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☆ Breton says he is stepping down as France's EU commissioner, citing spat with von der Leyen
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: +1 min

French European Commissioner Thierry Breton on Monday said he would step down as a member of the EU executive body over a rift with Commission President Ursula von der Leyen, alleging that she had asked Paris to withdraw his candidacy. Von der Leyen is finalizing her list of commissioners for her second term leading the governing body, due to be presented to the public this week. In his resignation letter, which Breton posted on X, he said von der Leyen "a few days ago" had asked France to withdraw his name as its pick for the Commission "for personal reasons" in return for an "allegedly more influential portfolio". Von der Leyen's office did not immediately reply to a request for comment. The French presidency did not immediately reply to a Reuters request for comment.

Persons: Thierry Breton, Ursula von der Leyen, Paris, Von der, Breton, von der Organizations: French, Big Tech, Reuters, EU Locations: France

☆ Paris loses stock market crown to London as political upheaval looms
▼ + stars: | 2024-06-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —London’s stock market has edged ahead of its rival in Paris as fears grow over the outcome of France’s looming parliamentary elections. The first round of the French elections is scheduled for June 30, followed by a second round on July 7. Hubert de Barochez, a senior market economist at consultancy Capital Economics, said investors might be concerned that a parliament run by the National Rally would penalize banks. In contrast with the political and financial turmoil in France, UK financial markets are “relatively stable,” said Rudolph at IG Group. Credit ratings agencies are already keeping a close eye on France, one of the EU’s three most-indebted countries.

Persons: Emmanuel Macron, Axel Rudolph, you’ve, ”, OpinionWay, Macron, Hubert de Barochez, Rudolph, Richard Hunter, Mohit Kumar Organizations: London CNN, Bloomberg, CAC, FTSE, European Union, “, CNN, National, BNP, Credit, Capital Economics, IG Group, Labour Party, Interactive Investor, National Rally, Jefferies Locations: Paris, France, United Kingdom, Europe’s, Britain

☆ Dollar holds firm before Fed rates decision
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +3 min

On the day, the dollar index was up 0.1% to 103.51, just below Monday's 103.82 which matched last week's seven-week high. The Federal Reserve meanwhile is expected to hold U.S. interest rates steady on Wednesday but flag cuts are coming by dropping language indicating it is weighing further hikes. Interest rate futures price a roughly 43% chance of a Fed rate cut in March, down from 73% at the start of the year. A slowdown in Germany would foreshadow the same in Eurozone numbers due on Thursday and reinforce market expectations that European policymakers could start rate cuts earlier than the ECB has signalled. Expectations of interest rate cuts in China have driven a strong rally in the bond market this month while the yuan has been squeezed by flight from China's crumbling equity markets.

Persons: Jerome, Powell, Dane Cekov Organizations: Bank of Japan, Federal Reserve, Federal, U.S, French EU, ECB, Bank of Locations: U.S, Germany, China

☆ President Trump warned that the US would 'never' help Europe if attacked, a top EU official said
▼ + stars: | 2024-01-13 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

A top EU official revealed that Trump said the US would not help Europe if attacked. The official said it was a "big wake-up call" and expressed fears about a second Trump presidency. As president, Trump was openly critical of the EU and questioned the US commitment to NATO. AdvertisementFormer President Donald Trump privately warned that the US would "never" help the EU if it were attacked, a top European Union official has revealed. According to Breton, Trump then said: "By the way, NATO is dead, and we will leave, we will quit NATO.""

Persons: Trump, —, Donald Trump, Thierry Breton, Ursula von der Leyen, Breton, Vladimir Putin, Joe Biden Organizations: EU, Trump, NATO, Service, European Union, French, Economic, Politico, Kremlin, Republican Locations: Europe, Davos, Breton, United States, Brussels, Ukraine, EU

Decision-making is key because the EU now requires unanimity on foreign and security policy, taxes, EU finances, some areas of justice and home affairs and social security and protection. EU agriculture policy would need to be revamped because the admission of agriculture powerhouse Ukraine would dramatically change current EU direct payments to farmers. A similarly major change would happen to the EU's regional policy, under which poorer EU members receive money to raise their standard of living. The agriculture and regional funds make up two thirds of the EU budget, which totals roughly 1% of the bloc's gross national income a year. The paper, which polarised EU governments when first discussed on Sept. 19, said some countries in the EU should be allowed to form closer cooperation than others, forming four tiers of European integration.

Persons: Laurence Boone, Anna Luhrmann, Tiago Antunes, Jan Strupczewski Organizations: Union, EU, Guiding, Franco, Political, Thomson Locations: BRUSSELS, Spanish, Murcia, Turkey, Ukraine, Moldova, Albania, Bosnia, Herzegovina, Montenegro, North Macedonia, Serbia, Georgia, Kosovo, EU, France

☆ 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

☆ France welcomes EU probe into Chinese electric vehilces - minister
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: 1 min

French State Secretary in charge of European Affairs Laurence Boone leaves the Elysee Palace after the weekly cabinet meeting in Paris, France, July 29, 2022. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsPARIS, Sept 13 (Reuters) - French Europe Minister Laurence Boon on Wednesday welcomed an anti-subsidy investigation into Chinese electric vehicles launched by the EU Commission, saying it was important to protect the bloc's market. "We won't let our market be flooded by over-subsidised EVs that threaten our companies just as it had happened with solar panels", she said in a statement. Reporting by Michel Rose, writing by Tassilo Hummel, Editing by Charlotte Van CampenhoutOur Standards: The Thomson Reuters Trust Principles.

Persons: European Affairs Laurence Boone, Benoit Tessier, Laurence Boon, Michel Rose, Tassilo Hummel, Charlotte Van Campenhout Organizations: European Affairs, REUTERS, Rights, EU Commission, Thomson Locations: Paris, France

☆ ECB's Villeroy: French inflation peak seen in H1
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

PARIS, March 9 (Reuters) - France's inflation peak will come in the first half of this year, French European Central Bank policymaker Francois Villeroy de Galhau said on Thursday, adding inflation across the euro zone was still too high and remained the top priority for monetary policy. "I can't comment on interest rates, but what is very important is the inflation expectations", Villeroy said, adding: "The peak will come this semester, and then inflation will halve by the end of the year." The ECB has already raised rates by 3 percentage points since July and essentially promised another half a percentage point increase on March 16, but investors have recently speculated on an even bigger move given poor inflation data. Several policymakers have warned recently that ECB rate hikes need to continue until core inflation turns around and starts falling towards the ECB's 2% target. Reporting by Tassilo Hummel; Editing by Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

☆ ECB's Villeroy sees inflation peak in first half of year, no risk of recession
▼ + stars: | 2023-03-01 | by ( Marine Strauss | ) www.reuters.com time to read: +1 min

Paris, March 1 (Reuters) - Inflation in France is likely to reach its peak in the first half of the year and, barring a major world event, the risk of recession could be ruled out, French European Central Bank policymaker Francois Villeroy de Galhau said on Wednesday. Villeroy, who is also governor of the French central bank, said inflation should be back to around 2%, the ECB's target, by the end of 2024 to the end of 2025. "It will be longer - we must not claim victory too quickly - but more gradual and more pragmatic in the pace of the next hikes," Villeroy told French lawmakers. While it is too early to tell when rates would reach their peak, Villeroy said it would be "desirable" by summer, at the latest by September. Reporting by Marine Strauss Editing by Raissa Kasolowsky and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

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