DIRS.INFO The most relevant business & tech news

☆ 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

☆ To Fight ‘Shrinkflation,’ France Will Force Retailers to Warn Shoppers
▼ + stars: | 2024-04-19 | by ( Liz Alderman | ) www.nytimes.com time to read: 1 min

“Shrinkflation,” the signs say. “This product has seen its volume decrease and the price charged by our supplier increase.”On Friday, the French government took steps to require every food retailer in the country to follow suit. By July 1, stores will have to plaster warnings in front of all products that have been reduced in size without a corresponding price cut, in a bid to combat the consumer scourge known as shrinkflation. “The practice of shrinkflation is a scam,” Bruno Le Maire, France’s finance minister, said in a statement. “We are putting an end to it.”

Persons: “, ” Bruno Le Maire, ” Organizations: France’s, Pepsi Locations: Carrefour

☆ Ukraine needs the West to do more than seize Russian assets, Janet Yellen says
▼ + stars: | 2024-03-04 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Seizing Russian assets won't make up for the failure to send aid to Ukraine, Janet Yellen warned. Republicans have blocked a plan to send aid to Ukraine in a bid to force Joe Biden to take action on immigration. AdvertisementUkraine needs the West to do much more than just seize frozen Russian assets, according to Janet Yellen. AdvertisementG7 finance ministers met in Brazil last week to discuss what to do with frozen Russian assets worth about $300 billion. "I want to be very clear: we currently have no legal basis for the seizure of Russian assets," he said on the sidelines of the Brazil summit.

Persons: Janet Yellen, Joe Biden, —, São, Yellen, Bruno Le Maire, Biden Organizations: Republicans, Service, São Paulo, Kyiv, Bloomberg, European Union, US Locations: Ukraine, Japan, Brazil, Italy, Mexico

☆ France Will Cut Spending as It Sees a Weaker Economy Ahead
▼ + stars: | 2024-02-23 | by ( Liz Alderman | ) www.nytimes.com time to read: +1 min

The finance minister, Bruno Le Maire, on Monday revised the forecast for economic growth this year to 1 percent, down from 1.4 percent at the end of last year. “Lower growth means lower tax receipts, so the government must spend less,” Mr. Le Maire said at a news briefing. After spending lavishly during the pandemic to support the economy and shield consumers from high energy prices, France is now at risk of breaching European Union budget rules that restrict government borrowing. To avoid that, the government must cut costs to lower the deficit to 4.4 percent of gross domestic product this year, from 4.8 percent

Persons: Bruno Le Maire, Mr, Le Maire Organizations: European Union Locations: France, Ukraine, Gaza, Germany, China

☆ 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

☆ Eurozone Inflation Falls Faster Than Expected
▼ + stars: | 2023-11-30 | by ( Liz Alderman | More About Liz Alderman | ) www.nytimes.com time to read: +3 min

Excluding food and energy prices, so-called core inflation rose 3.6 percent, a sharply slower pace than previous months. “The price to pay is higher interest rates, more difficult financing and therefore an economic slowdown,” he added. Interest rates were raised from below zero and are now at the highest level in the central bank’s two-decade history. But Europe is facing a drawn-out economic slowdown as high interest rates and the lingering impact of Russia’s war in Ukraine continue to curb activity. to start lowering interest rates next year, possibly before the summer.

Persons: ” Bert Colijn, ” Bruno Le Maire, Christine Lagarde, Colijn Organizations: ING Bank, European Central Bank, ”, Eurostat, France Inter Locations: Ukraine, France, Germany, Spain, Belgium, Europe, United States

☆ French economy contracts in Q3, inflation eases further
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsPARIS, Nov 30 (Reuters) - The French economy contracted by 0.1% in the third quarter of the year, revised data from the statistics office INSEE showed on Thursday, while November inflation eased more than expected. The inflation was down from 4.5% in October, helped by easing price pressure in energy and in the services sector. Food prices rose 7.6% in November, versus 7.8% in October while the increase in energy prices slowed to 3.1% after seeing an increase of 5.2% last month. Month-on-month, prices declined by 0.2% as falling transportation and energy prices offset a month-on-month rise of food prices, especially fresh produce. Reporting by Piotr Lipinski, Zhifan Liu, Editing by Charlotte Van Campenhout and Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Bruno Le Maire, Piotr Lipinski, Zhifan Liu, Charlotte Van Campenhout, Gareth Jones Organizations: Carrefour, REUTERS, Rights, Thomson Locations: Montesson, Paris, France, EU

☆ 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 may sell real estate to cut deficit, review seniors' unemployment benefits
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron Acquire Licensing RightsPARIS, Nov 19 (Reuters) - France wants to reduce government spending on office space and may consider real estate sales in a bid to reduce the state deficit, the budget and finance ministers said in a media interview on Sunday. The government also plans to review unemployment benefits for seniors, they said. Budget Minister Thomas Cazenave told La Tribune that the government wants to reduce the amount of office space occupied by the administration by 25%. "We may also consider real estate sales," he added. ($1 = 0.9168 euros)Reporting by Geert De Clercq; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Digital Security Bruno Le Maire, Thomas Cazenave, Johanna Geron, Bruno Le Maire, Le Maire, Cazenave, Elisabeth Borne, Geert De Clercq, Hugh Lawson Organizations: Economy, Finance, Industry, Digital Security, French Junior, Public, REUTERS, Rights, Budget, La Tribune, Thomson Locations: Paris, France

☆ 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

British Prime Minister Rishi Sunak attends an in-conversation event with Tesla and SpaceX's CEO Elon Musk in London, Britain, Thursday, Nov. 2, 2023. Risks around rapidly-developing AI have been an increasingly high priority for policymakers since Microsoft-backed Open AI (MSFT.O) released ChatGPT to the public last year. "It was fascinating that just as we announced our AI safety institute, the Americans announced theirs," said attendee Nigel Toon, CEO of British AI firm Graphcore. China’s vice minister of science and technology said the country was willing to work with all sides on AI governance. Yoshua Bengio, an AI pioneer appointed to lead a "state of the science" report commissioned as part of the Bletchley Declaration, told Reuters the risks of open-source AI were a high priority.

Persons: Rishi Sunak, Tesla, Elon Musk, Kirsty Wigglesworth, Sam Altman, Kamala Harris, Ursula von der Leyen, China –, Sunak, Finance Bruno Le Maire, Vera Jourova, Jourova, Harris, Nigel Toon, Wu Zhaohui, Musk, you’ve, Martin Coulter, Paul Sandle, Matt Scuffham, Louise Heavens Organizations: British, Elon, U.S, European Commission, Microsoft, of, Finance, EU, Reuters, Thomson Locations: London, Britain, China, Bletchley, U.S, South Korea, France, United States

☆ 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

☆ France will struggle to meet deficit target, says IMF chief economist
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 21 (Reuters) - France will struggle to bring down its budget deficit to 2.7% by 2027 without "a little more effort," the chief economist at the International Monetary Fund said on Saturday. Reforms that the government has put in place such as on pensions and unemployment "will bear fruit and help (...) with the budgetary situation in France, but it needs a bit more unfortunately," Pierre-Olivier Gourinchas told France Inter. In its 2024 budget, the French government is aiming to reduce debt and to make 16 billion euros in savings. On Wednesday, the government pushed revenue legislation in the 2024 budget bill through the lower house of parliament using special constitutional powers to bypass a lawmakers' vote, after failing to gain enough support. The spending side of the budget bill, which is to be examined by lawmakers starting next week, includes plans for 16 billion euros in savings, with 10 billion coming from the end of gas and power price caps.

Persons: Pierre, Olivier Gourinchas, Bruno Le Maire, Layli Organizations: International Monetary Fund, France Inter, Moody's Investment, Thomson Locations: France

☆ 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

☆ Lagarde (BCE) repousse la fin de la révision de son cadre opérationnel
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

Business category · September 25, 2023 · 4:11 PM UTC · ago · agoFrance risks losing out on billions of euros in EU funds if lawmakers do not adopt long-term public finance plans, Finance Minister Bruno Le Maire warned on Monday.

Persons: Bruno Le Maire Organizations: Finance Locations: France

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

☆ France to let fuel retailers sell below cost in inflation fight, prime minister says
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

PARIS, Sept 16 (Reuters) - The French government plans to temporarily lift a ban on retailers selling road fuel below cost as part of efforts to stem inflationary pressures on households, Prime Minister Elisabeth Borne told newspaper Le Parisien. A renewed surge in pump prices this summer has complicated the government's attempts to curb consumer inflation, with ministers calling on fuel and food industries to cut their margins. TotalEnergies (TTEF.PA) has extended a cap on fuel prices past the end of the year while some supermarket chains have held promotions to sell petrol at cost. "With this unprecedented measure, we will obtain tangible results for the French people, without subsidising fuel," she said in an interview published on Saturday. Regarding food prices, Borne told Le Parisien that companies from November would be required to indicate on labels when they modify the size of a product.

Persons: Elisabeth Borne, Le, Borne, Bruno Le Maire, Le Parisien, Gus Trompiz, Camille Raynaud, Jason Neely Organizations: Finance, Carrefour, Thomson

☆ 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

☆ Carrefour sticks price warnings on food to shame suppliers
▼ + stars: | 2023-09-14 | by ( Dominique Vidalon | ) www.reuters.com time to read: +3 min

PARIS, Sept 14 (Reuters) - French supermarket chain Carrefour (CARR.PA) has slapped price warnings on products from Lindt chocolates to Lipton Ice Tea to pressure top consumer goods suppliers Nestle, PepsiCo and Unilever to reduce inflation ahead of much-anticipated contract talks. After a new round of meetings last month, Le Maire said Unilever, Nestle and PepsiCo were among companies not toeing the line on prices. But Carrefour's move to name and shame suppliers marks an escalation in the war of words between retailers and big multinationals. The shrinkflation warnings are in all French Carrefour stores, and will last until the targeted suppliers agree to price cuts, Bompais said. Le Maire said last month consumer goods companies and retailers had agreed to bring forward annual price negotiations - which would normally have taken place next year - to September.

Persons: Bompais, Alexandre Bompard, Bruno Le Maire, Le Maire, Dominique Vidalon, Richa Naidu, Helen Reid, Silvia Aloisi, Richard Chang Organizations: Carrefour, Lipton, Nestle, PepsiCo, Unilever, Finance, Thomson Locations: France, Carrefour, Paris, London

☆ France targets 16 billion euros in savings next year, trims growth outlook
▼ + stars: | 2023-09-14 | by ( Leigh Thomas | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/file photo Acquire Licensing RightsPARIS, Sept 14 (Reuters) - The French government aims to squeeze 16 billion euros ($17 billion) in savings from its 2024 budget, finance minister Bruno Le Maire said on Thursday as he trimmed France's growth outlook. Le Maire said 10 billion euros in savings would come from scrapping caps on power and gas prices, put in place to soften the pain for households from Europe's energy price crisis. Le Maire said the inflation shock over the last year would further subside, boosting household consumption - the traditional motor of French economic growth. While the government aims to cut spending, it would nonetheless increase some expenditures, with 4 billion euros more earmarked for the interior ministry and the armed forces. A further 7 billion euros has been set aside for environmentally friendly investments due to be presented later this month and financed by removing some of the tax breaks which some industries get on their on fossil fuel use.

Persons: Digital Security Bruno Le Maire, Benoit Tessier, Bruno Le Maire, Le Maire, Leigh Thomas, David Holmes Organizations: Economy, Finance, Industry, Digital Security, Bercy Finance Ministry, REUTERS, Rights, Thomson Locations: Paris, 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 Economy and Finance Minister Bruno Le Maire attends the China-France Economic and Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, China, July 29, 2023. He said they had also agreed to bring forward annual price negotiations - initially planned for next year - to September. Le Maire went a step further on Thursday, naming Unilever, Nestle and Pepsi Co as being among the companies which he said were refusing to toe the line on prices. "The large multinationals could do much more," Le Maire said. "No one is willing to say 'I am going to reduce my prices' because the government is saying so," he said.

Persons: Bruno Le Maire, Thomas Peter, Le Maire, Le, Sybille De La, Silvia Aloisi, David Holmes, Frances Kerry Organizations: Finance, France Economic, REUTERS, Rights, Unilever, Nestle, PepsiCo, Federation du Commerce, Pepsi Co, Thomson Locations: China, France, Diaoyutai, Beijing, Paris

Search resuls for: "Le Maire"

25 mentions found