Trentyn Flowers rises up and throws it down
French President Emmanuel Macron hailed the agreement as 'historic'. But it stops short of full independence sought by Indigenous Kanaks.View on euronews
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CNBC
35 minutes ago
- CNBC
'To be free in this world, you must be feared': France's Macron calls for defense spending boost
French President Emmanuel Macron on Sunday announced plans for a substantial increase in defense spending over the next few years, warning of imminent threats to France and wider Europe's security. ″Since 1945, freedom has never been so threatened, and never so seriously," Macron said, addressing leaders of the armed forces on the eve of the Bastille Day national holiday. ″To be free in this world, you must be feared. To be feared, you must be powerful," he said, in comments released by the Elysee Palace. Macron cited Russia, the ongoing war in Ukraine, cybercrime and terrorism as threats to national and European freedom. Macron called for to raise defense spending by 3.5 billion euros ($4.09 billion) next year and by another 3 billion in 2027. That would take the total amount spent on security that year to 64 billion euros — double the defense budget the the French armed forces had in 2017, when Macron first became president. French lawmakers must approve the increases before they can be enacted. France's parliament, the National Assembly, has already endured months of wrangling over the wider 2025 national budget and cost savings, with arguments leading to a previous government collapse late last year. France is attempting to rein in its yawning budget deficit, which hit 5.8% in 2024, along with public debt that amounted to 113% of the gross domestic product over the period. Macron said more details on the plans would be announced by Prime Minister Francois Bayrou on Tuesday when he gives an update on the 2026 budget. More "austerity" measures could be revealed at the time — or tax hikes, which would be unpopular with the Right. On Sunday, Macron called on his compatriots to work for the greater good. "The nation needs you," Macron said, adding that "every French man and woman must be cognitive of the threat around us," adding that, "we all need to make sacrifices. Freedom has a price tag." That price tag might be too high for lawmakers to accept, particularly those on the Left, who are already railing against spending cuts. Savings need to be made to reduce the budget deficit, which the government is targeting at 5.4% this year and 4.6% in 2026. Getting to the 2026 target implies that 40 billion euros' ($46 billion) worth of savings need to be found this year, Finance Minister Eric Lombard said in April. "I am sticking to the target of 4.6% for 2026, which will require an extra and very considerable effort worth 40 billion euros," Lombard told BFM TV, in comments translated by Reuters. "We are in a state of emergency, regarding our budget," he added.
Associated Press
2 hours ago
- Associated Press
Fireworks, warplanes and axes: How France celebrates Bastille Day
PARIS (AP) — Swooping warplanes, axe-carrying warriors, a drone light show over the Eiffel Tower and fireworks in nearly every French town — it must be Bastille Day. France is celebrating its biggest holiday Monday with 7,000 people marching, on horseback or riding armored vehicles along the cobblestones of the Champs-Elysees, the most iconic avenue in Paris. And there are plans for partying and pageantry around the country. Why Bastille Day is a big dealParisians stormed the Bastille fortress and prison on July 14, 1789, a spark for the French Revolution that overthrew the monarchy. In the ensuing two centuries, France saw Napoleon's empire rise and fall, more uprisings and two world wars before settling into today's Fifth Republic, established in 1958. Bastille Day has become a central moment for modern France, celebrating democratic freedoms and national pride, a mélange of revolutionary spirit and military prowess. The Paris parade beneath the Arc de Triomphe so impressed visiting U.S. President Donald Trump in 2017 that it inspired him to stage his own parade this year. What to watch for The spectacle begins on the ground, with French President Emmanuel Macron reviewing the troops and relighting the eternal flame beneath the Arc de Triomphe. Each parade uniform has a touch of symbolism. The contingent from the French Foreign Legion is eye-catching, its bearded troops wearing leather aprons and carrying axes, a reference to their original role as route clearers for advancing armies. The Paris event includes flyovers by fighter jets, trailing red, white and blue smoke. Then the evening sees a drone light show and fireworks at the Eiffel Tower that has gotten more elaborate every year. What's special about this year Every year, France hosts a special guest for Bastille Day, and this year it's Indonesia, with President Prabowo Subianto representing the world's biggest Muslim country, which also a major Asian economic and military player. Indonesian troops, including 200 drummers, are marching in Monday's parade, and Indonesia is expected to confirm new purchases of Rafale fighter jets and other French military equipment during the visit. Prabowo, who was accused of rights abuses under Indonesia's prior dictatorship, will be treated to a special holiday dinner at the Elysée Palace. Finnish troops serving in the U.N. force in Lebanon and Belgian and Luxembourg troops serving in a NATO force in Romania will also parade through Paris, reflecting the increasingly international nature of the event. Among the dignitaries invited to watch will be Fousseynou Samba Cisse, who rescued two babies from a burning apartment earlier this month and received a last-minute invitation in a phone call from Macron himself. What's the geopolitical backdrop Beyond the military spectacle in Paris are growing concerns about an uncertain world. On the eve Bastille Day, Macron announced 6.5 billion euros ($7.6 billion) in extra French military spending in the next two years because of new threats ranging from Russia to terrorism and online attacks. The French leader called for intensified efforts to protect Europe and support for Ukraine. ''Since 1945, our freedom has never been so threatened, and never so seriously,″ Macron said. ''We are experiencing a return to the fact of a nuclear threat, and a proliferation of major conflicts.″ What else happens on Bastille Day It's a period when France bestows special awards — including the most prestigious, the Legion of Honor — on notable people. This year's recipients include Gisele Pelicot, who became a global hero to victims of sexual violence during a four-month trial in which her husband and dozens of men were convicted of sexually assaulting her while she was drugged unconscious. Bastille Day is also a time for family gatherings, firefighters' balls and rural festivals around France.
CNBC
4 hours ago
- CNBC
CNBC Daily Open: Trump welcomes the weekend with tariffs
No one likes working over the weekend. Unless you are the leader of the free world firing off social media posts — that is, after all, what counts as work for many politicians nowadays —announcing barriers to the free movement of goods. It's anyone's guess why U.S. President Donald Trump posted tariff letters to the European Union and Mexico — a steep 30% on goods imported from both — on Saturday. The first batch of letters was released Monday, and the second Wednesday. Going by that cadence, the latest letters should have been sent Friday. Nope. Here are two possibilities (that are pure speculation on my part). Perhaps Trump wanted to save off his most devastating salvos — the EU and Mexico were, in 2024, the top-two largest trade partners of the U.S. — for when the markets were closed, hence avoiding any immediate backlash from traders. But that seems unlikely, given that Trump told NBC News on Thursday that he thinks "the tariffs have been very well-received" because "the stock market hit a new high" then. And, as JPMorgan Chase CEO Jamie Dimon pointed out on the same day, there is "complacency in the markets" because investors are a "little desensitized" to tariff news. Perhaps Trump just wanted to annoy his counterparts, especially those on the continent. Working on a weekend might be exasperating to an American, but it's basically sacrilegious for Europeans. The combination of unexpectedly high tariffs — comments last week from Trump and U.S. Commerce Secretary Howard Lutnick gave the impression a favorable deal was in the books — and violating the right to disconnect would be sure to rile up Ursula von der Leyen, president of the European Commission, and her ilk. Perhaps there's no point in trying to make sense of the announcements' timing, let alone the tariffs. The only thing that's certain is that, for many, there was no dancing on a Saturday night. The U.S. imposes 30% tariffs on the EU and Mexico. Trump on Saturday revealed those tariffs in letters posted on Truth Social. The EU suspended its retaliatory tariffs, which were scheduled to take effect Monday, in hopes of reaching a deal. U.S. stock futures slip Sunday evening stateside. All three major U.S. indexes fell on Friday, putting them in the red for the week. Asia-Pacific markets mostly rose Monday, while Bitcoin hit a fresh high, breaking the $120,000 level. China's exports growth in June beats expectations. In U.S. dollar terms, exports jumped 5.8% from a year earlier, customs data showed Monday, exceeding Reuters' poll estimates of a 5% rise. They were boosted by a surge in shipments to non-U.S. countries. Nvidia chips won't be used by Chinese military, says CEO Jensen Huang. In an interview with CNN that aired Sunday, Huang said "we don't have to worry about" China's military using U.S.-made technology because "they simply can't rely on it." [PRO] Tariffs are expected to hit European firms hard. Earnings per share for companies in Europe's Stoxx 600 will drop in the second quarter, according to research by LSEG. Here are the sectors that investors should pay attention to this earnings season. Chinese car brands are rapidly making inroads in Europe's EV utopia Since the first delivery of an MG car to Norway in January 2020, Chinese electric vehicle brands have gone on to capture a combined market share of roughly 10%. The explosive growth is particularly notable, given Norway's decision not to impose tariffs on Chinese EV imports. Norway's tariff policy sets it apart from both the U.S. and European Union, which have both slapped duties on Chinese-made EVs to protect traditionally dominant American and European brands. —
