Trump forces the rest of the world to exempt US companies from global tax on multinationals
Eager to share this American victory, US Treasury Secretary Scott Bessent announced it on Thursday, June 26, on the social network X. "After months of productive dialogue with other countries on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests," he wrote. "(…) OECD Pillar 2 taxes [that is, the 15% global minimum tax] will not apply to US companies." Le Monde was able to confirm this information on Friday, 27 June, via both France's Ministry of Finance and the OECD, as the G7 finalized a communiqué seen by the newspaper.
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Fashion Network
40 minutes ago
- Fashion Network
Le Coq Sportif: The bid backed by Xavier Niel and Teddy Riner 'hampered', according to their lawyers
What's going on with Le Coq Sportif? The singing gallinaceous sports brand, official supplier to the French Olympic and Paralympic Team for Paris 2024, placed in receivership last November, is the subject of two takeover bids. However, after a number of twists and turns in the timetable, a decision was expected on July 4, but on Monday one of the consortiums carrying one of the takeover bids denounced the way it had been treated. According to its lawyers, the bid from the team comprising the American group Iconix and Xavier Niel, and backed by French judo champion Teddy Riner, was "deliberately hindered" and "weakened." With a decision expected from the Paris Business Court only a few days away, its lawyers are calling for "a reopening of the proceedings." The court is due to take a decision in a particularly electric climate surrounding a company that remains a modest player in world sport. The brand is still 75% owned by the Swiss company Airesis, which acquired it 20 years ago and has yet to unveil its annual results for 2024. At the end of the first half of 2024, Le Coq recorded sales of 82 million euros, up 30%, for a net loss of 18 million euros. In 2023, total sales were 121 million euros, with a loss of 28 million euros. Yet the brand, which employs some 300 people and has a workshop in Romilly sur Seine near Troyes, is far more powerful than its sales would suggest, particularly in France. As a result, the French Ministry of the Economy has been keeping a close eye on the case, attracting a number of key players to the takeover. Since mid-May, both parties have been making a series of discreet announcements in an attempt to tip the balance in their favor. The most likely bid is that of Franco-Swiss businessman Dan Mamane. Born in Toulon, the entrepreneur, as described in his profile in the Swiss media outlet Le Temps, moved to Switzerland at the age of 18 and graduated from HEC Lausanne. The Vaud-born entrepreneur built up his fortune in the electronics trade with the creation of his Powerdata group. He moved into retail in 2021, with the takeover and turnaround of Conforama Suisse, and earlier this year acquired the Ogier ski brand. At his side is former Fusalp CEO Alexandre Fauvet. Les Echos reports that Cédric Meston, head of Tupperware France, may also join the project. Although the details are not known, the fact that he would maintain jobs at the group's head office in Troyes would be a factor, as would the issue of receivables, which would limit the impact on local authority finances. The second offer came from a consortium comprising French billionaire Xavier Niel, judoka Teddy Riner, investment company Neopar, American group Iconix, as well as the current boss of Airesis, parent company of Le Coq Sportif, Marc-Henri Beausire, and the Camuset family, founders of the brand. In a five-page letter dated June 26 and addressed to the president of the court and the Paris public prosecutor - which AFP has obtained - the business law firm August Debouzy "requests the reopening of the debates within the framework of the examination of the draft recovery plans, in that the process followed to date has, in many respects, been vitiated by breaches of the fundamental principles governing collective proceedings." "It appears that the plan presented by the consortium made up of Iconix, Neopar, Airesis and their partners, despite having been duly submitted within the prescribed deadlines, has been deliberately hindered, weakened and then effectively ousted from the examination process," asserts the firm, which denounces a "methodical obstruction by the court-appointed administrators." According to August Debouzy, "the plan presented by the consortium was not rejected because of its economic or legal characteristics, but because the court-appointed administrators decided, from the very first weeks of the procedure, to make the plan supported by Mr. Mamane their own plan." According to the takeover plan made public in May, the consortium is 51% owned by Neopar, an investment company specializing in "company turnarounds" and owned by the Poitrinal family, 26.5% by investors, and 22.5% by the American group Iconix. The consortium had told AFP that it planned to contribute a total of 60 million euros, which would be "injected immediately" into the company. With AFP
France 24
2 hours ago
- France 24
Trump visits 'Alligator Alcatraz' detention facility, warns migrants against escape plans
US President Donald Trump said a new immigration detention centre in a remote area of the Florida Everglades, surrounded by alligator-filled swamps, could be a model for future projects as his administration races to expand the infrastructure necessary for increasing deportations. The facility, which Trump toured Tuesday, has swiftly become a symbol of the president's border crackdown. Migrants could start arriving there soon after his visit, which included walking through a medical facility featuring temporary cubicles as areas for treatment. Assembled on a remote airstrip with tents and trailers that are normally used after a natural disaster, the detention centre has been nicknamed 'Alligator Alcatraz', a moniker that has alarmed immigrant activists but appeals to the Republican president's aggressive approach to deportations. 'This is not a nice business,' Trump said while leaving the White House. Then he joked that 'we're going to teach them how to run away from an alligator if they escape prison'. 'Don't run in a straight line. Run like this,' he said, as he moved his hand in a zigzag motion. 'And you know what? Your chances go up about 1%." That doesn't seem to be sound advice, though. It's best to dash in one direction in the rare situation when an alligator gives chase, according to a website run by the University of Florida. Ahead of Trump's arrival, local authorities were positioned by the entrance of the airstrip. Media vans and other vehicles were parked along the highway lined by cypress trees. Protestors have often gathered near the facility, which is about 50 miles (80.47 kilometres) west of Miami and which authorities say could eventually house 5,000 detainees. Critics have decried the potential impact on a delicate ecosystem and say Trump is trying to send a cruel message to immigrants — while some Native American leaders have also opposed construction, saying the land is sacred. 'I have a lot of immigrants I have been working with. They are fine people. They do not deserve to be incarcerated here,' said Phyllis Andrews, a retired teacher who drove from Naples, Florida, to protest Trump's visit on Tuesday. 'It's terrible that there's a bounty on their head.' The president's supporters showed up as well. One wore a hat saying, 'Trump was right about everything.' A key selling point for the Trump administration is the site's remoteness — and the fact that it is in swampland filled with mosquitoes, pythons and alligators. It hopes to convey a message to detainees and the rest of the world that repercussions will be severe if the immigration laws of the United States are not followed. 'There's only one road leading in, and the only way out is a one-way flight,' said White House Press Secretary Karoline Leavitt. 'It is isolated, and it is surrounded by dangerous wildlife and unforgiving terrain.' Crackdowns on the US-Mexico border and harsh immigration policies have long been a centerpiece of Trump's political brand. During his first term in 2019, Trump denied reports that he floated the idea of building a moat filled with alligators at the southern border. 'I may be tough on Border Security, but not that tough," he posted at the time. In his second term, Trump has suggested that his administration could reopen Alcatraz, the notorious island prison off San Francisco. The White House has similarly promoted the political shock value of sending some immigrants awaiting deportation from the US to a detention lockup in Guantanamo Bay, Cuba, and others to a megaprison in El Salvador. Some of the ideas have been impractical. For example, transforming Alcatraz from a tourist attraction into a prison would be very costly, and Guantanamo Bay is being used less often than administration officials originally envisioned. However, the new detention centre in the Everglades came together swiftly. Homeland Security Secretary Kristi Noem recently told the Associated Press that she felt some contractors were charging the government too much to run facilities, 'so I went directly to states and to ask them if they could do a better job providing this service'. Florida officials 'were willing to build it and do it much quicker than what some of the other vendors were', she said. 'And it was a real solution that we'll be able to utilize if we need to.' Former US Rep. David Jolly of Florida, a former Republican who is now running for governor as a Democrat, called the facility a 'callous political stunt'. US Immigration and Customs Enforcement detainees are generally held for reasons like entering the country illegally or overstaying a visa. They are either waiting for ICE to put them on the next flight or bus ride home, or they're fighting their removal in immigration court. If an immigrant is accused of or has committed a violent crime, he or she is tried and held in state or federal criminal jurisdiction, separate from the immigration system. In those cases, they may be transferred to ICE for deportation after completing their criminal sentences. State officials are spearheading construction of the Florida facility, but much of the cost is being covered by the Federal Emergency Management Agency, which is best known for responding to hurricanes and other natural disasters. Florida Attorney General James Uthmeier, whom Homeland Security Secretary Kristi Noem has credited as the architect of the Everglades plan, first debuted the proposal with a slickly produced video, complete with custom graphics featuring red-eyed alligators and a hard rock soundtrack. The Department of Homeland Security posted an image of alligators wearing ICE hats and sitting in front of a fenced-in compound ringed with barbed wire. The Florida Republican Party has fundraised off the facility, selling branded T-shirts and beverage container sleeves. Florida Gov. Ron DeSantis, who challenged Trump for the 2024 Republican presidential nomination, has also played up the fact that the site will be hard to escape from. 'They ain't going anywhere once they're there, unless you want them to go, somewhere, because good luck getting to civilization," DeSantis said. "So the security is amazing.'
Euronews
2 hours ago
- Euronews
US Senate passes Trump's tax bill after turbulent all-night session
Senate Republicans hauled US President Donald Trump's tax breaks and spending cuts bill to passage on Tuesday by the narrowest of margins, pushing past opposition from Democrats and their own ranks after a turbulent overnight session. The sudden outcome capped an unusually tense weekend of work at the Capitol, the president's signature legislative priority teetering on the edge of approval or collapse. In the end that tally was 50-50, with Vice President JD Vance casting the tie-breaking vote. Three Republican senators - Thom Tillis of North Carolina, Susan Collins of Maine and Rand Paul of Kentucky - joined all Democrats in voting against it. The difficulty it took for Republicans, who have the majority hold in Congress, to wrestle the bill to this point is not expected to let up. The package now goes back to the House, where Speaker Mike Johnson had warned senators not to overhaul what his chamber had already approved. But the Senate did make changes, particularly to Medicaid, risking more problems ahead. House GOP leaders said they would put it on Trump's desk by his 4 July deadline. It's a pivotal moment for the president and his party, as they have been consumed by the 940-page One Big Beautiful Bill Act, as it's formally called, and invested their political capital in delivering on the GOP's sweep of power in Washington. Trump acknowledged it's "very complicated stuff," as he left the White House for Florida. "I don't want to go too crazy with cuts," he said. "I don't like cuts." What started as a routine but laborious day of amendment voting, in a process called vote-a-rama, spiralled into a round-the-clock slog as Republican leaders were buying time to shore up support. Senate Majority Leader John Thune of South Dakota worked around the clock desperately reaching for last-minute agreements between those in his party worried the bill's reductions to Medicaid would leave millions more people without healthcare and his most conservative flank, which wants even steeper cuts to hold down deficits ballooning with the tax cuts. "In the end we got the job done," Thune said afterward. An analysis from the nonpartisan Congressional Budget Office (CBO) found 11.8 million more Americans would become uninsured by 2034 if the bill became law. The CBO said the package would increase the deficit by nearly $3.3 trillion (€2.8 trillion) over the decade. Senate Democratic Leader Chuck Schumer of New York said 'Republicans are in shambles because they know the bill is so unpopular." What's in the bill? The bill includes $4.5 trillion (€3.8 trillion) in tax cuts, according to the latest CBO analysis, making permanent Trump's 2017 rates, which would expire at the end of the year if Congress failed to act, while adding the new ones he campaigned on, including no taxes on tips. The Senate package would roll back billions of dollars in green energy tax credits, which Democrats warn will wipe out wind and solar investments nationwide. It would impose $1.2 trillion (€1 trillion) in cuts, largely to Medicaid and food stamps, by imposing work requirements on able-bodied people, including some parents and older Americans, making sign-up eligibility more stringent and changing federal reimbursements to states. Additionally, the bill would provide a $350 billion (€297 billion) boost for border and national security, including for deportations, some of it paid for with new fees charged to immigrants.
