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French president Macron speaking on the Dixmude helicopter carrier on the French port base of Toulon- "Our nuclear forces contribute through their own existence to the security of France and Europe," says French president Macron. He said France will assess "all the consequence" and develop "a new security architecture" on the continent after peace returns to Ukraine. France is the only nuclear deterrent power in Europe and nuclear deterrence will continue to be kept "credible and modern." Macron pointed out that "Europe is not sheltered anymore from missile and drone strikes and we must integrate this reality." Macron was unveiling a national strategic review that will show how its defense will look in 2030. France will also budget for "influence" to fight the kind of war used by Russia and Mr. Putin to undermine the thinking and to "manipulate civilian populations." ...

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Fears in France about multiculturalism presumably of the Anglo-Saxon type with ethnic communities living separately side by side. Former president Nicolas Sarkozy, says in his recent book that the French are not like Anglo-Saxons with communities of ethnic people living next to each other but not mixing. This is not true of London and New York, or Melbourne, say people on the other side. Comments by prime minister Valls similiar to Sarkozy's are interpreted by experts in French history as reflecting France's predominant political language of Republicanism and fear of fragmentation. These issues have come up as immigrants issues have led to movements such as for Brexit, and the Trump campaign in the U.S. with anti-immigrant sentiment. The French like to see themselves in a different light though the banlieus are as much a fact of life in France as segregated communities in the U.S. and Britain, say observers.

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French photographer Janine Niepce shows women at work since the 1950's the period of emancipation when women gained the same rights as men in society. See these black and white pictures of women in labs, in childcare and everyday life on France 24.

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DJT calls Macron and Starmer "nice guys," but guys who did nothing to end the Ukraine war. He says the effort for a minerals deal with Ukraine was made in the context of Europe making loans to Ukraine and the US having given outright aid and the need for the US to be treated same as the Europeans. 

CDU's candidate for Chancellor in next week's German election says Germany should consider taking a stake in the British and French nuclear arsenal, now that NATO Article 5 may not be honored by the US under DJT. Offers were made by the French for this to happen many years back.

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A video of how the French people have come together during this crisis from France 24. It is an inspiring video of how France is returning to family values, a return to basics, about helping neighbors, children and others. Volunteers are helping, the state is helping by supporting 10 million people who have lost work and wages by paying these wages, a way in which the collective in France is helping the individual. There is also an interview with the founder of French app "Hello Neighbor" who describes the changes happening in France and a new sense of what it means to be human and loving thy neighbors. He says this is a time it is lucky to be French because of the respect in France for a strong public health service that serves all its citizens.

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Teri Scultz rightly points out that the biggest surprise on May 7, 2017, was when Emmanuel Macron stepped out to give his victory speech in front of the Louvre museum- what was played was not the French anthem but "Ode to Joy" by Beethoven, the European Union's adopted anthem. It was this unabashed defense of the  European Union at the time when it most needed it, not just frequently, but at every step of the way in the last two years, and in a forceful way at the last debate with Le Pen of the National Front, that marks the way Macron has presented himself to the French people. And not just in a fuzzy way with a feel good program, but clearly outlining the steps that needed to be taken to revive the French economy, yet do it from a centre right and centre left perspective drawing in the best ideas, with the close cooperation with Germany and the European Union.

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French reporters send this report from Krasnohovirka trenches in the winter war in Ukraine's east. See the accompanying report from German reporters from a tank unit in the east in Bakhmut Soledar area to get a feel for what is happening in the winter war in Ukraine.

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The party founded by Charles De Gaulle Les Republicains failed to win  5% of the vote that is needed under French election law to be compensated for half of the 17 million euros that can be spent on the campaign. Valerie Pecresse got 4.75% of the vote- that entitles her to 800,000 euros. She personally borrowed 5 million euros. She now needs 16 million euros and has appealed for donations. Pecresse failed to win the support of different factions in her party including former president Sarkozy. A similar situation faces the Greens candidate Yannick Jadot who received only 4.63% of the vote.

French election law limits legal spending to 17 million euros and does no allow corporate donations, with a personal donation limit of 4600 euros.

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French prime minister Attal says Macron's party will stand down in seats that can be won by France Unbowed or LFI the socialist parties alliance. This is an effort to prevent National Rally to get a majority in parliament.

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France's rail strike goes into its second day with large stations such as the Gare de Lyon deserted, stations empty, platforms deserted and millions of travelers unable to get to work. French unions are testing the French government's effort to change the generous benefits granted in a different era for rail and other workers. Workers at SNCF France's rail system can retire in their fifties even as workers now live longer lives, as early as at age 52.  Workers are hired for life. Pensions are given at the highest salaries and housing is subsidized. SNCF is $68 billion in debt. Costs are much higher to run the system than in Germany. The unions are intent on preserving these benefits from a different period.  This issue came up in the election debates about how the pension system can be put on a good basis with proper funding. Macron has taken a firm stand and the centrist parties in parliament see this as a symbolic fight to changing the future of French society and the economy. The reforms will raise age for pensions, and affects only future hires not the current ones. Yet the unions have chosen to fight this.  Everything depends on how the public and commuters see this. One sign of the changes this time compared to successful strikes by unions in the nineties is that the percentage of employees of SNCF declined on the second day from 33 percent to 29 percent. Polls show a small majority of the French sees the strike as unjustified and Macron's popularity ratings going up slightly. The prestige of the labor union CGT and its strategy is also at risk. Macron's view is that overprotected entities in the French system- the "Statutory Society" referring to the Statute of Railway Workers from a different era- block changes in social and economic life that would increase social mobility. This and France's future is being put to the test.   ...

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Canada, Australia, India, Brazil have some of the largest reserves of rare earth and critical minerals. Brazil has second largest reserves. This means the US can still change the current situation of a near monopoly on critical minerals by China in coming years by making the necessary investments early in these countries and in the US itself. Here is the situation in Brazil for rare earths. Brazil has said it will be open to investments that place a priority on rare earths processing within Brazil, not just rare earths commodity exports for processing in the EU or the US. China does most of the processing of rare earths in China, it imports heavily from Burma, Indonesia, Australia and Africa and does nearly 100% of the processing in China using research labs and production facilities funded by PRC government. Yet the search for and development of supplies of rare earths and critical minerals is still at an early stage so that with the necessary investments including in India, Indonesia, Australia, Brazil, in Africa, and in the US, the US and Germany, EU, India can change this situation by 2030. Brazil hold 21 million tons of reserves of rare earths, about a quarter of world rare earths reserves. Just in the last 3 years since 2023 3000 permits have been filed with Brazil's National Mining Agency compared to 500 in years before this. Australia and India are also catching up in rare earths minerals investment. Australian producers Viridis and Meteoric are doing advanced work in Pocos de Caldas mining area in Brazil. Canada is doing a project in Golas state. US company Rare Earth is putting $2.8 billion in Serra Verde. All this is being pushed forward by fast track investing supported by the DJT US government. Serra Verde historically sent rare earths in commodity form to China. Now DJT administration has setup private and public financing for a 15 year supply agreement to the US. Australia's Viridis can also get funding from IDFC operated by the US with discussions underway. Viridis's $360 million  Colossus project in Brazil sends rare earth in commodity form to a French-Belgian processing company in the EU. Brazil cannot afford to be too restrictive when it comes to processing- though that remains its goal -as Brazil wants to use its advantages in rare earths to increase investments and export earnings to support its slowing economy. Over time Brazil as part of this western hemisphere and as shown in "Brazil no Espelhos" or "Brazil in the Mirror" by Felipe Nunes, discussed in the adjoining piece on Brazil, is a part of the same social fabric of the Americas and its economic structure, its supply chains, its business, its democratic framework and processes. ...

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The loan-to-deposit ratios on average for European banks of over 110% are much higher than the average in the U.S. of about 78%, according to analysts. The loan-to-deposit ratios for Spanish and Italian banks are much higher, with 160% for Bankia. If Spain leaves the eurozone and places a moratorium on loan payments the Greek loans on the books of France's banks in Greece would be in default, especially Credit Agricole. The French banks would suffer an estimated loss of 20 billion euros, and German banks 4.5 billion euros. German banks have been more aggressive in reducing their loan protfolios at risk than French banks during 2010-2012, hence their smaller exposure.

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PM Modi has been invited by Macron to Bastille day in Paris, France's National Day on July 14, as an official guest, a first for an Indian leader in Europe. This happens as India's strategic partnership with France takes new shape in sectors such as civil aviation with significant Indian expansion, in defense, in nuclear cooperation for energy, in renewable energy, and is expanding into other sectors. India's defense forces will also take part with French forces in the parade on Bastille Day in France. Bastille Day is the national day of France with parades and a national holiday. It was established in 1880 and marks the storming of the Bastille on July 14, 1789 with the French revolution for Liberte, Egalite, Fraternite, and of the National Federation Day July 14, 1790.

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French officals are pushing for a new eurozone architecture to address many of today's problems. This includes setting up a pathway that leads to the joint issuance of eurobonds. It also would include coordination of monetary policy with the budgets and fiscal situation in the eurozone. French officials see the lack of this as the cause of many of today's problems.

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Why are the French  protesting so strongly against extending the retirement age from 62 to 64. It is a question of French identity, of hard won rights to work and leisure that are seen as defining France. It also affects women differently who have a harder time working longer so that their benefits would be affected. Age discrimination is large in France so that it works against extending the age till the culture changes. Worse it comes at a time of stress for working families, and a cost of living crisis.

NYT says that when this retirement system was introduced after World War II it helped bring a fractured country together. A hard won social and labor right not easily forfeited, says NYT.

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With pressure from Germany and France Austria will close its ski resorts over Christmas season to prevent spread of coronavirus. The situation is where Swiss ski resorts are open incensing Italian and French ski resorts. The next step would be to close the Swiss ski resorts in the same way Austria has done to prevent infections. 

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Kashmiri shawl weavers were mostly women. Mechanization has pushed many from earning their livelihoods from the shawl industry. New ways are being found to revive the older shawl weaving methods and give Kashmiri women an opportunity to work and be financially independent. A lot can be learned from the French who have a thriving industry using hand weaving with new technology and marketing techniques for hand woven fabrics using new designs. Some of these French companies could actually collaborate with Kashmiri makers to relaunch this industry in a new way and employ many women in making shawls and other specialty fabric designs. This manufacture would also command higher prices in a niche market segment in India and in world markets.

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The French team's Olivier Giroud works with Mbappe after the injury to Benzema meant France had to find a different style of play. Giroud 36 years brings experience and a rugged persistent approach to the game. Coach Deschamps says "Nothing has ever been handed to him,  He was put down and criticized a number of times, but he has this mental ability." 

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Credit Agricole says 4th quarter 2011 losses will be 3.07 billion euros. It is one of three French banks hit hard by the eurozone financial crisis, especially the crisis in Greece, because of investments in Greece. Conditions at the bank reflect the overall restructuring process underway at French banks, as part of an overall restructuring in the eurozone financial crisis. The delaying of aggressive action in reducing Greece's debt to a manageable level by the EU and the ECB, was part of an effort to give French and other European banks time to absorb losses on investments in Greece. Credit Agricole has now increased its provision for losses from Greece to 74% from 60% of nominal value. It has also increased the cover rate for bad loans at Emporiki Bank Greece to 54%. Emporiki was acquired in 2006, only 2 years before the financial crisis. Its total losses in Greece for 2011 add up to 2.4 billion euros, according to the bank. Credit Agricole also made writedowns on its stake in Spain's Bankinter SA for 617 million euros and Portugal's Banco Espirito Santo S/A by 364 million euros. Overall debt reduction planned for the 18 months ending in Dec 2012 is for 50 billion euros, to reduce financing needs and improve capital buffers. The bank's core Tier 1 ratio of good quality capital including equity and retained profit is at 8.6% as of Dec 2011. Job cuts of 2,350 are planned for global operations, including 1,750 at the corporate investment bank, and dscontinuing of equity derivatives and commodities trading. Shares of Credit Agricole lost about half their value in the last 12 months. It is 55% owned by 39 French cooperative regional banks, and it owns 25% of these banks....

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Harry Kane Jude Bellingham and Marcus Rashford put England ahead in a 4-2 win over Croatia -openers in World Cup Soccer 2026, Harry Kane had 2 goals and was close to getting the third for a hat trick. It was an exceptional performance by Kane matching that of the French Bleu's Mbappe and Messi the day earlier. In the first half England and Croatia were 2-2. Coach Tuchel gave the English team a pep talk they took to heart to be the best they could be, "to be brave, courageous and tenacious on the front foot, and just go for it." This is what Tuchel told them in the words of Harry Kane- “He told us to take the shackles off, calm down and let’s go. He said what’s the worst that can happen? Show the world who we can be.” “We came out in the second half full gas and they couldn’t live with it, and that’s the level we have to set in every game. The way we controlled the game once we went ahead, we never really looked like we were in danger and then scored on the counterattack. We had a spell where we could have scored three or four. Credit to everyone: the first game of the tournament and a great result against a tough side.” This is how coach Tuchel described his pep talk to the team at half time- “I told them to calm down. We just conceded the goal. To calm down, calm their nerves. And encourage them to do it our way. I told them that my perception of them in the last 17 days will not change no matter what the result is. I want them to do it their way. Our way. I want them to be brave, courageous and tenacious on the front foot. And just go for it.”   ...

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The European central bank chief and former French finance minister takes a dim view of crypto currency. It has called for direct regulation of crypto currency, and their inclusion in anti money laundering and terrorist financing laws. ECB's view is- "Since Bitcoin is suitable neither as a payment system nor as an investment, it should be treated as neither in regulatory terms and should not be legitimised."

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The WSJ shows options to travel to Europe from the US for under $200 one way on new budget airlines set up by Iceland (Play airline), Norway (Norse Atlantic Airways), Britain (Condor Airlines), France (French Bee), Italy (Neos). Add in bags and meals and it could run to about $400 one way as you pay for everything else extra. One would travel to that country to locations such as Reykjavik, Oslo, London, Paris, Milan, and connect to other parts of Europe. Flights are from New York, Los Angles, San Francisco, Miami. With fares for Delta, United, and other carriers up significantly this offers another option.

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European banks have been slow to get rid of risky assets such as collateralized debt obligations, subprime mortgages and other risky assets after the 2007 financial crisis. As a result sixteen top European banks hold 386 billion euros of suspect credit-market and real estate assets, according to Credit Suisse analysts. The Royal Bank of Scotland has 79.6 billion of assets dating from the 2007 financial crisis. Over the three year period since the 2008 financial crisis, the top three U.S. banks shed 80% of this type of risky assets, compared to 50% for European banks. The four largest British banks have reduced these risky assets by more than 50%, and four French banks have reduced these assets by only 30%. At 29 billion euros, French bank Credit Agricole had the largest amount of such risky assets among the leading French banks. This adds to the difficulties facing French banks which also have large amount of loans to customers in Greece and Greece's sovereign bonds. Deutsche Bank has 20.2 billion euros in commercial mortgages and whole loans and 2.9 billion euros in U.S. residential assets including subprime loans. Mediobanca analysts estimate that Deutsche Bank's exposure to such assets is more than 150% of its tangible equity....

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FR24 points out that it is not that unusual to see prosecution of French former presidents and prime ministers for campaign financing irregularities or putting political party officials on public payrolls. It shows that this happened to president Chirac, president Sarkozy, and prime minister Fillon. In fact former prime minister Fillon was doing well in the elections after the presidency of Socialist president Hollande. The revelation that he had put his wife on public payroll as parliamentary assistant with little work led to Mr. Macron taking his place as the leading candidate. No jail terms were served for these charges under French law. Here it is important to note that French law limits spending on election campaigns to 22 million euros and Sarkozy exceeded that number. In the US and India there are no such strict limits. So are France's leaders that much worse than the American leaders who spend and collect money lavishly? Or in India where the campaign financing has the result of making it hard to build the infrastructure desperately needed by a young aspiring population. Framers of the Indian constitution including Gandhi and Nehru intent on getting the British out never realized that political parties would look to public funds as ways to finance their campaigns, leaving less for the intended purpose of building roads and bridges making the country a poor place to invest in and entrenching underdevelopment and poverty.  In the US tech companies in Silicon Valley or banks in New York and Silicon Valley, pharmaceutical companies and companies in other sectors, are able to gain monopoly positions or favored regulatory setups for their industries by funding election campaigns for Congress. When this results in egregious behaviour such as the 2009 financial crisis or the current banking crisis this behaviour causes severe damage to ordinary Americans much worse than what Mr Chirac or Sarkozy were prosecuted for.  South Korea has a long history of prosecuting former presidents. Three presidents have been prosecuted so far. One president served as much as five years for a jail term. ...

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Captain Kylian Mbappe of French Bleus team and coach Didier Deschamps in World Cup Soccer 2026- Kylian is only 2 goals behind Miroslav Klose's 16 goal record in World Cup competition after his 2 goals in the 3-1 win over Senegal. How does the 57 year old manage a player like Mbappe? Didier Descamps says his experience helps and he lets Kylian be Kylian, but also shields his players from all the media attention so as not make it a distraction. “My priority is to protect my players.” About his style as a coach he says- “I speak to [Mbappé] very often and he’s a world-famous player even in the US but it’s his life. He manages himself. Kylian is Kylian. The younger generation, the less younger, love him everywhere in the world, but that doesn’t mean he’s not normal when he plays and when he’s in the group. This has got nothing to do with why he is not here today.” (referring to a pre-game discussion with reporters). Kylian has stood up for the children growing up in the suburbs of Paris in working class suburbs in densely built housing and talked about how the game of soccer has offered them a window to the world. And about his personal experience -the dignity of soccer and the dignity of the players. ...