Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

IN THE PAPERS

Cécile Duflot ruffles some feathers

Read more

MEDIAWATCH

Media accused of pro-protester bias in Ferguson

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment (part 2)

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment

Read more

FOCUS

Republicans block Obama's bid to hike minimum wage

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

WEB NEWS

Web users divided over Darren Wilson

Read more

Live from the newsroom, we provide an overview of the stories making the French and international newspaper headlines. From Monday to Friday at 7.20 am and 9.20 am Paris time.

IN THE PAPERS

IN THE PAPERS

Latest update : 2011-08-12

Financial crisis: errors creep in

How much impact did a Mail on Sunday piece have on Société Générale's share tumble earlier this week? The French press leads on the economic turmoil as French banks feel the heat, slapping a triple zero rating on the credit ratings agencies along the way. That's the focus for Friday, 12th August, 2011.

France’s front pages cover the market turmoil, with France’s banks in the line of fire. La Tribune and Le Figaro both lead on that. Société Générale has been the worst affected by the rollercoaster ride. It was obliged this week to deny its financial stability was at risk. As James Creedon reported in our Media Watch slot on Thursday, the UK’s Mail on Sunday may have inadvertently caused Société Générale’s stocks to plummet when it said the bank was in a 'perilous' state and possibly on the 'brink of disaster'. It’s been suggested the Mail on Sunday picked that up from a “Summer Fiction Series” in Le Monde, in which Le Monde imagines a situation in 2012 where the euro might have collapsed.

L’Expansion.fr points out that the bank's share value sank on Wednesday even after the Mail on Sunday issued an apology. It adds that an accumulation of bad news for Société Générale gave the rumour credibility.

Le Figaro's coverage includes a piece entitled: "When Twitter and the craziest rumours steer the markets". It reports that a series of tweets on Wednesday afternoon raised the prospect of a Soc Gen bust over the space of a few hours, so much so that it seemed probable. As a consequence, the bank lost more than 20% of its share value.

The Journal du Dimanche website asks Le Monde whether it has been in touch with the Mail on Sunday, which replies that all will be revealed in its Saturday edition. Le Monde, in the interview, says it had no way of knowing in May, when it prepared the Summer Fiction series, that its catastrophic scenario could cause crossed wires just weeks later.

The left-wing paper Libération headlines “Triple Zero”. It has a two-page report into what it says is the hidden face of the credit ratings agencies "panicking the planet". It says the analysts working for them are “eggheads” who work to speed, more so than analysts at the IMF and World Bank. And it quotes an economist saying Standard & Poor’s is more focused on short-term economic shifts, which explains why it changes its ratings more often than the other two (Moody's and Fitch). The paper reports that workloads have doubled for the credit ratings' agencies. There is under-staffing, and errors creep in.

By Nicholas RUSHWORTH

COMMENT(S)

Archives

2014-08-22 tourism

'Steely resolve of reporters exploited by pared-down employers'

INTERNATIONAL PAPERS - Fri. 22.08.14: Papers continue to focus on the beheading of US journalist James Foley. The Guardian says that his death highlights the risks many...

Read more

2014-08-22 Islamic State of Iraq and Greater Syria (ISIS)

Cécile Duflot ruffles some feathers

FRENCH PAPERS - Fri. 22.08.14: Former Housing Minister Cécile Duflot from the Green Party is in the spotlight. She's come out with a scathing new book about her time in the...

Read more

2014-08-21 Journalism

'The pen is mightier than the sword'

INTERNATIONAL PRESS REVIEW - Thurs. 21.08.14: Papers across the world continue to react to the beheading of US journalist James Foley. Lots of papers focus on the video that the...

Read more

2014-08-21 French politics

'Requiem for a recorder'

FRENCH PRESS REVIEW - Thurs. 21.08.14: In an interview with Le Monde, President François Hollande vows to hold the line and stick to the liberal pro-business shift he took in...

Read more

2014-08-20 French politics

A bellwether for what not to do

FRENCH PAPERS - Weds. 20.08.14: French papers focus on the government and the first cabinet meeting since the summer recess. Right-leaning paper Le Figaro has harsh words for the...

Read more