Today’s front pages
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FranceAugust 9, 2007 — August 9, 2012; The crisis is 5 years old
On August 9, 2007, BNP Paribas suspended withdrawals from three of its funds; funds that were heavily invested in American subprime mortgage backed securities — a move that prompted suspicions about the financial solidity of the banking sector. Five years later, the subprime crisis has now become a sovereign debt crisis, and its epicentre has engulfed Europe.
Original article in Les Echos fr LinkLes Echos Paris -
European UnionEconomic recession spreads throughout the EU
German exports have fallen by 1.5% from June to July, while its industrial production has decreased by 0.9%. If French GDP drops 0.1%, the country will enter into recession in this year’s third quarter, while, according to the Bank of England, UK growth will be 0% this year.
Original article in La Razón es LinkLa Razón Madrid -
NetherlandsMurdoch’s arrival in Dutch TV market could have major consequences
Fox International Channels, a subsidiary of Rupert Murdoch’s News Corp media empire, has acquired 51% of the Dutch subscription TV channel Eredivisie Live, the only service to broadcast coverage of matches in the Dutch Football League. The deal could spell the end of the broadcasting of unencrypted matches in 2013.
Original article in NRC Handelsblad nl LinkNRC Handelsblad Amsterdam -
GermanyTaxman catches UBS
The finance ministry in the Land of North Rhine-Westphalia (NRW) has obtained from unknown inside sources, CDs revealing data on a number of alleged tax evaders who are clients of Swiss bank UBS. This is the first time that NRW, which bought similar data in recent years, has caught up with a major Swiss bank. The NRW government is challenging the tax agreement Berlin is negotiating with Bern.
Original article in Financial Times Deutschland de LinkFinancial Times Deutschland Hamburg -
Czech RepublicPolice swoop on public sector authorities. CzechInvest raided
Police raided the offices of CzechInvest, the government agency promoting foreign investment, on August 8 as part of an investigation into illegal property dealings. They were looking for evidence that the agency planned to provide its valuable database of available commercial property to a private firm without offering it for tender.
Original article in Mladá Fronta DNES cs LinkMladá Fronta DNES Prague -
RomaniaRomanian economy in free fall
Dismayed by the political crisis, foreign investors are avoiding the country. First quarter figures for 2012 show foreign investment fell by almost 50% when compared with the same period in 2011. Meanwhile, the country’s national currency, the leu, has lost 7% against the euro since the beginning of this year. In addition to these difficulties, the country has also been struck by a drought that has sent food prices soaring.
Original article in Evenimentul zilei ro LinkEvenimentul zilei Bucharest -
BelgiumDoel core crack worries Belgian nuclear industry
Following the discovery of “several faults” in its core tank, electricity production at the No. 3 reactor of the Doel power station has been suspended. If it is not reactivated by the winter, Belgium will run the risk of electricity shortages, and the country’s plan for the scheduled closure of several nuclear power stations between 2015 and 2025 will be in jeopardy.
Original article in Le Soir fr LinkLe Soir Brussels
