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☆ Credit Agricole's CACEIS registers in France as crypto custody services provider
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - CACEIS, the asset servicing business owned by Credit Agricole (CAGR.PA) and Santander (SAN.MC), has registered with France's markets regulator AMF to provide custody services for digital assets, such as cryptocurrencies. The company registered as a digital asset service provider (DASP) on June 20, according AMF's website, adding a major traditional financial services group to the growing number of crypto companies registered by the French watchdog. France has been supportive of the nascent industry and was the first major European country to grant registration to the world's biggest cryptocurrency exchange, Binance. CACEIS had 4.1 trillion euros ($4.51 trillion) in assets under custody at end of last year, according to its website. Credit Agricole SA is its majority owner with a 69.5% stake, while Santander holds a 30.5% of the group.

Persons: Mathieu Rosemain, Jane Merriman Organizations: Credit Agricole, Santander, AMF, Binance, Societe Generale, AXA, CACEIS, Credit Agricole SA, Thomson Locations: France

☆ France makes high-profile push to be the A.I. hub of Europe setting up challenge to U.S., China
▼ + stars: | 2023-06-19 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Macron told CNBC France will "invest like crazy" into A.I. "I think we are number one [in AI] in continental Europe, and we have to accelerate," French President Emmanuel Macron told CNBC's Karen Tso last week. watch nowWhile the U.S is seen as the leader in AI by many measures, France hopes to catch up. Underscoring the potential and hype of AI developments, four-week-old French startup Mistral AI raised 105 million euros to fund the company. I think we need a global regulation," Macron said.

Persons: Emmanuel Macron, Macron, Nathan Laine, Karen Tso, OpenAI's, Bruno Le Maire, Jean, Noel Barrot, Paris, Anton Dahbura, Rishi Sunak, Dahbura, … Organizations: Viva Tech, CNBC France, Bloomberg, Getty, PARIS —, French Finance, Digital, CNBC, European Union, Johns Hopkins Institute, Autonomy, Microsoft, OpenAI, Nvidia, Global, EU, Organisation for Economic Co Locations: A.I, PARIS — France, Europe, China, U.S, France, Germany, Britain

☆ France needs to work with the U.S. on A.I. regulation, finance minister says
▼ + stars: | 2023-06-15 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFrance needs to work with the U.S. on A.I. regulation, finance minister saysFrench Finance Minister Bruno Le Maire said France competes with the U.S. in artificial intelligence but also needs to work with the country on regulating the fast-growing technology.

Persons: Bruno Le Maire Organizations: France, U.S, French Finance Locations: France

☆ EU to try again for renewable energy deal after nuclear row
▼ + stars: | 2023-06-10 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, June 10 (Reuters) - European Union countries will try again next week to pass a deal on new renewable energy targets, which have been stalled by concerns from France and other states that the law sidelines nuclear energy. Paris has sought changes to the law to offer more favourable treatment of nuclear energy, and said the final deal puts at a disadvantage countries like France with large shares of nuclear power. Nuclear energy is low-carbon, but not renewable. The EU law is designed to drive a rapid expansion of renewable energy sources like wind and solar. Meanwhile, states including Germany and Luxembourg - both anti-nuclear countries - plus Denmark and Ireland have urged the EU to resolve the spat quickly, warning the delay endangers investments in renewable energy.

Persons: Paris, Bruno Le Maire, Kate Abnett, Dominique Vidalon, Frances Kerry Organizations: Union, EU, European Commission, French Finance, France, Thomson Locations: BRUSSELS, France, EU, Paris, Bulgaria, Poland, Hungary, Czech Republic, Germany, Luxembourg, Denmark, Ireland

☆ Macron Faces Fresh Test as Outlook for French Finances Dims
▼ + stars: | 2023-06-04 | by ( Liz Alderman | ) www.nytimes.com time to read: +1 min

To the list of challenges facing President Emmanuel Macron after raucous nationwide demonstrations over his pension measures, add a new one: a cascade of warnings over France’s finances. On Friday, S&P Global cautioned that it still had a negative outlook on France’s creditworthiness. S&P Global maintained its investment-grade credit rating for France, a decision that Mr. Macron’s government had eagerly awaited. But in restating a negative outlook first published in January, the ratings agency cited concern about France’s ability to rein in its public finances amid already elevated general government debt. And it added to concern among analysts about Mr. Macron’s ability, in a tense social and political climate, to move forward with his efforts to lift the country’s competitiveness and growth.

Persons: Emmanuel Macron, Macron’s Organizations: P Global, France

☆ France inaugurates first of four gigafactories in the north
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

[1/4] French Finance Minister Bruno Le Maire visits the gigafactory of Automotive Cells Company (ACC), a joint venture of Stellantis, TotalEnergies and Mercedes, during its inauguration in Billy-Berclau-Douvrin, northern France, May 30, 2023. REUTERS/Pascal Rossignol/PoolBILLY-BERCLAU, France, May 30 (Reuters) - France will inaugurate on Tuesday a battery-making gigafactory, the first of four such plants European and Asian companies plan to build in the north of the country. It highlights the race between European governments to attract global car makers as they seek to bring the supply of components for electric vehicles closer to their main markets. French President Emmanuel Macron, who personally lobbied to secure at least one the gigafactories in the Dunkirk region, has set a production target of 2 million electric vehicles made in France by 2030. ($1 = 0.9084 euros)Reporting by Gilles Guillaume, writing by Silvia Aloisi; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ UK government says it is meeting with food bosses over high prices — but denies it will impose caps
▼ + stars: | 2023-05-29 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The government is reportedly in discussions with supermarkets over voluntary price caps on some items. "The government is not considering imposing price caps. Any scheme to help bring down food prices for consumers would be voluntary," a government spokesperson told CNBC by email. "We know the pressure households are under with rising costs and while inflation is coming down, food prices remain stubbornly high. That's why the prime minister and the chancellor have been meeting with the food sector to see what more can be done."

☆ France in 'very close discussions' with S&P ahead of rating update
▼ + stars: | 2023-05-28 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: French Finance Minister Bruno Le Maire speaks at a joint news conference after his meeting with World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala at WTO headquarters in Geneva, Switzerland, April 1, 2021. REUTERS/Denis Balibouse/Pool//File PhotoPARIS (Reuters) - French Economy Minister Bruno Le Maire is in “very close discussions” with credit ratings agency Standard and Poor’s, which put France on notice in January for a possible downgrade, Prime Minister Elisabeth Borne said on Sunday. “There are very close discussions between Standard and Poor’s and Bruno Le Maire,” Borne told Radio J. “I think there were detailed explanations from Bruno Le Maire to Standard and Poor’s on everything we’re doing to control our public finances and I think that we act in this direction,” she said. Le Maire explained France’s reforms and its objective of cutting the country’s budget deficit to 2.7% of gross domestic product by 2027, she said.

PARIS, May 14 (Reuters) - France is poised to win record foreign investment pledges when President Emmanuel Macron receives global business leaders, including Tesla's Elon Musk, on Monday at the annual Choose France summit in Versailles. Executives attending the event in Versailles close to Paris have so far made commitments to invest a combined 13 billion euros ($14 billion), the most since Macron first held the summit in 2018. Billionaire entrepreneur Elon Musk, the CEO of Tesla (TSLA.O), met Macron at his official residence the Elysee Palace. France previously tried to convince Musk to build a European gigafactory in the country, but he chose Germany, his only European gigafactory so far. PALATIAL BACKDROPOver the last five years, Macron has invited top CEOs to the opulent Versailles Palace to try to secure billions in foreign investments.

Paris CNN —France’s finance minister is in the spotlight. “It is about music, my passion for music,” Le Maire insisted of the novel, whose central character is a piano virtuoso. Some in France chastized the finance minister for devoting time to writing, especially as the country weathers economic headwinds. The French finance ministry confirmed to CNN that Le Maire had warned the French presidency of the book before its release. And the finance minister seemed unabashed on Twitter.

☆ 'Focused on the job': France's Le Maire defends writing of steamy novel
▼ + stars: | 2023-05-03 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

PARIS, May 3 (Reuters) - French Finance Minister Bruno Le Maire said he was fully focused on creating growth and fighting inflation after coming under fire for penning a steamy novel that was published hours before France's credit rating was downgraded by an agency. "I am 100% focused on the job," Le Maire told Franceinfo radio. It is a graphic account of Oskar having sex with a character named Julia that has exposed Le Maire to mocking and criticism. The French edition of the Huffington Post headlined a story "Bruno Le Maire has written about an anus and no one was ready for this." "These are 10 lines out of a 480 pages book," Le Maire shot back when pushed on his writings during the Franceinfo interview.

☆ French court to rule on pension age rise as nationwide protests rage on
▼ + stars: | 2023-04-14 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Riot police guard the Constitutional Council building during a demonstration against pension reform in central Paris, France, on Thursday, April 13, 2023. French unions are held strikes and protests on Thursday against President Emmanuel Macron's pension reform, seeking to maintain pressure on the government before a ruling on the law's constitutionality. Bloomberg | Bloomberg | Getty ImagesFrance's Constitutional Council will rule on the legality of President Emmanuel Macron's controversial pension system reforms on Friday, as nationwide protests against raising the retirement age rumble on. While some hope the Constitutional Council will fully reject the bill, many commentators say that is unlikely. Demonstrators march along the vieux port during the 12th day of nationwide strike on pension reform on April 13, 2023 in Marseille, France.

On Wednesday, Group of Seven (G7) finance leaders pledged to give low- and middle-income countries a bigger role in diversifying supply chains to make them more resilient and sustainable. It's one of the key reasons that the IMF predicts the global economy will stay mired in low-growth mode for years. Georgieva said policymakers might have to accept that development of new, more separated supply chains would involve some cost. "Security of supplies and the reliable functioning of global supply chains is taking a new, higher priority seat in economic discussions," she said, citing the impact of both the COVID pandemic and the war in Ukraine. But he drew a distinction between "de-risking" supply chains and "de-coupling" from China.

They reiterated that the financial system is resilient, supported by prompt government responses to the turmoil and reforms implemented after the 2008 financial crisis. "We will continue to closely monitor financial sector developments and stand ready to take appropriate actions to maintain the stability and resilience of the global financial system," the G7 finance leaders said. 'SHARED VALUES'The ministers said that supply chains needed to achieve both efficiency and resilience, helping to maintain macroeconomic stability and make economies more sustainable. The statement cited the need to diversify the "highly concentrated" supply chains for clean energy technologies. JOINT RESEARCHIn addition to working more closely with developing countries on supply chains, the G7 finance officials pledged to encourage joint research and development efforts among G7 members and other "interested parties."

☆ France wants independence, will stay 'strong and reliable' US ally, finance minister says
▼ + stars: | 2023-04-12 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, April 12 (Reuters) - French finance minister Bruno Le Maire said on Wednesday that France and Europe want to pursue an independent policy path from the United States and China, but intend to be "strong and reliable allies of the United States of America." Asked about Macron's comments, Le Maire said the controversy was "much ado about nothing" because the French president has been advocating such an approach for years. I mean that on the geopolitical issues, on the industrial issues, on the technological issues, we want Europe to be more independent," Le Maire said. He said Macron spoke with U.S. President Joe Biden before visiting China and said the U.S., France and Europe have a "coordinated approach" to relations with China. Le Maire said Macron had asked China to hold more dialogue on Taiwan-related issues.

☆ "Calm down!" EU finance ministers play down SVB contagion despite banking shares rout
▼ + stars: | 2023-03-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies European bank shares down nearly 10% over two daysMinisters try to soothe markets as investors dump bank stocksFrance's Le Maire: "calm down!" BRUSSELS, March 13 (Reuters) - European finance ministers and the EU's economics commissioner played down the contagion risk of the collapse of U.S. Silicon Valley Bank (SVB) while European bank shares saw their biggest rout since the start of Russia's invasion of Ukraine. At the start of a Eurogroup finance ministers meeting in Brussels, French Finance Minister Bruno Le Maire called on markets to "calm down" and European Economic Commissioner Paolo Gentiloni stressed he did not see a risk of contagion for European banks following SVB's collapse (SIVB.O). France's Le Maire and his Belgian counterpart Vincent Van Peteghem also said they saw no specific concern for their country's banks, as investors were dumping their financial institutions' shares. Belgian finance minister Vincent Van Peteghem also poured oil on the waters.

☆ French government says has deal on anti-inflation shopping basket
▼ + stars: | 2023-03-06 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

The discounts are expected to cost retailers "hundreds of millions of euros", Le Maire said. From June, retailers and government officials will reassess the situation and may ask large consumer goods suppliers to re-negotiate prices with retailers, he added. French annual inflation rose unexpectedly to 7.2% in February from 7.0% in January, partly as a result of higher food prices, preliminary figures from the INSEE statistics body found. INSEE has forecast that food price inflation would remain at 13% for the first half of the year. The basket of anti-inflation groceries is the government's latest effort to show political support to lower-income citizens.

IndiGo, owned by InterGlobe Aviation Ltd (INGL.NS), is also comparing the A320neo with the Boeing 737 MAX as it weighs a major new order for narrow-body jets, they added. The split between wide- and narrow-body jets was not immediately clear. An IndiGo representative told Reuters the airline is constantly in talks with manufacturers as it plans its next phase of growth. IndiGo, which counts a 55% share of the domestic market, is widely expected to maintain Airbus as its supplier of narrow-body jets to squeeze out further economies of scale. Industry publication CAPA reported last month that IndiGo was looking at around 500 jets as Air India closed its own deal.

☆ Yellen backs fully financed IMF program for Ukraine by end-March -U.S. Treasury
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 27 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday backed completion of a "fully financed and appropriately conditioned" program for Ukraine with the International Monetary Fund by the end of March, Treasury said in a statement. Yellen's comments reflect growing momentum toward agreement on a new IMF financing package for Ukraine, coming days after IMF Managing Director Kristalina Georgieva also visited Kyiv. French Finance Minister Bruno Le Maire told reporters on Friday that European finance chiefs have endorsed a $15.5 billion IMF loan program for Ukraine, a sum in line with that given last week by Ukrainian Prime Minister Denys Shmyhal. Yellen spoke with Georgieva before leaving Washington to attend the Group of 20 meeting in India, and senior Treasury officials were in daily touch with IMF counterparts about the Ukrainian program, a Treasury official said. Yellen and Treasury officials also had conversations at the G20 with counterparts about an IMF program for Ukraine, the official said.

☆ France says sanctions against Russia are 'very efficient' as more are being considered
▼ + stars: | 2023-02-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +5 min

watch nowFrance's finance minister told CNBC that additional sanctions are being considered against Russia for its unjustified war against Ukraine, as current measures have proven to be "very efficient." When you are looking at the assets that have been frozen — more than $58 billion, you can say that sanctions against Russia are efficient," said the finance minister. Bruno Le Maire French finance ministerThe European Union recently ramped up its oil sanctions against Russia. The Group of 7 implemented a $60 price cap on Russian oil on Dec. 5. Reuters reported that the G-7 economies agreed to review the level of the price cap on exports of Russian oil in March.

BENGALURU, Feb 25 (Reuters) - G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint communique, delegates said. Russia, which is a member of the G20, refers to its actions in Ukraine as a "special military operation", and avoids calling it an invasion or war. Host India is also pressing the meeting to avoid using the word "war" in any communique, G20 officials have told Reuters. "We need absolute clarity, this is a war initiated by (Russian President Vladimir) Putin," he said. A senior G20 source said negotiations over the communique were difficult, with Russia and China blocking proposals made by Western countries.

Participants at the meeting, however, are likely to focus on the war in Ukraine. The G20 bloc includes the wealthy G7 democracies, as well as Russia, China, India, Brazil and Saudi Arabia. French Finance Minister Bruno Le Maire told Reuters that G20 financial leaders must condemn Russia's aggression against Ukraine and that Europe was working on new sanctions against Moscow. G7 chair Japan's finance minister, Sunichi Suzuki, told reporters that the group would closely monitor the effectiveness of sanctions and "take further actions as needed". German Finance Minister Christian Lindner said the pressure on Russia must be kept high to "completely isolate" Russia's economy.

☆ French Finance Minister: Not time to water down G-20 communique on Ukraine war
▼ + stars: | 2023-02-24 | 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: Not time to water down G-20 communique on Ukraine warFrench Finance Minister Bruno Le Maire speaks to CNBC's Tanvir Gill at the G-20 meeting in Bengaluru, India.

☆ Wealthy G7 nations gearing up for new volley of sanctions on Russia
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Leaders of the bloc of developed nations will meet virtually on Friday with Ukrainian President Volodymyr Zelenskiy to mark the one-year anniversary of Russia's invasion, and are expected to announce the sanctions package. Current G7 president Japan said it was considering new measures, without giving any details, and called for a unified stance towards Moscow. "Russia is refusing to change their hardline stance," Japanese Prime Minister Fumio Kishida said at a news conference to mark the anniversary. India, which has maintained a neutral stance on the conflict, does not want the G20 to discuss additional sanctions on Russia. Speaking at the G20, U.S. Treasury Secretary Janet Yellen accused Russian officials of being "complicit" in atrocities in Russia's invasion of Ukraine.

"I think that we have a very good candidate for the World Bank," French Finance Minister Bruno Le Maire said of Banga during a news conference at the G20 finance leaders meeting in India. The comments marked a turnabout from Tuesday, when Germany's international development minister, Svenja Schulze, who represents a different party in Germany's coalition government, said the next World Bank chief should be a woman. The G20 ministers meeting is being held on the outskirts of the Indian tech hub city of Bengaluru. 'UNIQUE SET OF SKILLS'The United States, the lender's dominant shareholder, has chosen every World Bank president since the founding of the institution at the end of World War Two. World Bank staff are bracing for Banga to make some management changes at the bank, emboldened by Yellen's repeated calls for "bolder and more imaginative" action by the bank, two bank sources told Reuters.

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