AFP news agency to reduce headcount, foreign network costs
Fabrice Fries warned last month that the group needed to save 12-14 million euros ($13.8-16.1 million) by the end of 2026 due to a fall in revenues.
Speaking to employee representatives on Friday, he said he hoped to save 4-5 million euros a year with a retirement incentive plan in which 50-70 employees would leave and not be replaced.
Costs linked to AFP's foreign network of journalists would also be cut by around 3.0 million euros a year, or around 10 percent of the total, he said.
This would be achieved by reducing the number of jobs with expatriate conditions, which typically include housing benefits and school fees.
'AFP is committed to expatriation,' Fries said – but 'not at any price'. An experienced journalist working in Germany on expatriate conditions costs the same as four locally employed early-career reporters, he added.
Funding the cost-saving measures would require 'external financing', he said. That could mean taking a loan from the French state, rescheduling existing debt payments or a bank loan.
AFP, one of the world's biggest news agencies with 2,600 staff worldwide, has been affected by an ongoing global downturn for the media industry as well as several short-term factors.
Fears about a global recession has led many clients to enter 'wait-and-see mode' and either delay investment decisions or reduce their budgets, Fries explained last month.
Funding cuts from the US government under President Donald Trump have also hit AFP clients. Some of them, such as Voice of America, have been forced to cancel their subscriptions.
Social network giant Facebook has also terminated its fact-checking programme in the United States, for which AFP was an important paid partner.
After seven years of growth, AFP's revenues are set to fall this year to around eight million euros less than forecast in the budget, according to management.
AFP is one of the world's three major general news agencies, alongside US-based Associated Press and Canadian-owned Reuters.
It produces news stories, photos, videos and graphics for media companies around the world in six languages.
Alongside its commercial income, the agency also receives funding from the French state, which amounted to 118.9 million euros in 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
Trump warns of higher tariffs if India keeps buying Russian oil
US President Donald Trump waves as he walks across the South Lawn upon return to the White House in Washington, DC on August 3, 2025 after spending the weekend at his Bedminster Listen to article President Donald Trump threatened Monday to "substantially" hike US tariffs on goods from India over its purchases of Russian oil -- a key source of revenue for Moscow's war on Ukraine. Trump's heightened pressure on India comes after he signaled fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, more than three years since Russia's invasion. Read More: US tariff plan set with little wiggle room, Trump aide says Moscow is anticipating talks with the US leader's special envoy Steve Witkoff, who is expected to meet President Vladimir Putin this week. On Monday, Trump said in a post to his Truth Social platform that India was "buying massive amounts of Russian Oil" and selling it for "big profits." "They don't care how many people in Ukraine are being killed by the Russian War Machine," Trump added. Also Read: Trump wins his deal, Pakistan eyes the future "Because of this, I will be substantially raising the Tariff paid by India to the USA." But he did not provide details on what tariff level he had in mind. For now, an existing 10 percent US tariff on Indian products is expected to rise to 25 percent come Thursday.
Business Recorder
5 hours ago
- Business Recorder
Pakistan-origin newspaper vendor to receive one of France's most prestigious honours
PARIS: A 73-year-old newspaper vendor originally from Pakistan is set to receive one of France's most prestigious honours after more than 50 years of selling dailies on the terraces of cafes and restaurants in Paris' fashionable Latin Quarter. Ali Akbar began hawking newspapers after moving to France in 1973, employing a blend of humour and energy to charm locals and ward off falling sales. In September, President Emmanuel Macron will make him a knight of the National Order of Merit, which recognizes distinguished service to France in a civilian or military capacity. A native of Rawalpindi in northern Pakistan, Akbar began by hawking copies of the satirical weekly Charlie Hebdo to students in the Sorbonne and neighbouring institutions. Kerb-side newspaper sellers were already a dying breed in Paris in the 1970s as television steadily replaced the printed word as the main source of news - a process that only accelerated with the advent of the internet. But Akbar, the last remaining newspaper vendor still walking the streets of the French capital, has managed to keep the tradition alive with his ready smile, cheeky sense of humour and sheer dedication. 'I just love the feel of paper,' Akbar said. 'I don't like tablets and all that kind of stuff. But I do like reading. Whatever the type. Real books. But never on screens.' 'I have a certain way of selling newspapers. I try to make jokes. So people laugh. I try to be positive and I create an atmosphere… I try and get into people's hearts, not their pockets,' he said. But the job has become much harder in the era of digital publishing. 'I sell about 20 copies of Le Monde in eight hours. Everything is digital now. People just don't buy newspapers,' he said. Despite such challenges, Akbar intends to sell newspapers as long as his health permits. In a district where high-end fashion boutiques and eateries have largely replaced the bookstores that once nourished some of the world's most renowned 20th century philosophers, many locals say he's one of the things that keeps the Latin Quarter genuine. 'Ali is an institution. I buy Le Monde from him every day. In fact, we do a little more than buy Le Monde for him. We have coffee with him, sometimes we have lunch with him,' said one grateful customer, Marie-Laure Carriere.
Business Recorder
5 hours ago
- Business Recorder
Cocoa falls as U.S. tariffs, jobs data ignite growth fears
LONDON: Cocoa futures on ICE slid on Monday as speculators trimmed their net long position amid worries over U.S. trade tariffs and Friday's weak U.S. jobs report. The Trump administration last week slapped a slew of tariffs on dozens of trading partners, which could raise domestic U.S. prices and hurt demand for goods in the world's top economy. Most of the tariffs are set to come into effect on Friday. Cocoa London cocoa futures fell 1.6% to 5,298 pounds a metric ton, having hit a one-week low of 5,230. Shares Barry Callebaut, the world's top cocoa processor and bulk chocolate maker, slid 4%, with analysts noting the firm is exposed to tariffs as it imports cocoa into the U.S. from countries like Ivory Coast, Ghana and Brazil. The U.S. Commerce Secretary said last week commodities not grown in the U.S. could be exempt from tariffs if deals with producing countries are reached, but there are many deals yet to be closed. In the absence of trade deals, tariffs of 15% will apply to top producer Ivory Coast, 10% will apply to No. 2 and No. 3 producers Ghana and Ecuador, while 50% will apply to Brazil. New York futures fell 1.4% to $7,452 a ton, having hit a two-week low of $7,347. Coffee, cocoa slip as investors hold out for US tariff relief Coffee Arabica coffee futures rose 1.2% to $2.8075 per lb, recovering after hitting their lowest since mid-November on Friday. Dealers noted comments from Brazilian President Luiz Inacio Lula da Silva that he is still open to U.S. trade talks, and speculated as to whether the weak U.S. jobs report will pressure the U.S. into pulling back some of its tariff threats. The U.S. is the world's top coffee consumer and it imports about a third of its coffee from top producer Brazil. Coffee, like cocoa, is a tropical commodity almost entirely unsuitable for growing in the U.S. Robusta coffee rose 2.6% to $3,343 a ton, having closed down 2.2% on Friday. Sugar Raw sugar ??rose 0.8% to 16.31 cents per lb, having settled down 1% on Friday. French sugar maker Tereos, one of the world's largest sugar makers, said lower production and sales volumes in Europe could lead to a price recovery later this year. White sugar rose 0.9% to $469.10 a ton, having settled down 0.6% on Friday. Pakistan has issued a new international tender to purchase 100,000 metric tons of white refined sugar, European traders said.
