French Economy – CC87 Ported OC http://cc87portedoc.com/ Wed, 22 Jun 2022 15:51:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://cc87portedoc.com/wp-content/uploads/2021/05/default.png French Economy – CC87 Ported OC http://cc87portedoc.com/ 32 32 Without a proper plan, stagflation will be the least of Britain’s problems | Larry Elliot https://cc87portedoc.com/without-a-proper-plan-stagflation-will-be-the-least-of-britains-problems-larry-elliot/ Wed, 22 Jun 2022 15:51:00 +0000 https://cc87portedoc.com/without-a-proper-plan-stagflation-will-be-the-least-of-britains-problems-larry-elliot/ IInflation is back in force. The cost of living has not risen so rapidly since the Falklands War. Prices are rising faster than wages. In all but one respect, this is clearly bad news. The best Britain can hope for in the coming months is a period of stagflation: weak growth and rapidly rising prices. […]]]>

IInflation is back in force. The cost of living has not risen so rapidly since the Falklands War. Prices are rising faster than wages. In all but one respect, this is clearly bad news. The best Britain can hope for in the coming months is a period of stagflation: weak growth and rapidly rising prices. If things get really bad, we could be on the way to an “incession” – high inflation combined with a recession. Either way, the outlook is bleak, especially for those on the lowest incomes, who spend the most on energy and food, for whom price increases are greatest.

The only consolation is that high inflation is acting as a national wake-up call. Or at least it should. For too long the UK has been drifting away convinced that all is well because cheap imports from China are keeping inflation low and rock bottom interest rates fueling a spike in oil prices. real estate. It would be nice to think that we finally woke up to reality. But that in itself is an illusion. Just as in the 1970s, structural weaknesses in the economy were exposed by a period of soaring prices.

Many of the problems are the same as five decades ago: low levels of investment, low productivity, lack of international competitiveness and exports failing to keep up with imports. Unfortunately, and unlike the 1970s, no one seems to have the first idea how to solve them.

In the 1980s, the radical right, led by Margaret Thatcher, and the radical left, led by Tony Benn, agreed on one thing: Britain had serious underlying shortcomings that had not been corrected. . Both politicians had an alternative strategy to the mainstream political consensus, which was to fend for themselves in the hope that North Sea oil would eventually come to the rescue.

Thatcher won that battle and his ideas prevailed in the decades that followed. These only really began to be challenged in the late 2000s, when free market principles brought the global banking system to the point of collapse. Yet the impact of the financial crisis has been to push the political pendulum to the right. The Conservatives have been in power for 12 years and face old and familiar issues. The current strikes, caused by high inflation, are just one manifestation of our dysfunctional economy. If Britain were a publicly listed company, its shareholders would campaign for change. They would demand precisely what is currently missing: a strategy to turn the company around. Six years after the Brexit vote, this strategy has yet to materialize.

The government’s big idea is to level up, which in part recognizes that there is a problem that needs to be fixed. But to be effective, this plan must be backed by serious investment and be part of a coordinated strategy not just to increase the size of Britain’s manufacturing base, but to develop the industries of the future. Neither the money nor the overall strategy is there. And Labor doesn’t offer much beyond platitudes either. Sir Keir Starmer’s approach is to hold his head low and hope voters don’t ask too many questions about what he would do differently as prime minister.

Here is a brief overview of the state of affairs. Britain produces more manufactured goods than it did in the 1970s, but industry’s share of the economy has fallen to less than 10% and is the smallest in the group of rich G7 countries . Most of the goods we buy – televisions, washing machines, cell phones – are imported and have been for decades. Since the early 1980s, the UK has not had a trade surplus in goods. The economy’s percentage deficit is on track to be the highest this year since the 1970s.

Britain also has the lowest investment share of any G7 country, which is not altogether surprising given its relatively small manufacturing sector. The availability of cheap labor also means that any increase in demand for a company’s products can be met by hiring more workers rather than investing in new equipment. Low investment contributes to low productivity in the UK, which lags behind the US, Germany and France.

There are certain sectors where Britain is internationally competitive, with financial and business services being at the forefront of these. These centers of strength tend to be concentrated in London and other major cities like Edinburgh and Leeds. Geographically, Britain’s prosperity is concentrated in the South East of England.

So what to do? The first thing is to accept that getting by is not the solution. Then have a plan for what the economy should look like in five, 10, 20, and 30 years. The central idea should be a bigger, cleaner and fairer economy, goals that are not incompatible with each other. Once the direction of travel has been established, the next task is to ensure that the policies of all departments are consistent with this strategy. This means the Treasury, of course, but it also means the departments of international trade, business and education. All available tools should be used.

None of this is impossible. Other countries – South Korea and Taiwan, for example – have become industrial powerhouses by having a plan and sticking to it. They didn’t, however, leaving everything to market forces and assuming everything would be fine in the end.

Larry Elliott is the economics editor of the Guardian

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How an emboldened far-right is changing French politics https://cc87portedoc.com/how-an-emboldened-far-right-is-changing-french-politics/ Mon, 20 Jun 2022 21:24:10 +0000 https://cc87portedoc.com/how-an-emboldened-far-right-is-changing-french-politics/ Placeholder while loading article actions France has only had a far-right government once, during the dark era of Nazi occupation during World War II. This lingering association with a period of national calamity confined extreme conservative groups to the fringes of politics for the rest of the 20th century. Now they are making a comeback, […]]]>
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France has only had a far-right government once, during the dark era of Nazi occupation during World War II. This lingering association with a period of national calamity confined extreme conservative groups to the fringes of politics for the rest of the 20th century. Now they are making a comeback, exploiting economic insecurity to peddle the tale of a proud nation in decline besieged by alien cultures. In a presidential election in April, far-right figures won the most votes since the founding of the Fifth Republic in 1958. Two months later, France’s largest far-right party took another step winning a record number of seats in parliament.

1. What is the French extreme right?

The term encompasses various populist groups that have succeeded each other since the end of the 19th century. They tend to promote conservative values ​​and favor strict enforcement of law and order. Some are monarchists and traditionalist Catholics and many hold extreme, racist and anti-Semitic views. Right-wing dissident paramilitaries fought against Algerian independence in the early 1960s, carrying out attacks that left hundreds dead. The most successful far-right party today is the National Rally, founded as the National Front in 1972 and led for nearly four decades by Jean-Marie Le Pen before being replaced by his daughter Marine.

2. Who are its main actors?

Le Pen, a former French paratrooper during the Algerian War, was convicted of racism and anti-Semitism and has previously claimed Nazi gas chambers were a “detail” of history. He ran for president four times and only reached the second round once, in 2002, where he suffered a crushing defeat to Jacques Chirac. Marine Le Pen took over in 2011 and began trying to soften the party’s image, changing her name and later ejecting her father from the movement. She ran for president three times and qualified for the second round twice. Le Pen is gradually handing over to his deputy, Jordan Bardella, a new face in the Parisian suburbs. Le Pen’s niece Marion Marechal, often described as a far-right rising star, left her aunt’s camp in March and is now vice-president of Reconquest, a new group led by the writer and data expert. media Eric Zemmour, who was convicted of hate speech and fueled controversy for comments seen as denying the basic facts of the Holocaust.

3. What are their policies?

The National Rally wants to abolish immigration and asylum, prohibit the families of foreigners from joining them in France and expel undocumented immigrants. Zemmour called for the deportation of one million illegal immigrants and foreigners who have committed crimes or are suspected of terrorist sympathies. He called for a ban on Muslim names, Islamic veils and minarets from mosques, and said Muslims should abandon their faith and beliefs, considering them incompatible with French republican values. The far right wants to increase the legal protection of police officers accused of violence, stop integration into the European Union and reimpose border controls. Le Pen said France should leave NATO’s integrated command, a structure described as the “backbone” of the military alliance, and has cultivated ties with authoritarian leaders including Russia’s Vladimir Putin.

4. How close did she get to the presidency?

Le Pen sought to moderate his views ahead of his third presidential election in April, dropping a plan to ban dual nationality – a far-right calling card – and backing away from an explicit promise to pull France out of the EU. . She wooed young voters with promises of tax breaks and tried to soften her image by sharing personal stories about her life as a single mother with three children. She voted just behind incumbent President Emmanuel Macron for part of the 2022 campaign before losing to him in a runoff, securing around 41% of the vote, an improvement from her 34% score last. times in 2017.

5. Does the far right influence mainstream politics?

Shaken by the electoral successes of Le Pen, Zemmour and far-left brandon Jean-Luc Mélenchon in April, Macron has redoubled his commitment to improving living standards and household purchasing power. It also sharply reduced the number of visas granted to Algerian, Moroccan and Tunisian nationals. In June, the National Rally’s historic gains helped strip Macron’s centrist movement of its majority in parliament, and Le Pen vowed to use his party’s new legislative clout to influence government policy and block his reforms. Ideas that emerged on the far right have become dominant themes within the mainstream center-right Republican Party. Even some left-wing personalities like Arnaud Montebourg made unthinkable remarks in his political sphere a few years ago. Montebourg has proposed blocking money transfers to countries that refuse to take back their undocumented nationals captured in France, an idea long advocated by the far right.

6. Who are the new far-right voters?

A decline in France’s old establishment parties has left more voters hesitant to court by the far left and the far right. Le Pen’s promise to reverse falling living standards and raise wages found a receptive audience in underprivileged provincial regions during the presidential campaign. Zemmour has used a clever social media strategy to attract wealthier and younger people, promoting the so-called Great Replacement theory, which argues that white Christian Europeans are being supplanted by Muslim immigrants who want to change the culture of inside. The sense of an existential threat has been heightened by a succession of deadly attacks by Islamist militants over the past decade.

7. What are their slogans?

Marine Le Pen has softened her father’s rallying cries of “France for the French” and “The French first” to “The France we love”. His supporters chant “this is our home” at rallies. Some of the far-right tropes have seeped into mainstream politics. The concept of “wildness,” the idea that the nation is going wild, has gotten on the nerves of voters alarmed by crime rates in areas with high immigrant populations. A line was crossed in 2020, when Interior Minister Gérald Darmanin, who is in charge of the police, said: “Personally, I use the word wildly and I repeat it.”

• A blog from the London School of Economics on the risk of a 2027 presidential election dominated by extremes.

• Portrait of Jordan Bardella, the rising star of the French far right

• Bloomberg QuickTakes on the rise of Zemmour, street protests under Macron’s tenure, and the yellow vest phenomenon.

• Foreign policy asks the question “Is Marine Le Pen a fascist? »

• A post-election analysis in The Atlantic.

• A mid-election editorial from Bloomberg Opinion on the risks of a Le Pen presidency, and chronicles on an uninteresting French election and the decline of political moderation.

More stories like this are available at bloomberg.com

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Live updates from Ukraine: As Russia gains territory, grim losses take their toll https://cc87portedoc.com/live-updates-from-ukraine-as-russia-gains-territory-grim-losses-take-their-toll/ Sun, 19 Jun 2022 06:58:40 +0000 https://cc87portedoc.com/live-updates-from-ukraine-as-russia-gains-territory-grim-losses-take-their-toll/ Members of the Ukrainian Regional Police in the eastern city of Lysychansk, Ukraine this month.Credit…Ivor Prickett for The New York Times It has been two months since the Kremlin launched its full-scale assault on Ukraine’s eastern Donbass region, directing the force of its vast arsenal along a 300-mile front and inflicting heavy casualties on Ukrainian […]]]>
Credit…Ivor Prickett for The New York Times

It has been two months since the Kremlin launched its full-scale assault on Ukraine’s eastern Donbass region, directing the force of its vast arsenal along a 300-mile front and inflicting heavy casualties on Ukrainian forces as its fighters fought their way through grueling trials. earnings.

But the campaign was expensive. After weeks of bloody battles and persistent defense by outgunned Ukrainian soldiers, the Russian forces are likely severely depleted in manpower and equipment.

An entire Russian regiment – which when full could number several thousand troops – has been forced to withdraw from the eastern front “to restore its combat capability” after suffering heavy casualties, the military said on Saturday. Ukrainian army. The Ukrainians also said they destroyed “30 units of various enemy equipment and weapons” within 24 hours from Friday morning. Russia “continues to suffer significant losses”, the Ukrainians said on Saturday evening.

The claims could not be independently verified, but if confirmed, they would be signs that the battle for control of Donbass is taking a heavy toll on Russian forces already battered in the early months of the war as They tried in vain to seize Kyiv, the capital, and other towns and cities in the north.

“The Russians probably lost between 20 and 30 percent of their armored forces,” Gen. Mark A. Milley, chairman of the US Joint Chiefs of Staff, said last week. “It’s huge. So the Ukrainians are fighting a very effective fight tactically with both shooting and maneuvering.

General Milley said “the numbers are clearly in favor of the Russians” on weapons, making critical the extra billion dollars the White House has promised Ukraine for more artillery, systems rockets, coastal defense weapons and ammunition.

As Ukraine eagerly awaits the arrival of weapons, Russian forces are killing up to 200 Ukrainian soldiers every day, officials say. The Ukrainians desperately tried to hold their ground in the ruined city of Sievierodonetsk, as they also defended themselves against a wider encirclement of their forces in the region by the Russians advancing from the north, south and east.

Yet the Ukrainians are making the Russians pay a heavy price for every mile they seek to advance.

The British Army Intelligence Agency said last week that Russian combat forces in the Donbass “most likely operated in increasingly ad hoc and severely undermanned groupings”.

“For both sides fighting in contested towns, front line combat is likely to increasingly devolve to small groups of troops generally operating on foot,” according to the British analysis.

Unable to dislodge the Ukrainians from Sievierodonetsk after weeks of heavy shelling and urban fighting, Russia was trying to improve its “tactical situation” by carrying out assault operations outside the city, the army said on Saturday. Ukrainian. He said the Russians were failing to break through and were suffering heavy casualties as they tried to take the last piece of land under Kyiv control in Luhansk province of Donbass.

“Now the fiercest battles are taking place near Sievierodonetsk,” said Serhii Haidai, Luhansk’s regional military commander, saying Ukrainian soldiers had recently shot down a Russian fighter jet and taken prisoners.

Michael Kofman, director of Russia studies at CNA, a research group in Virginia, said in a recent analysis that if the Russians break through in Sievierodonetsk, their ongoing labor struggles could further harm their ability to support any progress.

“The Russian military has spent months trying to hire additional contract servicemen, deploying reservists and now organizing additional battalions based on the existing force structure,” Kofman wrote. “These are piecemeal efforts that keep the Russian military going in the war, but don’t solve the fundamental manpower deficit.”

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Chrystia Freeland details $8.9 billion in measures to tackle affordability in first major speech since budget https://cc87portedoc.com/chrystia-freeland-details-8-9-billion-in-measures-to-tackle-affordability-in-first-major-speech-since-budget/ Thu, 16 Jun 2022 22:53:54 +0000 https://cc87portedoc.com/chrystia-freeland-details-8-9-billion-in-measures-to-tackle-affordability-in-first-major-speech-since-budget/ Deputy Prime Minister and Minister of Finance Chrystia Freeland today delivers her first major speech since the budget, outlining the $8.9 billion in financial support measures her government has put in place to help Canadians cope with rising inflation. “We know that Canadians are worried about inflation and are asking what their government is going […]]]>

Deputy Prime Minister and Minister of Finance Chrystia Freeland today delivers her first major speech since the budget, outlining the $8.9 billion in financial support measures her government has put in place to help Canadians cope with rising inflation.

“We know that Canadians are worried about inflation and are asking what their government is going to do about it,” Freeland said in a statement.

“That’s why we have a new affordability plan — $8.9 billion in new support this year — that will put more money in the pockets of Canadians when they need it most.

LOOK | MPs respond to Freeland’s $8.9bn package to address affordability concerns

MPs respond to Freeland’s $8.9bn package to address affordability concerns

Parliamentary Secretary Rachel Bendayan, Conservative Finance Critic Dan Albas and NDP Social Development Critic Leah Gazan discuss ways to address the cost of living crisis facing many Canadians .

Freeland said his plan to fight inflation and the affordability crisis has five components: respecting the role of the Bank of Canada, investing in workers, managing the debt, creating good jobs and financing the series of programs that make up the affordability plan.

Freeland’s 40-minute speech at the Empire Club in Toronto also touched on strategies to increase competitiveness and productivity and offered a pledge to increase financial supports if economic conditions worsen.

Conservative leadership candidate Pierre Poilievre has accused the Bank of Canada and its current governor, Tiff Macklem, of worsening inflation through its pandemic-era quantitative easing policy.

He has also vowed to fire Macklem if he becomes prime minister – a pledge that has drawn criticism from some who say the Tory MP is unfairly politicizing an institution that has historically operated at a distance from partisan politics.

look | Freeland details $8.9 billion in economic support for Canadians:

Freeland details $8.9 billion in economic support for Canadians

Deputy Prime Minister Chrystia Freeland discusses what she calls the government’s “affordability plan”.

Calling the Bank’s critics “economically illiterate”, Freeland said the Bank’s job is to fight inflation and she reaffirmed that mandate late last year.

“The Bank has started to bring inflation back within its target range, and it has the tools and the expertise it needs to prevent inflation from taking hold,” she said.

Freeland said the Bank’s reputation was a key reason Canada’s AAA credit rating was reaffirmed and the institution promotes economic stability.

“In this time of global economic and political volatility, undermining Canada’s fundamental institutions – including the Bank of Canada – is highly irresponsible, let alone economic illiteracy,” she said.

The “affordability plan”

Measures already announced by the federal government in Budget 2022 and cited by Freeland in today’s speech include:

  • Increase the Canada Workers Benefit by $1.7 billion this year. Individual workers can now receive up to $1,395 a year in benefits, while a family can qualify for a maximum of $2,403 a year. These amounts would be increased by $1,200 for individuals and $2,400 for families.

  • Increase Old Age Security (OAS) by 10%, providing up to $766 in new first-year support starting in July for people age 75 and older.

  • Provide a one-time housing affordability payment of $500 to low-income Canadians.

  • Reduce the cost of child care by 50% on average by the end of the year and bring it to an average cost of $10 per day by 2025-2026.

  • Provide free dental coverage to Canadians earning less than $90,000 per year, starting with children under 12, in 2022.

  • Increase inflation-indexed benefits, including OAS, Guaranteed Income Supplement (GIS), Canada Pension Plan, Canada Child Benefit and GST Credit.

The federal government says the GIS is already 4.9% higher than it was a year ago due to inflation, and other indexed benefits will also rise.

LOOK | ‘We’re going for a tough ride’: John Manley on inflation and the risk of recession

‘We’re going for a tough ride’: John Manley on inflation and the risk of recession

“We could be heading into a recession,” said former Liberal finance minister John Manley. “Everything is pretty negative right now.”

In his speech, Freeland compared Canada’s economic recovery to that of other G7 countries. She said Canada had recovered 117% of the jobs lost during the pandemic – better than the 96% recovery rate in the United States – and now had an unemployment rate of just 5.1%.

“This is the strongest recovery of the G7. It’s the strongest jobs recovery in the G7 and Canada’s real GDP is 1.8% higher than it was in those terrible first weeks. [of the pandemic],” she says.

Freeland said that despite the positive numbers, she knows some Canadians are hurting due to inflation, which she blamed on the pandemic, disruptions to global supply chains and the invasion of Ukraine by Russia.

Invest in workers, housing

While it’s the Bank of Canada’s job to fight inflation, Freeland said the government can help by addressing other issues such as the shortage of workers, especially skilled workers.

“We do this by investing in immigration, skills, child care and housing,” she said in French.

Freeland said Canada has maintained its policies encouraging immigration throughout the pandemic and new people arriving in Canada will be welcomed by employers looking to recruit staff.

“In the budget, we have also planned to invest in the workers who are already here,” she said. “That means making sure our skilled workers can afford to travel to areas of Canada where their services are desperately needed.”

These workers, Freeland said, need housing, and his government’s promise to double the number of homes built over the next decade will help ensure people can find affordable housing.

Debt management

Freeland said that although Canada has the lowest debt-to-GDP ratio in the G7, she wants the debt to go down and said “Canada’s pandemic debt must and will be repaid.”

“In tabling the budget in April, I reaffirmed that this is our fiscal anchor and committed to reviewing and reducing public spending, as it is the responsible thing to do,” she said. “I am convinced that our plan is the right one.”

Freeland added that she “does not underestimate the economic difficulties and uncertainty of the months ahead.”

“We have been through two years of remarkable turbulence. Our challenge now is to land the aircraft – and a soft landing is not guaranteed.”

Opposition criticizes repeated announcements

The NDP and the Conservatives have been pressing the Liberal government on the issue of inflation for weeks. NDP Leader Jagmeet Singh released a statement after the speech saying the measures Freeland discussed come too late and will not help Canadians who need them now.

“People need real help. They need their government to get money back into their pockets so they can afford basic necessities,” Singh said in the statement. “Instead, the Deputy Prime Minister is on Bay Street today making new announcements that do nothing to help people today.

Tory MPs Dan Albas and Gerard Deltell released a statement after the speech saying Freeland’s efforts to make life more affordable will only make things worse.

“Canadians are in the grip of a cost of living crisis because of the Trudeau Liberals’ flawed approach to taxes and spending,” they said in the statement.

“This flawed economic approach eats away at the incomes of hard-working Canadians and ignores the most basic economic principle: that spending during an inflationary crisis will only fuel inflation further,” the statement said. “Yet the Liberals continue down this path with reckless abandon, inflicting more inflationary pain on Canadians.”

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Chinese banks scramble to raise capital and respond to calls to support the economy https://cc87portedoc.com/chinese-banks-scramble-to-raise-capital-and-respond-to-calls-to-support-the-economy/ Wed, 15 Jun 2022 06:53:00 +0000 https://cc87portedoc.com/chinese-banks-scramble-to-raise-capital-and-respond-to-calls-to-support-the-economy/ People walk past the booth of China Construction Bank at the 2021 China International Trade in Services Fair (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo Join now for FREE unlimited access to Reuters.com Register SHANGHAI, June 15 (Reuters) – China Construction Bank Corp (CCB) (601939.SS) began selling 60 billion yuan ($8.9 billion) of […]]]>

People walk past the booth of China Construction Bank at the 2021 China International Trade in Services Fair (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo

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SHANGHAI, June 15 (Reuters) – China Construction Bank Corp (CCB) (601939.SS) began selling 60 billion yuan ($8.9 billion) of bonds on Wednesday, joining peers as they rush to rebuild their capital in response to stricter regulations and government calls. to support an economy affected by the virus.

The Chinese government has asked banks to help stabilize the world’s second-largest economy by lending to small businesses and sectors that have felt the brunt of COVID-19 containment measures in some of the country’s biggest cities in recent months. . Read more

From January to May, subordinated bonds sold by local banks, including Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS) and Bank of China Ltd (BOC) (601988.SS) totaled nearly 400 billion yuan, a 42% jump from the same period a year earlier, data from credit rating firm Fitch Bohua showed.

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The debt frenzy comes as monetary easing in China pushes interest rates down and raising capital via equity sales is unlikely, with most banks trading well below book value .

The CCB will use proceeds from the sale of bonds through China’s interbank market this week to supplement its so-called Tier 2 capital. The lender will sell an additional 60 billion yuan of such bonds by the end of 2023, according to reports. exchange documents.

Separately, CCB also plans to sell up to 100 billion yuan of perpetual bonds in China to replenish capital, and up to $3 billion of additional debt in overseas markets.

The surge in bond issuance signals that “commercial banks are preparing and working to stabilize capital adequacy,” said Li Peng, associate director of banks at Fitch Bohua, who expects loans increase in the second half of 2022.

For big banks, raising capital also comes as they face tougher capital rules to absorb losses and avoid financial instability.

China has asked its four largest state lenders – ICBC, CCB, BOC and Agricultural Bank of China Ltd (601288.SS) – to meet specific total loss-absorbing capacity (TLAC) targets from from 2025. read more

The “big four” will face a capital shortfall of at least 3.5 trillion yuan over the next few years, French bank Natixis has estimated.

Small banks, many of which have limited access to capital markets or even depositors, face even tougher capital challenges at a time when the economy has slowed, threatening asset quality.

Concerns about profitability have pushed bank stocks to about half their book value on average.

The capital ratios of Chinese banks are above regulatory limits, but they are suffering from insufficient capital generation, as well as “the government’s incentive to ask banks to give up part of their profits” with cheaper loans to help stimulate economic activity, said economist Gary Ng at Natixis in Hong Kong.

“As a result, Chinese banks will only increasingly need to raise capital externally.”

($1 = 6.7249 Chinese yuan renminbi)

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Reporting by Samuel Shen and Andrew Galbraith; Editing by Sumeet Chatterjee and Christopher Cushing

Our standards: The Thomson Reuters Trust Principles.

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Live Updates: Sanofi-GSK Announces ‘Positive’ Covid Booster Results https://cc87portedoc.com/live-updates-sanofi-gsk-announces-positive-covid-booster-results/ Mon, 13 Jun 2022 07:05:03 +0000 https://cc87portedoc.com/live-updates-sanofi-gsk-announces-positive-covid-booster-results/ Prepare to remember past scandals and war, which still resonate today. Tuesday is the fifth anniversary of the fire that engulfed Grenfell Tower in west London, revealing gaps in the building’s cladding and triggering a crisis for apartment owners across the UK that continues to generate repercussions. It is also the 40th anniversary of the […]]]>

Prepare to remember past scandals and war, which still resonate today. Tuesday is the fifth anniversary of the fire that engulfed Grenfell Tower in west London, revealing gaps in the building’s cladding and triggering a crisis for apartment owners across the UK that continues to generate repercussions.

It is also the 40th anniversary of the end of the Falklands War, the wounds of which remain fresh in Buenos Aires.

Friday marks half a century since the robbery of the Watergate hotel-apartment-office complex in Washington. Fortunately, this one was resolved more quickly, although it left the irritating legacy of the suffix added to what seems to be every subsequent political scandal.

The latest of these, ‘partygate’, has a way of working, although the main protagonist, British Prime Minister Boris Johnson, will (ironically) be at the center of a legitimate social gathering this week as he turns 58. Saturday.

Partygate spin-off series Are You Being (Poorly) Served is set to see another episode with the government promising to release controversial and long-delayed legislation on Monday to overturn the Northern Ireland Protocol. As my colleague Peter Foster noted in his excellent Brexit Briefing newsletter last week, this is unlikely to end well.

Johnson is also expected to announce a new “growth plan” this week alongside his Chancellor Rishi Sunak. After the OECD’s verdict on UK growth next year – only sanctions-hit Russia is expected to fare worse among G20 countries – the country clearly needs a new plan, otherwise of a new Prime Minister to implement it.

The Falkland Islands Royal Marine garrison in Port Stanley after the surrender of Argentina in June 1982 © IWM/Getty Images

France goes to the polls again on Sunday for the second round of legislative elections. Newly elected President Emmanuel Macron’s concern is not the far right this time but an alliance of the far left.

There will be at least one resolution this week. Colombians will go to the polls on Sunday for the second round of their country’s presidential election, which will decide whether populist Rodolfo Hernández can defeat former leftist guerrilla Gustavo Petro. Whatever the outcome, it will be an interesting contest.

Economic data

It’s going to be (another) week for interest rate news. The main attraction will be the gathering of the Federal Reserve’s Open Market Committee, but there will also be decisions from the Bank of England and its equivalents in Japan, Switzerland and Brazil.

The question is not whether the tightening of monetary policy will be accelerated but by how much — the answer to this question depends in part on your confidence in the ability of the given economy to achieve a soft landing or whether it is condemned to enter a recession.

Friday’s jump in US inflation fueled talk of a quick tightening. Policymakers have already signaled that, at a minimum, the Fed will proceed with a series of half-point rate hikes. Traders have priced the federal funds rate at around 2.9% by the end of the year, compared to its current target range of 0.75 to 1%. The OECD placed its marker last week ahead of the release of US inflation figures, calling for faster action from the Fed.

Companies

Retail is heavily represented in the earnings calendar this week. The main act is Tesco, Britain’s biggest supermarket chain, with watchers keen to hear more about how inflation is hitting household spending. However, just two months after its annual results, few expect the company to deviate from its cautious scenario that this year’s earnings will be held back by the need for buyers to control prices.

I asked FT retail correspondent Jonathan Eley for a view. “The company has gained market share in recent months, but first quarter sales growth figures will be clouded by the closure of pubs and restaurants in the same period a year ago,” he said. . “It boosted supermarket sales, but hurt Booker, Tesco’s wholesaler.”

Among analysts’ comments, Barclays forecast an overall decline of 1.8% in the UK, with lower volumes partially offset by higher prices.

Read the full schedule for the coming week here

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‘No way’ Myanmar polls will be free and fair: US official https://cc87portedoc.com/no-way-myanmar-polls-will-be-free-and-fair-us-official/ Sat, 11 Jun 2022 12:26:10 +0000 https://cc87portedoc.com/no-way-myanmar-polls-will-be-free-and-fair-us-official/ Published on: 06/11/2022 – 14:26 Singapore (AFP) – A senior US government official said on Saturday there was “zero chance” that elections planned by Myanmar’s junta next year would be free and fair. Myanmar is in turmoil and its economy has been crippled since the February 2021 coup that overthrew civilian leader Aung San Suu […]]]>

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Singapore (AFP) – A senior US government official said on Saturday there was “zero chance” that elections planned by Myanmar’s junta next year would be free and fair.

Myanmar is in turmoil and its economy has been crippled since the February 2021 coup that overthrew civilian leader Aung San Suu Kyi.

Suu Kyi’s National League for Democracy party won a landslide victory in the November 2020 elections, but the military alleged voter fraud to justify the coup.

US State Department adviser Derek Chollet has questioned the junta’s promise to hold new elections in August 2023.

“I think there is no chance that it will be free and fair, and it may be an attempt to manipulate the region, the international community,” Chollet told the Shangri-La Dialogue in Singapore.

Nearly 2,000 civilians were killed in the junta’s crackdown on dissent, and more than 14,000 people were arrested.

UN special envoy for Myanmar Noeleen Heyzer, who has not been allowed to visit the country since taking office late last year, fears an illegitimate ballot does not cause further trouble.

She said that unless the citizens of Myanmar had faith, the elections would return the country to “proper civilian government” and that the will of the people would be respected, it could be a “triggering point for a more great violence”.

Thai Foreign Ministry representative Pornpimol Kanchanalak, however, said the international community should not remain “stuck in cancellation rhetoric”.

“The convictions, the punishments, the ostracism…have reached diminishing returns,” she said.

Pornpimol acknowledged concerns about the upcoming ballot, but said the international community must take the junta’s commitment to hold elections “to the letter”.

The Association of Southeast Asian Nations – a bloc of 10 countries including Myanmar – has led stalled diplomatic efforts to resolve the crisis.

Malaysian Foreign Minister Saifuddin Abdullah has urged ASEAN countries to go back to the drawing board and set deadlines for the “five-point consensus” reached in Jakarta in April 2021, which calls for the cessation violence and “constructive dialogue”.

He said there had been no discussion of Myanmar’s expulsion from the bloc.

Chollet confirmed that Washington “is not currently considering” supplying arms to anti-coup fighters in Myanmar despite requests for support like the one given to Ukraine after the Russian invasion.

Post-coup violence has pushed the number of displaced people in Myanmar to more than a million for the first time, the UN said in early June, expressing concern over the lack of humanitarian aid as well as the the monsoon season.

Since being ousted, Suu Kyi has been detained by the military and faces a series of charges that could see her jailed for more than 150 years.

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Bill 96: Quebec will now only issue marriage certificates in French https://cc87portedoc.com/bill-96-quebec-will-now-only-issue-marriage-certificates-in-french/ Thu, 09 Jun 2022 22:19:00 +0000 https://cc87portedoc.com/bill-96-quebec-will-now-only-issue-marriage-certificates-in-french/ As of last week, Quebec will only issue marriage certificates in French, according to a letter sent to marriage celebrants in the province. The change, the latest to come out of the new Language Bill 96, is also one of its first concrete changes that have been rumored but not well understood by the public, […]]]>

As of last week, Quebec will only issue marriage certificates in French, according to a letter sent to marriage celebrants in the province.

The change, the latest to come out of the new Language Bill 96, is also one of its first concrete changes that have been rumored but not well understood by the public, even as the Bill was passed on May 24.

Coming into force on June 1, the marriage rule is already forcing some couples to change the locations of their weddings because they want their certificates in English, a wedding planner has said.

“Some have decided to get married at the destination,” said Jaime Korey, Montreal wedding and event planner.

Others, she says, have simply decided to marry in another province.

Among his clients was “mostly Ontario,” Korey said, including in the small town of Hawkesbury, about an hour west of Montreal, just across the Ottawa River from Quebec.

“There are a lot of venues in Hawkesbury, and venues in Ottawa that are also nearby,” she said.

Of her customers, 90% are bilingual and unaffected, she said. There are also various adjustments underway in wedding planning, including work around COVID-19, so it can be difficult to pin down people’s motivations for changing plans.

But for about 10% of Korey’s clients, she says, the language of the marriage certificate is important.

“It just has to do with the fact that it’s a bilingual province and an English-speaking country,” she said.

Their reasons are “emotional, political, principled,” she said. “They want to have their marriage certificate in their official language.”

Korey had heard the news, but it was not well publicized. Quebec wedding officiants received a letter from a director of Quebec’s civil status, or civil status, department on June 1 notifying them of the change.

With the passing of Bill 96, parts of the province’s Civil Code have changed, writes Nicolas Normandin, who oversees legislative changes and celebrants.

“Although it is still possible to complete a Declaration of Marriage (DEC-50) or Civil Union (DEC-55) form in English after June 1, 2022, all marriage and civil union documents are written in French,” he wrote. .

“Consequently, the acts and copies of acts relating to marriages and civil unions registered in the civil status on June 1, 2022 are issued in French.

The wording left the situation unclear. An English-speaking wedding officiant told CTV News it is his understanding that all forms, including the declaration of marriage, will only be available in French, but people will be allowed to fill in the blanks in English. The certificate mailed after each wedding will be in French.

When asked to clarify some aspects of the new rule, Vital Statistics asked CTV News to contact the Justice Department, which oversaw the bill. This department has not yet responded to a request for comment.

Officials in Ottawa and Hawkesbury could not immediately say whether they had noticed a change in demand from Quebecers.

WANT A MONTREAL DESTINATION WEDDING? TRANSLATION REQUIRED

For Quebecers who hope their marriage certificates will be transferable out of province, this rule will change that, or at least add another hurdle.

A spokesperson for the US State Department, which handles US visa applications, directed CTV News to the department’s step-by-step application instructions, which say non-English documents should get translations certified.

This means that people who marry in Quebec and then get a job in the United States, for example, and who want to bring their spouse to live and work there too, will have to obtain a certified translation of their marriage certificate.

But it’s not just Canadians who will have to deal with that extra step, said Montreal wedding planner Elyna Kudish.

“All of our clients are Americans, mostly,” having destination weddings in Montreal, she said.

“I can’t speak for all of my co-planners, but for me, about 75% of my business comes from New York, Washington, Boston, and LA”

Montrealers may not realize their city is attractive as a wedding destination, but “for a lot of Americans it’s closer than Europe, it’s easier – the US dollar goes a long way here” , Kudish said.

“We’re known for our amazing food, our great DJs, our amazing party vibe,” she said. “People make it a weekend.”

Kudish herself is allophone, she says — speaks perfect French and English — but among her local clients, the majority are Anglophones, she says, simply because many French-speaking Quebecers do not marry after the cultural changes of the Quiet Revolution.

She said she was worried about the economic fallout, because “Quebec lives and breathes tourism”, but is also worried about the idea of ​​having English speakers fill out and sign documents written in French, with no translation available.

“If I were to get married in a foreign country and they made me sign something in a language I don’t speak… how would they know what they’re signing?” she says.

BIRTH PLANS, DEATH CERTIFICATES STILL UNCLEAR

A big question that has not been answered is whether Bill 96 will also mean that Quebec birth and death certificates will now only be issued in French.

In Normandin’s letter, he mentions that three articles of the Civil Code of Quebec were modified by Bill 96: articles 108, 109 and 140. The updated articles have not yet been published online.

Article 108 deals specifically with the language of registration of births, marriages, civil unions and deaths in Quebec, which until now could be written in French or in English.

The article gives advice on how to deal with transcriptions of official documents in foreign languages ​​with unknown characters or diacritics.

Section 140, on the other hand, deals with the need to have official documents from outside Quebec translated. Translations were not required for foreign documents in English or French.

The Department of Justice and Vital Statistics has not yet responded to a request for comment on whether the Bill 96 changes will extend to births and deaths, or just marriages and civil unions.

Read the letter here:

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Not in the mood: Nadal denies retirement rumors after 14th Roland-Garros title https://cc87portedoc.com/not-in-the-mood-nadal-denies-retirement-rumors-after-14th-roland-garros-title/ Mon, 06 Jun 2022 05:26:00 +0000 https://cc87portedoc.com/not-in-the-mood-nadal-denies-retirement-rumors-after-14th-roland-garros-title/ After the historic 14th Roland-Garros victory, Rafael Nadal hinted that he was in no mood to retire and thanked the public support Philippe Chatrier. World number five Nadal put on a dominating spectacle against Norway’s Casper Ruud to win the men’s singles final match 6-3, 6-3, 6-0 here at Court Philippe-Chatrier […]]]>


After the historic 14th Roland-Garros victory, Rafael Nadal hinted that he was in no mood to retire and thanked the public support Philippe Chatrier.

World number five Nadal put on a dominating spectacle against Norway’s Casper Ruud to win the men’s singles final match 6-3, 6-3, 6-0 here at Court Philippe-Chatrier on Sunday to clinch his record 14th Roland crown -Garros and his 22nd Grand Slam title ahead of Roger Federer and Novak Djokovic.

As well as securing a record-breaking French Open crown, the 36-year-old Spaniard has also indicated that he is not going to retire anytime soon, denying rumors and speculation about his chronic foot injury problem during the campaign in Paris.

“I don’t know what can happen in the future. I will keep fighting to try and keep going. For me, it’s amazing to play here with incredible support from you,” Nadal said during a interview on the pitch after his victory. his 14th Roland-Garros crown.

Nadal thanked the public of Philippe Chattrier for pushing him throughout the Roland Garros tournament.

“For me personally, it’s very difficult to describe the feelings I have. It’s something I never believed, to be here at 36, to be competitive again, to play on the most important court in my career one more final,” he said. said.

“Especially in the very difficult times we’ve been through in terms of injuries, if you don’t have great support from the team, none of this would happen because I would have retired long before that.” , added Nadal.

Nadal has admitted he needs painkiller injections in his left foot before every match in Paris and will undergo treatment again in Spain.

“If it works out I will continue. Otherwise it will be another story and I will wonder if I am ready to do a major operation which may not guarantee that I will be competitive and which could take a long time to be back. .” he added.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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The Roland-Garros semi-final interrupted by an environmental activist https://cc87portedoc.com/the-roland-garros-semi-final-interrupted-by-an-environmental-activist/ Sat, 04 Jun 2022 04:56:00 +0000 https://cc87portedoc.com/the-roland-garros-semi-final-interrupted-by-an-environmental-activist/ An environmental activist wearing a T-shirt with the message We have 1028 days left interrupted the men’s French Open semi-final between Casper Ruud and 2014 US Open champion Marin Cilic by tying herself to the net with wires and glue and kneeling on the ground. The game was delayed 13 minutes […]]]>


An environmental activist wearing a T-shirt with the message We have 1028 days left interrupted the men’s French Open semi-final between Casper Ruud and 2014 US Open champion Marin Cilic by tying herself to the net with wires and glue and kneeling on the ground.

The game was delayed 13 minutes in a match with Ruud serving in the third set as he led 3-6, 6-4, 4-1, 15-all at Court Philippe Chatrier.

The young woman, of French nationality, entered the court with a valid ticket at the start of the day, the French Tennis Federation said in a press release after Ruud finished winning in four sets to reach his first Grand Final. Slam.

He will face 13-time French Open champion Rafael Nadal for the title on Sunday.

The protester remained on the ground for several minutes before four security guards approached her, untied her from the net and eventually carried her away.

The security team had to positively identify the items they used to enter the pitch before they could remove it,” the federation said, adding that it had been handed over to police.

Tournament Director Amelie Mauresmo watched near the entrance to the pitch and the two players we escorted to the locker room during the episode.

I didn’t really know how to react, and… I didn’t know if she was holding something,” Ruud said.

“I couldn’t see much. So it was a bit of an awkward and difficult situation. It had never happened to me before.

Eventually, Ruud and Cilic came back and had three minutes to warm up before resuming their semi-final.

Cilic said the disruption did not affect his level of play.

There have been other episodes involving people interrupting matches at Court Philippe Chatrier over the years.

In the 2013 men’s final, a topless man wearing a flare jumped onto the court. In the 2009 final, a man approached Roger Federer and tried to put a hat on his head. In the 2003 final, a male streaker crossed the net.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and up-to-date with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

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