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Macron Wins French Executives’ Backing in Contest Versus Le Pen

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Emmanuel Macron
  • Macron Wins French Executives’ Backing in Contest Versus Le Pen

French executives began rallying behind Emmanuel Macron, saying the former investment banker will be a more business-friendly president than Marine Le Pen by preserving the country’s place in the European Union and easing the tax and paperwork burden on companies.

Macron’s victory in Sunday’s first round of voting lifted stocks, the euro and French bonds as investors bet he will beat Le Pen, who leads the far-right National Front party, in the May 7 runoff. The CAC 40 index jumped the most since August 2015, led by building-materials supplier Cie. de Saint-Gobain SA, construction company Vinci SA and telecommunications operator Orange.

The election sets up a stark choice between the pro-free trade, pro-EU views of Macron, an independent and former economy minister, and the anti-euro, anti-immigrant Le Pen. Many executives say they can’t support Le Pen because of her pledge to hold a referendum on France’s membership in the EU and impose import duties.

“Macron’s commitment to Europe is definitely stronger and good for business,” said Eric Meyer, a managing director and head of France at RBC Capital Markets. “That has been a strong component of the campaign, and someone who assumes and endorses their commitment to Europe is, from a business perspective, reassuring.”

Backing Innovation

Macron proposes reducing the corporate tax rate to the European average of 25 percent from 33 percent, exempting stock holdings from the wealth tax and easing the social charges that companies face when hiring low-skilled employees. Le Pen has called for a surtax on companies that hire non-French workers, the imposition of import duties and a withdrawal from free-trade pacts, including the EU.

Le Pen’s backers are already trying to turn Macron’s background in business against him, with Florian Philippot, a National Front official, describing the former banker as a “candidate of oligarchs” and banking lobbies.

Macron, a fluent English speaker who’s making his first run for public office, built a track record of support for French startups in technology, traveling to Las Vegas in 2015 to promote the country’s entrepreneurs at the Consumer Electronics Show.

“We are very optimistic,” said Maryvonne Hiance, chairwoman of France Biotech. “I think he understands that the research in France in health care and biotech is very strong. He has very good positions regarding innovation and new technology and also health.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Government

Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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