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Latest update: 09/10/2008 

- financial crisis - Hong Kong - India - Iran - Mahmoud Ahmadinejad


In The Papers
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France 24 journalists present a daily round-up of the international press.

 

Asharq al Awsat (Pan Arabic) 

نجاد مفسرا الأزمة المالية: اقتصادهم ينهار.. وسبب هزيمتهم هو أنهم نسوا اله - 'Ahmadinejad analyses the crisis: "it's due to a drop in faith"' 

 

The world financial crisis continues to dominate papers all around the world. In Iran, President Mahmoud Ahmadinejad has been having his say. The Saudi owned newspaper Asharq Al Awsat reports on a speech given by Ahmadinejad laying the blame squarely at the door of the West. The Iranian leader reportedly says that those countries experiencing market turmoil have “’forgotten God”. According to the article, Ahmadinejad also predicts the current economic problems will “put an end to the dominance of western thugs”. Interestingly, the paper’s analysis goes on to examine Iran’s own economic situation, which it says is poor because of years of sanctions. The writer also speculates that conditions could get worse if the price of petrol drops, because oil is one of Iran’s major sources of income.

 
 
Times of India (India)
 
An editorial in The Times of India’s New Delhi edition is more optimistic about the financial crisis than many articles which have appeared recently in the western press. Whilst the article recognizes that market turmoil is affecting India, it says the economy is sheltered from the worst of the problems because of the strong Indian growth levels and relatively stable banking system. In fact, the Times’ major worry is that the crisis could dent the momentum of the Indian economy, lowering the annual growth rate from 9% to 7% - levels many economies only dream of.
 
 

South China Morning Post (China)

‘Taxpayers will not pick up tab, says financial secretary’

 

The Hong Kong newspaper the South China Morning Post underlines that authorities there are taking a different approach to handling the fallout of the crisis than some western governments. Their article notes that the Hong Kong Finance Secretary has ruled out using taxpayers’ money to bail out losses from bonds tied up in the now-collapsed Lehman Brothers, and quotes him as saying the government isn’t prepared to “use government money to compensate investment losses”.
 
 
Independent (UK)

‘Can Travolta bring hope to the forgotten ghettoes?’

 

 

UK newspaper The Independent reports that filming is due to begin on a new, big-budget spy movie, with some scenes to be shot in one of France’s poorest city suburbs. Hollywood star John Travolta will film scenes in a run-down housing estate in Clichy-sous-Bois on the Northeastern edge of Paris, which grabbed international headlines in October 2005 when poor, disaffected youths rioted, burning cars and clashed with police. The article says renowned French film producer Luc Besson “wants to tap into the talent” of France’s ‘banlieues’ (suburbs).  
 
 
Le Figaro (France)
 
Daily newspaper Le Figaro reports on very French phenomenon: the dominance of the political sphere in the country’s celebrity magazines. Stories involving President Sarkozy, his wife Carla Bruni and his ex-wife Cecilia are outselling the likes of Britney Spears. However, Le Figaro says that the female politician who shifts the most copy is Rachida Dati, the French justice minister, who is unmarried, pregnant and won’t disclose the identity of her baby’s father. Le Figaro comments on the rather deferential way the magazines cover France’s ‘political celebrities’, and points out this is perhaps the result of some costly legal cases.
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