News - Tuesday, November 22nd

French government slashes unemployment benefits

In French news this morning, the government has released details of its planned reform to the unemployment system, which has already sparked protest from unions and leftist politicians.

The government said yesterday that jobseekers would see the amount of time they can claim benefits cut by 25 percent from next year as part of a contested reform designed to help fill vacant positions.

Under the current rules, anyone under the age of 53 can claim a maximum two years of compensation after losing their job, while the over-55s are eligible for three years.

By reducing the time by a quarter from February 2023, Labour Minister Olivier Dussopt said that he hoped that 100,000 150,000 people would return to the labour market earlier than expected next year.

 

Medicine shortages in France - which drugs are affected?

There is a growing shortage of several common medicaments in France, including the paracetamol Doliprane and the prescribed antibiotic amoxicillin.

Doliprane is widely taken for a variety of mild health problems such as headaches, joint pain, flu and period pain, while amoxicillin is the most-prescribed antibiotic for children suffering from illnesses including ear infections and sore throats.

In an interview this week, the Minister of Health, François Braun addressed the “reality” of the strain in medication supplies, saying that he expects stocks of paracetamol to return to normal in “coming weeks.”

However, the picture is a bit more complicated for the antibiotic amoxicillin, and an exact timeline is “difficult to predict” according to the minister. He hopes that the shortage of this drug will be resolved within at least the “coming weeks and months.”

 

New schoolgirl murder horrifies France

A 31-year-old man has been charged over the abduction and murder of a schoolgirl in France, just a month after the killing of a girl in Paris caused outrage.

The latest victim, a 14-year-old named Vannesa in French media, was snatched on her way home from school in the town of Tonneins last Friday in the rural Lot-et-Garonne region.

The killer, named as Romain Chevrel had spent the day smoking cannabis in his car. He confessed to raping and strangling her before dumping her body in an abandoned building

While in custody, he said he had not planned the crime and did not know the victim, adding that “his acts were sexually motivated”.

 

Summer Deaths Higher Than Expected

The French health authorities have announced an unusually high number of deaths in France this summer. Figures released yesterday by Santé Publique France estimate an excess of 10,420 deaths in France, partly linked to high temperatures, but also to Covid illnesses, vaccinations and other factors. The figures is based on a comparison against the expected number of deaths based on the average of the last  five years. This summer was the second hottest in France since 1900.

 

Monaco’s carrefour stays open as 140 walk out

The one-day strike by 140 workers at Carrefour in Fontvieille did not prevent the supermarket from opening yesterday, although customer queues at the cash register were significantly longer than normal.

Carrefour employees are unhappy with the response to their demands for a one-off payment of 1,000 euros and a pay increase of five percent.Instead, the company has offered 2.5 percent and just 100 euros as the bonus.

The strikers have said they may repeat the one-day walkout at short notice.

 

Nice: the arenas of Cimiez will soon be transformed into "a permanent theater"

Nice Mayor Christian Estrosi has launched a project to revive the Arènes de Cimiez, as the city prepares to submit its application to become the European Capital of Culture 2028. He said that an experiment will be carried out in the summer of 2023 by the National Theatre of Nice, which will be based on three changes - putting an end to free access which he said degrades the amphitheatre, rethinking access and management of the site and modifying the location of the stage and equipment. If this experience is positive, it will be used to bring about long-term changes.

 

The creation of a photovoltaic park in a nature area in Levens raises a lot of tension

The poposed creation of a photovoltaic park in a nature area in Levens has lead to a heated debate.  Should the project go ahead, it would mean 233,000 solar panels being deployed over more than 11 hectares of the Mont-Arpasse.

Opponents object both to the choice of the site and to the unrealistic conditions of the project.

 

Tax Inspector Murdered

A French tax inspector was murdered in the north of France while carrying out a tax audit of a second-hands goods dealer in Bullecourt in the Pas de Calais. The presumed killer was also found dead having committed suicide.

 

Storm Denise: Corsica placed in orange vigilance with strong winds, but the Côte d'Azur is spared

Storm Denis is causing havoc across parts of France and Europe, although it looks like it’s path will miss the Côte d’Azur. However, Météo-France has placed Corsica on orange alert to strong winds until this afternoon at  4 p.m

 

Missing Person

Police in the Var are appealing for witnesses to try to find a 16-year-old teenager, who left his home, yesterday at 7:30 a.m to go to the Lycée Fénelon. If you have any information, please contact the investigators on 04.98.03.55.15 or 04.98.03.53.00 (the numbers are on our website)

 

Bank Card Scam

Police are warning of a new bank card scam as the Christmas season approaches. All shoppers are warned to be vigilant as the principle is simple but effective.

How does it work ? A person pretending to be a store employee would call out to the customer after a purchase has been made to say that there was an error during checkout. The scammer would then bring out a payment terminal and then reenter the transaction or simply grab the card and flee.

To avoid being tricked, it is important not to rely on the badge or the outfit of the alleged employee. It is best to go to the checkout of the store where the purchase to double-check before getting out your credit card.

 

After Nice, Saint-Laurent-du-Var inaugurates its emergency call terminals

Eight emergency call terminals have been installed in Saint-Laurent-du-Var to be inaugurated on Thursday morning. The principle is the same as for the city of Nice: to allow citizens to contact the municipal police to report all kinds of problems.

Police agents have direct visibility of the person calling and of the surrounding area thanks to the cameras located in the street. Once the call is answered, agents can send a patrol to the scene to intervene and fix the problem as soon as possible.

 

No Finish Line

It was a record year for the No Finish Line event in Monaco with a total of over 250000 km completed to raise money for charity.

Barclays Monaco with Fight Aids was the winning team with 13,211 kilometres covered, while the individual winner was Daniel Juan Alimonti, with 886 kilometres.

 

Prince Albert II presents Vermeil medal to Princess Charlene

Prince Albert has awarded a medal to his own wife in recognition of her own sporting career and her dedication to sport in the Principality.

Before becoming Princess of Monaco, Charlene Wittstock was one of the best professional swimmers in her native South Africa. As a tribute to her career, Prince Albert II presented his wife with the Vermeil medal at the Stade Louis II, where the presentation of Physical Education and Sports Medals took place.

 

Made in Japan

Made in Japan, the cultural event focusing on all things Japanese, is back for its third edition at the Grimaldi Forum, bringing a taste of the Orient to the shores of Monaco.

Among this year’s highlights will be dances, parades and a demonstration of dressing techniques by Kimono Beauty Japan, as well as a display of rakugo, humorous Japanese story-telling, with French rakugo artist, Cyril Coppini.

Additionally, there will be several exhibitors who will be showcasing Japanese creativity, food, drinks and traditions. Teas and sake will be available, as will luxury handicrafts and products.

The event takes place on 3rd December from 10am to 6pm and 4th December from 10am to 5pm in the Salle Diaghilev of the Grimaldi Forum. Tickets are €10 at the door.

 

SPORT

 

WORLD CUP REPORT

England's Fifa World Cup campaign opened in thoroughly convincing fashion as they outclassed Iran in an incident-packed match in Doha.

Iran were expected to provide stern resistance as they are ranked 20th best team in the world with an impressive defensive record, however the 3 Lions strolled to victory, winning by 6-2 with 2 goals by Bukayo Saka, and goals from 19 year old Jude Bellingham, Raheem Sterling, Marcus Rashford just moments after he came on as a substitute and Jack Grealish.

 

Two late goals from the Netherlands sealed a crucial victory in their World Cup opener against Senegal in Group A.

PSV Eindhoven forward Cody Gakpo beat Chelsea goalkeeper Edouard Mendy to the ball when it was chipped in by Frenkie de Jong to nod the Dutch in front with six minutes remaining. Substitute Davy Klaassen then pounced on a rebound from Memphis Depay's shot to add a second deep into stoppage-time to confirm the success.

 

Gareth Bale rode to Wales' rescue once again as the captain's late penalty salvaged a draw against the United States in his country's first World Cup game for 64 years.

Wales were overrun in a first half dominated by a vibrant USA team, who led as Tim Weah finished smartly after a surging run and pass by Christian Pulisic.

Wales came close in the second half before Gareth Bale confidently dispatched a penalty to earn his team a valuable point in Group B.

 

France manager Didier Deschamps says there is no anxiety within his side's camp at the World Cup, despite the withdrawal of several of key players.

France won the tournament in 2018 and start the defence of the title against Australia this evening. They go into the game without the injured Karim Benzema, Christopher Nkunku, Presnel Kimpembe, N'Golo Kante and Paul Pogba. 

When they last defended their world title in 2002, they failed to score a single goal and were eliminated at the group stage.

Now, they come into the tournament as one of the favourites, even though they have only won one of their previous 6 matches

 

In today’s matches:

Argentina – SaudiArabia (11am)

Denmark – Tunisia (2pm)

Mexico – Poland (5pm)

France -Australia (8pm)

 

SPORT

 

Cricket

Australia have made a flying start to the final one-day international against England, reach 100-0 after just 18 overs. Australia already lead 2-0 in three-match series

 

Rugby

Josh Van der Flier won Rugby Player of the Year 2022 at the prestigious World Rugby Awards in Monaco this weekend. The Irishman had a strong year, scoring six tries in the European Cup and two in the Six Nations.

He beat international team-mate Jonny Sexton, South African Lukhanyo An, as well as last year’s winner Antoine Dupont to collect the trophy for the first time in his career.

Ruahei Demant picked up the Best Women’s Player award while Wayne Smith, the ‘Black Ferns’ coach picked up Manager of the Year.

 

Motorsports

American Logan Sargeant has secured the final seat on next year's Formula 1 grid with Williams.

The team said last month that the 21-year-old would be given the drive alongside Alex Albon if he secured the required points for an F1 licence.

Finishing fourth in the Formula 2 championship at the final race of the season in Abu Dhabi has taken Sargeant well over the 40 points required.

Williams are expected to confirm the move in the coming days.

 

Tennis

 

 

 

Golf

Rory McIlroy secured the European number one spot for the fourth time - and his first since 2015 - after finishing fourth at the DP World Tour Championship in Dubai. He is only the second man - after Henrik Stenson in 2013 - to top the PGA Tour and European rankings in the same year. He is now setting his sights on closing the gap on Colin Montgomerie’s record of 8 European Number One Spots.

 

Snooker

Mark Allen fought back to stun Ding Junhui and win in the UK Championship Final in York.

The Northern Irishman was trailing 6-1 before winning 9 of the following 10 frames to win his second triple crown title.

 

Basketball

AS Monaco basketball are in action this evening in the Euro League. They host the league leaders Fenerbace at 7pm at the SalleGaston Medecin. The Roca team are currently third in the Euro League.

 

BUSINESS

Oil Prices Slumping

Oil prices have slumped to their lowest level since before the war in Ukraine after Saudi Arabia and other Opec countries were reported to be discussing an output increase alongside China tightening its Covid-restrictions, hurting the outlook for demand.

Global benchmark Brent fell below $83 a barrel today for the first time since January, a drop of 5.3%. 

Shares in Scottish oil and gas producer Harbour Energy were the biggest faller in the FTSE 100 this afternoon, down 6.7%, while BP was not far behind after a drop of %. Shell was off 3.1%.

Prices slumped after it emerged that Opec+ - the cartel of 13 oil producing countries and 10 of its closest allies - is considering an output increase of 500,000 barrels ahead of the EU’s embargo of Russian oil,

 

Disney

Less than 24 hours after his shock return as Disney's chief executive, Bob Iger says he is planning a major shake-up of the firm in the next few weeks.

One of his first moves has resulted in the exit of the head of company's Media and Entertainment Distribution division, Kareem Daniel. Mr Daniel was a close ally of the media giant's former boss Bob Chapek.

Mr Iger, who headed Disney for 15 years, was brought back by the company's board to steer it through turbulent times as its share price has plummeted and Disney+ continues to run at a loss. Disney's shares in New York gained more than 6% after Mr Iger's return as chief executive was announced.

 

No UK Deal for the UK says Rishi Sunak

Rishi Sunak  has insisted that the UK will not pursue any post-Brexit relationship with the EU "that relies on alignment with EU laws". It follows reports that some in government want to move towards a Swiss-style deal, with less trading friction and more migration.

Switzerland can trade easily with the bloc, but must follow some EU rules.

Mr Sunak told business leaders that control of migration was one of the immediate benefits of Brexit.

Speaking at the CBI conference in Birmingham he argued that Brexit is already delivering, enormous benefits and opportunities for the country."

He believes  that the UK now has proper control of their borders and was free to pursue trade deals with "the world's fastest-growing economies".

 

Meanwhile, the head of the CBI Tony Danker called on politicians to be "practical" about immigration, saying that the UK should use immigration to solve worker shortages and boost economic growth.

 

FTX Fallout

The Bank of England's deputy governor for financial stability has said that better regulation is needed to protect the financial system after the collapse of the FTX cryptocurrency exchange. He said the crypto world was at present not large enough or interconnected enough with mainstream finance to threaten the stability of the financial system. But he said its links with mainstream finance were developing rapidly.

 

FOREIGN EXCHANGES

€1 = £0,87 $1,03 SF 0,98

£1 = €1,16 $1,18 SF1,13

$1 = €98 cents, £84 pence, 95 Swiss centimes

BITCOIN $ down 15822

ETHEREUM downto $1100

 

COMMODITIES

An ounce of gold is $1764

Barrel of Brent Crude oil $87.88

 

MARKETS

https://www.bbc.com/news/business/market-data

https://www.marketwatch.com/investing/future/brn00?countrycode=uk

FTSE 100 7377

CAC 40  6634

DOW JONES stable at 33700

NASDAQ 11146

NIKKEI up slightly 28152

 

WEATHER

Light rain this morning, but improvements are expected later with clouds largely disappearing this afternoon.

 

Winds are light and temperatures are reaching 14° around Monaco & Alpes Maritimes.

 

Stronger winds in the Var with gusts of up to 89kmh from the WNW.

 

Clear skies tonight but some clouds will return in the early hours as temperatures drop to 9°

 

Wednesday will see some cloudy spells in the morning, but improvements are expected later with no sign of any rain and sunshine in the afternoon.

 

French government slashes unemployment benefits

In French news this morning, the government has released details of its planned reform to the unemployment system, which has already sparked protest from unions and leftist politicians.

The government said yesterday that jobseekers would see the amount of time they can claim benefits cut by 25 percent from next year as part of a contested reform designed to help fill vacant positions.

Under the current rules, anyone under the age of 53 can claim a maximum two years of compensation after losing their job, while the over-55s are eligible for three years.

By reducing the time by a quarter from February 2023, Labour Minister Olivier Dussopt said that he hoped that 100,000 150,000 people would return to the labour market earlier than expected next year.

 

Medicine shortages in France - which drugs are affected?

There is a growing shortage of several common medicaments in France, including the paracetamol Doliprane and the prescribed antibiotic amoxicillin.

Doliprane is widely taken for a variety of mild health problems such as headaches, joint pain, flu and period pain, while amoxicillin is the most-prescribed antibiotic for children suffering from illnesses including ear infections and sore throats.

In an interview this week, the Minister of Health, François Braun addressed the “reality” of the strain in medication supplies, saying that he expects stocks of paracetamol to return to normal in “coming weeks.”

However, the picture is a bit more complicated for the antibiotic amoxicillin, and an exact timeline is “difficult to predict” according to the minister. He hopes that the shortage of this drug will be resolved within at least the “coming weeks and months.”

 

New schoolgirl murder horrifies France

A 31-year-old man has been charged over the abduction and murder of a schoolgirl in France, just a month after the killing of a girl in Paris caused outrage.

The latest victim, a 14-year-old named Vannesa in French media, was snatched on her way home from school in the town of Tonneins last Friday in the rural Lot-et-Garonne region.

The killer, named as Romain Chevrel had spent the day smoking cannabis in his car. He confessed to raping and strangling her before dumping her body in an abandoned building

While in custody, he said he had not planned the crime and did not know the victim, adding that “his acts were sexually motivated”.

 

Summer Deaths Higher Than Expected

The French health authorities have announced an unusually high number of deaths in France this summer. Figures released yesterday by Santé Publique France estimate an excess of 10,420 deaths in France, partly linked to high temperatures, but also to Covid illnesses, vaccinations and other factors. The figures is based on a comparison against the expected number of deaths based on the average of the last  five years. This summer was the second hottest in France since 1900.

 

Monaco’s carrefour stays open as 140 walk out

The one-day strike by 140 workers at Carrefour in Fontvieille did not prevent the supermarket from opening yesterday, although customer queues at the cash register were significantly longer than normal.

Carrefour employees are unhappy with the response to their demands for a one-off payment of 1,000 euros and a pay increase of five percent.Instead, the company has offered 2.5 percent and just 100 euros as the bonus.

The strikers have said they may repeat the one-day walkout at short notice.

 

Nice: the arenas of Cimiez will soon be transformed into "a permanent theater"

Nice Mayor Christian Estrosi has launched a project to revive the Arènes de Cimiez, as the city prepares to submit its application to become the European Capital of Culture 2028. He said that an experiment will be carried out in the summer of 2023 by the National Theatre of Nice, which will be based on three changes - putting an end to free access which he said degrades the amphitheatre, rethinking access and management of the site and modifying the location of the stage and equipment. If this experience is positive, it will be used to bring about long-term changes.

 

The creation of a photovoltaic park in a nature area in Levens raises a lot of tension

The poposed creation of a photovoltaic park in a nature area in Levens has lead to a heated debate.  Should the project go ahead, it would mean 233,000 solar panels being deployed over more than 11 hectares of the Mont-Arpasse.

Opponents object both to the choice of the site and to the unrealistic conditions of the project.

 

Tax Inspector Murdered

A French tax inspector was murdered in the north of France while carrying out a tax audit of a second-hands goods dealer in Bullecourt in the Pas de Calais. The presumed killer was also found dead having committed suicide.

 

Storm Denise: Corsica placed in orange vigilance with strong winds, but the Côte d'Azur is spared

Storm Denis is causing havoc across parts of France and Europe, although it looks like it’s path will miss the Côte d’Azur. However, Météo-France has placed Corsica on orange alert to strong winds until this afternoon at  4 p.m

 

Missing Person

Police in the Var are appealing for witnesses to try to find a 16-year-old teenager, who left his home, yesterday at 7:30 a.m to go to the Lycée Fénelon. If you have any information, please contact the investigators on 04.98.03.55.15 or 04.98.03.53.00 (the numbers are on our website)

 

Bank Card Scam

Police are warning of a new bank card scam as the Christmas season approaches. All shoppers are warned to be vigilant as the principle is simple but effective.

How does it work ? A person pretending to be a store employee would call out to the customer after a purchase has been made to say that there was an error during checkout. The scammer would then bring out a payment terminal and then reenter the transaction or simply grab the card and flee.

To avoid being tricked, it is important not to rely on the badge or the outfit of the alleged employee. It is best to go to the checkout of the store where the purchase to double-check before getting out your credit card.

 

After Nice, Saint-Laurent-du-Var inaugurates its emergency call terminals

Eight emergency call terminals have been installed in Saint-Laurent-du-Var to be inaugurated on Thursday morning. The principle is the same as for the city of Nice: to allow citizens to contact the municipal police to report all kinds of problems.

Police agents have direct visibility of the person calling and of the surrounding area thanks to the cameras located in the street. Once the call is answered, agents can send a patrol to the scene to intervene and fix the problem as soon as possible.

 

No Finish Line

It was a record year for the No Finish Line event in Monaco with a total of over 250000 km completed to raise money for charity.

Barclays Monaco with Fight Aids was the winning team with 13,211 kilometres covered, while the individual winner was Daniel Juan Alimonti, with 886 kilometres.

 

Prince Albert II presents Vermeil medal to Princess Charlene

Prince Albert has awarded a medal to his own wife in recognition of her own sporting career and her dedication to sport in the Principality.

Before becoming Princess of Monaco, Charlene Wittstock was one of the best professional swimmers in her native South Africa. As a tribute to her career, Prince Albert II presented his wife with the Vermeil medal at the Stade Louis II, where the presentation of Physical Education and Sports Medals took place.

 

Made in Japan

Made in Japan, the cultural event focusing on all things Japanese, is back for its third edition at the Grimaldi Forum, bringing a taste of the Orient to the shores of Monaco.

Among this year’s highlights will be dances, parades and a demonstration of dressing techniques by Kimono Beauty Japan, as well as a display of rakugo, humorous Japanese story-telling, with French rakugo artist, Cyril Coppini.

Additionally, there will be several exhibitors who will be showcasing Japanese creativity, food, drinks and traditions. Teas and sake will be available, as will luxury handicrafts and products.

The event takes place on 3rd December from 10am to 6pm and 4th December from 10am to 5pm in the Salle Diaghilev of the Grimaldi Forum. Tickets are €10 at the door.

 

SPORT

 

WORLD CUP REPORT

England's Fifa World Cup campaign opened in thoroughly convincing fashion as they outclassed Iran in an incident-packed match in Doha.

Iran were expected to provide stern resistance as they are ranked 20th best team in the world with an impressive defensive record, however the 3 Lions strolled to victory, winning by 6-2 with 2 goals by Bukayo Saka, and goals from 19 year old Jude Bellingham, Raheem Sterling, Marcus Rashford just moments after he came on as a substitute and Jack Grealish.

 

Two late goals from the Netherlands sealed a crucial victory in their World Cup opener against Senegal in Group A.

PSV Eindhoven forward Cody Gakpo beat Chelsea goalkeeper Edouard Mendy to the ball when it was chipped in by Frenkie de Jong to nod the Dutch in front with six minutes remaining. Substitute Davy Klaassen then pounced on a rebound from Memphis Depay's shot to add a second deep into stoppage-time to confirm the success.

 

Gareth Bale rode to Wales' rescue once again as the captain's late penalty salvaged a draw against the United States in his country's first World Cup game for 64 years.

Wales were overrun in a first half dominated by a vibrant USA team, who led as Tim Weah finished smartly after a surging run and pass by Christian Pulisic.

Wales came close in the second half before Gareth Bale confidently dispatched a penalty to earn his team a valuable point in Group B.

 

France manager Didier Deschamps says there is no anxiety within his side's camp at the World Cup, despite the withdrawal of several of key players.

France won the tournament in 2018 and start the defence of the title against Australia this evening. They go into the game without the injured Karim Benzema, Christopher Nkunku, Presnel Kimpembe, N'Golo Kante and Paul Pogba. 

When they last defended their world title in 2002, they failed to score a single goal and were eliminated at the group stage.

Now, they come into the tournament as one of the favourites, even though they have only won one of their previous 6 matches

 

In today’s matches:

Argentina – SaudiArabia (11am)

Denmark – Tunisia (2pm)

Mexico – Poland (5pm)

France -Australia (8pm)

 

SPORT

 

Cricket

Australia have made a flying start to the final one-day international against England, reach 100-0 after just 18 overs. Australia already lead 2-0 in three-match series

 

Rugby

Josh Van der Flier won Rugby Player of the Year 2022 at the prestigious World Rugby Awards in Monaco this weekend. The Irishman had a strong year, scoring six tries in the European Cup and two in the Six Nations.

He beat international team-mate Jonny Sexton, South African Lukhanyo An, as well as last year’s winner Antoine Dupont to collect the trophy for the first time in his career.

Ruahei Demant picked up the Best Women’s Player award while Wayne Smith, the ‘Black Ferns’ coach picked up Manager of the Year.

 

Motorsports

American Logan Sargeant has secured the final seat on next year's Formula 1 grid with Williams.

The team said last month that the 21-year-old would be given the drive alongside Alex Albon if he secured the required points for an F1 licence.

Finishing fourth in the Formula 2 championship at the final race of the season in Abu Dhabi has taken Sargeant well over the 40 points required.

Williams are expected to confirm the move in the coming days.

 

Tennis

 

 

 

Golf

Rory McIlroy secured the European number one spot for the fourth time - and his first since 2015 - after finishing fourth at the DP World Tour Championship in Dubai. He is only the second man - after Henrik Stenson in 2013 - to top the PGA Tour and European rankings in the same year. He is now setting his sights on closing the gap on Colin Montgomerie’s record of 8 European Number One Spots.

 

Snooker

Mark Allen fought back to stun Ding Junhui and win in the UK Championship Final in York.

The Northern Irishman was trailing 6-1 before winning 9 of the following 10 frames to win his second triple crown title.

 

Basketball

AS Monaco basketball are in action this evening in the Euro League. They host the league leaders Fenerbace at 7pm at the SalleGaston Medecin. The Roca team are currently third in the Euro League.

 

BUSINESS

Oil Prices Slumping

Oil prices have slumped to their lowest level since before the war in Ukraine after Saudi Arabia and other Opec countries were reported to be discussing an output increase alongside China tightening its Covid-restrictions, hurting the outlook for demand.

Global benchmark Brent fell below $83 a barrel today for the first time since January, a drop of 5.3%. 

Shares in Scottish oil and gas producer Harbour Energy were the biggest faller in the FTSE 100 this afternoon, down 6.7%, while BP was not far behind after a drop of %. Shell was off 3.1%.

Prices slumped after it emerged that Opec+ - the cartel of 13 oil producing countries and 10 of its closest allies - is considering an output increase of 500,000 barrels ahead of the EU’s embargo of Russian oil,

 

Disney

Less than 24 hours after his shock return as Disney's chief executive, Bob Iger says he is planning a major shake-up of the firm in the next few weeks.

One of his first moves has resulted in the exit of the head of company's Media and Entertainment Distribution division, Kareem Daniel. Mr Daniel was a close ally of the media giant's former boss Bob Chapek.

Mr Iger, who headed Disney for 15 years, was brought back by the company's board to steer it through turbulent times as its share price has plummeted and Disney+ continues to run at a loss. Disney's shares in New York gained more than 6% after Mr Iger's return as chief executive was announced.

 

No UK Deal for the UK says Rishi Sunak

Rishi Sunak  has insisted that the UK will not pursue any post-Brexit relationship with the EU "that relies on alignment with EU laws". It follows reports that some in government want to move towards a Swiss-style deal, with less trading friction and more migration.

Switzerland can trade easily with the bloc, but must follow some EU rules.

Mr Sunak told business leaders that control of migration was one of the immediate benefits of Brexit.

Speaking at the CBI conference in Birmingham he argued that Brexit is already delivering, enormous benefits and opportunities for the country."

He believes  that the UK now has proper control of their borders and was free to pursue trade deals with "the world's fastest-growing economies".

 

Meanwhile, the head of the CBI Tony Danker called on politicians to be "practical" about immigration, saying that the UK should use immigration to solve worker shortages and boost economic growth.

 

FTX Fallout

The Bank of England's deputy governor for financial stability has said that better regulation is needed to protect the financial system after the collapse of the FTX cryptocurrency exchange. He said the crypto world was at present not large enough or interconnected enough with mainstream finance to threaten the stability of the financial system. But he said its links with mainstream finance were developing rapidly.

 

FOREIGN EXCHANGES

€1 = £0,87 $1,03 SF 0,98

£1 = €1,16 $1,18 SF1,13

$1 = €98 cents, £84 pence, 95 Swiss centimes

BITCOIN $ down 15822

ETHEREUM downto $1100

 

COMMODITIES

An ounce of gold is $1764

Barrel of Brent Crude oil $87.88

 

MARKETS

https://www.bbc.com/news/business/market-data

https://www.marketwatch.com/investing/future/brn00?countrycode=uk

FTSE 100 7377

CAC 40  6634

DOW JONES stable at 33700

NASDAQ 11146

NIKKEI up slightly 28152

 

WEATHER

Light rain this morning, but improvements are expected later with clouds largely disappearing this afternoon.

 

Winds are light and temperatures are reaching 14° around Monaco & Alpes Maritimes.

 

Stronger winds in the Var with gusts of up to 89kmh from the WNW.

 

Clear skies tonight but some clouds will return in the early hours as temperatures drop to 9°

 

Wednesday will see some cloudy spells in the morning, but improvements are expected later with no sign of any rain and sunshine in the afternoon.

 

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22/02/2024

French and Riviera News Thursday 22nd February 2024

The French government has announced a new plan of action to prevent medical shortages in France. Over recent years caregivers and patients have expres... French and Riviera News Thursday 22nd February 2024 Read More

22/02/2024

Evening Update Wednesday 21st February 2024

Authorities in Marseille have fined the owners of a crude oil tanker €100,000 for repeated breaches of environmental laws.... Evening Update Wednesday 21st February 2024 Read More

21/02/2024