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☆ France moves to rescue Atos as former IT crown jewel struggles to stay afloat
▼ + stars: | 2024-04-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

This photograph taken on April 26, 2024 shows the headquarters of the French multinational information technology company ATOS in Bezons, near Paris. The offer was based on an indicative enterprise valuation between 700 million euros ($750 million) and 1 billion euros as part of the offer, the firm said. "There are within Atos sovereign activities that must remain under the exclusive control of France," he said, according to a CNBC translation. Atos' net debt stood at 3.9 billion euros at the end of the first quarter, the company said earlier this month. Shares in Atos jumped as much as 19% on the news of the French government's offer early on Monday, and were last up by 22.01% at 11:57 a.m. London time.

Persons: Ludovic MARIN, LUDOVIC MARIN, Bruno Le Maire, Le Maire, Daniel Kretinsky, Atos Organizations: Getty Images, CNBC, Reuters, Airbus, Paris Locations: Bezons, Paris, AFP, French, France, Atos, London

☆ Farmers in Europe Step up Protests Against Rising Costs, Green Rules
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +4 min

Farmers say they are not being paid enough, are choked by taxes and green rules and face unfair competition from abroad. French farmers have already won several concessions, including the government dropping plans to gradually reduce subsidies on agricultural diesel. On Wednesday, European Commissioners proposed limiting agricultural imports from Ukraine and greater flexibility on rules on fallow land in a bid to quell protests. In Italy, farmers have blocked traffic with hundreds of tractors near motorway access points near Milan, in Tuscany and elsewhere in recent days. While a deal looks possible on fallow land, the question of talks on a major trade deal with the Mercosur group is more contentious.

Persons: Marco Trujillo, Philip Blenkinsop PARIS, Adelin Desmecht, Gerald Darmanin, Bruno, Coldiretti, Le Maire, Abdul Saboor, Jean, Stephane Brosse, Gus Trompiz, Dominique Vidalon, Benoit van Overstraeten, Geert de Clercq, Charlotte van, Phil Blenikinsop, Alvise Arminelli, Ingrid Melander, Ros Russell Organizations: EU, South, Farmers, Mercosur, French Finance, European Commission, South American, Charlotte van Campenhout Locations: BRUSSELS, Europe, Brussels, Belgian, France, Paris, Belgium, Zeebrugge, Ukraine, Mercosur, Italy, Milan, Tuscany, Bordeaux, Amsterdam

☆ European Central Bank staff slam Lagarde's leadership in union survey
▼ + stars: | 2024-01-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European Central Bank President Christine Lagarde received a harsh assessment in a union-run employee survey, with some staff accusing her of fostering a negative atmosphere and focusing on her own career. Many respondents said Lagarde spends "too much time on topics unrelated to monetary policy" and forays too often into political discussion, the ECB union IPSO said alongside the results released Monday. Just over half of the nearly 1,100 respondents rated Lagarde's performance so far as "very poor" or "poor." The survey was conducted between Dec. 12 and Dec. 22, 2023, around the mid-point of Lagarde's eight-year term. The former International Monetary Fund chief and French finance minister took on the job spearheading euro zone monetary policy in November 2019.

Persons: Christine Lagarde, Lagarde, IPSO Organizations: European Central Bank, ECB, International Monetary Fund

☆ EU fiscal pact ignores green elephant in the room
▼ + stars: | 2023-11-21 | by ( Lisa Jucca | ) www.reuters.com time to read: +8 min

REUTERS/Henry Nicholls Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - The European Union’s troubled fiscal pact, once branded as "stupid" by former European Commission President Romano Prodi, has reached its sell-by date. Average EU debt has been consistently above the 60% target. NEW COURSEThe proposed revamp of the fiscal pact, now under discussion, is an improvement. BRAVE NEW DEBT WORLDFor all of Brussels’ reforming zeal, Europe’s future debt rules ignore a giant elephant in the room: climate change. Another option is to remove green investments from the fiscal rules’ deficit calculations.

Persons: Henry Nicholls, Romano Prodi, Christian Lindner, Giorgia Meloni, Breakingviews, Bruno Le Maire, Olaf Scholz’s, Mario Draghi, Francesco Guerrera, Thomas Shum Organizations: Trust, REUTERS, Reuters, European, Reuters Graphics Reuters, European Commission, French Finance, EU, Intel, European Central Bank, Italian, Union, Thomson Locations: Green Park, London, Britain, Maastricht Treaty, Germany, it's, Italy, Greece, Brussels, EU, United States, Spain, Europe

☆ Soaring hotel prices, crackdown on illegal renting to hit Paris 2024 experience
▼ + stars: | 2023-11-20 | by ( Julien Pretot | ) www.reuters.com time to read: +3 min

REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsPARIS, Nov 20 (Reuters) - Visitors heading to Paris for next year's Olympics face major accommodation problems amid soaring hotel prices and a crackdown on rentals of tourist apartments. A report by the Paris tourism office showed that hotel prices would rise by a whopping 314% between the 2023 and 2024 summers. The report also hit out at the Paris hotels for waiting too long to open their booking platforms for the July 26 - Aug. 11 Games. According to the Paris Tourism office, a hotel night in the Paris region was 169 euros in July 2023, and it is expected to soar up to 699 euros in July 2024. "At the London Games, the prices were too high and the occupation rate of hotels went 12% down.

Persons: Guy Degrenne, Stephane Mahe, Frederic Hocquard, Hocquard, Jacques Baudrier, Baudrier, Bruno Le Maire, Julien Pretot, Pritha Sarkar Organizations: Paris, Paralympic Games, ArcelorMittal, REUTERS, Rights, Reuters, Paris Tourism, London Games, French Finance, Thomson Locations: Vire, France, Paris, Nantes, Lille, Rennes

☆ France says Ariane 6 accord calls for public aid, 11% cost cuts
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] General view of Ariane 6, Europe's next-generation space rocket, production line of Ariane Group in Bremen, Germany, February 19, 2019. The deal between Europe's three leading launch nations also clarifies usage of the European spaceport in French Guiana and opens up competition to future launchers, Le Maire said. A separate statement by France, Germany and Italy said Avio's (AVI.MI) Vega C would receive up to 21 million euros in public support. "This is a major success and a decisive point in European space history. It preserves European unity on the question of access to space," Le Maire told reporters following talks between members of the 22-nation European Space Agency (ESA).

Persons: Europe's, Fabian Bimmer, Bruno Le Maire, Le Maire, Safran, Avio's, Vega, Tim Hepher, Charlotte Van Campenhout, Mark Potter Organizations: Ariane, REUTERS, Rights, French Finance, Airbus, European Space Agency, ESA, Thomson Locations: Bremen, Germany, France, Italy, Guiana

☆ Vinci upgrades free cash flow target as order book hits record high
▼ + stars: | 2023-10-26 | by ( Victor Goury-Laffont | ) www.reuters.com time to read: +2 min

REUTERS/Charles Platiau/File Photo Acquire Licensing RightsOct 26 (Reuters) - French infrastructure group Vinci (SGEF.PA) upgraded its full-year free cash flow guidance, pointing to a high level of liquidity, a year-on-year decline in financial debt and a record high order book. The company now expects free cash flow of at least 4.5 billion euros ($4.74 billion) for 2023, against a previous estimate of between 4 billion and 4.5 billion euros. Vinci's order book reached 63.3 billion euros at Sept. 30, a record high level according to the company. The group's net financial debt stood at 18.6 billion euros at the end of the nine-month period, down from 20.1 billion euros a year ago. The number of travellers at Vinci Airports, remained 9.1% below pre-pandemic levels in the first-half of the year and 2.8% under in the third quarter.

Persons: Charles Platiau, Grégoire Thibault, Bruno Le Maire, Vinci, Victor Goury, Chris Reese, Sharon Singleton Organizations: REUTERS, Vinci, Lyon, Saint, Exupéry, French Finance, Gatwick, Vinci Airports, Thomson Locations: Rueil, Malmaison, Paris, France, Vinci

☆ Israel-Hamas conflict is 'new cloud' darkening economic outlook - IMF chief
▼ + stars: | 2023-10-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 12 (Reuters) - International Monetary Fund managing director Kristalina Georgieva said on Thursday the "heartbreaking" Israel-Hamas conflict threatened to darken an already murky global economic outlook. "We are closely monitoring how the situation evolves, how it is affecting, especially oil markets," Georgieva said. There had been some fluctuations in oil prices and reactions in markets but it was too early to predict the economic impact, she added. "It's heartbreaking to see innocent civilians dying," an emotional Georgieva told reporters. French Finance Minister Bruno Le Maire told reporters any regional expansion of the conflict would lead to "problematic economic consequences" for energy prices and global growth.

Persons: Kristalina, Susana Vera, Kristalina Georgieva, Georgieva, Israel, Bruno Le Maire, Andrea Shalal, David Lawder, Andrew Cawthorne, Andrew Heavens Organizations: International Monetary Fund, IMF, World Bank, REUTERS, Rights, Monetary Fund, Red, French Finance, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Israel, Gaza

☆ France blocks US takeover of Canada-owned French nuclear valve makers
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 6 (Reuters) - France blocked a deal that would have seen the takeover of two Canadian-owned French maker of valves used in nuclear reactors because it did not think commitments made by U.S. bidder Flowserve were sufficient, a finance ministry source said. Flowserve, which makes pumps and valves, said on Thursday it was dropping its $245 million takeover of Montreal-based Velan, whose French subsidiaries Segault and Velan SAS make valves used in nuclear plants, submarines and aircraft carriers. The French government has extensive powers to vet proposed takeovers of French companies that it considers to be strategically sensitive, though outright rejections are rare. Flowserve Chief Executive Scott Rowe said on Thursday that the firm had sought to address all of the French concerns. Some French senators had aired concern about the takeover, in particular that it could mean the U.S. government could order Flowserve to hand over information from its French subsidiaries.

Persons: Bruno Le Maire, Scott Rowe, government's, Rowe, Emmanuel Macron, Leigh Thomas, Alexander Smith Organizations: U.S, Flowserve, Velan SAS, Thomson Locations: France, Montreal

☆ What Macron means when he says he wants to 'take back control' of French power prices
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +6 min

PARIS, Oct 4 (Reuters) - French President Emmanuel Macron said last week his government would "take back control" of electricity prices by the end of the year, without spelling out what steps he would take. "There is a point that is key for our competitiveness, and we will announce it in October, and that is to take back control of electricity prices," Macron said. "We'll be able to announce in October electricity prices that are in line with our competitiveness," he said, adding this would apply to households and businesses. However, French officials say Germany is undermining a traditional French strength due to fears cheap nuclear electricity could provide French businesses with a competitive advantage over German companies. Under the current system, called marginal pricing, European electricity prices are linked to the most expensive power producing asset.

Persons: Emmanuel Macron, Macron, We'll, Bruno Le Maire, Michel Rose, Elizabeth Pineau, Benjamin Mallet, Leigh Thomas, Forrest Crellin, Kate Abnett, Julia Payne, Mark Potter Organizations: Union, EDF, EU, European Commission, French Finance, Reuters, Thomson Locations: Ukraine, Paris, France, Brussels, Germany, Russia, Europe, Bulgaria, Croatia, Czechia, Hungary, Poland, Romania, Slovakia, Slovenia, Luxembourg, Austria, Spain

☆ Deal targeted by probe involving LVMH's Arnault was legal, lawyer says
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

PARIS, Sept 30 (Reuters) - A financial transaction under investigation in France involving LVMH owner Bernard Arnault was carried out in full respect of the law, his lawyer said on Saturday. The Paris public prosecutor's office confirmed on Friday that it is investigating financial transactions involving Arnault and Russian businessman Nikolai Sarkisov. In France, a prelimary investigation does not necessarily imply wrongdoing by those concerned, for whom the presumption of innocence applies. An unidentified Tracfin official told Le Monde the transactions involving Arnault and Sarkisov, who both acted through a complex web of legal entities, could have been aimed at concealing the origins of the funds used. Reporting by Mimosa Spencer; writing by Leigh Thomas; editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Arnault, Nikolai Sarkisov, Sarkisov, Cheval, Jacqueline Laffont, Le, Mimosa Spencer, Leigh Thomas, Christina Fincher Organizations: Reuters, Le Monde, Thomson Locations: France, Paris, Russian, Le, Cheval Blanc, Courcheval

Sept 20 (Reuters) - Consumer goods firms like Nestle (NESN.S), Lindt (LISN.S) and Unilever (ULVR.L) may face increased pressure across Europe to cut prices after being singled out by French retailers and politicians, industry experts say. France is a crucial country for consumer goods companies, having long outstripped Germany, Italy, Spain and others as the European Union's biggest market for groceries by supermarket revenues, according to research firm IBISWorld. That means consumer groups will face pressure to rein back prices across the European Union. Because these supermarkets are in different countries and do not compete with one another, they often combine forces to negotiate with consumer goods makers. Consumer goods makers have for more than two years grappled with sky-rocketing input, supply chain and labour costs that they have either absorbed - taking a hit to margins - or passed on to retailers.

Persons: It's, Laurent Thoumine, Thoumine, Ferrero's, Pernod Ricard's Ricard, Systeme, Germany's, Switzerland's, Italy's, Philippe Michaud, Leclerc, Bruno Le Maire, Le Maire, Richard Saldanha, Lindt, Saldanha, Richa Naidu, Helen Reid, Matt Scuffham, Catherine Evans Organizations: Consumer, Nestle, Unilever, Carrefour, PepsiCo, European, Reuters, European Union, Epic Partners, French Finance, Aviva Investors, Paris, Thomson Locations: Europe, France, Germany, Italy, Spain, Eurelec

☆ Explainer: How France aims to discourage buying of Chinese EVs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

WHY IS FRANCE REVISING ITS EV BONUS ELIGIBILITY RULES? However, in the absence of cheap European-made EVs, a third of all incentives are going to consumers buying EVs made in China, a French finance ministry source said. Because Chinese industry generally relies heavily on coal-generated electricity, the criteria are likely to put the bonus out of Chinese carmakers' reach. But French car buyers will have to wait because Stellantis' (STLAM.MI) Slovakia-made e-C3 city car and Renault's (RENA.PA) France-made R5 are not due to hit the market until 2024. The model is currently one of the best-selling electric car's in France with the Tesla Y, Peugeot's e-208, Fiat's 500e, the Megane eTech and MG4.

Persons: Angelika Warmuth, EVs, Emmanuel Macron, Stellantis, MG4, Lorraine Morard, Luca De Meo, Tesla, BYD, Gilles Guillaume, Leigh Thomas, Sharon Singleton Organizations: Company, REUTERS, Rights, Reuters, SAIC, P Global, Renault, Thomson Locations: Munich, Germany, France, China, Europe, FRANCE, French, Slovakia, Dacia Spring

☆ Carrefour uses 'shrinkflation' stickers to pressure PepsiCo, Nestlé and Unilever
▼ + stars: | 2023-09-15 | by ( ) edition.cnn.com time to read: +3 min

French supermarket chain Carrefour has slapped price warnings on products ranging from Lindt chocolates to Lipton Ice Tea to pressure suppliers such as Nestlé, PepsiCo and Unilever to cut their prices. Carrefour is putting stickers on products that have shrunk in size but cost more even though raw materials prices have eased. After a new round of meetings last month, Le Maire said Unilever (UL), Nestlé and PepsiCo (PEP) were among companies not toeing the line on prices. Consumer groups say “shrinkflation” is a widespread practice, which supermarkets like Carrefour are also guilty of in their private label products. The shrinkflation warnings are in all French Carrefour stores, and will last until the targeted suppliers agree to price cuts, Bompais said.

Persons: Stefen Bompais, Alexandre Bompard, Bruno Le Maire, Le Maire, Nestlé, “, Bompais, — Organizations: Carrefour, Lipton, PepsiCo, Unilever, UL, Nestlé, Reuters Locations: France, Swiss, Carrefour

☆ German carmaker stocks dip amid China-EV probe dispute
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Alternatively, punitive tariffs on imports from China could accelerate Chinese EV makers' plans to build in Europe, analysts said, raising competition for domestic carmakers. "Volkswagen could gain from lower mass-market competition, but is the most exposed ... premium OEMs ...face the risk of retaliation and might see their China-export plans sent awry," he added. By 1210 GMT, the STOXX Europe 600 Auto (.SXAP) index was down 1.46%, while the broader market was steady. BMW, which exports the iX3 from China and plans to export the Mini from 2024, fell 2.08%, with Mercedes-Benz down 1.56% and Volkswagen down 1.83%. Stocks of carmakers Renault and Stellantis, which are less exposed to the Chinese market than their German counterparts, saw smaller dips of 1.33% and 0.81% respectively.

Persons: Annegret, Emmanuel Macron, Daniel Roeska, Bernstein, Danilo Masoni, Victoria Waldersee, Josephine Mason, Thomas Leigh, Michel Rose, Sharon Singleton, David Holmes Organizations: REUTERS, EV, HK, European Commission, Renault, Volkswagen, BMW, Mercedes, Benz, Porsche, carmakers Renault, Thomson Locations: Berlin, Germany, Beijing, China, Europe, France

☆ VIEW Reactions to EU probe of Chinese electric cars imports
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +6 min

EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN"Global markets are now flooded with cheaper electric cars. "So I can announce today that the Commission is launching an anti-subsidy investigation into electric vehicles coming from China. UK TRADE MINISTER KEMI BADENOCH"I think it just highlights the difficulties that all countries are having with the supply chain for electric vehicles. "China's apparent advantage and cost-competitive imports are already impacting European auto makers' domestic market share, with a massive surge in electric vehicle imports in recent years. At the same time, the US Inflation Reduction Act (IRA) is also a game-changer in the electric vehicle value chain.

Persons: Annegret, URSULA VON DER, LAURENCE BOONE, BRUNO LE MAIRE, Von der, KEMI BADENOCH, MATTEO SALVINI, SIGRID DE VRIES, AIWAYS, ALEXANDER KLOSE, Aiways, KINGSMILL, they've, They've, STUART COLE, AJ BELL, DANNI HEWSON, Josephine Mason, Catherine Evans, Louise Heavens Organizations: REUTERS, European Commission, European Union, FRENCH FINANCE, EU, League, GENERAL, Volkswagen, BMW, Tesla, INSTITUTE SENIOR, CITI, Reuters, Thomson Locations: Berlin, Germany, China, Europe, Brussels

☆ French August inflation higher than expected, fuelled by energy
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Eric Gaillard/File Photo Acquire Licensing RightsPARIS, Aug 31 (Reuters) - French inflation accelerated more than expected in August as a new fall in food inflation was more than offset by higher energy prices, preliminary EU-harmonised official data showed on Thursday. French consumer prices reached a 12-month inflation rate of 5.7%, up from 5.1% in July, the INSEE stats agency said. A Reuters poll of 18 economists had an average forecast for the 12-month inflation rate of 5.4% with estimates ranging from 4.7% to 5.8%. "This rise in inflation is due to a rebound in energy prices. Food prices were up 11.1% in August, versus +12.7% in July while energy prices, which fell by 3.7% last month, rose 6.8%.

Persons: Eric Gaillard, Bruno Le Maire, Benoit Van Overstraeten, Jean, Michel Belot, Silvia Aloisi Organizations: REUTERS, Rights, French Finance, Thomson Locations: Nice, France

High food prices are a concern for all European governments, with retailers and consumer goods groups trading blame. In Hungary, Prime Minister Viktor Orban has imposed mandatory price cuts on some basic food items. And in Portugal, the government announced in March a package to help low-income families, including scrapping the value added tax on essential food products. French retailers have called for more regular price negotiations with consumer goods companies to reflect changes in the price of raw materials. This year those negotiations led to a 10% increase on the price of products on supermarket shelves.

Persons: Eric Gaillard, Bruno Le Maire, Mousquetaires, Thierry Cotillard, It's, Carrefour Alexandre Bompard, Viktor Orban, Le Maire, Dominique Vidalon, Helen Reid, Silvia Aloisi, Ingrid Melander, Bernadette Baum, David Evans, David Gregorio Our Organizations: REUTERS, Rights, French Finance, Federation du Commerce, RTL, Carrefour, FDC, Thomson Locations: Nice, France, Italy, Hungary, Portugal, Paris, London

☆ French lawmakers raise strategic concerns over Atos sale to Kretinsky
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

The logo of Atos is seen on a company building in Nantes, France, March 11, 2022. REUTERS/Stephane Mahe/File PhotoPARIS, Aug 3 (Reuters) - Talks to sell parts of French company Atos (ATOS.PA) to Czech billionaire Daniel Kretinsky are raising concerns among some French lawmakers, who say the deal risks undermining the independence of France's nuclear deterrence. Lawmakers cannot block a sale of a French company, only the government can if it considers there is a strategic reason for doing so. The lawmakers questioned why an alternative French buyer, a consortium of French companies Astek and ChapsVision, who were reported in French media to have been interested, were not given more consideration. A source close to Astek said Atos's cybersecurity business also hosted other sensitive assets crucial to French intelligence interests.

Persons: Stephane Mahe, Daniel Kretinsky, Atos, Thursday's, Figaro, Cedric Perrin, Kretinsky, Perrin, Astek, Atos's, Michel Rose, Mathieu Rosemain, Sharon Singleton Organizations: REUTERS, Les, Kretinsky, Casino, Reuters, Thomson Locations: Nantes, France, Czech, Europe

☆ Le Maire says France wants better China market access
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 30 (Reuters) - French Finance Minister Bruno Le Maire said in Beijing on Sunday his country wants to get better access to Chinese markets. To have a balanced trade relationship with China, France needs to export more goods to China, he told a press conference after meeting Chinese officials. Le Maire said France was on the right track, paving the way to better access to the Chinese market for French cosmetics, adding he opposed the "illusion" of countries "decoupling" from China. There was no possibility of decoupling among China, the U.S. and Europe, the minister said. It would be good to have Chinese companies investing and developing their activities in Europe, Le Maire said.

Persons: Bruno Le Maire, Le Maire, Martin Pollard, Kevin Yao, William Mallard Organizations: French Finance, Thomson Locations: BEIJING, Beijing, China, France, U.S, Europe

☆ EU has to come clean on costs of green transition
▼ + stars: | 2023-07-18 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

European Union governments have agreed on the strategy, but they tend to paper over the short-term economic costs of the green transition. French economist Jean Pisani-Ferry has compared the impact of the green transition to an economic shock equivalent to the sharp spikes in oil prices in the 1970s. But unlike previous shocks triggered by geopolitical instability or trade wars, the green transition has been initiated and managed by governments, and largely financed by them. Germany looks like the country most able to afford the green transition, but its over-emphasis on regulation on environmental matters is running into fierce opposition. On Sunday Paolo Gentiloni, the EU economy commissioner, told the Financial Times that Europe will have to fund its own industrial green transition.

Persons: Jean Pisani, won’t, Pisani, Selma Mahfouz, Paolo Gentiloni, Bruno Le Maire, Christian Lindner, Keir Starmer, –, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Union, Reuters Graphics Reuters, International Energy Agency, Ferry, Social Democrats, Greens, Opposition, Financial Times, French Finance, German, Labour Party, Twitter, Southern, European Commission, Deal, Zero, Thomson Locations: Europe, France, Italy, Germany, EU, Paris, Southern Europe, Spain, Greece

☆ Airbus opens new assembly line for small jets in A380's shadow
▼ + stars: | 2023-07-10 | by ( Tim Hepher | ) www.reuters.com time to read: +3 min

Airbus says the new line will create 700 jobs by 2026, about half the full-time total when the world's largest jet was built there, while supporting a fabric of thousands of suppliers. It is the eighth assembly line for the A320 family, with previously announced expansion plans in the United States and China due to bring the worldwide total to 10. Its opening comes as competition between Airbus and arch-rival Boeing (BA.N) shifts towards production strategy, with both companies struggling to deliver on bulging order books. Environmental critics say burgeoning sales of the current generation of jets will make it harder to meet climate goals. Le Maire told Reuters aircraft like the A321 still offered significant savings in emissions compared to jets they replace.

Persons: Luc Lagardere, Bruno Le Maire, Emmanuel Macron, Le Maire, Tim Hepher, Richard Lough, David Evans Organizations: Airbus, French Finance, Boeing, Concorde, Reuters, Thomson Locations: TOULOUSE, France, Toulouse, United States, China

☆ France upbeat on attracting major Tesla investment, finance minister says
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: 1 min

PARIS, July 9 (Reuters) - French Finance Minister Bruno Le Maire on Sunday said he was "very hopeful" Tesla (TSLA.O) Chief Executive Elon Musk will pick France for a substantial investment linked to the production of electric vehicles in Europe. Musk recently met French government officials, including President Emmanuel Macron, as he explores options for future production sites. Asked whether an investment could be linked to battery cells or other parts of Tesla's business, Bruno Le Maire told LCI television "several options are on the table". "He (Musk) knows that he would be welcome in France", Le Maire said, adding: "It's up to him to take the decision." Reporting by Gilles Guillaume and Tassilo Hummel; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Bruno Le Maire, Tesla, Elon Musk, Musk, Emmanuel Macron, LCI, Le Maire, Gilles Guillaume, Tassilo Hummel, Alison Williams Organizations: French Finance, Sunday, France, Thomson Locations: Europe, France

☆ French central bank head warns against raising ECB inflation target
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

AIX-EN-PROVENCE, France, July 9 (Reuters) - France's central bank head Francois Villeroy de Galhau pushed back on Sunday against a suggestion from some French economists to raise the European Central Bank's (ECB) 2% inflation target. The aim is to bring inflation down to the 2% target by 2025, Villeroy said at an economics conference in the southern French city of Aix-en-Province. Former IMF chief economist, Frenchman Olivier Blanchard, has long called for a higher inflation target than the 2% shared by most major central banks, arguing that the increased flexibility that would provide would outweigh the costs. In response, Villeroy said that a higher inflation target was a "false good idea" and would lead to higher rather than lower borrowing costs. "If we announced our inflation target is no longer 2% but 3%, lenders would immediately demand higher interest rates, at least 1% (more)" in anticipation of higher inflation and uncertainty Villeroy said.

Persons: Francois Villeroy de Galhau, Villeroy, Frenchman Olivier Blanchard, Patrick Artus, Bruno Le Maire, Andrew Bailey, Leigh Thomas, William Schomberg, Elaine Hardcastle, Alexander Smith Organizations: Bank's, Former IMF, Veteran, French Finance, Bank of England, Thomson Locations: PROVENCE, France, French, Aix, Province, London

☆ Credit Agricole's CACEIS registers in France as crypto custody services provider
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - CACEIS, the asset servicing business owned by Credit Agricole (CAGR.PA) and Santander (SAN.MC), has registered with France's markets regulator AMF to provide custody services for digital assets, such as cryptocurrencies. The company registered as a digital asset service provider (DASP) on June 20, according AMF's website, adding a major traditional financial services group to the growing number of crypto companies registered by the French watchdog. France has been supportive of the nascent industry and was the first major European country to grant registration to the world's biggest cryptocurrency exchange, Binance. CACEIS had 4.1 trillion euros ($4.51 trillion) in assets under custody at end of last year, according to its website. Credit Agricole SA is its majority owner with a 69.5% stake, while Santander holds a 30.5% of the group.

Persons: Mathieu Rosemain, Jane Merriman Organizations: Credit Agricole, Santander, AMF, Binance, Societe Generale, AXA, CACEIS, Credit Agricole SA, Thomson Locations: France

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