Paris Highlights: Spring 2009

Paris Highlights: Spring 2009

4-Europe readies action plan to avert global crisis

PARIS/WASHINGTON, Oct 12 (Reuters) - European leaders hoped to agree on a detailed plan in Paris on Sunday to prevent market panic and stave off what the International Monetary Fund warned could be a global financial meltdown.

In Britain, banks were in crisis talks with the government and regulators that could see the government take multi-billion-pound stakes in several lenders.

Across the globe, Australia and New Zealand said they would guarantee bank deposits, and Gulf Arab states took emergency measures to boost confidence in the financial system.

The IMF said it backed a plan by the Group of Seven leading industrialised nations to stabilise markets. Bold action was needed to persuade banks to resume lending and bring an end to a credit crunch that has pushed global stocks to five-year lows, it said.

"Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown," IMF chief Dominique Strauss-Kahn said late on Saturday.

In Washington, U.S. President George W. Bush met G7 economic chiefs and officials from the IMF and World Bank over Friday and Saturday, but they failed to agree on concrete measures to end the crisis.

Bush said he was confident the countries could overcome the challenges, and that Washington was working as fast as possible to implement a $700 billion financial bailout package.

The American Standard & Poor's 500 index tumbled more than 18 percent last week, its worst weekly fall on record, while European stocks plunged 22 percent and Tokyo's Nikkei crashed 24 percent.

Coordinated interest rate cuts from central banks failed to soothe investors' nerves and credit markets remained logjammed.

MUSCLES ON BONES

The scene shifted from Washington to Paris on Sunday.

French Economy Minister Christine Lagarde said before leaving Washington that the summit of euro zone leaders would go beyond talking about remedies to "put meat, muscles on the bones of that skeleton and to develop, follow up and execute upon it".

French President Nicolas Sarkozy and German Chancellor Angela Merkel said they had prepared a number of decisions to present to the meeting to try to restore normal flows.

A source close to the French presidency said leaders of the euro zone countries would discuss the possible creation of a bank rescue package that would take Britain's initiative as a reference.

EU Commission president Jose Manuel Barroso said he was hopeful the meeting would take an important step forward.

"We must show European citizens and the markets Europe's capacity and determination to act in concert," he said.

Sarkozy was to meet British Prime Minister Gordon Brown -- whose country is not in the euro zone -- European Central Bank President Jean-Claude Trichet and European Commission President Jose Manuel Barroso at 3:30 p.m. (1330 GMT), before the summit of euro zone leaders kicked off 90 minutes later.

In an interview with Britain's Observer newspaper, Brown said he would try to broker a Europe-wide bailout of banks modelled on Britain's intervention, and that the "stakes could not be higher" for jobs, mortgages and the economy.

In London, big British banks were likely to announce plans to recapitalise early on Monday, a person familiar with the matter said.

The banks were in talks with the government and regulators to determine how much capital each needs from the 50 billion pounds ($86 billion) offered by Britain on Wednesday.

The source, who declined to be identified, said an announcement was likely before British markets open on Monday.

GULF ARABS AND PORTUGAL ALSO ACT

The Sunday Times said Royal Bank of Scotland (nyse: RBS - news - people ), HBOS, Lloyds TSB (nyse: LYG - news - people ) and Barclays (nyse: BCS - news - people ) could ask for a combined 35 billion pounds. Spokespeople for all four banks declined to comment.

Analysts say the government could become the biggest shareholder -- and even a majority investor -- in RBS and HBOS.

Earlier this year RBS shareholders had told Chief Executive Fred Goodwin he would need to step down if the bank sought to raise more cash.

A government source said on Saturday the government could take seats on the boards of banks where it took a substantial equity stake, something it was not originally planning.

Media reports on Saturday said Germany was preparing a rescue package that could be worth up to $549 billion, including an injection of equity capital worth "double digit" billions into its banks, and guarantees for interbank lending.

Under Australia's plan, all deposits in the country's banks, building societies and credit unions, would be guaranteed by the Australian government for the next three years, Prime Minister Kevin Rudd said.

In India, a major emerging market, mutual funds have asked the central bank to lend them short-term cash via a repurchase facility after the global crisis virtually paralysed the country's money markets, fund executives said.

Gulf Arab states also took measures, including a rare Saudi interest rate cut and a pledge by the United Arab Emirates to protect national banks and guarantee deposits.

Portugal said it will offer a financing line worth up to 20 billion euros ($27.45 billion) to guarantee liquidity of its banks. (Reporting by Reuters bureaux; Writing by Angus MacSwan; Editing by Kevin Liffey)

 

Valentino
October 4, 2008

 

October 2, 2008

September 29, 2008

PARIS, September 27, 2008

By Tim Blanks

No one could ever deny that Kris Van Assche sticks to his guns with his love of all things Latin American, but his fascination tends to be more intriguing than the fashion that results from it. This season, for instance, he was drawn to the chola, the Mexican gangbanger's moll. At least that was one interpretation of the black and midnight blue palette, the tank tops and baggy shorts (more boxer's shorts than boxer shorts), and the hard-edged styling touches like dark makeup and teardrop tattoos. But that toughness just came across as flat-out odd. Elsewhere, Van Assche honed his signatures: the floor-sweeping lengths, here in wrapped skirts, and the interplay of masculine and feminine elements, like a pinstriped jacket matched to a tiny skirt. A plain black pantsuit turned to reveal a waistcoat back to the jacket. Van Assche called his collection "Sang Bleu," presumably a reference to the blue blood of aristocracy, but "blue blood" also connotes anemia, and, indeed, there was something anemic about an entirely sheer slubbed-gauze gown. Ship it with a slip? Not likely.

PARIS, September 28, 2008

By Sarah Mower

Olivier Theyskens' collection for Nina Ricci was like watching the performance of a long piece of self-referential romantic poetry. It's a world of his own, and to fully appreciate it, you need to know what's gone before in his work: his love of Edwardiana and tailcoats; the fluttery, flyaway cutting; the delicate prints and the dusty, organic woodland-floor palettes he likes.

This season, he said he was "inspired by dance and dresses that each evolved their own shape, short in the front and long in the back." Though there were some of the flange-sided, jodhpurlike pants Theyskens has been developing for the past few seasons and a sighting or two of his signature jackets (like an off-white crackle leather with Victoriana sleeves, or one that was made from blue-gray chiffon), most of the show was devoted to a long sequence of trail-y dresses. Essentially, it was a single silhouette, with a high collar, leg-of-mutton sleeves, and skirts cut away to show long lengths of leg, clad in sheer black tights, walking on high-heeled pumps.

As the dresses came and went on a long runway, the vista of floating trains and looped-up demi bustles had a certain cinematic beauty and technical ingenuity—georgette panels became fused with hosiery to flow from the leg in movement. In all? Exquisite and ethereal though it was, the vision seemed too limited to take Theyskens' talent anywhere new.