Latest news with #TheMomentofTruth
LeMonde
4 days ago
- Business
- LeMonde
French PM Bayrou prescribes a bitter pill for 2026 budget
French Prime Minister François Bayrou was not mistaken when he likened the challenge to a "Himalaya." The chorus of protests that greeted his budget announcements on Tuesday, July 15, revealed his exposure to the same risk as his predecessor Michel Barnier: a possible autumn no-confidence vote that could plunge the country back into political instability and financial fragility. Frequently described as procrastinating or swerving, the prime minister nonetheless took a risk. At a press conference titled "The Moment of Truth," he made dramatic remarks about a country in a "life-threatening situation" and announced a €43.8 billion recovery plan for 2026. The staging was intended to make an impression and push for a halt to the uncontrolled rise of the nation's public debt. Two measures stood out amid the €20.8 billion clampdown on budgetary and welfare spending and €10 billion increase in tax revenues: a "blank year" freezing income tax brackets, pensions and social benefits; and the elimination of two public holidays. In the wake of President Emmanuel Macron's address to the armed forces on Sunday, July 13, the prime minister sought to provoke a shock in public opinion by invoking the particular challenges facing the country at present and the loss of sovereignty France risks in an increasingly brutal and competitive world. Bayrou has railed against excessive debt since 2007, so his stance required no change in character. Compared to the 2025 budget, which Barnier had to hastily assemble through blind spending cuts, Bayrou's bitter pill at least has the virtue of linking the need to control debt with the need to revitalize production, so that the nation can maintain sustainable public spending, protect itself and stay competitive. To put all chances of success on his side, Bayrou insisted he wanted to "act with fairness and justice." Doing so is essential, given the sacrifices being demanded of the majority of the French. At this stage, however, the share being asked of the wealthiest citizens and companies is still too vague to be convincing. The prime minister also wants to enter into a sort of quid pro quo with businesses, offering to "lighten and simplify" bureaucratic procedures in exchange for a reduction in government aid and subsidies. Here again, the scale of this overhaul remains unclear. A plan that needs refining The other area of vulnerability is the announcement of new restrictions on unemployment insurance, even as more than 450,000 job vacancies remain unfilled. Understandably, this project has angered labor unions, whom the prime minister had previously sought to bring back into the fold. Recent years have brought a series of reforms to the organization managing France's unemployment insurance, each replacing the last before the effects could be assessed. As the economy slows, this latest tightening feeds the perception that the government always targets the same groups, while businesses, still reluctant to hire people over 50, should have a share of responsibility. The announced plan is a draft and needs further work. Even though the Socialists called the initial proposals "brutal and unacceptable," the prime minister intends to prioritize discussions with them, to avoid being left at the mercy of the far-right Rassemblement National. The goal is to win the battle for responsibility, after the unconvincing display in the Assemblée Nationale in recent months. Success will depend on whether the final version of the budget truly reconciles efficiency with fairness.
Euractiv
5 days ago
- Business
- Euractiv
Bayrou bets big on austerity with spending freeze and holiday cuts
French Prime Minister François Bayrou has dropped political bombshells by proposing a total freeze on state spending in 2026, the abolition of two public holidays, and yet another reform of unemployment insurance. If Bayrou has succeeded in one thing, it is in turning the announcement of unprecedented budget cuts into the most anticipated political moment of the year. All major French media outlets broadcast his press conference live, grandly titled 'The Moment of Truth'. Over the past three months, members of his government had taken turns preparing the public for a though fiscal tightening, creating a morbid sense of suspense. 'What I'm going to announce has never been dared before in France,' Bayrou warned days earlier. 'This is a critical moment in our history,' he said on Tuesday, using small graphs to illustrate France's position at 'the last stop before the cliff and being crushed by debt'. Public debt has recently reached 114% of GDP. Bayrou has pledged to cut the 2024 deficit from 5.8% to 4.6% by 2026, aiming to bring it below the EU's 3% threshold by 2029. To achieve this, Bayrou aims to generate €43.8 billion in savings in 2026. His roadmap includes two strands: saying 'stop to debt' and going 'forward with production'. 'Everyone will have to contribute to the effort,' Bayrou stressed. Among the measures announced, the state will not spend "a single euro more in 2026 than in 2025, except for the increase in debt servicing costs and additional defence spending,' even as inflation is projected to reach 1.6% next year. The freeze will apply to all ministry budgets, social benefits, pensions, civil service salaries, and tax brackets – saving an estimated €7 billion. Bayrou also said that one in three retiring civil servants would not be replaced, and that a new agency would be created to 'reduce, manage and make use of the state's unproductive assets' - in other words, to begin a major sale of national property. Healthcare spending is also in the crosshairs, with €5 billion in savings targets, such as ending full reimbursement for certain medications. To offer some concessions to the left, Bayrou also announced a 'solidarity contribution' for the wealthiest French citizens, insisting that the effort to restore public finances 'must be equitable.' The 'forward with production' pillar aims to reduce red tape for businesses and boost productivity. 'We need to work more,' said Bayrou, proposing the elimination of Easter Monday and 8 May as public holidays, alongside a fresh reform of unemployment insurance with tighter rules. Still, Bayrou and President Emmanuel Macron's supply-side approach may face headwinds. The Banque de France recently cut its 2026 growth forecast to 0.6%, bankruptcies are rising amid escalating EU-US trade tensions. Details of the plan had were kept under wraps until a final meeting with Macron late on Tuesday morning. Over the weekend, the French president made the prime minister's job more difficult by announcing a €3.5 billion increase in defence spending for 2026, followed by another €3 billion in 2027. 'We cannot leave our continent defenceless,' Bayrou insisted on Tuesday amid current global geopolitical threats. 'We will not sacrifice our security imperative,' he added. A fiery autumn ahead The 2026 draft budget will go before the National Assembly from 1 October, where it will likely face a barrage of amendments. The government may then be tempted to use Article 49.3 of the Constitution, which allows a bill to be adopted without a vote, but also opens the door to a motion of no confidence. This tactic has already proved fatal. On 4 December 2024, Michel Barnier's government collapsed – only the second time in the Fifth Republic's history – after invoking the provision to push through the 2025 Social Security Financing Bill without a vote. The subsquent no-confidence motion tabled by left-wing parties received support from 331 of the 577 MPs, including those of the far-right Rassemblement National (RN). Bayrou's fate may now rest with the fractured opposition. The far-left LFI, the Greens, and the Communists are expected to back a no-confidence vote. The RN, for its part, is demanding a renegotiation of France's contribution to the EU budget and has vowed to protect pensioners – both unlikely concessions. The Socialist Party (PS) is calling for higher taxes on wealth and a rollback of the retirement age to 64. Although a Socialist-led motion in June failed to topple the prime minister, the political drama unleashed by Bayrou's latest bombshell looks set to dominate the summer – and could threaten his hold on power." (de)
Economic Times
31-05-2025
- Automotive
- Economic Times
She was a cancer nurse, now she fixes cars: This 39-year-old YouTube trained mechanic's income will leave you stunned
The First Spark: From YouTube Videos to Real-World Repairs Grease-Stained Dreams: The Garage Becomes a Goldmine The Moment of Truth: Can Passion Pay the Bills? You Might Also Like: 'Don't be that person who ignores this technology': Nvidia CEO warns AI will rewrite the rules of employment Beating the Odds—and the Bias From Torque Wrenches to TikTok Fame Desiree Hill used to save lives for a living. As an oncology nurse in Duluth, Georgia, her days were spent navigating the emotional weight of a high-stress hospital unit. Add to that a three-hour daily commute and the overwhelming demands of single motherhood, and life had become more exhausting than fulfilling.'I rarely saw my children,' Hill reflected while talking to CNBC Make It. 'Everything started to feel like it was slipping away—from my personal happiness to my health and peace of mind.'Her career was stable, sure. But was it enough? That's the question that nudged her toward a decision most would call irrational—until they heard what happened zero experience under the hood, Hill began watching YouTube tutorials on car repairs out of sheer curiosity. What started as a late-night distraction soon became a hands-on hustle. She bought an old truck for around $1,200, fixed it with just $60 in parts, and flipped it for more than triple the price within two days.'It was electric—the feeling of making something work with my hands and actually turning a profit,' she says. She wasn't just fixing cars. She was rewiring her entire the side hustle grew, so did her ambition. Within a year, Hill left nursing behind and started flipping cars full-time. It wasn't long before she was waking up at 6 a.m., working till 3 a.m., and involving her kids in the business. Even her 10-year-old daughter built a expanded into mobile repairs, took on customer jobs, and documented her progress on TikTok, where she now has a follower base larger than most small towns. Then came the real pivot: opening her own 9,000-square-foot auto shop, Crown's Corner Mechanic, just minutes from began as a leap of faith. What it became was something much first glance, becoming a mechanic may not sound like the most lucrative midlife switch. But beneath the surface of oil changes and engine overhauls, a financial transformation was brewing. The tiny side gig that once brought in a few thousand dollars here and there has grown into a six-figure business is now pulling in monthly numbers that would make most white-collar professionals raise an eyebrow. Let's just say she's not missing her hospital paychecks anymore. While she keeps her precise profit margins guarded, documents reviewed by CNBC confirm what the figures suggest: she's now earning more in a month than she once did in a Hill has built a business most would only dream of—one that now earns nearly $440,000 a not just the business of cars that Hill is navigating—it's the business of perception. Standing at 4-foot-11, she often stuns customers who assume she's the receptionist or assistant. But when she dissects their vehicle's issue before they've finished explaining, the assumptions quickly fall apart.'I have to prove myself every time I open my mouth,' she admits. 'But I love it. I love showing them what I know.'Her shop is now a hub of collaboration, with space rented out to welders, tow truck operators, and other mechanics. The rent is steep, but the returns—financial, emotional, and reputational—are her clientele grows, so does her vision. She dreams of owning the space she currently rents, expanding her team, and maybe even earning a mechanical engineering degree. She's already repaid a generous loan from a customer-turned-angel-investor and is now setting her sights on crossing a milestone few small businesses ever just how much is she making now?Let's put it this way: her first year flipping cars brought in six figures. Her auto shop's revenue has nearly doubled since last year. And projections suggest she's barreling toward $1 million in annual revenue—a far cry from her nursing Hill didn't just switch careers. She rewrote her story, replacing burnout with empowerment and stagnation with momentum. Her journey is a masterclass in self-belief, grit, and the courage to chase unfamiliar dreams.'If you don't know about us yet,' she says, 'you're going to know about us real soon.'And with the kind of numbers she's pulling in? That's a promise worth betting on.
Time of India
31-05-2025
- Automotive
- Time of India
She was a cancer nurse, now she fixes cars: This 39-year-old YouTube trained mechanic's income will leave you stunned
The First Spark: From YouTube Videos to Real-World Repairs Grease-Stained Dreams: The Garage Becomes a Goldmine The Moment of Truth: Can Passion Pay the Bills? You Might Also Like: 'Don't be that person who ignores this technology': Nvidia CEO warns AI will rewrite the rules of employment Beating the Odds—and the Bias From Torque Wrenches to TikTok Fame Desiree Hill used to save lives for a living. As an oncology nurse in Duluth, Georgia, her days were spent navigating the emotional weight of a high-stress hospital unit. Add to that a three-hour daily commute and the overwhelming demands of single motherhood, and life had become more exhausting than fulfilling.'I rarely saw my children,' Hill reflected while talking to CNBC Make It. 'Everything started to feel like it was slipping away—from my personal happiness to my health and peace of mind.'Her career was stable, sure. But was it enough? That's the question that nudged her toward a decision most would call irrational—until they heard what happened zero experience under the hood, Hill began watching YouTube tutorials on car repairs out of sheer curiosity. What started as a late-night distraction soon became a hands-on hustle. She bought an old truck for around $1,200, fixed it with just $60 in parts, and flipped it for more than triple the price within two days.'It was electric—the feeling of making something work with my hands and actually turning a profit,' she says. She wasn't just fixing cars. She was rewiring her entire the side hustle grew, so did her ambition. Within a year, Hill left nursing behind and started flipping cars full-time. It wasn't long before she was waking up at 6 a.m., working till 3 a.m., and involving her kids in the business. Even her 10-year-old daughter built a expanded into mobile repairs, took on customer jobs, and documented her progress on TikTok, where she now has a follower base larger than most small towns. Then came the real pivot: opening her own 9,000-square-foot auto shop, Crown's Corner Mechanic, just minutes from began as a leap of faith. What it became was something much first glance, becoming a mechanic may not sound like the most lucrative midlife switch. But beneath the surface of oil changes and engine overhauls, a financial transformation was brewing. The tiny side gig that once brought in a few thousand dollars here and there has grown into a six-figure business is now pulling in monthly numbers that would make most white-collar professionals raise an eyebrow. Let's just say she's not missing her hospital paychecks anymore. While she keeps her precise profit margins guarded, documents reviewed by CNBC confirm what the figures suggest: she's now earning more in a month than she once did in a Hill has built a business most would only dream of—one that now earns nearly $440,000 a not just the business of cars that Hill is navigating—it's the business of perception. Standing at 4-foot-11, she often stuns customers who assume she's the receptionist or assistant. But when she dissects their vehicle's issue before they've finished explaining, the assumptions quickly fall apart.'I have to prove myself every time I open my mouth,' she admits. 'But I love it. I love showing them what I know.'Her shop is now a hub of collaboration, with space rented out to welders, tow truck operators, and other mechanics. The rent is steep, but the returns—financial, emotional, and reputational—are her clientele grows, so does her vision. She dreams of owning the space she currently rents, expanding her team, and maybe even earning a mechanical engineering degree. She's already repaid a generous loan from a customer-turned-angel-investor and is now setting her sights on crossing a milestone few small businesses ever just how much is she making now?Let's put it this way: her first year flipping cars brought in six figures. Her auto shop's revenue has nearly doubled since last year. And projections suggest she's barreling toward $1 million in annual revenue—a far cry from her nursing Hill didn't just switch careers. She rewrote her story, replacing burnout with empowerment and stagnation with momentum. Her journey is a masterclass in self-belief, grit, and the courage to chase unfamiliar dreams.'If you don't know about us yet,' she says, 'you're going to know about us real soon.'And with the kind of numbers she's pulling in? That's a promise worth betting on.
Associated Press
26-02-2025
- Entertainment
- Associated Press
Music Review: Ella Fitzgerald is in fine form on 1967 concert album, ‘Ella at the Coliseum'
The setting is less grand than suggested by the title of a new Ella Fitzgerald album, 'The Moment of Truth: Ella at the Coliseum.' In this case, the coliseum is not in Rome or Los Angeles, but the Oakland-Alameda County Coliseum Arena in Oakland, California. Jazz giant Fitzgerald's presence elevated any event, however, and that was the case on June 30, 1967, when she performed at a concert that also included The Duke Ellington Orchestra and other luminaries. 'The Moment of Truth' documents Fitzgerald's set, and her incomparable alto is in typically fine form. She bounces and glides, blares and coos, bellows and whoops and scats and swings to the audience's delight. 'If you love her, clap!' someone shouts. The album, which will be released Friday, features performances of nine songs unearthed from the private tape collection of Verve Records founder Norman Granz. The vinyl release offers outstanding sound quality and extensive, informative liner notes by the critic Will Friedwald. He notes that while it was unusual for Fitzgerald to sing contemporary pop tunes, the set includes her only known performance of two classics from the mid-1960s — the Burt Bacharach and Hal David penned 'Alfie' and Bob Crewe's 'Music to Watch Girls By.' Fitzgerald is accompanied by a piano trio, and on several songs by the Ellington orchestra, with whom she had a lengthy 1960s collaboration. Ellington doesn't play, however, and the understated arrangements leave the spotlight entirely to Fitzgerald. She's in a playful mood in her on stage banter, teasing a late arrival, impersonating Louis Armstrong, and ruling out a striptease. Her singing is radiant as she turns sophisticated melodies into a thrill ride. Their direction is as unpredictable as a pinball, with rhythmic daring and inventiveness that could make an arena sway. And it probably did. Fitzgerald flies high on 'Mack the Knife,' and displays jazzy verve on Benny Goodman's 'Don't Be That Way' and the Tony Bennett staple 'The Moment of Truth,' while 'You've Changed' shimmers with bluesy beauty. On 'Let's Do It (Let's Fall in Love),' her phrasing is as clever as Cole Porter's lyrics. In her version, she injects references to the Beatles, James Bond, Richard Burton and Elizabeth Taylor. As Friedwald notes, Fitzgerald rarely drew from the Burt Bacharach-Hal David catalogue. But her interpretation of their classic ballad 'Alfie' is a marvel of technique, emotional investment and creativity, including a brief digression. Fitzgerald navigates the complicated melody and rhythm with ease. It's an exemplar of the album, because as always, in keeping with the advice of the lyrics, her heart leads the way. ___
