French pension reform talks fail as projections show deficit to keep growing
Business
05:30
From the show
French Prime Minister François Bayrou will face a no-confidence vote from Socialist MPs after talks between unions and employers over a reform of the country's pension system failed to reach a compromise. France's highest auditing authority earlier showed that the pension system could run a deficit of as much as €30 billion by 2045 if nothing is changed. Also in this edition, FRANCE 24's Luke Shrago looks at the economic impact of the border dispute between Thailand and Cambodia.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
2 hours ago
- Fashion Network
Selfridges wins approval for private members' club
Selfridges, the department store chain owned by Saudi Arabia's Public Investment Fund and Thailand's Central Group, won approval for a new private members' club at its flagship London outlet. Westminster City Council approved an application to convert space currently used for staff offices into a membership venue with a terrace and private dining room. The proposal is part of a wider plan to launch a new 'exclusive new shopping and social destination for its most valued customers and members' on Duke Street in the spring, according to a filing. London has seen a surge in high-end membership-only venues as affluent residents seek exclusive spaces, especially as flexible working has blurred the lines between professional and personal life. These venues have also become a strategy for real estate owners to generate more revenue from underutilized spaces. Tuesday's council approval grants the owners the right to use the space as a members' club or for retail purposes for a period of 50 years, the filings show. The space is part of the SWOD building, which was built in the 1930s as an extension to the main classical building that faces Oxford Street, one of Europe's busiest shopping thoroughfares. Saudi Arabia's PIF became a minority owner in privately held Selfridges last year after acquiring a 40% stake that had been owned by the Signa Group, the now-defunct real estate empire founded by Austrian Rene Benko. The story of the store's founding in 1909 by US retailer Harry Gordon Selfridge was later adapted into the Mr Selfridge TV series starring Jeremy Piven. The roof gardens, which hosted fashion shows and crazy golf in the years after the opening, were destroyed in the Blitz in 1940. They remained closed for about 70 years before reopening in 2009 for an exclusive pop-up restaurant run by French chef Pierre Koffmann, according to one of the filings for the planning approval.
Local France
2 hours ago
- Local France
France's Macron calls talks on New Caledonia future
New Caledonian elected officials, as well as political, economic and civil society leaders would be invited to the discussions to start on July 2nd, a source familiar with the matter said. It was not immediately clear where the meeting would be held. The French president in an invitation letter obtained by AFP said discussions would last 'as long as necessary' to address key issues 'with all the seriousness they deserve'. 'Beyond major institutional topics, I would like for our discussions to touch on economic and societal matters,' Macron added. Home to around 270,000 people and nearly 17,000 kilometres from Paris, New Caledonia is one of several overseas territories that remain an integral part of France. New Caledonia has been ruled from Paris since the 1800s, but many indigenous Kanaks resent France's power over their islands and want fuller autonomy or independence. Unrest broke out in May 2024 after Paris planned to give voting rights to thousands of non-indigenous long-term residents, which Kanaks fear would leave them in a permanent minority, crushing their chances of winning independence. The riots – the most violent since the 1980s – led to the death of 14 people and caused billions of euros of damage. The president's decision to host talks alongside the Minister for Overseas Manuel Valls also comes after a French court freed independence leader Christian Tein in June. Tein, who hails from the Kanak group, had been held in custody in eastern France since June 2024 over the rioting in the nickel-rich archipelago. Advertisement Investigating magistrates concluded there was no proof that Tein was preparing an armed uprising against the government, according to a source close to the case. The last independence referendum in New Caledonia was held in 2021, and was boycotted by pro-independence groups over the impact of the Covid-19 pandemic on the Kanak population. The referendum was the last of three since 2018, all of which rejected New Caledonian independence. Since the 2021 referendum – which pro-independence campaigners had requested be rescheduled – the political situation in the archipelago has been in deadlock. Valls led negotiations in May between pro-independence and anti-independence groups, but they did not 'reach an agreement about the institutional future of the territory', Macron said in the invitation letter. Earlier this month, the president declared he wanted a 'new project' for New Caledonia.
Fashion Network
4 hours ago
- Fashion Network
The Fast Retailing paradox: while Uniqlo grows, the group's French labels are wiped out
The decline of Comptoir des Cotonniers and Princesse tam tam is expected to cause both fashion chains to go into receivership, as reported by last Friday. The protection procedure for which Fast Retailing France - the company that operates the two chains - has filed with the trade court in Paris, is reportedly designed to ensure that the chains' restructuring can continue, according to a letter sent to their employees which has obtained. The letter, signed by Managing Director Yoshihiro Kunii, outlined the company's two-pronged approach: 'The procedure is expected to, on the one hand, speed up the overhaul of [the company's] business model, in order to continue to adapt its brands to the new market situation and, on the other, rationalise its store fleet by reducing the number of addresses and favouring larger, hybrid and combined stores, as well as introducing corners by both brands within Uniqlo stores.' No concrete measures have yet been taken, but the letter indicated that the rationalisation will involve some 30 stores of the 100 currently open. It would be the fourth downsizing operation in seven years for Comptoir des Cotonniers and Princesse tam tam, whose assortment has also been streamlined to align with Uniqlo's, as lamented by industry specialist Frédéric Biousse in an exclusive interview to Biousse was the president of Comptoir des Cotonniers when the Fast Retailing group acquired the chain 18 years ago. 'It would be a real shame to see more closures. What would be the point? Incorporating both brands within Uniqlo stripped them of their aspirational value. Lowering prices completely misses the point,' said Biousse, who pointed the finger at the Japanese management's failure to understand the brand culture of Comptoir des Cotonniers and Princesse tam tam. In its letter, the group promised 'a socially responsible reorganisation plan,' but this new blow for the two chains is a challenge for employees, the unions and fashion industry observers. Comptoir des Cotonniers and Princesse tam tam's difficulties are undeniable, but the strategic and financial approach adopted by their owner Fast Retailing since 2007 has sparked much debate. Notably because the Japanese giant is enjoying extremely good financial health. Indeed, Comptoir des Cotonniers and Princess tam tam's trajectory is the reverse of Uniqlo's. In 2023, the French chains were restructured, and redundancy plans introduced at both (nearly 180 jobs were cut), following similar operations carried out in 2018 and 2021. Two years ago, fashion industry experts expressed their reservations to And questions are again being asked about the running of both chains, as 'unwise strategic decisions' were taken in Japan, and 'French executives were replaced by Japanese staff' unfamiliar with the French market. Creating a gap between the changing expectations of local consumers and the foreign masterminds' vision. Biousse is not alone in thinking that the two brands' creativity has been somewhat curtailed over the years by the effort of rationalising their style as demanded by Fast Retailing, mimicking the pared-down designs that led to Uniqlo's success. When, for example, imagination, attractive details and patterns have historically been Princess tam tam's distinguishing traits. Nevertheless, Fast Retailing has poured money into the two chains' transformation. Fast Retailing France, the company that operates the chains, has regularly been the recipient of loans from its parent company, to enable Comptoir des Cotonniers and Princess tam tam to stay afloat despite significant losses. In fiscal 2023-24, closed on August 31, Fast Retailing France received a loan of €43.3 million from its parent company, according to documents officially filed. Commercial strategy-wise, last year the chains applied a generalised price reduction of the order of 30% to try to attract new customers. But Fast Retailing has now decided to no longer support the chains, which have filed for suspension of payments. A source close to the matter has said that the suspension of payments 'is entirely fictitious, since [Fast Retailing France] is not indebted with banks or other investors but only with [Fast Retailing Group], which is currently generating huge profits.' In H1 of fiscal 2024-25, profit for the Japanese group as a whole rose 19.2% and revenue increased by 10.7%, driven by Uniqlo's performance. However, what Fast Retailing is doing isn't illegal. A union representative active in the retail sector has zeroed in on the behaviour of large groups, calling it abusive. 'We're trying to ensure that job protection plans introduced by major corporations take into account the groups' entire corporate structure. [Large groups] often isolate the companies they want to restructure, so that these can be liquidated without having to redeploy workers or give the latter proper financial support,' said the representative. She cited the job protection plan introduced at French restaurant chain Flunch in 2024, which was soon modified since its provisions were rather feeble, given the financial power of the chain's owner, the Mulliez family. Fast Retailing Group has not yet made an official statement about the receivership proceedings and its further plans. According to documents seen by it seems the group wants to continue to operate Comptoir des Cotonniers and Princess tam tam, deploying a turnaround plan focused on larger joint stores for the two brands, and their greater presence within Uniqlo stores. With some 60 stores left after a rationalisation effort that, according to various sources, will be 'quick, effective and as cheap as possible,' what will remain of the brand identity of these two former French retail gems?
