TheChek News Flow

French Business Newsletter Summary (January 28, 2026)

EXECUTIVE

Economy Minister Roland Lescure authorized the sale of aerospace equipment supplier LMB Aerospace to American firm Loar Group without requiring Bpifrance involvement, overriding Defense Ministry (DGA) recommendations. Loar Group acquired 100% of shares from previous owners Tikehau Capital, Amundi, and Thomas Bernard for approximately €400 million—double the €200 million Tikehau paid in 2021. The transaction received approval on December 26, 2025, despite earlier government concerns. The DGA had opposed the summer 2025 sale, with ministers Éric Lombard (Economy) and Sébastien Lecornu (Defense) previously threatening veto over American control of Rafale combat aircraft and Leclerc tank component suppliers. However, Emmanuel Chiva replaced Patrick Pailloux as Lecornu's chief of staff in November, proposing to maximize the deal while involving Bpifrance. The final approval came without public government communication, contrasting with the transparent Doliprane-Sanofi sale to American firm Clayton, Dubilier & Rice in autumn 2024. The transaction is under investigation by the National Financial Prosecutor.

The Renaissance party is rebranding to "Nouvelle République" through naming agency Namibie, with the new name registered at the National Institute of Industrial Property (INPI) in September 2025 by intellectual property lawyer Nicolas Godefroy. The change aims to differentiate from Eric Zemmour's Reconquête party and Édouard Philippe's Horizons party. The new name "Pour une nouvelle République" is considered less compelling than "Renaissance," chosen by Stéphane Séjourné in September 2022. Party secretary Gabriel Attal seeks to impose his identity ahead of the 2027 presidential election, though the final name choice—criticized by regional newspaper La Nouvelle République for plagiarism—won't be finalized until after municipal elections. The move follows the party's evolution from Emmanuel Macron's 2016 "En marche !" movement to "La République en Marche" and eventually "Renaissance." In 2022, Renaissance was described as conveying renewed hope. In July 2024, Attal noted on LinkedIn the party aimed to unite and revitalize parliamentary dynamics. Validation is expected in March.

The Ecologist and Social group is establishing an investigative commission focused on digital issues affecting public authorities' layoff plans at the National Assembly. Group members plan to target National Rally (RN) positions, led by Hérault deputy Aurélien Lopez-Liguori. Commission president Cyrielle Chatelain (Isère) declared the resolution admissible on January 27, with examination assigned to deputy Philippe Latombe (Les Démocrates) as secretary. The investigation will examine risks from public data brokers, disinformation challenges, and French dependence on American solutions. Ecologists anticipate this will refocus future investigative work on cloud computing, data storage, and protection software used in public administrations. The commission's formal creation awaits approval on February 3.

During the Public Health Committee (SANT) coordination meeting on January 27, the Alliance of Socialists and Democrats (S&D) and European People's Party (PPE) agreed on strategic rapporteur designations for two major upcoming legislations. Lithuanian Vytenis Andriukaitis (S&D) will pilot biotechnology regulations, while Croatian Tomislav Sokol (PPE) will handle medical device provisions. Rapporteur names haven't been announced by both majority groups. Despite rapid political agreement among group coordinators, the future biotech regulation remains contentious, requiring SANT to share competencies with the Industry, Research and Energy Committee (ITRE) and Environment Committee (ENVI). If coordinators cannot reach agreement during the Conference of Committee Presidents, committee president Roberta Metsola will decide. The industry sector is lobbying European deputies for simplified clinical trial access against Chinese and American competitors, seeking improved access to European funds like the EIC Fund of the European Innovation Council.

ENTERPRISES

EDF Hydro director Emmanuelle Verger-Chabot announced to staff in early January that the subsidiary's production divisions must reduce operating expenses by €19 million by 2030. Group CEO Bernard Fontana promises these savings will be reinvested in dam infrastructure. The cost reduction program specifically targets support functions, with EDF Hydro required to achieve €19 million in savings while the nuclear and thermal division (DPNT) under Cédric Lewandowski must find €100 million. Both entities received promises that amounts would be reallocated to their productive tools, primarily through work financing to be determined. For EDF Hydro, this could serve to increase dam power or ensure predictive/curative maintenance. An internal "My EDF Group" survey shows confidence in the group's future declined 3 points to 66% among EDF Hydro employees, with 69% (up 3 points) remaining optimistic about their own future. However, those believing the group is heading in the right direction dropped 3 points to 34% in 2025. Within the subsidiary, savings should reach €3 million in 2026 and €4 million in subsequent years. Director Emmanuelle Verger-Chabot indicated affected areas would be announced soon.

Savings research will manifest through a 15% reduction in IT spending. For example, standard off-the-shelf software purchases will be prioritized over enterprise-specific custom development, appearing disproportionately expensive relative to services provided. This will notably result in reduced reliance on external service providers. Additionally, management seeks to identify which support functions—not directly tied to energy production—are redundant and can be eliminated, whether in human resources, information systems, or consulting purchases. Finally, EDF Hydro is preparing to transition from concession to authorization regime for hydroelectric dams, as outlined in the law proposed in early January by deputies Marie-Noëlle Battistel (Socialist Party) and Philippe Bolo (Modem). This legislation is expected to remove two contentious issues between France and the European Commission, enabling EDF to invest massively in dam construction, notably energy transfer pump stations. EDF Hydro anticipates a tax increase linked to these new requirements.

French satellite motor specialist Exotrail is launching a partnership with Japanese company Astroscale's tricolor subsidiary to capture the deorbitation market. Both companies are positioning themselves for a first European call for tenders this year. Already selected in November by Space Command for future military "patrol" satellites providing Yoda motors, SME Exotrail is pursuing its rise in power on the promising In-Orbit Servicing (IOS) segment. The SME founded and chaired by Jean-Luc Maria, an engineer who graduated from ISAE Supaero and formerly with CNRS, will announce this Wednesday, January 28, at the European Space Conference in Brussels, a strategic partnership with a competitor—Japanese Astroscale's French subsidiary. Based in Massy, Exotrail has had a production facility with 100-motor monthly capacity and an order book exceeding 150 units to deliver since July. The company now aims to position itself in deorbitation services, employed notably to declutter satellite space at end-of-life by bringing them into the atmosphere where they disintegrate.

By partnering, Exotrail and Astroscale aim to jointly respond to a European client's call for tenders for a first low-orbit satellite deorbitation before 2030. Japanese Astroscale, chaired by Nobu Okada and directed in France by Philippe Blatt, already has recognized expertise in orbital approach. Beyond end-of-life satellite destruction, this booming market involves constellation multiplication, from Starlink by Elon Musk at Kuiper by Jeff Bezos through Chinese Guowang, which also promises refueling operations, orbital servicing, or inspection and destruction of enemy satellites. Beyond Atroscale, Americans Impulse Space and Starfish Space, awarded a first contract to the United States in January, Italian D-Orbit, and Toulouse-based Infinite Orbits are positioned in this niche.

MEDIA

Within CMA Media, Arnaud de Courcelles has been simultaneously managing two general directorships for a year—BFM Locales antennas and BFM Business. He is charged with conducting a decisive dual reform, though so far fraught with pitfalls, for Rodolphe Saadé's group. Since purchasing RMC and BFM antennas in summer 2024 by CMA CGM patron Rodolphe Saadé, this discreet man has become one of the galaxy's rising figures within CMA Media. As general director of both BFM Business and BFM Locales (formerly BFM Régions), Arnaud de Rémy de Courcelles, commonly known as Arnaud de Courcelles, shoulders two structuring media group projects for 2026. He must establish a major transversal hub between BFM Business and La Tribune while building a viable economic model for BFM's local antennas. Having become Rodolphe Saadé's sensitive missions man, this ambitious individual has successfully delivered some successes to earn his stripes. According to our information, during the 2024-2025 season, BFM Business radio increased its audience (+16%). BFM Business's digital audience doubled, reaching 50 million monthly visits. BFM Business channel's business figures show constant progression.

A year ago, former CMA Media vice president Nicolas de Tavernost had entrusted Arnaud de Courcelles with establishing a crossover with daily La Tribune, a major economy hub expected to launch in early summer 2026 with de Courcelles taking general management under Jean-Christophe Tortora's chairmanship at CMA Media's press hub. The information directorship casting, initially expected to go to Lucie Robequain, recently replaced as L'Informé site revealed, remains undecided. However, this transversal hub's constitution was slowed by successive organizational changes riddled with social tensions. Driven by Jean-Christophe Tortora, entrusted to Arnaud de Courcelles, then paused by Claire Léost upon her disruptive arrival at CMA Media's head, the synergy project around a "pro-business" editorial line strengthened has returned to the rails at year's start. Formal announcements in social and economic committee (CSE) are promised within two weeks to distribute roles among La Tribune's 40 journalists and BFM Business's 70 journalists. The challenge will be making both brands coexist—one with a paid model (La Tribune) with subscribers, the other free (BFM Business). A stake made all the stronger as competition is fierce. Indeed, LVMH group, which owns Les Échos, Investir, and Radio Classique, added L'Agefi and Challenges to its economic titles portfolio last year.

Awaiting staff situation clarification, Arnaud de Courcelles has driven initial synergies. A weekly show titled Air&Défense launched Friday on BFM Business antenna, presented by Jean-Baptiste Huet (BFM Business) with Michel Cabirol (La Tribune), in partnership with Air & Cosmos magazine, purchased by CMA Media in 2025. Alongside Jean-Christophe Tortora, rapprochements also multiply through event connections, with organization of salons like Impacts Santé on April 14 (La Tribune, BFM Business), Paris Air Forum on June 11 (BFM Business, La Tribune, Air & Cosmos), and Artificial Intelligence Marseille (AIM) on September 24-25 (La Tribune, BFM Business), which now constitutes the group's largest event.

Arnaud de Courcelles also inherited BFM Locales general management amid crisis, following Philippe Antoine's departure disagreeing with BFM Paris's closure. While nine struggling or underperforming local antennas fear the same fate, Marine Machefer, editorial director, resigned last week. Highly appreciated by the ten regional antennas, she was particularly attentive to defending journalists against local pressures. On January 14 in CSE, Arnaud de Courcelles and CMA Media HR Émilie Conte preferred soft-pedaling when asked if a voluntary departure plan was in the pipeline. An operation aimed at reassuring troops was even launched by the DG in Normandy, while Guillaume Nicolas-Brion, Marine Machefer's replacement, went to contact journalists in Lille. Local futures aren't decided yet. Between outright closure scenarios for certain antennas and investments allowing local network relaunching, Arnaud de Courcelles borrows a middle path, perpetuating certain content. Beyond Nicolas de Tavernost, this former L'Équipe member had obtained a budget, subsequently validated by Claire Léost, to focus on sports, thereby acquiring national football championship rights as well as second-division basketball and Provence cycling tour rights. Pending this, local antenna rapprochements are also being studied to extend broadcast perimeter. Impressive advances that should lead to a more conclusive spring vision.

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Tether scores $5bn windfall as gold price rockets

Stablecoin company owns at least 116 tonnes of bullion, making it one of biggest winners from blistering rally

The value of Tether’s gold holdings has soared by more than $5bn as the world’s biggest stablecoin company benefits from the precious metal’s record-breaking rally.

Tether held about 116 tonnes of gold at the end of September, according to Jefferies estimates based on Tether’s disclosures, which was then worth about $14.4bn. 

The price of gold at the end of September was $3,858 per troy ounce but has since soared to more than $5,200 as investors pile into the haven asset in the face of rising geopolitical uncertainty — meaning Tether has made a gain of more than $5bn on those holdings.

The company said this week that it bought a further 27 tonnes of bullion in the fourth quarter of last year for its gold-backed stablecoin, which has risen in value by at least $700mn this year.

Tether’s overall gold holdings are now worth about $24bn, making it one of the world’s biggest beneficiaries of the storming gold rally.

The crypto company is one of the world’s top holders, owning about as much bullion as Qatar’s central bank, according to World Gold Council figures. The UK holds 310 tonnes of gold.

“Tether is the largest holder of gold outside central banks and its holdings are roughly equal to smaller central banks such as Korea, Hungary and Greece,” Jefferies analysts wrote in November.

Tether is likely to have bought more bullion this year to back its stablecoins. Chief executive Paolo Ardoino has celebrated gold hitting repeated highs this year in X posts, and has previously likened the metal to “natural bitcoin”. 

Tether did not respond to a request for comment on the rise in value of its gold. 

The price of gold climbed past $5,000 for the first time this week as mounting global tensions drove investors into precious metals. President Donald Trump’s tariff threats and demand to seize Greenland have propelled the price of gold to repeated record highs this year. 

Tether is the world’s biggest crypto company and its USDT token is the most widely used stablecoin with a circulating value of $187bn. Stablecoins are a type of digital cash most commonly used by traders to move between sovereign currencies and crypto.

USDT is pegged 1-1 to the US dollar and Tether uses gold alongside other assets including bitcoin, US Treasuries and secured loans to back the stablecoin. 

It also has a separate gold-backed token, XAUt, and holds bullion in Swiss vaults. 

On Tuesday Tether launched USAT, its US-specific token that is compliant with the Genius Act stablecoin law. The company is seeking to use the new stablecoin to expand into the US and last year hired Bo Hines, former head of Trump’s crypto advisory council, to strengthen its ties to Washington. 

As well as directly owning gold, Tether has invested in companies including gold royalty firms Elemental Altus and Versamet Royalties, as it seeks to broaden the distribution of its stablecoin. 

For years the company has faced scrutiny over its reserves. Last year S&P Global Ratings downgraded Tether’s reserves to its weakest rating due to rising exposure to high-risk assets, saying that the rising proportion of risky assets exposed the token’s reserves “to greater market fluctuations”.

“We wear your loathing with pride,” Ardoino said in response, adding that the company had “no toxic reserves”.

Celestial calendar meets high finance, as billionaire’s personal impulses shape plans to raise $50bn in record listing

Elon Musk has proposed timing SpaceX’s initial public offering to coincide with a rare planetary alignment and his birthday, as the world’s richest man seeks an auspicious date for what would be the largest listing in history.

The rocket maker is targeting mid-June for its IPO when Jupiter and Venus will appear very close together, known as a conjunction, for the first time in more than three years, said five people familiar with the matter. 

SpaceX is seeking to raise as much as $50bn at a valuation of roughly $1.5tn, the people added, which would make it the largest IPO in history and far exceed the $29bn raised by Saudi Aramco in 2019. They cautioned that all figures remain preliminary and may change.

The FT last week reported the company was lining up Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley for lead roles on the blockbuster deal.

On June 8 and 9 Jupiter and Venus will be “within a little more than 1 degree of each other in the sky, about the width of a thumb held at arm’s length”, according to non-profit organisation The Planetary Society. A few days later, Mercury will also align diagonally with the two planets.

Another reason to target that month is Musk’s birthday, which is on June 28, the people said.

The unusual demand highlights Musk’s personal imprint on SpaceX, where major corporate decisions have often reflected the billionaire’s beliefs and priorities, from ambitious production targets to unconventional management practices.

Musk has a history of cracking jokes about business decisions. In 2018, he tweeted about taking Tesla private at $420 a share. Many interpreted the price as a reference to 4/20, or April 20, a day celebrated by marijuana smokers.

After a spat on social media over Ryanair buying Starlink internet for its planes, Musk this month threatened to buy the budget airline and replace chief executive Michael O’Leary with a man called Ryan.

Some bankers and investors believe that a June timeline is too tight. They pointed out that the company still needs to file a Form S-1 with the Securities and Exchange Commission to notify the regulator of its intent to list and arrange a global roadshow to market the shares.

Any IPO will also remain hostage to market conditions and sentiment, which are more unpredictable than ever amid President Donald Trump’s frequent threats to impose tariffs and attempts to influence the Federal Reserve’s interest-rate policy, they added.

Bret Johnsen, chief financial officer, has been holding talks and Zoom calls with existing private investors since mid-December to explore a mid-2026 IPO, the people said.

The offering is expected to see massive demand from institutional and retail investors, who have been unable to obtain shares as the company had opted to remain private.

Musk has been motivated to go public as the company seeks greater funds to develop its Starship rocket system designed to reach Mars, some of the people said.

SpaceX has told investors that it is developing the technology to deploy data centres in space — connected by its network of 9,400 Starlink satellites — which Musk believes is essential if his conglomerate of companies is to be competitive in AI against rivals such as Google and OpenAI.

The rocket group held talks in December over a private share sale at an $800bn valuation, more than double its previous value of nearly $400bn.

SpaceX invested $2bn in xAI last year, another of Musk’s privately held ventures, which he merged with social media platform X in March. The billionaire has also said he wants his electric-vehicle maker Tesla to put money in xAI.

SpaceX did not respond to a request for comment.

Software stocks as % of total US hedge fund net exposure is down to 4.5%, the lowest on record.

This percentage has declined -12 points since the mid-2023 peak.

Over the same period, semiconductor and semiconductor equipment stock net exposure has surged +7 percentage points, to a record 8%.

Furthermore, cumulative net buying of semiconductor stocks by hedge funds is up to +35% of the total industry's January 2025 market value.

At the same time, cumulative net selling of software stocks fell to -8%.

Hedge funds are ditching software for chip stocks at a record pace.