France

The French economy is set to grow modestly in '2026, as a spike in oil prices squeezes consumers. This will only be partially offset by a recovery in industrial production, according to the national statistics agency INSEE. INSEE's latest outlook forecast that the euro zone's 2nd-largest economy will grow?0.7% in this year following a 0.9% growth last year. The oil price spike caused by the Iran War would be a 0.2 to 0.3 point drag on the economy. INSEE stated that as companies pass higher costs on to consumers, the households will 'bear the brunt' of the energy crisis due...

Patrick Pouyanne, Chairman and CEO of TotalEnergies, said at the annual general meeting held on Friday that French citizens prefer to have energy companies 'cap fuel prices' at the pump rather than pay a tax on superprofits. He was answering a climate NGO's representative who asked if?the company could do more to help ease the price shocks for consumers. TotalEnergies has been criticized for its massive profits from oil price spikes caused by the war in Iran. French politicians are pushing for a tax on the company to help lower prices. Pouyanne claimed that a survey had revealed that French...

Treasury Secretary Scott Bessent called on allies on Tuesday to disrupt Iran's.financing network and said that the Treasury would clear its outdated sanctions list to.make it easier for the financial institutions to.root out the most sophisticated terrorist funding schemes. Bessent said that after the G7 finance leaders met at Paris, participants in an anti-terrorism funding conference should "stand in full measure with us" against Iran. Bessent stated that "this will require our European partners, for example to join the United States by taking action against Iran, including by designating its financiers and unmasking their shell and front company, closing its...

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

Bola Tinubu, the President of Nigeria, said that Nigeria will spend $11.6 billion in 2026 servicing its debt, which is nearly half of the projected revenue for government. He called for a reform to a global financial structure he claimed penalized African borrowers. He said that debt-servicing costs were crowding out expenditures on infrastructure, health care and education despite the government's tax reform aimed at increasing revenues in Africa’s most populous nation. Data from the Debt Management Office shows that Nigeria will spend $5.15 billion servicing debt by?2025. Tinubu, speaking at the Africa Forward Summit, held in Nairobi on Tuesday,...

European shares fell on 'Thursday, after a steep rise?in the prior session. Investors analyzed?progress toward a U.S. Iran peace deal which pushed crude oil prices sharply down. STOXX 600, the pan-European index of stocks, ended up 1.1% lower than it was on Wednesday after gaining more than 2%. The majority of regional bourses in France, Germany, and Britain also declined. European energy stocks fell 2.5% when crude oil dropped below $100 per barrel. Shell fell 2.9%, despite exceeding first-quarter profits estimates and increasing its dividend by 5%. Sources and officials reported that oil prices were under pressure when?the U.S. &...

Guinea and Emirates Global Aluminium have reached an agreement to settle a long-running disagreement over the seizure its local operations, allowing the resumption bauxite shipment. The two companies released separate statements on the matter. The deal is subject to certain conditions. Guinea will pay an upfront sum to Abu?Dhabi based miner, in exchange for the transfer of Guinea Alumina Corporation assets to state-owned Nimba Mining Company. Financial details were not revealed. Guinea, the top producer of aluminium feedstock in the world, took over GAC's Bauxite Operations last year after a disagreement about plans to build an Alumina Refinery. The assets...

* The Refining & Chemicals segment quadruples earnings * All businesses experienced growth despite Middle East?output outages * British counterpart BP also reported significant increases in trading (Add?details of paragraph 3-13. By America Hernandez PARIS, 29 April - TotalEnergies exceeded market expectations on Wednesday with a 29% increase in its 'first-quarter earnings,' boosted by strong trading, high oil prices tied to the Iran War, and regional disruptions that shut down 15% of their upstream production. The French oil giant's net profit for the first quarter of this year was $5.4 billion. This compares to $4.2 billion last year. LSEG data...

French officials said that they would 'fully offset the economic impact of the Iran crisis' by freezing certain spending. They announced this on Tuesday as part of a new set support measures. The government will be hit with a surge in energy costs and higher bond yields after the Iran War began. This is expected to cost between 4 billion euro ($4.7 billion)?and 6 billion euro, while increased borrowing costs are responsible for 3.6 billion, according to Finance Minister Roland?Lescure. After a meeting of lawmakers, budget minister David Amiel said to reporters: "In light of the 6 billion euro cost...

French Finance Minister Roland Lescure announced on Thursday that the Group of Seven finance and central bank chiefs had agreed to be ready to "act" to reduce economic and inflation risk caused by Middle 'East war energy price and supply fluctuations. Lescure told reporters at the International Monetary Fund's and World Bank's spring meetings that the outcome of the global economy depends on the speed with which the conflict is resolved. The International Energy Agency, with the support of the G7, released last month a record-breaking amount of oil from its strategic reserves in order to counter the cuts of...

The Italian Treasury confirmed an earlier report that Lorenzo Mariani would be the new Chief Executive Officer of Leonardo Defence Group, replacing Roberto Cingolani. Rome, as expected, also proposed the reappointment of Claudio Descalzi at Eni's helm and Flavio Cataneo, Enel's, to their respective energy groups. Cingolani did not win a second term, despite a rise in sales and orders at the state-controlled group since he became its leader in 2023. He also secured a number partnerships with European competitors. Leonardo's shares, which had more than quadrupled in value under Cingolani, dropped this week amid reports of his possible removal,...

Senegal has banned all travel abroad by top officials and ministers that is not essential. The government warned of "extremely challenging" times as a result of the U.S./Israeli conflict with Iran, which will increase global oil prices, straining Senegal's budget. The price of Brent crude has soared and governments have been urged to act to reduce the negative effects. Senegal Prime Minister Ousmane sonko, speaking at a youth event on Friday night in Mbour, pointed out that oil is trading for about $115 per barrel, almost twice what was assumed to be the price in Senegal’s budget projections. He announced...

Pharrell, the Louis Vuitton designer and pop singer, created a giant artificial water fall to set a backdrop for his spring-summer 2027 collection. The launch of Paris Fashion Week took place on Tuesday as a heatwave that broke all records engulfed large parts of France. As they walked on the sand, models wore a mix of denims, hoodies, and flashy jackets. Others carried tiny monogrammed bags while others carried surfboards. The show was heavily influenced by American surf and skate culture. The silhouette of many looks included low-cut sneakers with white rubber soles and laces that resembled Californian lifestyle brand...

A weather pattern called an omega block is sustaining the intense heatwave that has engulfed Western Europe and caused more than 40 deaths in France alone. What you need to understand about omega 'blocks' and whether they could be more common in the future due to climate change. What is an 'OMEGA BLOCKS'? The Greek letter O is the shape of an omega block, with a bulge between two low pressure systems that are cooler and warmer. The "blocking element" refers to the way in which warm, high-pressure air becomes stuck. In normal conditions, the Jetstream carries weather systems from...

As a heatwave gripped Europe on Monday, breaking temperature records across several cities, at least 18 people died in France. Forecasters in Britain said temperatures in June could be higher than ever before, as schools in France closed their doors or changed their schedules. Bordeaux, France's west wine country, saw its temperature rise to 41.9 degrees Celsius. This is a new record for the region. In central France, it reached 41.2 C. This was higher than the previous record set in 1947. Climate Monitor shows that Europe is the continent farthest away from its historical norm for Monday. A report...

The heatwave that swept across Europe Sunday was so severe, temperatures reached as high as 40 degrees Celsius (104 Fahrenheit), causing transport disruptions and widespread warnings. The extreme heat on June 21, also known as the "summer solstice" in the northern hemisphere, and the beginning of the hottest three months of the year raised fears of a persistent and early onset of extreme weather conditions. Italian authorities have issued a red warning for the 21st of June in eight cities including Bologna. Florence, Milan and Turin. The Pope, who was leading a Sunday tradition from a window in the Apostolic...

As temperatures reached record highs, the punishing heatwave that swept across Europe led to emergency meetings in France, warnings for all of Germany, and stress on residents and tourists in Italy. Sebastien Lecornu, the French prime minister, was to convene a crisis conference on Saturday. The national weather agency Meteo France had warned that the heat wave would continue into the next week. It compared it to "major episodes" in 2003 and 2019 Forecasters predicted that temperatures between 39 and 40 degrees Celsius could reach 41C in some parts of Burgundy by Sunday. On Monday temperatures are likely to reach...

China defended its export controls on 'critical mineral supplies' and called on the Group of Seven nations to respect market economy principles and international trading rules, rather than favouring a "small clique", said its Foreign Ministry on Thursday. The comments follow an agreement made by G7 leaders Wednesday to increase coordination in order to reduce their countries' dependence on China for essential minerals, including plans to align stocks and to?expand? the role of International Energy Agency. Lin Jian, spokesperson for the foreign ministry, said that China's efforts to improve and standardise its export control system were in line with international...

In May, battery electric vehicle registrations in Europe hit a record market share, continuing a strong growth due to?subsidies and policy support?and higher petrol prices. Data from E-Mobility Europe (EME), New Automotive and Fier Automotive revealed that battery electric vehicle registrations in 17 European markets increased by 34.4% compared to the previous year, reaching 212,387 cars in May. This gives fully electric vehicles a market share of 23.6%. This followed growth of 34.1% in March and 51.3% in April, according to data from E-Mobility Europe. In a press release, Chris Heron, secretary general of E-Mobility Europe said that "consumers and...

Highlights from the French Open's fourth day on Wednesday (times GMT). 1040 BENCIC THRU?THIRD RUND Belinda Bencic, the 11th seed from Switzerland, was the first woman to reach 'the third round' after she defeated American Caty McNally 6-4 6-0. Play Under Way 0909 The temperatures at Roland Garros were hot, and are expected to reach 32 degrees Celsius in Paris. Iga Swiatek will face Sara Bejlek on Court Philippe Chatrier, a Czech player who is ranked third. Novak Djokovic, a 24-time Grand Slam winner, will play Valentin Royer in the afternoon. READ MORE Svitolina plays down title talk, Zverev aims...

German power prices for the day ahead jumped by 29% on Wednesday as a heatwave across Europe increased cooling needs, and lower wind generation meant more expensive electricity sources such as coal-fired plants and gas-fired ones would be required to meet demand. This week has seen temperatures in Europe that are higher than normal, increasing the demand for air conditioners and cooling systems. Engie's EnergyScan cited exceptionally warm weather over the period as a?dominant factor. It noted that cooling degree days - a measure for demand for air conditioners - were at their highest levels in decades. The warm weather...

Highlights from the third day of the French Open, Tuesday (times GMT). 1610 DE MINAUR?THROUGH BLOCKX WITHDRAWAL Alex De Minaur has moved to the third round after Alexander Blockx, his opponent from the second round, withdrew due to an ankle sprain. 1510 GAUFF &?OSAKA THROUGH SECOND RUND The defending champion,?Coco? Gauff, beat Taylor Townsend by a score of 6-4 6-0 and advanced to the second round. Naomi Osaka defeated Laura Siegemund of Germany with a score of 6-3, 7-6(3). 1346 INJURED NORIE RETIRES Cameron Norrie, Britain's 20th-seed, retired after taking a timeout for medical reasons in the second game. It...

Highlights from the second day of the French Open (times GMT). 1052 PAOLINI THRU TO SECOND?ROUND Jasmine Paolini, a former finalist from Italy and 13th seed, beat Dayana Yastremska?7-5 6-3?to set up an Argentinean Solana Sierra in the second round. She had previously knocked out Emma Raducanu. Play Under Way 0909 The weather was hot and sunny at Roland Garros. In Paris, temperatures were around 25 degrees Celsius. Iga Swiatek will be the third seeded player to open the proceedings on Court Philippe Chatrier against Emerson Jones, an Australian wildcard. READ MORE Monfils celebrates Roland Garros final as Gaston tries...

The French utility Engie reported on Thursday that its first-quarter earnings had dropped after the?warmer temperatures?had lowered domestic gas sales and deliveries. The company's earnings before interest, tax and nuclear were $4 billion, down 8.4% compared to a year ago. This was in line with the analyst consensus estimate of 3.4 billion Euros compiled by LSEG. The company stated that the decline in 'earnings was partly attributable to their energy management business which supplies gas and power to both retail customers as well as business clients. Operating profit at this business was down 12.2% to?1.14billion euros. Data from the company...