WEATHER ALERT
France's premier quits hours after naming government, plunging the country into more political chaos
Read full article: France's premier quits hours after naming government, plunging the country into more political chaosFrance's new prime minister has resigned just a day after naming his government and following less than a month in office.
US pushes for Ukraine aid, united front against China's trade practices at G7 finance meeting
Read full article: US pushes for Ukraine aid, united front against China's trade practices at G7 finance meetingThe U.S. is seeking to build support for squeezing more money for Ukraine out of frozen Russian assets as finance ministers from the Group of Seven rich democracies open a two-day meeting Another key topic pushed by U.S. Treasury Secretary Janet Yellen will be building a united front against China’s subsidies for solar panels and electric cars.
France's Le Maire presses China on market access and lobbies for electric car investment
Read full article: France's Le Maire presses China on market access and lobbies for electric car investmentThe French finance minister says he pressed Chinese leaders to open their markets wider to foreign companies.
French minister says Macron's reelection would boost growth
Read full article: French minister says Macron's reelection would boost growthFrench Finance Minister Bruno Le Maire says President Emmanuel Macron’s potential reelection next year is “very important” to further boost growth — in a clear endorsement of a candidacy that’s not yet been formally announced.
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World Bank sees 5.6% global growth in 2021, best since 1973
Read full article: World Bank sees 5.6% global growth in 2021, best since 1973The World Bank is upgrading the outlook for global growth this year, predicting that COVID-19 vaccinations and massive government stimulus in rich countries will power the fastest worldwide expansion in nearly five decades.
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G-7 back steps to deter tax dodging by multinational firms
Read full article: G-7 back steps to deter tax dodging by multinational firmsThe Group of Seven wealthy democracies have agreed to support a global minimum corporate tax of at least 15% to deter multinational companies from avoiding taxes by stashing profits in low-rate countries.
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World trade body chief says vaccine inequity 'unacceptable'
Read full article: World trade body chief says vaccine inequity 'unacceptable'French Finance Minister Bruno Le Maire, right, and World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala, left, elbow-bump after a joint news conference at WTO headquarters in Geneva, Switzerland, Thursday, April 1, 2021. (Denis Balibouse/Pool via AP)GENEVA – The head of the World Trade Organization called Thursday for expanded capability in developing countries to manufacture vaccines, saying the gaping imbalance in access to coronavirus vaccines that mostly favors rich, developed countries was unacceptable. “We are convinced that the WTO has a major role to play.”He said France supported “concrete reform” to help improve dispute resolution and ease trade tensions. Le Maire advocated “clear and respected trade rules,” notably on intellectual property, state aid and reciprocity agreements between countries. The United States over successive administrations has held up appointments to the WTO's appeals court, which helps adjudicate trade disputes across the world.
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France opposes foreign takeover offer for supermarket chain
Read full article: France opposes foreign takeover offer for supermarket chainFILE - In this file photo dated Wednesday Feb. 24, 2010, a sign is seen at a Carrefour supermarket in Brussels. France's government said Thursday Jan. 14, 2021, it opposes the proposed 16.2 billion-euro ($19.6 billion) takeover of French supermarket chain Carrefour by Canadian convenience store group Couche-Tard. (AP Photo/Virginia Mayo, FILE)PARIS – France's government says it opposes the proposed 16.2 billion-euro ($19.6 billion) takeover of French supermarket chain Carrefour by Canadian convenience store group Couche-Tard. That follows similar comments by Finance Minister Bruno Le Maire who explained that the country's “food sovereignty” is at stake. “I’m not in favor of such a deal,” Le Maire said on television channel France 5 on Wednesday.
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France's hopes lift as US freezes tariffs over tech tax
Read full article: France's hopes lift as US freezes tariffs over tech tax(AP Photo/Francois Mori)PARIS – France’s government breathed a sigh of relief Friday after the U.S. indefinitely delayed tariffs on French cosmetics and other goods designed as retaliation for a French tax on technology giants. France says that its tax targets any company with huge revenues, and is aimed at making the tech giants pay taxes in the countries where they do business instead of tax havens. While France has led the charge on tech taxes, several other countries have introduced similar measures that worry the U.S., including Britain, India, Turkey and Brazil. Negotiations on a global tech tax deal at the Organization for Economic Cooperation and Development stalled after the Trump Administration pulled out last summer. The U.S. Trade Representative decided in 2020 to remove wine from the list of products subject to the tariffs.
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The Latest: New Zealand to end restrictions except in 1 city
Read full article: The Latest: New Zealand to end restrictions except in 1 city(AP Photo/Nati Harnik)WELLINGTON, New Zealand: All remaining virus restrictions will be lifted across much of New Zealand from late Monday with the exception of the largest city, Auckland, which will continue to have some restrictions for at least another 16 days. Nationally, nursing home residents account for less than 1% of the U.S. population but more than 40% of the coronavirus deaths. ___DUESSELDORF, Germany — Hundreds of people demonstrated in downtown Duesseldorf Sunday against government coronavirus restrictions and in support of a host of other causes. People waved signs with slogans like “end to panic, corona pandemic is a lie” and “corona rebels” as songs decrying coronavirus restrictions were played. The latest figures show that new daily coronavirus cases for Britain have risen to 4,422, the highest since early May.
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The Latest: South Korea's daily virus total drops slightly
Read full article: The Latest: South Korea's daily virus total drops slightlyIt’s the first time for South Korea’s daily jump to fall to double digits since Aug. 13. But even before Sunday, South Korea’s daily virus tally had been staying in the 100s for more than two weeks, after it once surpassed 400 in late August. Like other countries in Europe, the number of virus cases has spiked in recent days in Romania. ___TEL AVIV, Israel — Dozens of Israelis held a beach demonstration against a new lockdown prompted by a surge in coronavirus cases. ___NEW DELHI —India has maintained its surge in coronavirus cases, adding 93,337 new confirmed infections in the past 24 hours.
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EU heavyweights seek strict rules for digital currencies
Read full article: EU heavyweights seek strict rules for digital currenciesFrench Finance and Economy Minister Bruno Le Maire, right, is welcomed by Federal Finance Minister Olaf Scholz, left, for the Informal Meeting of Economics and Finance Ministers in Berlin, Germany, Friday, Sept. 11, 2020. (Hannibal Hanschke/Pool Photo via AP)BERLIN – Finance ministers from five of Europe's biggest economies called Friday for the European Union to produce strict rules for new, private digital currencies such as Facebook-backed Libra and ban those that don't comply. The ministers from Germany, France, Italy, Spain and the Netherlands said in a joint statement that new regulations being drawn up by the EU's executive Commission — and expected this fall — should seek to “preserve our monetary sovereignty and address the risks to monetary policy, and on the other hand protect EU consumers.”The five countries say that if it isn't clear that a digital currency is firmly linked to an existing currency, and if there is a danger to the stability of financial markets, “what has got off the ground must be banned,” German Finance Minister Olaf Scholz said on the sidelines of a meeting with his eurozone counterparts in Berlin. France's Bruno Le Maire stressed “one very simple principle: the (European) Central Bank ... is the only one to be allowed to issue currency, and this point is something that cannot be jeopardized or weakened by any kind of project, including the so-called Libra project.”Facebook has backed the Libra project for a so-called stablecoin, a digital currency linked to existing currencies. Spanish Finance Minister Nadia Calviño noted that European officials have long expressed “concern on the development of these wrongly called stablecoins — crypto-assets is a more correct denomination.” She said that Europe could pave the way for a global standard.
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EU stands united as Brexit trade talks unravel further
Read full article: EU stands united as Brexit trade talks unravel further“We will never accept any kind of decision that might weaken or jeopardize the European single market, French Finance Minister Bruno Le Maire said. Ireland, which has the EU's only land border with the U.K., stands to lose the most in a breakdown of trade talks. Irish Finance Minister Paschal Donohoe welcomed “solidarity and support” from his colleagues in other EU countries. Any hardening of the border could anger nationalists who want a united Ireland. But any new barriers to trade across the Irish Sea would rile Unionists who want Northern Ireland to stay British.
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France announces $16.9 billion in aid to aviation industry
Read full article: France announces $16.9 billion in aid to aviation industryFrance's government has announced 15 billion euros ($16.9 billion) in aid for the virus-battered aerospace industry, including plane maker Airbus and national airline Air France. (AP Photo/ Francois Mori, File)PARIS Frances government announced 15 billion euros ($16.9 billion) in rescue money on Tuesday for the pandemic-battered aerospace industry, including plane maker Airbus and national airline Air France. It also includes a special fund jointly financed by the government, Airbus and other big manufacturers to support small suppliers. It includes 7 billion euros in loans and loan guarantees that the government had already promised to Air France, whose planes were almost entirely grounded by the virus. The government predicted it will be 2023 before the industry reaches pre-crisis levels.
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EU trade chief Phil Hogan mulls run for WTO top job
Read full article: EU trade chief Phil Hogan mulls run for WTO top jobFrench Finance Minister Bruno Le Maire, left, and European Trade Commissioner Phil Hogan attend a media conference after their meeting in Paris, Tuesday, Jan. 7, 2020. Certainly, I am exploring the option of being a candidate for the director-general of the WTO, EU Trade Commissioner Phil Hogan told reporters after video-conference talks with the blocs trade ministers. Hogan, who is from Ireland, only took up his post in Brussels six months ago and is deeply involved in trade talks linked to Britains departure from the EU. Hogan said he was heartened to hear a majority of ministers say that Europe should have a candidate in the running. On Monday, Mexico nominated the economist, trade negotiator and diplomat Jesus Seade Kuri for the top job.
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Germany, France hope cloud data project to boost sovereignty
Read full article: Germany, France hope cloud data project to boost sovereigntyBERLIN Germany and France on Thursday launched a project to set up a European cloud computing platform that they hope will enhance European economic sovereignty in the wake of the coronavirus crisis and break the continent's dependence on U.S. and Chinese companies. With the COVID crisis, companies massively shifted to teleworking. This makes the need for (a) secure and European cloud solution all the more urgent, Le Maire told a news conference by video link from Paris. The two ministers said the project has brought together 22 companies in France and Germany, including Dassault Systemes, Orange, Siemens, SAP, Robert Bosch and Deutsche Telekom. Le Maire called on all other European companies and countries to join the initiative.