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☆ Analysis-West Africa's 'Brexit' Moment Spells Trouble for the Region
▼ + stars: | 2024-01-30 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +6 min

Ivory Coast alone is home to more than 5 million people from Burkina Faso, Mali and Niger. Earlier this month, Russia and Niger, ruled by a junta since a coup last year, agreed to develop military ties. Russian military personnel flew into Burkina Faso's capital Ouagadougou last week to ensure the safety of the country's military leader. EMPTY THREATECOWAS has responded to a wave of coups in the region since 2020 with sanctions that the juntas have called "illegal and inhumane." "The departure from ECOWAS will have catastrophic consequences for the ability to respond to the many security challenges facing this region," said Abba.

Persons: Bate Felix, David Lewis, Giulia Paravicini, Seidik Abba, Russia's Wagner, Mucahid Durmaz, Verisk Maplecroft, Charlie Robertson, Kwesi Aning, Gilles Yabi, Adama Coulibaly, Nagnouma Keita, Abba, Tiemoko Diallo, Boureima, Silvia Aloisi, Andrew Cawthorne Organizations: Giulia Paravicini DAKAR, West, West African States, Reuters, Islamic, FIM Partners, European Union, ECOWAS, CFA Locations: Mali, Burkina Faso, Niger, Russia, Ivory Coast, Niger . Niger, Nigeria, Paris, Ghana, Togo, Benin, France, United States, Burkina Faso's, Ouagadougou, West Africa, United, London, Bamako, Guinea, China

Amundi signed a 10-year distribution accord in 2017 when it bought UniCredit's Pioneer Investments for 3.6 billion euros. Credit Agricole CEO Philippe Brassac told reporters this month it was no secret UniCredit was looking at ways "to optimise" the accord with Amundi. Orcel, sources have said, is unhappy with the amount of Amundi funds the accord binds UniCredit to place with customers. UniCredit had 134 billion euros in AUM from fund and portfolio management as of Sept. 30. If their relationship ended after 2027, it would still take UniCredit time to replace Amundi funds with other products.

Persons: Sarah Meyssonnier, Amundi, Andrea Orcel, UniCredit, Philippe Brassac, Brassac, Orcel, Azimut, Valentina Za, Mathieu Rosemain, Silvia Aloisi, Alexander Smith Organizations: REUTERS, Reuters, Investments, Agricole, Credit, Amundi, Thomson Locations: Paris, France, MILAN, Italy, Italian, Milan

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. The group set out financial targets for the unit, including revenue of 25 billion euros in 2031, break-even in 2025 and an operating margin of at least 10% from 2030, ahead of an investor day in Paris. Sources close to the matter told Reuters last month the company was unlikely to go ahead with the IPO if the overall valuation for Ampere fell below 7 billion euros. We will reduce our costs to lower our prices, while improving our margins at the same time," finance chief Thierry Pieton said. ($1 = 0.9195 euros)Reporting by Gilles Guillaume, writing by Silvia Aloisi; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Thierry Pieton, Gilles Guillaume, Silvia Aloisi, Kirsten Donovan Organizations: Renault, Viva Technology, Porte de, REUTERS, Ampere, Reuters, Twingo, Thomson Locations: Porte, Paris, France, PARIS, Europe

☆ Renault sets out targets for EV unit, says won't sell it cheap
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Nov 15 (Reuters) - French car maker Renault said on Wednesday its electric vehicles unit Ampere, which it plans to list on the market next year, forecast 10 billion euros ($10.8 billion) in revenues in 2025, more than doubling to 25 billion euros in 2031. Finance chief Thierry Pieton told reporters ahead of the presentation Renault would not sell off Ampere cheap and had ample cash flow to keep financing it should it not get the valuation it wanted for an IPO. Asked if Renault could decide to distribute Ampere shares to existing Renault shareholders instead of proceeding with an IPO, he said: "Renault is always open to other options for Ampere, but the IPO is the preferred option." Sources close to the matter told Reuters last month the company was unlikely to go ahead with the IPO if the overall valuation for Ampere fell below 7 billion euros. We will reduce our costs to lower our prices, while improving our margins at the same time."

Persons: Gonzalo Fuentes, Luca de Meo's, Thierry Pieton, Ampere, Pieton, Renault, Gilles Guillaume, Silvia Aloisi Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, Finance, Thomson Locations: Porte, Paris, France, Europe

☆ Renault seeks to charge up investors for EV unit IPO
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Two of the sources said Renault was unlikely to go ahead with the IPO if the valuation falls below 7 billion euros, and one said the cut-off point could be closer to 6 billion euros. UBS analysts have valued Ampere at just 3-4 billion euros, and others have questioned the rationale of listing the EV business to raise funds. On Wednesday, De Meo will argue his case for what could be the first attempt by a traditional automaker to unlock value from an EV business via an IPO. Over the first nine months of 2023, Renault brand EV sales fell by around 5% in Europe, having been up 2.5% in the first half, weighed down by a limited line-up.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Renault, BEV, de Meo, Elon Musk's Tesla, Zoe, Silvia Aloisi, Mark Potter Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, UBS, ICE, Jefferies, Nissan, Elon, EV, Thomson Locations: Porte, Paris, France, Europe

☆ France's supreme court annuls penalties against UBS in tax evasion case - ruling
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsPARIS, Nov 15 (Reuters) - France's supreme court on Wednesday annulled penalties of 1.8 billion euros ($1.96 billion) imposed on Swiss bank UBS (UBSG.S) in 2021 in a major tax fraud case. The case will now go back to a lower court for a new decision on the penalties, the court said in its ruling. The court partially accepted an appeal by UBS against a decision taken by a lower court in 2021, which had imposed the penalties of 1.8 billion against the bank for allegedly helping wealthy clients in France evade taxes. ($1 = 0.9207 euros)Reporting by Tassilo Hummel, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Tassilo Hummel, Silvia Aloisi Organizations: UBS, Credit Suisse, Swiss, REUTERS, Rights, Thomson Locations: Zurich Switzerland, Swiss, France

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. The court, which also upheld the guilty verdict against the bank, said a new trial would need to take place at the Paris appeals court to determine a new fine, if any. UBS's shares, which were already up on the day, spiked as much as 3% more after news broke that the 1.8 billion-euro fine was struck down. The decision by the Cour de Cassation, France's highest judicial court, means the guilty verdict on UBS is final. France's top court reviewed whether the Paris appeals court ruling had complied with the law, not the facts that underpinned its decision.

Persons: Denis Balibouse, UBS's, " Keefe, Woods, Tassilo Hummel, Mathieu Rosemain, Stefania Spezzati, Silvia Aloisi, Mark Potter Organizations: UBS, Credit Suisse, Swiss, REUTERS, of, Cassation, Thomson Locations: Zurich Switzerland, Paris, PARIS, Cour, Swiss, France, United States, Mozambique

☆ Alstom to cut 1,500 staff, sell assets
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019. REUTERS/Regis Duvignau/File Photo Acquire Licensing RightsNov 15 (Reuters) - Alstom (ALSO.PA) on Wednesday said it would cut jobs, sell assets and was considering a capital increase in a bid to boost its balance sheet and alleviate investor concerns over high debt. The maker of France's iconic TGV trains said it aimed to cut about 1,500 staff to help meet its confirmed mid-term targets. Alstom plans to cut its net debt by 2 billion euros ($2.2 billion) by March 2025. As of Sept. 30, it had a net debt of 3.43 billion euros.

Persons: Regis, Henri Poupart, Lafarge, Philippe Petitcolin, Safran, Olivier Sorgho, Milla Nissi, Silvia Aloisi Organizations: Alstom, REUTERS, Traders, Thomson Locations: Semeac, Tarbes, France, Gdansk

☆ Renault to launch new Slovenia-made electric city car - sources
▼ + stars: | 2023-11-13 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

A logo of Renault is seen on a car during the French carmaker Renault's 2022 annual results presentation in Boulogne-Billancourt, near Paris, Feburary 16, 2023. REUTERS/Christian Hartmann Acquire Licensing RightsPARIS, Nov 13 (Reuters) - Renault (RENA.PA) will reveal the launch of an additional "affordable" city electric car during this week's capital markets day for its new EV unit Ampere, three sources familiar with the matter told Reuters. Ampere targets 600,000 produced electric vehicles in 2026 and one million in 2031. The company sold just under 50,000 electric Megane and Kangoo vehicles, its current models, last year. It flagged the arrival of electrified Scenic and R5 models for 2024, followed by the R4, in 2025.

Persons: Christian Hartmann, Ampere, Gilles Guillaume, Tassilo Hummel, Silvia Aloisi Organizations: Renault, REUTERS, Rights, Ampere, Reuters, Nissan, Thomson Locations: Boulogne, Billancourt, Paris, French, Mesto, Slovenia

☆ France's Macron urges Israel to stop bombing Gaza
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

Christophe Ena/Pool via REUTERS/File Photo Acquire Licensing RightsPARIS, Nov 10 (Reuters) - Israel must stop bombing Gaza and killing civilians, French President Emmanuel Macron told the BBC in an interview published late on Friday. Macron said there was "no justification" for the bombing and saying a ceasefire would benefit Israel. He said that France "clearly condemns" the "terrorist" actions of Hamas, but that while recognising Israel's right to protect itself, "we do urge them to stop this bombing" in Gaza. When asked if he wanted other leaders - including in the United Sates and Britain - to join his calls for a ceasefire, Macron said: "I hope they will." So we do urge Israel to stop," he said.

Persons: Emmanuel Macron, Christophe Ena, Macron, Benjamin Netanyahu, Netanyahu, Silvia Aloisi, Rami Ayyub, Alistair Bell, Diane Craft Organizations: Rights, BBC, United, Thomson Locations: Cairo, Egypt, Israel, Gaza, France, Britain, Paris , New York, Paris

[1/2] The branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. Its net income jumped 33% to 1.75 billion euros ($1.87 billion), above the 1.37 billion expected by analysts in a company-compiled poll. Group revenue rose 19% to 6.34 billion euros, topping the 5.99 billion expected by analysts. It reported lower-than-expected provisions of 429 million euros, helping its bottom line. Credit Agricole controls Europe's largest fund manager Amundi (AMUN.PA) and recently announced plans to acquire Belgian wealth management firm Degroof Petercam.

Persons: Marcin Goclowski, Morgan, Amundi, Degroof, Mathieu Rosemain, Augustin Turpin, Silvia Aloisi, Jason Neely Organizations: Credit Agricole, REUTERS, Credit, Credit Agricole Group, Societe Generale, BNP, Deutsche Bank, Barclays, Thomson Locations: Credit, Warsaw, Poland, PARIS, Italy, France

NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts, "well below expectations," JP Morgan said in a note to clients. The French lender said it now saw NII of its French retail, private banking and insurance division falling by more than 20% in 2023. The French retail division's earnings also suffered from hedging contracts against the risks of low interest rates. SocGen's shares had edged up 0.6% by 0924 GMT. The bank has also finalised the merger of its two French retail networks.

Persons: Gonzalo Fuentes, JP Morgan, SocGen, Slawomir Krupa, Jefferies, Krupa, ALD, Mathieu Rosemain, Silvia Aloisi, Ingrid Melander, Emelia Organizations: Societe Generale, La Defense, REUTERS, European Central Bank, BNP, Deutsche Bank, Barclays, Thomson Locations: La, Paris, France

One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Some analysts had already questioned Renault's hoped-for valuation of up to 10 billion euros, with some suggesting the carmaker should pursue alternative options to raise cash. De Meo said in September that the listing could value Ampere at between 8 and 10 billion euros, above the French carmaker's own current market capitalisation of 9.55 billion euros. Other EV makers have seen their market value fall sharply in recent months. The Ampere IPO would include a mix of Renault's shares and new shares and could happen as early as April 2024, one of the people said, depending on market conditions.

Persons: Gonzalo Fuentes, Ampere, France's, Tesla, Renault's, Luca de Meo, China's Geely, IPOs, De Meo, Bernstein, de Meo, Elon Musk's Tesla, Mathieu Rosemain, Silvia Aloisi, Pablo Mayo Cerqueiro, Gilles Guillaume, Anousha Sakoui, Alexander Smith Organizations: Renault, Viva Technology, Porte de, REUTERS, Reuters, DKV Mobility, HK, Saudi Arabia's Aramco, Nissan, IPOs Renault, EV, Commission, UBS, Barclays, Ampere, Mitsubishi, Thomson Locations: Porte, Paris, France, LONDON, China, Saudi, Europe, Ampere, Elon

☆ French payment company Worldline slump nearly 40% as it cuts targets
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Shares in Worldline (WLN.PA) slumped nearly 40% on Wednesday after the French payment company cut its full-year targets as the economic slowdown hurt its business in key markets including Germany. The group also said it had cut ties with some of its merchants to reduce risks "in light of an increase in cybercrime." The group now sees organic sales growth in 2023 of between 6% and 7%, compared with 8% to 10% previously. It also forecast a 150 basis point drop in its operating margin before depreciation and amortization for 2023, compared with a previous forecast of a 100 bps increase. "Worldline missed sales estimates in every division...These results are a disappointment in terms of the full-year miss and also that long-term targets have been discarded," JPMorgan analysts said.

Persons: Worldline, Lina Golovnya, Silvia Aloisi Organizations: JPMorgan, Thomson Locations: Germany

☆ Kering sales down 9% as luxury slowdown stalls revamp
▼ + stars: | 2023-10-24 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsPARIS, Oct 23 (Reuters) - French luxury group Kering(PRTP.PA) reported a bigger-than-expected drop in third quarter sales, underperforming major rivals as its top brand Gucci and other fashion labels all suffered from a slowing appetite for high-end clothes and accessories. LVMH (LVMH.PA), the world's biggest luxury group and one of Europe's biggest companies by market value, this month also reported a slowdown in third-quarter sales -- although it still clocked an increase in revenues with sales at its fashion and leather goods division up 9%. And Birkin bag-maker Hermes on Tuesday reported a rise in sales of 15.6%. Kering has undertaken a sweeping overhaul aimed at reviving Gucci, which has struggled to capitalise on the strong post-pandemic rebound in luxury goods sales and lost ground to rivals like LVMH's Dior and Louis Vuitton.

Persons: Sarah Meyssonnier, Yves, Yves Saint Laurent, Balenciaga, Saint Laurent, Jean, Marc Duplaix, Kering, Birkin, Hermes, LVMH's Dior, Louis Vuitton, Mimosa Spencer, Silvia Aloisi Organizations: REUTERS, Rights, Gucci, Yves Saint, Bottega, Thomson Locations: Paris, France, Bottega, Milan

☆ Technip Energies shares plunge after Le Monde report on Russian gas project
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

Oct 19 (Reuters) - Technip Energies (TE.PA) shares plummeted on Thursday after French newspaper Le Monde said the oil and gas company may have failed to comply with European Union sanctions against Russia by continuing to supply equipment to a Russian gas project. Technip Energies said in a statement after its shares fell as much as 22% that it had always respected international sanctions and its contractual obligations regarding the Arctic LNG2 project in Russia. "Technip Energies has worked with the relevant authorities and has complied with sanctions gradually imposed by the European Union, the United States and Britain," it said. The equipment delivered by Technip involved two modules for the construction of a liquefaction train worth around 450 million euros, Le Monde said, citing Russian customs records, maritime data and satellite images. "$800 million of market cap came off, it's a very harsh response, and suggests the news scared investors out there," said the analyst, who spoke on condition of anonymity, referring to the Le Monde story.

Persons: Le Monde, Monde, Technip, China's CNPC, Piotr Lipinski, Nathan Vifflin, Benjamin Mallet, Silvia Aloisi, David Evans Organizations: Union, Russia, European Union, Le, Japan, Mitsui & Co, Thomson Locations: Russian, Russia, United States, Britain, Paris, EU, Ukraine, Gdansk

☆ Renault sales up 7.6% thanks to higher prices but forex weighs
▼ + stars: | 2023-10-19 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

A logo of Renault is seen on a car during the French carmaker Renault's 2022 annual results presentation in Boulogne-Billancourt, near Paris, Feburary 16, 2023. Revenues came in at 10.51 billion euros ($11.07 billion), a touch above an analyst consensus forecast of 10.46 billion euros distributed by the company. Like other European carmakers it is facing strong competition in the EV market from Tesla (TSLA.O) and cheaper Chinese models. Renault confirmed its targets for 2023, adding it now expected a group operating margin closer to 8% for the year from a previous 7-8% forecast. ($1 = 0.9497 euros)Reporting by Gilles Guillaume, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Christian Hartmann, carmaker, Ampere, Gilles Guillaume, Silvia Aloisi Organizations: Renault, REUTERS, Companies Renault SA, Tesla, carmaker Renault, Turkish, Thomson Locations: Boulogne, Billancourt, Paris, Turkey, Argentina

☆ Two Swedes shot dead in Brussels, Belgium raises terror alert to top level
▼ + stars: | 2023-10-16 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +5 min

The suspected assailant fled the scene after the shooting as a football match between Belgium and Sweden was about to start, triggering a massive manhunt and prompting Belgium to raise its terror alert to the highest level. The federal prosecutor said the third victim, who was wounded but not in life-threatening condition, was a taxi driver. Belgian Prime Minister Alexander de Croo confirmed on social media platform X, formerly known as Twitter, that the victims were Swedish. "I have just offered my sincere condolences to the Swedish PM following tonight’s harrowing attack on Swedish citizens in Brussels," de Croo said on X. France is tightening controls at the border with Belgium after the deadly attack in Brussels, Belgian media said.

Persons: Abdesalem Al Guilani, Alexander de Croo, de Croo, Gunnar Strommer, Ulf Kristersson, King, Yves Herman Acquire, King Baudouin, Emmanuel Macron, Allahu Akbar, Al Guilani, hamdoulelah, Salam Aleykoum, Philip Blenkinsop, Marine Strauss, Anna Ringstrom, Terje Solsvik, Richard Lough, John Cotton, Jan Strupczewski, Silvia Aloisi, Hugh Lawson, Matthew Lewis Organizations: State, Palestinian, European Commission, Belgian, PM, Sweden's, Reuters, Government, Swedish, Thomson Locations: BRUSSELS, Brussels, Belgium, Sweden, Belgian, Israel, jihadists, Swedish, France, Islamic State

☆ Two Swedes shot dead in Brussels; Belgium raises terror alert to top level
▼ + stars: | 2023-10-16 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +5 min

The likely motive for the attack was the Swedish nationality of the victims, the prosecutor said. The suspected assailant, calling himself Abdesalem Al Guilani, claimed in a video on social media that he was a fighter for Allah. Belgian Prime Minister Alexander de Croo confirmed on social media platform X, formerly known as Twitter, the victims were Swedish. "I have just offered my sincere condolences to the Swedish PM following tonight’s harrowing attack on Swedish citizens in Brussels," de Croo said on X. France is tightening controls at the border with Belgium after the deadly attack in Brussels, Belgian media said.

Persons: Abdesalem Al Guilani, Alexander de Croo, de Croo, Gunnar Strommer, King, Yves Herman Acquire, Ulf Kristersson, Emmanuel Macron, Allahu Akbar, Al Guilani, hamdoulelah, Salam Aleykoum, Philip Blenkinsop, Marine Strauss, Anna Ringstrom, Terje Solsvik, Richard Lough, John Cotton, Gabriela Baczynska, Stephanie Lecocq, Tassilo Hummel, Benoit van Overstraeten, Tommy Lund, Jan Strupczewski, Silvia Aloisi, Hugh Lawson, Matthew Lewis, Gerry Doyle Organizations: Islamic State, Palestinian, European Commission, Belgian, Twitter, PM, Sweden's, Reuters, Swedish, Thomson Locations: BRUSSELS, Brussels, Belgium, Sweden, Belgian, Israel, Swedish, France, Islamic State

"Gucci is the opportunity to fall in love with fashion, ancora," De Sarno said in a post on Instagram in the run-up to the show, using the Italian word for "again." Debut collections can generate mixed reactions, and even positive press reviews are not always a proxy for their future commercial success. Kering shares closed 1.5% higher after the show. At their current price, Kering shares are trading at the equivalent of around 14 times expected earnings over the next 12 months, according to LSEG data. Reporting by Mimosa Spencer and Elisa Anzolin, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sabato De Sarno, Kering, De Sabato, Kenneth Richard, Federico Giglio, Giglio.com, Gucci, De Sarno, De, Antoine Belge, Francois, Henri Pinault, Julia Roberts, Ryan Gosling, Louis, Dior, Alessandro Michele, Marco Bizzarri, Jean, Hermes, Mimosa Spencer, Elisa Anzolin, Silvia Aloisi Organizations: luxe, Reuters, Exane BNP, fashion's, Louis Vuitton, Moncler, Thomson Locations: Milan, Italy, New York, Chengdu, Bangkok, London, Brera

"We are negatively surprised by lack of revenue growth, increased capital target, payout & ROTE cut, and by the lack of details," Jefferies analysts said in a note. It also said its new targets were based on annual revenue growth expectations between zero and 2% between 2022 and 2026, but that it would aim to improve its cost-to-income ratio. A SocGen veteran and former head of its investment bank, Krupa said he would streamline the bank's activities but didn't elaborate. The share price decline put SocGen on course for the biggest one-day drop since March. "It will take time for the shares to discount the cost improvement given SG's mixed track record," they said.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, SocGen, JP Morgan, Tassilo Hummel, Silvia Aloisi, Elisa Martinuzzi, Michal Alexandrowicz, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, BNP, Jefferies, Thomson Locations: La, Paris, France, Russia

☆ Belgium urges Apple to update iPhone 12 software across EU- minister
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: 1 min

PARIS, Sept 15 (Reuters) - Belgium's state secretary for digitalisation said on Friday he had asked Apple to upgrade the iPhone 12 software across EU countries, adding however that based on a preliminary review by the Belgian regulator the handset presents no danger to users. Mathieu Michel said in a statement that while a review of the phone by the IBPT regulator was still underway, the first results were "reassuring" and there was no need for a recall of the phone in Belgium. Belgium said on Thursday it would review potential health risks linked to Apple's iPhone 12, raising the prospect that more European countries might ban the model after France ordered a halt to sales due to breaches of radiation exposure limits. Reporting by Tassilo Hummel, writing by GV De Clercq, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: digitalisation, Mathieu Michel, Tassilo Hummel, Silvia Aloisi Organizations: Apple, GV, Thomson Locations: Belgian, Belgium, France

People walk past a logo of French bank Societe Generale in front of the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. The bank sees the business as non-core, having sold part of its operations in 2020, said the people, who spoke on condition of anonymity. But a transaction may not happen soon because difficult market conditions weigh on the unit's valuation, they said. Societe Generale Equipment Finance provides equipment leasing and financing solutions to manufacturers, dealers and vendors in sectors ranging from transport to industrials. Rather than naming non-core businesses, Krupa is more likely to outline the group's growth areas, said one person familiar with the bank's thinking.

Persons: Gonzalo Fuentes, Slawomir Krupa, Krupa, Italy's, SocGen, Pablo Mayo Cerqueiro, Mathieu Rosemain, Andres Gonzalez, Amy, Jo Crowley, Elisa Martinuzzi, Silvia Aloisi, Jane Merriman, David Evans Organizations: Societe Generale, La Defense, REUTERS, Finance, Reuters, Deutsche Bank, BNP, Societe Generale Equipment Finance, Basel Committee, Thomson Locations: La, Paris, France, PARIS, Basel

☆ 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

☆ Apple disputes French findings, says iPhone 12 complies with radiation standards
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

An Apple logo is pictured in an Apple store in Paris, France September 17, 2021. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Sept 13 (Reuters) - Apple (AAPL.O) said on Wednesday its iPhone 12 model was certified by multiple international bodies as compliant with global radiation regulations and standards after a French watchdog ordered it to stop selling the phones due to above-threshold radiation levels. The ANFR radiation watchdog told Apple on Tuesday it should stop selling iPhone 12 in France after carrying out tests which it said showed the smartphone's Specific Absorption Rate (SAR) was higher than legally allowed. The ANFR said it expected Apple "to deploy all available means to put an end to the non-compliance. Apple said it had provided ANFR multiple Apple and independent third-party lab results proving its compliance.

Persons: Gonzalo Fuentes, Apple, AFNR, Mathieu Rosemain, Silvia Aloisi Organizations: Apple, REUTERS, Rights, Thomson Locations: Paris, France

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