![The Senate adopts measures to strengthen the financial attractiveness of France The Senate adopts measures to strengthen the financial attractiveness of France](https://media.lesechos.com/api/v1/images/view/6644442d805037614a7b9d5a/1280x720/0110628585243-web-tete.jpg)
Business life, wars in Ukraine and the Middle East… all the news of the day can be followed here.
» The main news feed for this Wednesday:
7:19 a.m. – Allianz: quarterly net profit up 22%
Allianz announced a group share of net profit of 2.48 billion euros in the first quarter, little affected by natural disasters, up 21.8% year-on-year, and confirmed its annual objectives.
Operating profit exceeded analysts’ expectations, at 3.99 billion euros, an annual increase of 6.8% thanks to the property and asset management branches. This key indicator must still reach 14.8 billion euros over the year, give or take a billion euros, the group said.
7:18 a.m. – Violence in New Caledonia: one person shot and killed
A person died by gunshot overnight in Nouméa during the riots shaking the New Caledonia archipelago, announced the High Commissioner of the Republic, Louis Le France. “Of the three injured admitted to the emergency room, one died, the victim of a gunshot. Not from a shot by the police or the gendarmerie, but from someone who certainly wanted to defend themselves,” the state representative declared to the press, without giving other details.
7:15 a.m. – Russian economy more resilient than expected, according to the EBRD
The Russian economy will continue to grow this year despite Western sanctions, while the war in Gaza weighs on countries in the region, according to new forecasts from the European Bank for Reconstruction and Development (EBRD), which is holding its meeting annual event in Yerevan, Armenia until Thursday.
Russia, which experienced economic growth of 3.6% last year, is expected to record a 2.5% increase in gross domestic product (GDP) this year, 1.5 points more than expected in September , according to the latest EBRD projections. The Russian economy is now back above pre-war levels in Ukraine. The country “refocused its economy on the war effort. This therefore leads to faster growth,” explains Beata Javorcik, chief economist of the EBRD.
6:52 a.m. – Ilya Sutskever, co-founder of OpenAI, announces his departure
“After almost ten years, I made the decision to leave OpenAI,” Ilya Sutskever said in a post on general artificial health that is both safe and beneficial,” he added.
After almost a decade, I made the decision to leave OpenAI. The company’s trajectory has been nothing short of miraculous, and I’m confident that OpenAI will build AGI that is both safe and beneficial under the leadership of @sama, @gdb, @miramurati and now, under the…
— Ilya Sutskever (@ilyasut) May 14, 2024
Ilya Sutskever, chief scientist of OpenAI, sat on the board of directors. He ended up leaving but remained in his position at OpenAI. “It has been an honor and a privilege to work together, and I will miss you all,” he added to his colleagues, specifying that he would concentrate on a personal project.
6:50 a.m. – Ukraine: Vladimir Putin says he supports China’s peace plan
In an interview with China’s Xinhua news agency, the Russian president said his country was open to dialogue and talks to resolve the conflict. And according to him, the peace plan presented by China at the beginning of the year takes into account the factors at the origin of the conflict.
“In Beijing, we really understand the root causes of the crisis and its geopolitical significance,” said Vladimir Putin. The principles presented last month by his Chinese counterpart are “realistic and constructive measures” which “develop the idea of the need to overcome the Cold War mentality”.
6:48 a.m. – Taiwan detects 45 Chinese planes in its surroundings
Taiwan’s military spotted these Chinese planes around the island, according to the Defense Ministry. Of these 45 aircraft, “26 crossed the median line of the Taiwan Strait,” the ministry said in a press release, referring to the line which bisects this 180 km wide strait between the island and mainland China.
These flights come less than a week before the new president Lai Ching-te takes office, a supporter of firmness against Beijing.
6:45 a.m. – Washington to deliver $1 billion worth of weapons to Israel
The US executive has notified Congress that it will deliver arms to Israel worth around $1 billion, AFP learned from sources familiar with the matter, a week after Joe Biden threatened to limit the American military aid to its ally regarding Rafah. Congress must still approve this arms delivery, a US official said.
6:44 a.m. – Brazil: Lula government dismisses Petrobras president
The Brazilian government has fired the president of the state oil group, Jean Paul Prates, after a dispute between the company and the executive over the payment of dividends.
The president of the oil group Petrobras, Jean Paul Prates, pictured here during a press conference in March 2023.MAURO PIMENTEL/AFP
6:40 a.m. – Fatal 737 MAX accidents: Boeing allegedly violated an agreement to avoid prosecution
The US Department of Justice notified, in a letter to a federal judge, that Boeing had failed to comply with certain conditions of an agreement which avoided criminal prosecution for two accidents of its 737 MAX causing a total of 346 deaths, end of 2018 and beginning of 2019.
With this step, “Boeing is liable to prosecution” in this case, writes the ministry, which says it is studying the possibility of actually pursuing, or not, the American aircraft manufacturer, in the midst of a storm after several recent incidents.
6:38 a.m. – The Senate adopts measures to strengthen France’s financial attractiveness
After the National Assembly in April, the majority right-wing Senate gave its approval to a bill from Renaissance MP Alexandre Holroyd which compiles technical measures intended to facilitate the financing of French companies and their entry into the stock market.
The key provision of the text authorizes companies listing on the stock exchange to use shares with multiple voting rights. This mechanism, common in the United States, allows the founders of a company to raise capital while maintaining greater control than with ordinary shares. “France will then have the most competitive IPO regime in Europe,” assured the Minister of Industry, Roland Lescure.
Another measure, also approved by the Senate, opens the possibility for private equity funds to invest in listed companies whose capitalization reaches up to 500 million euros, compared to 150 million at present. The upper house also empowered the government to legislate by ordinance to create a “share splitting” regime, criticized in the chamber.
6:35 a.m. – EU: climate and economy would benefit from more sustainable public procurement, according to a report
Better consideration of environmental factors in public orders in EU member states would have positive effects on carbon emissions, but also in terms of the economy and employment, according to a study published by the group of Carbon 4 research.
The integration of environmental criteria into public purchasing specifications, aligned with the Paris Agreement, would have enabled a reduction in the carbon footprint of around 34 million tonnes of CO2 per year on average from 2019 at the European Union level, according to the report. Public procurement currently represents 10% of the EU’s total carbon footprint, and an amount equivalent to 15% of its GDP.
6:33 a.m. – New Caledonia: the National Assembly adopts the constitutional bill
The deputies adopted during the night the draft reform of the Constitution likely to expand the electoral body in New Caledonia. The text was approved by 351 votes for and 153 votes against, announced the President of the National Assembly, Yaël Braun-Pivet.
#DirectAn The adoption of the constitutional bill relating to the unfreezing of the electorate in New Caledonia is a step.
We call for calm and a resumption of dialogue to chart the path to a common destiny. L’@AssembleeNat will take its full part in it.— Yaël Braun-Pivet (@YaelBRAUNPIVET) May 14, 2024
Faced with a still tense situation, Emmanuel Macron invited separatists and loyalists to agree on institutional reform in New Caledonia. Otherwise, the Congress will meet “before the end of June” to definitively adopt this constitutional revision, indicated Emmanuel Macron.
The holding of this vote has provoked violent riots in recent days. “More than 130 arrests took place and several dozen rioters were taken into custody and will be brought before the courts,” said the High Commission. Emmanuel Macron condemned the “unworthy and unacceptable nature” of this violence and called on all parties to “calm”.
6:31 a.m. – Gaza: the American artificial port will be operational “in the coming days”
The commissioning of this artificial port, built by the US Army to facilitate the delivery of humanitarian aid to Gaza, was delayed due to weather conditions, the Pentagon said. Costing around $320 million, the port is completed but it announced last week that swells were preventing the structure from being moored to the Gaza shore and that it remained in the port for the time being. Israeli from Ashdod.
6:30 a.m. – MEPs vote in committee on the merger of public broadcasting in 2026
The deputies voted, late last night in committee, for the merger of public audiovisual companies on January 1, 2026, wanted by the Minister of Culture Rachida Dati but criticized in particular by the left and the unions.
The government amendment providing for this merger of France Télévisions, Radio France, France Médias Monde and Ina was adopted by 30 votes to 18, as part of the first reading examination of a bill from the Senate.