Vivendi stock rises as AMF requires buyout offer for minority shareholders
The AMF said Vincent Bolloré and its holding company will have to file a squeeze-out offer within six months, requiring it to buy all the shares owned by minority shareholders to delist Vivendi from the stock exchange.
The process will only close after the French Supreme Court rules on pending appeals, it said.
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The Independent
22 minutes ago
- The Independent
European Union assumes its faces 15% tariffs in the US from Friday. But a key text still isn't ready
The European Union is working on the assumption that the United States will impose a 15% tariff on most EU exports from Friday, even though the two sides have yet to complete a key document clarifying how the agreement will operate. Last weekend, U.S. President Donald Trump and European Commission President Ursula von der Leyen reached a political agreement that would see 15% duties imposed on around two-thirds of EU produce, worth around 380 billion euros ($434 billion). The tariffs are set to enter force on Friday, but as of Thursday the two sides were still working on a joint statement that would lay out the terms of their understanding, European Commission spokesman Olof Gill said. The document wouldn't be legally binding. 'It is the clear understanding of the European Union that the U.S. will implement the agreed across the board tariff ceiling of 15%,' Gill said. The commission negotiates trade terms on behalf of the the EU's 27 member countries. Carve outs were agreed for a range of 'strategic' goods like aircraft and aircraft parts, certain chemicals, some drug generics or natural resources. Gill said that 'it is also our clear understanding that the U.S. will implement the exemptions to the 15% ceiling.' 'The U.S. has made these commitments. Now it's up to the U.S. to implement them. The ball is in their court,' Gill said. European wine and spirits won't escape the 15% levy on Friday, but may do later as negotiations on additional exemptions to the new tariff regime continue, he said. Before Sunday's meeting, Trump had threatened the bloc with 30% tariffs, which the EU's top trade official said would effectively mean the end of trade between them. Over the last three months, the commission drew up retaliatory measures worth tens of billions of euros to enact should the talks fail. Those countermeasures are due to take effect on Aug. 7, but Gill said that 'if everything goes as expected,' they would be frozen. 'If we have reached a deal, we don't need the retaliatory tariffs,' he said.
The Guardian
22 minutes ago
- The Guardian
Is this tough US-EU trade deal a triumph for Brexit Britain? Only in leavers' most delusional fantasies
Those who misled the country over Brexit are usually quieter these days. They do not hang their heads in shame, but change the subject whenever they can. They deflect with their new war-cry that Britain must also leave the European convention on human rights. As the effects of their wicked Brexit folly worsen by the month, they rarely get a chance to whoop: 'We were right!' So their glee was unrestrained when the great US global bully gave Britain a less hard beating with a 10% tariff on its goods, compared with the EU, which was walloped with 15%. Their joy overflowed when the business and trade secretary, Jonathan Reynolds, conceded: 'I'm absolutely clear, this is a benefit of being out of the European Union, having our independent trade policy, absolutely no doubt about that.' But what else can a trade secretary, speaking through gritted teeth, actually say? In his attempts to attract foreign investment, he can hardly tell the truth about the damage done by leaving the EU. These advocates of Brexit should gloat while they can. When the French prime minister called the EU's deal with Donald Trump a 'soumission' (submission), Kwasi Kwarteng seized on the word in a piece for the Telegraph, writing: 'For the French, with their memories of capitulation to the Nazis in 1940, the word is even more associated with abject humiliation than it is in English.' Yes, that's the same Kwarteng who hurled the British economy over a cliff only three years ago. 'This trade deal is the EU's greatest humiliation since Britain voted to leave', read the headline on his column. But he would never confess that the difference between a 10% and 15% tariff with the US is minimal, since we trade twice as much with the EU as the US. It barely equates to the regular variation in exchange rates: in other words, it's 'a rounding error', the Centre for European Reform's trade expert, John Springford, told me, when compared with the hammer blow Britain gave itself with Brexit. The UK-India trade deal signed with the Indian prime minister, Narendra Modi, last week was greeted with another Brexiter whoop from the Conservative peer Daniel Hannan. Also writing in the Telegraph, he said: 'My party, and Brexiteers more widely, should be taking credit for having done what all the clever Europhiles have spent six years telling us was impossible. Instead of moaning, we should welcome Starmer's belated understanding that world's biggest and fastest-growing markets are outside the EU.' But the Tory leader took another view: 'Keir Starmer called this 'historic.' It's not historic, we've just been shafted!' Kemi Badenoch said, dismissing the India agreement as a bad deal that would increase immigration. I don't know whether clever men like Kwarteng and Hannan are blinded by Brexit monomania or paralysed by the awful knowledge of the damage they have inflicted on their country, unable to confess an act of treachery and delusion hardly matched in British history. But as ever, facts are too inconvenient for them to deal with. Yes, the India deal is the biggest and most substantial trade deal since leaving the EU. Yes, it's a deal that would have been impossible to do from inside the union. But how big is it? It will add 0.13% to our economy. That's better than the Australia agreement, worth just 0.08%, the New Zealand deal, worth 0.03%, or the proposed US agreement, worth 0.16%, according to Department for Business and Trade analysis. But our fragile economy needs all the help it can get, so hurrah for Brexit and our new trade deals! But the gloaters ignore the context: our great Brexit losses. Here's the Office for Budget Responsibility's assessment: 'Our forecasts have assumed that the volume of UK imports and exports will both be 15% lower than if we had remained in the EU.' That 15% loss in trade 'will lead to a 4% reduction in the potential productivity of the UK economy'. In other words, as Jonty Bloom of the New World calculates, we need 50 India trade deals to make up for Brexit, because Britain does more than 40% of its trade with the EU – more if you include the European Economic Area and Switzerland. India has just 2% of our trade. Brexiters bleat that Labour is sneaking us into the EU by the back door, with deals on Horizon, the EU's research and innovation funding programme; soon, hopefully, Erasmus; and maybe a youth experience scheme. We hope for agricultural products and energy deals. But even these, say the trade experts, are still small potatoes. Major attempts to rescue Britain's 4% loss in productivity since 2020 hit the concrete walls of Boris Johnson's monumentally bad trade and cooperation agreement. Brexit zealots protest against agreements to keep a dynamic alignment with EU standards that would make trade easier. But it doesn't apply to our internal environmental standards: outside EU rules, we have let our water quality fall behind the EU. More than 85% of bathing waters in the EU are rated excellent compared with just 64% in the UK, with the gap rising every year, reports the European Movement. Public opinion has shifted rapidly: we are now a 'Bregretful' country, where only 31% still think it was right to leave and 61% say Brexit has been more of a failure than a success. Who do they blame? The Conservatives and Boris Johnson are top of the list, with 88% and 84% respectively holding them responsible. More than two-thirds (67%) blame Nigel Farage. A majority of Britons (56%) want to rejoin the EU as the grim reaper carries off old Brexiters, replacing them with young, pro-European voters. Don't expect bolder moves from the Labour government in its current frame of mind. Though defence and security draw us towards ever closer union, public opinion is not to be trusted. If people were confronted now with actual re-entry terms – paying in, free movement, joining the euro, no special deals – their answers might change. The mood might also be different if the far right continues its gains in EU countries, dividing the union's values. What might it take to throw off the economic, political and psychological darkness of Brexit? A clever – or Cleverly? – new Tory leader daring to break with the past, confessing the error of Brexit and taking us back into the EU, once and for all. It may take another generation to recover. Polly Toynbee is a Guardian columnist
Reuters
an hour ago
- Reuters
Eurobank's first-half profit stable on strong interest income
ATHENS, July 31 (Reuters) - EFG Eurobank ( opens new tab, Greece's largest lender by market capitalisation, reported a marginal fall in first-half adjusted net profit to 711 million euros, from 732 million euros in the first half of 2024.
