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Dior, The Kooples, Descamps… le BHV croule sous les plaintes des fournisseurs pour retard de paiement
Des dizaines de prestataires et de marques de grands groupes mais aussi de PME commercialisées dans le grand magasin ont saisi la justice pour obtenir leur règlement. Frédéric Merlin, le propriétaire des lieux depuis 2023, met ces retards sur le compte de la transformation de l’entreprise.


Quel est le point commun entre The Kooples, Balibaris, les Parfums Christian Dior, Diesel, Guess, les bijoux APM, Mac Douglas, Zapa, Simone Pérèle, Hugo Boss, Chantelle, Moulin Roty, ou encore Eram ? Toutes ces marques font partie des fournisseurs qui ont engagé un bras de fer avec la direction du BHV, le versement des impayés de leurs marchandises étant au cœur des revendications. L’Informé a enquêté sur ces problèmes devenus récurrents, qui inquiètent fournisseurs et salariés, et pris connaissance d’au moins une cinquantaine de procédures déclenchées ces derniers mois contre le grand magasin parisien racheté en 2023 aux Galeries Lafayette par le groupe SGM (Société des Grands Magasins) de Frédéric Merlin. Ce décompte déjà impressionnant n’est pas exhaustif, et il augmente quasiment chaque jour, touchant de grandes marques de textile, d’ameublement, mais aussi des PME et TPE commercialisant des marques pointues et plus confidentielles. Les relations du BHV ne sont pas seulement tendues avec les marques qu’elle distribue, puisque de nombreux prestataires de services (sécurité, communication, maintenance, etc.) sont également concernés.

La marque de décoration The Socialite Family, n’a cessé, par exemple, de réclamer son dû. Façon parcours du combattant… Après une mise en demeure restée sans effet, puis une assignation, elle a enfin récupéré, en mai dernier, 89 000 euros dus au titre des ventes réalisées de ses produits par le BHV pour les mois de novembre et décembre 2024, et janvier 2025. Une maigre consolation. Le temps que son dossier ne soit examiné, The Socialite Family a continué à accumuler les impayés. Selon un décompte arrêté au 20 mai, ils ont encore gonflé de 99 000 euros. La mésaventure de cette marque est emblématique du dilemme auquel sont confrontés les fournisseurs du BHV : pour faire du chiffre, il faut livrer de la marchandise… mais à quoi bon si elle n’est pas payée ?

L’Informé a échangé avec les représentants des organisations syndicales CFDT, CFTC, Sud et CGT du BHV. Tous nous ont précisé d’une seule voix : « Les impayés représentent une somme totale se montant à plusieurs millions d’euros. Mais on ne sait pas combien. » Et de préciser : « Les problèmes de paiement auprès des fournisseurs ont démarré après la reprise du BHV par la SGM. Et en 2025 les impayés se sont aggravés par rapport à 2024 ». Si la direction a indiqué à Mediapart que la dette envers les fournisseurs était de 14,5 millions au 18 juin, elle a décidé depuis de ne plus communiquer publiquement sur les montants, pour réserver ces informations uniquement à ses fournisseurs et à ses employés.

Pour les clients qui ne connaissent évidemment pas ces dérives financières du BHV, le constat est sans appel : au sous-sol, ils constatent des trous conséquents dans les assortiments de l’emblématique secteur consacré au bricolage. Au rez-de-chaussée, où règne habituellement une ambiance plus cosy, il est, par exemple, devenu impossible de trouver un sac à main Jerome Dreyfuss, un fournisseur pourtant historique du BHV. « Nous ne commercialisons plus la marque depuis environ un mois », nous confirme une vendeuse interrogée le lundi 21 juillet. Rien d’étonnant, car la griffe française et l’enseigne se sont quittées en mauvais termes. Après avoir mis en demeure le BHV de lui régler 83 500 euros en décembre dernier, la marque Jerome Dreyfuss s’est décidée à l’attaquer en référé fin mai. Le 10 juin elle a obtenu le versement de 44 000 euros (un désaccord subsistant sur le montant total qui lui revient). Et elle a obtenu une forte astreinte journalière pour récupérer rapidement le stock restant et faire disparaître tous les signes distinctifs de la marque. Le contrat de commission à la vente, qui régit les relations entre les deux parties, a pour sa part été résilié, aux torts exclusifs du BHV. Et des soucis de paiement de ce type, on en compte des dizaines !
Ces retards - ou absences - de paiements permettraient au BHV de se faire de la trésorerie sur le dos des fournisseurs, compte tenu du fonctionnement des grands magasins. Dans ce système, ce sont le plus souvent les marques qui emploient leurs salariés sur les corners du BHV. Ce dernier encaisse le montant des ventes, et en rétrocède une part aux marques, en y prélevant sa commission. Mais, depuis plusieurs mois, entre la théorie et la pratique, il y a un grand écart, qui inquiète tout cet écosystème. Lors de notre visite au BHV, le stand Swarovski, vide, était, par exemple, en plein démontage, la marque ayant décidé de quitter les lieux, comme l’ont fait avant elle Mellow Yellow et Bocage (chaussures), American Vintage (vêtements), Farrow & Ball (peintures), et de nombreuses autres.

Et, dans cette foire d’empoigne, les géants ne sont pas épargnés. La branche parfums de Christian Dior n’a, initialement, pas été mieux lotie que d’autres fournisseurs. Elle a réclamé, en référé, 251 000 euros au BHV pour les ventes réalisées en février et mars 2025. Effet de sa notoriété ou d’avocats plus pugnaces ? Elle a finalement eu gain de cause et a reçu son dû quelques jours avant que son dossier ne soit examiné par les juges consulaires. Si le BHV a sorti aussi vite le chéquier pour ce prestigieux fournisseur, c’est peut-être qu’il n’avait pas envie de se mettre à dos sa puissante maison mère LVMH. Le leader mondial du luxe approvisionne en effet le flagship parisien des produits de ses nombreuses marques. Tout comme il fournit les sept magasins Galeries Lafayette exploités par la SGM - propriétaire du BHV - en contrat d’affiliation depuis 2021 (Angers, Dijon, Grenoble, Le Mans, Limoges, Orléans et Reims).

Las ! De nombreuses PME n’ont pas eu droit à autant d’égard que le géant du luxe. Le marchand de papier peint Au fil des couleurs (cité sur France Inter) s’est pourvu en justice pour réclamer son dû. Et une myriade d’entreprises ont fait de même : Descamps (linge de maison), Sœur ou encore Sessùn (deux griffes de vêtements) , Red Design (meubles)… Et même des sociétés belges comme le marchand de bougies Baobab, et son compatriote Flamant Design, un spécialiste de la décoration.

D’autres marques plus ou moins connues, de bijoux notamment, en sont au même point. Pour afficher leur mécontentement, certains stands ont baissé le rideau pendant quelques semaines. Et il se murmure que plusieurs marques, lassées de ces problèmes, auraient tenté d’installer leur propre système d’encaissement pour toucher directement l’argent des ventes. Ce procédé - en violation des contrats signés avec l’enseigne - n’a finalement pas été mis à exécution, mais il est parfaitement symptomatique de l’ambiance qui règne dans le flagship. Une entreprise, sous couvert d’anonymat, a révélé à l’Informé que pour livrer ses produits au domicile des clients, elle passe désormais les commandes depuis son site internet, pour être sûre d’encaisser l’argent.« Pendant six mois, nous n’avons pas été payés, s’étrangle un autre fournisseur. Quasiment comme tout le monde… ». Ce dernier a finalement reçu récemment une petite partie de ses créances impayées. D’autres fournisseurs restent dans l’attente. « J’ai hésité à lancer une procédure car le pire qui pourrait arriver serait que BHV se retrouve en redressement judiciaire » explique l’un d’eux. Là, tout le monde serait dans la m… » Plusieurs observateurs craignent la reproduction d’un scénario à la Michel Ohayon. Cet autre entrepreneur venu de l’immobilier, à qui tout réussissait, s’était ensuite diversifié sur la distribution, en rachetant notamment Camaïeu, Gap puis Go Sport pour des sommes dérisoires dans l’objectif de les relancer. Mais ce petit empire s’était finalement effondré, faute d’investissements notamment.

La direction de la communication du BHV, qui a répondu à nos questions, fait état d’avancées. « Nos relations avec nos fournisseurs sont saines et constructives : nous avons reçu de nombreux messages de soutien et de nombreuses demandes entrantes, car le BHV reste une formidable vitrine pour les marques », soutient l’entreprise qui affirme avoir « mis en place un processus régulier depuis juillet : paiement des échéances les plus anciennes chaque mois pour tous les fournisseurs. » Et de nous indiquer : « À partir de fin septembre, nos nouveaux outils financiers nous permettront d’accélérer ce rythme, avec l’objectif de solder l’intégralité des dettes d’ici fin 2025. » Tout en reconnaissant avoir parfaitement conscience des difficultés qui persistent aujourd’hui. « Nous sommes totalement mobilisés, c’est une préoccupation quotidienne. »

Ces changements permettront-ils d’apaiser le climat ? « Aujourd’hui beaucoup de fournisseurs ne livrent plus rien. Ils limitent les risques car ils estiment que leur dette actuelle est déjà trop importante », commente un connaisseur du dossier. Échaudées, des entreprises qui viennent faire des travaux sur le site du BHV à Paris, exigent, par exemple, d’être désormais payées d’avance.

Et puis, certains emploient une méthode plus radicale. Un prestataire de l’enseigne à qui elle doit environ 900 000 euros depuis des mois, a fini par mettre un terme à son contrat fin juin, pour ne pas mettre sa structure en péril. « Lorsque l’enseigne appartenait encore aux Galeries Lafayette, nous n’avions aucun problème de ce type. Ensuite, la SGM a racheté le BHV, et les premiers impayés sont apparus au bout de six mois », témoigne l’intéressé qui, comme de nombreux témoins de cette enquête, ne préfère pas révéler son identité.

Lors du changement d’actionnaire, les délais de paiement prévus dans les contrats ont été modifiés et sont passés de 10 à 45 jours - ce qui, certes, reste dans les clous d’un point de vue légal - mais ce nouveau laps de temps n’a pas été respecté dans de nombreux cas. Une marque d’habillement évoque « un dossier difficile pour nous, et inédit à beaucoup d’égards ». Même si certains ont tiré leur épingle du jeu, comme Hugo Boss qui a vraisemblablement reçu les virements tant espérés.

Fortune : AI is driving mass layoffs in tech, but it’s boosting salaries by $18,

AI is driving mass layoffs in tech, but it’s boosting salaries by $18,000 a year everywhere else, study says

You’ve read about it all over, including in Fortune Intelligence. Maybe you or friends have been impacted: artificial intelligence is already transforming work, not least hiring and firing. Nowhere is the impact more visible than in the labor market.

The technology industry, the original epicenter of AI adoption, is now seeing many of its own workers displaced by the very innovations they helped create. Employers, racing to integrate AI into everything from cloud infrastructure to customer support, are trimming human headcount in software engineering, IT support, and administrative functions. The rise of AI-powered automation is accelerating layoffs in the tech sector, with impacted employees as high as 80,000 in one count. Microsoft alone is trimming 15,000 jobs while committing $80 billion to new AI investments.

But labor market intelligence firm Lightcast is offering a ray of hope going forward. Job postings for non-tech roles that require AI skills are soaring in value. Lightcast’s new “Beyond the Buzz” report, based on analysis of over 1.3 billion job postings, shows that these postings offer 28% higher salaries—an average of nearly $18,000 more per year. The Lightcast research underscores the split in tech and non-tech hiring: job postings for AI skills in tech roles remain robust, but the proportion of AI jobs within IT and computer science has fallen, dropping from 61% in 2019 to just 49% in 2024. This signals an ongoing contraction of traditional tech roles as AI claims an ever-larger share of the work.

AI demand explodes beyond tech
Rather than stifling workforce prospects, Lightcast’s research suggests that AI is dispersing opportunity across the broader economy. More than half of all jobs requesting AI skills in 2024 appeared outside the tech sector—a radical reversal from previous years, when AI was confined to Silicon Valley and computer science labs. Fields like marketing, HR, finance, education, manufacturing, and customer service are rapidly integrating AI tools, from generative AI platforms that craft marketing content to predictive analytics engines that optimize supply chains and recruitment.

In fact, job postings mentioning generative AI skills outside IT and computer science have surged an astonishing 800% since 2022, catalyzed by the proliferation of tools like ChatGPT, Microsoft Copilot, and DALL-E. Marketing, design, education, and HR are some of the fastest growers in AI adoption—each adapting to new toolkits, workflows, and ways of creating value.

Cole Napper, VP of research, innovation, and talent insights at Lightcast, told Fortune in an interview that he was struck by the lack of a discernible pattern for which industries were most affected by the explosion of AI skills present in job postings, noting that the arts come top of the list.

AI skills are in demand
For the workforce at large, AI proficiency is emerging as one of today’s most lucrative skill investments. Possessing two or more AI skills sends paychecks even higher, with a 43% premium on advertised salaries.

In 2024, more than 66,000 job postings specifically mentioned generative AI as a skill, a nearly fourfold increase from the prior year, according to the Lightcast’s 2025 Artificial Intelligence Index Report. Large language modeling was the second most common AI skill, which showed up in 19,500 open job posts. Postings listing ChatGPT and prompt engineering as skills ranked third and fourth in frequency, respectively.

Sectors such as customer/client support, sales, and manufacturing reported the largest pay bumps for AI-skilled workers, as companies race to automate routine functions and leverage AI for competitive advantage.

Christina Inge, founder of Thoughtlight, an AI marketing service, told Fortune in a message AI isn’t just automating busywork, it’s also becoming a tool AI-fluent workers can leverage to increase their own value to a company—and to outperform their peers. Take, for example, someone in sales using AI to create more targeted conversations to close deals faster, Inge wrote. The same can be said for customer service workers.

“[Customer service workers fluent in AI] know how to interpret AI outputs, write clear prompts, and troubleshoot when things go off script,” Inge said. “That combination of human judgment and AI fluency is hard to find and well worth the extra pay.”

In fields like marketing and science, even single AI skills can yield large returns, while more technical positions gravitate to specialists with advanced machine learning or generative AI expertise.

Crucially, the most valued AI-enabled roles demand more than just technical wizardry. Employers prize a hybrid skillset: communication, leadership, problem-solving, research, and customer service are among the 10 most-requested skills in AI-focused postings, alongside technical foundations like machine learning and artificial intelligence.

“While generative AI excels at tasks like writing and coding, uniquely human abilities—such as communication, management, innovation, and complex problem-solving—are becoming even more valuable in the AI era,” the study says.

Winners and losers
The emerging repercussions are striking. Tech workers whose roles are readily automated face rising displacement—unless they can pivot quickly into emerging areas that meld business, technical, and people skills. Meanwhile, millions of workers outside of tech are poised to translate even basic AI literacy into new roles or wage gains. The competitive edge now lies with organizations and professionals agile enough to combine AI capabilities with human judgement, creativity, and business acumen.

For companies, the risk is clear: treating AI as an isolated technical specialty is now a liability. Winning firms are investing to embed AI fluency enterprise-wide, upskilling their marketing teams, HR departments, and finance analysts to build a future-ready workforce.

AI may be the source of turmoil in Silicon Valley boardrooms, but its economic dividends are flowing rapidly to workers—and companies—in every corner of the economy. For those able to adapt, AI skills are not a harbinger of job loss, but a passport to higher salaries and new career possibilities. Still, the research doesn’t indicate exactly where in the income levels the higher postings are coming, so Napper said it’s possible that we are seeing some compression, with higher-paid tech jobs being phased out and lower-paying positions being slightly better-paying.

Napper said the trend of AI skills cropping up in job postings has exploded over the past few years, and he doesn’t expect a slowdown anytime soon. Napper said there’s a “cost to complacency”—one that includes a significant salary cut. He added that the 28% premium, Lightcast plans to release follow-up research on what level of the income latter the trend is hitting the most.

Fortune : BMW backs hydrogen for transport with first series production car in 2

BMW backs hydrogen for transport with first series production car in 2028 — Is H2 the future after all?

Hydrogen fuel cell cars (FCEVs) have been on the market for a similar duration to the current wave of battery EVs (BEVs). But they have sold a tiny fraction in comparison. In 2024, 12,866 FCEVs were registered globally, versus 10.8 million BEVs. Still, some manufacturers have hopes that hydrogen has a role to play in transport.

One of these is BMW, which recently announced it would be bringing its first FCEV into series production in 2028. Fortune caught up with BMW Group’s General Project Manager Hydrogen Technology and Vehicle Projects, Jürgen Guldner, at a recent summit promoting FCEVs, among other hydrogen evangelists.

Toyota has been the leading seller of FCEVs with the Mirai launched in 2014, but it isn’t the only player. Hyundai has been selling its Nexo since 2018, and Honda, after offering various cars under the Clarity name from 2008 to 2021, brought its CR-V e:FCEV plug-in hybrid hydrogen car to market in 2024. BMW has been more cautious. The company has been trialling FCEVs with a pilot run of vehicles based on X5 since 2023. The iX5 Hydrogen is already a credible vehicle, with smooth driving and a familiar X5 interior. However, this won’t necessarily be the vehicle that BMW will launch in 2028.


“The good news is a hydrogen vehicle is an electric vehicle,” says Guldner. “It’s just a different way of storing the energy versus a battery, which also means that we can reuse a lot of the components like the electric motors in the car from our BEVs. It also has a unique value proposition. It’s the best of both worlds, with all the benefits of electric driving—acceleration, silent driving, zero emission—but you can refuel in 3 to 4 minutes and you’re 100% full and ready to go again.”

The problem of hydrogen infrastructure


This has always seemed like a compelling argument for hydrogen on paper, but the reality has been that hydrogen refueling hasn’t proliferated like BEV charging stations. In fact, it has gone backwards in many countries. In the UK, in 2019 there were as many as 15 hydrogen fuel stations, whereas today in 2025 only four were listed, with two potentially not in service. By contrast, according to Zap-Map, there were 39,733 public charging locations in the UK in May 2025, with 80,998 devices and 115,241 connectors. Germany is better served for hydrogen refueling, but some European countries have no stations at all, such as Spain, Portugal and Italy.

Some hydrogen proponents argue that this is a strategic mistake if your goal is to decarbonize road transport.

“FCEVs are complementary to battery electric vehicles and heading towards one common direction,” says David Wong, head of technology and innovation at the Society of Motor Manufacturers and Traders. “If you invest in both charging infrastructure and the fuel cell hydrogen refilling infrastructure, the overall cost is lower. We’ve done modelling where they use Germany as an example. It shows that if we have a motor park penetration of 90% BEVs and 10% FCEVs, the overall cost of investing in infrastructure is $40 billion lower than the scenario where 100% of infrastructure is public charge points.”

There is also concern about resource usage when manufacturing BEVs. Guldner points out batteries requires a lot of raw materials, which could lead to scarcity.


“Having a second technology, not putting all eggs in one basket, provides resilience,” he explains. “BMW having two technologies is better than one. We got a lot of feedback from people saying BEVs don’t work for them. We’re thinking about those people who can’t or don’t want to use battery electric cars because maybe they don’t have electric charging at home, or are on the road a lot and don’t want to depend on charging stops, even if you can get them down to maybe 20 minutes. We have issues like towing and cold weather conditions. In the fuel cell you can use excess heat, so you don’t lose any range.”


This still leaves the problem with how you ramp up the infrastructure to support hydrogen. A commercial DC charger might be $50,000, a home charger can cost $1,000, or you can even use a very slow $200 mains plug cable.

But the price for a hydrogen station is much greater—between $1.5 and $2 million, although some estimate as much as $4 million. The solution, at least in the UK, is to target the long-haul commercial sector first and build out from that. HyHAUL is a project aiming to achieve that.

“The biggest challenge with hydrogen is the fact that it works very well at large scale, but not so good at small scale,” says Chris Jackson, CEO and founder of Protium Green Solutions, which co-founded HyHAUL. “One single hydrogen fueling station requires hundreds of passenger cars to make the economics work, but only a very small number of trucks. We are initially developing three major refueling stations and all we need to get the project off the ground is 30 fuel cell trucks. The first stage will be along the M4 corridor. We’ll be covering from Wales all the way into the M25 around London. Over time, we plan to expand across other networks, going up the M5 and M6.”

For consumer adoption of FCEVs, however, it would be necessary to cover the UK completely within half an hour driving distance, which would require about 1,300 stations. One of the reasons why Tesla was able to kickstart the BEV revolution so effectively was its two-pronged approach of building the supportive charging infrastructure to go with its cars.

Automakers developing FCEVs have traditionally left this to third parties, leading to a chicken-and-egg situation where car adoption awaited infrastructure, and vice versa. This has meant that as BEVs have reached a tipping point in many markets, including the UK, EU and China, while FCEVs wait in the wings.

Can fuel cells prevail?

This hasn’t prevented Toyota from persevering with FCEVs. “Our role is to provide customers with choice,” says Jon Hunt, senior manager, Hydrogen Transformation, Toyota GB. “We can’t have people dismissing technologies that are there to enable us all to learn and develop.”

Commercial vehicles could help FCEVs reach that tipping point. In Paris, around 1,000 FCEV taxis have been operated by Hype since 2015, the majority of which are Toyota Mirais. For this reason, Paris has six hydrogen fuel stops with three more being built. This could lay the groundwork for consumers to adopt FCEVs in the city. However, outside Paris there is no supportive infrastructure yet, preventing long journeys beyond the urban limits. Hype has also recently said it is pivoting away from FCEVs to BEVs.

Even with full launch still three years away, BMW is placing a heavy bet on infrastructure having improved sufficiently for hydrogen to be a viable choice for consumers by 2028.

Guldner notes BMW hasn’t yet decided which countries it will bring those vehicles to market, adding that it will depend on the infrastructure.

“Right now, it’s simply not here in the UK. But hopefully in the next few years, development will pick up,” he says.

The exact model that will go into production in 2028 also hasn’t been announced. And while a price hasn’t been unveiled either, BMW is hoping for parity with BEVs, Guldner says, pointing to previous dramatic cost reductions in other technologies like batteries and solar cells.

For these cost reductions to materialize, though, there has to be enough demand for FCEVs to deliver sufficient scale.

“I am always surprised by surveys in newspapers where so many people say they would prefer a hydrogen vehicle over battery power,” he says. “There seems to be demand there.”

The question will be whether these survey responses translate into vehicle sales. In 2028, when BMW launches its production FCEV, we could find out.

NYT : Investors See Few Alternatives to U.S. Treasuries. Could Europe Make One?

Investors See Few Alternatives to U.S. Treasuries. Could Europe Make One?
As President Trump’s chaotic economic policies provoke questions about U.S. stability, a proposal for European countries to issue joint debt has drawn attention.

For decades, U.S. Treasuries have been at the pinnacle of the global financial system, with investors, governments and central banks steadily acquiring the dollar-denominated debt with the expectation that the U.S. government will never default.

Now the chaotic rollout of President Trump’s economic policies and threat to the Federal Reserve’s independence have provoked questions about the stability of American assets. But investors who want to shift out of Treasuries and dollars face a wasteland of viable alternatives.

Even with the recent uptick in uncertainty caused by Mr. Trump’s policies, few countries have anywhere near the economic, political and legal stability of the United States. The European Union, which as a bloc comes close to America in size and wealth, has a fragmented financial market, with each of its 27 countries selling bonds separately.

Enter “Eurobonds,” a new type of European financial asset proposed by Olivier Blanchard, a former chief economist at the International Monetary Fund who is now a professor at the Massachusetts Institute of Technology, and Ángel Ubide, the head of economic research for global fixed income and macro at Citadel.

The prospect of debt issued by the European Union has been floated in some form for more than a decade, but faced heavy resistance, particularly from countries with strict limits of debt, like Germany. Some of the hurdles were overcome in 2020 when the bloc announced a plan to issue up to 750 billion euros in joint debt to help fund the recovery from the Covid pandemic. But that was a short-term plan.

Mr. Blanchard and Mr. Ubide’s proposal is to regularly issue debt, building a liquid pool of assets, and strengthen Europe’s financial infrastructure. And it’s gaining traction: The chief economist of the European Central Bank recently discussed its merits.

Eshe Nelson spoke to Mr. Ubide about whether Europe could overcome its internal differences and make the plan a reality.

The interview has been edited and condensed for clarity.

Why do you think Europe would be open to this idea now?

There is an urgent need for Europe to achieve strategic autonomy. And for that, you need both military and financial power. And you cannot have financial power unless you have a deep and liquid safe asset that serves as a foundational pillar of the financial sector.

You’ve mentioned to me before that the European Central Bank has also started talking about the international role of the euro. Why does that matter?

There has been an increased use of financial sanctions as a geostrategic tool, which essentially gives most of the power to the United States, because it dominates the global payment system. At the same time, China has also increased the internationalization of the renminbi. I think what the E.C.B. is perceiving is that just staying passive means losing ground from a geostrategic standpoint.

So, what are you proposing?

To replace European countries’ debt, up to the value of 25 percent of their G.D.P. or about €5 trillion, with Eurobonds. We suggest an exchange of current national bonds for Eurobonds and refinancing future maturities that are coming due.

To pay for the debt, countries would allocate a share of their value-added tax [a type of sales tax] receipts for the service of the Eurobonds.

Could a Eurobond really challenge U.S. Treasuries?

It would complement. Global investors are starting to wonder, with all the geopolitical changes, whether it’s a good idea to have another hedging instrument.

What’s stopping this idea from being adopted right away?

Some ask: Is this going to lead to runaway spending and borrowing? And the answer is no. We are simply advocating a change in the funding. We don’t advocate any increase in spending.

The other pushback is: Why should countries like Germany with low funding costs do this? And that’s fair. But you cannot just get better and bigger, and go along with the increase in defense spending and achieving strategic autonomy, without changing something.

Money has been flowing into safe-haven assets like gold and the Swiss franc. Switzerland is actually struggling with the strength of the currency, which is raising questions about whether Europe can absorb a strengthening euro.

All this funding would have to be applied to something. There is plenty of investment that needs to happen in Europe. Can there be a situation, eventually, where there is too much of a good thing? Yes. But that’s a high quality problem to deal with in five or 10 years.

SCMP : China, US to extend tariff pause at Sweden talks by another 90 days: sour

China, US to extend tariff pause at Sweden talks by another 90 days: sources
Despite expected extension, insiders say trade talks unlikely to yield breakthroughs on specific issues though no escalations anticipated

Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday, according to sources close to the matter on both sides.

China and the United States agreed in May to remove most of the heavy tariffs levied on each other’s goods for 90 days while continuing trade negotiations. That suspension is set to expire on August 12.

During the third round of trade negotiations between the world’s two biggest economies, both will expound their views on major sticking points – such as the US’ concerns over China’s industrial overcapacity – rather than achieve specific breakthroughs, the sources said.

One source said that, during the expected 90-day extension, the two nations will commit to not impose additional tariffs on each other, nor escalate the trade war by other means.

According to three people familiar with Beijing’s position, while the earlier discussions in Geneva and London focused on “de-escalation”, in the latest meeting the Chinese delegation will also press Trump’s trade team on fentanyl-related tariffs.

US President Donald Trump imposed a 20 per cent additional levy on Chinese imports in March, claiming that Beijing had not done enough to stop the flow of fentanyl into the US. Washington has offered no indication of what it considers sufficient progress on fentanyl to justify easing the tariffs. The Chinese side could seek greater clarity on that threshold during the Stockholm round.

One person familiar with the matter said that Beijing considered the 20 per cent fentanyl tariffs “unfair” but might still be able to digest a 10 per cent baseline tariff on all imports if the additional duties were lifted.

According to the Peterson Institute for International Economics, a Washington-based think tank, the average US tariff on Chinese exports currently stands at 51.1 percent. Beijing considers this excessively high, especially since it already absorbed the 25 percent increase Trump imposed during his first term.

People’s Daily, the mouthpiece of China’s ruling Communist Party, said in an editorial on Sunday that Beijing was willing to work with Washington to make “substantive progress” in resolving issues during the coming trade talks in the Swedish capital.

“China has always maintained a constructive position and insisted on resolving issues through equal dialogue and consultation,” the newspaper said.

“It is willing to work with the US to take the economic and trade talks in Sweden as an opportunity to continuously enhance consensus, accumulate mutual trust, reduce misjudgments and strengthen cooperation.”

The editorial attributed to Zhong Sheng - a homonym in Chinese for “the voice of China” - also highlighted equal dialogue on the basis of mutual respect.

“China is fully aware of the long-term and complex nature of the negotiations,” the article said, adding that Beijing was firmly opposed to any attempt to undermine the multilateral trading system through unilateralism and protectionism.

While analysts have welcomed the continuation of discussions, most do not expect any sweeping changes to emerge from the negotiations in Stockholm.

“Don’t hold your breath. I don’t think it’s going to be a breakthrough, but I hope I’m wrong,” Niklas Swanstrom, director of the Institute for Security and Development Policy, a think tank based in Stockholm, said ahead of the talks.

“I would also be disappointed if nothing comes out. I mean, some sort of deal, even if it’s minor – something symbolic has to come out of this.”

Frederic Cho, vice-chairman of the Sweden-China Trade Council, said an extension of the tariff suspension would be the most probable outcome, as US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he planned to work out an extension with his Chinese counterparts in Stockholm.

“I think the likely outcome of the talks is an extension for another three months, possibly because that’s been the logic so far,” Cho said. “And then during that period they will be addressing specific questions in different fields.”

In an interview with CNBC last week, US Commerce Secretary Howard Lutnick suggested that the future ownership of the popular TikTok short video platform could be among the topics addressed, even though “it’s not really part of the trade talks”. TikTok faces a ban in the US unless Chinese owner ByteDance cedes control to an American buyer.
Both Bessent and Lutnick took part in the two earlier rounds of US-China trade talks this year, held in Geneva in May and London last month.

Philippe Le Corre, head of the Asia programme at French business school ESSEC, said the talks in Stockholm would be more like preparations for a real deal.

Such an agreement could be clinched, he added, at a meeting between Chinese President Xi Jinping and Trump during the Asia-Pacific Economic Cooperation forum, scheduled to be held in South Korea in late October.
“It will allow people to figure out the details of the agreement, whose content we still don’t know much about, and then the next meeting will be between the two No 1s,” he said.

Lutnick told Bloomberg TV last week that America was open to normal trade, and the real area of negotiation would be how to further open up each other’s markets and where to draw the line on sensitive areas.
While the world will watch the proceedings closely, Le Corre said Europe will be following closely as host – but was powerless to influence the outcome.

“Europe is left holding the candle,” he said. “It’s a French expression. When there’s a love triangle, there’s always someone standing by. As long as the China-US relationship remains unresolved, other relationships can’t really be settled either.”

FT : French defence firm Naval Group investigates cyber leak

French defence firm Naval Group investigates cyber leak
Company assessing hackers’ claim that they have accessed sensitive data on submarines and frigates

French defence company Naval Group said it has been hit by cyber attackers who claim to have accessed sensitive data relating to its submarines and frigates.

The ship and submarine maker said on Saturday evening that it had been the target of a “reputational attack” by hackers in a “context marked by international, business and informational tensions”. No ransom demand has been made.

The hackers have published 30 gigabytes of information in an online forum that they claim relates to the combat management system of Naval’s submarines and frigates, and said they have 1 terabyte of data.

Naval is currently analysing the authenticity of the documents published. It said it had not detected any intrusion in its systems, that it had begun an investigation and that it is working with the French government.

“All our teams and resources are currently mobilised to analyse and verify the authenticity, origins and ownership of the data as quickly as possible,” the company said in a statement. “At this stage, no intrusion into our IT [systems] has been detected and there has been no impact on our activities.”

The company has not contacted the hackers, in line with its cyber security procedures. Naval said it has notified legal authorities in France about the incident, given the seriousness of the claims the hackers had made about accessing sensitive information and the “need to protect the data of our clients”.

While the impact of the hack remains unclear, the prospect of a cyber attack on a leading provider of military equipment is significant. As well as supplying the French navy, Naval has contracts with navies and governments around the world to supply submarines, ships and defence systems.

The company is majority owned by the French state, while Thales Group also holds a 35 per cent stake.

The French defence ministry declined to comment.

The Information : Ramp in Talks to Raise at $21 Billion Valuation, Up 30% From J

Ramp in Talks to Raise at $21 Billion Valuation, Up 30% From June Financing

The Takeaway
Card startup Ramp is in talks to raise a new round of financing that would value it at $21 billion, a 30% jump from a June financing.

Ramp, a six-year-old corporate card and expense management startup, is in discussions with investors to raise $350 million at a valuation of about $21 billion with the investment, according to three people with direct knowledge of the fundraising, just a month after raising at a $16 billion valuation. Existing investor Iconiq is in talks to lead the round.

Back-to-back financings of this scale have become more common for in-demand AI companies, like coding upstart Anysphere and AI search engine Perplexity. But they’re unusual among fintech startups.

Investors have cooled to this sector since the 2020-2021 investment boom due to the high costs of attracting customers and risk of relying on interchange fees, or the slice of fees paid by merchants every time a card user pays for something, as a primary revenue source. However, some later-stage fintech companies have attracted investments this year as they increase revenue, including HR tech business Rippling and banking upstart Mercury.

A spokesperson for Ramp declined to comment. A spokesperson for Iconiq couldn’t immediately be reached.

Ramp’s software revenue is helping its growth story. While the company makes most of its revenue off of interchange fees, it also generates subscription revenue from selling software for managing and booking work travel.

Lately, it has been developing artificial intelligence-powered products such as AI agents to help finance staff automate humdrum tasks, such as reviewing expenses.

Ramp has also been in talks to potentially partner with the government to help manage its $700 billion internal expense card program, according to people familiar with the matter. It’s not clear how big that contract would be if it’s chosen to participate.

Ramp’s business has grown significantly over the past two years, and it was generating $700 million in annualized revenue as of the end of January.

Competitor Brex, which excludes rewards to customers and the fees it pays to banks in its revenue, is targeting $500 million in annualized revenue by the end of year. It couldn’t be learned whether Ramp’s revenue includes these fees.

The talks show how eager some investors are to back older companies if they are growing quickly. Iconiq invested in Ramp in 2021, when the fintech was valued at $3.8 billion. The firm participated in the company’s June fundraise, too.

Founded in 2019, Ramp has raised capital from Founders Fund, Coatue Management, Thrive Capital and more. With this round, Ramp will have raised $1.75 billion in equity financing.