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☆ Mathematics, reading skills in unprecedented decline in teenagers
▼ + stars: | 2023-12-05 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

The Paris-based Organisation for Economic Cooperation and Development said it had seen some of the steepest drops in performance since 2000 when it began its usually triennial tests of 15-year-olds reading, maths and science skills. On average across the OECD, one out of four 15-year-olds tested as a low performer in maths, reading and science, which means they could not use basic algorithms or interpret simple texts, the study found. Poorer results tended to be associated with higher rates of mobile phone use for leisure and where schools reported teacher shortages. The OECD said the decline was not inevitable, pointing to Singapore, where students scored the highest in maths, reading and science, with results that suggested they were on average three to five years ahead of their OECD peers. After Singapore, Macau, Taiwan, Hong Kong, Japan and South Korea also outperformed in maths and science, where Estonia and Canada also scored well.

Persons: Stephane Mahe, COVID, Andreas Schleicher, Leigh Thomas, Bernadette Baum Organizations: REUTERS, Economic Cooperation, Development, OECD, Thomson Locations: Savenay, France, PARIS, Paris, Germany, Iceland, Netherlands, Norway, Poland, Singapore, Macau, Taiwan, Hong Kong, Japan, South Korea, Estonia, Canada, Ireland

☆ Global growth to slow but avoid a hard landing -OECD
▼ + stars: | 2023-11-29 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

Growth in advanced economies that make up the OECD's 38 members was seen headed for a soft landing, with the United States holding up better than expected so far. "Our central projections are for a soft landing, but that cannot be taken for granted," OECD chief economist Clare Lombardelli told a news conference. "Monetary policy needs careful calibration to bring inflation to targets while minimising the impact on growth. The OECD forecast U.S. growth would slow from 2.4% this year to 1.5% next year, revising up its estimates from September when it predicted U.S. growth of 2.2% in 2023 and 1.3% in 2024. Its growth was seen easing from 5.2% this year to 4.7% in 2024 - both marginally higher than expected in September - before slowing further in 2025 to 4.2%, the OECD forecast.

Persons: Vincent Alban, Clare Lombardelli, Lombardelli, Leigh Thomas, Christina Fincher, Catherine Evans Organizations: Shoppers, REUTERS, Rights, Organisation for Economic Cooperation, Development, OECD, Thomson Locations: Chicago , Illinois, U.S, Paris, United States, Germany, Japan

☆ ECB rates to stay unchanged for next few quarters -Villeroy
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsLONDON, Nov 20 (Reuters) - The European Central Bank's interest rates have reached a plateau where they will likely remain for the next few quarters, ECB policymaker Francois Villeroy de Galhau said on Monday, dismissing rate cut talk as premature. The ECB broke a streak of 10 consecutive hikes last month by holding rates steady, prompting investors to turn their attention to when rate cuts could come. The ECB aims to steer euro zone inflation towards its 2% target by 2025, though Villeroy insisted the number was an average and he was not fixated on hitting 2.0% precisely. Euro zone inflation has fallen quickly in recent months as the economy has slowed, though Villeroy said a recession could be avoided and a "soft landing" seemed more likely. ($1 = 0.9168 euros)Reporting by David Milliken, writing by Leigh Thomas, editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Francois Villeroy de Galhau, Sarah Meyssonnier, Villeroy, David Milliken, Leigh Thomas, Christina Fincher Organizations: France, Bank of France, REUTERS, ECB, Society of Professional, Thomson Locations: Paris, France, French, London, Gaza, Israel

☆ Atos shares plunge as nationalisation calls threaten planned Kretinsky deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsPARIS, Oct 23 (Reuters) - Atos (ATOS.PA) shares plunged on Monday after calls from opposition lawmakers for the nationalisation of the ailing IT firm on national security grounds raised doubts about a planned deal involving Czech billionaire Daniel Kretinsky. Asked by Reuters if the government was considering nationalisation, or could support an amendment to do so, a finance ministry source replied "no". Lawmakers from Les Republicains said the deal threatened to allow French supercomputers, made by Atos and used for virtual nuclear tests, to fall into foreign hands. Others, including Brun, have said critical Atos components were also used in combat systems used by France's navy and air force. Atos had also won a contract to process data for the Paris 2024 Olympic Games.

Persons: Atos, Sarah Meyssonnier, Daniel Kretinsky, Olivier Marleix, Socialist Philippe Brun, Philippe Brun, Jean, Pierre Mustier, Les Republicains, Brun, Leigh Thomas, Mathieu Rosemain, Tassilo Hummel, David Holmes Organizations: REUTERS, Rights, Les Republicans, Socialist, Atos, Reuters, supercomputing, Paris, National Assembly, Thomson Locations: Paris, France

☆ Global billionaire tax could yield $250 billion annually, study says
▼ + stars: | 2023-10-22 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

PARIS, Oct 23 (Reuters) - Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday. Currently billionaires' effective personal tax is often far less than what other taxpayers of more modest means pay because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report. In the absence of a broad international push for a minimum tax on billionaires, Zucman said a "coalition of willing countries" could unilaterally lead the way. Although the end of banking secrecy and the corporate minimum tax have put an end to decades-long competition between countries on tax rates, numerous opportunities remain to reduce tax bills, the report said. For example the rich increasingly park wealth in real estate instead of offshore accounts while companies can exploit loopholes in the 15% corporate tax minimum.

Persons: Gabriel Zucman, Joe Biden's, Zucman, Leigh Thomas, Hugh Lawson Organizations: EU Tax, Paris School of Economics, Thomson Locations: United States, France, Washington

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. Italy's 2.4 trillion-euro debt pile is the focus in Europe, where the IMF has said high debt leaves governments vulnerable to crisis. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis.

Persons: Andrew Kelly, Peter Praet, Praet, Sophia Drossos, Daniel Ivascyn, Claudio Borio, Olivier Blanchard, Ray Dalio, Janet Yellen's, Yellen, Jim Leaviss, Giancarlo Giorgetti, Daleep Singh, Joe Biden, Britain's, Yellen's, Jonathan Portes, Clare Lombardelli, Moritz Kraemer, Yoruk Bahceli, Maria Martinez, Leigh Thomas, Giuseppe Fonte, Nell Mackenzie, Naomi Rovnick, William Schomberg, Jan Strupczewski, Dan Burns, Elisa Martinuzzi, Riddhima Talwani, Jayaram, Emelia Sithole Organizations: Financial, of, REUTERS, Institute of International Finance, Reuters, European Central Bank, ECB, Bank for International, Peterson Institute for International Economics, Associates, U.S . Treasury, Wall, Economy, Britain's Treasury, Congressional, Britain's, Institution, Reuters Graphics ACT, King's College London, Labour Party, OECD, Graphics, Thomson Locations: of Manhattan , New York City, U.S, Italy, Britain, United States, Europe, Ukraine, Berlin, Paris, Rome, London, Brussels, Washington, Marrakech

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis. Not enough reforms are being implemented, OECD chief economist Clare Lombardelli warned.

☆ France's Macron warns Iran over escalation
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +1 min

French President Emmanuel Macron, French Interior Minister Gerald Darmanin and officials arrive at the site after a teacher was killed and several people injured in a knife attack at the Lycee Gambetta-Carnot high school in Arras, northern France, October 13, 2023. REUTERS/Pascal Rossignol Acquire Licensing RightsPARIS, Oct 15 (Reuters) - French President Emmanuel Macron warned his Iranian counterpart Ebrahim Raisi in phone call on Sunday against any escalation of the conflict between Israel and Hamas, Macron's office said. "The president of the republic warned President Raisi against any escalation or extension of the conflict, especially to Lebanon," Macron's office said in a statement. "Given its relations with Hezbollah and Hamas, Iran has a responsibility in this respect. Iran must do everything possible to avoid a regional flare-up," it added.

Persons: Emmanuel Macron, Gerald Darmanin, Lycee Gambetta, Carnot, Pascal Rossignol, Ebrahim Raisi, Raisi, Leigh Thomas, Jan Harvey Organizations: Lycee, REUTERS, Rights, Hamas, Thomson Locations: Arras, France, Israel, Lebanon, Iran

☆ France mobilises 7,000 troops for extra security patrols
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] French police secure the area after a teacher was killed and several people injured in a knife attack at the Lycee Gambetta-Carnot high school in Arras, northern France, October 13, 2023. REUTERS/Pascal Rossignol Acquire Licensing RightsPARIS, Oct 14 (Reuters) - French President Emmanuel Macron has ordered 7,000 soldiers to be mobilised for increased security patrols, his office said on Saturday, a day after a teacher was stabbed to death in an Islamist attack. France was put on its highest security alert on Friday after a 20-year-old man fatally stabbed a teacher and gravely wounded two other people in an attack at a school in the city of Arras in northern France. The security alert comes as France hosts the Rugby World Cup and prepares to face South Africa on Saturday evening in their quarter-final. Interior Minister Gerald Darmanin said on Friday the Arras attack bore a link to events in the Middle East, where Israel is conducting a military offensive to root out Hamas fighters after their deadly rampage into Israel last Saturday.

Persons: Lycee Gambetta, Carnot, Pascal Rossignol, Emmanuel Macron, Gerald Darmanin, Leigh Thomas, Sharon Singleton Organizations: Lycee, REUTERS, Rights, Rugby, Thomson Locations: Arras, France, South Africa, Paris, Israel

☆ OECD publishes treaty that would replace national digital taxes
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +3 min

Ian Langsdon/Pool via REUTERS/File Photo Acquire Licensing RightsPARIS, Oct 11 (Reuters) - The Organisation for Economic Cooperation and Development (OECD) published a multilateral treaty on Wednesday that would replace a hodge-podge of national digital services taxes if ratified by enough countries. If ratified, the treaty requires that countries that have, or are planning, national digital services taxes drop them. Washington is particularly sensitive to that issue as many of such taxes were put in place to target big U.S. digital companies such as Google, Amazon and Apple. To enter into force, the 30 countries home to at least 60% of the affected multinational companies have to ratify the treaty, which means that the U.S. has to be on board. OECD head of tax Manal Corwin said failure to ratify the text could lead to "grave consequences" and not only because it could trigger a proliferation in the use of digital services taxes and trade retaliation.

Persons: Antony Blinken, Mathias Cormann, Ian Langsdon, Corwin, Leigh Thomas, Mark Potter Organizations: Organization for Economic Cooperation, Development, Rights, Economic Cooperation, Apple, OECD, Thomson Locations: OECD's, Paris, France, United States, U.S, Washington

☆ 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

☆ ECB needs to be cautious about doing too much on rates - Villeroy
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker//File Photo Acquire Licensing RightsPARIS, Sept 25 (Reuters) - The European Central Bank has reached the point where it needs to be wary of raising interest rates too high and should try to avoid a hard landing of the economy, ECB policymaker Francois Villeroy de Galhau said on Monday. The ECB raised its main interest rate to a record high 4% this month after 10 successive hikes, but signalled a pause in October. Villeroy said that the risk of doing too much - and possibly triggering a recession - and the risk of doing too little were now symmetrically balanced after the string of rate hikes. If the ECB did too much, the central bank could run the risk of having to rapidly reverse course, he told a conference at the French central bank, which he also heads.

Persons: Heiko Becker, Francois Villeroy de Galhau, Villeroy, Leigh Thomas, Toby Chopra Organizations: European Central Bank, REUTERS, Rights, ECB, Thomson Locations: Frankfurt, Germany

☆ 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

☆ OECD raises 2023 global growth outlook, cuts 2024
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

While that was an upgrade from 2.7% in the OECD's June outlook, global growth was expected to slow to 2.7% in 2024 - down from its estimate of 2.9% in June. Reuters GraphicsThe improved U.S. outlook for this year helped offset weakness in China and the euro zone, dragged down by Germany - the only major economy expected to be in recession. In June, the OECD had forecast 5.4% growth this year and 5.1% next year. The OECD cut the euro zone's growth outlook this year to just 0.6% from 0.9% in June, but forecast it would pick up next year to 1.1% - down from 1.5% in June - as Germany returned to growth. Though the growth outlook for next year would mostly be weak, the OECD said central banks should keep interest rates high until clear signs inflationary pressures have subsided.

Persons: Leigh Thomas, Christina Fincher Organizations: OECD, Organisation for Economic Development, Reuters, Thomson Locations: U.S, Paris, China, Germany

☆ 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

☆ German economic weakness belies France's outperformance
▼ + stars: | 2023-09-12 | by ( Leigh Thomas | ) www.reuters.com time to read: +4 min

The European Commission said on Monday the two economies were on diverging paths this year with Germany forecast to be in a recession with a 0.4% contraction and France expected to grow 1.0%. With weak construction and declining construction investment weighing on Europe's biggest economy, Germany's outlook was slashed from a previous forecast for 0.2% growth while France was upgraded from 0.7%. The contrasting fortunes of the euro zone's two biggest economies can also be explained by tailwinds working against Germany and headwinds helping France. Germany's gas-hungry chemical industry has seen production fall 18% from 2019 levels while in France it is only 8%, Colombier said. That leaves few props to lend support to French growth going forward other than household savings.

Persons: Jean, Paul Pelissier, Germany's, Mathieu, tailwinds, headwinds, Charles, Henri Colombier, Colombier, Plane, Leigh Thomas, William Maclean Organizations: REUTERS, European, Germany, France's Finance, Thomson Locations: Marseille, Fos, Fos sur Mer, France, Germany, PARIS, Paris

But speaking on Wednesday, the last day before the ECB's self-imposed quiet period, the Dutch, French, German and Slovak central bank chiefs all said the Governing Council's decision was still open. France's Francois Villeroy de Galhau hinted that a fresh rate hike could still come at a later date and argued that the slowdown is not a recession and that the ECB needed to persevere in its fight with inflation. Slovakia's Peter Kazimir, an outspoken policy hawk, was more explicit, arguing that another hike was still needed to tame inflation. He said the ECB could delay a rate rise to one of its autumn meetings or pull the trigger next week. "It would be wrong to bet on a rapid decrease in interest rates after the peak," Nagel told German business daily Handelsblatt.

Persons: Nagel, France's Francois Villeroy de Galhau, Peter Kazimir, Kazimir, Klaas Knot, Bundesbank, Joachim Nagel, " Nagel, Robert Holzmann, Mario Centeno, Akanksha Khushi, Catherine Evans Organizations: Central Bank, ECB, Bloomberg, Reuters Global Markets, Thomson Locations: FRANKFURT, PARIS, Slovak

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

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

☆ Paris success in attracting London banks boosts balance of payments
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 20 (Reuters) - France's post-Brexit success in attracting banks from London to Paris has exceeded expectations and is increasingly showing up in the country's balance of payments, the central bank said on Thursday. Those efforts are paying off as a number of Wall Street banks like Bank of America or JPMorgan have bulked up in Paris, setting up regional trading hubs in the French capital. "Paris' post-Brexit success has been spectacular, it's recently been picking up and exceeds our expectations," Bank of France Governor Francois Villeroy de Galhau told journalists as he presented an annual report on France's balance of payments. The trend is even showing up in balance of payments data with financial firms relocated from London to Paris contributing 1.5 billion euros ($1.7 billion) to France's financial services surplus last year, the central bank said. Reuters Graphics($1 = 0.8921 euros)Reporting by Leigh Thomas; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Francois Villeroy de Galhau, Leigh Thomas, Angus MacSwan Organizations: Bank of America, JPMorgan, Bank of France, Financial, CMA, Reuters Graphics, Thomson Locations: London, Paris, Frankfurt, Amsterdam, Dublin, France

NEW DELHI, July 13 (Reuters) - Global finance chiefs will meet in India next week to discuss increasing loans to developing nations from multilateral institutions, reforming the international debt architecture and regulations on cryptocurrency, Indian officials said. The finance ministers and central bank governors from the Group of 20 (G20) nations will also discuss a multilateral agreement on taxing conglomerates with cross-border operations, while the Russian war in Ukraine was also bound to come up, they said. Senior treasury officials from Russia and China are also expected to attend, according to two Indian officials, who did not want to be named. The finance ministers and treasury heads will also attempt to bring agreement on the principles of managing cryptocurrencies in their respective geographies. Additional reporting by Maria Martinez and Leigh Thomas; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Ajay Banga, Kristalina Georgieva, Lawrence Summers, N.K, Singh, Ajay Seth, Maria Martinez, Leigh Thomas, Raju Gopalakrishnan Organizations: Global, Treasury, International Monetary Fund's, Economic, IMF, Organisation for Economic Co, Development, OECD, Thomson Locations: DELHI, India, Ukraine, Gandhinagar, Gujarat, New Delhi, U.S, Russia, China, Zambia, Ghana

☆ Countries agree to extend digital services tax freeze through 2024
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 12 (Reuters) - With the exception of Canada, countries with digital services taxes have agreed to hold off applying them for at least another year as a global multinationals tax deal to replace them was pushed back, the OECD said on Wednesday. More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinationals that are widely considered to be outdated as digital giants like Apple or Amazon can book profits in low-tax countries. If at least 30 countries sign, then the freeze on national digital taxing rights will be extended through 2024 with an option to further extend through 2025 if needed, the OECD said. "Canada was not in agreement with the standstill," Corwin told journalists, citing the only country among the five holdouts with a digital services tax. But even once governments sign the treaty, ratification will be no easy task, especially in the United States where a two-thirds majority in the Senate is needed.

Persons: Corwin, Leigh Thomas, Mark Heinrich Our Organizations: Organisation for Economic Cooperation, Development, OECD, Thomson Locations: Canada, Paris, Belarus, Pakistan, Russia, Sri Lanka, United States

☆ 27% of jobs at high risk from AI revolution, says OECD
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 11 (Reuters) - More than a quarter of jobs in the OECD rely on skills that could be easily automated in the coming artificial intelligence revolution, and workers fear they could lose their jobs to AI, the OECD said on Tuesday. There is little evidence the emergence of AI is having a significant impact on jobs so far, but that may be because the revolution is in its early stages, the OECD said. Jobs at highest risk were defined as those using more than 25 of the 100 skills and abilities that AI experts consider can be easily automated. The survey covered 5,300 workers in 2,000 firms spanning manufacturing and finance across seven OECD countries. Despite the anxiety over the advent of AI, two-thirds of workers already working with it said that automation had made their jobs less dangerous or tedious.

Persons: General Mathias Cormann, Leigh Thomas, Emma Rumney Organizations: Economic Co, Development, OECD, Reuters, Thomson Locations: Mexico, Estonia, Paris

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