Thursday marks the beginning of a two-day state visit to France by Nigerian President Bola Tinubu, with both sides scenting economic rewards as Paris looks to build new ties in Africa after a series of setbacks.The first such formal visit by a Nigerian leader since 2000 comes after military coups and changing attitudes have lessened …
La gauche, soutenue par le RN, va tenter jeudi à l’Assemblée nationale d’abroger la très décriée réforme des retraites de 2023, mais la droite et les macronistes ont déposé des centaines d’amendements pour essayer d’empêcher un vote sur ce texte avant minuit, heure limite de la “niche” LFI.Cette proposition de loi présentée par la France insoumise – dans le cadre de la journée parlementaire annuelle réservée à ses textes – prévoit de ramener de 64 à 62 ans l’âge légal de départ à la retraite. “Les gens ont le droit de profiter de la vie après avoir travaillé”, soulignait mardi la cheffe des députés LFI Mathilde Panot, qui rêve d’une victoire sur ce texte pour “acter” la “fin de la macronie”.Le texte, approuvé sans encombre la semaine dernière en commission, revient non seulement sur la réforme de 2023 – qui concernait l’âge de départ en retraite – mais également sur celle menée en 2013 par la ministre PS Marisol Touraine – qui avait augmenté la durée de cotisation.Le groupe socialiste tentera de sauver la réforme Touraine via un amendement de son député Arthur Delaporte, mais approuvera la proposition quoi qu’il arrive pour abroger le recul de l’âge, a prévenu son chef Boris Vallaud.Si le texte était adopté, il pourrait ensuite poursuivre son chemin parlementaire, selon la gauche, qui a prévu de l’inscrire le 23 janvier à l’ordre du jour du Sénat, où il n’a aucune chance d’être adopté par la majorité de droite et du centre, puis le 6 février en deuxième lecture à l’Assemblée.Encore faut-il pour cela passer un premier obstacle au Palais Bourbon, où les débats, qui démarrent à 9H00, s’interrompront quoi qu’il arrive à minuit. – “Méthodes de voyous” -Or, les députés du “socle gouvernemental” ont déposé plus de 950 amendements sur ce texte, ce qui devrait considérablement rallonger les échanges, au risque d’empêcher un vote dans les temps. Certains de ces amendements visent à vider la proposition de son contenu, en totalité ou partiellement, ou à repousser son application à 2055 ou 2080. D’autres sont des ajouts sémantiques, qui qualifient la proposition de loi de “démarche électoraliste et idéologique”, ou de réforme aux “conséquences financières et sociales désastreuses”.Les députés soutenant le gouvernement “veulent empêcher le vote car ils savent qu’ils le perdraient”, a commenté le centriste Charles de Courson du groupe d’opposition Liot, qui s’étonne que le “socle commun” recoure à de telles “techniques de blocage” alors qu’il est menacé de censure. Cette offensive a suscité la colère dans les rangs de la gauche: le porte-parole du groupe écologiste Benjamin Lucas y a vu un “sabotage indigne, aussi grossier que grotesque” et la socialiste Béatrice Bellay des “méthodes de voyous”. Quant à Mathilde Panot, elle a fustigé une “obstruction” franchissant “tous les seuils de l’autoritarisme”, et son parti LFI a diffusé sur les réseaux sociaux les noms des auteurs des amendements “inutiles”. La France insoumise a appelé à un rassemblement aux Invalides jeudi à 19H00. Dans le camp gouvernemental, cependant, on souligne qu’une telle stratégie est “de bonne guerre”, comme le souligne une députée LR.Les protestations du Nouveau Front populaire relèvent d’une “hypocrisie insupportable”, a estimé de son côté mercredi sur France Inter le ministre du Budget Laurent Saint-Martin, observant qu’en 2023, lors de l’examen de la réforme des retraites, la gauche avait “déposé 19.000 amendements et fait durer trois semaines les débats”.Quant au Rassemblement national, qui avait lui-même présenté fin octobre une proposition d’abrogation à laquelle la gauche avait refusé de s’associer, il proclame sa volonté “d’aller jusqu’au vote”. L’obstruction de la droite et du centre est “navrante”, mais “c’est un retour de boomerang pour la gauche qui a tendance à avoir cette pratique”, a commenté le député RN Alexandre Loubet.
Ireland-based budget fashion chain Primark has been criticised for its record on workers’ rights and the effect of its low-cost, high-volume model on the environment.But its chief executive Paul Marchant does not agree. “I don’t buy the story that we can’t be ethical buying from Asia,” he told AFP in an interview in Dublin.In the world of low-cost fashion, Primark — a fixture on the high street in the UK, Ireland and beyond — is a one-off.The brand produces its garments in Asia and sells them cheaply in Europe, but ships them by boat rather than by plane, does not sell online, prepares its collections more than a year in advance and does not build up stock.It has been a lucrative formula, with Marchant boasting recently that the retailer had hit the billion-pound ($1.3 billion) profit figure for the first time. Primark, though, still has to bat back critics including environmental campaigners who argue that the brand’s “throwaway” fashion is a drain on resources.Human rights groups meanwhile accuse it of relying on suppliers in countries where workers are afforded little protection. Primark maintains that it trains Indian farmers in regenerative agriculture and that it conducts regular audits of its suppliers to ensure workers and land are not exploited. Nonetheless, its model relies on policing of regulations in India, Pakistan and Bangladesh, where its garments are mainly produced.”Providing you have the right partners… and have the right guards and measures and controls in place… I don’t see any reason why you can’t have a very robust ethical supply chain at source,” said Marchant.The company, he added, complies with the International Labour Organization’s code of conduct.- Humble roots -Primark published a report on its supply chain in 2018 but it only covered its own clothing factories, not its partners.It admitted last year that previous partner SMART Myanmar had imposed excessive working time on its staff, and that they were not properly informed of their general leave entitlement.However, it said there was no evidence to back up further claims that staff had limited toilet access and suffered verbal abuse from supervisors. Primark claims to be making efforts to reduce its greenhouse gas emissions but acknowledges that 97.5 percent of its overall carbon footprint comes from the activities of its suppliers. Asked about the sheer volume of clothing his company sells, Marchant is insistent.”We’re not flooding the market with unwanted goods,” he said. “We sell everything that we buy.”He also claimed that his products are less sensitive than other brands to the whims of fashion, with half of its collections consisting of everyday clothing. Primark launched in Ireland in 1969 under the name Penneys and has had only two bosses since: founder Arthur Ryan, then Marchant. But the company, the top-selling budget-fashion flagship in both the UK and Ireland, is no longer a small family business. It is now a thriving subsidiary of the agri-food giant Associated British Foods, and sells its clothes in 17 countries, employing 80,000 people.- Expansion plans -On the back of this success, Primark intends to expand in the United States and Europe (France, Spain, Portugal and Italy), Marchant explained. The brand has also signed with “a franchise partner” to open stores in the United Arab Emirates, Kuwait and “potentially” Bahrain and Qatar within “12 to 18 months”, he added. Primark’s direct competitors include Europe’s H&M and Zara, as well as Asian giants Shein and Temu, which follow a similar model of “low, low margins”, he said. The company also achieves economies of scale by purchasing larger volumes than its competitors and does not sell online. Instead, it hopes to lure customers to stores by expanding partnerships with popular brands such as Netflix, Disney and Hello Kitty. Its 453 stores sell clothes and accessories, but also stock decorations and host cafes, eyebrow bars and hairdressers. The idea is that everyone can find something. For instance, parents are tempted by “competitive” prices on children’s clothing while women with special clothing requirements, such as those who are pregnant, who have suffered from breast cancer or who have disabilities, all have collections catering to them.Â
Asian markets diverged Thursday as investors brushed off a negative lead from Wall Street while welcoming a drop in Treasury yields and data showing US inflation was holding steady.With the United States heading into the Thanksgiving holiday, business in New York was subdued after a flurry of activity since Donald Trump’s election at the start of the month.That has allowed Asian traders to take a breather and digest recent developments as the president-elect builds a hawkish cabinet that looks set to renew his hardball approach to world trade, having already flagged tariffs against China, Canada and Mexico.Data out of Washington on Wednesday showed the personal consumption expenditures index — the Federal Reserve’s preferred gauge of inflation — edged up to 2.3 percent on-year in OctoberThe figure was up from 2.1 percent the previous month and in line with forecasts, while slightly above the Federal Reserve’s long-term two percent target for price rises.While the Fed appears to be getting a handle on inflation and the labour market is softening, investors have started to scale back their bets on how many rate cuts the central bank will make as they try to assess the impact of Trump’s plans to cut taxes and impose tariffs.Futures markets currently place the odds at about two-thirds that officials will lower rates again in December by 25 basis points.Still, all three main Wall Street indexes ended in the red, with the Dow and S&P 500 pulling back from record highs as investors shifted to the sidelines ahead of the festive break.Treasury yields slipped, weighing on the dollar Wednesday, though the greenback edged back slightly in Asian trade.Equity markets were mixed in early exchanges, with Tokyo, Sydney and Singapore all rising and Wellington, Taipei, Manila and Jakarta taking a leg down. Seoul was flat as investors shrugged at a second successive interest rate cut by South Korea’s central bank.Hong Kong and Shanghai edged down as dealers turned an eye to Beijing amid speculation authorities will announce fresh stimulus measures at a key meeting expected next month.However, analysts pointed out that hopes ahead of previous gatherings have largely been dashed by measures that fell short.”China’s economy remains unbalanced as a solid export base for goods production is offset by the continued weakness of the property market and weak consumer spending,” Steven Cochrane, chief Asia Pacific economist at Moody’s Analytics, said.He added that “consumer confidence remains shattered, particularly regarding expectations for the labour market”.While Beijing has introduced a raft of policies to boost growth — including interest rate cuts and measures to support the property sector — Cochrane said that “most issues weighing on the economy have not yet been resolved”.And he warned: “The risks are rising for China as the incoming Trump administration threatens to impose tariffs.”In the crypto sphere, bitcoin was hovering around $96,500, having bounced back from just below $90,300 earlier in the week following its worst run since Trump’s electoral success.Still, it is widely tipped to top $100,000 on hopes the new president will try to ease restrictions on the digital currency market.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.4 percent at 38,295.13 (break)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 19,390.65Shanghai – Composite: DOWN 0.1 percent at 3,308.21Euro/dollar: DOWN at $1.0549 from $1.0565 on WednesdayPound/dollar: DOWN at $1.2666 from $1.2678Dollar/yen: UP at 151.71 yen from 151.17 yenEuro/pound: DOWN at 83.28 pence from 83.33 penceWest Texas Intermediate: FLAT at $68.72 per barrelBrent North Sea Crude: FLAT at $72.83 per barrelNew York – Dow: DOWN 0.3 percent at 44,722.06 (close)London – FTSE 100: UP 0.2 percent at 8,274.75 (close)
Donald Trump’s tariff threats have rattled foreign businesses and governments, with many fearing it could signal the opening salvo of an all-out trade war when he returns to the White House next year.The president-elect on Monday placed both allies and rivals on notice, vowing to quickly slap an across-the-board tariff of 25 percent on Canada and Mexico, and add a 10 percent tariff on China.Following through on that threat — or his campaign promise of a 10 percent levy on all US imports — will spark retaliation and have ripple effects across the global economy, analysts say.”Our assumption is that all these other countries, all these other advanced economies, especially in Asia, they will retaliate in kind,” economist Bernard Yaros of Oxford Economics told AFP.US tariffs and retaliation including from Europe and Asia would “depress growth” and trade flows, he said, estimating a cut to global growth of 0.1 to 0.9 percentage points in 2026.Even before tariffs take effect, threats weigh on sentiment and could delay investments and hiring, ING economists Ruben Dewitte and Inga Fechner warned in a note.Trump has long viewed tariffs as a negotiating tool — or an “all-purpose bludgeon” as a recent Wall Street Journal editorial put it.On Monday, Trump said that the tariffs on Mexico and Canada would only be removed when illegal immigration and drug trafficking to the United States are stopped.While seeking to build US leverage, he also risks longer term impacts, with some suggesting he would push countries toward China, Columbia Law School professor Petros Mavroidis said.”What he definitely does is alienate all his allies,” he told AFP.Erin Murphy, senior fellow at the Center for Strategic and International Studies, said in Trump’s threats “there is no differentiation” regarding countries’ economic development status or affinity with Washington.- Europe pushback -Europe could be particularly impacted, Dewitte and Fechner said, warning that “a looming new trade war could push the eurozone economy from sluggish growth into recession.”EU tariffs on car imports were a particular target of Trump during his campaign.But US reliance on the bloc for strategically important products, mainly in the chemical and pharmaceutical sectors, could give the EU some leverage in talks, ING said.”European countries will be less likely to strike any kind of bargain with Trump than Canada or Mexico,” said Peterson Institute for International Economics nonresident senior fellow Gary Hufbauer.He expects the EU could offer to reduce auto tariffs and buy more US agricultural products like soybeans, but it may not be enough for an administration seeking greater market access or rules exemptions.Should the US impose tariffs, the EU will probably retaliate on iconic US goods like iPhones or whiskey, he said.European countries could turn to the World Trade Organization (WTO), though even favorable rulings from the international body may not significantly change US practices.EU chief Ursula von der Leyen has said she will work towards “constructive cooperation” with US authorities.Jovita Neliupsiene, the EU ambassador to the United States, meanwhile said the bloc is ready to respond to new trade frictions.- Avoiding escalation -In Asia, economies like Japan and South Korea could be targeted over metals and auto exports, while Vietnam may also draw US scrutiny over solar panels, Yaros said.The US trade deficit with Vietnam has widened in recent years on a surge in goods imports.Yaros said that countries targeted by Trump’s tariffs, in seeking to avoid escalation, will “retaliate in a way that’s commensurate to the action done by the US, but no greater.”China, based on precedent, might eschew equal retaliation for tools like export controls, he added.Daniel Russel of the Asia Society Policy Institute said both Tokyo and Seoul are very focused on preparing for potential tariffs.He expects partners like South Korea could seek exemptions from blanket US tariffs, for example, by citing its high-tech investments in America.
Soaring prices have left a bitter taste in shoppers’ mouths at a market in Bangui, as a strike by Cameroonian truckers accusing Russia’s infamous Wagner mercenaries of a recent murder cuts off the Central African Republic (CAR).Among the poorest countries in the world, landlocked CAR is heavily dependent on imports, more than 40 percent of …
Députés et sénateurs ont trouvé un compromis mercredi sur le budget 2025 de la Sécurité sociale, étape cruciale qui pourrait être balayée avec fracas en cas de censure la semaine prochaine, alors que le RN assume de garder un doigt sur la gâchette.Cette version du projet de loi de financement de la Sécurité sociale (PLFSS) sera soumise une dernière fois aux députés et sénateurs, mais c’est surtout la dernière haie à l’Assemblée qui pourrait donner des vertiges à l’exécutif et au-delà .Quasiment condamné à utiliser son premier 49.3 à la chambre basse lundi et à affronter une motion de censure en réponse dans la semaine, Michel Barnier a mis en garde contre “la tempête” que déclencherait une chute du gouvernement, notamment sur les marchés financiers.”La crise financière a déjà commencé”, a vertement répliqué le député RN Jean-Philippe Tanguy, citant le “spread”, écart entre les taux souverains français à 10 ans et ceux de l’Allemagne considéré comme une valeur refuge en Europe, à son plus haut niveau depuis 2012.Marine Le Pen a elle demandé des “engagements clairs et fermes sur l’abandon des 3 milliards de hausses du prix de l’électricité (au budget de l’Etat), l’abandon du déremboursement de nouveaux médicaments et de la désindexation des retraites”.S’ils insistent sur le fait que la décision n’est pas prise, les députés RN, – qui se réuniront jeudi à 14H00 pour discuter du PLFSS -, pourraient faire tomber le gouvernement en votant une motion avec la gauche. Et choisir de le faire sur ce budget de la Sécu sans attendre la dernière ligne droite du budget de l’Etat autour du 18-20 décembre.A défaut de convaincre le RN, le gouvernement a pointé une “responsabilité inouïe” des socialistes, selon la porte-parole Maud Bregeon. “Nous n’accepterons jamais le chantage”, a rétorqué le patron des sénateurs PS Patrick Kanner reçu à Matignon.- “Budget de transition” -En attendant, sept députés et sept sénateurs réunis en commission mixte paritaire (CMP), avec une courte majorité pour les soutiens du gouvernement, ont décidé d’une version du texte qui serait renvoyée devant les deux chambres (lundi à l’Assemblée et jeudi au Sénat).Ils ont notamment trouvé un compromis sur une baisse des exonérations patronales, revenant à demander un effort de 1,6 milliard aux entreprises, avec toutefois un vote contre du groupe macroniste Ensemble pour la République sur cet article en particulier, échaudé par ce qu’il voit comme un renoncement à sept ans de politique de l’offre.La gauche proposait de revenir à une version sénatoriale à 3 milliards d’efforts. “Seule la gauche a voté pour”, a déploré l’Insoumis Hadrien Clouet.”Le gouvernement a créé les conditions de sa propre censure” a plus largement estimé Jérôme Guedj (PS). Les écologistes dénonçant un texte “insincère et injuste”.La CMP a validé un compromis sur les retraites, pour les indexer sur la moitié de l’inflation dès le 1er janvier (+0,8%), avec un complément au 1er juillet pour les retraités sous les 1.500 euros brut en vue d’atteindre les +1,6%.Les parlementaires ont aussi supprimé une mesure sénatoriale, prévoyant sept heures de travail sans rémunération pour les actifs, censées rapporter 2,5 milliards. Ils ont toutefois approuvé une “taxe soda”, et une “taxe lapin”, pénalité financière contre les patients n’honorant pas des rendez-vous médicaux.Enfin, si la mesure n’est pas contenue dans le texte lui-même, l’intention du gouvernement de baisser les remboursements par la Sécu des consultations et des médicaments de 5%, qui devrait se traduire par une hausse des prix des mutuelles, continue de susciter de vives critiques à gauche et au RN.Le texte de la CMP “n’est pas a la hauteur”, et certaines mesures “peuvent constituer des lignes rouges”, a jugé le député RN Christophe Bentz après la réunion.Le gouvernement prévoyait initialement un déficit du budget de la Sécurité sociale de 16 milliards, qui sort alourdi des compromis parlementaires, d’un montant qui restait difficile à calculer mercredi soir. Le président Horizons de la commission des Affaires sociales à l’Assemblée Frédéric Valletoux a évoqué un déficit “autour de 17 milliards”.Parmi les mesures de compensation, les rapporteurs ont prévu une baisse de 600 millions des dépenses de l’assurance-maladie en 2025, dénoncée par la gauche. Le rapporteur général à l’Assemblée Yannick Neuder (LR) a défendu la copie mais aussi soulevé l’hypothèse d’un budget rectificatif en 2025.”C’est un budget de transition”, “ni ambitieux ni glorieux”, avait commenté mercredi matin M. Valletoux. Stéphanie Rist (EPR) a elle évoqué un budget qui “semble équilibré et de responsabilité”.
US and European stock markets wobbled Wednesday as key US inflation data showed an uptick, with traders also weighing US President-elect Donald Trump’s tariff threats and a political standoff in France.Wall Street saw red with both the Dow and S&P 500 retreating from records on the eve of the Thanksgiving holiday. The Nasdaq also declined.European stock markets were also mindful of rising concerns Europe could be the next tariffs target for Trump.The Paris stock market ended off 0.7 percent as a French political standoff over a belt-tightening draft budget for 2025 threatens to topple the government.Frankfurt also dipped, while London just finished in the green.In the United States, the personal consumption expenditures (PCE) price index rose 2.3 percent in the 12 months to October, up from 2.1 percent in September, which was broadly in line with forecasts.The figure was also close to the US Federal Reserve’s long-term target of two percent, keeping the central bank’s inflation fight largely on track.Futures markets currently place the odds at about two-thirds that the Fed will cut interest rates again in December by a quarter of a percentage point.Kathleen Brooks, research director at XTB, said the figure “is a little hot” but “it is not outside the most recent range for monthly increases.””US traders can pack up for the Thanksgiving holiday with little to fear at this stage,” she said in a research note.Trump, who has named a tough-negotiating hawk to be his trade envoy when he takes office in January, has announced plans to hit China, Canada and Mexico with hefty tariffs right away.”Investors are growing increasingly concerned that Donald Trump’s next tariff target is continental Europe,” said Dan Coatsworth, investment analyst at AJ Bell.For Europe, this would create “another potential headwind on top of the existing one in the form of lackluster economic activity,” he said.While Trump’s victory has been broadly welcomed by the financial markets, there is concern that his widely pledged rise in tariffs could be inflationary.The Republican has announced Jamieson Greer as his trade envoy, saying that Greer — who served as chief of staff to US Trade Representative Robert Lighthizer during Trump’s previous administration — had played a “key role” in imposing tariffs on China at that time.Bitcoin moved back past $95,000, having hit a record Friday and come within a whisker of the $100,000 mark on hopes that Trump will move to ease restrictions on the crypto market.After another record-breaking lead from earlier, Chinese markets rallied as data showed that China’s industrial sector narrowed losses in October.Meanwhile, the price of Arabica coffee hit the highest level since 1977 on concerns of limited supplies caused by drought in Brazil this year.- Key figures around 2145 GMT -New York – Dow: DOWN 0.3 percent at 44,722.06 (close)New York – S&P 500: DOWN 0.4 percent at 5,998.74 (close)New York – Nasdaq: DOWN 0.6 percent at 19,060.48London – FTSE 100: UP 0.2 percent at 8,274.75 (close)Paris – CAC 40: DOWN 0.7 percent at 7,143.03 (close)Frankfurt – DAX: DOWN 0.2 percent at 19,261.70 (close)Tokyo – Nikkei 225: DOWN 0.8 percent at 38,134.97Â (close)Hong Kong – Hang Seng Index: UP 2.3 percent at 19,603.13 (close)Shanghai – Composite: UP 1.5 percent at 3,309.78 (close)Euro/dollar: UP at $1.0565 from $1.0489 on TuesdayPound/dollar: UP at $1.2678 from $1.2569Dollar/yen: DOWN at 151.17 yen from 153.08 yenEuro/pound: DOWN at 83.33 pence from 83.44 penceBrent North Sea Crude: FLAT at $72.83 per barrelWest Texas Intermediate: DOWN 0.1 percent at $68.72 per barrel
