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☆ 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

☆ 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

☆ 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

☆ 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

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

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

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

☆ France announces more food price caps in effort to curb inflation
▼ + stars: | 2023-08-31 | by ( Joseph Ataman | ) edition.cnn.com time to read: +2 min

Paris CNN —The number of price-capped products in French supermarkets will double to 5,000, finance minister Bruno Le Maire said Thursday, as data revealed another month of double-digit food inflation. Speaking to French broadcaster France2, Le Maire also criticized several multinational companies, including Unilever (UL) and PepsiCo (PEP), for not doing enough to help French consumers. The price caps, agreed with producers and distributors, aim “to definitively break the spiral of food prices,” he said, noting that the affected products made up around a quarter of a typical supermarket’s offerings. In June, Le Maire said 75 top food companies had agreed to cut prices on hundreds of products from July in line with declines in raw material costs. According to provisional data released by the country’s statistics institute Thursday, French food prices rose 11.1% this month compared with a year ago, less than they did in July but still more than double the rate of overall inflation.

Persons: Bruno Le Maire, France2, Le Maire, “, ”, ” Le Maire, Olesya Dmitracova Organizations: Paris CNN, Unilever, UL, PepsiCo, Nestle

☆ Explainer: Why is France struggling to lower supermarket prices?
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +4 min

But food prices have continued to climb in France and many other countries even after energy and agricultural commodity costs fell sharply this year. In July, food prices in France were 12.7% higher than a year earlier, compared with a 13.7% increase in June. Retailers say part of the reason why France is struggling to cut prices more aggressively lies with the way retail prices are set in the country. HOW DO FRANCE'S RETAILERS SET PRICES? HOW ARE FOOD PRICES LINKED TO RAW MATERIALS?

Persons: Eric Gaillard, Bruno Le Maire, Le Maire, Les Mousquetaires, Emmanuel Macron's, Olivier Bompard, Henkel, Sybille De La Hamaide, Silvia Aloisi, Mark Potter Organizations: Carrefour, REUTERS, Rights, Finance, Retailers, Procter, Gamble, Unilever, Thomson Locations: Nice, France, Ukraine

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

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

☆ French consumers forced to cut back on essentials, Carrefour CEO warns
▼ + stars: | 2023-08-29 | by ( Dominique Vidalon | ) www.reuters.com time to read: +4 min

"We are seeing a non-spending tsunami in France," Chairman and Chief Executive Alexandre Bompard told Franceinfo radio. The government is eager to get food inflation - more than twice the overall French inflation rate of 5.1% in July - on a downward path, wary that such high levels could undermine fragile consumer confidence. 'SITUATION OF DEPRIVATION'"They see their margins increase while the French are in a situation of deprivation," Bompard told Franceinfo. On Tuesday, Le Maire vowed to step up pressure on retailers and producers to accelerate price cuts. "I am meeting retailers tomorrow and the producers the day after tomorrow ... with one objective: accelerate the fall of prices."

Persons: Alexandre Bompard, Sarah Meyssonnier, Bompard, FinMin Le Maire, Bruno Le Maire, Henkel, Franceinfo, Le Maire, Dominique Vidalon, Geert de Clercq, Silvia Aloisi, David Goodman, Conor Humphries Organizations: Carrefour, Entrepreneurs de France, Paris, Paris Longchamp Racecourse, REUTERS, Wednesday PARIS, Finance, Retailers, Procter, Gamble, Unilever, G, Henkel, Thomson Locations: Paris Longchamp, Paris, France, Carrefour

☆ French minister Darmanin warns of risk of Marine Le Pen victory in next election
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/file photo Acquire Licensing RightsPARIS, Aug 25 (Reuters) - French Interior Minister Gerald Darmanin - whom President Nicolas Sarkozy said would be a good future head of state - warned on Friday of the risk that far-right politician Marine Le Pen could win the next presidential election in 2027. Le Pen lost to President Emmanuel Macron in the second round of the 2022 election, echoing an identical outcome in the 2017 vote. "The fact of the matter is that in five years' time, a victory for Madame Le Pen is quite probable," Darmanin told La Voix du Nord, in an interview published in Friday's paper. "If we let a large part of the working class and middle class go over to Marine Le Pen, the professional classes will not support us in the second round. That is what could get Marine Le Pen elected in 2027, not questions on migration," he added.

Persons: Gerald Darmanin, Gonzalo Fuentes, Nicolas Sarkozy, Darmanin, Le Pen, Emmanuel Macron, Madame Le Pen, Bruno Le Maire, Sudip Kar, Gupta, Bertrand Boucey, Ingrid Melander Organizations: Overseas, REUTERS, Rights, RTL, du, Thomson Locations: Paris, France, French

☆ France's Le Maire vows to keep lowering taxes
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

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. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsPARIS, Aug 24 (Reuters) - France will accelerate the reduction of its debt while sticking to its policy of lowering taxes for households and businesses, Finance Minister Bruno Le Maire said on Thursday. The French state must reduce public spending, he added, confirming that gas and electricity price caps would end. Inflation has started to slow and "we will stick to our fiscal policy", Le Maire said during a visit to the Haute-Savoie department in the French Alps. Reporting by Dominique Vidalon, editing by Tassilo Hummel and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Bruno Le Maire, Thomas Peter, Le Maire, Fitch, Elisabeth Borne, Dominique Vidalon, Tassilo Hummel, Devika Organizations: Finance, France Economic, REUTERS, Rights, Thomson Locations: China, France, Diaoyutai, Beijing, Haute, Savoie, French

☆ Factbox: European countries imposing windfall taxes on banks
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +4 min

But he and Finance Minister Bruno Le Maire have ruled out the possibility of a windfall tax. HUNGARYHungary's government has tweaked windfall taxes imposed on key sectors of the economy in a decree published in June, saying banks can reduce their 2024 windfall tax payments by up to 50% if they increase their Hungarian government bond purchases. ITALYItaly approved on Aug. 8 a one-off 40% tax on profits banks reap from higher interest rates and it plans to use the proceeds to help mortgage holders. LITHUANIALithuania's parliament approved in May a windfall tax on the banking industry's net interest income for 2023 and 2024 following a sharp rise in European Central Bank interest rates. It is expected to raise 6 billion Swedish crowns a year.

Persons: Ralph Orlowski, Emmanuel Macron, Bruno Le Maire, Christian Lindner, Alessandro Parodi, Matteo Allievi, Olivier Sorgho, Silvia Aloisi, Tom Sims, Holger Hansen, Marta Frąckowiak, Alexander Smith Organizations: Germany's Deutsche Bank, REUTERS, Finance, HUNGARY Hungary's, European Central Bank, Swedish Government, Thomson Locations: Frankfurt, Germany, Italy, CZECH REPUBLIC, Czech, France, GERMANY, HUNGARY, ITALY Italy, LITHUANIA, SPAIN Spain, SWEDEN, Britain

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

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

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

[1/5] China's Vice Premier He Lifeng and French Economy and Finance Minister Bruno Le Maire attend the China-France Economic and Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, China, July 29, 2023. REUTERS/Thomas PeterBEIJING, July 29 (Reuters) - China hopes France can "stabilise the tone" of EU-China relations, vice-premier He Lifeng told a senior French minister in Beijing on Saturday, as European leaders debate how to "de-risk" but also cooperate with the world's second-largest economy. "It is hoped that France will stabilise the tone of friendly cooperation between China and the EU," He said in opening remarks before an afternoon of discussions at Beijing's Diaoyutai State Guest house, adding that China believes its bilateral ties with France "have a good foundation". "It is essential to think about the expansion and deepening of economic and financial cooperation between France and China," La Maire said. "We would like to welcome major new investments from China to French territory."

Persons: Lifeng, Bruno Le Maire, Thomas Peter BEIJING, State Anthony Blinken, Janet Yellen, Le Maire, La Maire, Joe Cash, Layli Foroudi, Liz Lee, Lincoln, Giles Elgood Organizations: China's, Finance, France Economic, REUTERS, Economy, Beijing's, U.S, State, Economic, European Union, Union, Huawei, Thomson Locations: French, China, France, Diaoyutai, Beijing, EU, United States, Russia, Paris

☆ French, Spanish economies grow at sustained pace in second quarter
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

PARIS/MADRID, July 28 (Reuters) - The French and Spanish economies grew at a sustained pace in the second quarter on the back of stronger exports and tourism, statistics agencies said on Friday, auguring a possible euro zone rebound. France's gross domestic product expanded in the second quarter a faster-than-expected 0.5% from the preceding quarter, while the Spanish economy grew 0.4%, according to data from INSEE and INE, as the French and Spanish statistics agencies are respectively known. The data from French and Spanish economies, respectively the euro zone's second- and fourth-largest, bode well after the euro zone's growth was 0% in the first quarter of this year. The French economy sped up from a revised 0.1% in the first quarter, INSEE said in its quarterly GDP report. Unlike France and Spain, Austria, a much smaller economy, shrank 0.4% in the second quarter due to a slowdown in construction and industry.

Persons: auguring, Bruno Le Maire, bode, Nadia Calvino, Tassilo Hummel, Inti, Dominique Vidalon, Christopher Cushing, Nick Macfie Organizations: PARIS, Finance, RTL, Thomson Locations: MADRID, Spanish, Spain, France, Austria

Finance Minister Bruno Le Maire said on June 9 he had secured a pledge from 75 food companies to cut prices. French shoppers have paid more than 20% more for Nestle products each month since January versus last year, the data showed, and price increases peaked at 36.6% in May. Nestle, whose brands include Maggi stock cubes and Kit Kat chocolate bars, declined to comment. Similarly, stores sold products made by Activia yogurt owner Danone for between 11.2% and 16.7% more than last year in the first six months of the year. The NielsenIQ data shows the final prices retailers charge shoppers, and does not necessarily only reflect the prices food companies ask for from stores.

Persons: Arnd, Bruno Le Maire, Bernstein, Kat, Le Maire's, Jack Martin, Janus Henderson, Gaurav Gooptu, Richa Naidu, Sybille de La, Matt Scuffham, Sharon Singleton Organizations: Swiss, Nestle, REUTERS, Danone, Finance, Reuters, Reuters Graphics Reuters, Oberon Investments, U.S, Consumers, BNP, Thomson Locations: Bern, Konolfingen, Switzerland, France

☆ Macron reshuffles ministers after French riots "stunned" country
▼ + stars: | 2023-07-20 | by ( Michel Rose | ) www.reuters.com time to read: +3 min

[1/2] French Junior Minister for Public Accounts Gabriel Attal speaks during a debate on the pension reform plan at the National Assembly in Paris, France February 17, 2023. REUTERS/Sarah Meyssonnier/File PhotoPARIS, July 20 (Reuters) - French President Emmanuel Macron on Thursday reshuffled his ministers for key domestic portfolios such as education, housing and urban affairs, as his government begins its response to riots that shook the country three weeks ago. Borne, Finance Minister Bruno Le Maire, Foreign Minister Catherine Colonna and Interior Minister Gerald Darmanin all remained in place. "We're in a spirit of continuity but let's not pretend as if there hasn't been something that stunned the country for a few nights," he told them. Other figures who had caused embarrassment to the government in recent months, including a junior minister who had posed for the cover of Playboy magazine during the pension reform crisis, left the cabinet.

Persons: Gabriel Attal, Sarah Meyssonnier, Emmanuel Macron, Macron, Pap, Sabrina Agresti, Aurelien Rousseau, Elisabeth Borne's, Bruno Le Maire, Catherine Colonna, Gerald Darmanin, Borne, Michel Rose, Dominique Vidalon, Sudip Kar, Alison Williams Organizations: French Junior, Public, National Assembly, REUTERS, Finance, Playboy, Thomson Locations: Paris, France, Algerian, North, Dunkirk, Borne

☆ France to raise regulated household electricity prices by 10% from August
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

PARIS, July 18 (Reuters) - The French government has decided to raise regulated household electricity prices by 10% starting from August, a government official said on Tuesday, confirming a report from newspaper Les Echos. The 10% increase is much lower than the one proposed by the French Energy Regulatory Commission (CRE), which - based on current market prices - recommended an increase of 74.5%. In May, Finance Minister Bruno Le Maire said France's cap on electricity prices would be phased out and end at the end of next year. European electricity prices soared last year, mainly driven by the fallout from the war in Ukraine. France also saw record-low nuclear output as state-owned utility EDF (EDF.PA) repairs reactors affected by stress corrosion.

Persons: Les, ”, Bruno Le Maire, France's, Benjamin Mallet, Tassilo Hummel, Charlotte Van Campenhout, Jason Neely Organizations: French Energy Regulatory Commission, Finance, EDF, Thomson Locations: Europe, Ukraine, France

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

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

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

☆ France to cut government spending by 4.2 bln eur next year - minister
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 17 (Reuters) - The French government expects to spend 4.2 billion euros ($4.71 billion) less in 2024 as it scales back massive consumer subsidies on fuel and electricity, according to first budget estimates sent to parliamentarians. "For the first time in almost a decade, spending will decrease when compared to the previous year: 4.2 billion euros down", Budget Minister Gabriel Attal told paper Les Echos on Sunday. "We are ending the exceptional crisis spending and are making savings, to finance the green transition," Attal said. Finance Minister Bruno Le Maire has asked each ministry to identify cutbacks worth 5% of their budget. A finance ministry source said on Sunday that France's debt reduction would be achieved through various means, including savings in employment and housing policies.

Persons: Gabriel Attal, Emmanuel Macron's, Attal, Fitch, Bruno Le Maire, Tassilo Hummel, Bertrand Boucey, Angus MacSwan Organizations: Finance, Thomson Locations: France

☆ Elizabeth Warren urges SEC to investigate Tesla over Twitter ties, corporate governance
▼ + stars: | 2023-07-17 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Sen. Elizabeth Warren, D-Mass., sent a letter urging the U.S. Securities and Exchange Commission to investigate Tesla and its board of directors over possible "conflicts of interest, misappropriation of corporate assets, and other negative impacts to Tesla shareholders" related to CEO Elon Musk's Twitter takeover. The take-private deal included $13 billion in debt, and Musk reportedly sold billions of dollars worth of his Tesla shares to finance the transaction. In recent weeks, Musk appointed Linda Yaccarino, who previously ran global advertising for Comcast's NBCUniversal, to the role of Twitter CEO. Her hiring stirred hope that Twitter's beleaguered advertising business would soon recover and that Musk would return to focus on Tesla and SpaceX. Tesla is scheduled to report its second-quarter earnings after the bell on Wednesday of this week.

Persons: Elon Musk, Finances Bruno Le Maire, Sen, Elizabeth Warren, Tesla, Elon, Gary Gensler, Warren, Robyn Denholm, Musk, Linda Yaccarino, Comcast's, Yaccarino Organizations: French, Finances, Chateau, U.S . Securities, Exchange Commission, Twitter, SEC, CNBC, Public Affairs, Tesla, SpaceX Locations: Versailles, Paris

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