France lost its top credit rating with Moody's Investors Service, dealing a blow to the president François Hollande's efforts to show budget credibility in the face of a stalled economy.
France was cut to Aa1 from AAA, the rating company said yesterday.
The Moody's downgrade follows one by Standard & Poor's in January and increases pressure on Mr Hollande to find ways to bolster growth in Europe's second-largest economy in the midst of the region's three-year-old debt crisis.
Moody's said its decision to downgrade the rating and maintain the negative outlook reflects France's long-term economic growth outlook, which is negatively affected by multiple structural challenges. The fiscal outlook is uncertain as a result of its deteriorating economic prospects.
Since taking office in May, Mr Hollande has pressed Germany to do more to end the debt crisis, while focusing on tax increases at home to pare France's budget shortfall. Last month, his government set out €20 billion in new levies on the rich and big companies that are intended to reduce the deficit to 3 per cent of GDP next year.
Buffeted by the European Central Bank's offer to help finance struggling governments under certain conditions, Mr Hollande has so far received support from his investors even after the S&P downgrade.
French borrowing costs have tumbled since he took office, with the yield on the nation's benchmark 10-year debt dropping to a record low of 2 per cent on August 3 and shorter-term notes selling at negative yields for the first time in July. French 10-year bonds yielded 2.07 per cent yesterday.
Yet with an economy that has failed to grow in three quarters and unemployment at a 13-year high, Mr Hollande needs to act quickly to address France's lack of competitiveness by improving labour market flexibility and lowering wage costs, say economists.
Mr Hollande said in September that he wanted unions and business leaders to agree on an overhaul of France's job regulations by the end of the year or he will impose one himself.
"If this historic compromise is reached by year-end, this reform will be given the force of law," Mr Hollande said on TF1 television. "But if the partners can't agree, then I'm sorry, but then the state will assume its responsibilities."
Mr Hollande gave himself a two-year window to fix the French economy, repeating pledges to reduce the deficit and hold down spending. The nation's debt burden will peak at 91 per cent of GDP next year, the 2013 budget estimates.
"We expect the government to come forward with proposals on the labour market, competitiveness and the financing of the economy towards year end," said Fabrice Montagne, an economist at Barclays in Paris.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
RESULT
Wolves 1 (Traore 67')
Tottenham 2 (Moura 8', Vertonghen 90 1')
Man of the Match: Adama Traore (Wolves)
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
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Set-jetting on the Emerald Isle
Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
The specs
Engine: 3.6 V6
Transmission: 8-speed auto
Power: 295bhp
Torque: 353Nm
Price: Dh155,000
On sale: now
RESULTS
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MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
COMPANY%20PROFILE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
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Company%20Profile
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
What%20is%20Dungeons%20%26%20Dragons%3F%20
%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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