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☆ Cannes director open to letting green activists onto red carpet
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

CANNES, May 15 (Reuters) - Cannes Film Festival director Thierry Fremaux said on Monday he was open to letting climate demonstrators onto the red carpet, as the showbiz extravaganza prepared to launch amid bursts of activism on both sides of the Atlantic. But the confluence of at least three major protest movements has put unusual pressure on the organisers. "It's not impossible that we will welcome them at the top of the steps to express themselves," he added. It was too early to tell what effect the writer's strike would have on the festival, he said, but the right to strike had to be respected. Reporting by Miranda Murray and Mindy Burrows; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ SocGen beats estimates as bond trading offsets retail banking slump
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +1 min

General view of the logo outside a branch of French bank Societe Generale in Paris. French bank Societe Generale posted better than expected quarterly earnings on Friday after turmoil in bond and currency markets boosted its trading business. The trading windfall cushioned a slump in SocGen's French retail division, where earnings were curbed by stricter interest rate caps on mortgages and other loans. "Performance is tracking well in all the divisions, but the main issue is French retail," JPMorgan said in a note to clients. "We think the market will focus on French NII (net interest income), taking the shares down," it said.

The pan-European Stoxx 600 closed 0.4% higher, with banks higher by 0.8% and oil and gas stocks gaining 1.5%. European stock markets closed higher Friday despite a downbeat week, as investors assessed the state of play across first-quarter earnings and economic data. France's Societe Generale beat first-quarter earnings estimates, as its shares climbed as much as 2%. Shares of the financial services provider closed 0.5% higher. Asia-Pacific markets closed mixed on Friday, while U.S. stocks were flat by the European close.

☆ Vast China-Russia resources trade shifts to yuan from dollars in Ukraine fallout
▼ + stars: | 2023-05-11 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

[1/2] Model of natural gas pipeline, Russian and Chinese flags and Yuan and Rouble banknotes are seen in this llustration taken, September 7, 2022. "For now, and for the foreseeable next few years, I think the trade using RMB will predominantly be used for commodity and energy trade." Russian President Vladimir Putin has said that two-thirds of trade between Beijing and Moscow is now settled in roubles or yuan. Surging commodity imports pushed China's trade deficit with Russia to $38 billion last year, although the gap has narrowed in the first four months of 2023. Gazprom, which said last September it had agreed with CNPC to settle gas trade in roubles and yuan, did not respond to requests for comment.

☆ Morning Bid: Inflation cloud obscures Fed peak
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +4 min

With markets edgy about the U.S. debt ceiling standoff and ongoing ripples from the March regional banking blow out, the running assumption is the Fed's campaign is over and disinflation underway. New York Fed chief John Williams said yesterday it's too soon to say the central bank is done and dusted. If consensus forecasts are correct, the April inflation readout later on Wednesday may well force the Fed to keep that equivocal line up for a bit longer. Futures markets show only a 15% chance of another Fed hike next month, with quarter point rate cut almost fully priced by September. Visibility is low in the fixed income market, however, due to the debt ceiling impasse.

SummarySummary Companies Q1 investment bank sales up 20%Trading activity outperforms peersConfirms 2025 targetsPARIS, May 10 (Reuters) - Credit Agricole SA (CAGR.PA), France's second-biggest listed bank, posted better-than-expected earnings on Wednesday, as market volatility boosted trading revenue. This helped drive Credit Agricole's quarterly sales to 6.12 billion euros ($6.74 billion), up 9.6% from a year earlier, while net income more than doubled to about 1.23 billion euros. Both figures beat market expectations of 5.9 billion euros and 816 million euros, respectively, according to an analyst consensus compiled by the company. Deposit levels were stable in the quarter from a year earlier for the group, Credit Agricole said. The cost of risk -- money set aside for failing loans -- fell to 374 million euros, as concerns linked to the war in Ukraine subsided.

☆ Tweeting at some airlines for customer support won't work anymore. They've stopped using Twitter amid Elon Musk's changes.
▼ + stars: | 2023-05-09 | by ( Will Gendron | ) www.businessinsider.com time to read: +4 min

Some airlines will no longer handle customer service requests over Twitter. A clever customer service hack for dealing with airlines is becoming harder to do thanks to Elon Musk's changes to Twitter. Both Air France and its sister airline KLM will no longer field customer service requests over the social media platform, the companies announced over the past few weeks. The paywalled API contributed to Air France's decision to suspend customer service through Twitter, the Journal reported. The airline is seemingly still fielding customer service requests over Twitter.

☆ European stocks rise to start the week as traders digest rate hikes; FTSE closed
▼ + stars: | 2023-05-08 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

LONDON – European indexes started the trading week on a stronger footing, with traders looking ahead to more corporate earnings, economic data and a Bank of England rate decision this week. The U.K.'s FTSE 100 will be closed Monday for a public holiday after the coronation of King Charles III. Market players have spent weeks juggling concerns over inflation and interest rates, with the Bank of England due for a rate-setting meeting on Thursday. Both the Federal Reserve and the European Central Bank hiked rates by a quarter of a percentage point last week, with many now expecting the former to start cutting rates at some point during the summer. Minutes from Japan's March monetary policy meeting showed board members were concerned over inflation accelerating at a higher-than-expected pace.

☆ There's a real-life 'Succession' drama playing out among the children of Bernard Arnault, the world's richest person and head of luxury behemoth LVMH
▼ + stars: | 2023-05-05 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

But there's a similar legacy battle going on inside LVMH, the French luxury house run by Bernard Arnault. The children of the world's richest man are vying for influence within LVMH in a "Darwinian" fight. Showrunner Jesse Armstrong says his fictional Roy family is inspired by several famous dynasties, such as the Hearsts — the family behind Hearst Communications — and the Redstones — the controlling influence behind Paramount Global. There's still plenty of rivalry between the progeny of Bernard Arnault, CEO of luxury goods behemoth LVMH and world's richest person. The Roy family of "Succession."

☆ French antitrust body tells Meta to change conditions for access to ad verification
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

PARIS, May 4 (Reuters) - France's anti-trust watchdog on Thursday gave Facebook-owner META (META.O) two months to change its access rules for ad verification partners, saying the company was potentially taking unfair advantage of a dominant market position in online advertising. Ad verification companies offer services including measuring how many views online ads receive, detecting fraudulent online traffic, and ensuring client ads do not appear on websites harming their brand, such as pornographic sites. The case was brought by Adloox, a small, independent French ad verification company, which sought unsuccessfully to be granted access to Meta's data for these services from 2016 to 2022. Adloox complained to the competition authority last year, and the authority found that the barrier to entry created by Meta constituted an "immediate and grave" harm to Adloox specifically, as well as to the independent ad verification sector as a whole. Reporting by America Hernandez, writing by Tassilo Hummel, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Lenders wasted little time in charging more for loans when interest rates rapidly rose from an almost 15-year slumber around zero last year, but most have dragged their feet on boosting deposit rates paid to millions of their customers. Money market funds are proving popular among savers seeking bigger returns on their cash as high levels of inflation persist. Data from Refinitiv Lipper showed more than 34 billion euros ($37.6 billion) of net flows into European money market funds in March, the best-selling asset type that month. Fidelity International also reported an 8% year-on-year uplift in flows into money market funds on its investment platform between Jan. 1 and April 26. Some lawmakers have criticised banks for the mismatch between what they charge borrowers and the interest rates offered to savers.

☆ Meta likely abused its 'dominant position' in the ad market by denying some firms access to certain data, and must make changes within 2 months, French regulators say
▼ + stars: | 2023-05-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Adloox, a French ad company, complained to regulators about Meta last October. The French regulator gave Meta two months to change its "potentially anticompetitive" criteria. The parent company of Facebook and Instagram has been under investigation since last October over its ad verification partnerships after a complaint from a French advertising firm. Adloox, a French company which provides ad verification for clients, filed the complaint against Meta after it was denied access to the service several times between 2016 and 2022. Meta was ordered to come up with new criteria for accessing the ad data within two months.

☆ Jeep, Dodge maker Stellantis posts first-quarter revenue jump as chip supply eases
▼ + stars: | 2023-05-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Attendees view vehicles at the Jeep booth during opening day of the 2023 New York International Auto Show (NYIAS) in New York, on Wednesday, April 7, 2023. Carmaker Stellantis on Wednesday posted a 14% annual rise in first-quarter net revenues as an easing of semiconductor supply chain pressures boosted shipments. The Dutch-headquartered company, formed in 2021 from the merger of Italian-American conglomerate Fiat Chrysler group and France's PSA Group, recorded first-quarter net revenues of 47.2 billion euros ($52 billion). The manufacturer of Jeep, Dodge, Peugeot and other brands said consolidated shipments increased 7% from the first quarter of 2022 to 1.48 million, as a result of "improvement in semiconductor order fulfilment." "Our global footprint and diverse product portfolio means we are well-positioned to continue delivering strong financial performance throughout the year," Chief Financial Officer Richard Palmer said in a statement.

☆ France's BNP Paribas doubles profits in first quarter with Bank of the West sale
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: +1 min

BNP Paribas , the euro zone's biggest bank, saw profit more than double in the first quarter from a year ago, bolstered by the sale of its U.S. retail division while revenue beat estimates. This allowed the French bank to beef up its capital and liquidity buffers, at a time when European lenders strive to restore confidence in a sector battered by turmoil. In securities trading, revenue edged down 1.8% but still performed better than some peers including Deutsche Bank, which saw fixed-income trading decline by 17% in the first quarter. At U.S. bank Goldman Sachs, first-quarter sales from fixed income, currency and commodities (FICC) trading, usually a bright spot, plunged 17% to $3.93 billion, while equity trading revenue sank 7% to $3.02 billion. BNP's FICC trading over the period was up 9%.

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

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

☆ France's Constitutional Council rejects bid for pension referendum
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows French national flags on the Constitutional Council (Conseil Constitutionnel) before its decision on a request to hold a citizens' referendum (RIP - Referendum d'initiative partagee) about the future of France's pension system, in Paris, France, May 3, 2023. REUTERS/Christian HartmannPARIS, May 3 (Reuters) - French President Emmanuel Macron's deeply unpopular pension law passed another hurdle on Wednesday when the Constitutional Council rejected a second bid by political opponents to hold a referendum on capping the retirement age at 62. Since Macron bypassed parliament, opposition lawmakers have turned to the Constitutional Council twice in an attempt to derail the reform, seeking its approval on each occasion for a referendum on the retirement age. But the pension system is a cornerstone of France's cherished social protection model and labour unions say the money can be found elsewhere, including by taxing the rich more heavily. Nonetheless, French pension payments as a share of pre-retirement earnings are substantially higher than elsewhere, OECD figures show.

"Because of higher prices, people are buying smaller amounts of groceries overall and may have become more careful not to waste food." "Despite all of that, (there are) 8% to 12% missing items on shelves," he said. "This has created a major, major issue around out-of-stock" in most of the 16 Middle Eastern countries where the company operates, he said. Laurent Thoumine, Accenture's Europe lead for retail, said supermarkets in Britain, France, Germany, Italy and Spain have had the worst stock issues. Products that are scarce in some stores include ketchup, pasta, chocolate, tea, potato chips, toothpaste and pet food, according to Nielsen IQ's Data Impact.

☆ France's Le Maire wants to break food price inflation "spiral" by autumn
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

Summary Le Maire: economic growth remains solidLe Maire: meeting next week to tackle inflation concernsPARIS, May 3 (Reuters) - Finance Minister Bruno Le Maire said on Wednesday that he would meet with retailers and suppliers next week to discuss ways to break the food price inflation "spiral" by autumn, which is a major concern for cash-strapped consumers. Le Maire also told Franceinfo radio that economic growth remained solid in France despite recent strikes and protests against President Emmanuel Macron's legislation to raise the retirement age by two years to 64. Le Maire has since repeatedly called on both sides to reopen negotiations to ensure that a recent fall in global wholesale food prices is passed on to consumers. Le Maire has even threatened to take action if they do not respond to his calls. Bank of France governor and European Central Bank member Francois Villeroy de Galhau said last month he expected food price inflation to start easing in the second half of this year.

LONDON, May 1 (Reuters) - Inflation in the euro area is too high for comfort, meaning markets expect the European Central Bank to deliver its seventh straight interest rate hike on Thursday. 1/ How much will the ECB hike rates by on Thursday? Most analysts expect at least one more rate move after Thursday, even as the Federal Reserve looks set to pause its rate hike campaign. Market pricing suggests ECB rates will peak around 3.6% this year, and Belgium's central bank governor Pierre Wunsch says he wouldn't be surprised to see rates rise to 4%. Tuesday's bank lending should offer some clues but it might be too early to gauge the full impact of the March banking crisis on financing conditions.

[1/9] A demonstrator throws a tear gas during the traditional May Day labour march, a day of mobilisation against the French pension reform law and for social justice, in Nantes, France May 1, 2023. Sophie Binet, leader of the hardleft CGT union, said the pension reform had left Macron isolated. Macron says the French reform is needed to keep one of the industrialised world's most generous pension systems in the black. French pension payments as a share of pre-retirement earnings are comfortably higher than elsewhere and a French man typically spends longer in retirement than those in other OECD nations. Trade unions say the money can be found elsewhere.

☆ A commuter train excavation near Notre Dame Cathedral has uncovered a 2,000-year-old necropolis containing bodies buried with coins in their mouths and an entire pig skeleton
▼ + stars: | 2023-05-01 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

Remains of at least 50 men, women, and children were unearthed during excavation for a train line. The burials of a large necropolis, located south of Lutèce in the 2nd century AD , have been unearthed. The burials of a large necropolis, located south of Lutèce in the 2nd century AD, have been unearthed. One pit unearthed by the researchers contained the skeleton of a whole pig, though it is unclear what purpose it may have served. The burials of a large necropolis, located south of Lutèce in the 2nd century of our era, have been brought to light.

[1/5] People attend the traditional May Day labour march, a day of mobilisation against the French pension reform law and for social justice, in Nantes, France May 1, 2023. "It will serve to say that we will not move on until this (pension) reform is withdrawn." Macron says the reform is needed to keep one of the industrialised world's most generous pension systems in the black. French pension payments as a share of pre-retirement earnings are comfortably higher than elsewhere and a French man typically spends longer in retirement than those in other OECD nations. But the trade unions say the money can be found elsewhere.

☆ France's food-price inflation to ease off by September, minister says
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 30 (Reuters) - Food price inflation in France - which has been a major concern for consumers - should ease off by September, said government minister Olivia Gregoire on Sunday. "By the time people come back from their holidays in September, we will have a visible decrease in the prices you see on the shelves and in terms of food price inflation," Gregoire, who is a government minister responsible for small-and-medium sized enterprises (SMEs), told France Inter radio. Gregoire's comments echoed those from Bank of France governor and European Central Bank member Francois Villeroy de Galhau, who said earlier this month that he expected food price inflation to start easing in the second half of this year. France's headline inflation level rose to 5.9% in April from 5.7% in March. The French inflation level stood at 6.9%, as measured by a European Union-harmonised consumer price index.

☆ Brazil agency recommends barring Petrobras from drilling in Amazon's mouth
▼ + stars: | 2023-04-29 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Signed last week by several environmental analysts from Ibama, the report also recommended the agency stop processing environmental licenses for the block. The oil block, FZA-M-59, was auctioned off by oil regulator ANP to Petrobras in 2013. According to Ibama's report, Petrobras' environmental studies still have "inconsistencies" even after a series of reviews. Petrobras and Ibama did not immediately respond to requests for comment. Another document seen by Reuters showed Werneck Sanchez Basseres, Ibama's environmental licensing coordinator for offshore oil and gas exploration, said he agreed with the report's assessment.

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