
SMCP: Towards a resolution of the 15.5% capital dispute?
The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu.
Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares.
Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion.
The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake.
Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore.

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Local France
10 hours ago
- Local France
'Rules have changed' - Préfecture confirms they can refuse French citizenship to retirees
Retirees in France have recently begun running into problems with the citizenship applications, with numerous reports of citizenship being refused due to not having sufficient French income. The change appears to be linked to a recent circulaire from the Interior Minister - but now one préfecture has confirmed to The Local that they are indeed treating applications differently, and are routinely rejecting people whose income is mainly derived from a pension from another country. The préfecture of Deux-Sèvres told The Local that the "rules had changed after May 2nd", which is when French Interior Minister Bruno Retailleau sent out a circulaire (memo) clarifying how préfectures should process citizenship applications. READ MORE: Why do French ministers love to send 'circulaires'? The spokesperson said: "Each application is subject to an individualised, in-depth, and reasoned review, in accordance with the applicable regulations. "Prior to the circulaire of May 2nd, 2025, naturalisation applications were processed based on a comprehensive and global assessment of the applicant's situation. Advertisement "Thus, retirees receiving only a foreign pension as income could have their naturalisation application accepted, as long as the necessary conditions were generally met. "After May 2nd, the rules changed. In order to assess the applicant's financial independence, income derived mainly from abroad is no longer taken into account (except in very limited circumstances), on the basis that the applicant's centre of interest has not been completely transferred to France. READ MORE: What counts as 'French income' when it comes to citizenship? "Based on this criterion alone, the application for naturalisation may be refused. For practical purposes, people who are refused naturalisation do have legal avenues and time limits for appeal. These are referenced in their notification of rejection." What does this change mean practically? This insistence on French-sourced income would seem - if applied strictly - to make it impossible for people who have retired to France (as opposed to those who worked in France and then retired) to ever gain citizenship. Two foreign retirees who both met the other criteria for French nationality, such as language acquisition and integration in their local community, were denied citizenship by the Deux-Sèvres préfecture on the basis that they did not have sufficient French income. READ MORE: 'Doesn't seem fair' - British pensioners speak out over apparent change to French citizenship rules A circulaire is not supposed to change the law, just clarify how administrative staff interpret it. So far, it is clear that the préfecture of Deux-Sèvres has taken a strict interpretation of the circulaire and has interpreted it as a 'rules change'. This does not mean that other préfectures have taken the same approach, and it is common for variations to exist between préfectures. However, The Local has received reports of other retirees being rejected in recent weeks for the same reasons in the préfectures of Gironde and Haute-Garonne. The Local reached out to the Interior Ministry and other préfectures to confirm whether there has been a change in procedure. Advertisement Meanwhile, several of the retirees who told The Local they were rejected have appealed, which means they may still have a chance of gaining nationality, depending on the interpretation of the administrative court of Nantes. It is also possible that the interior ministry will offer more clarification in the future to préfectures on how to approach retirees with a majority non-French income. Crucially, these changes are being applied to people who made their applications months or sometimes years ago. This is contrary to full legal changes - such as the revised standards for French language levels - which can only be applied to new applications . What did the circulaire say exactly? To clarify, a circulaire cannot change the law, but it can offer 'clarification' for how préfecture staff ought to process citizenship applications. In the third section of the circulaire - titled 'the autonomy of the applicant' - Retailleau instructed staff on what to consider regarding l'insertion professionnelle (professional integration) and le niveau et l'origine des revenues (the amount and origin of income). Retailleau wrote: "You will also, with some exceptions, reject applicants whose income comes mainly from abroad, as this shows they have not completely transferred the centre of their interests to France." Retailleau did not reference any exceptions for retirees, though he did remind préfecture employees not to reject applications with 'insufficient income' if the applicant is ill or disabled. The interior minister also explained that this requirement is to demonstrate 'integration' to France and a long-term commitment to the country. He also wrote: "The applicant's autonomy must be based on proven and sustainable professional integration that provides them with stable and sufficient resources. "This not only demonstrates the stability of their settlement in France, but is also an essential element of their integration into the national community. "The applicant's autonomy must be based on proven and sustainable professional integration that provides them with stable and sufficient resources."


Euronews
12 hours ago
- Euronews
'Tiger economy': Vietnam's 2045 get rich quick plan
Beneath red banners and a gold bust of revolutionary leader Ho Chi Minh in Hanoi's central party school, Communist Party chief To Lam declared the arrival of 'a new era of development' late last year. The speech was more than symbolic—it signalled the launch of what could be Vietnam's most ambitious economic overhaul in decades. Vietnam aims to get rich by 2045 and become Asia's next 'tiger economy'—a term used to describe the earlier ascent of countries like South Korea and Taiwan. The challenge ahead is steep: Reconciling growth with overdue reforms, an ageing population, climate risks and outdated institutions. There's added pressure from President Donald Trump over Vietnam's trade surplus with the US, a reflection of its astounding economic trajectory. In 1990, the average Vietnamese could afford about $1,200 (€1,025) worth of goods and services a year, adjusted for local prices. Today, that figure has risen by more than 13 times to $16,385 (€13,995). Vietnam's transformation into a global manufacturing hub with shiny new highways, high-rise skylines and a booming middle class has lifted millions of its people from poverty, similar to China. But its low-cost, export-led boom is slowing and it faces a growing obstacle to its proposed reforms—expanding private industries, strengthening social protections and investing in technology and green energy—from climate change. 'It's all hands on deck. . . . We can't waste time anymore," said Mimi Vu of the consultancy Raise Partners. The export boom can't carry Vietnam forever Investment has soared, driven partly by US-China trade tensions, and the US is now Vietnam's biggest export market. Once-quiet suburbs have been replaced with industrial parks where trucks rumble through sprawling logistics hubs that serve global brands. Vietnam ran a $123.5 billion (€105bn) trade surplus with the US trade in 2024, angering Trump, who threatened a 46% US import tax on Vietnamese goods. The two sides appear to have settled on a 20% levy, and twice that for goods suspected of being transshipped, or routed through Vietnam to avoid US trade restrictions. During negotiations with the Trump administration, Vietnam's focus was on its tariffs compared to those of its neighbours and competitors, said Daniel Kritenbrink, a former US ambassador to Vietnam. 'As long as they're in the same zone, in the same ballpark, I think Vietnam can live with that outcome," he said. But he added that questions remain over how much Chinese content in those exports might be too much and how such goods will be taxed. Vietnam was preparing to shift its economic policies even before Trump's tariffs threatened its model of churning out low-cost exports for the world, aware of what economists call the 'middle-income trap,' when economies tend to plateau without major reforms. To move beyond that, South Korea bet on electronics, Taiwan on semiconductors, and Singapore on finance, said Richard McClellan, founder of the consultancy RMAC Advisory. But Vietnam's economy today is more diverse and complex than those countries were at the time and it can't rely on just one winning sector to drive long-term growth and stay competitive as wages rise and cheap labour is no longer its main advantage. It needs to make 'multiple big bets,' McClellan said. Vietnam's game plan Following China's lead, Vietnam is counting on high-tech sectors like computer chips, artificial intelligence and renewable energy, providing strategic tax breaks and research support in cities like Hanoi, Ho Chi Minh City, and Danang. It's also investing heavily in infrastructure, including civilian nuclear plants and a $67 billion (€57bn) North–South high-speed railway, that will cut travel time from Hanoi to Ho Chi Minh City to eight hours. Vietnam also aspires to become a global financial center. The government plans two special financial centres in bustling Ho Chi Minh City and in the seaside resort city of Danang, with simplified rules to attract foreign investors, tax breaks, support for financial tech startups, and easier ways to settle business disputes. Underpinning all of this is institutional reform. Ministries are being merged, low-level bureaucracies have been eliminated and Vietnam's 63 provinces will be consolidated into 34 to build regional centres with deeper talent pools. Private business to take the lead Vietnam is counting on private businesses to lead its new economic push—a seismic shift from the past. In May, the Communist Party passed Resolution 68. It calls private businesses the 'most important force' in the economy, pledging to break away from domination by state-owned and foreign companies. So far, large multinationals have powered Vietnam's exports, using imported materials and parts and low cost local labour. Local companies are stuck at the low-end of supply chains, struggling to access loans and markets that favoured the 700-odd state-owned giants, from colonial-era beer factories with arched windows to unfashionable state-run shops that few customers bother to enter. 'The private sector remains heavily constrained," said Nguyen Khac Giang of Singapore's ISEAS–Yusof Ishak Institute. Again emulating China, Vietnam wants 'national champions' to drive innovation and compete globally, not by picking winners, but by letting markets decide. The policy includes easier loans for companies investing in new technology, priority in government contracts for those meeting innovation goals, and help for firms looking to expand overseas. Even mega-projects like the North-South High-Speed Rail, once reserved for state-run giants, are now open to private bidding. By 2030, Vietnam hopes to elevate at least 20 private firms to a global scale. But Giang warned that there will be pushback from conservatives in the Communist Party and from those who benefit from state-owned firms. A Closing Window from climate change Even as political resistance threatens to stall reforms, climate threats require urgent action. After losing a major investor over flood risks, Bruno Jaspaert knew something had to change. His firm, DEEP C Industrial Zones, houses more than 150 factories across northern Vietnam. So it hired a consultancy to redesign flood resilience plans. Climate risk is becoming its own kind of market regulation, forcing businesses to plan better, build smarter, and adapt faster. 'If the whole world will decide it's a can go very fast,' said Jaspaert. When Typhoon Yagi hit last year, causing $1.6 billion (€1.4bn) in damage, knocking 0.15% off Vietnam's GDP and battering factories that produce nearly half the country's economic output, roads in DEEP C industrial parks stayed dry. Climate risks are no longer theoretical: If Vietnam doesn't take strong action to adapt to and reduce climate change, the country could lose 12–14.5% of its GDP each year by 2050, and up to one million people could fall into extreme poverty by 2030, according to the World Bank. Meanwhile, Vietnam is growing old before it gets rich. The country's 'golden population' window—when working-age people outnumber dependents—will close by 2039 and the labour force is projected to peak just three years later. That could shrink productivity and strain social services, especially since families—and women in particular—are the default caregivers, said Teerawichitchainan Bussarawan of the Centre for Family and Population Research at the National University of Singapore. Vietnam is racing to pre-empt the fallout by expanding access to preventive healthcare so older adults remain healthier and more independent. Gradually raising the retirement age and drawing more women into the formal workforce would help offset labour gaps and promote "healthy ageing,' Bussarawan said.


Local France
a day ago
- Local France
8 big problems that France faces this autumn
September in France marks la rentrée - when the kids go back to school, adults go back to work and the parliament starts a new term. It's traditionally a time for new ideas, fresh initiatives and planned legislation - but a highly combustible political situation, not to mention international tensions, make this year especially difficult. Battle over the budget France still has a significant budget deficit to address. The country finally managed to pass its 2025 budget in February, after the first version brought down Michel Barnier's government at the end of December. This year, the same challenge remains. In July, French Prime Minister François Bayrou gave an overview of what a possible 2026 budget could entail, intending to cut spending by €40 billion. Advertisement Bayrou floated plans such as cutting two public holidays and freezing spending increases (including on pensions and health), except for debt servicing and the defence sector. However, Bayrou's proposed cuts have not been popular amongst opposition parties, and the budget could end up bringing down another government. Debates in parliament begin in late September/early October. READ MORE: OPINION: Bayrou's budget has infuriated everyone and may force France into fresh elections Strikes and protests French unions have opposed Bayrou's proposals for budget cuts, and there is a possibility of large-scale mobilisation in September. The country's third-largest union, Force Ouvrière, has issued a strike notice for three months in autumn in response to cost-cutting measures announced by the prime minister. A meeting of France's inter-syndical - the group representing all the country's major unions - is scheduled for September 1st, and it's possible that other unions could join FO's action. Meanwhile, a previously unknown online group has issued a call for a complete blockade of the country from September 10th, which appears to be rapidly gaining traction. It remains to be seen how disruptive the action could be. Agriculture law (Loi Duplomb) While the piece of agricultural legislation known as the Loi Duplomb has been signed into law , it is possible there will be pushback as its key provisions begin to be enacted. The law caused a great deal of controversy in France, with more than 1 million people signing a petition to scrap it, in large part due to plans to reintroduce the bee-killing pesticide acetamiprid. Ultimately, France's Constitutional Council, the country's highest court, struck down the contested pesticide provision. However, the final version of the law also includes plans to change the rules on water storage , a topic that has also become more controversial as more parts of France suffer from increasing temperatures and drought each summer. Water supplies have already started to become a flashpoint - there were violent clashes in the south-west town of Sainte-Soline where giant underground water storage basins were being built in 2023. Advertisement Start of EES The EU is due to bring in its new Entry & Exit System (EES) on October 12th, 2025, with a six-month phased introduction. EES will require passengers to give biometric details, including fingerprints and a facial scan, and an automated passport scanning to keep track of time spent in the EU for those covered by the 90-day rule. Although the system covers all of the EU's external borders, there are particular worries about the busy UK-France border. READ MORE: Travel to France: Your questions answered about EES And ETIAS Trump tariffs The EU seems to have struck a deal with Washington for a 15 percent tariff on EU goods entering the US market - but this is more of an outline agreement and negotiations continue on certain sectors. As such, it is unclear when the tariffs would actually come into force. Overall, France is not one of the worst-affected EU countries - Germany, Ireland, the Netherlands and Belgium are expected to be the worst hit - but there are some areas and industries that would be hit especially hard. In 2024, French exports to the US were driven by aeronautics, beverages (wine and Cognac) , and pharmaceuticals. READ MORE: Why Normandy is the French region hardest hit by US tariffs Brexit cards As the first post-Brexit residency permits - known as the Article 50 TUE cartes de séjour or WARP cards - begin to reach their expiration dates at the end of 2025 and early 2026, the French government must soon announce instructions for card renewals. Advertisement Brits who were living in France prior to Brexit and have the five-year card should benefit from a simplified renewal process as outlined in the Withdrawal Agreement - but at present it not clear exactly how the card renewals will be done (eg online or in person, using a special website or the standard ANEF site). The Local has been in touch with the Interior Ministry to ask about procedures for renewals. READ MORE: Latest: What's the deal with renewing the post-Brexit carte de séjour Immigration law As for other residency-related questions - as part of the 2024 immigration law, the French parliament voted to bring in stricter language requirements for certain residency cards and French nationality, from January 2026. READ MORE: Your questions answered: New French language requirements for foreigners Those making their first application for a carte de séjour pluriannuelle (multi-year card, max duration of four years) will from January need to demonstrate a French level of at least A2 according to the DELF/ CERL international language scale. Those making their first application for a 10-year carte de résident (in most cases, available after five years of consecutive residency) will need to demonstrate at least B1 level in French - an increase from the previous requirement of A2. Those applying for French citizenship will need to demonstrate at least B2 level in French, instead of the previous requirement of B1. Citizenship applications from January 1st will also involve a written civics exam, with the details to be announced in the coming weeks. As such, préfectures have a lot of preparation to do this autumn, and many are dealing with significant backlogs. It is possible that the culmination of several new requirements could lead to more delays. READ MORE: New law: What's changing and what's staying the same for French citizenship? International situation This isn't a France specific problem of course, but the international situation remains tense. France has taken a lead when it comes to military aid to Ukraine, with France and the UK - as Europe's two major military powers - agreeing to a 'reassurance force' to be deployed in the country. The situation in Gaza shows no sign of improving and president Emmanuel Macron has pledged that France will formally recognise the state of Palestine at the UN General Assembly in September. France, which has both Europe's largest Jewish population and its largest Muslim population, remains on high alert for the potential for the conflict to spark unrest or terrorists threats within Europe.