Third World News Network

Postby Auditorii » Fri Apr 28, 2017 1:02 pm

colonelvesica wrote:Dalibor Markets Unstable Following New Verham Bank Default

The markets in Dalibor City are in crisis as it was announced that the New Verham Government is defaulting on a massive loan to the Schofield Financial, a Luthori bank based in Dalibor. The default comes on the heels as two major New Verham Companies, a arms manufacturing firm and state owned shipping concern filed for bankruptcy to the government following the loss of a massive shipment of arms by the infamous Rapa Pile Pirates.

Both of these firms, which were state owned or subsidized were both bringing in key income to the government which relied on loans from Schofield Financial to remain solvent.

Schofield, one of Dalibor's five biggest banks and one of thr largest though quietest players in Artania has long been considered too big too fail and there is already concern there will be a run on the bank.

More as this story develops.


Dorvish markets slump on news of New Verham bank default
October, 4202

Haldor, Kordusia - As markets opened today in the Dorvish Stock Exchange and the Wasse Mercantile Exchange immediately felt the impact of the New Verham bank default, though the markets dipped slightly they did recover by the end of the trading period on Tuesday. An emergency meeting was called by the Ministry of Finance and the Ministry of Trade and Industry, both govern two different spheres of the Dorvish economy; the Finance Ministry is traditionally more involved in the domestic economy while the Trade and Industry Ministry is more focused on international markets and building overseas assets. This news comes off the heels of an overall positive growth period for the Dorvish economy in the months prior, where the Dorvish economy grew nearly 2% in overseas transactions.
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Re: Third World News Network

Postby colonelvesica » Fri Apr 28, 2017 4:38 pm

Utemban Government Defaults; Dalibor Exchange in Free Fall

Less then a month following the default of a major loan by New Verham the government of Utembo; embroiled in a major war with Bianjie, have defaulted on a major loan, also to Schofield Financial. The second default on the heels of the first have caused a massive backlash on the Dalibor Stock Exchange which is seeing it's stocks tumble to dangerous levels.

Already reverberations have been seen in Acton, Tian'an, Wiel, Kaliburg and Petrograd with the Shockwave even causing fallout in Skalm, Romula, Kaldor and Fort William.

Schofield Financial has already announced it was declaring bankruptcy causing further Shockwave a throughout the Artanian and Dovani markets.

More as it develops.
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Re: Third World News Network

Postby Auditorii » Fri Apr 28, 2017 5:07 pm

colonelvesica wrote:Utemban Government Defaults; Dalibor Exchange in Free Fall

Less then a month following the default of a major loan by New Verham the government of Utembo; embroiled in a major war with Bianjie, have defaulted on a major loan, also to Schofield Financial. The second default on the heels of the first have caused a massive backlash on the Dalibor Stock Exchange which is seeing it's stocks tumble to dangerous levels.

Already reverberations have been seen in Acton, Tian'an, Wiel, Kaliburg and Petrograd with the Shockwave even causing fallout in Skalm, Romula, Kaldor and Fort William.

Schofield Financial has already announced it was declaring bankruptcy causing further Shockwave a throughout the Artanian and Dovani markets.

More as it develops.


Dorvish markets rocked during month of November
November, 4202

Haldor, Kordusia - Dorvish markets through the month of November fell sharply as news broke that the Utemban government defaulted and exchanges in Dalibor continued free fall. Minister of Trade and Industry Joachim von Auspitz-Topol recently announced that former SNP Party Secretary for Finance Friedrich Augustus von Desidier would be appointed as the General-Director of the Foreign Economic Council which formally reorganized in late October, 4202. Despite the decline of the markets and the volatile situation in Dovani, the General-Director stated that the Foreign Capital Fund could be used to prop up some of the failing banks in Dovani and that he would immediately be reaching to see if the bleeding could at least be patched up, even temporarily.
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Re: Third World News Network

Postby Reddy » Fri Apr 28, 2017 5:26 pm

Economic Crisis Spreads to Jelbania
October 4202

Surprising many economic observers, the Khanate's economy has been one of the first to be seriously shaken by the ongoing economic crisis. The historically closed banking system is on the brink of collapse as several banks have declared themselves to be heavily vulnerable and exposed to contagion from Vanuku and both Artania and Dovani. Many Jelbeks smell a rat given the speed that the said banks have suspended their operations and refuse to allow depositers to withdraw any amounts. Jelbek banks are largely state-owned and notable for their corruption and lack of accountability. Given ongoing protests about the royal cult combined with a looming succession crisis and now this economic crisis, this might just create a perfect political storm; the first solid challenge for the royal clan which has ruled the Khanate for 151 years.
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Re: Third World News Network

Postby IntruderEmerald » Fri Apr 28, 2017 7:08 pm

ALORIAN STOCK MARKETS TUMBLE, GDP FORECAST REVISED DOWN

Alorian markets suffered their worst day of trading since 4165 (where tensions rose between Aloria and Dorvik), as the New Verham bank defaulted which has caused instability in Artania. This has come just one month after the markets were at their highest in a decade. As well as this, Aloria's GDP forecast has been revised down from 0.6% growth to 0.3%, however the Finance Minister warned today it could get be revised down again once the real impacts on the Alorian economy from the global crash are established. The crash is expected to cause consumer confidence to fall; President Reece told consumers today to 'stay positive and think positive'. This comes after Aloria has seen GDP growth for the last four years, but a slowdown in growth was projected back in 4201. The global crash has inevitably exacerbated the worries.
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Re: Third World News Network

Postby colonelvesica » Fri Apr 28, 2017 7:28 pm

Riots in Dalibor as Shockwave Shudders the Financial System

The Dalibor Stock Market officially bottomed out today, reaching it lowest value since opening as two other major financial firms the Interterran Bank of Business and Credit, one of Vanuku's largest financial firms and the Liu-Sun-Cao Financial Group, an Indralan originated bank both declared bankruptcy in light of massive runs on their reserves.

The financial crisis in Dalibor has been exacerbated by the lack of any government regulation or oversight into how Financial institutions could borrow or loan money. As is being slowly revealed most of Dalibor's biggest banks had been loaning massive amounts of money to various nations through Dovani, keeping next to no equity in their reserves, relying on foreign governments to keep money intake going.

The double default by two National government caused a run by the banks to call in numerous loans with each other... with bad ms returning tjay they lacked the equity to back them up.

The result is the collapse of three of Dalibor's five biggest banks and massive Financial Shockwave across Terra. The Wiel Central Stock Exchange was forced to close, hitting most Majatran Markets. Even Romula's somewhat stable markets could hold back the tide.

Similar situations occurred in in Acton as the Hutorian Central Stock Exchange bottomed out, ravaging the northern hemisphere while Kaliburg's effect on the Seleyan economy has caused similar damage.

More as it's develops.

OOC; one more post to come .... ;)
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Re: Third World News Network

Postby Axxell » Fri Apr 28, 2017 7:58 pm

The crisis sparked in Dovani also comes to Istalia: the stock of Hasan Grand Holding collapses!
Four big banks already in suffering and two financial companies in Padagna declare bankruptcy


ROMULA - The crisis broke out in Dalibor's markets as a result of the default of the dovanian state of New Verham has also reached Istalia and this morning at least 80 billion LIS were burned at the Romula Stock Exchange.
It has suffered a real collapse Hasan Grand Holding, the main istalian holding and which in Dovani itself has investments for billions and billions due to a deep penetration in the markets of the eastern countries which have been among the first to be reached by the investments of Hasan Grand Holding already during the last century of the isolationist period of Istalia.
Meanwhile, four major banks (Banca Mariani, Banca Monte dei Marchesi di Silicia, Banca Popolare di Verunia, UlbiCredit) announced strong financial losses in their financial segments.
The Consolidated Act on the Regulation of the Banking System this time, after the crisis of the 70s that hit CrediPol and increased the vigilance of Banca d'Istalia (the National Bank), seems to be able to guarantee the vast majority of savings but two of them, Banca Popolare di Verunia and Banca Mariani have already announced a serious review of their credit activity, which make fear a rise in interest rates on loans and financing to individuals and companies.
In Padagna at the same time two financial companies have declared bankruptcy for the sudden loss of billions due to wild and hazardous activity on the favorable markets of Dalibor City in recent years; it up in smoke investment funds over which more than twelve thousand customers had their savings while some medical insurance companies trembled for the loss of vital investments for their business.

The new century thus opens with a serious crisis that is expanding rapidly all over the world, with the Artanian markets among the most shaky and with Majatra which is suffering the first shakes with Romula and especially Wiel already touched.
Istalia has inevitably been one of the first nations on the continent to be hit and this comes during a serious political and institutional crisis due to bribery and corruption that is revealing all its breadth.
However, President Verhoeven immediately summoned the Minister of Finance and later a meeting of the Council of Ministers.
A serious contrast, however, has arisen between the positions of the Minister of Finance, the Radical Angelo Dominiciani and those of the President of the Council Lucas Berlusconi: Dominiciani in fact supported the positions of his party by making clear proposals for state intervention to face possible bankruptcies of financial institutions, cover losses of insurance funds, protect income through possible extraordinary tax on savings and high income thus protect the istalian companies and start important national projects to support work and investment, aiming to support national companies also through protectionist policies; All these proposals were strongly opposed by the Head of Government, the exponent of the country's most liberal party, and who said that in the event of a deterioration of the situation, the state should rather reduce its expenses in order to secure important tax relief for enterprises and so graant the possibility to continue investing, producing and creating jobs facing a fall in international trade that is expected to be significant, and by cutting income taxes it will be possible to keep alive the consumption of the population that could face increases in prices of goods and services, as well as economic constraints.
This serious split is worsening the growing fracture between majority members with Radical MPs who are also demonstrating their disdain for colleagues and allies involved in the corruption scandal.
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Re: Third World News Network

Postby General.M » Sat Apr 29, 2017 12:52 pm

Emergency Investment Bill passes in Grand Council of Vanuku

Vanuku is one of the first countries to put an emergency investment plan in place after the market crashed. The whole council voted in favour of the plan, presented by the opposition. The investments are placed in the ministry of health and social services, infrastructure and trade and industries. While the government is running on a huge deficit now, this wil not put Vanuku in debt because Vanuku had been running in a surplus the last centuries. Thanks to that Vanuku has a huge reserve to spend in emergencies like this.
An oposition member explaines:
The global economy is crashing. Thanks to great work of the government we have had a surplus for centuries. Because of that there is a great budget which we can use to stimulate the economy in these hard times. With the increase in the infrastructure budget we will invest in new roads, bridges and new maintenance for the Grand Canal. The increase in Health and Social Services will be enough to help the new unemployed. The increase in the Trade and Industries budget will help companies in trouble. With these investments we will not get in debt for the next couple of years.
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Re: Third World News Network

Postby IntruderEmerald » Sat Apr 29, 2017 6:33 pm

GDP AND INFLATION FALLS IN ALORIA, GOVERNMENT UNVEILS TAX CUTS AND INFRASTRUCTURE SPENDING

GDP growth has been released for the latest quarter and gdp has fallen by 1.1%. This comes only a day after more bad news for the Alorian economy when inflation fell from 2.4% to 0.6%, meaning soon Aloria could enter a deflation cycle, causing people to spend less, expecting cheaper prices in the future. The current economic forecast for Aloria does not look positive, and unemployment has risen 9.5% The government has unveiled plans for lower taxes for business and people. Minister for Finance Nicola Gerstle said she has agreed on the short-term economic plan with the trade and industry minister. It involves cutting corporation tax to 10%, scrapping sales tax and reducing income tax. Furthermore, the government has proposed greater infrastructure spending to create jobs and promote economic growth. President Reece said he is 'cautiously optimistic' about the future of the Alorian economy.
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