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☆ Leon Marchand, 21-year-old French swimming star, breaks Michael Phelps’ last remaining world record
▼ + stars: | 2023-07-23 | by ( Issy Ronald | ) edition.cnn.com time to read: +1 min

CNN —Although Michael Phelps retired seven years ago, his legacy has continued to tower over swimming. But on Saturday, Phelps’ last remaining world record was smashed by 21-year-old Leon Marchand at the World Aquatics Championships in Fukoka, Japan, as the Frenchman completed the 400 meters individual medley in 4:02.50, shaving an enormous 1.34 seconds off Phelps’ previous mark. Phelps himself had held the world record for almost 21 years, setting a series of increasingly faster times during his stint as the world’s most dominant swimmer. “I’m two seconds faster than my previous record, I beat the world record, it’s amazing… I don’t know what to say, I’m so happy.”France's Leon Marchand competes in the final of the men's 400m medley. Meanwhile Australia’s Ariarne Titmus set a world record in the women’s 400 meter freestyle with a time of 3:55.38, so blistering that she held off Katie Ledecky in second place.

Persons: Michael Phelps, Phelps ’, Leon Marchand, Frenchman, ” Marchand, “, Phelps, ” France's Leon Marchand, Manan Vatsyayana, Carson Foster, Australia’s Ariarne, Katie Ledecky Organizations: CNN, Olympics, Getty Locations: Fukoka, Japan, Beijing, AFP, Japan’s

☆ Titmus shatters world record to win 400m freestyle gold at worlds
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +2 min

FUKUOKA, Japan, July 23 (Reuters) - Reigning Olympic champion Ariarne Titmus of Australia smashed the world record as she blazed to victory in a battle royale for the women's 400m freestyle title on the opening day of the swimming events at the World Aquatics Championships on Sunday. New Zealand's Erika Fairweather edged McIntosh to grab the bronze, finishing 4.21 seconds behind Titmus. Earlier, Australia's Sam Short won the men's 400m freestyle race a year after his compatriot Elijah Winnington prevailed. The women's and men's 4x100m freestyle relays will bring an end to the day's proceedings at the Marine Messe Fukuoka Hall. Reporting by Shrivathsa Sridhar in Bengaluru Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

Persons: Ariarne, Titmus, Summer McIntosh, Katie Ledecky, Ian Thorpe, Pieter van den Hoogenband, Michael Phelps, Erika Fairweather, McIntosh, Australia's Sam Short, Elijah Winnington, Ahmed Hafnaoui, Germany's Lukas Martens, Winnington, France's Leon Marchand, Carson Foster, Jacob Whittle, Shrivathsa Sridhar, Toby Davis Organizations: Paris, Marine Messe Fukuoka Hall, Thomson Locations: FUKUOKA, Japan, Australia, Athens, Tunisia, Budapest, British, Bengaluru

The deal to buy Collins' actuation and flights controls business marks the French engine and aircraft equipment maker's biggest acquisition since the 2018 purchase of seat maker Zodiac. "We are going to move towards more electrical actuation and flight controls," Safran's Chief Executive Officer Olivier Andries said. Collins Aerospace, part of U.S. aerospace and defence giant Raytheon Technologies, recently renamed RTX (RTX.N), said the sale would "optimize resources". Safran said its all-cash offer gave the business it is acquiring an enterprise value of $1.8 billion. Safran said Collins would remain a key customer for the business as a manufacturer of nacelles or engine housings for jetliners, making up 25% of the acquired activity's revenues.

Persons: France's Safran, SAF.PA, Collins, Olivier Andries, Safran, Andries, Pascal Bantegnie, Augustin Turpin, Tim Hepher, Jan Harvey, Jane Merriman, Elaine Hardcastle Organizations: Collins Aerospace, Raytheon Technologies, Airbus, Boeing, French Rafale, Parker Aerospace, Thomson Locations: U.S, Paris, American, Eaton, United States, Europe

CARACAS, July 21 (Reuters) - Venezuelan expects to sign licenses by year-end for developing the nation's vast natural gas reserves, oil minister Pedro Tellechea said on Friday, even amid U.S. sanctions. Most of the South American country's gas reserves remain undeveloped after decades of insufficient investment, contract changes and - in recent years - U.S. sanctions to oust President Nicolas Maduro. But new officials running the oil ministry and PDVSA want to encourage new investment and unfreeze projects. Oil major Shell Plc (SHEL.L), which produces in Trinidad, could operate the Dragon gas field in Venezuela if Maduro's government extends it a license, Trinidad officials have said. Venezuela is producing 831,000 barrels of crude per day (bpd) this month and expects to increase to 1 million bpd by year-end.

Persons: Pedro Tellechea, Nicolas Maduro, Tellechea, Spain's, Maurel, Deisy Buitrago, Mayela Armas, Vivian Sequera, Marianna Parraga, Alison Williams Organizations: Eni, Shell, Thomson Locations: CARACAS, Caracas, United States, Trinidad and Tobago, Venezuela, Trinidad, China

TUA Assicurazioni, a non-life company founded in 2003, is valued at around 300 million euros ($335 million), according to the sources. Two sources mentioned German insurance heavyweight Allianz (ALVG.DE), fellow German insurer Talanx (TLXGn.DE) and France's Groupama as potential bidders. One of them also named Italy's Itas as one of up to five parties that could bid in the second round. Talanx has expressed interest in ICCREA's non-life business and is competing with Swiss Helvetia Group (HELN.S), Groupama and Italian cooperative insurer Assimoco. ($1 = 0.8946 euros)Additional reporting by Gianluca Semarero in Milan, writing by Keith Weir Editing by Keith Weir and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: TUA, TUA Assicurazioni, Italy's, ICCREA, Talanx, Rothschild, Mediobanca, Groupama, Gianluca Semarero, Keith Weir, Louise Heavens Organizations: Generali, Cattolica, Allianz, Swiss Helvetia Group, Itas, Thomson Locations: MILAN, Generali, Mediobanca, Talanx, Milan

And, in that same earnings call earlier this year, Novogratz said Galaxy hired some traders based in Hong Kong. Just this week, Societe General 's crypto arm received approval by France's financial regulator to offer crypto services, including crypto assets. The next month, Hong Kong implemented a new licensing regime so crypto exchanges can serve retail customers. Hong Kong, in particular, has tried to position itself as an international hub for crypto. Galaxy Chief Investment Officer Chris Ferraro echoed that sentiment in a recent "Crypto World" interview.

Persons: –, Mike Novogratz, Brian Armstrong, Novogratz, Cantor Fitzgerald's Elliot Han, Dean Sovolos, Lily King, Cobo, Owen Lau, Chris Ferraro, Kraken –, Binance, Han, we're Organizations: BlackRock, SEC, Washington, Galaxy, United, Gemini, Payment, Societe, European Union, Crypto, Assets Regulatory Authority, Financial, Oppenheimer, U.S, Coinbase, Huobi, BTC Locations: U.S, Europe, Hong Kong, Abu Dhabi, Dubai, Bermuda, United Arab Emirates, Asia, Gurgaon, India, Singapore, United States, East, VARA, B2C2, Silicon, London, Berlin, China

☆ 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

☆ European markets mixed as tech stocks sink 2% on weak U.S. earnings
▼ + stars: | 2023-07-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were muted on Thursday as investors assessed the implications of some big U.S. corporate results and the start of earnings season at home. The pan-European Stoxx 600 hovered around the flatline in early trade, with tech stocks shedding 2.4% to lead losses on the back of weak U.S. earinings, while mining stocks added 1.4%. Markets in Asia-Pacific were mixed overnight as investors digested a slew of economic data across the region. Japan's Nikkei 225 led losses after the country posted a surprise trade surplus of 43 billion yen ($308 million), its first surplus in 23 months. Stateside, Nasdaq 100 futures slid in after-hours trading Wednesday evening as shares of Netflix sank after the company missed second-quarter earnings expectations.

Persons: Tesla, Elon Musk Organizations: Nikkei, Nasdaq, Netflix, Sweden's Volvo, SAP, France's, Nokia, ABB, Givaudan Locations: Asia, Pacific, Europe, France's Publicis

☆ Paris success in attracting London banks boosts balance of payments
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 20 (Reuters) - France's post-Brexit success in attracting banks from London to Paris has exceeded expectations and is increasingly showing up in the country's balance of payments, the central bank said on Thursday. Those efforts are paying off as a number of Wall Street banks like Bank of America or JPMorgan have bulked up in Paris, setting up regional trading hubs in the French capital. "Paris' post-Brexit success has been spectacular, it's recently been picking up and exceeds our expectations," Bank of France Governor Francois Villeroy de Galhau told journalists as he presented an annual report on France's balance of payments. The trend is even showing up in balance of payments data with financial firms relocated from London to Paris contributing 1.5 billion euros ($1.7 billion) to France's financial services surplus last year, the central bank said. Reuters Graphics($1 = 0.8921 euros)Reporting by Leigh Thomas; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Francois Villeroy de Galhau, Leigh Thomas, Angus MacSwan Organizations: Bank of America, JPMorgan, Bank of France, Financial, CMA, Reuters Graphics, Thomson Locations: London, Paris, Frankfurt, Amsterdam, Dublin, France

BASRA, Iraq, July 19 (Reuters) - Iraq secured its $27 billion oil deal with France's TotalEnergies (TTEF.PA) last week by offering quicker, less risky payback through greater revenue-sharing, a model it could replicate in the future to lure investors. The new deal is designed to allow Total to take a portion of revenues from the Ratawi oil field in Iraq's oil-rich Basra region and use them to help finance three other projects, two senior Iraqi oil officials said. In the end, Total took a 45% share while the state-owned Basra Oil Company took 30% and QatarEnergy 25%. Revenues will be split according to those stakes, one of Iraq's senior oil officials said. Iraq's oil officials said the model could be replicated in the future but that would be considered on a project-by-project basis.

Persons: France's, Aref Mohammed, Silvia Aloisi, Timour Azhari, Elaine Hardcastle Organizations: Exxon Mobil, Shell, BP, Total, Reuters, Basra Oil Company, Thomson Locations: BASRA, Iraq, U.S, Basra, Ratawi, Saudi, Iraqi, Timour Azhari, Baghdad, Paris

☆ Vingegaard marches towards Tour de France title as Pogacar explodes
▼ + stars: | 2023-07-19 | by ( Julien Pretot | ) www.reuters.com time to read: +3 min

[1/3] Cycling - Tour de France - Stage 17 - Saint-Gervais Mont Blanc to Courchevel - France - July 19, 2023 AG2R Citroen Team's Felix Gall celebrates as he crosses the finish line to win stage 17 REUTERS/Stephane MaheCOURCHEVEL, France, July 19 (Reuters) - Jonas Vingegaard made a giant stride towards a second consecutive Tour de France title when crash-hit rival Tadej Pogacar cracked in the toughest stage of the race on Wednesday. What was a 10-second gap two days ago is now an unbridgeable 7:35 gap after Pogacar huffed and puffed over the line more than five minutes behind Jumbo-Visma leader Vingegaard. "I'm relieved to have more than seven minutes but we're not in Paris yet, there's some tricky stages left, still," said Vingegaard. Vingegaard slowed down and zig-zagged through to continue his demolition work until the line, which he crossed with a big smile on his face. Also why do they let cars pass us when the gap between the groups of riders is just 15 seconds?"

Persons: Gervais Mont, Team's Felix Gall, Stephane Mahe COURCHEVEL, Jonas Vingegaard, Tadej Pogacar, Vingegaard, la, Felix Gall of Austria, Saint Gervais, I'm, Pogacar, Benoot, Marc Soler, Griescha Niermann, Jonas, Thibaut Pinot, Julien Pretot, David Goodman, Mike Harrison Organizations: de, de France, UAE Emirates, Thomson Locations: Gervais Mont Blanc, Courchevel, France, Saint, Paris

☆ Societe Generale obtains France's first crypto licence
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 19 (Reuters) - French bank Societe Generale (SOGN.PA) has become the first company in France to obtain a license for crypto services, as a growing number of mainstream financial companies embrace crypto globally this year. Societe Generale's crypto unit, Forge, is licensed as of Tuesday to offer services, including crypto custody, trading and sales, according to the website of France's AMF market regulator. A slew of crypto firms, including the world's biggest exchange Binance, have already registered with the AMF. Licensed firms, however, are subject to more onerous rules in areas including corporate governance, IT and compliance. Crypto markets have rallied in 2023, spurred by growing interest in the volatile asset class by major U.S. financial firms including BlackRock and Fidelity.

Persons: Tom Wilson, Sharon Singleton Organizations: Societe Generale, Societe, France's AMF, AMF, BlackRock, Fidelity, Thomson Locations: France, London

☆ U.S. professor declines EU job offer after backlash from lawmakers
▼ + stars: | 2023-07-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

American citizen and Yale professor Fiona Scott Morton decided not to take up a key job in the heart of the European Union after facing significant backlash from politicians in the bloc. Scott Morton had been nominated earlier this month to take the role of chief competition economist, a prominent role in the team of Margrethe Vestager, the EU's competition chief. I have determined that the best course of action is for me to withdraw and not take up the Chief Economist position," she said in a letter to Vestager shared online Wednesday morning. The EU's competition chief faced intense questioning from European lawmakers Tuesday for nominating Scott Morton. The criticism focused on her nationality (the fact that she isn't European) and her previous work consulting for Big Tech.

Persons: Fiona Scott Morton, Scott Morton, Margrethe Vestager, Vestager, Emmanuel Macron Organizations: Yale, European Union, Big Tech Locations: Brussels

☆ Atos, tech giants join forces on ethernet consortium
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: 1 min

July 19 (Reuters) - A group of tech industry actors including Meta (META.O), Microsoft (MSFT.O) and Intel (INTC.O) and France's Atos (ATOS.PA) have teamed up to form an ethernet consortium in a bid to build up networks suited for artificial intelligence, Atos announced on Wednesday. The consortium will work on minimizing communication stack changes while maintaining and promoting ethernet interoperability, is said in a statement. Other founding members include AMD, Arista, Broadcom, Cisco, and HPE. Reporting by Victor Goury-Laffont, editing by Tassilo HummelOur Standards: The Thomson Reuters Trust Principles.

Persons: France's, Atos, Victor Goury, Tassilo Hummel Organizations: Meta, Microsoft, Intel, AMD, Arista, Broadcom, Cisco, Thomson

☆ 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

BRUSSELS, July 18 (Reuters) - French President Emmanuel Macron on Tuesday criticised EU antitrust chief Margrethe Vestager's decision to hire a U.S. economist over a European to help oversee Big Tech, adding her previous work could lead to conflicts of interest. Macron added he was "attached to reciprocity", and noted that the U.S. and China would not have appointed an overseas national in such a role. Scott Morton will advise the European Commission on its investigations into Big Tech and its enforcement of a series of landmark rules to rein in tech giants. Macron pointed to her previous work for "many companies" as something that could also result in conflicts of interest. She said previous chief economists at the Commission had also done consulting work without posing any issues.

Persons: Emmanuel Macron, Margrethe Vestager's, Vestager, Fiona Scott Morton, Barack Obama's, Macron, Scott Morton, Jean Tirole, Scott Morton's, Sudip Kar, Bernadette Baum, Sharon Singleton, Jan Harvey Organizations: Big Tech, U.S . Department of Justice, European Union, Commission, Thomson Locations: BRUSSELS, Europe, China

☆ France's oldest crystal factory makes $13,000 paperweights
▼ + stars: | 2023-07-18 | by ( Nikita Grant | Teresa Zhang | ) www.businessinsider.com time to read: 1 min

Artisans at Saint-Louis have been handcrafting iconic glass and crystal pieces in rural France for nearly 450 years. Its chandeliers and tableware decorated French palaces in the 19th century. But as customers started embracing more casual glassware, Saint-Louis struggled to stay afloat. For more information, visit www.saint-louis.com.

Persons: Louis Organizations: Saint Locations: France, www.saint

Kin Cheung | Pool | Getty ImagesLONDON — Two countries are jockeying for position as Europe's capital for artificial intelligence. So, who is leading the race to take Europe's AI crown? The European Union has its AI Act, which is set to be the first comprehensive set of laws focusing on artificial intelligence in the West. In contrast the EU's AI Act could make France "less attractive" for investment in artificial intelligence given that it lays down "a burdensome regulatory regime" for AI, Tanna said. Alexandre Lebrun, CEO of Nabla, an AI "copilot" for doctors, said the U.K. and France are "probably even" when it comes to attractiveness for starting an AI company.

Persons: Rishi Sunak, Emmanuel Macron, Kin Cheung, Macron, Karen Tso, Sunak, it's, Sajid Javid, Boris Johnson's, Simmons, Tanna, Anton Dahbura, Alexandre Lebrun, Lebrun, who've, Keir Starmer Organizations: British, Viva Tech, London Tech, Microsoft, U.S, CNBC, supercomputing, European Union, Johns Hopkins Institute, Autonomy, Google, Facebook, EU, Labour Locations: Europe, China, VivaTech, Paris, France, U.S, West, Germany, London

☆ Factbox: Corporate debt woes are on the rise
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

Size of debt: 14 billion pounds ($18.33 billion). The firm said earlier in July shareholders would provide 750 million pounds, but warned it would need an extra 2.5 billion pounds between 2025-2030. Size of debt: 6.4 billion euros ($7.19 billion) in net debt. What's at stake: Casino faces 3 billion euros of debt repayments in the next two years, with rating agencies Moody's and Standard & Poor's warning a default is likely. Deadlines to watch: Casino aims to secure an agreement with creditors by July 27.

Persons: Toby Melville, What's, Jean, Charles Naouri, Casino, Daniel Kretinsky, Kretinsky, Chiara Elisei, Dhara, Christina Fincher Organizations: Thames, REUTERS, Water, Casino, SBB, Thomson Locations: London, Britain, LONDON, Sweden, France, England, Czech, Brookfield, Spain, Barcelona

☆ EU's competition chief Margrethe Vestager under fire for hiring a U.S. economist
▼ + stars: | 2023-07-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Executive Vice President Margrethe Vestager is answering questions from lawmakers on considering giving a top job in her cabinet to a U.S. citizen. Europe's powerful competition chief, Margrethe Vestager, is under fire for hiring an American citizen for one of her team's top jobs. Vestager, who's been leading investigations into Big Tech for almost 10 years, is due to answer questions from European lawmakers Tuesday after appointing Fiona Scott Morton, a professor at the Yale School of Management, as chief competition economist at the European Commission, the EU's executive arm. Laurence Boone, France's secretary for Europe, said on Twitter that she had spoken with Vestager about this nomination, adding that "Europe has many talented economists." "I invite the European Commission to reconsider its choice," he added.

Persons: Margrethe Vestager, who's, Fiona Scott Morton, Laurence Boone, Jean, Noël Organizations: Big Tech, Yale School of Management, European Commission, Twitter, Commission, CNBC Locations: Europe, Brussels

It leaves Kretinsky, who submitted a revised offer over the weekend proposing the equity injection, as the only bidder. The cash injection plan would lead to a 4.7 billion-euro reduction in overall debt, Casino said. Casino is saddled with net debt of 6.4 billion euros and is teetering on the brink of default. The board meeting followed a separate meeting between Casino's creditors and CIRI - France's finance ministry body that helps distressed companies and their creditors draw up restructuring plans. Kretinsky and Ladreit de Lacharriere would control the investment vehicle behind the 1.2 billion-euro equity injection, a source said.

Persons: Daniel Kretinsky, Kretinsky's, Xavier Niel, Jean, Charles Naouri, Kretinsky, Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Casino, Marc Ladreit de, Ladreit, Mathieu Rosemain, Mike Harrison, Rosalba O'Brien Organizations: Casino, 3F, Attestor, French, Monde, Fnac, Metro, Forbes, Thomson Locations: Czech, PARIS, French, Paris, Casino, Britain, France, Germany

☆ Santiago Abascal: Who is Spain's far-right leader and what does he stand for?
▼ + stars: | 2023-07-17 | by ( Aislinn Laing | ) www.reuters.com time to read: +5 min

[1/4] Spain's far-right Vox party leader Santiago Abascal gestures as he speaks during an opening campaign rally ahead of the July 23 snap election, in Puerto Almerimar, El Ejido, Spain July 6, 2023. REUTERS/Jon Nazca/File PhotoMADRID, July 17 (Reuters) - As could be expected of the head of a far-right party that puts nationalism at its core, Vox leader Santiago Abascal drapes himself in Spanish symbols, wearing designer shirts glorifying bullfighting or issuing Vox-branded hand fans to rally attendants. Reuters Graphics Reuters GraphicsHowever, the frontrunning centre-right People's Party (PP), led by Alberto Nunez Feijoo, is unlikely to secure an outright majority, and may turn to Vox as a kingmaker. Abascal is the third generation of politicians in his family, his father and grandfather having also served in regional or local government. A sociology graduate from Spain's northern Basque Country, Abascal joined the PP at 18, was elected as a councillor at 23 and became a PP lawmaker in the Basque parliament.

Persons: Santiago Abascal, El, Jon Nazca, Abascal, Pedro Sanchez's, Vox, Alberto Nunez Feijoo, Santi, Sanchez, Miguel Angel Murado, Ana Pedroza, Carlos Perez, Francisco Franco's, Giorgia Meloni, Viktor Orban, Italy's Meloni, Aislinn Laing, Catherine Macdonald, Andrei Khalip, Alex Richardson Organizations: Vox, REUTERS, Socialist, Reuters Graphics Reuters, People's Party, ETA, Italy's, Thomson Locations: Puerto Almerimar, El Ejido, Spain, MADRID, Spain's, Basque, Catalonia, Madrid, Hungary, Italy, Finland, Hungarian, Valencia

☆ 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

☆ Tour leader Vingegaard welcomes scepticism about performances
▼ + stars: | 2023-07-16 | by ( Julien Pretot | ) www.reuters.com time to read: +3 min

SAINT GERVAIS, France, July 16 (Reuters) - Jonas Vingegaard and Tadej Pogacar have made such a huge impression in the Tour de France that, in a sport that was marred by doping scandals, doubts about their performances have arisen but Denmark's defending champion welcomes the scepticism. On Sunday, Pogacar and Vingegaard clocked 18:27 on the final climb, beating four-time Tour winner Chris Froome's record by 42 seconds. "So yes, I fully understand the questions we're getting about it (our performances)," said Vingegaard. In 2006, Floyd Landis became the first Tour winner to fail a drugs test during the race after testing positive for the male sex hormone testosterone. The Kazakh’s Astana team left the Tour and sacked Vinokourov, who denied any wrongdoing, and Tour leader Michael Rasmussen was then fired by his Rabobank team during the race for lying about his whereabouts in training.

Persons: SAINT GERVAIS, Jonas Vingegaard, Tadej, France's Guillaume Martin, Dane, Carlos Rodriguez, Vingegaard, Chris Froome's, Marco Pantani, Joux, it's, Lance Armstrong, Jan Ullrich, Giro, Ivan Basso, Floyd Landis, Alexandre Vinokourov, Vinokourov, Michael Rasmussen, Julien Pretot, Ken Ferris Organizations: Tour de, Slovenian, Cycling, Kazakh’s Astana, Rabobank, Thomson Locations: France, Slovenian, Puerto

☆ Czech billionaire Kretinsky closes in on Casino after 3F abandons bid
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +2 min

Kretinsky has been vying to take control of Casino against the 3F Holding group, led by telecoms entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari. The group is saddled with net debt of 6.4 billion euros ($7.1 billion) and is teetering on the brink of default. "Today, after months of work, 3F has decided to not submit an offer," 3F said in a statement. Along with Marc Ladreit de Lacharrière’s Fimalac, he would inject 1.2 billion euros ($1.35 billion) in equity to take a 53% stake in France's sixth-largest retailer. The bidders would also convert 4.9 billion euros of debt into equity.

Persons: Daniel Kretinsky, Kretinsky, Xavier Niel, Matthieu Pigasse, Moez, Alexandre Zouari, 3F's, Marc Ladreit de, Fimalac, Casino, John Irish, David Holmes, Emelia Organizations: Casino, 3F, Attestor, Financial, Global Commerce, Financial Times, Thomson Locations: Czech, France's, Casino

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