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European Banks Bark Back After Moody's Downgrades, Markets Steady


LES ECHOS ( France), LE TEMPS (Switzerland), BLOOMBERG

PARIS - The Moody's ratings agency's downgrading of 15 top Western banks reverberated in world financial capitals Friday, though markets held relatively steady in both Asia and Europe.

The announcement, made late on Thursday, sparked reactions Friday morning from top bank managers and analysts in Europe. One of several French banks affected, BNP Paribas complained that Moody's didn't "sufficiently take into consideration" its deleveraging plan currently underway, French business daily Les Echos reported.

Still markets, including bank shares, were largely unaffected, as investors had been anticipating such a move for several months. Pending downgrades had already weighed on banks since Moody's announced a review in February of 17 top banks. "Pressure mounted as Europe's sovereign-debt crisis intensified and cast doubt on the health of some of the continent's lenders," Bloomberg reports.

The downgrades affected such US banking giants as Morgan Stanley, Bank of America Corp and Citigroup. Swiss bank Credit Suisse took the steepest hit, a three-notch downgrade. "Moody's announcement will have no material influence on neither the liquidity nor the financial planning of the bank," Credit Suisse spokesman Marc Dosch was quoted as saying in Geneva daily Le Temps.

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Netflix And Chills: The German Formula Of “Dear Child” That's Driving Its Success

The German thriller has made it to the “top 10” list of the streaming platform in more than 90 countries by breaking away from conventional German tropes.

Screengrab from Netflix's Dear Child, showing two children, a boy and a girl, hugging a blonde woman.

An investigator reopens a 13-year-old missing persons case when a woman and a child escape from their abductor's captivity.

Dear Child/Netflix
Marie-Luise Goldmann


BERLIN — If you were looking for proof that Germany is actually capable of producing high-quality series and movies, just take a look at Netflix. Last year, the streaming giant distributed the epic anti-war film All Quiet on the Western Front, which won four Academy Awards, while series like Dark and Kleo have received considerable attention abroad.

And now the latest example of the success of German content is Netflix’s new crime series Dear Child, (Liebes Kind), which started streaming on Sep. 7. Within 10 days, the six-part series had garnered some 25 million views.

The series has now reached first place among non-English-language series on Netflix. In more than 90 countries, the psychological thriller has made it to the Netflix top 10 list — even beating the hit manga series One Piece last week.

How did it manage such a feat? What did Dear Child do that other productions didn't?

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