29 September 2008

Benelux countries bail out Fortis bank
All the papers lead with the Belgium-Dutch government bid to rescue Fortis bank. Late on Sunday evening the details to save the troubled company from collapse were announced following a weekend of emergency meetings. Benelux government ministers, the president of the European Bank Jean Claude Trichet, and even European Competitions Commissioner Neelie Kroes attended. Belgium, the Netherlands and Luxembourg will inject EUR 11.2 billion into Fortis, giving each government a 49 percent share in its national branch.  Dutch Finance Minister Wouter Bos says, "The Dutch government felt it its duty to contribute". A bid by BNP Paribas to take over Fortis was rejected.
 
One of the conditions of the deal is that company chairman Maurice Lippens must step down. The Dutch share of ABN AMRO, which Fortis took over earlier in 2008, was sold for EUR 10 billion to an unknown buyer, although many of the papers believe insurance company ING could be responsible for the deal. De Telegraaf reports that although there are no queues forming outside Fortis branches, some account holders are withdrawing their money or are moving their savings to other banks.
 
Limburg province uses warm mine water for energy
The province of Limburg opened the world's first mine water energy plant in Heerlen. The unused coal mines in Limburg are full of water, which grows naturally warmer as the depth increases. De Volkskrant reports on the system which pumps warm water from mine shafts 700 metres underground. Heat exchangers use the energy from this water to heat 350 homes, a library and several shops. In the summer, cool water from shafts 250 metres underground are used to cool offices. Former mine worker Theo van de Wetering remembers how warm the mines were while working underground. The Oranje Nassau mine where he worked closed in 1974. "It is fantastic that the mine shafts have been given a new function", he says.

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