Economy

2023-06-20 10:03:00

Reserved for subscribers

According to Emmanuel Macron, “reindustrializing France is the mother of battles”. However, industrial companies have a hard time recruiting…

By François Miguet President Emmanuel Macron during a visit to the Safran Aircraft Engines site at the Paris-Villaroche business hub, near Melun (Seine-et-Marne), June 16, 2023. © Gonzalo Fuentes/ AFP Published on 06/20/2023 at 12:03

His usual black aviator model glasses placed on his nose, the general manager of Bpifrance, Nicolas Dufourcq, presented Monday, June 19, with his team, the last economic study of this armed arm of the State for the financing of the French economic fabric.

In this case, an unprecedented survey conducted among 2,454 managers of industrial companies employing between 10 and 5,000 employees. The theme: “In a sector in which recruitment is under pressure, such as industry, and in a context where France wishes to accelerate its reindustrialisation, what recourse do business leaders have to foreign labour?” »

“While visiting the field, I realized how much our manufacturers employ foreigners” launched, in the preamble, the boss of Bpifrance, citing in particular…

1687258217
#workforce

2023-06-20 08:58:17

Game of musical chairs at Alibaba: the Chinese e-commerce giant announced on Tuesday the unexpected resignation of its CEO Daniel Zhang and his internal replacement, in full restructuring of the group.

Alibaba, founded by the charismatic businessman Jack Ma and a pioneering e-commerce company in China, has long been a success story in the country.

But the group has found itself in the crosshairs of the authorities in recent years following a vast regulatory tightening aimed at tech giants.

After many turbulent months, Alibaba announced the biggest restructuring in its history in March just as the government appeared to ease the pressure.

In this context of upheaval, Daniel Zhang is stepping down as CEO and chairman of the board, the company announced on Tuesday.

He will be replaced on the board by Joseph C. Tsai, the current executive vice president of Alibaba.

Eddie Yongming Wu, who runs the group’s main consumer e-commerce applications (Taobao and Tmall), will become the new CEO.

These changes will be effective from September 10, Alibaba said.

Daniel Zhang will remain in the group to lead the cloud computing branch, on which the group relies heavily.

“The good moment”

“It’s the right time for me to make this transition,” said the 51-year-old manager, who transitioned to the head of the Alibaba empire following the departure in 2019 of its founder Jack Ma.

Alibaba CEO Daniel Zhang (d) and Executive Vice President Joseph Tsai on November 20, 2019 in Hong Kong.

AFP/Archives

The reorganization comes following Alibaba announced in March the largest restructuring in its history.

It provides for the division of the group into six distinct entities with the ambition of being able to list them on the stock exchange separately.

The changes announced Tuesday “look like the second part” of this vast reorganization, analyst Jeffrey Towson, of the firm TechMoat, which follows the evolution of the technology sector, told AFP.

“It’s a smart move” for Daniel Zhang as he becomes the head of Alibaba’s branch with the highest growth potential, he notes.

In addition to e-commerce, Alibaba is a heavyweight in Chinese tech, with activities in logistics, cloud computing, but also media, entertainment and artificial intelligence.

Alibaba shares lost more than 1.5% on Tuesday followingnoon on the Hong Kong Stock Exchange, where the group is listed.

turbulence

These changes come following several years of turmoil in the tech industry. Alibaba was particularly targeted by a regulatory tightening of the authorities once morest giants in the sector.

Alibaba had been the first company to suffer the punishment of the authorities.

At the end of 2020, Beijing had thus stopped a gigantic IPO (regarding 34 billion dollars) in Hong Kong by Ant Group, the finance and payment subsidiary of Alibaba, 48 hours before the event.

The following month, Alibaba was investigated for impeding competition. These setbacks had strongly penalized its profitability in 2022.

However, the Chinese authorities seem to be letting go in recent months and adopting a more conciliatory attitude towards the sector, in a context of economic slowdown.

In January the Chinese authorities thus gave the green light to Ant Group for a fundraising of more than one billion euros in Hong Kong.

1687257670
#full #restructuring #Chinese #Alibaba #bosses #TV5MONDE

2023-06-20 09:34:00

12:34 PM Tuesday, June 20, 2023

I wrote – Manal Al-Masry:

Two officials of exchange companies, which have a wide geographical spread, said that the price of the dollar on the black market for currency trading recorded a slight decline following President Abdel Fattah El-Sisi talked regarding ruling out a new devaluation of the pound once more in the current period.

They added that the price of the dollar on the black market fell from 40.5 pounds to 39 pounds, following the demand for its purchase subsided and the activity of customers’ concessions for foreign exchange in exchange companies began, compared to the previous days.

President Abdel Fattah El-Sisi indicated in statements last week that he excluded the option of an additional reduction in the price of the pound during the current period, and he said during the National Youth Conference in Alexandria a few days ago, that “many people are calling for flexibility in the exchange rate and we are flexible in it, but when the issue is related to national security.” And that this will waste the Egyptian people, so do not.”

Egypt’s transition to a more flexible exchange rate led to a sharp decline in the price of the pound, during which it lost regarding half of its value in the past 15 months, and the price of the dollar rose once morest it during this period by regarding 96%, reaching regarding 30.94 pounds for sale in banks now, compared to 15.76 pounds on March 20. 2022, before the currency price moves.

The two sources stated that the movement of concessions on the Saudi riyal returned slightly once more, compared to the almost reluctance to sell the riyal in money exchanges since the beginning of this year, due to the penetration of the black market.

Sources told Masrawy earlier that the start of the pilgrimage season exacerbated the crisis in buying the Saudi riyal due to the increased demand for it in return for the lack of supply of customer concessions, which led to the replacement of customer requests by procuring another currency for them, such as the dollar and the euro.

The International Monetary Fund was late in conducting the first review of the cooperation program with Egypt in economic reform, which includes financing worth $3 billion, which was supposed to take place last March.

This comes amid signs of Egypt’s slowdown in carrying out some reforms, such as shifting to a flexible exchange rate in a sustainable manner, and implementing a program to sell a number of assets in order to attract inflows of foreign exchange, as the government aimed to attract $2 billion from selling some of these assets before the end of this June. .

The International Monetary Fund, as it has indicated on several occasions, links the success of the Egyptian economic reform program to Egypt’s commitment to adopting a more flexible exchange rate.

Egypt began moving to a flexible exchange rate regime since March 2022 to face the repercussions of the Russian-Ukrainian war on the Egyptian and global economy, which led to the exit of $22 billion in indirect foreign investments in a short period, which was reflected in the availability of foreign currencies, causing a shortage crisis so far. But the exchange rate has returned to stability in recent months.

1687257174
#price #dollar #fell #black #market #president #ruled #floating #pound

2023-06-20 08:58:00

Pounded for more than 15 years by the companies of the Gulf, and in particular by the most important of them, the company of Dubai, Emirates, Air France counter-attacks by launching its low-cost subsidiary, Transavia, to reconquer . This Tuesday, Transavia has, in fact, announced the opening for the next winter season which begins at the end of October, of two lines to Dubai, departing from Lyon and Marseille at the rate of three flights per week for the two connections. An offer which aims to compete with that of Emirates, which has been present in Lyon and Nice for years. Emirates flights to Nice attract customers residing in the Marseille catchment area.

A dramatic change at Air France-KLM: the boss of Transavia France dismissed

Point-to-point traffic

This counter-attack concerns the so-called “point-to-point” (as opposed to “connecting”) clientele traveling to Dubai, which continues to grow while for years the majority of passengers using Dubai flights ‘Emirates between France and Dubai mainly used the Gulf airport to travel to India, Asia, Australia or East Africa.

The Air France subsidiary, which will provide these connections by Boeing 737-800, has launched aggressive prices, from 159 euros per one-way ticket including tax. It will take that to compensate for a less comfortable service.

Benjamin Smith, the boss of Air France-KLM, points to the threat of Turkish Airlines

1687256455
#Air #France #launches #lowcost #subsidiary #Transavia #attack #Emirates