Evening Update Monday 23May 2022

A bill on purchasing power will be introduced by the French government shortly according to a government spokesperson. Speaking after the new government's first Council of Ministers meeting this morning, new spokesperson Olivia Gregoire said that a bill will be presented to the Council of Ministers before the legislative elections which are scheduled for 12 and 19 June. She also said that the final posts in the new French government won't be filled until after the legislative elections. She said that the government will be expanded with new portfolios for housing and transport. The two areas are at the moment included in the sectors covered by the Ministry for Ecological Transition.

The President of the Provence Alpes Cotes d'Azur region, Renaud Muselier, is suspending all his public duties after an accident. He said that he had broken several ribs in a sporting accident and his doctors had instructed him to rest.

A security guard has been killed at the Embassy of Quatar in Paris. A suspect was arrested shortly afterwards. The Embassy said that it was "a heinous and unjustified crime" and offered its most sincere condolences to the family of the victim. An inquiry has been opened into the incident.

Several people have been injured after lightening struck a racecourse in the Ain department in eastern France. Reports say that a horse had to be put down when lightening struck close to stables at the racecourse.

The Monaco government has said that it will be increasing the period for which vehicles are impounded if they have been involved in breaches of public order. The government said that it is drawing attention to the fact that certain events may cause large concentrations of vehicles liable to cause significant disturbances to public order and these gatherings of sports cars give rise to the commission of traffic offences and inappropriate and dangerous behavior. As a result, in the event of a violation of the the highways laws, the immediate immobilization of the vehicle will be extended to a period of 120 hours during the Formula 1 Grand Prix and the Top Marques supercar show.

The services of the Alpes-Maritimes prefecture will be closed exceptionally this Thursday and Friday, May 26 and 27. The reception of the public in the prefecture will resume on Monday, May 30 at the usual times.

 

BUSINESS

The head of the European Central bank Christine Lagarde has confirmed that the central bank is aiming to raise interest rates in July. She said that based on the current outlook, the ECB is  likely to be in a position to exit negative interest rates by the end of the third quarter. The ECB's deposite rate is currently minus 0.5%.

Business confidence has increased in Germany according to research released today