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☆ European markets set for higher open, seeking rebound as investors weigh Fed risks
▼ + stars: | 2023-01-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

European markets are set to climb on Friday as traders look for a partial recovery from Thursday's selloff, with the outlook for monetary policy still firmly in focus. Investors have grown increasingly concerned that the Federal Reserve will continue to hike interest rates despite signs of slowing inflation. Both the Dow Jones Industrial Average and the S&P 500 notched a third straight day of losses on Thursday, and U.S. stock futures were cautiously higher in early premarket trade on Friday. Shares in Asia-Pacific were mostly higher on Friday as investors digested Japanese inflation data, which showed nationwide core consumer prices rose by an annual 4% in December, the fastest inflation rate since 1981. Friday marks the conclusion of the World Economic Forum in Davos, Switzerland, where policymakers and CEOs have been discussing the key issues surrounding the economy, financial markets, geopolitics and climate change.

☆ ‘Utterly unprepared’: Larry Summers says another Covid-scale problem is a top economic risk
▼ + stars: | 2023-01-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Economist Larry Summers would place better than 50-50 odds on the world being shaken by another Covid-scale event within the next 15 years. The Harvard professor and former U.S. treasury secretary shared what he believes are the world's biggest near-term risks during a CNBC-moderated panel on the last day of the World Economic Forum in Davos, Switzerland. They included the possibility of the Covid-19 virus mutating again, which he noted that no other panelist had brought up when discussing the global economic outlook. "I would note that the odds in my view are better than 50-50 that there will be a Covid-scale problem within the next 15 years and that the world is utterly unprepared for that eventuality," he said. Where it has been a topic of discussion, it has generally been around risks to the Chinese population as it experiences a spike in infections.

☆ From green subsidies to chips, Davos debates reflect a world in flux
▼ + stars: | 2023-01-20 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Davos, Switzerland CNN —The World Economic Forum in the Swiss Alps is typically a venue for politicians and business leaders to deliver sermons about the benefits of globalization and cross-border cooperation. European leaders used Davos to amplify complaints about the law’s tax breaks for American companies that make parts for green energy projects, which they claim will disadvantage European firms. German Chancellor Olaf Scholz addresses the World Economic Forum, in Davos, Switzerland, on Wednesday. Representatives from Asia’s third largest economy showed up in force at Davos to meet with international investors. “We’re looking at a less efficient world,” US Trade Representative Katherine Tai said.

☆ French bakers allowed to renegotiate sky-high bills with the daily baguette under threat
▼ + stars: | 2023-01-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Bakery owners have been struggling with higher crop and energy prices. Energy suppliers in France have agreed to allow bakeries to negotiate new payment plans for 2023 to avoid going out of business. It comes amid warnings that the country's iconic boulangeries face an existential threat due to the double hit of higher wheat and energy prices, with reports of some already shutting up shop. Contracts will be reviewed on a case by case basis depending on the owner's situation and financial assistance may be offered, he added. The government on Tuesday also announced plans to support the industry by allowing bakers to spread tax payments and suggested that further cash support for energy bills may follow.

☆ French inflation slows unexpectedly in December
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

The inflation rate fell to 6.7% in December, according to preliminary EU-harmonised data from the national statistics office INSEE. Energy prices increased 15.1% compared with 18.4% in November as wholesale gas prices fell across Europe in recent weeks amid record high temperatures. Finance Minister Bruno Le Maire told France Inter radio that inflation would see a downward trend over the course of 2023. In the short term, energy prices are likely to add to inflation pressures in January as regulated gas and power prices rose by 15% at the start of the year. "Nonetheless, the favourable moves in energy prices suggest there may be light at the end of the tunnel," said economist Sylvain Bersinger with consultancy Asteres.

☆ 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".

TURTLENECKS HAVE A PR PROBLEM among men. Too many guys put them firmly in the “not for me” category, thinking them overly constricting, pretentious or artsy. The chin-grazing knit’s reputation suffered a further blow this fall, when French finance minister Bruno Le Maire seemingly declared a plan to reduce winter heating bills by wearing turtlenecks—and was widely mocked. “Let them wear cashmere!”Putting French politics aside, we’ve decided to assume the role of the turtleneck’s publicist. And turtlenecks have poked their heads into every fashion category this winter, from luxe (the Row) to sporty (Uniqlo Heattech).

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.

☆ Russian oil cap will work, EU ministers insist, despite Kremlin opposition and broad skepticism
▼ + stars: | 2022-12-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

G7, the EU and Australia implemented on December 5 a cap on Russian oil prices. BRUSSELS — A price cap on Russian seaborne oil will work, EU ministers told CNBC, despite attempts from the Kremlin to escape sanctions and a broad market skepticism over the measure. When asked if the oil cap can work in reducing Russia's oil revenues, Irish Finance Minister Paschal Donohoe said, "Yes, it can." One of the big open questions is the role of India and China in the implementation of this price cap. "Then we will assess the consequences of the implementation of this oil cap," he added.

☆ Tax credits for EU electric vehicles to dominate U.S. trade talks
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: +2 min

U.S. Secretary of State Blinken attends the Freedom of Expression Roundtable, in New York, U.S., September 19, 2022. The European Union's top trade official on Monday called for urgent steps before the end of the year to modify a U.S. climate law that would cut off the bloc's electric vehicles from U.S. tax credits, calling the measure discriminatory. EU Trade Commissioner Valdis Dombrovskis, speaking to Deutsche Welle before a meeting of the U.S.-EU Trade and Technology Council (TTC) said the law threatened to undermine progress made by the year-old transatlantic forum. Dombrovskis said the EU was looking at how to make its own subsidies "more efficient" and potential increases in joint U.S.-EU financing. Participants include U.S. Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo, U.S. Trade Representative Katherine Tai and European Commission Executive Vice Presidents Valdis Dombrovskis and Margrethe Vestager.

☆ Macron reforms in the balance as French conservatives choose leader
▼ + stars: | 2022-12-02 | by ( Elizabeth Pineau | ) www.reuters.com time to read: +4 min

The 56-year-old LR veteran Ciotti, whose home-base is the right-wing Nice region, says he wants to stop what he calls a "migratory invasion." "We are together so that France remains France," Ciotti told a rally last month, saying that authority, identity and liberty were the pillars of his policy, with the fight against Islamism a key issue. LR has lost veteran figures to Macron's camp, including Finance Minister Bruno Le Maire and former prime minister Edouard Philippe. Nearly three quarters of LR voters consider LR cannot fly solo, an Odoxa poll for LCP showed last month. The favoured option for LR supporters would be an alliance with Macron's camp, but not far ahead of a deal with the RN.

☆ Explainer: Why the U.S. Inflation Reduction Act has Europe up in arms
▼ + stars: | 2022-11-30 | by ( Leigh Thomas | ) www.reuters.com time to read: +4 min

While EU countries welcome the new commitment to energy transition, they fear the $430 billion Inflation Reduction Act will put their companies at an unfair disadvantage. EU countries are worried their companies will suffer because of U.S. tax breaks for components used in renewable energy technologies like electric cars on condition they are made in North America. EU countries consider that 200 billion euros ($207 billion) out of the total is tied to locally produced content provisions that potentially violate World Trade Organization (WTO) rules. However, a riposte from Europe would likely face resistance from more traditionally free trade friendly nations such as the Netherlands and Sweden. France has led calls for Europe to respond with state support of its own for European companies, including through a "buy European act" and large-scale subsidies.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

☆ France's Le Maire: We went too far in use of consulting firms
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

PARIS, Nov 27 (Reuters) - The French government made excessive use of consultancy firms in the past and is now striving to correct that, Finance Minister Bruno Le Maire said on Sunday. For years, this government and previous governments relied too much on consultancy firms. This was corrected by the Prime Minister's instruction that all ministries cut by 15% the use of consultancy firms," Le Maire told France 3 television. Between the first half of 2021 and the first half of 2022, the Finance Ministry had for instance managed to cut by 34% its use of consultancy firms, he added. A report by the French Senate in March 2022 had notably pointed out that the government was "dependent" on consulting firms such as McKinsey.

☆ France's Le Maire: Europe must defend its economic interests against U.S. subsidy package
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

PARIS, Nov 27 (Reuters) - France may try to negotiate some exemptions from the duties and limits imposed by the U.S. anti-inflation act but Europe must act to protect the bloc's economic interests, Finance Minister Bruno Le Maire said on Sunday. Le Maire will accompany French President Emmanuel Macron on a state visit to the United States next week. "France may ask for exemptions on some duties and limits imposed by the U.S administration. Le Maire told France 3 television. "China favours Chinese production, America favours American production, it is time Europe favours European production...All European states must understand that today in the face of these American decisions, we must learn to better protect and defend our economic interests," he added.

☆ France spends 8.4 billion euros to help companies with energy bills
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Pascal RossignolPARIS, Nov 19 (Reuters) - France will spend 8.4 billion euros ($8.67 billion) to help companies pay their energy bills, in a bid to cushion the impact of rising electricity and gas prices and help them compete with German businesses, its finance minister said on Saturday. "(French) companies will be protected as well as German companies are," Finance Minister Bruno Le Maire told France Inter radio. Earlier this year, Germany set out 200 billion euros to protect companies and households from high energy prices, drawing criticism from other EU countries fearing a distortion of the EU level playing field. The 8.4 billion euros package France unveiled on Saturday is the cost for 2022 and 2023 together, the finance ministry said in a statement. France has already earmarked 45 billion euros to help households.

The move angered foreign governments and foreign-owned carmakers who say the change will disqualify a majority of their EV fleets from North American markets. "But it should not have negative side effects on their European allies and the European economy." South Korean President Yoon Suk-yeol also spoke to Biden about the issue during a bilateral meeting at the G20 summit, according to Yoon’s office. The Treasury is working to define the rules for some $278 billion worth of tax credits on EVs, solar and wind power investments and a range of other technologies. While a number of countries have said the U.S. tax credits likely violate World Trade Organization rules, none have sought to file a formal challenge.

☆ Yellen to seek clarity from China on COVID, property -officials
▼ + stars: | 2022-11-13 | by ( David Lawder | ) www.reuters.com time to read: +2 min

NUSA DUA, Indonesia, Nov 13 (Reuters) - U.S. Treasury Secretary Janet Yellen will seek clarity on China's plans to ease its COVID-19 restrictions and deal with problems in its property sector when she meets on Monday with China's central bank chief, Treasury officials said on Sunday. Yellen is prepared to discuss with Peoples Bank of China Governor Yi Gang the outlook for U.S. inflation and growth, but will likely leave monetary policy plans to the Federal Reserve, the officials said. The Treasury officials said they do not plan to offer advice to China on its COVID restrictions or its property sector woes, but to understand Chinese officials' approach so they can better interpret the impact of policy changes. Yellen also will also meet with French Finance Minister Bruno Le Maire and new Italian Minister of Economy and Finance Giancarlo Giorgetti. Yellen also will urge her European counterparts to keep up strong fiscal support for Ukraine in a transparent and predictable way, the officials said.

☆ Europe shows a united front against Biden's Inflation Reduction Act, says it threatens industry
▼ + stars: | 2022-11-09 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The sweeping U.S. legislation, which was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies, was discussed by the 27 EU finance ministers on Tuesday. The same official added that "there is a political consensus (among the 27 ministers) that this plan threatens the European industry." The EU has listed at least nine points in the U.S. Inflation Reduction Act that could be in breach of international trade rules. We don't want to see any kind of decision that could harm this level playing field. "The level playing field is at the core of the trade relationship between the two continents and we don't want to see any kind of decision that could harm this level playing field," he said.

☆ EU, US must address concerns over U.S. inflation act - German fin min
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 7 (Reuters) - Germany wants dialogue with Washington rather than tit-for-tat measures to ease trade tensions triggered by the U.S Inflation Reduction Act, which could harm European businesses and industry, Germany's finance minister said on Monday. Christian Lindner said a task force set up between the United States and the European Union should address the issue urgently. "In everyone's interest, we will not enter a tit-for-tat but rather strengthen the sources of wealth and growth together," he added. Earlier on Monday, French Finance Minister Bruno Le Maire said the law was a major threat to European companies and that the EU must stand firm against it. Reporting by Rachel More, Editing by Miranda Murray and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ BNP defies French banks’ interest-rate malaise
▼ + stars: | 2022-11-03 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

A regulated savings rate, with roots tracing back to the French Emperor’s wars of conquest, is one reason why Gallic retail lenders could miss out on an interest-rate windfall that is boosting banks elsewhere. Ironically, 60 billion euro BNP Paribas (BNPP.PA) looks set to escape the curse because of some international expansion of its own. One-third of Gallic lenders’ deposits sit in savings vehicles with regulated interest rates, Jefferies analysts reckon. Combined with other interest-rate regulations and the fact that many French mortgage borrowers are on fixed rates, the upshot is that Gallic retail lending margins don’t rise as quickly as they might in Spain or Britain. Chief Executive Jean-Laurent Bonnafé, who is approaching his 11-year anniversary in the role, deserves credit for helping BNP to defy the lending malaise at home.

☆ France cuts volume of nuclear power EDF must sell cheaply in 2023
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

The reduction could increase the energy price businesses face. EDF will be required to sell 100 terrawatt-hours (TWH) to rivals at what is known as the Arenh price, determined by the regulator, compared with 120 TWH this year. EDF this year suffered multi-billion euro losses after the government said in January the nuclear producer would have to increase by 20 TWH the volumes it is required to sell cheaply to curb enery costs. "I have said that the decision to raise the volume in 2022 was exceptional," Le Maire told a news conference, "we will therefore go back to 100 TWH in 2023." "We will cover half of the sum exceeding a reference price of 325 euros," Prime Minister Elisabeth Borne told a news conference.

PARIS, Oct 27 (Reuters) - EDF (EDF.PA) is expecting a hit of around 32 billion euros ($32.18 billion) to its full-year core earnings from lower nuclear production, a bigger loss than previously estimated and its sixth profit warning this year. The group, which is in the process of being fully nationalised, confirmed nuclear output would come in at the lower end of a previously announced 280-300 terawatt-hours range - a 30-year low. In September, EDF had forecast a hit to its earnings of 29 billion euros due to lower production. The combination of lower output and capped electricity prices means EDF is set to end the year with a big loss. The company's core earnings or EBITDA in 2021 came in at 18 billion euros.

☆ France and Germany's relationship questioned as Scholz goes alone on policy
▼ + stars: | 2022-10-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Officials have denied problems in the Franco-German relationship, but Chancellor Scholz's focus on domestic politics is upsetting some lawmakers in Europe. Fresh tensions between France and Germany are challenging their relationship at a time when their unity is critical for broader European policy in tackling the energy crisis. The leaders of the two nations will meet in Paris on Wednesday, but this encounter almost got canceled. He added that the action of German Chancellor Olaf Scholz is "creating the deepest divides within the Union." France and Germany are the two largest economies in the European Union and two of the founding nations of this political grouping.

The French and Japanese automakers said this month they were in talks about the future of their alliance, including Nissan potentially investing in an electric vehicle business being spun out of Renault. With Nissan holding only 15% of Renault - and without voting rights - French dominance of the alliance has long been a point of contention. Renault wants Nissan to invest in its electric vehicle unit, while Nissan wants Renault to cut its stake to 15%, Reuters previously reported. Given its investment needs, Renault is the more eager of the two to reach a deal, said a person familiar with negotiations. Alliance junior partner Mitsubishi Motors Corp (7211.T) will likely invest a few percent in the new Renault unit to retain its alliance relationship, said another person familiar with the matter.

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