PARIS: The good news keeps coming for the French economy: data published Thursday showed unemployment at its lowest level since 2009 while the head of the IMF praised recent reforms by President Emmanuel Macron.
Long seen as the weakest of Europe’s major economies, French GDP is expanding at its highest rate in years, with optimism underpinned by the pro-business agenda being implemented by the government.
Statistics agency INSEE said Thursday that unemployment had fallen to 8.9 percent nation-wide in the final quarter of 2017, down 0.7 percentage points to its lowest level since 2009.
The uptick in the jobs market has led some companies to warn about skills shortages, a dramatic turnaround for an economy that has consistently lagged its better performing neighbors.
“We’ve had new job creation at a very high level in 2017 which was sufficient to reduce unemployment,” commented economist Bruno Ducoudre at the OFCE economic institute.
On a day of bumper announcements, online giant Amazon also said that it planned to create 2,000 new jobs in France in 2018, most of them in its warehouses.
Economists stress that the improving conditions are partly down to stronger growth across Europe generally, as well as reforms launched by previous president Francois Hollande.
But the head of the International Monetary Fund emphasised Thursday the role of recent policy changes under Macron.
“We need to recognize clearly the quality and the ambition of the reforms that have been started,” Christine Lagarde said on Thursday during a visit to the economy ministry in Paris.
Macron, a 40-year-old centrist elected in May, has promised a “transformation” of the economy and social system to make France an easier place to start companies and more attractive for investors.
His first annual budget cut taxes on companies and profits on financial investments, while his government is preparing a second wave of reforms focused on improving training for workers and the unemployed.
Economic growth is forecast to be around 2.0 percent in 2018, while expansion of 1.9 percent in 2017 was the highest level in six years, according to INSEE.
Tackling mass unemployment is Macron’s number one priority, with joblessness a scourge for high-poverty areas around major cities and felt particularly acutely by the under 25s.
Around 20 percent of young people are out of work, according to the INSEE figures, down from around 25 percent.
Macron has promised to bring the overall unemployment level down to 7.0 percent by the end of his term in 2022, but early complaints about skills shortages underline the scale of the task.
France has high levels of long-term unemployed workers who are unskilled, making them unattractive for companies looking to take on new staff.
A survey by INSEE in October found that half of companies in the construction sector were having difficulty finding skilled labor, while 38 percent of industrial groups faced the same problem.
“Everything is just starting for us,” Economy Minister Economy Minister Bruno commented as he played down the unemployment figures. “I think that for results, notably on the jobs front, we will need two years.”
Despite the improving economy, Macron’s approval ratings remain low and volatile, with a new survey out on Wednesday showing him down five points in February to 35 percent.
This makes him less popular than his predecessor Francois Hollande at the same point in his term in office, the polling group Ispos said.
Other surveys have shown that French people are worried about their own household budgets and are not convinced that Macron’s reforms will deliver improvements in their own lives.
The young president, a former investment banker, has been labelled the “president of the rich” by opponents to his pro-business agenda that has so far favored company owners.
“I’m not obsessed at this stage whether people have confidence in me or not for their purchasing power because if someone asks you a question about it, we’re all the same, we want more,” Macron told reporters on Tuesday.
He ruled out the “quick response” favored by French governments in the past which would see increased public spending or tax cuts financed by debt.
France met EU rules on its public finances for the first time in a decade last year by reporting a deficit under 3.0 percent of GDP, but the country’s public finance watchdog has urged the government to go further.
“We need to decrease our debt because it makes us vulnerable to an increase in interest rates,” Le Maire added on Thursday, saying that increased tax revenues generated by additional growth in 2018 would be used for this purpose.
Macron praised as French economy powers ahead
Macron praised as French economy powers ahead
France’s most powerful nuclear reactor finally comes on stream
- The Flamanville 3 European Pressurized Reactor in Normandy started providing electricity to French homes on Saturday
- Launch is welcome news for the heavily indebted state-owned energy company EDF after multiple problems extended construction to 17 years
PARIS: France on Saturday connected its most powerful nuclear power reactor to the national electricity grid in what leaders hailed as a landmark moment despite years of delays, budget overruns and technical setbacks.
The Flamanville 3 European Pressurized Reactor in Normandy started providing electricity to French homes at 11:48 a.m. (1048 GMT) Saturday, the EDF power company’s CEO Luc Remont said in a statement.
“Great moment for the country,” President Emmanuel Macron said in a statement on social network LinkedIn, calling it “one of the world’s most powerful nuclear reactors.”
“Re-industrializing to produce low-carbon energy is French-style ecology,” he added. “It strengthens our competitiveness and protects the climate.”
The French-developed European Pressurised Reactor project, launched in 1992, was designed to relaunch nuclear power in Europe after the 1986 Chernobyl catastrophe in Soviet Ukraine, and is touted as offering more efficient power output and better safety.
The EPR, a new generation pressurized water reactor, is the fourth to be finished anywhere in the world. Similar design reactors in China and Finland came online ahead of it.
The launch is welcome news for the heavily indebted state-owned energy company EDF after multiple problems extended construction to 17 years and caused massive budget overruns.
Remont of EDF called the event “historic.”
“The last time a reactor started up in France was 25 years ago at Civaux 2,” he said, referring to the Civaux power plant in southwestern France.
The connection was initially scheduled to take place Friday.
It is the most powerful reactor in the country at 1,600 MW. Ultimately, it should supply electricity to upwards of two million homes.
The connection to the grid “will be marked by different power levels through to the summer of 2025” in a months-long testing phase, the company has said.
EDF said that starting up a reactor was “a long and complex operation.”
The plant will be shut down for a complete inspection lasting at least 250 days, probably in the spring of 2026, the company added.
Construction of the Flamanville reactor began in 2007 and was beset by numerous problems.
The start-up comes 12 years behind schedule after a plethora of technical setbacks which saw the cost of the project soar to an estimated 13.2 billion euros ($13.76 billion), four times the initial 3.3 billion euro estimate.
The start-up began on September 3, but had to be interrupted the following day due to an “automatic shutdown.” It resumed a few days later.
Generation has been gradually increased to allow the reactor to be connected to the electricity network.
Nuclear power accounts for around three-fifths of French electricity output and the country boasts one of the globe’s largest nuclear power programs.
That is in stark contrast to neighboring Germany, which exited nuclear power last year by shutting down the last three of its reactors.
“This morning marks the culmination of a titanic effort that has finally paid off,” Agnes Pannier-Runacher, the outgoing minister for ecological transition, said on X.
“We are drawing all the lessons from this to make a success of the nuclear revival that we decided on with the President of the Republic.”
Macron has decided to ramp up nuclear power to bolster French energy sustainability by ordering six new-generation reactors and laying options for eight more, that could cost tens of billions of euros.
In 2022, he called for a “renaissance” for the country’s nuclear industry to transition away from fossil fuels.
“What we have to build today is the renaissance of the French nuclear industry because it’s the right moment, because it’s the right thing for our nation, because everything is in place,” Macron said at the time.
Pickup truck driver killed by police after driving through Texas mall and injuring 5
- The truck crashed into the department store in Killeen, 109 kilometers north of the state capital Austin
- Emergency medical services transported four victims to area hospitals and another traveled to a hospital separately
KILLEEN, Texas: A pickup truck driver fleeing police careened through the doors of a JCPenney store in Texas and continued through a busy mall, injuring five people before he was fatally shot by officers, authorities said.
The truck crashed into the department store in Killeen, about 68 miles (109 kilometers) north of the state capital Austin, around 5:30 p.m. Saturday and continued into the building, striking people as it went, Sgt. Bryan Washko of the Texas Department of Public Safety said in an evening news briefing.
Emergency medical services transported four victims from the mall to area hospitals and another traveled to a hospital separately. They ranged in age from 6 to 75 years old and their conditions were not immediately known, he said.
The chase began around 5 p.m. on Interstate 14 in Belton, about 20 miles (30 kilometers) from Killeen, after authorities received calls about an erratic driver in a black pickup, Ofelia Miramontez of the Killeen Police Department said.
The driver then pulled off the road and drove into the parking lot of the mall.
“The suspect drove through the doors and continued to drive through the JCPenney store, striking multiple people,” Washko said. “The trooper and the Killeen police officer continued on foot after this vehicle, which was driving through the store, actively running people over. He traveled several hundred yards.”
Officers from the state public safety department, Killeen and three other law enforcement agencies “engaged in gunfire to eliminate this threat,” Washko said.
One of the officers who traded gunfire with the suspect was working as a security guard at the mall and others were off duty, he said.
Washko did not have information about the suspect’s identity at the time of the briefing.
Witnesses interviewed by local news outlets outside the mall said they heard multiple gunshots and saw people fleeing through the mall.
India child marriage crackdown reaches nearly 5,000 arrests
- India is home to more than 220 million child brides, according to the United Nations
- The legal marriage age in India is 18 but millions of children are forced to tie the knot when they are younger
GUWAHATI, India: A crackdown on illegal child marriages in India’s northeast has resulted in nearly 5,000 arrests, after 416 people were detained in the latest police sweep, a minister said Sunday.
“We will continue to take bold steps to end this social evil,” Himanta Biswa Sarma, chief minister of Assam state, said in a statement.
“Assam continues its fight against child marriage,” he added, saying raids have been carried out overnight and that those arrested would be produced in court on Sunday.
India is home to more than 220 million child brides, according to the United Nations, but the number of child weddings has fallen dramatically this century.
Assam state had already arrested thousands in earlier abolition drives that began in February 2023, including parents of married couples and registrars who signed off on underage betrothals.
It takes the total now arrested to more than 4,800 people.
Sarma has campaigned on a platform of stamping out child marriages completely in his state by 2026.
The legal marriage age in India is 18 but millions of children are forced to tie the knot when they are younger, particularly in poorer rural areas.
Many parents marry off their children in the hope of improving their financial security.
The results can be devastating, with girls dropping out of school to cook and clean for their husbands, and suffering health problems from giving birth at a young age.
In a landmark 2017 judgment, India’s top court said that sex with an underage wife constituted rape, a ruling cheered by activists.
Russian defense ministry says it downed 42 Ukrainian drones overnight
- The heads of the Rostov and Bryansk regions said there were no casualties or damage after the latest drone attacks
MOSCOW: Russia’s Defense Ministry said on Sunday its air defense systems destroyed 42 Ukrainian drones over five Russian regions during the night.
Twenty drones were shot down over the Oryol region, eight drones each were destroyed in the Rostov and Bryansk regions, five in the Kursk region and one over Krasnodar Krai, the ministry said in a post on the Telegram messaging app.
One attack triggered a fire at a fuel infrastructure facility in the village of Stalnoi Kon, said Andrei Klychkov, the governor of Oryol.
“Fortunately, thanks to the quick response, the consequences of the attack were avoided — the fire was promptly localized and is now fully extinguished. There were no casualties or significant damage,” he said.
It was the second week in a row where fuel infrastructure facilities in Oryol have been attacked.
The heads of the Rostov and Bryansk regions said there were no casualties or damage after the latest drone attacks.
Reuters could not independently verify the battlefield accounts.
China says US is ‘playing with fire’ after latest military aid for Taiwan
- US President Joe Biden authorized Saturday the provision of up to $571 million for Taiwan
- Separately, the Defense Department said Friday that $295 million in military sales had been approved
BEIJING: The Chinese government protested Sunday the latest American announcements of military sales and assistance to Taiwan, warning the United States that it is “playing with fire.”
US President Joe Biden authorized Saturday the provision of up to $571 million in Defense Department material and services and in military education and training for Taiwan. Separately, the Defense Department said Friday that $295 million in military sales had been approved.
A Chinese Foreign Ministry statement urged the US to stop arming Taiwan and stop what it called “dangerous moves that undermine peace and stability in the Taiwan Strait.”
Taiwan is a democratic island of 23 million people that the Chinese government claims as its territory and says must come under its control. US military sales and assistance aim to help Taiwan defend itself and deter China from launching an attack.
The $571 million in military assistance comes on top of Biden’s authorization of $567 million for the same purposes in late September. The military sales include $265 million for about 300 tactical radio systems and $30 million for 16 gun mounts.
Taiwan’s Foreign Ministry welcomed the approval of the two sales, saying in a social media post on X that it reaffirmed the US government’s “commitment to our defense.”
