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Europe stocks head for higher open to round off choppy week
  + stars: | 2024-06-14 | by ( Jenni Reid | )   time to read: +1 min
This picture taken in Paris on March 3, 2024 shows the silhouette of the Eiffel Tower and the city skyline against a cloudy weather. The Stoxx 600 index is nonetheless on course for one of its worst weeks of the year so far. Stateside, two sets of inflation data — the consumer price index and the producer price index — both came in softer than expected, boosting U.S. stocks. Between those readings, the Federal Reserve held interest rates steady and revised its outlook for interest rate cuts to just one in 2024. The start of the week was dominated by market reaction to elections to the European Union's parliament, in which far-right parties made gains, as had been forecast.
Persons: Stefano RELLANDINI, STEFANO RELLANDINI, Germany's DAX, Emmanuel Macron's Organizations: Eiffel, Getty, CAC, Federal Reserve, spooked Locations: Paris, AFP
Yen on guard ahead of BOJ; euro stutters with weekly loss in sight
  + stars: | 2024-06-14 | by ( )   time to read: +4 min
The yen was on the defensive on Friday ahead of a policy decision from the Bank of Japan that could see it further reduce its massive monetary stimulus, while elsewhere the euro, mired in political turmoil, was headed for a weekly loss. The yen was on the defensive on Friday ahead of a policy decision from the Bank of Japan that could see it further reduce its massive monetary stimulus, while elsewhere the euro, mired in political turmoil, was headed for a weekly loss. The yen was a touch weaker at 157.08 per dollar and on track for a marginal weekly loss of about 0.2%, though moves were largely subdued ahead of the conclusion of the BOJ's two-day monetary policy meeting later on Friday. The euro was little changed at $1.0737, and was poised for a weekly loss of roughly 0.6%. Against the British pound, the euro was last languishing near a 22-month low and staring at a weekly decline of 0.9%.
Persons: Ray Attrill, Wall, Powell, Jean Boivin, Emmanuel Macron's, Macron, France's, Erik, Jan van Harn Organizations: Bank of, National Australia Bank, New Zealand, Federal Reserve, BlackRock Investment Institute, Fed, Aussie, Rabobank Locations: Bank of Japan, BlackRock
Economists polled by Reuters expect headline consumer price inflation to ease to 0.1% from 0.3% last month, and core price inflation to remain steady on the month at 0.3%. Powell is likely to strike a relatively dovish tone at the press conference, however, given disappointing growth indicators since the last Fed meeting, Williams said. Japanese wholesale prices rose 2.4% in the year to May, Bank of Japan data showed on Wednesday, beating market forecasts for a 2% increase. The yen held steady at 157.16 per greenback after slipping to its lowest since June 3 at 157.40 the previous day. While Japan's central bank will likely discuss bond buying cuts to pre-empt yen selling pressure, dollar/volatility this week largely depend on Wednesday's U.S. CPI and Fed meeting, he added.
Persons: Jerome Powell's, Kieran Williams, Powell, Williams, Emmanuel Macron's, Sterling, Wei Liang Chang, bitcoin Organizations: U.S, Consumer, Fed, Reuters, Asia FX, InTouch, Bank of Japan, Bank of, DBS, CPI Locations: Czech, U.S, Asia, Bank of Japan
Left-leaning newspaper Liberation described the snap election call as an "extreme gamble," while the center-right Le Figaro ran a brief headline Monday: "Le choc" ("shock"). That happened well before the humiliation of the European election results, in which Macron's Renaissance party got less than half as many votes as the far-right Rassemblement National ... In the meantime, other commentators and newspapers, such as Les Echos, have characterized Macron's move as a game of poker. Macron's supporters defend the president as a self-made and ambitious man who has a direct way of speaking to voters. "First, he has interpreted the vote for the European Parliament as a personal insult, as a rejection of his domestic policy direction.
Persons: Emmanuel Macron, Xi Jinping, Ursula von der Leyen, Gonzalo Fuentes, Emmanuel Macron's, Macron, drubbing, Jordan Bardella, Le Figaro, Alexis Brézet, Fenoglio, Macron's, it's, Robert Ladrech, Chirac Organizations: Reuters, Macron's Renaissance Party, National Assembly, Le Monde, CNBC, Keele University Locations: Paris, France, what's, EU
LONDON — European stocks are expected to open flat to higher Tuesday as investors look ahead to the Federal Reserve's next meeting and U.S. inflation data. The U.K.'s FTSE index is expected to open unchanged at 8,223, Germany's DAX up 6 points at 18,493, France's CAC 40 up 21 points at 7,897 and Italy's FTSE MIB up 16 points at 34,568, according to IG. Regional markets fell on Monday as traders reacted to the EU Parliament elections and French President Emmanuel Macron's decision to call a snap election after the right-wing National Rally party made strong gains.
Persons: Germany's DAX, Emmanuel Macron's Organizations: Federal, CAC, IG, Regional
Chesnot | Getty Images News | Getty ImagesFrench President Emmanuel Macron's decision to call a snap national election after a surge for his far-right rivals is a high-stakes move and a huge political gamble, analysts say. Macron's decision to call a snap parliamentary vote comes after the right-wing National Rally (RN) party, led by Marine Le Pen, won around 31% of the vote in Sunday's European Parliament election. That was more than double the 14.6% seen for Macron's pro-European and centrist Renaissance Party and its allies. France's CAC 40 slumped 1.8% in the early hours of trading Monday morning with French banks trading sharply lower. "This is an essential time for clarification," Macron said in a national address Sunday evening as he announced his decision to dissolve parliament.
Persons: Emmanuel Macron, Emmanuel Macron's, Macron, Le Pen, Macron —, , Daniel Hamilton, Johns Hopkins University SAIS, Antonio Barroso, Teneo, Barroso, Le, Douglas Yates, Yates Organizations: Getty, Getty Images, Marine, Sunday's, Renaissance Party, CAC, BNP, Societe Generale, Foreign, Institute, Johns Hopkins University, CNBC, Research, National Assembly, American Graduate School Locations: Chesnot, France, Paris
This has given Russian forces the chance to make small but steady gains. It's one of 30 settlements that have seen heavy bombardment by Russian forces, Kharkiv Governor Oleh Syniehubov said on Monday. AdvertisementHolding on until Western aid comesMeanwhile, chronic delays in Western support has left Ukraine badly under-supplied in ammunition. Advertisement"This year represents a window of opportunity for Russia," military analyst Michael Kofman told the Times. "But if the Russian military is not able to turn these advantages into battlefield gains and generate momentum, there's a fair chance that this window will begin to close as we enter 2025."
Persons: , Volodymyr Zelenskyy, Zelenskyy's, Sergii Nykyforov, Nykyforov, EFE, King Felipe VI of Spain, Zelenskyy, Hamish de Bretton Gordon, Bretton Gordon, Vladimir Putin, George Barros, Chasiv Yar, Kyryo Budanov, Oleh Syniehubov, Ann Marie Dailey, Russia's, Emmanuel Macron's, de Bretton Gordon, Michael Kofman Organizations: Service, Business, Telegraph, British, Institute, Associated Press, New York Times, BBC, Kharkiv, RAND, Fleet, Russian, Politico, Times Locations: Ukraine, Russia, Spanish, Portugal, Ukrainian, Donetsk, Kharkiv, Chasiv Yar, Vovchansk, Russian, Ukraine's, prevarication, it's
PARIS (Reuters) - France is planning to toughen unemployment rules by restricting the period when jobless citizens receive welfare payments, Prime Minister Gabriel Attal said on Wednesday. Outlining the government's plans to further reform the job market, Attal told TF1 television: "One of the options is to reduce the duration of payments. An unemployed worker aged 53 or less currently receives up to 18 months of benefits plus six months if jobs are scarce. The duration extends to 22-1/2 months plus 7-1/2 months for workers aged 53-54, and 27 months plus nine months for those over the age of 55. Other than shortening the duration of welfare payments, Attal also said the government was considering toughening the requirements to be eligible for unemployment benefits.
Persons: Gabriel Attal, Attal, Emmanuel Macron's, Tassilo Hummel, Timothy Heritage Organizations: PARIS, TF1 Locations: France
Last month, II MEF attended a 10-day training course in the hills near the Norwegian town of Setermoen. "I think that's one of the things that we see with our marines and sailors in this training," said II MEF commander, Lt. AdvertisementThe II MEF, the US military's rapid response group, was ordered to delay the hypothetical enemy so that "reinforcements" had time to arrive. The Arctic is a key locationThe Arctic itself is already a critical region for Russia and NATO. AdvertisementPutin has snapped back at the West following French President Emmanuel Macron's suggestions that NATO could send troops to Ukraine.
Persons: , Ted Driscoll, David A, JONATHAN NACKSTRAND, Grant Schapps, Pål Jonson, Mark Stephens, Vladimir Putin, Putin, Emmanuel Macron's, Sergei Naryshkin, General Carl, Johan Edstrom, it's Organizations: Service, US Marines, Marine Expeditionary Force, NATO, Marines, Business, NBC News, Nato Nordic, Getty, Reuters, NBC, Norwegian Communication Authority, Brookings Institution, Russia's Foreign Intelligence Service, BBC Locations: Alaska, Norway, Norwegian, Setermoen, Iraq, Afghanistan, AFP, Russia, Ukraine, Finland, Sweden, North America, Europe, Russian
In the two years since Russian President Vladimir Putin launched his full-scale invasion, allied dignitaries visiting Ukraine have been harried by strikes — and in one case, a drone — in the cities they've visited. "Definitely, I think Russia has been trying to be quite aggressive and intimidate Western leaders," he told Business Insider. President Joe Biden with Ukrainian President Volodymyr Zelenskyy during an unannounced visit to Kyiv, Ukraine, on February 20, 2023. NATO's principle of collective defense — Article 5 — doesn't apply to armed attacks in this scenario as they would not be in NATO space, Loss told BI. Russia is 'greasing' a slippery slopeRussia is testing NATO's attitude to risk, Loss told BI, and the incidents involving leaders visiting Ukraine can be read as part of a much wider strategy of provocations.
Persons: , Kyriakos Mitsotakis, Mitsotakis, Vladimir Putin, they've, Joe Biden's, Josep Borrell, António Guterres, Frank, Walter Steinmeier, Cristian Nitoiou, Joe Biden, Volodymyr Zelenskyy, Evan Vucci, Annalena Baerbock, scurrying, Nitoiou, Rafael Loss, Ukraine's, we've, JOHN THYS, Emmanuel Macron's, Putin Organizations: Service, Business, Reuters, UN, UK's Loughborough University, European Union, German Defense, European Council, Foreign Relations, NATO, Getty Locations: Russia, Ukrainian, Odesa, Mitsotakis, Ukraine, Kyiv, United States, Russian, Mykolaiv, Moscow, Poland, Baltic, Polish, AFP
Oliver Bäte, chief executive of German insurance group Allianz. Nurphoto | Nurphoto | Getty ImagesA growing detachment between political leaders and populations presents the biggest risk in a busy election year, according to Allianz CEO Oliver Bäte. The Allianz Risk Barometer published this month noted that political risk was already at a five-year high in 2023, with some 100 countries considered at high or extreme risk of civil unrest. This is expected to deepen in 2024, amid continued economic hardship, particularly in "debt-crisis countries." "We have an increasing detachment of the political elite from the working class and the people that actually go to work every day, and that, I see as the number one risk for our societies," Bäte said.
Persons: Oliver Bäte, you've, Emmanuel Macron's, Nahel, Viktor Orbán, Bäte Organizations: Allianz, Nurphoto, Economic, Sweden Democrats Locations: Ukraine, Davos, Switzerland, Netherlands, France, Slovakia, Italy, Hungary, Sweden
Snowballs of Paris 2024 Olympics and a miniature of the Eiffel Tower are displayed at the official store during the Paralympic Day at Place de la Republique, Paris, France October 8, 2023. "If we don't have commitments at the beginning of 2024, then in January, February, March, April, we will take action," CGT union representative Celine Verzeletti told Reuters. The French government and the Paris 2024 organising committee did not immediately reply to a Reuters request for comment. France's Alliance police union this week gave the government a Dec. 31 deadline to respond to its demands. State-owned transport operator RATP has also started talks with workers, offering daily extra payments of 15 euros, according to French media reports.
Persons: Sarah Meyssonnier, Celine Verzeletti, Stanislas Guerini, Verzeletti, Emmanuel Macron's, David Leyraud, Tassilo Hummel, Toby Davis Organizations: Eiffel, Republique, REUTERS, Rights, CGT, Reuters, Labour, Games, Paris, France's Alliance police, Alliance, France, HP, State, Thomson Locations: Paris, France
PARIS (AP) — The Louvre Museum in Paris and Versailles Palace evacuated visitors and staff Saturday after receiving bomb threats, police said. Paris police said officers searched the museum after it received written bomb threats. Political Cartoons View All 1211 ImagesThe former royal palace at Versailles also received bomb threats, and the palace and its sprawling gardens were being evacuated while police examine the area, according to national police. Macron urged the people of France to “stay united.”___Schaeffer reported from Arras, France. Associated Press journalists Thomas Padilla in Paris and Nicolas Garriga in Arras, France contributed to this report.
Persons: Emmanuel Macron's, Mona Lisa, Gerald Darmanin, Mohammed M, Gambetta, Carnot, , Emily Noge, ’ ’ It’s, , Samuel Paty, Macron, , ” ___ Schaeffer, Thomas Padilla, Nicolas Garriga Organizations: PARIS, Louvre Museum, Police, police, Gare de Lyon, Counterterrorism, The Associated Press, Education Ministry, Associated Press Locations: Paris, Versailles, France, Israel, Louvre, Gare, Arras, Ingushetia, Chechnya, Chechen
A right-wing TV host in France linked the Paris' bedbug outbreak to immigrants. A government minister called Praud's comments on CNews, likened to Fox News, as "hate speech." AdvertisementAdvertisementA right-wing pundit in France is under investigation by Arcom, the country's audiovisual regulator, for making "racist" comments about the current bedbug infestation in Paris, The Times reports. Pascal Praud, a TV host on right-wing channel CNews, asked Nicolas Roux de Bezieux, the founder of a pest control firm, whether immigrants had caused the onslaught of bedbugs. David Belliard, Paris' Deputy Mayor, called the comments "stupid and racist," and added that CNews' views could be summarized in the clip.
Persons: Pascal Praud, , Arcom, Nicolas Roux de Bezieux, Praud, Roux de Bezieux, Le, Emmanuel Macron's, Bérangère Couillard, David Belliard, Euronews, CNews, Eric Zemmour, Louis, Ferdinand Céline Organizations: Fox News, Service, Times, Charles, Rugby, Agence France, AP, France Insoumise, Gender Equality Locations: France, Paris, Gaulle
The data, compiled by NielsenIQ, showed overall sales volumes for shower gel, tampons, dishwashing products, laundry detergent and toilet paper declined in the year ended Sept. 17. Reuters GraphicsMajor brands like Ariel laundry detergent and Dove soaps have for years dominated the market versus retailers' private label goods. But the NielsenIQ data shows volumes for private label personal products are inching up while those for big brands decline. For instance, shower gel volumes fell 6% overall and 10% for big brands but rose 14% for private label products. Similarly, while laundry detergent volumes were down about 2% across the category and fell 10% for big brands, they surged 28% for private label brands.
Persons: Sarah Meyssonnier, NielsenIQ, Anton Delbarre, Emmanuel Macron's, Bernstein, Bruno Monteyne, Alexandre Bompard, Henkel, Eurocommerce, Richa Naidu, Helen Reid, Matt Scuffham, Catherine Evans Organizations: Carrefour, REUTERS, Unilever, Reuters, Nestle, Pepsico, Reuters Graphics, Consumer, Procter, Gamble, Delbarre, Thomson Locations: Montesson, Paris, France
[1/3] French Senate President Gerard Larcher arrives to attend a state dinner in honor of Britain's King Charles and Queen Camilla at the Chateau de Versailles (Versailles Palace) in Versailles, near Paris, on the first day of their State visit to France, September 20, 2023. REUTERS/Hannah McKay/File Acquire Licensing Rights Read morePARIS, Sept 24 (Reuters) - France's centre-right Les Republicains (LR) party maintained its majority in the Senate after Sunday's vote, in which three senators from Marine Le Pen's far-right party were elected. The Senate is indirectly elected by France's mayors as well as regional, departmental and municipal councillors. Le Pen's Rassemblement National had been widely expected to make a new breakthrough in the Senate but the score of three wins was above expectations. Under France's Fifth Republic, the Senate has less influence over legislating than the National Assembly, the lower house of parliament.
Persons: Gerard Larcher, Britain's King Charles, Queen Camilla, Hannah McKay, Les Republicains, Le Pen's, Sonia Backes, Emmanuel Macron's, Macron, Michel Rose, Sybille de La, Matthew Lewis Organizations: Chateau, REUTERS, State, France's Fifth, National Assembly, Socialist, Thomson Locations: Versailles, Paris, France, PARIS, Marine, Rassemblement, New Caledonia, France's Fifth Republic
There were light moments too, with Queen Camilla and President Emmanuel Macron's wife, Brigitte, trying their hand at table tennis as French youngsters looked on. Here's the latest:* Camilla also tried her hand at weaving at French luxury house Chanel's 19M workshop, with Brigitte Macron and Chanel CEO Leena Nair watching. * Queen Camilla and French President Emmanuel Macron's wife Brigitte played table tennis together at a sports centre outside of Paris - not that successfully. The royal couple and Brigitte Macron chatted with youngsters at the Saint-Denis sports centre. [1/9]Britain's Queen Camilla plays table tennis next to Britain's King Charles, Brigitte Macron, wife of French President Emmanuel Macron as they meet local youth sports associations in Saint-Denis near Paris, on the second day of their State visit to France, September 21, 2023.
Persons: King Charles, Queen Camilla, Emmanuel Macron's, Brigitte, Camilla, Brigitte Macron, Leena Nair, Charles, Germain, King Charles III ., Nasser Al, Khelaifi, Denis, Brigitte Macron chatted, Britain's King Charles, Emmanuel Macron, REUTER, Hannah McKay, Queen Elizabeth, France's, Macron, Dominique Vidalon, Ingrid Melander, Elizabeth Pineau, Michel Rose, Johnny Cotton, Michael Holden, Blandine, Sharon Singleton Organizations: French, Paris Saint, King Charles III . Club, Saint, Entente, Notre, Dame, Thomson Locations: Britain, France, Saint, Paris, British, Ukraine, entente, United Kingdom, Versailles
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
France condemns anti-French unrest in Niger following coup
  + stars: | 2023-07-30 | by ( )   time to read: +1 min
PARIS, July 30 (Reuters) - France condemned violence against its diplomatic mission in Niger and pledged to react strongly to any attack on its nationals or interests, as anti-French protests took place outside the French Embassy in Niamey on Sunday following last week's military coup. In a separate statement, the Foreign Affairs ministry condemned all violence against diplomatic missions and called on Niger authorities to protect the French mission as required under international law. France, the former colonial power in Niger, announced on Saturday it was cutting all development aid to the country and called for Bazoum to be returned to office following his ouster late on Wednesday. Niger has been a security partner of France, and the United States, which have used it as a base to fight an Islamist insurgency in West and Central Africa's wider Sahel region. Reporting by Elizabeth Pineau and Layli Foroudi Editing by Bernadette Baum and Frances KerryOur Standards: The Thomson Reuters Trust Principles.
Persons: Emmanuel Macron's, Macron, Mohamed Bazoum, Elizabeth Pineau, Bernadette Baum, Frances Kerry Organizations: Foreign Affairs, Thomson Locations: France, Niger, Niamey, Niger Mahamadou, . Niger, United States, West, Central
WASHINGTON, July 27 (Reuters) - China is helping Russia evade Western sanctions and likely providing Moscow with military and dual-use technology for use in Ukraine, according to an unclassified U.S. intelligence report released on Thursday. China has repeatedly denied sending military equipment to Russia since Moscow's all-out invasion of Ukraine in February 2022. "The PRC is providing some dual-use technology that Moscow's military uses to continue the war in Ukraine, despite an international cordon of sanctions and export controls," the ODNI report said. China has increased it importation of Russia energy exports, including oil and gas rerouted from Europe, the report said. U.S. officials have previously raised concern about transfers of "dual-use equipment" from China to Russia.
Persons: ODNI, Emmanuel Macron's, Emmanuel Bonne, Kanishka Singh, Michael Martina, Caitlin Webber, Daniel Wallis Organizations: National Intelligence, U.S . House, Intelligence, Russian Government, States Government, Thomson Locations: China, Russia, Moscow, Ukraine, China's, Europe, Beijing, U.S, Washington
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
That initiative follows a visit to Japan by NATO Secretary General Jens Stoltenberg in January when he said the lessons China was learning from Ukraine could influence its decisions. NATO documents have begun to reflect concern about China, East Asia and the Indo-Pacific, but Japan needs to deepen its awareness of those issues, a Japanese official involved in discussions about NATO ties said. Diplomats from two European NATO countries who spoke to Reuters said unease in the alliance about a Tokyo office went beyond France. Another Japanese official involved in preparations for Kishida's NATO visit said the idea of a NATO office in Japan had nothing to do with China, but that is how it became framed, and each NATO country has its own relations with China. Under Yoon, South Korea has set up a liaison office with NATO in Brussels and has embraced a call for unity among like-minded countries.
Persons: Fumio Kishida, , Michito Tsuruoka, Kishida, Jens Stoltenberg, Emmanuel Macron's, Yoon Suk Yeol, Yoon, Anthony Albanese, We’ll, Albanese, Sakura Murakami, Tim Kelly, John Irish, Josh Smith, Praveen Menon Organizations: NATO, Atlantic Treaty Organization, Keio University, NATO's, Diplomats, Reuters, Japanese, SYDNEY South, Australian, Asia Pacific, Ukraine, Sky News, Thomson Locations: TOKYO, Lithuania, Ukraine, Asia, Japan, South Korea, Australia, New Zealand, U.S, Europe, Russia, NATO, East Asia, China, Taiwan, North Korea, Lithuania's, Vilnius, Tokyo, France, Brussels, Danish, SEOUL, Poland, Paris, Seoul, Sydney
Riots rock France before funeral of teenager shot by police
  + stars: | 2023-07-01 | by ( )   time to read: +2 min
A French police officer in riot gear looks on next to burnt cars at the Pablo Picasso neighbourhood in Nanterre on July 1, 2023. "We aren't part of the family and didn't know Nahel but we were very moved by what has happened in our town. So we wanted to express our condolences," one man among the mourners, who declined to give his name, told Reuters. The shooting of the teenager, caught on video, has reignited longstanding complaints by poor and racially mixed urban communities of police violence and racism. Macron had denied there is systemic racism inside French law enforcement agencies.
Persons: Pablo Picasso, Nahel, Emmanuel Macron's, Macron, Nahel's Organizations: Twitter, Reuters Locations: Nanterre, France, Paris, France's
Companies Electricite de France SA FollowPARIS, June 29 (Reuters) - EDF CEO Luc Remont told managers on Thursday that the state-owned power group's nuclear activities would be reorganised to overcome recurring problems that cut production last year. Two sources said the division would be restructured and five executives charged with drawing up proposals, including nuclear park head Cedric Lewandowski, head of new nuclear projects Xavier Ursat and head of industrial quality Alain Tranzer. France is the region's largest exporter of power, but the outages cut 2022 nuclear power output to the lowest level since 1988. Remont told the group's top 300 managers that talks were still underway with the state and EU competition regulators about its existing and future nuclear activities, the source said. There's no need to wait for a final decision from the president's office," the source said after attending the meeting with managers.
Persons: Luc Remont, Cedric Lewandowski, Xavier Ursat, Alain Tranzer, Emmanuel Macron's, Remont, Elizabeth Pineau, Benjamin Mallet, Josephine Mason, Leigh Thomas, Jan Harvey Organizations: Electricite de, SA, PARIS, EDF, Reuters, French, Thomson Locations: France, EU, Paris, London
Zambia seals $6.3 billion debt restructuring deal
  + stars: | 2023-06-22 | by ( Leigh Thomas | )   time to read: +3 min
"We have reached an agreement on the outline of a debt treatment, we've reached the end of the negotiation," the French official, who did not wish to be identified, told journalists. Zambia's public sector creditors agreed to reschedule $6.3 billion, including $1.3 billion in arrears, and private sector creditors are expected to do the same on the $6.8 billion owed to them, the official said. The restructuring agreement with official creditors paves the way for Zambia to receive another $188 million tranche of money from the International Monetary Fund, part of a $1.3 billion package approved in August 2022. The scale of the debt relief Zambia requires has been a concern for some of the country's main creditors. Of the $6.3 billion in debt owed to government bodies, $4.1 billion was owed specifically to Export-Import Bank of China, the French official said.
Persons: we've, Hakainde Hichilema, Emmanuel Macron's, Leigh Thomas, Susan Fenton Organizations: International Monetary Fund, Import Bank of China, Zambian, Group, Thomson Locations: Zambia, China, Beijing, France
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