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Archive for 6. Mai 2017

What Emmanuel Macron’s home town says about him

Posted by hkarner - 6. Mai 2017

Date: 04-05-2017
Source: The Economist

The French presidential favourite was shaped by Amiens, the place he outgrew

WHEN history recounts the remarkable rise of Emmanuel Macron, it might start and end in the town of Amiens. On the big-skied plains of the Somme, amid the woods and the fields of yellow rape that cover former bloody battlefields, this redbrick working-class city is the French presidential candidate’s hometown. With its soaring 13th-century cathedral, and charmless rebuilt central drag, Amiens is arresting both for its splendour and its banality. It is the place that shaped Mr Macron, and the town he fled. It was also the setting for a fraught encounter in the campaign’s closing days, which revealed much about the man who could soon be the next, and youngest-ever, president of France.

It was as a pupil at a private Jesuit school in Amiens, aptly named Providence, that Mr Macron met the drama teacher, Brigitte Auzière, fully 24 years his senior, who later became his wife. The bond alarmed his parents, both provincial doctors, who sent him to finish his schooling in Paris instead. The bookish student was at first in awe at the brilliance of the capital’s brightest. But he quickly learned the codes of the French elite, winning a place at the Ecole Nationale d’Administration—whose alumni include three of the five past presidents—and with it access to the power-brokers in Paris. Den Rest des Beitrags lesen »


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A decade after the financial crisis, how are the world’s banks doing?

Posted by hkarner - 6. Mai 2017

Date: 04-05-2017
Source: The Economist
Subject: Ten years on

Though the effects of the financial crisis in 2007-08 are still reverberating, banks are learning to live with their new environment, writes Patrick Lane. But are they really safer now?

THE ELECTION OF Donald Trump as America’s 45th president dismayed most of New York; Mr Trump’s home city had voted overwhelmingly for another local candidate, Hillary Clinton. But Wall Street cheered. Between polling day on November 8th and March 1st, the S&P 500 sub-index of American banks’ share prices soared by 34%; finance was the fastest-rising sector in a fast-rising market. At the time of the election just two of the six biggest banks, JPMorgan Chase and Wells Fargo, could boast market capitalisations that exceeded the net book value of their assets. Now all but Bank of America and Citigroup are in that happy position. Den Rest des Beitrags lesen »

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