FT : National Grid drops Beijing-backed supplier over UK power network fears

National Grid drops Beijing-backed supplier over UK power network fears
Move to end contract and start removing parts comes as west rethinks Chinese involvement in critical infrastructure

National Grid has started removing components supplied by a Chinese state-backed company from Britain’s electricity transmission network over cyber security fears, according to two people familiar with the matter.

The move by the FTSE 100 company, which runs the bulk of Britain’s electricity grid, came after it sought advice from the National Cyber Security Centre, a branch of signals intelligence agency GCHQ, said one of the people, a Whitehall official.

National Grid’s decision to terminate its contracts with a UK subsidiary of China’s Nari Technology in April and begin removing components has followed a broader rethink in the west in recent years about Chinese involvement in critical national infrastructure.

National Grid declined to comment on its previous relationship with NR Electric UK, citing commercial confidentiality, but said it “take[s] the security of its infrastructure very seriously”.

“[We] have effective controls in place to protect our employees and critical assets to ensure we can continue to reliably, safely and securely transmit electricity,” the company added.

Nari Technology did not respond to requests for comment. Based in Nanjing, the state-controlled company is a big supplier of components that help manage and improve the performance of electricity grids.

The £18bn company is listed on the Shanghai Stock Exchange, with 51.48 per cent of its shares owned by the Nari Group, according to Bloomberg. Nari Group is part of China’s state-owned grid company, the world’s biggest electricity infrastructure group.

The second person familiar with National Grid’s decision said the cyber security concerns centred on NR Electric UK components that help control and balance Britain’s electricity grid and minimise the risk of blackouts.

The components are used to automate how energy projects and the grid “talk to each other”, the person said.

In its 2022 accounts NR Electric UK said it was informed in April 2023 “by their main customer, National Grid, of their decision to discontinue their current business contracts with them”.

An employee at NR Electric UK said National Grid did not disclose a reason for terminating the contracts and said the company no longer had access to sites where the components were installed.

The employee added that NR Electric UK had discussed cyber security issues with National Grid in the past and “we didn’t see any problem”. Engineers had run tests and “we didn’t see any potential risk”, they added.

It is unclear whether the components are still present in the electricity transmission network.

Accounts for NR Electric UK indicate it has a limited presence in the UK, filing small company accounts that show net assets of £2.5mn in 2022.

The NR Electric UK employee said the company had worked on about 15 sites in England and Wales.

National Grid’s move is the latest sign of sensitivity about the role of Chinese companies in core British infrastructure.

In 2022 the government twice intervened to restrict Chinese companies’ involvement in Britain’s electricity grid, using powers under the National Security and Investment Act. 

The UK in 2020 also banned Huawei equipment from the 5G network after pressure from the US.

Last year, the government bought out China’s state-owned China General Nuclear from the planned Sizewell C nuclear power plant under development by EDF. The government paid about £100mn. 

A government official said: “The UK takes its national security extremely seriously, including the security of its critical infrastructure and all sectors of the economy.”

“We work closely with the private sector to safeguard our national security,” they added.

The Department for Energy Security and Net Zero said it did not comment on individual business decisions taken by private organisations.

The Chinese embassy in London said it was not aware of National Grid’s decision, but said that as a principle and long-held position it always opposed moves to “push for decoupling and severing of supply chains under the pretext of security”.

The embassy added: “The China-UK practical co-operation is a win-win one that brings benefits to both sides, and the two countries should make joint efforts to create conducive environment to it.”

>>> Weekend Papers Summary

Weekend Papers Summary

FINANCIAL TIMES
-Western nations are considering seizing Russian central bank assets to fund Ukraine amid political disputes in the US and Europe. G7 officials have intensified talks on spending $300B in immobilized Russian sovereign assets, a radical step in the west's financial warfare against Moscow. The push comes as two crucial financial aid packages for Ukraine worth over $100B faltered, with Republicans in Congress and Viktor Orban of EU member Hungary opposing funding Kiev. Seizing Russian assets could provide an alternative stream of funding for Kiev, especially given the expected postwar reconstruction costs.
-Chinese spies used a Belgian politician, Frank Creyelman, as an intelligence asset for over three years, demonstrating Beijing's influence operations to shape politics in its favor. Woo, an officer in China's Ministry of State Security, pushed Creyelman to influence discussions in Europe on issues like China's crackdown on democracy in Hong Kong and Uyghur persecution.
-Top Federal Reserve officials have resisted speculation about imminent interest rate cuts, stating that the US central bank needs to see more progress on inflation before considering lowering borrowing costs. New York Fed president John Williams and Atlanta's Raphael Bostic, both voting members on the Federal Open Market Committee next year, emphasized that the Fed is not currently discussing rate cuts but needs to be ready to tighten policy if progress on inflation stalls or reverses.
-Israel's military has admitted to accidentally killing three Israelis held hostage in the Gaza Strip during combat. The incident occurred when soldiers mistakenly identified the Israelis as a threat and opened fire on them. The hostages were all young men in their 20s. The Israeli Defense Forces expressed deep remorse and condolences to the families involved.
-Microsoft has changed its description of its role in OpenAI, a multibillion-dollar alliance, following UK competition officials' announcement of an investigation. The move aims to clarify the distinction between Microsoft and OpenAI, as antitrust authorities seek to scrutinize the partnership. The change comes after OpenAI's CEO Sam Altman was fired, only to be reinstated after pressure from employees and investors. Microsoft and OpenAI's other backers, including Thrive Capital and Sequoia Capital, do not own any conventional equity shares in the company.
-Rudy Giuliani, former New York City mayor, must pay $148M to two Georgia electoral workers he falsely accused of election fraud. The damages award comes after a civil trial in which Freeman and Moss accused Giuliani of defamation, intentional emotional distress, and conspiring with others. The penalty is three times the amount requested by Freeman and Moss, who had sought nearly $50M in damages. Giuliani said he would appeal against the order. Freeman and Moss claimed Giuliani falsely accused them of criminal acts.
-Ukraine's Volodymyr Zelenskyy was, a week ago, still hopeful that his two biggest allies, Washington and Brussels, will approve financial aid packages worth $115B. However, he ends up with little to show for his efforts. The US Congress failed to approve a $60B support package, and a summit of EU leaders ended without agreement on their own €50B four-year funding for Ukraine. This failure to secure Ukraine’s long-term financial stability comes at a sensitive moment in the conflict, as Ukraine's counteroffensive has failed to free significant swaths of land from Russian occupation and Kiev's firepower is running low.
-Belgium's central bank governor, Pierre Wunsch, has expressed optimism that the European Central Bank will begin cutting interest rates in March, citing strong eurozone wage growth and pressure on prices. Although Wunsch is not yet ready to rule out raising borrowing costs further if wages continue to rise, he believes the probability of a hike has decreased. He believes inflation is moving in the right direction, but still needs good news on wages.
-Brazil's lower house of Congress has backed a constitutional amendment to simplify a range of levies on goods and services, addressing concerns about the country's complex tax system. The legislation will replace five separate consumption taxes with a dual VAT system, charged by federal authorities and regionally, starting in 2026. The reform, which was designed during the Jair Bolsonaro administration, is expected to be phased in over eight years. The move is seen as a significant step for Brazil's economy.
-Elon Musk has privately assured bankers who lent him $13B to fund his leveraged buyout of Twitter that they would not lose any money. These verbal guarantees were made to reassure lenders as the value of the social media site fell after Musk completed the acquisition last year. However, the seven banks that lent money to the billionaire for his buyout are facing serious losses on the debt if and when they eventually sell it. Musk's behavior, including attempting to back out of the takeover in 2022 and alienating advertisers, has stymied banks' efforts to offload the debt since he engineered the takeover.
-European bonds rallied on Friday, pushing yields to nine-month lows due to investors' focus on a slowing economy and the European Central Bank's insistence on not considering interest rate cuts. The yields on 10-year German Bunds dropped by 0.11 percentage points to 2.02%, the lowest level since March. The moves came despite ECB president Christine Lagarde's insistence that it was too soon to discuss rate cuts and the US Federal Reserve's dovish message earlier in the week.
-Tokyo Electron, Asia's largest semiconductor equipment maker, has managed to counteract the impact of Chinese export controls by expanding its sales of less advanced products to the country's chip industry. The company has been focusing on regulation-compliant products for China while deepening technology development with cutting-edge clients in other key markets. Tokyo Electron generated 43% of its revenues from China in the third quarter, compared to 24% a year earlier. The company is a crucial player in the semiconductor supply chain, providing chipmaking equipment for Taiwan Semiconductor Manufacturing Company, Samsung Electronics in South Korea, and Intel in the US.
-Turkish Airlines has ordered over 200 Airbus aircraft as part of a multi-billion deal to boost Istanbul's international hub status and Turkey's tourism industry. The deal, which has been under discussion for weeks, is a significant milestone in the aviation industry's evolution. The deal, which has been under discussion for weeks, is expected to boost demand for the industry's largest jets, which have seen a surge following the Covid-19 pandemic. The investment is expected to contribute to Turkey's aviation hub status and positively impact the tourism sector.

NEW YORK TIMES
-Israeli troops accidentally kill 3 hostages during combat in Gaza. Israeli forces mistakenly identified three Israeli hostages as a threat during a battle in northern Gaza, the military said. Alon Lulu Shamriz, Yotam Haim, and Samer Fouad Al-Talalka, taken hostage during the October 7 attack on Israel by Palestinian militant group Hamas, died after being fired on by Israeli troops in Gaza.
-In Israel, President Biden’s national security adviser denied talks of a rift over the Gaza war.
-A jury Orders Giuliani to Pay $148M to election workers he defamed. The former Georgia election workers said Rudy Giuliani destroyed their reputations and caused extreme emotional distress by spreading baseless lies.
-Drugs like ketamine and psilocybin are largely considered safe, but some people should be particularly cautious, experts say.
-Several Republican senators have objected to advancing 43 Biden diplomatic nominees. The State Department says that the monthslong blockade has damaged national security.
-A viral dance and ‘happiness campaign’ frustrates Iran’s clerics. It all started when a 70-year-old fish market stall owner nicknamed “Booghy” was grooving in public, in violation of Iranian law.
-Material from Russia investigation went missing as trump left office. A binder given to Donald Trump contained details that intelligence agencies believe could reveal secret sources and methods.
-Lead levels in children’s applesauce may be traced to cinnamon additive. The FDA is investigating the sources of cinnamon and other ingredients produced outside the US as the possible cause of lead poisoning in dozens of children.
-Alex Jones and Sandy Hook families enter final stretch in bankruptcy fight. Jones and the families who won more than $1B in damages against him last year have submitted competing settlement plans.
-New York suspends engineer who inspected Bronx building that collapsed. Officials said the inspector had “misdiagnosed” as a “decorative” element a column that was holding up the seven-story building.
-A Memphis school says it can’t bar a club sponsored by the Satanic Temple, which has been stirring fury with First Amendment challenges and public displays.

NY POST
-Hunter Biden refused to appear for a deposition in a criminal investigation, claiming his father was not financially involved in his foreign business dealings. House Oversight Committee chairman James Comer said that Hunter, 53, gave a speech outside the Capitol, claiming his father was not financially involved. The committee had over a dozen members of both parties present, dozens of staffers, and hundreds of specific questions. Comer said that Hunter's actions gave Congress the middle finger.
-General Motors is laying off 1,300 workers at two Michigan auto factories in early January. The Orion Assembly plant will lose 945 workers due to the end of Chevrolet Bolt EV production and the conversion to electric truck production starting in late 2025. Another 350 workers will be laid off at Lansing Grand River plant due to the end of Chevrolet Camaro production. Hourly employees will be offered positions at other factories. GM shares closed down 1.4% on Friday.

>>> Barron’s Weekend Summary

Barron’s Weekend Summary: The year 2023 has been fabulous for the financial markets
Sat, 16 Dec 2023 14:00 PM EST

Cover:
-The year 2023 has been fabulous for the financial markets, with the S&P 500 index rising 23% and the Nasdaq Composite up 41%. This is due to a strong economy, Big Tech's artificial-intelligence ambitions, and the possibility of interest-rate cuts in 2024. The bond market also experienced a historic downturn, causing yields to reach highs not seen since the 2008-09 financial crisis. As investors prepare for 2024, they should expect another strong year with a broadening rally encompassing various issues. The year is expected to be volatile, with shifting economic and interest rate expectations, geopolitical surprises, and political surprises from the presidential election season. However, important debates about inflation and rates are expected to be resolved by year-end, leaving investors eager for more positive news in 2025.

Interview:
-No interview this week

Tech Trader:
-Tech stocks experienced a significant rally in 2023, with the Nasdaq Composite up over 40% and the Magnificent Seven companies averaging over 100% returns. The rally was driven by expectations for a Federal Reserve pivot, a new commitment to cost-cutting, and artificial intelligence. This year, generative AI became mainstream, reviving investor interest in AI-relevant companies. The market believes these factors will drive tech stocks higher again in 2024. Other AI plays include Advanced Micro Devices, Qualcomm, Broadcom, and Micron Technology, which despite a terrible year, should benefit from rising memory prices and both AI servers and PCs will require more memory than older hardware

The Trader:
-Lower interest rates benefit both consumers and businesses, with mortgage rates falling below 7% for the first time since August. This could encourage potential home buyers and businesses to reduce borrowing costs, promoting deal-making and hiring. However, the Fed's decision to cut interest rates may be driven by economic weakness or rising financial risks, potentially leading to a credit-tightening recession. Traders are pricing in up to six rate cuts in the next year, indicating a more challenging economic landing. This could result in a short-lived slowdown but a more durable bull market in 2024.
-Merger mania in the oil and gas sector began in Q4 with Exxon Mobil acquiring Pioneer Natural Resources for $60B, followed by Chevron buying Hess for $53B. Occidental Petroleum recently announced its $11B acquisition of West Texas producer CrownRock. This trend is expected to continue, as fear of missing out is a real factor. Drillers are looking to the Permian Basin, Eagle Ford Shale, and Bakken formation for prime assets. Upstream companies, such as explorers, are likely to merge, as well as midstream players and downstream refiners. This consolidation cycle cycles through the entire system, as big companies will squeeze their suppliers, requiring consolidation. Wall Street expects this trend to continue.

Features:
-The US government has introduced new rules that could boost agriculture companies and refiners that are planning to convert plants and animal fats into green jet fuel. The Treasury Department will allow several types of biofuels to qualify for tax credits worth up to $1.75 per gallon, including corn-based ethanol and soybean-based fuel. The sustainable aviation fuel industry is a potential 36B gallon industry, with only Finnish company Neste and Indianapolis-based Calumet Specialty Partners being existing clean jet fuel makers. Ag companies like ADM, which signed a deal with biofuels company Gevo in 2021, are also working on making clean jet fuel.
-DocuSign shares surged 12% after the Wall Street Journal reported that the e-signature company has hired outside advisors to explore potential sales from strategic buyers or private-equity firms. DocuSign has a market value of $12.9B and is up 14% this year, well behind the NASDAQ Composite's 42% gain. A leveraged buyout with a modest premium would be the largest tech buyout deal in many months, likely edging the $12.5B that Silver Lake and the Canada Pension Investment Board paid for market software specialist Qualtrics earlier this year. The largest tech deal announced in 2023 is Cisco's pending acquisition of Splunk for $28B.

Europe:
-The Middle East conflict is affecting global trade, with two shipping companies, Maersk and Hapag-Lloyd, halting traffic through the Red Sea following attacks on their ships. Maersk, which accounts for almost 20% of global container traffic, has instructed all vessels bound to pass through the Bab al-Mandab Strait to pause their journey until further notice. Hapag-Lloyd, another major container-shipping firm, also suspended traffic through the Red Sea until Monday following an attack on one of its ships. The Bab al-Mandab Strait is a critical gateway for ships passing through the Suez Canal to reach the Gulf of Aden and Indian Ocean. The Houthi movement in Yemen has also emerged as a threat to Red Sea shipping since the war between Israel and Hamas began in Gaza in October.

Emerging Markets:
-no update

Commodities:
-Oil futures are trading in a pattern known as "contango," where contracts expiring several months later are higher than current prices. West Texas Intermediate crude futures are currently trading for $72.11 a barrel, while those expiring in June are at $73.05 a barrel. Even November 2024 WTI futures are higher than current prices, indicating a long-term trend. While contango may appear bullish, it actually means there isn't enough demand to fill all the market supply, causing investors to store oil barrels for later sale. This oversupply could persist for a while, a negative sign for oil investors. Contango is associated with negative returns for bets on oil price rise, with an average return of negative 3.8% for bullish oil-futures positions in the following three months.

Streetwise:
-Jack Hough has a contrarian investment idea for 2024; it’s Amazon.com. Amazon.com stock is the world's most recommended stock, with 56 Wall Street forecasters recommending it to buy, while the lone Negative Ned holds it. The stock has experienced a significant run, with shares multiplying seven times in value over the past decade, including a 75% gain this year. However, it is not in the deep value bin, with 40 times this year's projected free cash flow compared to 25 times for the S&P 500. And here’s the contrarian thought: According to old investment tropes, the stock must be headed for trouble, so investors should avoid herd mentality and chase past performance. recommending Amazon at this point is conformist, making it a classic double-contrarian reverse. To see why Amazon could continue outperforming in 2024, consider recent financial estimates, as the top 10 companies in the S&P 500 recently made up 35% of the index's value, the most since the 2000 internet stock bubble.

Le Monde : Serge Klarsfeld, le chasseur de nazis qui n’a plus peur du RN

Serge Klarsfeld, le chasseur de nazis qui n’a plus peur du RN
L’avocat historien a voué son existence à la mémoire de la Shoah. En traquant les anciens dignitaires nazis ainsi qu’en dénonçant avec constance une extrême droite française alors ouvertement antisémite. Pourtant, à 88 ans, le fils de déporté ne considère plus le RN comme un danger, mais comme un allié face au sentiment antijuif et à la menace de l’islamisme.

Sur un mur, un plan du camp d’­Auschwitz-Birkenau. Sur un autre, une petite toile ensoleillée de Florence. Serge et Beate Klarsfeld aimaient passer des vacances dans la cité toscane quand ils ne traquaient pas d’anciens dignitaires nazis. Mais tout, dans les bureaux qu’ils occupent au rez-de-chaussée d’un immeuble du 8e arrondissement de Paris, raconte une vie consacrée à la mémoire des victimes de la Shoah.

Des exemplaires du Mémorial de la déportation des Juifs de France (1978), leur livre monument – il pèse 7 kilos –, côtoient ceux de l’autre montagne qu’ils ont érigée, le Mémorial des enfants juifs déportés de France (1995). L’un a été le premier à répertorier les noms des 74 182 juifs déportés de l’Hexagone, l’autre à rendre leur humanité, en retraçant leurs courtes existences, aux 11 400 enfants juifs de France morts dans les camps.

Serge Klarsfeld aurait pu être l’un d’entre eux si son père, Arno, ne s’était pas sacrifié en se rendant à la Gestapo, venue frapper à la porte de leur appartement niçois, la nuit du 30 septembre 1943. L’enfant était alors caché, avec sa mère et sa sœur, dans le double fond d’une armoire. Il avait 8 ans.

Le vieil homme en a aujourd’hui 88 et il se tient droit, assis dans son fauteuil en cuir. Son épouse, Beate, 84 ans, court d’un bout à l’autre de l’appartement pour guider, en cette fin du mois de novembre, le chauffagiste de passage. Des coupures de presse punaisées derrière Serge Klarsfeld rappellent ce qu’a été l’existence du couple depuis leur rencontre, un jour de 1960, sur le quai du métro Porte-de-Saint-Cloud : la gifle infligée par la jeune militante allemande, en 1968, au chancelier Kurt Georg Kiesinger, ancien responsable de la propagande radiophonique hitlérienne ; le procès d’ex-dignitaires du IIIe Reich à Cologne, en 1979, durant lequel l’avocat défendit les parties civiles ; la traque rocambolesque, en Bolivie, du « boucher de Lyon », Klaus Barbie, chef de la Gestapo dans la capitale des Gaules, condamné à la perpétuité par la justice française, en 1987 ; les multiples procès intentés – et gagnés – pour antisémitisme contre Jean-Marie Le Pen…

En 2022, faire barrage à Marine Le Pen

Une vie de roman, immortalisée par le téléfilm La Traque (2008), dans lequel Yvan Attal interprète le rôle de Serge Klarsfeld et dont l’affiche est placardée au mur, elle aussi. « Nous avons toujours, Beate et moi, combattu l’extrême droite antijuive », rappelle l’octogénaire d’une voix assurée. Le 16 avril 2022, le couple signait encore une tribune dans Libération pour appeler, lors de l’élection présidentielle, à faire barrage à Marine Le Pen, « fille du racisme et de l’antisémitisme ».

Que s’est-il passé, alors, pour que Serge et Beate Klarsfeld acceptent de recevoir, quelques semaines plus tard, le 13 octobre 2022, la médaille de la ville de Perpignan des mains de son maire Rassemblement national (RN), Louis Aliot ? Pour qu’ils décident d’adouber la participation du RN à la marche contre l’antisémitisme, le 12 novembre ? Pourquoi Serge Klarsfeld clame-t-il désormais que la formation lepéniste aurait « abandonné l’antisémitisme, le négationnisme » et se rapprocherait « des valeurs républicaines » ?

« Nous avons constaté qu’il y avait beaucoup de braves gens au Rassemblement national », a assuré l’octogénaire dans une interview au Figaro, trois jours avant la marche, tandis que, selon lui, « l’extrême gauche abandonne sa ligne d’action contre l’antisémitisme ». Des propos qui portent, ébranlent les certitudes et imposent le silence : nul ne veut écorner cette grande figure morale avec des reproches publics. Il est plus simple de lui trouver des défenseurs – comme Richard Prasquier, ancien président du Conseil représentatif des institutions juives de France (CRIF), qui se dit « satisfait de l’évolution du RN » – que des détracteurs.

« Le RN, c’est évident, n’a pas rompu avec l’antisémitisme, estime le philosophe Bernard-Henri Lévy. Il ne suffit pas d’une marche pour consommer une rupture, de quelques déclarations arrachées par des journalistes insistants pour signifier un retournement des âmes et des esprits. » Le parti lepéniste, lui, ne s’est pas tu.

« J’ai été sensible à l’entretien donné par monsieur Serge Klarsfeld, qui dit qu’il n’a rien à reprocher à Marine Le Pen et au Rassemblement national sur le sujet de l’antisémitisme », a réagi sur la chaîne CNews le président du RN, Jordan Bardella. Le jeune dirigeant essayait ainsi de sortir de la polémique qu’il avait lui-même créée en déclarant que Jean-Marie Le Pen n’était, à ses yeux, « pas antisémite ».

Il reste d’« extrême centre », affirme-t-il

L’enjeu posé par le militant de la mémoire, ­historien et avocat est capital. Il consiste à savoir si l’extrême droite française s’est débarrassée ou non de l’antisémitisme, « cette maladie de l’humanité », selon les mots de Serge Klarsfeld. Et si l’empathie exprimée par Marine Le Pen envers la communauté juive à la suite de l’attaque terroriste du Hamas, en Israël, le 7 octobre, est sincère ou simplement opportuniste.

Depuis cette date, de nombreux juifs se demandent si l’ancien Front national, ennemi historique, pourrait devenir un protecteur face à l’explosion des actes antisémites et à la menace de l’islamisme, dans un contexte où la gauche radicale de Jean-Luc Mélenchon semble leur tourner le dos. Serge Klarsfeld, en tout cas, a choisi de faire confiance.

Qu’on ne s’y trompe pas : l’homme qui achetait des pages de publicité dans la presse, en 2017, pour appeler à faire barrage à Marine Le Pen, avec des photos évoquant les camps de concentration, n’a pas viré à l’extrême droite. Il reste d’« extrême centre », affirme-t-il. D’ailleurs, aux élections européennes de 2024, son « vote ne sera pas pour le Rassemblement national », précise-t-il. Qu’on ne s’y trompe pas non plus : l’octogénaire n’a pas perdu la tête avec l’âge, simplement un peu de son audition.

Toutes les personnes contactées pour cet article racontent un homme « droit » et « extraordinairement précis », dont les années n’ont pas altéré la recherche constante de la « vérité ». « Quand il parle d’un sujet, il entre dans le détail, ce n’est pas quelqu’un de superficiel. Il est intellectuellement alerte, professionnel dans sa démarche », souligne Pierre-François Veil, fils de Simone Veil et président de la Fondation pour la mémoire de la Shoah – qui « doute », lui, de la sincérité de la conversion du RN.

La préférence nationale passée sous silence

Non, Serge Klarsfeld revendique simplement le fait de ne « pas être sectaire ». Il veut encourager les bonnes volontés pour mieux les arrimer à son camp. Et ne pas tourner le dos à un parti qui pesait 41,5 % des voix au second tour de l’élection présidentielle en 2022. « J’ai constaté une évolution très nette avec l’arrivée de Marine Le Pen en ce qui concerne l’antisémitisme, explique-t-il, installé dans son bureau. Elle affirme une solidarité vis-à-vis des juifs, qui sont inquiets en France, et une solidarité vis-à-vis de l’Etat d’Israël. Dans des périodes difficiles, il faut des alliés. Pour moi, un parti d’extrême droite ne peut être appelé d’extrême droite que s’il est antijuif. »

Ce qui revient à passer sous silence la préférence nationale – pivot xénophobe du projet lepéniste – et la volonté affirmée de ratiboiser l’Etat de droit, deux éléments objectifs de définition de l’extrême droite. Mais le traumatisme du 7 octobre lui fait reconsidérer l’essentiel. Son épouse, Beate, assume le mot de « peur ». Comme lui, elle soutient l’idée que « c’est bien d’avoir des gens qui supportent Israël et combattent l’antisémitisme » à l’heure où « le monde se réveille contre Israël ». Le monde « arabo-musulman » en particulier, complète Serge Klarsfeld.

« La masse des musulmans qui vivent en France est attentiste et silencieuse, mais ils ont des sentiments propalestiniens qui sont dangereux pour les juifs ici », poursuit-il. Soit la grille de lecture qui conduit Marine Le Pen, depuis une dizaine d’années, à se présenter en rempart de la communauté juive, arguant de son combat contre l’islamisme.

La députée du Pas-de-Calais considère de longue date les chambres à gaz génocidaires comme le « summum de la barbarie ». Mais les déclarations de son père les qualifiant de « détail de l’histoire » ne l’ont jamais empêchée de militer à ses côtés jusqu’à l’heure de l’héritage. Serge Klarsfeld en convient : l’exclusion de Jean-Marie Le Pen du Front national, en 2015, n’a pas été accompagnée d’un discours de rupture « forte » sur le fond.

« Nous n’avons pas à rougir de notre histoire qui a vu des patriotes, réunis par l’amour de notre pays, ramasser le drapeau français que nos dirigeants avaient piteusement laissé dans le caniveau », assurait au contraire Marine Le Pen, en octobre 2022, lors d’un colloque organisé pour les 50 ans de son parti – incluant, de fait, les figures de la collaboration qui ont contribué à fonder le FN… Quand Bruno Gollnisch se rend, en décembre 2022, au dîner du Parti de la France, une petite formation antisémite, aux côtés du négationniste Hervé Ryssen, personne au RN ne songe à l’exclure du conseil national, le « parlement » du parti.

Indulgence

Serge Klarsfeld le reconnaît : la fille de Jean-Marie Le Pen dispose de solides marges de progression. « Marine Le Pen doit admettre le discours de Jacques Chirac reconnaissant la responsabilité de l’Etat français dans la rafle du Vél’d’Hiv et la loi Gayssot [qui a créé, en 1990, le délit de négationnisme] », juge-t-il. L’indulgence de l’historien lui est néanmoins acquise. Elle tient autant aux circonstances qu’aux hommes.

A la rentrée 2022, Philippe Benguigui, militant pour la mémoire de la Shoah à Perpignan, appelle Serge Klarsfeld, son ami de trente ans. Les deux hommes ont travaillé ensemble sur le projet de Mémorial du camp de Rivesaltes. Le premier demande au second s’il veut bien descendre dans les Pyrénées-Orientales afin de lui remettre, lors d’une cérémonie, ses insignes nouvellement acquis de chevalier de la Légion d’honneur. Serge Klarsfeld accepte de bon cœur.

Philippe Benguigui lui précise qu’il a également convié le maire de Perpignan, Louis Aliot, dont il est proche. Pas de réaction défavorable, c’est donc que Serge Klarsfeld approuve. Prévenu de l’initiative par l’antenne locale de son mouvement, le président de SOS-Racisme, Dominique Sopo, met en garde l’historien contre le risque d’une « opération de communication » du parti lepéniste. Son mail reste sans réponse.

Louis Aliot occupe une place à part au sein du Rassemblement national. Pendant des années, l’ancien chef de cabinet de Jean-Marie Le Pen a avalé (presque) sans broncher les propos antisémites de son ex-patron. Mais ce petit-fils d’un juif pied-noir est aussi l’un de ceux qui poussent sa formation à abandonner cette doctrine raciste. L’ancien compagnon de Marine Le Pen a effectué, en 2011, un voyage en Israël, inédit à l’époque pour un cadre frontiste de ce niveau – il était alors numéro deux du FN. « C’est l’antisémitisme qui empêche les gens de voter pour nous. Il n’y a que cela… A partir du moment où vous faites sauter ce verrou idéologique, vous libérez le reste », résumait-il, en 2014, face à l’historienne Valérie Igounet (Le Front national, de 1972 à nos jours, Seuil, 2014).

De quoi rassurer les Klarsfeld, qui acceptent de recevoir de ses mains, le 13 octobre 2022, la médaille de la ville de Perpignan à l’issue de la cérémonie de Légion d’honneur de Philippe Benguigui. Ces derniers s’entretiennent ensuite avec Louis Aliot pendant près d’une heure et demie. « Ils m’ont posé des questions sur mon parcours, raconte le maire de Perpignan. Ils ont compris que, pour les pieds-noirs, Jean-Marie Le Pen, c’est l’homme de la IVe République qui quitte les bancs de l’Assemblée nationale pour aller se battre en Algérie. Ils ont surtout vu que, pour la protection de la mémoire et pour l’avenir, il est important de rallier à sa cause des gens qui n’étaient pas forcément en soutien de leur combat. » La discussion s’avère fondatrice. « Au RN, un certain nombre de notables ressemblent à Aliot », veut désormais croire Serge Klarsfeld.

La soirée d’hommage se transforme en débat

Le retour du couple à Paris est houleux. Beaucoup, au sein des institutions juives, ne comprennent pas cette excursion ­perpignanaise. Le nouveau président du CRIF, Yonathan Arfi, reconnaît pudiquement une « différence d’analyse » face au « géant » Serge Klarsfeld en raison du risque d’« instrumentalisation » des lepénistes. Le linge sale se déballe une semaine plus tard, le 19 octobre. En famille ou presque.

La soirée d’hommage aux Klarsfeld, prévue de longue date par l’association des Amis du CRIF dans un hôtel parisien, se transforme en débat sur l’attitude à adopter face à l’extrême droite. Arno Klarsfeld, 58 ans, fils de Serge et Beate, s’installe d’autorité à la tribune : il s’est invité à la dernière minute. Le conseiller d’Etat, habitué des plateaux des chaînes d’information en continu, électrise une assistance divisée.

L’extrême gauche, voilà le nouvel ennemi, assure-t-il, défendant l’initiative de ses parents. La majorité des deux cents personnes présentes approuvent. « Nous ne sommes pas dans un meeting politique ! », s’agace l’animateur de la soirée, Paul Amar, ancienne star du « 20 heures » de France 2. « Il y avait des intervenants désagréables, agressifs et malpolis envers mes parents. Je n’ai vraiment pas pu le supporter », justifie après-coup Arno Klarsfeld.

De nombreux proches du couple attribuent à cet ancien soutien de Nicolas Sarkozy l’attitude de ses parents à l’égard du RN. Arno Klarsfeld est un invité régulier de CNews et d’autres médias conservateurs, où il critique l’Ukraine, coupable à ses yeux de glorifier certaines figures nationalistes ayant collaboré avec l’Allemagne nazie. Il livre aussi des chroniques sur Radio J, décrivant sa crainte de voir les sociétés occidentales « se diluer » sous l’effet de l’immigration.

Très proche de ses parents, Arno Klarsfeld habite dans le même immeuble qu’eux, juste au-dessus de leurs bureaux, au troisième étage, quand Serge et Beate logent au cinquième. Seule sa sœur, Lida, 50 ans, est partie, pour s’installer à Rome. Arno vit lesté du prénom de son héroïque grand-père. Il a longtemps tenté de se ménager une place dans le récit familial en militant contre Jean-Marie Le Pen, à la fin des années 1980, ou en plaidant comme avocat, dans les années 1990, contre le milicien Paul Touvier et l’ancien préfet Maurice Papon, tous deux condamnés pour complicité de crimes contre l’humanité.

« Personne n’influence mon père, certainement pas moi, ou peut-être sur le port d’une cravate », évacue-t-il aujourd’hui. Dans le dernier bulletin de l’association des Fils et filles des déportés juifs de France (FFDJF) – qu’il a fondée avec son épouse en 1979 –, Serge Klarsfeld écrit qu’Arno est « [leur] porte-parole sur les chaînes d’information (…), que ses prises de position sont aussi les [leurs]. »

« Ces notions s’affadissent ou s’affaiblissent »

En rentrant de Perpignan, l’octogénaire s’est un instant senti « malheureux » de « se retrouver un peu seul dans son initiative », raconte son ami l’écrivain Marek Halter – qui « comprend sa démarche » mais « ne la partage pas ». Il s’est vite ressaisi. L’historien relève d’ailleurs que les réactions à son interview au Figaro se font moins négatives que les critiques émises après sa venue à Perpignan.

Nous relisons à Serge Klarsfeld un extrait des Mémoires (Flammarion) qu’il a publiés avec son épouse en 2015, dans lequel il écrivait que, « par leur culture et par leur mémoire des persécutions si longtemps subies, les juifs portent en eux l’amour de la liberté et le respect de la personne humaine ». Le vieil homme réagit sans ciller : « En temps de guerre, et Israël est en guerre perpétuelle, les priorités sont des priorités de survie. Donc ces notions s’affadissent ou s’affaiblissent. »

La plupart des membres de la FFDJF soutiennent les Klarsfeld dans leur démarche. Le millier d’adhérents qui composent l’association représentent quasiment une seconde famille pour eux. Ils ont passé ensemble tant de temps à étudier les archives du régime nazi, à rédiger des fiches bristol sur les convois de déportés, à inaugurer des stèles commémoratives ou à poser des plaques mémorielles sur les façades des écoles.

« Ce couple est l’honneur de l’humanité », vante Claude Bochurberg, membre des FFDJF. Régine Lippe, autre militante de l’association, qui va régulièrement avec les Klarsfeld « lire les noms de [leurs] disparus » au Mémorial de la Shoah, les respecte tout autant, même si elle a, au départ, été un peu choquée par leur changement de cap. « Mais, en réfléchissant, je me suis dit : “Mince, ces 40 % de gens qui votent pour le RN ne sont pas tous antisémites” », raconte cette retraitée de 86 ans, cachée par des Justes tout au long de la seconde guerre mondiale et dont le père a été déporté.

Parfois consulté par l’entourage présidentiel

A tous, les Klarsfeld proposent de participer à un « voyage de solidarité » en Israël, début janvier, pour soutenir l’Etat hébreu dans sa guerre contre le Hamas, ponctué par une rencontre avec le président d’Israël, Isaac Herzog. L’été dernier, la plupart se réjouissaient à l’idée de rallier Berlin pour assister à la remise de la grand-croix de la Légion d’honneur à Serge Klarsfeld par Emmanuel Macron.

Le militant, qui est parfois consulté par l’entourage présidentiel pour ­préparer les discours mémoriels, s’est souvent affiché à ses côtés. Mais l’événement, prévu début juillet en marge d’une visite d’Etat, a été reporté en raison des émeutes urbaines. Il doit « en principe » être reprogrammé, glisse un proche du chef de l’Etat, malgré la gêne qu’ont pu susciter à l’Elysée les prises de position de l’octogénaire.

« Le but de Serge, c’est la reconnaissance de la mémoire de la Shoah et surtout la pérennité et la sécurité de ce qu’il reste des juifs, décrypte l’historienne Annette Wieviorka, dont les grands-parents ont été déportés dans le même convoi que celui du père de Serge Klarsfeld. Après le 7 octobre, plus rien n’est pareil. On ne peut pas comprendre la violence du sentiment que cela pourrait recommencer. Il y a toujours chez lui l’enfant de 8 ans caché derrière une fausse porte d’armoire. » Un enfant transi de peur.

>>> US Close Dow +0.15% S&P -0.01% Nasdaq +0.35% Russell -0.77%

Closing Stock Market Summary
The stock market closed out this solid week on a somewhat mixed note. The Nasdaq Composite climbed 0.4% and the Dow Jones Industrial Average gained 0.2%. Meanwhile, the S&P 500 closed little changed from yesterday and the Russell 2000 declined 0.8%.

There was a brief spike in the afternoon trade that was likely related to today's huge quarterly options and futures expiration, which led to heavy volume at the NYSE and Nasdaq throughout the session. Increased activity was also related to a rebalance of the S&P 500 and Nasdaq 100.

Mega cap stocks, growth stocks, and semiconductor stocks exhibited relative strength while the "rest" of the market traded down. The Vanguard Mega Cap Growth ETF (MGK) registered a 0.4% gain; the Russell 3000 Growth Index saw a 0.4% gain; and the PHLX Semiconductor Index climbed 0.5%. Meanwhile, the equal-weighted S&P 500 fell 0.7%.

Decliners had a better than 2-to-1 lead over advancers at the NYSE and a 3-to-2 lead at the Nasdaq.

Three of the S&P 500 sectors closed higher, boosted by their mega cap constituents, while eight sectors declined. The information technology sector (+0.7%) saw the biggest gain while the utiltiies sector (-1.7%) registered the biggest loss.

Selling efforts had been driven by a lingering sense that stocks are overbought on a short-term basis. Still, selling was modest considering the scope of recent gains. The S&P 500 closed 14.6% higher than its late October low.

The negative bias had also been related in part to New York Fed President Williams (FOMC voter) in a CNBC interview seemingly contradicting Fed Chair Powell's remarks on Wednesday.
He said that it is premature to think about the timing of rate cuts, but Mr. Powell indicated that the committee discussed at this week's meeting when the timing would be appropriate to dial back policy restraint.

Atlanta Fed President Bostic (2024 FOMC voter) told Reuters, meanwhile, that he expects two rate cuts in 2024, starting in the second half of the year.

Treasuries had a volatile response to the commentary from Fed President Williams, but things calmed down as the session progressed. The 2-yr note jumped to 4.50% from 4.41% after his remarks, but settled at 4.46%, which is six basis points higher than yesterday. The 10-yr note yield moved from 3.92% to 3.98%, but settled unchanged from yesterday at 3.93%.

Some generally soft industrial production data for November, and further slippage in the preliminary December S&P Global US Manufacturing PMI to 48.2 from the final reading of 49.4 for November, helped spur some rebound action in the Treasury market.
  • Nasdaq Composite: +41.5%
  • S&P 500: +22.9%
  • Dow Jones industrial Average: +12.5%
  • S&P Midcap 400: +13.0%
  • Russell 2000: +12.7%

Reviewing today's economic data:
  • December Empire State Manufacturing -14.5 (consensus 3.0); Prior 9.1
  • November Industrial Production 0.2% (consensus 0.2%); Prior was revised to -0.9% from -0.6%; November Capacity Utilization 78.8% (consensus 79.1%); Prior was revised to 78.7% from 78.9%
    • The key takeaway from the report is that industrial production was boosted by the end of the UAW strike, which bolstered manufacturing output. Excluding motor vehicles and parts, the index for manufacturing decreased 0.2%.
  • December S&P Global US Manufacturing PMI - Prelim 48.2; Prior 49.4
  • December S&P Global US Services PMI - Prelim 51.3; Prior 50.8

Looking ahead, economic data is limited to the December NAHB Housing Market Index (prior 34) at 10:00 a.m. ET.

WSJ : Matthew Perry Died From Effects of Ketamine, Autopsy Shows

Matthew Perry Died From Effects of Ketamine, Autopsy Shows
The 54-year-old ‘Friends’ actor was found unresponsive at his California home in October

Matthew Perry died from the acute effects of ketamine, according to an autopsy of the “Friends” actor released Friday.

The 54-year-old actor was discovered unresponsive in the pool at his Pacific Palisades home on Oct. 28, according to Los Angeles police officials.

“At the high levels of ketamine found in his postmortem blood specimens, the main lethal effects would be from both cardiovascular overstimulation and respiratory depression,” the Los Angeles County Department of Medical Examiner’s autopsy report said.

Drowning, coronary artery disease and “buprenorphine effects” also played a role in his accidental death, according to the autopsy. Buprenorphine is a medication used to treat opioid-use disorder.

Ketamine enhances the effects of opioids including buprenorphine, said Dr. Benjamin Yudkoff, medical director of the ketamine and esketamine program at Brigham and Women’s Faulkner Hospital in Boston. “There’s a greater risk of respiratory depression when you mix them,” he said.

Perry, who was open about his lifelong substance-abuse struggles, had been sober for 19 months, the autopsy report said. He was receiving ketamine infusion therapy for depression and anxiety, and his last known treatment was about a week and a half before he died, according to the report. Ketamine’s half-life, or the time it takes the amount of drug in the body to fall by 50%, is three to four hours, the report said.

Ketamine, an anesthetic, has been used in hospitals and clinics for decades to numb people during surgeries. It also has hallucinogenic properties and is used as a party drug, causing an out-of-body experience.

More recently, the drug has surged in popularity as a mental-health treatment, after some studies have shown that it can help patients with severe depression, post-traumatic stress disorder and chronic pain. Treatment clinics have popped up across the U.S., and some companies started prescribing it online during the Covid-19 pandemic.

The Food and Drug Administration hasn’t cleared ketamine as a mental-health treatment. But doctors can prescribe it for that purpose off-label because the drug is approved as an anesthetic. A similar chemical called esketamine is FDA approved for patients with treatment-resistant depression under the name Spravato.

The FDA published a warning letter in October about the potential risks of compounded ketamine products for the treatment of psychiatric disorders. Safety concerns include increases in blood pressure, slowed breathing and urinary tract or bladder problems.

Using ketamine without a health provider monitoring for sleepiness, dissociation or changes in heart rate can put patients at risk, the agency said in its letter.

“It really decreases your consciousness, and with that it can have cardiovascular changes and respiratory depression,” said Dr. Lisa Harding, a psychiatrist at the Yale School of Medicine who treats patients with ketamine. “This is a treatment that saves lives, but it has to be done with the right patient and it has to be done in the right place.”

Ketamine and other substances such as psilocybin and LSD have become popular among some tech executives and employees, who see psychedelics and similar substances as gateways to business breakthroughs.

On the day he died, Perry had played a game of pickleball, according to his assistant. The assistant later returned from running errands to find the actor floating face down in the pool, according to details included in the autopsy report. The assistant jumped in, moved the actor to a sitting position on the steps of the pool and called 911. Paramedics pulled him out and onto the grass and declared him unresponsive. The assistant didn’t note any “recent illnesses, complaints, drinking or drug abuse,” according to the report.

Perry’s death came as a shock to millions of his fans. The Massachusetts-born Canadian, with his seemingly easy humor, was a cultural touchstone for generations, along with his “Friends” co-stars. The show, which helped define the 1990s, continues to be in heavy rotation. Its stars remain familiar favorites to fans.

“He was such a part of our DNA,” Jennifer Aniston wrote in an Instagram post after Perry’s death. “We were always the 6 of us. This was a chosen family that forever changed the course of who we were and what our path was going to be.”

Perry continued to act with some success after “Friends” ended, but his struggles with drugs could be consuming. In his 2022 memoir “Friends, Lovers, and the Big Terrible Thing,” he detailed some of the cost of his addiction: 15 stays in rehab, an exploded colon, $7 million trying to get help, and living “half my life in one form or another of treatment center or sober living house.”

Perry eventually became a celebrity ambassador for the National Association of Drug Court Professionals and, for a time, operated a recovery facility out of his Malibu home.

“The best thing about me, bar none, is that if somebody comes to me and says, ‘I can’t stop drinking, can you help me?’ I can say ‘yes’ and follow up and do it,” Perry said in an interview while promoting his memoir last year. “When I die, I don’t want ‘Friends’ to be the first thing that’s mentioned. I want that to be the first thing that’s mentioned.”

WSJ : Activision Blizzard to Pay More Than $50 Million to Settle Lawsuit That Sp

Activision Blizzard to Pay More Than $50 Million to Settle Lawsuit That Spurred Microsoft’s Takeover
California’s Civil Rights Department sued Call of Duty maker in 2021 alleging sexual harassment, discrimination and pay disparity

Activision Blizzard has agreed to pay more than $50 million to settle a high-profile lawsuit by a California regulator that helped spur Microsoft’s MSFT 1.31%increase; green up pointing triangle October takeover of the videogame company, according to people familiar with the matter.

The Civil Rights Department sued Activision in mid-2021, alleging its leadership ignored numerous employee complaints of sexual harassment, discrimination and pay disparity.

California’s Civil Rights Department said Friday the settlement resolves allegations that the company discriminated against women at the company, including by denying promotion opportunities and paying them less than men for doing substantially similar work.

A company representative didn’t immediately comment.

The agency comments came after The Wall Street Journal reported on the settlement.

Santa Monica, Calif.-based Activision has repeatedly denied the state’s charges and said an investigation into the matter by its board of directors concluded they were false. The company has since fired, pushed out or disciplined dozens of employees for misconduct and other issues, in response to an internal investigation.

If finalized, the settlement would be the second-largest by the state agency, behind a $100 million settlement with Riot Games, a smaller California videogame maker, over alleged gender discrimination. Riot apologized after the settlement was announced.

The agreement is subject to court approval. Activision agreed to take additional steps to help ensure fair pay and promotion practices at the company and provide monetary relief to women who worked at the company between 2015 and 2020, the California department said.

The agency had sought an amount much greater than the settlement Riot Games paid earlier this year to settle its lawsuit, according to people familiar with the negotiations. Details of the potential Activision settlement could still change.

The state in 2021 estimated Activision’s liability at nearly $1 billion to 2,500 employees who might have claims against the company, court documents show. Activision had around 13,000 employees as of the end of 2022.

California’s case against Activision stands out because it was part of a series of events that prompted Microsoft to swoop in with its $75 billion bid for the Call of Duty maker. After the suit was filed, federal agencies launched investigations into how the company handled employees’ allegations of sexual misconduct and workplace discrimination.

The Journal reported in the fall of 2021 that Activision CEO Bobby Kotick didn’t inform Activision’s board about some allegations of sexual misconduct within the company. Following the report, Activision’s stock dropped, some employees and investors called for Kotick’s ouster, and Microsoft saw an opening to make a deal. Kotick has said he was transparent with his board of directors.

In early 2022, Microsoft and Activision announced their merger agreement, valuing Activision at $68.7 billion after adjusting for its net cash. Kotick is expected to leave the company he has led for more than three decades at the end of this month.

California’s case against Activision has had challenges. In 2021, Activision agreed to pay $18 million to settle a lawsuit by the U.S. Equal Employment Opportunity Commission, which had been investigating it for allegations of sexual harassment and retaliation. California’s Civil Rights Department—then called California Department of Fair Employment and Housing before its name was changed in 2022—objected to the amount, saying it could ruin the agency’s lawsuit against Activision. A state judge ruled against the agency.

Also in 2021, Activision agreed to pay $35 million to settle claims by the Securities and Exchange Commission tied to its process for deciding whether its disclosures to investors should reflect any employee complaints about workplace misconduct. The federal agency further alleged that Activision violated a whistleblower-protection rule. Activision settled the probe without admitting or denying the SEC’s allegations.

Complicating the state’s case against Activision, California Gov. Gavin Newsom’s office in 2022 fired a lawyer involved in the suit, prompting a second attorney to quit in protest.

Since California filed its suit against Activision, the company has announced several initiatives aimed at making its workplace more inclusive. In 2022, the company’s Blizzard Entertainment unit hired its first vice president, head of culture.

FT : Italy overtakes Bulgaria for best-value ski trips

FT : Italy overtakes Bulgaria for best-value ski trips
Inflation raises costs in many European resorts, survey finds

Bardonecchia has been named the best-value skiing resort in Europe, knocking Bulgaria’s Borovets off the top spot for the first time since 2019.

The survey, carried out by Post Office Travel Money and Crystal Ski Holidays, compares the costs of lift passes, ski and boot hire, ski tuition and food and drinks over a one-week holiday.

Although inflation and increased living costs are squeezing families’ holiday budgets, tourist demand for trips and experiences remains high. According to the Post Office and Crystal Ski Holidays’ survey of 2,001 adults, 12 per cent are planning a ski holiday between December 2023 and April 2024.

Prices in the Italian ski resort for an adult rose just 1.4 per cent year on year to £532.

While still making the top 10, prices in Borovets rose 8.2 per cent to £554, while another Bulgarian resort, Bansko, saw prices rise by 18.1 per cent to £642, having been rated best value in 2018.

A French resort appeared in the top three of the best-value ranking for the first time. Le Corbier, in the Auvergne-Rhône-Alpes region, charges £611 for a week’s adult ski pass, equipment, tuition and food and drinks.

“Ski resort costs are likely to play an important part in destination choice this year as the rising cost of living in the UK puts pressure on the amount of money ski enthusiasts have available for their annual winter sports holiday,” Laura Plunkett, head of Post Office Travel Money, said.

Prices have fallen in nine of the 31 resorts surveyed last year and risen in 22. However, only two of those recorded increases are more than 10 per cent.

A new entry, Jahorina in Bosnia and Herzegovina, offers the best value for families of four at £1,657. Passo Tonale at £1,678 and Bardonecchia at £1,752, both in Italy, took second and third place.

Bansko lost its top spot for families due to a steep increase in ski school prices. Ski school for two adults and two children aged six and eight now costs £815, compared with £465 in Jahorina.

“Many parents taking their children skiing will want them to attend ski school and the cost of this can add considerably to a ski holiday,” said Plunkett.