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☆ Markets fear the French far right could trigger a financial crisis
▼ + stars: | 2024-06-14 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +5 min

President Emmanuel Macron called the snap elections Sunday after his party lost to the far right in a vote for EU lawmakers, a shock move that rattled markets for French stocks and government bonds. There has been widespread speculation since then that the National Rally, the party of far-right doyenne Marine Le Pen, is poised to become the most powerful force in parliament, unseating Macron’s centrist bloc. The risk of something similar happening in France is real, according to the country’s finance minister, Bruno Le Maire. “This comes down to the (parties’) plans that are on the table, whether we can, yes or no, finance this debt,” Le Maire said. The National Rally has promised to raise public spending and slash VAT on electricity and fuel.

Persons: Emmanuel Macron, Pen, ”, Truss, Bruno Le Maire, Le Maire, “, ” Le Maire, ’ jitters, Ludovic Marin, La Tribune Dimanche, Frank Gill, Moody’s, ” Joseph Ataman, Mark Thompson Organizations: London CNN —, EU, National, ‘, AAA, Getty Images Stock, haven’t, CNN, BFMTV, La Tribune, National Rally, European Central Bank, ECB Locations: France, ‘ France, French, Portugal, Europe, Italy, AFP, Paris, London

☆ France’s Macron bets big and stares down the far right
▼ + stars: | 2024-06-10 | by ( Saskya Vandoorne | Joseph Ataman | ) edition.cnn.com time to read: +8 min

When Jordan Bardella, the leader of the far-right National Rally party, called on Macron to dissolve the French national parliament on Sunday night, it seemed like political posturing, riding high on his victory in European polls. Calling the far right’s bluffMacron will try to rally the right and left, urging their supporters to come together and vote against the far right, but there’s no knowing if it’ll pay off. The last time a French president dissolved the country’s lower house, the National Assembly, was in 1997. French far-right leader Marine Le Pen arrives at the National Rally party headquarters on Monday, June 10, 2024 in Paris. This could see voters of different stripes banding together to oppose a candidate from the far right.

Persons: parry, Emmanuel Macron, Jordan Bardella, ”, Macron, Jacques Chirac, Stephane Séjourné, Séjourné, ” Manon Aubry, Jean, Luc Mélenchon, Marine Le Pen, Thomas Padilla, Le Pen, Pen, Bruno Le Maire, Hannah McKay, he’ll, It’ll, ” Macron, Bardella, Yaël Braun Organizations: Paris CNN, National Assembly, French, Radio France, France, National Rally, French Finance, National, RTL, Getty, Macron’s, “ Locations: France, Republic, Macron, Gaza, Paris, Europe, Macron’s, Le Touquet

☆ France is aiming to become a global AI superpower — but not without help from U.S. Big Tech
▼ + stars: | 2024-05-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

AI everywhere at Viva TechAt Viva Tech, AI was everywhere. France boasts a strong AI research and development ecosystem, home to key facilities like the Facebook AI Research center from Meta and Google's AI research hub in Paris, as well as leading universities. He referred to H's mammoth funding round as an example of the momentum surrounding French AI right now. watch nowLevy said roughly 40% of the tech demos at Viva Tech were AI. He said that Google's recently introduced Gemma AI, a lightweight, open-source model, was developed heavily at the U.S. internet giant's Paris AI hub.

Persons: Emmanuel Macron, Yoan Valat, Eric Schmidt, Porte, Bruno Le Maire, CNBC's Arjun Kharpal, Le Maire, Etienne Grass, Capgemini, Imran Ghory, Ghory, CNBC's Andrew Ross Sorkin, Macron, Mistral, Yann LeCun, James Manyika, Google's, Maurice Levy, Karen Tso, Levy, Google's Manyika, Gemma AI Organizations: Afp, Getty, PARIS —, Viva Technology, Microsoft, Viva Tech, L'Oreal, Porte de, Facebook, CNBC, Blossom, Meta, Google, Paris, Groupe, U.S, Innovation Locations: Elysee, Paris, France, PARIS — France, China, Europe, Meta, French, U.S, Israel, Dealroom

☆ Western countries are lining up to name and shame China for overproduction
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Read previewWestern countries are lining up to call out China for its barrage of cheap exports that are flooding the world's markets. "We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field, in line with World Trade Organization (WTO) principles." China pushes back on criticism, industrial profits rose in AprilBeijing has consistently resisted the West's criticism that it is dumping cheap goods on the world market. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth. In April, profits at China's industrial companies rose 4% from a year ago, reversing a drop in March, according to official statistics released on Monday.

Persons: —, Janet Yellen, Olaf Scholz, Bruno Le Maire, Yu Weining, Joe Biden, Biden, Josh Lipsky, Lipsky Organizations: Service, Business, EU, Bloomberg, World Trade Organization, China's Commerce Ministry, European Commission, International Monetary Fund Locations: China, France, Stresa, Italy, Beijing, United States

☆ Chinese EV makers continue aggressive push into Europe under growing threat of tariffs
▼ + stars: | 2024-05-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

PARIS — Chinese electric carmakers are pushing ahead with expansion into Europe, even as politicians raise the possibility of high tariffs on vehicles from the world's second largest economy. The result of this probe could lead to tariffs on Chinese EV imports. The U.S. has already taken such a step, with the Biden administration imposing 100% tariffs on Chinese EV imports this week. Chinese EV makers have been aggressively expanding overseas, as they look to challenge Elon Musk's Tesla internationally but also to gain an early lead ahead of established automakers. China's EV industry has boomed over the years thanks to incentives and support from the Chinese government, which has concerned politicians in Europe and the U.S.

Persons: Xpeng, BYD, Biden, Elon Musk's Tesla, Bruno Le Maire Organizations: European Commission, EV, Companies, U.S, CNBC, French Finance Locations: Amsterdam, Netherlands, France, Paris, PARIS, Europe, China, U.S

☆ French Finance Minister Bruno Le Maire says France is the AI leader in Europe
▼ + stars: | 2024-05-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFrench Finance Minister Bruno Le Maire says France is the AI leader in EuropeFrench Finance Minister Bruno Le Maire talks about the competitiveness of Europe's tech firms at VivaTech in Paris.

Persons: Bruno Le Maire Organizations: French Finance, Europe French Finance Locations: France, Europe, VivaTech, Paris

☆ China’s Xi Jinping highlights Europe’s divisions ahead of expected Putin visit
▼ + stars: | 2024-05-12 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Chinese state media played up the warm diplomacy, with headlines proclaiming China’s “ironclad” bond with Serbia and “golden friendship” with Hungary. Both are sure to closely watch any summit between Xi and Russian President Vladimir Putin in China, expected to happen soon. Chinese leader Xi Jinping is welcomed at the airport in Belgrade on May 7 for his two-day state visit. Xi also marketed a shared worldview during his meeting with Orban in Hungary, which is a member of both the EU and NATO. Chinese leader Xi Jinping talks with Hungarian Prime Minister Viktor Orban in Budapest on May 9.

Persons: Xi, Peng Liyuan, Aleksandar Vucic, Viktor Orban, China’s, Vucic, Orban –, Emmanuel Macron, Ursula von der, Vladimir Putin, Orban, Hungary “, ’ ”, Philippe Le Corre, ”, Putin, Le Corre, Xi Jinping, Dimitrije Goll, Xi’s, Serbia’s Vucic, ” Vucic, Bruno Le Maire, BYD, Liu Dongshu, Vivien Cher Benko, Tamas Matura, Mark Rutte, Olaf Scholz, Matura, Von der, “ Orban, Gabor Scheiring Organizations: Hong Kong CNN, Russia, Ukraine, China, Europe …, Asia Society, Center for, Forum, Anadolu, Getty, EU, NATO, ”, Xi, Hong Kong’s City University ., Hungarian, Central, Dutch, Georgetown University Locations: Hong Kong, France, Ukraine, China, Belgrade, Budapest, Paris, Serbian, Hungarian, Serbia, Hungary, Europe, Russia, Russian, ”, Europe … Hungary, Center for China, Beijing, United States, EU, Hong, Central, Eastern Europe, Eastern, Moscow, Qatar, “ Hungary

☆ 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

☆ 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

☆ 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

☆ 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

☆ UAE's ADNOC awards $17 bln of contracts for gas project
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +3 min

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Italian engineering group MAIRE (MTCM.MI) and energy services group Saipem (SPMI.MI) said in separate statements they had been awarded $8.7 billion and $4.1 billion contracts by ADNOC respectively for the project. MAIRE's onshore EPC contract is worth about $8.74 billion and includes CO2 and sulphur recovery and handling, ADNOC said. The Hail and Ghasha project will capture 1.5 million tonnes per year (mtpa) of CO2, which would raise ADNOC's committed investments for carbon capture capacity to almost 4 mtpa, the statement said. ADNOC - which in July brought forward its net zero carbon emissions target to 2045 - last week said it aimed to increase its carbon capture capacity to 10 mtpa by 2030.

Persons: Toru Hanai, MAIRE, MTCM.MI, ADNOC, Saipem, Saipem's, Al Kindy, Sultan al, Jaber, Yousef Saba, Clauda, Alberto Chiumento, Jan Harvey, Mark Potter Organizations: REUTERS, Rights, Abu Dhabi National Oil Company, ADNOC, National Petroleum Construction Company, Fertiglobe, United Arab Emirates, United, Thomson Locations: Gastech, Chiba, Japan, Rights DUBAI, Abu Dhabi, Saipem, UAE, United Nations, Dubai, Gdansk

☆ 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

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