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Straits Times
3 days ago
- Business
- Straits Times
French PM stakes political survival on budget squeeze
Find out what's new on ST website and app. PARIS - French Prime Minister Francois Bayrou will outline a 40 billion-euro budget squeeze on Tuesday, with opposition parties threatening to topple his minority government if they feel the savings cut too close to the bone. President Emmanuel Macron has left Bayrou the task of repairing the public finances with the 2026 budget, after his own move to call a snap legislative election last year delivered a hung parliament too divided to tackle spiralling spending and a surprise tax shortfall. Long-time debt hawk Bayrou has tried to warn the French that broad sacrifices are unavoidable, although defence spending will be allowed to increase next year. The squeeze, to be detailed in a late afternoon news conference, will probably involve freezing most social benefits while some tax breaks will likely be capped. Bayrou, a veteran centrist, must persuade the opposition ranks in France's fractured parliament to at least tolerate his cuts or risk facing a no-confidence motion like the one that toppled his predecessor in December over the 2025 budget. When announcing a new hike in defence spending on Sunday, Macron urged lawmakers not to trigger another no-confidence motion, saying that the one in December had hurt companies and set a defence build-up back by delaying the 2025 budget. "That vote has delayed the defence budget. It is now up to the government to allocate the necessary funds in a timely manner so we can continue to innovate more quickly, to produce more quickly," he said. Top stories Swipe. Select. Stay informed. Business MAS records net profit of $19.7 billion, fuelled by investment gains Business Singapore financial sector growth doubles in 2024, assets managed cross $6 trillion in a first: MAS Singapore $3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties Singapore Man charged with attempted murder of woman at Kallang Wave Mall Singapore Ex-cleaner jailed over safety lapses linked to guard's death near 1-Altitude rooftop bar Singapore SJI International resumes overseas trips amid ongoing probe into student's death in Maldives in 2024 Singapore Sengkang-Punggol LRT gets 15.8 per cent capacity boost with new trains Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years Left-wing parties will likely baulk at welfare cuts, while the far right warns a broad spending freeze is unfair to French citizens and could prompt them to oppose Bayrou's plans. In the final two years of his second term, the dramatic deterioration of the public finances may tarnish Macron's legacy. A political outsider, he was first elected in 2017 on promises to break the right-left divide and modernise the euro zone's second-biggest economy with growth-friendly tax cuts and reforms. Successive crises - from protests, COVID-19 and runaway inflation - have shown he has failed to change the country's overspending habit, however. Bayrou aims to reduce the budget deficit from 5.4% of GDP this year to 4.6% in 2025, ultimately targeting the EU's 3% fiscal deficit limit by 2029. With interest payments potentially becoming the biggest budget outlay, financial markets and ratings agencies are keen to see whether Bayrou can get his plans through parliament without triggering another political collapse. REUTERS
Straits Times
3 days ago
- Business
- Straits Times
Australian govt confirms A$3.4 billion funding for 2032 Brisbane Games venues
Brisbane was awarded hosting rights for the Games in 2021 but political wrangling over the venues meant the final plans were not decided until March this year. – The Australian government has confirmed that it will contribute A$3.435 billion (S$2.88 billion) towards the A$7.1 billion cost of building the venues for the 2032 Brisbane Olympics, clearing the way for the start of construction. Queensland taxpayers and private finance will provide the balance of the money for the 17 new and upgraded venues for the Summer Games under the funding deal announced by the state and federal governments on July 3. 'The Sydney 2000 Games left an incredible legacy and many Australians have memories that have lasted for decades,' Federal infrastructure minister Catherine King said in a statement. 'We are ready to deliver a Brisbane 2032 Games that will leave the same incredible legacy for Queensland. 'The Australian government's commitment of A$3.4 billion towards the Games venues is the single largest contribution any Australian government has made towards sporting infrastructure in this country.' Brisbane was awarded hosting rights for the Games in 2021, but political wrangling over the venues meant the final plans were not decided until March 2025. Organising committee chief Andrew Liveris welcomed the announcement as a 'significant shift in forward momentum'. 'I thank the Australian and Queensland governments for moving swiftly following the Australian government's recent return to office to agree on intergovernmental funding that will ensure physical works can get under way,' he said. Top stories Swipe. Select. Stay informed. Business MAS records net profit of $19.7 billion, fuelled by investment gains Business Singapore financial sector growth doubles in 2024, assets managed cross $6 trillion in a first: MAS Singapore $3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties Singapore Man charged with attempted murder of woman at Kallang Wave Mall Singapore Ex-cleaner jailed over safety lapses linked to guard's death near 1-Altitude rooftop bar Singapore Real estate firm PropNex donates $6 million to Community Chest for 25th anniversary Singapore Sengkang-Punggol LRT gets 15.8 per cent capacity boost with new trains Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years The main stadium, which is estimated to cost A$3.7 billion, will be built in the city's Victoria Park and seat 60,000 during the Olympics, and 3,000 more for Australian Rules football and cricket matches after 2032. A new aquatics centre to host swimming will also be built nearby at an estimated cost of A$650 million. 'Today's landmark agreement is the beginning of a new partnership that sets the pathway to deliver 2032 as the best Games ever,' said Queensland's Deputy Prime Minister Jarrod Bleijie. We've also launched procurement on four key projects to kickstart the delivery of world-class venues in the delivery plan. 'I can also announce that we will start site investigations at Victoria Park for Australia's most exciting sporting precinct, which will be home to the new main stadium and the new National Aquatic Centre.' Liveris said in May that he did not think any ground would be broken on the two major new venues until the end of 2026. The federal government has already committed A$12.4 billion for local transport improvements that the Queensland government believes are necessary for 2032, the statement said. In other news, National Hockey League players will take part in the 2026 Winter Olympics in Italy for the first time in 12 years. In a meeting on July 2 at the International Olympic Committee headquarters in Switzerland, representatives from the NHL, the players' association, and the International Ice Hockey Federation (IIHF) executed an agreement confirming the players' participation next winter in Italy. The agreement also covers NHL players taking part in the 2030 Winter Games in France. 'This is a tremendous day for international ice hockey and for fans across the globe,' IIHF president Luc Tardif said. 'At the initiative of the IIHF, we have worked collaboratively with NHL and NHLPA in close collaboration with the IOC and Milano Cortina Organising Committee to make this a reality. Bringing the best players in the world back to the Olympic Games in 2026 is a major step forward for our sport.' NHL players last took part in the Olympics in Sochi, Russia in 2014. REUTERS
