Lunchtime News Tuesday 14th April 2020

Financial aid due to coronavirus epidemic - France’s Economy Minister Bruno Le Marie has announced this morning, that the solidarity fund reserved for companies threatened with bankruptcy will be reinforced with a total investment in the fund of 7 billion euros.

Beyond the 1,500 euros for companies having a drop of more than 50% of their turnover, there will be a "second stage which will be raised from 2,000 to 5,000 euros" for companies threatened with bankruptcy.

The average monthly turnover over the last 12 months will now be considered in the calculation, added Bruno Le Maire.

Le Maire added that 24 billion euros will be injected to finance partial unemployment. Saying that "Certain sectors such as hotels and restaurants will not be able to resume from May 11th for reasons of health security and that therefore partial unemployment will be extended,"

"For the sectors which will not be able to resume, they will receive aid. As of this week, he said he is going to offer hotel and restaurant representatives to work with Jean-Baptiste Lemoine, responsible for tourism, to see what they need, " assuring that" from the moment you do not have any turnover, there will be a cancellation of charges ".

Initially, the State had released 45 billion euros to help businesses in this period of the health crisis.

But given the magnitude of the pandemic and the period of confinement and its extension, Bruno Le Maire ensures that "more than 100 billion euros will be made available to save the economy.

 Bruno Le Maire announced on Tuesday morning that due to the confinement lasting longer than what had been anticipated, there will be an impact on growth "which will be set at - 8% ".

Union releases press release following Macron’s speech - The main union of hotel trades and industries sector has said in a press release today that the continued closure of cafes, hotels and restaurants in France beyond May 11th, the date of gradual reopening of nurseries, schools and high schools in France, constitutes the "worst possible scenario" and an "economic disaster"

Emmanuel Macron announced on Monday the beginning of the end of the confinement period in France from May 11th, accompanied by a gradual reopening of schools, nurseries and high schools closed since March 13. However, "restaurants, cafes, hotels will remain closed," he said.

The union nevertheless welcomed the president's "open door" to "total cancellations" of catering charges "which are easily explained by the sector's zero revenues".

The union also welcomed the president's words inviting insurers to