French Central Bank Chief Praises Plan to Fix ‘Very Excessive Deficit'
'The general orientation seems to go in the right direction to finally get control over our public debt while preserving economic growth,' Bank of France Governor Francois Villeroy de Galhau said.
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Ministers gather at UN for delayed meeting on Israel, Palestinians
By Michelle Nichols UNITED NATIONS (Reuters) -Dozens of ministers will gather at the United Nations on Monday for a delayed conference to work toward a two-state solution between Israel and the Palestinians, but the U.S. and Israel are boycotting the event. The 193-member U.N. General Assembly decided in September last year that such a conference would be held in 2025. Hosted by France and Saudi Arabia, the conference was postponed in June after Israel attacked Iran. The conference aims to lay out the parameters for a roadmap to a Palestinian state, while ensuring Israel's security. French Foreign Minister Jean-Noel Barrot told newspaper La Tribune Dimanche in an interview published on Sunday that he will also use the conference this week to push other countries to join France in recognizing a Palestinian state. France intends to recognize a Palestinian state in September at the annual gathering of world leaders at the United Nations General Assembly, President Emmanuel Macron said last week. "We will launch an appeal in New York so that other countries join us to initiate an even more ambitious and demanding dynamic that will culminate on September 21," Barrot said, adding that he expected Arab countries by then to condemn Palestinian militants Hamas and call for their disarmament. The conference comes as a 22-month war between Israel and Hamas in Gaza still rages. The war was triggered on October 7, 2023, when Hamas killed 1,200 people in southern Israel and took some 250 hostages, according to Israeli tallies. Since then, Israel's military campaign has killed nearly 60,000 Palestinians, according to Gaza health authorities. The U.S. will not attend the conference at the United Nations, said a State Department spokesperson, describing it as "a gift to Hamas, which continues to reject ceasefire proposals accepted by Israel that would lead to the release of hostages and bring calm in Gaza." The State Department spokesperson added that Washington voted against the General Assembly last year calling for the conference and would "not support actions that jeopardize the prospect for a long-term, peaceful resolution to the conflict." Israel is also not taking part in the conference, "which doesn't first urgently address the issue of condemning Hamas and returning all of the remaining hostages," said Jonathan Harounoff, international spokesperson at Israel's U.N. mission. The U.N. has long endorsed a vision of two states living side by side within secure and recognized borders. Palestinians want a state in the West Bank, east Jerusalem and Gaza Strip, all territory captured by Israel in the 1967 war with neighboring Arab states. The U.N. General Assembly in May last year overwhelmingly backed a Palestinian bid to become a full U.N. member by recognizing it as qualified to join and recommending the U.N. Security Council "reconsider the matter favorably." The resolution garnered 143 votes in favor and nine against. The General Assembly vote was a global survey of support for the Palestinian bid to become a full U.N. member - a move that would effectively recognize a Palestinian state - after the U.S. vetoed it in the U.N. Security Council several weeks earlier.
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8 minutes ago
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India's Kotak Mahindra Bank slips after missing quarterly profit estimates
(Reuters) -India's Kotak Mahindra Bank falls 5% on Monday after the lender's quarterly results missed market expectations, sparking concerns of deteriorating asset quality. The stock was the top laggard on the Nifty Bank index and Nifty Private Bank index, which were trading 0.5% and 1.1% lower. It was also the top percentage loser on the benchmark Nifty 50, which eased 0.4%. On Saturday, Kotak reported a drop in first-quarter profit, as it set aside more funds for potential bad loans and its gross non-performing assets ratio worsened to 1.48% at the end of June, versus 1.39% a year earlier. At least eight analysts slashed their price targets on the "buy"-rated stock, reducing its median target to 2,340 rupees from 2,350 rupees last month, as per data compiled by LSEG. Sign in to access your portfolio
Boston Globe
10 minutes ago
- Boston Globe
What to expect, and what not to, at the UN meeting on an Israel-Palestinian two-state solution
'It was absolutely necessary to restart a political process, the two-state solution process, that is today threatened, more threatened than it has ever been,' French Foreign Minister Jean-Noël Barrot said Sunday on CBS News' 'Face the Nation.' Advertisement Here's what's useful to know about the upcoming gathering. Why a two-state solution? The idea of dividing the Holy Land goes back decades. When the British mandate over Palestine ended, the U.N. partition plan in 1947 envisioned dividing the territory into Jewish and Arab states. Israel accepted the plan, but upon Israel's declaration of independence the following year, its Arab neighbors declared war and the plan was never implemented. Under a 1949 armistice, Jordan held control over the West Bank and east Jerusalem and Egypt over Gaza. Advertisement Israel captured the West Bank, east Jerusalem and Gaza in the 1967 Mideast war. The Palestinians seek those lands for a future independent state alongside Israel, and this idea of a two-state solution based on Israel's pre-1967 boundaries has been the basis of peace talks dating back to the 1990s. The two-state solution has wide international support. The logic behind it is that the population of Israel — along with east Jerusalem, the West Bank and Gaza — is divided equally between Jews and Palestinians. The establishment of an independent Palestine would leave Israel as a democratic country with a solid Jewish majority and grant the Palestinians their dream of self-determination. Why hold a conference now? France and Saudi Arabia have said they want to put a spotlight on the two-state solution as the only viable path to peace in the Middle East — and they want to see a road map with specific steps, first ending the war in Gaza. The co-chairs said in a document sent to U.N. members in May that the primary goal of the meeting is to identify actions by 'all relevant actors' to implement the two-state solution — and 'to urgently mobilize the necessary efforts and resources to achieve this aim, through concrete and time-bound commitments.' Saudi diplomat Manal Radwan, who led the country's delegation to the preparatory conference, said the meeting must 'chart a course for action, not reflection.' It must be 'anchored in a credible and irreversible political plan that addresses the root cause of the conflict and offers a real path to peace, dignity and mutual security,' she said. Advertisement French President Emmanuel Macron has pushed for a broader movement toward a two-state solution in parallel with a recognition of Israel's right to defend itself. He announced late Thursday that France will recognize the state of Palestine officially at the annual gathering of world leaders at the U.N. General Assembly in late September. About 145 countries have recognized the state of Palestine. But Macron's announcement, ahead of Monday's meeting and amid increasing global anger over desperately hungry people in Gaza starting to die from starvation, makes France the most important Western power to do so. What is Israel's view? Prime Minister Benjamin Netanyahu rejects the two-state solution on both nationalistic and security grounds. Netanyahu's religious and nationalist base views the West Bank as the biblical and historical homeland of the Jewish people, while Israeli Jews overwhelmingly consider Jerusalem their eternal capital. The city's eastern side is home to Judaism's holiest site, along with major Christian and Muslim holy places. Hard-line Israelis like Netanyahu believe the Palestinians don't want peace, citing the second Palestinian uprising of the early 2000s, and more recently the Hamas takeover of Gaza two years after Israel withdrew from the territory in 2005. The Hamas takeover led to five wars, including the current and ongoing 21-month conflict. At the same time, Israel also opposes a one-state solution in which Jews could lose their majority. Netanyahu's preference seems to be the status quo, where Israel maintains overall control and Israelis have fuller rights than Palestinians, Israel deepens its control by expanding settlements, and the Palestinian Authority has limited autonomy in pockets of the West Bank. Netanyahu condemned Macron's announcement of Palestinian recognition, saying it 'rewards terror and risks creating another Iranian proxy, just as Gaza became.' Advertisement What is the Palestinian view? The Palestinians, who label the current arrangement 'apartheid,' accuse Israel of undermining repeated peace initiatives by deepening settlement construction in the West Bank and threatening annexation. That would harm the prospect of a contiguous Palestinian state and their prospects for independence. Ahmed Majdalani, a member of the PLO Executive Committee and close associate of Palestinian President Mahmoud Abbas, said the meeting will serve as preparation for a presidential summit expected in September. It will take place either in France or at the U.N. on the sidelines of the high-level meeting, U.N. diplomats said. Majdalani said the Palestinians have several goals, first a 'serious international political process leading to the establishment of a Palestinian state.' The Palestinians also want additional international recognition of their state by major countries including Britain. But expect that to happen in September, not at Monday's meeting, Majdalani said. And he said they want economic and financial support for the Palestinian Authority and international support for the reconstruction and recovery of the Gaza Strip. What will happen — and won't happen — at the meeting? All 193 U.N. member nations have been invited to attend the meeting and a French diplomat said about 40 ministers are expected. The United States and Israel are the only countries who are boycotting. The co-chairs have circulated an outcome document which could be adopted, and there could be some announcements of intentions to recognize a Palestinian state. But with Israel and the United States boycotting, there is no prospect of a breakthrough and the resumption of long-stalled negotiations between Israel and the Palestinians on an end to their conflict. Secretary-General António Guterres urged participants after the meeting was announced 'to keep the two-state solution alive.' And he said the international community must not only support a solution where independent states of Palestine and Israel live side-by-side in peace but 'materialize the conditions to make it happen.' Advertisement Federman reported from Jerusalem. Associated Press writer Angela Charlton in Paris contributed to this report.
