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ECB Willing to Expand Stimulus Amid Growth Worry

ECB President Mario Draghi indicated that the bank stands ready to expand its stimulus programs and projected slower-than-expected economic growth in the eurozone, as well as lower inflation rates.

Stocks Pare Gains Ahead of U.S. Jobs Data

U.S. stocks’ gains receded despite a strong rally in Europe, as investors focused on coming U.S. employment data.

Image of Syrian Boy Echoes Around World

Photos of a Syrian boy whose body washed ashore on a Turkish beach horrified people around the world as Europe’s migrant crisis escalates.

The 3-year-old was a Syrian Kurd whose family’s efforts to emigrate to Canada had been rebuffed, according to media and Kurdish activists. 376

Hungary’s Leader Says Migrant Crisis Is Germany’s Problem

Hundreds of migrants rushed trains at Hungary’s main station as Prime Minister Viktor Orban blamed Germany for Europe’s migration crisis and warned that border-free travel within the bloc is at risk. 152

Syrians Take Arctic Route to Europe

More than 150 refugees have entered Norway from Arctic Russia this year—a fraction of the estimated half-million people who have sought asylum in Europe, but the flow is quickening as Syrians share the tip for a cheaper and safer route.

Former Saab Board Members Hit With Forgery Charges

Former CEO Jan-Ake Jonsson and head lawyer Kristina Geers deny falsifying data to justify huge payments before car maker went bankrupt.

Vivendi Chairman Ousts Longtime Chief of Canal Plus

French billionaire and Vivendi Chairman Vincent Bolloré has ousted the longtime chief of Canal Plus, further tightening his grip over the Vivendi-owned pay-TV group amid falling subscriber numbers.

Novartis to Begin Selling Copy of Amgen’s Neupogen in U.S.

Novartis said it will begin selling the first biosimilar drug in the U.S. at a 15% discount to the original after an appeals court denied Amgen’s request to block the Swiss drug maker’s sale of its copycat version of blockbuster remedy Neupogen.

Syngenta Moves to Calm Disappointed Shareholders

Syngenta moved to appease shareholders angered by its rejection of a takeover from Monsanto, saying it will divest its global vegetables seeds business and return more than $2 billion to shareholders.

Capital Account

For Russia, Oil Collapse Has Soviet Echoes

For most countries, the economic slowdown in China and the accompanying slump in commodity prices represent something between nuisance and pothole. For Russia, they are a catastrophe, writes Greg Ip. 94

Devaluation Strengthens China’s Hand at IMF

Beijing’s careful management of its currency since its devaluation last month is bolstering China’s bid to get the yuan included in the IMF’s basket of reserve currencies as soon as November.

Russia Says Economy Recovery Slow in Coming

The Russian government has acknowledged that the country’s economy is going to take longer to recover than it previously expected, weighed down by the slump in the value of the ruble.

Sweden Leaves Interest Rate Unchanged

Sweden’s central bank has left its main interest rate and bond-buying program unchanged, saying its existing policies were supporting the economy and would lead to inflation moving closer to its 2% target.

Middle East Crossroads

Yemen’s Unity Frays in Leaderless Aden

The battles of recent months have reopened historic divisions between Yemen’s north and south, writes Yaroslav Trofimov.

Iran’s Khamenei Urges Lawmakers to Vote on Nuclear Deal

Iran’s Supreme Leader Ayatollah Ali Khamenei has urged the country’s parliament to vote on whether to implement a proposed nuclear deal with the U.S. and five other world powers.

NATO Opens Military Post in Lithuania

The North Atlantic Treaty Organization inaugurated a new command post in Lithuania, one of six across the alliance’s eastern border meant to shore up the region’s defenses against Russia.

French Government Pledges More Help for Farmers

France’s government has pledged to increase aid for agriculture, after thousands of farmers converged on Paris and blocked the city’s streets with more than 1,500 tractors to protest against high costs and low prices.

Off Duty

Adventure & Travel

Not Far From Prague, a Czech Village Worth Rhapsodizing About

The frozen-in-time town of Český Krumlov has scenery and history—and beer—that keeps travelers coming back.

Markets

Krom River Closes Commodity Hedge Fund

Commodity hedge fund Krom River, which managed around $1 billion at its peak, is returning money to investors as it plans a shift in focus following a tough period for commodities funds.

Foreign Firms Feel China’s Chill

Market turmoil and Beijing’s crackdown on brokers and investors is complicating the plans of foreign funds and investment banks that had bet on bigger business in China.

Video

Father of Drowned Syrian Boy Describes His Sorrow

1:52

Armed Police Remove Migrants From Train in Hungary

0:53

Migrant Crisis: The Schengen Agreement Explained

1:55

20 Odd Questions

Manolo Blahnik on Old Films and Kate Moss

The shoe designer on what he’d blow his money on, the drama behind Kate Moss’s wedding shoes and exactly how he feels about fake Manolos.

A Modigliani Painting for $100 Million?

Christie’s International said it expects to ask roughly $100 million for a Modigliani nude that will be auctioned this fall, a bold reflection of how prices for blue-chip paintings have skyrocketed in recent seasons.

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

ECB Willing to Expand Stimulus Amid Growth Worry

ECB President Mario Draghi indicated that the bank stands ready to expand its stimulus programs and projected slower-than-expected economic growth in the eurozone, as well as lower inflation rates.

Stocks Pare Gains Ahead of U.S. Jobs Data

U.S. stocks’ gains receded despite a strong rally in Europe, as investors focused on coming U.S. employment data.

Image of Syrian Boy Echoes Around World

Photos of a Syrian boy whose body washed ashore on a Turkish beach horrified people around the world as Europe’s migrant crisis escalates.

The 3-year-old was a Syrian Kurd whose family’s efforts to emigrate to Canada had been rebuffed, according to media and Kurdish activists. 377

Hungary’s Leader Says Migrant Crisis Is Germany’s Problem

Hundreds of migrants rushed trains at Hungary’s main station as Prime Minister Viktor Orban blamed Germany for Europe’s migration crisis and warned that border-free travel within the bloc is at risk. 152

Syrians Take Arctic Route to Europe

More than 150 refugees have entered Norway from Arctic Russia this year—a fraction of the estimated half-million people who have sought asylum in Europe, but the flow is quickening as Syrians share the tip for a cheaper and safer route.

Former Saab Board Members Hit With Forgery Charges

Former CEO Jan-Ake Jonsson and head lawyer Kristina Geers deny falsifying data to justify huge payments before car maker went bankrupt.

Vivendi Chairman Ousts Longtime Chief of Canal Plus

French billionaire and Vivendi Chairman Vincent Bolloré has ousted the longtime chief of Canal Plus, further tightening his grip over the Vivendi-owned pay-TV group amid falling subscriber numbers.

Novartis to Begin Selling Copy of Amgen’s Neupogen in U.S.

Novartis said it will begin selling the first biosimilar drug in the U.S. at a 15% discount to the original after an appeals court denied Amgen’s request to block the Swiss drug maker’s sale of its copycat version of blockbuster remedy Neupogen.

Syngenta Moves to Calm Disappointed Shareholders

Syngenta moved to appease shareholders angered by its rejection of a takeover from Monsanto, saying it will divest its global vegetables seeds business and return more than $2 billion to shareholders.

Capital Account

For Russia, Oil Collapse Has Soviet Echoes

For most countries, the economic slowdown in China and the accompanying slump in commodity prices represent something between nuisance and pothole. For Russia, they are a catastrophe, writes Greg Ip. 94

Devaluation Strengthens China’s Hand at IMF

Beijing’s careful management of its currency since its devaluation last month is bolstering China’s bid to get the yuan included in the IMF’s basket of reserve currencies as soon as November.

Russia Says Economy Recovery Slow in Coming

The Russian government has acknowledged that the country’s economy is going to take longer to recover than it previously expected, weighed down by the slump in the value of the ruble.

Sweden Leaves Interest Rate Unchanged

Sweden’s central bank has left its main interest rate and bond-buying program unchanged, saying its existing policies were supporting the economy and would lead to inflation moving closer to its 2% target.

Middle East Crossroads

Yemen’s Unity Frays in Leaderless Aden

The battles of recent months have reopened historic divisions between Yemen’s north and south, writes Yaroslav Trofimov.

Iran’s Khamenei Urges Lawmakers to Vote on Nuclear Deal

Iran’s Supreme Leader Ayatollah Ali Khamenei has urged the country’s parliament to vote on whether to implement a proposed nuclear deal with the U.S. and five other world powers.

NATO Opens Military Post in Lithuania

The North Atlantic Treaty Organization inaugurated a new command post in Lithuania, one of six across the alliance’s eastern border meant to shore up the region’s defenses against Russia.

French Government Pledges More Help for Farmers

France’s government has pledged to increase aid for agriculture, after thousands of farmers converged on Paris and blocked the city’s streets with more than 1,500 tractors to protest against high costs and low prices.

Off Duty

Adventure & Travel

Not Far From Prague, a Czech Village Worth Rhapsodizing About

The frozen-in-time town of Český Krumlov has scenery and history—and beer—that keeps travelers coming back.

Markets

Krom River Closes Commodity Hedge Fund

Commodity hedge fund Krom River, which managed around $1 billion at its peak, is returning money to investors as it plans a shift in focus following a tough period for commodities funds.

Foreign Firms Feel China’s Chill

Market turmoil and Beijing’s crackdown on brokers and investors is complicating the plans of foreign funds and investment banks that had bet on bigger business in China.

Video

Father of Drowned Syrian Boy Describes His Sorrow

1:52

Armed Police Remove Migrants From Train in Hungary

0:53

Migrant Crisis: The Schengen Agreement Explained

1:55