Revue de presse produite avec l’aimable collaboration de Richard Le Hir
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L'économie entre dans une "phase dangereuse" pour le patron de la Banque mondiale
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Le poison de la rumeur
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L'Italie adopte une taxe sur les hauts revenus
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La Suisse menacée par son propre franc
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Grande-Bretagne : nouveau bras de fer entre Cameron et la police
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Les Anglais veulent priver les émeutiers d'aide sociale
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CRISE DE LA DETTE
_ Requiem allemand pour la monnaie unique
Alors que Berlin hésite à venir de nouveau en aide de la Grèce, l'hebdomadaire Der Spiegel assure que non seulement l'euro tel que nous le connaissons ne peut être sauvé, mais qu'il menace l'avenir même de l'Europe. Extraits.
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The week the world went wild
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Investors Could Be in for More Stock Market Vertigo in Week Ahead
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Global Jitters Gather Over State of Société Générale
By LOUISE STORY and LIZ ALDERMAN - Société Générale's chief executive, Frédéric Oudéa, described rumors that the bank was having trouble raising money as “fantasy.”
But Société Générale, France’s third-biggest bank, has been stirring financial markets once again on concerns about its big holdings of the debt of shaky European neighbors like Greece.
Although its shares closed slightly up on Friday, Société Générale’s stock has fallen more than 40 percent since mid-July and helped pull European bank stocks down earlier in the week. That volatility is a big reason that France on Thursday night imposed a temporary 15-day ban on short-selling — negative bets — against financial and insurance company stocks.
Why does Société Générale matter?
Jitters about the bank’s stability reverberate in New York and around the world because, among other things, Société Générale is one of the biggest global players in equityderivatives — financial instruments meant to protect investors against price plunges in stocks. It does business regularly with the likes of Goldman Sachs, JPMorgan Chase and Deutsche Bank.
“They have significant outstanding derivative exposures, which makes them systemically important,” said Kian Abouhossein, an analyst covering European banks for JPMorgan Chase. “They are important to the financial system, not just in the U.S. or Europe, but globally.”
What’s more, Société Générale has something of a history. It achieved notoriety during the last financial crisis when a rogue trader for the bank, Jérôme Kerviel, lost his employer 4.9 billion euros, or $6.7 billion.
Société Générale may be even better remembered for its disastrous entanglement of derivatives contracts with the giant insurer American International Group.
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Moral outrage at rioters fixes nothing: the only remedies are liberal
Denouncing criminality and banging up looters is easy. Social repair is slow, costly and difficult – a fact Cameron must confront
The small-staters blame the collapse of moral values, school indiscipline and feral beasts without fathers or consciences, as if removing government allows morality to flourish. But take government and regulation away and see discord follow – from Sir Fred (Scottish Calvinist) Goodwin to all the other looters. Grab what you can, winner takes all, no wealth is ever too much, this neoliberal amoral creed has reigned unquestioned since Margaret . Boris Johnson blames the rioters' "extreme sense of entitlement", but his success from Bullingdon restaurant-trasher onwards has been based on never questioning his own entitlement. L'Oréal's "Because I'm worth it", the slogan of our times, is a close relative of "Because I can", which stretches from Barclays chief Bob Diamond to the Debenhams window-smasher.
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Riot Response: Is This David Cameron's Katrina Moment?
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Is London Burning?
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Faltering City Testing Its Vow to Pensioners
By MARY WILLIAMS WALSH and MICHAEL COOPER - "We put our time in, we put our money in. And the city, through their callousness and everything else, just blew it." WALTER TREMBLEY, a 74-year-old retired police officer from Central Falls, R.I., facing a 50% cut in his pension.
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As Dizzying Week Ends on Wall Street, Dangers Linger
By ERIC DASH and CHRISTINE HAUSER - One of the most tumultuous weeks on Wall Street ended on Friday with the markets not that far from where they started, but with worries about the United States economy and the threat of a financial crisis in Europe undiminished.
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Market Swings Through the Decades
This past week’s stock volatility has made 2011 among the more turbulent years in the market, and there are still more than four months of trading left.
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