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Four Men to Face Charges Over Migrant Deaths

A Hungarian court said four men could face up to 16 years in prison for alleged people trafficking in connection with the deaths of 71 migrants found in an abandoned truck.

EU Considers Substantial Fund for Africa Over Migrants

The EU is discussing offering a “substantial” fund to African countries as an incentive for greater cooperation on the region’s growing migration crisis, Luxembourg Foreign Minister Jean Asselborn said on Saturday.

Egyptian Court Sentences Al Jazeera Journalists

An Egyptian judge sentenced a trio of Al Jazeera English journalists to three years in prison, prompting fresh criticism of the government’s clampdown on press and political freedoms.

Thousands March Against Lebanon Government

A demonstration in Beirut against poor waste management blossomed into full-throated demands that Lebanon’s long-standing political class step down from power.

Turkey Bombs Islamic State Targets in Syria as Part of U.S.-Led Coalition

Turkish jets bombed Islamic State targets in Syria under the umbrella of the U.S.-led international coalition for the first time, the country’s government said, as Turkey expands its fight against the extremist group.

Stock Swings Don’t Shake Investors

Stock indexes’ wildest week in years rattled investors and fueled expectations for further price swings, but it failed to squelch the belief U.S. markets remain the best place to put money. 53

Foreign Man Arrested in Bangkok Blast Probe

Thai police said they arrested a foreign man whom they described as a suspect in this month’s deadly bombing of a Bangkok shrine that is popular with Chinese tourists.

France, Germany Warn Putin on Ukraine Separatist Elections

Leaders of France and Germany told Russian President Vladimir Putin that rebel-run elections conducted in the separatist-controlled regions of Ukraine would endanger the so-called Minsk peace process.

Rice to Press Pakistan on Antiterror Vigilance

National security adviser Susan Rice is set to arrive in Pakistan on Sunday to press the country’s government to do more to prevent terrorists from using its territory as a base for attacks on neighboring states.

Treading Line Between War and Peace, U.S. Special Forces Groom Afghan Troops

The U.S. military allowed The Wall Street Journal to visit a variety of commando units, offering a glimpse into what may be the last fighting season of America’s longest war. 69

Thousands Protest Against Malaysia’s Najib Razak

Police said an estimated 25,000 people demonstrated in the capital, protesting management of the economy and debt problems at a state investment fund.

Tropical Storm Erika Weakens

Tropical storm Erika was losing its punch as it drenched Haiti and the Dominican Republic early Saturday, after killing at least 20 people and leaving another 31 missing on the small eastern Caribbean island of Dominica.

Buying the Dips Doesn’t Work for Everyone

The old strategy of buying the dips may not work for everyone. In fact, for some people, it could be disastrous, writes Jason Zweig.

How Do You Short China?

Traders are scouring stock, bond and currency markets for ways to make money on the malaise afflicting China. Some are piling into insurance-like contracts that would pay out if the country defaulted on a small pool of its foreign-denominated bonds.

Myanmar Buzz Fades for Many U.S. Investors

Disenchantment with the business climate, especially among American companies, comes as concerns are spreading about Myanmar’s political future.

A ‘Black Swan’ Fund Made $1 Billion This Week

Universa Hedge Fund, a well-known ‘black swan’ fund, made more than $1 billion in profits in one week amid volatility.

Inmarsat Says Russian Proton Rocket Puts Satellite Into Orbit

Inmarsat declared the launch of a Russian Proton rocket carrying one of its satellites a success after the rocket delivered its cargo into its initial orbit position.

China’s Moves Won’t Help U.S. Tech Firms

China’s moves to spur its slowing economy are having an important but less obvious effect on the tech sector: Strengthening local companies that already were making life difficult for U.S. rivals.

European Refiners’ Profit Revival Faces End

Europe’s biggest energy companies have enjoyed a revival of refinery profits, but that run may be winding down even as oil prices slump.

Tesla Wants Obama Administration to Press China

Tesla Motors wants the Obama administration to talk to Xi Jinping about making it easier for auto makers to do business in China during the Chinese president’s visit to the U.S. 54

U.S.

Biden, Clinton Backers Try to Lock Down Support

Many Democratic activists said they want to see Vice President Joe Biden jump into the 2016 presidential race, as his supporters and Hillary Clinton’s campaign work to lock down commitments from party leaders.

Review

Historically Speaking

A History of Star-Crossed Lovers

Lovers separated by cruel circumstance have played a role in history and literature for millennia. Amanda Foreman looks at Berenice and Titus, Abelard and Heloise and more

Essay

The Lessons of Out-of-Body Experiences

Powerful, unnerving hallucinations show there’s something malleable about the way our brains construct our sense of self.

Video

Body Count Rises in Migrant Effort to Reach Europe

1:38

Lebanese ‘Stink’ Protest Turns Toward Politicians

2:11

Buzz Aldrin Developing Plan to Colonize Mars

1:09

On Wine: Will Lyons

Why Gin Is Back With a Flourish

Gin is experiencing the kind of boom the wine industry experienced in the mid-1980s, as boutique-distilled bottles with names like Half Hitch, Opihr and Ransom Old Tom give the classic G&T a new—and flavorful—twist

Music

Foals’ ‘What Went Down’ Is a Visceral Confessional

Yannis Philippakis, the lead singer whose energetic stage presence and novelistic lyrics have made Foals one of British rock’s most compelling propositions, talks about the band’s fourth album.

WSJ Blogs

Real-time commentary and analysis from The Wall Street Journal
Die Seite Drei
Schnelle Analysen und Beobachtungen zum Zeitgeschehen

Die Rating-Krähen beginnen zu hacken

Nun ist es tatsächlich passiert, was immer nur als Witz unter Finanzjournalisten gehandelt worden ist: Moody’s hat Standard & Poor’s (S&P) abgestuft. “Eine Krähe hackt der anderen kein Auge aus”, war bislang die Standardantwort auf die Frage, warum die Ratingagenturen, die während der Finanzkrise wegen katastrophalen Fehlurteilen unter heftigen Beschuss gerieten, sich nicht gegenseitig herunterstuften.

Reuters
Moody’s hat dem Konkurrenten S&P einen Denkzettel verpasst.

Nach der Klage des US-Justizministeriums gegen S&P hat jetzt aber Konkurrent Moody’s die Kreditwürdigkeit der S&P-Muttergesellschaft McGraw-Hill um zwei Stufen auf Baa2 gesenkt. Die Bonitätsnote ist damit nur noch zwei Schritte vom Ramschstatus entfernt. Und es droht sogar eine weitere Herabstufung, denn der Ausblick für das Rating ist negativ.

Kritiker behaupten, das Geschäftsmodell der Ratingagenturen fuße auf einem handfesten Interessenskonflikt: Denn ihr Geld bekommen die Kreditwächter ausgerechnet von den Unternehmen, deren Papiere sie bewerten. Das war zum Start der Ratingagenturen anders, der Gründer von Moody’s, John Moody, verkaufte um 1900 seine Bewertungen an die Geldanleger. Es wird gesagt, die Ratings seien damals viel zuverlässiger gewesen, hätten aber weniger Geld eingebracht.

Der Grund für die S&P-Abstufung war natürlich nicht der eingebaute Interessenskonflikt, sondern die Klage des US-Justizministeriums, die nach Meinung von Moody’s ein erhebliches Risiko darstellt. Der US-Generalstaatsanwalt Eric Holder verlangt von S&P eine Strafzahlung von 5 Milliarden US-Dollar. Im Zentrum der Klage stehen Bonitätsnoten für Hypothehentitel. S&P hatte den Papieren, die sich letztlich als Schrottpapiere herausstellten, ein Spitzenrating verpasst.

Vielleicht dauert es nicht lange, bis S&P zurückfeuert. Derzeit bewertet S&P den Konkurrenten Moody’s mit BBB+. Damit rangiert Moody’s eine Stufe höher als S&P. Doch sollte das US-Justizministerium weitere Ratingagenturen aufs Korn nehmen, dann könnte sich das rasch ändern.

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The Wall Street Journal & Breaking News, Business, Financial and Economic News, World News and Video
Search

Four Men to Face Charges Over Migrant Deaths

A Hungarian court said four men could face up to 16 years in prison for alleged people trafficking in connection with the deaths of 71 migrants found in an abandoned truck.

EU Considers Substantial Fund for Africa Over Migrants

The EU is discussing offering a “substantial” fund to African countries as an incentive for greater cooperation on the region’s growing migration crisis, Luxembourg Foreign Minister Jean Asselborn said on Saturday.

Egyptian Court Sentences Al Jazeera Journalists

An Egyptian judge sentenced a trio of Al Jazeera English journalists to three years in prison, prompting fresh criticism of the government’s clampdown on press and political freedoms.

Thousands March Against Lebanon Government

A demonstration in Beirut against poor waste management blossomed into full-throated demands that Lebanon’s long-standing political class step down from power.

Turkey Bombs Islamic State Targets in Syria as Part of U.S.-Led Coalition

Turkish jets bombed Islamic State targets in Syria under the umbrella of the U.S.-led international coalition for the first time, the country’s government said, as Turkey expands its fight against the extremist group.

Stock Swings Don’t Shake Investors

Stock indexes’ wildest week in years rattled investors and fueled expectations for further price swings, but it failed to squelch the belief U.S. markets remain the best place to put money. 53

Foreign Man Arrested in Bangkok Blast Probe

Thai police said they arrested a foreign man whom they described as a suspect in this month’s deadly bombing of a Bangkok shrine that is popular with Chinese tourists.

France, Germany Warn Putin on Ukraine Separatist Elections

Leaders of France and Germany told Russian President Vladimir Putin that rebel-run elections conducted in the separatist-controlled regions of Ukraine would endanger the so-called Minsk peace process.

Rice to Press Pakistan on Antiterror Vigilance

National security adviser Susan Rice is set to arrive in Pakistan on Sunday to press the country’s government to do more to prevent terrorists from using its territory as a base for attacks on neighboring states.

Treading Line Between War and Peace, U.S. Special Forces Groom Afghan Troops

The U.S. military allowed The Wall Street Journal to visit a variety of commando units, offering a glimpse into what may be the last fighting season of America’s longest war. 69

Thousands Protest Against Malaysia’s Najib Razak

Police said an estimated 25,000 people demonstrated in the capital, protesting management of the economy and debt problems at a state investment fund.

Tropical Storm Erika Weakens

Tropical storm Erika was losing its punch as it drenched Haiti and the Dominican Republic early Saturday, after killing at least 20 people and leaving another 31 missing on the small eastern Caribbean island of Dominica.

Buying the Dips Doesn’t Work for Everyone

The old strategy of buying the dips may not work for everyone. In fact, for some people, it could be disastrous, writes Jason Zweig.

How Do You Short China?

Traders are scouring stock, bond and currency markets for ways to make money on the malaise afflicting China. Some are piling into insurance-like contracts that would pay out if the country defaulted on a small pool of its foreign-denominated bonds.

Myanmar Buzz Fades for Many U.S. Investors

Disenchantment with the business climate, especially among American companies, comes as concerns are spreading about Myanmar’s political future.

A ‘Black Swan’ Fund Made $1 Billion This Week

Universa Hedge Fund, a well-known ‘black swan’ fund, made more than $1 billion in profits in one week amid volatility.

Inmarsat Says Russian Proton Rocket Puts Satellite Into Orbit

Inmarsat declared the launch of a Russian Proton rocket carrying one of its satellites a success after the rocket delivered its cargo into its initial orbit position.

China’s Moves Won’t Help U.S. Tech Firms

China’s moves to spur its slowing economy are having an important but less obvious effect on the tech sector: Strengthening local companies that already were making life difficult for U.S. rivals.

European Refiners’ Profit Revival Faces End

Europe’s biggest energy companies have enjoyed a revival of refinery profits, but that run may be winding down even as oil prices slump.

Tesla Wants Obama Administration to Press China

Tesla Motors wants the Obama administration to talk to Xi Jinping about making it easier for auto makers to do business in China during the Chinese president’s visit to the U.S. 54

U.S.

Biden, Clinton Backers Try to Lock Down Support

Many Democratic activists said they want to see Vice President Joe Biden jump into the 2016 presidential race, as his supporters and Hillary Clinton’s campaign work to lock down commitments from party leaders.

Review

Historically Speaking

A History of Star-Crossed Lovers

Lovers separated by cruel circumstance have played a role in history and literature for millennia. Amanda Foreman looks at Berenice and Titus, Abelard and Heloise and more

Essay

The Lessons of Out-of-Body Experiences

Powerful, unnerving hallucinations show there’s something malleable about the way our brains construct our sense of self.

Video

Body Count Rises in Migrant Effort to Reach Europe

1:38

Lebanese ‘Stink’ Protest Turns Toward Politicians

2:11

Buzz Aldrin Developing Plan to Colonize Mars

1:09