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☆ Danone eyes better margins in 2023, Q4 sales top estimates
▼ + stars: | 2023-02-22 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

PARIS, Feb 22 (Reuters) - Danone (DANO.PA) like-for-like quarterly sales growth topped estimates on Wednesday on the back of higher prices amid soaring raw materials and energy costs which still weighed down its full-year operating margin. The world's largest yoghurt maker's 2023 forecast was in line with its mid-term like-for-like sales growth target of 3% to 5%, with a moderate improvement in recurring operating margin. The owner of Activia yoghurt and Evian bottled water reported like-for-like sales growth of 7.8% for 2022, near the top end of its 7% to 8% sales growth forecast. Danone reported fourth-quarter sales growth of 7%, beating market expectations of 6.2%, helped by growth across Essential Dairy and Plant-based, Specialised Nutrition and Waters segments. "Building on 2022 momentum, we are entering 2023 with renewed ambition and confidence in our strategy," CEO Antoine de Saint-Affrique said in a statement.

☆ Pernod Ricard eyes more price hikes in second half, confident on China
▼ + stars: | 2023-02-16 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

The world's second largest spirits group after Diageo (DGE.L) reported forecast-beating first-half profit and sales, helped by price hikes of around 10%. During the COVID pandemic Pernod Ricard and its rivals benefited from people drinking more expensive types of alcohol at home. There have been, however, growing signs the spirits industry growth was stabilising, notably in the United States, as positive effects from the pandemic fizzle out. The strong first-half reflected a 5% rise in the United States, Pernod's top market, with growth driven by strong price hikes across its portfolio. In China, first-half sales grew 4%, reflecting a strong first quarter with solid demand for Martell cognac during the Mid-Autumn festival but a soft second quarter due to COVID-19 restrictions.

☆ Nissan board also approved planned restructuring deal with Renault - source
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 6 (Reuters) - The board of Nissan (7201.T) has also voted in favour of reshaping its alliance with French carmaker Renault (RENA.PA), a source said on Monday. The agreement, which will retool the two-decade-old alliance, had already got the backing from Renault's board on Sunday. It will be formally unveiled on Monday in London. Reporting by Gilles Guillaume and Dominique Vidalon; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan to buy up to 15% stake in Renault EV unit under reshaped alliance
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakePARIS, Feb 6 (Reuters) - Nissan (7201.T) and Renault (RENA.PA) on Monday unveiled details of their redesigned alliance, with the Japanese car maker committing to buy a stake of up to 15% in Renault's electric vehicles unit Ampere. The alliance junior partner Mitsubishi Motors (7211.T) will also consider investing in Ampere, the companies said in a statement. Renault will transfer 28.4% of Nissan shares into a French trust, making the two more equal partners in the alliance. Sources close to the matter said the agreement aimed to make the alliance freer and more balanced for the next 15 years. When it does sell, "Nissan would benefit from a right of first offer, to its or the benefit of a designated third party."

☆ French labour minister says raising pensions age is 'non-negotiable' despite mass protests
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Benoit TessierPARIS, Feb 1 (Reuters) - French Labour Minister Oliver Dussopt said on Wednesday that raising the retirement age to 64 was "non-negotiable", a day after more than a million people marched in protest at the proposed measure and a union leader called for rolling strikes. "If we do not go to 64, the pension system will not break even. What is not negotiable is the issue of returning to break-even," Dussopt told France 2 Television. "I believe in rolling strikes. They are playing the tug of war," he told France Inter radio.

The slogan reads "No to the Macron's pension reform". In what could prove a prolonged standoff, unions and their members are seeking to minimise the impact on personal finances already strained by the worst cost of living crisis in decades. French unions generally do not have permanent strike funds to help members cope, though some will set up occasional kitties financed by donations for a specific cause. While it is generally used to cover legal fees and compensate workers in local strikes, members are now clamouring for it to help cover lost pay during the pension strikes. However, even before the cost of living crisis, French unions have struggled to resist government reform plans in the decades since massive strikes in 1995 successfully forced a conservative government to drop a pension overhaul.

☆ France braces for second nationwide strike against pension reform
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

"This reform is unfair and brutal," Luc Farre, the secretary general of the civil servants' UNSA union told Reuters. "Moving (the pension age) to 64 is going backwards, socially." Opinion polls show a majority of French oppose the reform, but President Emmanuel Macron and his government intend to stand their ground. The reform is "vital," Macron said on Monday during a visit to the Netherlands, adding that it would allow the pension system to keep working. Borne said the government was looking at the impact of the reform on the additional pension rights women normally get for having children.

☆ UNESCO grants Odesa's historic centre World Heritage in Danger status
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

[1/3] A man walks next to the Opera Theatre building in the city centre, amid Russia's attack on Ukraine, in Odesa, Ukraine January 25, 2023. REUTERS/Serhii SmolientsevPARIS, Jan 25 (Reuters) - The United Nations' cultural agency, UNESCO, said on Wednesday that it had designated the historic centre of Odesa, a strategic port city on Ukraine's Black Sea coast, a World Heritage in Danger site. The status, awarded by a UNESCO panel meeting in Paris, is designed to help protect Odesa’s cultural heritage, which has been under threat since Russia's invasion of Ukraine, and enable access to financial and technical international aid. Although the city suffered significant damage in World War Two, its famed central grid square of low-rise 19th century buildings survived mostly intact. Odesa was one of Ukraine’s main tourist hubs before Russia’s invasion.

[1/5] SNCF Express Regional (TER) trains are seen at the Saint-Lazare train station in Paris on the eve of a nationwide day of strike and protests in key sectors like energy, public transport, air travel and schools against the pension reform, France, January 18, 2023. The nationwide day of strikes and protests is a major test for President Emmanuel Macron, but also for the unions. Opinion polls show French voters overwhelmingly reject a reform that the government says is vital to ensure the pension system does not go bust. Government spokesman Oliver Veran said the cabinet was "calm, determined" ahead of the strike and urged workers not to paralyse the country. Meanwhile, Macron and several of his ministers will be in Barcelona on Thursday for a meeting with the Spanish government.

PARIS, Jan 18 (Reuters) - France's hardline CGT union has threatened to cut off electricity supplies to lawmakers and billionaires before a nationwide strike on Thursday, in an increasingly acrimonious showdown over the government's plan to raise the retirement age. "I suggest they also go see the nice properties, the nice castles of billionaires," Philippe Martinez, leader of the CGT, France's second-largest trade union, told France 2 television on Wednesday. In recent days, Sebastien Menesplier, of the hardline CGT's energy and mine branch, has also threatened electricity cuts targeting the offices of MPs, local media quoted him as saying. Government spokesman Olivier Veran said threats to cut electricity were "unacceptable." Seven out of 10 primary school teachers will walk off their job, as will many refinery workers, unions and transport operators said.

☆ Ubisoft shares slump 20% after French video game maker warns on revenue
▼ + stars: | 2023-01-12 | by ( Dominique Vidalon | ) www.reuters.com time to read: +1 min

PARIS, Jan 12 (Reuters) - Shares in Ubisoft (UBIP.PA) fell 20% on Thursday after the French video game maker warned on revenue and postponed the release of its game "Skull and Bones", prompting analysts to cut their estimates and price targets. Late on Wednesday, Ubisoft said that it was increasing its writedown estimate to 500 million euros ($538 million) from 400 million and cutting its full-year revenue target after ending 2022 with weaker-than-expected sales. Several analysts noted that another negative factor was a shift in the video game industry towards mega-brands and away from small and mid-tier games. They reiterated their "market perform" rating on Ubisoft and cut their price target to 22 euros from 34 euros. Reporting by Dominique Vidalon, Pitr Lipinski; editing by Benoit Van Overstraeten and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ French drug company Servier launches Mediator appeal
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Companies Servier Laboratories Ltd FollowPARIS, Jan 9 (Reuters) - French drugmaker Servier on Monday launched its appeal against manslaughter and deception convictions handed down by a Paris court in 2021 in connection with weight-loss pill Mediator. The company was fined 2.7 million euros ($2.88 million) for concealing Mediator's risks, and ordered to pay more than 180 million euros in compensation and interest to victims. Servier is appealing more than half a dozen convictions against the company and former head of operations Jean-Philippe Seta, including for manslaughter with wilful misconduct, involuntary injury, fraud and deception. "Servier Laboratories and Jean-Philippe Seta still refute having deliberately deceived patients and their prescribing doctors over the dangers of Mediator," Francois De Castro, a lawyer for the company, told AFP ahead of the appeal. ($1 = 0.9373 euros)Writing by Richard Lough, Editing by Dominique Vidalon and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ French energy suppliers will let struggling bakers renegotiate contracts - Le Maire
▼ + stars: | 2023-01-03 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

PARIS, Jan 3 (Reuters) - France's energy suppliers have agreed to allow the country's trademark bakeries to renegotiate their contracts if they struggle to pay their bills, Finance Minister Bruno Le Maire said on Tuesday. Dominique Anract, the president of the French Bakers' Confederation, earlier told Reuters that getting rid of "rotten contracts" was one of the sector's main demands. Bakery power contracts can now be reviewed on a "case by case" basis depending on each bakers' situation, he said after the meeting with executives from suppliers including EDF (EDF.PA) and TotalEnergies (TTEF.PA). Le Maire earlier said power suppliers had so far not done enough to help the country's small and medium-sized businesses cope with rising power costs. Earlier in the day, French Prime Minister Elisabeth Borne confirmed plans to help French bakers cope with rising energy bills, allowing them to spread the payment of their taxes over time and possibly "the payment of their energy bills for the first months of the year".

☆ French PM: more confident about France's energy supplies for the coming weeks
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

PARIS, Jan 3 (Reuters) - French Prime Minister Elisabeth Borne said on Tuesday that she was more confident over the situation of French energy supplies for the next few weeks, citing lower consumption and an increase in nuclear output capacity. Borne confirmed plans to help French bakers cope with rising energy bills, allowing them to spread the payment of their taxes over time and possibly "the payment of their energy bills for the first months of the year". "I am more confident over the coming weeks," Borne told Franceinfo radio, when asked about energy supplies, adding that she had discussed the situation with energy company EDF (EDF.PA). Last week, the head of the country's CRE energy watchdog, Emmanuelle Wargon said there was no risk to power supplies until at least mid-January as French households and businesses had heeded calls to cut their energy consumption. French grid operator RTE said last week electricity consumption dropped by 8.7% over the past four weeks compared to an average of the same period in 2014-2019.

☆ France's energy watchdog sees no risk to power supplies until at least mid-January
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

PARIS, Dec 28 (Reuters) - There is no risk to power supplies in France until at least mid-January, the head of the country's CRE energy watchdog, Emmanuelle Wargon, said on Wednesday. The government has set a target of cutting France's energy consumption by 10% by 2024 from 2019 levels, as part of a wide ranging plan that includes turning off lights and lowering thermostats to avoid power and gas cuts over the winter amid the war in Ukraine. "We remain attentive and vigilant" in case temperatures drop, she said, adding that "until mid-January, we know we won't have problems". Wargon also said that France's nuclear fleet, currently hit by maintenance and repair works, is expected to reach a production capacity of 45 gigawatts (GW) in January. Reporting by Dominique Vidalon; Writing by Ingrid Melander; Editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ France to sell 2 observation satellites to Poland -minister
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: 1 min

PARIS, Dec 27 (Reuters) - France and Poland have signed a deal for the sale of two French observation satellites to Poland, French Defence Minister Sebastien Lecornu said on Twitter. "This major contract reflects Poland's trust in our technology and industry," Lecornu said after meeting with his Polish counterpart in Warsaw. The Polish Armament Agency said the net value of the deal is around 575 million euros ($611.69 million) and that the launch into space of the Polish satellites produced by Airbus Defence & Space (AIR.PA) is to be completed by 2027. ($1 = 0.9400 euros)Reporting by Dominique Vidalon; Additional reporting by Anna Wlodarczak-Semczuk in Warsaw; editing by David Evans and David GregorioOur Standards: The Thomson Reuters Trust Principles.

[1/2] The European Central Bank (ECB) building is seen from a cafe amid Christmas decorations, before the monthly news conference following the ECB's monetary policy meeting in Frankfurt, Germany December 15, 2022. Formed in October, Meloni's government is also holding out on ratifying the euro zone's bailout fund. INFLATION TARGETECB policymakers from across the euro zone defended the bank's decision-making on Friday. Estonian governor Madis Mueller said rates would probably need to rise more than markets had expected so far, while Finnish central bank chief Olli Rehn said 50 bps hikes were likely at each of its next two meetings. Inflation in Germany, the euro zone’s biggest economy, is likely to be higher than earlier thought while economic growth will be weaker with a recession next year now certain, the Bundesbank said on Friday.

☆ Aramco and TotalEnergies to build $11 bln Saudi petrochemicals plant
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Bouguenais near Nantes, France, November 14, 2022. REUTERS/Stephane Mahe/File PhotoPARIS, Dec 15 (Reuters) - Saudi Arabian Oil Company (Aramco) and TotalEnergies (TTEF.PA) will join forces to build a new petrochemicals complex in Saudi Arabia, the French energy group said on Thursday. The project involves investment of about $11 billion, of which $4 billion will be funded through equity by Aramco (62.5%) and TotalEnergies (37.5%), the statement said. The planned Amiral complex, integrated with the existing Saudi Arabia Total Refining and Petrochemical (SATORP) refinery located in Jubail on Saudi Arabia’s eastern coast, will be owned and operated by Aramco and TotalEnergies. The petrochemicals facility will enable SATORP to convert its refinery off-gases and naphtha, as well as ethane and natural gasoline supplied by Aramco, into higher-value chemicals.

☆ Apple should face 6 mln euro fine, adviser to French privacy watchdog says
▼ + stars: | 2022-12-12 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

PARIS, Dec 12 (Reuters) - Apple (AAPL.O) should face a 6 million euro ($6.3 million) fine for breach of privacy rules, the top adviser to French data protection authority's sanction body recommended on Monday. CNIL's sanction body is free to ignore the rapporteur's recommendations, but these typically carry a lot of weight regarding the watchdog's final decision. Apple's privacy updates, called App Tracking Transparency, give users the option to block apps from tracking activity across apps and websites owned by other companies. He added that changes made under a subsequent version of Apple's operating system, iOS 15, allowed for such prior consent. Gary Davis, Apple's head of privacy, contested the rapporteur's conclusions at the hearing, saying the U.S. firm was committed to the protection of users' privacy.

PARIS, Dec 9 (Reuters) - Antoine Arnault, LVMH chairman Bernard Arnault's eldest son, was on Friday named chief executive of family holding company Christian Dior SE, replacing veteran executive Sidney Toledano and stirring speculations of succession at the group. Christian Dior is a listed company that owns the bulk of the Arnault family's stake in LVMH (LVMH.PA) , the world's largest luxury group. At LVMH, Antoine Arnault, a business school graduate and a board member since 2006, oversees the group's communications and environmental issues, driving efforts to shore up its reputation. [1/4] Antoine Arnault, CEO of Berluti, attends the Fall/Winter 2019-2020 collection show for fashion house Berluti during Men's Fashion Week in Paris, France, January 18, 2019. Alexandre Arnault, 30, is an executive at Tiffany & Co. while Frederic Arnault, 27, is chief executive of TAG Heuer.

REUTERS/Denis BalibousePARIS, Dec 9 (Reuters) - France's state-controlled utility EDF said on Friday three of its nuclear reactors were "ramping up" production after repairs, while a power outage tested nerves in Paris and cold weather added to the strain on supplies across Europe. EDF (EDF.PA) is racing to get nuclear reactors back online following work to tackle corrosion problems as the whole of Europe struggles to cope with the impact on its energy supplies of the Ukraine war. Compounding the impact of disrupted energy imports from Russia, a record number of outages at EDF's 56-strong nuclear fleet has taken France's nuclear output to a 30-year low, increasing the country's reliance on other country's depleted energy reserves. Later on Friday, EDF Chief Executive Luc Remont and French Finance Minister Bruno Le Maire are due to hold a news conference at a nuclear site. POWER CUTSGrid operator RTE, however, says the country's power supplies will be stretched even if EDF manages to stick to its repair schedule, and partial load-shedding measures cannot be ruled out this winter on cold days.

REUTERS/Gonzalo Fuentes/File PhotoPARIS, Dec 9 (Reuters) - Antoine Arnault, the eldest son of LVMH (LVMH.PA) chairman and chief executive officer Bernard Arnault, has been named chief executive of family holding company Christian Dior SE, replacing veteran LVMH executive Sidney Toledano. Christian Dior SE is a listed company that owns the bulk of the Arnault family's stake in LVMH, the world's largest luxury group. The most visible of the five, Antoine Arnault, 45, oversees the group’s communications and environmental issues, driving efforts to shore up its reputation. The fashion label was folded into the LVMH group in 2017, and Christian Dior SE now holds 41% of LVMH, corresponding to 56% of the voting rights in the group. Alexandre Arnault, 30, is an executive at Tiffany & Co. while Frederic Arnault, 27, is chief executive officer of TAG Heuer.

☆ TotalEnergies to take $3.7 bln write-off on Novatek, withdraw directors
▼ + stars: | 2022-12-09 | by ( Silvia Aloisi | ) www.reuters.com time to read: +3 min

It holds a 19.4% stake in gas producer Novatek and minority holdings in liquefied natural gas (LNG) projects Yamal LNG and Arctic LNG. "Under these circumstances, the board of directors of TotalEnergies has decided to withdraw the representatives of the company from the board of PAO Novatek with immediate effect." "The stake in Novatek was, in our view, potentially the least arduous of TotalEnergies' interests to exit." He said he did not expect TotalEnergies to exit Yamal LNG and believed the decision would not impact Novatek dividend payments to TotalEnergies. It said the Novatek write-off also meant it would no longer book related reserves, with an impact on the company's reported proved reserves at the end of 2021 of 1.7 billion of barrels.

☆ EDF, Fortum agree to study nuclear newbuild in Finland and Sweden
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

PARIS, Dec 8 (Reuters) - French power group EDF (EDF.PA) and energy group Fortum said on Thursday they had signed an framework agreement to study opportunities for cooperation to develop nuclear reactor projects in Finland and Sweden, both with conventional large reactors (EPR) and small- and medium-sized reactors (SMR). EDF said it has the ambition to deploy a fleet of EPR units across Europe. The company is currently developing the 340 MWe NUWARD SMR, targeted for commercialisation as early as 2025, the statement said. Reporting by Dominique VidalonOur Standards: The Thomson Reuters Trust Principles.

☆ French environmentalists file complaint against Apple for wasteful practices
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

PARIS, Dec 7 (Reuters) - A French environmental campaign group filed a complaint against Apple Inc. (AAPL.O) over commercial practices restricting the use of spare parts for repairs, it said on Wednesday. This would compromise the possibilities to repair or refurbish some products, including iPhone smartphones, the group said. Apple France was not immediately available to comment. Under French law, it is forbidden to deliberately reduce the lifespan of a product in order to increase its replacement rate. ($1 = 0.9500 euros)Reporting by Tassilo Hummel, Editng by Dominique Vidalon, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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