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☆ 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 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

☆ 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

☆ 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

☆ Airbus opens new assembly line for small jets in A380's shadow
▼ + stars: | 2023-07-10 | by ( Tim Hepher | ) www.reuters.com time to read: +3 min

Airbus says the new line will create 700 jobs by 2026, about half the full-time total when the world's largest jet was built there, while supporting a fabric of thousands of suppliers. It is the eighth assembly line for the A320 family, with previously announced expansion plans in the United States and China due to bring the worldwide total to 10. Its opening comes as competition between Airbus and arch-rival Boeing (BA.N) shifts towards production strategy, with both companies struggling to deliver on bulging order books. Environmental critics say burgeoning sales of the current generation of jets will make it harder to meet climate goals. Le Maire told Reuters aircraft like the A321 still offered significant savings in emissions compared to jets they replace.

Persons: Luc Lagardere, Bruno Le Maire, Emmanuel Macron, Le Maire, Tim Hepher, Richard Lough, David Evans Organizations: Airbus, French Finance, Boeing, Concorde, Reuters, Thomson Locations: TOULOUSE, France, Toulouse, United States, China

☆ France upbeat on attracting major Tesla investment, finance minister says
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: 1 min

PARIS, July 9 (Reuters) - French Finance Minister Bruno Le Maire on Sunday said he was "very hopeful" Tesla (TSLA.O) Chief Executive Elon Musk will pick France for a substantial investment linked to the production of electric vehicles in Europe. Musk recently met French government officials, including President Emmanuel Macron, as he explores options for future production sites. Asked whether an investment could be linked to battery cells or other parts of Tesla's business, Bruno Le Maire told LCI television "several options are on the table". "He (Musk) knows that he would be welcome in France", Le Maire said, adding: "It's up to him to take the decision." Reporting by Gilles Guillaume and Tassilo Hummel; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Bruno Le Maire, Tesla, Elon Musk, Musk, Emmanuel Macron, LCI, Le Maire, Gilles Guillaume, Tassilo Hummel, Alison Williams Organizations: French Finance, Sunday, France, Thomson Locations: Europe, France

☆ French central bank head warns against raising ECB inflation target
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

AIX-EN-PROVENCE, France, July 9 (Reuters) - France's central bank head Francois Villeroy de Galhau pushed back on Sunday against a suggestion from some French economists to raise the European Central Bank's (ECB) 2% inflation target. The aim is to bring inflation down to the 2% target by 2025, Villeroy said at an economics conference in the southern French city of Aix-en-Province. Former IMF chief economist, Frenchman Olivier Blanchard, has long called for a higher inflation target than the 2% shared by most major central banks, arguing that the increased flexibility that would provide would outweigh the costs. In response, Villeroy said that a higher inflation target was a "false good idea" and would lead to higher rather than lower borrowing costs. "If we announced our inflation target is no longer 2% but 3%, lenders would immediately demand higher interest rates, at least 1% (more)" in anticipation of higher inflation and uncertainty Villeroy said.

Persons: Francois Villeroy de Galhau, Villeroy, Frenchman Olivier Blanchard, Patrick Artus, Bruno Le Maire, Andrew Bailey, Leigh Thomas, William Schomberg, Elaine Hardcastle, Alexander Smith Organizations: Bank's, Former IMF, Veteran, French Finance, Bank of England, Thomson Locations: PROVENCE, France, French, Aix, Province, London

Paris/London CNN —Just weeks after hugely disruptive protests and strikes over pension reforms in France finally died down, businesses in the country are grappling with the fallout from a week of rioting. The riots, which were sparked by the fatal shooting of a teenager by a police officer last Tuesday, have already caused more than €1 billion ($1.1 billion) worth of damage, according to a French business association, MEDEF. Protesters have looted 200 stores and destroyed 300 bank branches and 250 smaller corner shops, a MEDEF spokesperson told CNN. French President Emmanuel Macron said Tuesday that he believed the “peak” of the violence had passed, according to CNN affiliate BFMTV. Sebastien Salom-Gomis/AFP/Getty ImagesThe French government is also considering ways to help businesses most affected by the riots, BFMTV reported, citing Finance Minister Bruno Le Maire.

Persons: London CNN —, Merzouk, Emmanuel Macron, Macron, Sebastien Salom, BFMTV, Bruno Le Maire, Le Maire, DBRS Morningstar, MEDEF, Geoffroy Roux de Bezieux, — Niamh Kennedy Organizations: London CNN, MEDEF, CNN, ”, Getty, France Inter Locations: Paris, London, France, French, Nantes, AFP, Dublin

The interior ministry said 719 people were arrested on Saturday night, fewer than the 1,311 the previous night and 875 on Thursday night. Their action ... made for a quieter night," the ministry said on Twitter. The biggest flashpoint overnight was Marseille, where police fired teargas and fought street battles with youths around the city centre late into the night. MAYOR'S HOME ATTACKEDIn Paris, police increased security overnight at the city's famous Champs Elysees avenue after a call on social media to gather there. Paris police said six public buildings were damaged and five officers wounded overnight.

Persons: Nahel, Emmanuel Macron, Laurent Nunez, teargas, Juan Medina, MAYOR'S, Elisabeth Borne, Bruno Le Maire, Yann Wernert, Jacques Delors, Elizabeth Pineau, Benoit Van Overstraeten, Alison Williams, Alex Richardson Organizations: Authorities, Twitter, France, REUTERS, China's Consular, MAYOR'S HOME, Finance, Thomson Locations: Paris, North, PARIS, France, Moroccan, Nanterre, Germany, Marseille, China, L'Hay, Nice, Strasbourg, tobacconists, tatters, Berlin

☆ Version française: 4e nuit de violences avant les obsèques de Nahel
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +4 min

Le ministère de l'Intérieur a annoncé que 1.311 personnes avaient été interpelées, un chiffre en forte hausse par rapport aux 875 de la nuit précédente, mais souligné sur Twitter que "les violences commises cette nuit ont été d'une plus faible intensité en comparaison à la nuit précédente". "Nous appartenons à la même communauté de foi", a ajouté une femme. Reuters a également pu constater que les accès au cimetière seraient bloqués pendant l'inhumation de Nahel. Jeudi, une marche blanche en la mémoire du jeune homme avait réuni plusieurs milliers de personnes. Reportage Gilles Guillaume, avec Noemie Olive et Tassilo Hummel à Nanterre et Marc Leras à MarseilleOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Maire Tecnimont wins $2 billion Saudi Arabia petrochemical contracts
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

June 24 (Reuters) - Italian engineering group Maire Tecnimont (MTCM.MI) said it has won two contracts valued at about $2 billion related to a petrochemical expansion at the SATORP refinery in Saudi Arabia. SATORP refinery, located in Jubail, Saudi Arabia, is a joint venture between Saudi Aramco and French company TotalEnergies. The engineering, procurement and construction lump sum turnkey contracts will drive the Italian oil services group's revenues growth for 2023 and beyond, the company said in a statement on Saturday. The contracts will bring its year-to-date order intake to over 2.6 billion euros ($2.83 billion), it added. Earlier on Saturday, Saudi Arabian Oil Company (Aramco) (2222.SE) and TotalEnergies (TTEF.PA) signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia.

Persons: Maire Tecnimont, Alessandro Bernini, Mrinmay Dey, Ros Russell Organizations: Saudi Aramco, Saudi Arabian Oil Company, Aramco, Thomson Locations: Saudi Arabia, Jubail, Saudi, Bengaluru

[1/2] A sign reading "Low prices for you" is seen on a shopping trolley in a supermarket in Nice, France, March 1, 2023. REUTERS/Eric Gaillard/File PhotoLONDON/PARIS, June 23 (Reuters) - Danone (DANO.PA) and Kellogg (K.N) are among 75 consumer goods companies that French authorities have asked to cut prices, according to a list seen by Reuters that sources say the government is using for the initiative. The French government is using the list seen by Reuters, produced by a research group, as a reference for the project, according to three sources with knowledge of the matter. Some consumer goods makers have said recently that costs are starting to ease, leading lawmakers and regulators to accuse companies of keeping prices high unnecessarily. Investors have in recent months warned that consumer goods companies should start easing price increases as supply chain costs decline, worried that further hikes could hit market share and margin growth.

Persons: Eric Gaillard, Bruno Le Maire, Knorr, Avril, Pernod Ricard, Kellogg, Richa Naidu, Matt Scuffham, Jan Harvey Organizations: REUTERS, Danone, Kellogg, Finance, Reuters, Unilever, Nestle, ABI, Thomson Locations: Nice, France, PARIS, Ukraine

☆ 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 sees global A.I. regulation ideas by the end of this year, wants to work with U.S. on tech laws
▼ + stars: | 2023-06-15 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

I think we need a global regulation," Macron told CNBC's Karen Tso on the sidelines of the event. lawFrance's call for global AI regulation comes as the European Union closes in on passing an unprecedented law called the EU AI Act. watch nowFrance, which has traditionally taken a pro-regulatory stance, has expressed concern that the EU law around AI has gone to far. The U.S. has not yet come up with any kind of framework for AI regulation. France's top politicians who spoke to CNBC discussed their focus for AI regulation.

Persons: Emmanuel Macron, ChatGPT, Bruno Le Maire, Jean, Noel Barrot, Macron, Karen Tso, Barrot, …, Le Maire Organizations: PARIS —, CNBC, U.S, European Union, Finance, Digital, Wednesday, Organisation for Economic Co, Development, EU A.I, EU, Nvidia Locations: China, France, Paris, U.S, Germany, EU, VivaTech, Europe

☆ 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

☆ Macron to meet Elon Musk in Paris to talk Tesla investment
▼ + stars: | 2023-06-14 | by ( Michel Rose | ) www.reuters.com time to read: +3 min

[1/2] A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. "I'm going (into that meeting) with an agenda," Macron told reporters as he visited the VivaTech summit in Paris, France's biggest tech fair, which Musk will visit on Friday. Asked specifically whether he was hoping to secure a Tesla gigafactory, Macron said: "It's up to the company to look at these different issues in Europe. Earlier today, the French minister for digital affairs Jean-Noel Barrot told CNBC: "It will be great to have a Tesla factory in France. France previously tried to convince Musk to build a gigafactory in the country, but he chose Germany for his only such plant in Europe so far.

Persons: Annegret, Emmanuel Macron, Elon Musk, Tesla, Macron, Stellantis, Jean, Noel Barrot, Bruno Le Maire, Musk, Michel Rose, Akash Sriram, Silvia Aloisi, David Gregorio Our Organizations: REUTERS, Tesla, Reuters, Peugeot, Mercedes, Benz, CNBC, Finance, Thomson Locations: Gruenheide, Berlin, Germany, France, Spain, Paris, Europe, Bengaluru

☆ 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

☆ France plans to close tax loophole benefiting AirBnB
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Charles Platiau/File PhotoPARIS, June 9 (Reuters) - France's finance ministry is working on plans to close a tax loophole benefiting short-term furnished rentals such as AirBnB (ABNB.O), Finance Minister Bruno Le Maire said on Friday. A trio of cross-party lawmakers last month called for rules regulating such rentals to be tightened and for an end to the more favourable tax treatment such rentals receive vis a vis normal long-term rentals. "I have a hard time understanding the very favourable tax treatment for AirBnB. We are going to reform the tax rules and I will make proposals," Le Maire said on BFM TV. "When a windfall gets too big and tax is too favourable, there is no reason to keep such tax treatment that leads to excess," he added.

Persons: Charles Platiau, Bruno Le Maire, Le Maire, pollsters, Le Maire's, Leigh Thomas, Elizabeth Pineau, Louise Heavens Organizations: La Defense, REUTERS, Finance, Thomson Locations: La, Paris, France

While food inflation has become a concern for European governments from Britain to Italy recently, France has been among the most aggressive in pushing price cuts. In Hungary, Prime Minister Viktor Orban has imposed mandatory price cuts on some basic food items. But food prices still were up 14% last month after a record spike of almost 16% in March. Food prices surged after food companies and big retailers agreed in March to an average 10% increase in prices, responding to a surge in input prices the previous year and wages after Russia's February 2022 invasion of Ukraine. Meanwhile, the food industry has seen profits surge, largely making up for sharp falls during the pandemic, Le Maire said.

Persons: Bruno Le Maire, Le Maire, BFM, Viktor Orban, Maire, Knorr, Kraft Heinz, Benoit Van Overstraeten, Leigh Thomas, Richa Naidu, Silvia Aloisi, Hugh Lawson, Mark Potter Organizations: Food, Unilever, Finance, Reuters, Ministry of, Nestle, Danone, Pepsico, Thomson Locations: PARIS, France, Britain, Italy, Hungary, Ukraine

☆ France's Macron seeks to show he's no lame duck as pension discontent rumbles on
▼ + stars: | 2023-06-08 | by ( Jenni Reid | ) www.cnbc.com time to read: +6 min

France's President Emmanuel Macron looks on in a meeting with JP Morgan CEO during the 5th edition of the "Choose France" Business Summit, in Versailles, southwest of Paris, on July 11, 2022. Around 8,000 demonstrators took to the streets of Toulouse, France, on June 06, 2023, protesting against the government. "They know Macron has no alternative than to rely on them, making it almost impossible to develop the centrist domestic project," he said. This is largely attributable to Macron's agenda," Schmieding said, adding France was replacing Germany was the most dynamic major European economy. French President Emmanuel Macron and Chinese President Xi Jinping shake hands at a Franco-Chinese business council meeting in Beijing, China April 6, 2023.

Persons: Emmanuel Macron, Morgan, Ludovic Marin, Chancellor Olaf Scholz, Macron, Renaud Foucart, Foucart, Les Republicains, Mujtaba Rahman, Rahman, Bruno Le Maire, Elon Musk, Holger Schmieding, Schmieding, Xi Jinping Organizations: Business, Afp, Getty, Nurphoto, Lancaster University, Eurasia Group, Macron, Finance, EU, U.S, Elon Locations: Versailles, Paris, Germany, Union, Toulouse, France, China, Ukraine, Europe, Beijing

PARIS, June 5 (Reuters) - France said on Monday it will provide 2.9 billion euros ($3.10 billion) in state aid to help support an investment of 7.5 billion euros that chipmakers STMicroelectronics and GlobalFoundries (GFS.O) are making to build a semiconductor factory in Crolles, southeastern France. The 2.9 billion euros are part of the 5.5 billion euros package France has set aside for its investments in the microchip sector by 2030, he added. On April 28, STMicroelectronics and GlobalFoundries secured EU approval to build the Crolles chip factory with French state aid. France overall aims to create 10,000 new jobs in the semiconductor sector by 2030. ($1 = 0.9352 euros)Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta; Editing by Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

Persons: Bruno Le Maire, GlobalFoundries, Dominique Vidalon, Sudip Kar, Benoit Van Overstraeten Organizations: Finance, European Union, EU, America, Thomson Locations: France, Crolles, United States, U.S

☆ S&P spares France from rating downgrade
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

PARIS, June 2 (Reuters) - Ratings agency S&P spared France on Friday the embarrassment of downgrading the country's sovereign debt, but remained cautious about the outlook on account of strained public finances. S&P left the country's AA rating untouched after a regular review and said that the outlook remained negative due to "downside risks to our forecast for France's public finances amid its already elevated general government debt". Finance Minister Bruno Le Maire told weekend newspaper Le Journal du Dimanche that S&P's decision to keep its AA rating was a "positive signal" and that the government's public finance strategy was credible. S&P said that potential triggers for a downgrade could come in the form of prolonged economic slowdown or failure to rein in the public finances, notably by leaving public spending high. Le Maire said that "several billion euros" in budget savings would be detailed later this month after a spending review for which he has asked each ministry to identify cutbacks worth 5% of their budget.

Persons: Fitch, Bruno Le Maire, Le Maire, Leigh Thomas, Diane Craft, Will Dunham Organizations: AA, Finance, Thomson Locations: 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.

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