Category: 3. Business

  • France pushes state workers away from Zoom as Europe eyes tech decoupling

    France pushes state workers away from Zoom as Europe eyes tech decoupling

    France’s move this week to push millions of state workers to use a homegrown alternative to Zoom and Microsoft Teams marks the latest chapter in a decades-long effort by European governments to wean themselves off US Big Tech.

    France’s Prime Minister Sébastien Lecornu sent a letter to ministries on Thursday ordering them to shift their video calls to Visio, an internally developed Zoom alternative, by the end of the year.

    “To guarantee the security, confidentiality and resilience of public electronic communications, it is therefore imperative to deploy a unified videoconferencing solution, controlled by the State, based on sovereign technologies,” he wrote.

    The same logic was evident on Friday, when the French government blocked satellite operator Eutelsat from selling its ground antenna business to private equity firm EQT, citing the group’s strategic nature as a rival to Elon Musk’s Starlink internet service.

    Despite long-standing struggles to persuade Europeans to switch from the likes of Microsoft, Google and Amazon to local options, renewed concern about US President Donald Trump’s foreign policy has brought new urgency to calls for a so-called “tech decoupling”.

    France’s Prime Minister Sébastien Lecornu: ‘It is imperative to deploy a unified videoconferencing solution, controlled by the State, based on sovereign technologies’ © Ludovic Marin/AFP/Getty Images

    That has fuelled fresh efforts by European governments to spur local alternatives from communications apps and cloud providers to satellites and artificial intelligence.

    This week’s French moves came just days after the European parliament passed a resolution calling on member states to “strengthen European technological sovereignty by facilitating the procurement of European digital products and services, where possible”.

    The EU still relies on non-EU countries — primarily the US — for more than 80 per cent of its digital services and infrastructure, according to the parliament’s report.

    For decades, efforts to create European versions of cloud computing, messaging and enterprise software have foundered because people and companies are loath to switch over to often inferior or inconvenient alternatives.

    The small number of successful examples has largely been piecemeal. In October, for instance, the German state of Schleswig-Holstein celebrated a “milestone for digital sovereignty” with the migration of some 40,000 state workers’ email mailboxes from Microsoft Exchange and Outlook to open-source alternatives.

    France’s President Emmanuel Macron has been one of the most prominent advocates for Europe to become more independent from the US on everything from technology to weapons systems.

    He has championed local cloud-computing providers as well as Paris-based artificial intelligence company Mistral, seen as one of Europe’s few bulwarks against US and Chinese dominance of AI.

    Now, Trump’s threats to invade Greenland, which is part of Denmark, have raised the spectre of a trade war in which Europe’s reliance on Silicon Valley could prove a big economic liability.

    “What has changed today, more than the nature of the problem, is the likelihood that it could materialise abruptly: extraterritorial sanctions, access restrictions, regulatory blackmail,” said Francesca Musiani, a research director at France’s National Center for Scientific Research (CNRS).

    “In that context, decoupling stops being a theoretical hypothesis and becomes a risk-management scenario.”

    France itself has a chequered history of failed state-backed technology initiatives that were announced with great fanfare by presidents from Jacques Chirac to Macron, only for them to prove to be a waste of public money and time.

    In 2008, France and Germany poured hundreds of millions of euro into developing Quaero — a locally made search engine billed as a sovereign alternative to Google and Yahoo — then closed it after five years. Google’s market share in search in Europe still stands at about 90 per cent.

    Then, Paris tried to spur the development of a “sovereign cloud” by backing two competing projects led by telecoms groups Orange and SFR, arguing that the US cloud providers could not ensure that French user data stayed in Europe and was not vulnerable to US law enforcement or spying.

    Again, uptake was minimal since the services were not as good, so the government instead regulated changes to try to make US and other foreign products more secure for the public sector and companies.

    Saul Klein, London-based tech investor at Phoenix Court, said countries should be working together to ensure Europe has strong players in the industry’s next frontiers, citing Dutch chip equipment giant ASML’s €1.3bn investment in Mistral last year.

    “I don’t see the point of a French Zoom,” he said. “It’s unlikely for any sovereign state to be able to do something on their own that will compete scientifically or technologically against an American or Chinese alternative . . . One has to fight the next set of battles.”

    According to the research firm IDC, European companies still spent about 80 per cent of their total $25bn investments on cloud computing infrastructure in 2024 at the top five US cloud providers, which have themselves made deeper commitments to store European data locally.

    David Amiel, France’s junior minister for the civil service, told the FT that the country would not be able to reach President Macron’s goals of “strategic autonomy” — meaning reducing dependencies across the economy — without a renewed push for European companies to provide more of its technology.

    “We must wean ourselves off our addiction to non-European tools,” he said. “But they must be up to the best quality standards, otherwise they will fail.”

    The Visio project piloted by Amiel’s ministry has the long-term goal of creating more tools for the public sector that eventually could replace Microsoft Office or Google Suite.

    Last year, it launched an internal secure-messaging app called Tchap that now has about 300,000 users and aims to supplant WhatsApp or Signal.

    Amiel said some applications would be done in partnership with European tech companies so the government would not develop only on its own.

    A military official told the FT. “If we want to become more independent, we need to do this even if it’s not convenient at first,” the person said.

    Another staffer was more critical: “I hate Tchap and already have enough apps to check!”

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  • Trump has tapped a new Federal Reserve chair. Has he finally found his yes-man? | Federal Reserve

    Trump has tapped a new Federal Reserve chair. Has he finally found his yes-man? | Federal Reserve

    The US Federal Reserve requires “strong, sound and steady leadership”, according to Donald Trump. The president found a man to lead the central bank who would “provide exactly that type of leadership”, he declared.“He’s strong, he’s committed and he’s smart.”

    This is not how Trump described Kevin Warsh, the former Fed governor whom he unveiled as his new nominee to chair the central bank on Friday – but how he hailed Jerome Powell, the current Fed chair, when nominating him for the job about eight years ago.

    “If he’s confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation’s independent central bank,” Trump said as the November sun shone down on him in the White House Rose Garden in 2017.

    Trump has long stopped praising Powell. After refusing to bow to Trump’s demands for drastic interest rate cuts, he is now “a moron”, “stupid”, and “incompetent”, according to the president. “There’s something wrong with him,” Trump claimed in November. “I’ll be honest, I’d love to fire his ass.”

    Donald Trump and Jerome Powell at the Federal Reserve building in Washington DC on 24 July 2025. Photograph: Kent Nishimura/Reuters

    Powell, whose second term as Fed chair is due to expire in May, has refused to give Trump the loyalty he requires of every other leader in the executive branch. And while the president has been able to fire the vast majority of officials who he sees as disloyal, the Fed has so far proven out of his reach. Courts and Wall Street have moved to defend the central bank’s longstanding independence from political interference.

    With Warsh, Trump believes he’s struck a balance. Global markets were broadly steady after the announcement, which was welcomed by figures in the central banking establishment, like Mark Carney, former governor of the banks of England and Canada – and the president seems confident he has tapped a Fed chair who will prove loyal.

    “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump said in a social media post Friday. “On top of everything else, he is ‘central casting,’ and he will never let you down.”

    Warsh has a reputation for being “hawkish”, meaning he takes a more conservative approach to monetary policy. Fed hawks typically are sensitive about inflation, encouraging high interest rates – which tame price increases – even when it could lead to more unemployment.

    When Warsh was a Fed governor, he often focused on rising inflation, even as the labor market was in freefall. But over the last year, as Trump openly considered who should replace Powell at the top of the central bank, Warsh publicly made arguments that were more in line with the president’s demands for rate cuts.

    In a Wall Street Journal op-ed in November, he praised Trump’s “pro-growth policies” and argued (just like the president has) that the Fed had held back the economy with high rates.

    Some have voiced skepticism that Warsh will remain dove-ish on inflation, and maintain his belief that rates should be lower, once he walks back through the doors of the Fed. “His dovishness today stems from convenience,” researchers at Renaissance Macro Research said on Friday. “The president risks getting duped.”

    Warsh’s nomination does not guarantee him the job. He still requires confirmation by the US Senate – and the support of key figures in Congress who have grown alarmed by the administration’s treatment of the current Fed chair.

    Trump unveiled Warsh as his pick two weeks after the White House has faced widespread backlash when it emerged the Department of Justice had launched a criminal investigation into Powell. Republican senator Thom Tillis made clear on Friday that, though he supports Warsh as nominee, he will block his confirmation until the investigation is resolved.

    And even if Warsh is confirmed, chairing the Fed is tantamount to walking a delicate tightrope.

    The US central bank depends on the credibility of its independence. This credibility could be damaged if its leader even appears to prioritize pleasing the president over steady guidance of the world’s largest economy.

    US interest rates since 2019

    There are built-in protections to insulate the Fed from politics. Its chair doesn’t decide on interest rates alone: any change requires a consensus among the 12 voting members of the rate-setting Federal Market Open Committee (FOMC).

    Seven of FOMC’s voting members are Fed governors who serve out 14-year terms. And while Trump has tried to kick out Lisa Cook, one of those governors, the US supreme court seems prepared to protect her from the president’s wrath.

    Powell’s term as chair is set to end in May, but his term as a Fed governor is not up until 2028. While most chairs usually step down from the board after their term as chair concludes, Powell has so far refused to comment on whether he will stay on.

    That staying on even remains a possibility for Powell points to the unspoken uncertainty surrounding the end of his term.

    At a press conference earlier this week, after the Fed again declined to cut rates, Powell refused to answer any questions about Trump, the justice department’s investigation, or his possible successor. “I have nothing for you on that,” he repeatedly told assembled reporters.

    But one thing he was willing to speak on, at length, was the importance of the Fed’s independence. Should it ever be used to sway elections, Powell cautioned: “It would be hard to restore the credibility of the institution.

    “If people lose their faith that we’re making decisions only on the basis of our assessment of what’s best for everyone … it’s going to be hard to retain it,” he said. “We haven’t lost it, I don’t believe we will. I certainly hope we won’t.”

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  • UK new car buyers drive a bargain as average discount nears £6,000 | Automotive industry

    UK new car buyers drive a bargain as average discount nears £6,000 | Automotive industry

    If you are considering buying a new car, now might be the time to act as new data shows manufacturers and dealers slashing prices by more than 10%, with the average discount close to £6,000.

    The typical discount available across all petrol, diesel and electric cars sold in the UK is 11.4% of the on-the-road price – the equivalent of £5,911 – according to Insider Car Deals, which sells discount data to people looking to buy.

    On-the-road prices include all of the extras required to drive a car, including road tax, registration fees, number plates, delivery and VAT.

    For electric vehicles (EVs) the average price reduction is 12.9% – including the savings from government electric car grants that apply to certain vehicles. The absolute size of the discounts on battery cars is larger, at £7,091, mainly because manufacturers have been slower to produce electric versions of the smaller, cheaper cars that are the backbone of the petrol market.

    While this is all good news for consumers, car industry executives complain that official EV sales targets are too tough, forcing them to offer “unsustainable” discounts on battery cars amid intense competition – particularly from new Chinese brands.

    Also, despite the car industry’s focus on EVs, as they lobby for easier targets, for some models the discount on a petrol model is proportionally bigger. Take the popular British-made Nissan Qashqai: the price data suggest that a new model can be found for £36,000, or 17.9% off the recommended retail price.

    Nissan has not begun producing its electric Qashqai, but its similar-sized electric vehicle, the Ariya, has a discount of only 13.1%, putting it at an average price of £45,264 (with some versions eligible for grants).

    Kia’s Niro EV can be found at a 7.1% discount, at £38,460, without being eligible for a grant, whereas there is 13.2% off a Kia Niro Hybrid, which combines a small battery with a petrol engine, putting it at £33,225.

    Whichever choice buyers make, it usually pays to haggle – particularly at the end of the month or the quarter when dealers may have sales targets they need to meet.

    Even if the upfront price for a new electric car remains higher in many cases, the total cost of ownership may well be lower, particularly for people who can charge the car at home. Battery motors are much more efficient, meaning less energy is lost to heat and noise, which leads directly to lower energy costs (and much lower carbon emissions), while maintenance costs are also lower on average.

    The Energy & Climate Intelligence Unit (ECIU), a campaign group, last month calculated that internal combustion engines cost drivers an annual £1,300 “petrol premium” at 2025 fuel prices.

    Colin Walker, the ECIU’s head of transport, says: “With a majority of people able to charge their vehicles at home and take advantage of cheap, night-time charging tariffs, these vehicles can deliver savings worth hundreds, even thousands of pounds a year.”

    The UK’s electric car grant of up to £3,750 has meant that price parity between electric and petrol has arrived for some new car models. Walker highlighted the Ford Puma, the bestselling car in the UK in 2025, which starts from £26,580. That compares with £26,245 for the electric Puma Gen-E, after the grant.

    “It’s no surprise that EV sales increased so significantly in 2025,” says Walker. “The choice of models is constantly expanding and, crucially, the price of EVs is coming down as manufacturers compete with each other to hit their EV sales targets.”

    Shortages of new cars during the coronavirus pandemic and the consequent chip shortage meant discounts were not needed to shift cars, but the market is shifting back – with the added impetus of competition from Chinese marques such as BYD, SAIC’s MG and Chery’s Omoda and Jaecoo offering keen prices. That has put bargains back on the table at car dealerships.

    Pat Hoy, the founder of Insider Car Deals, says the level of discounting is “not unprecedented. The market as a whole is starting to look a lot like it did just before Covid, where the manufacturers are getting back to usual sale patterns, turning discounts on and off.”

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  • Barclays (LSE:BARC) Valuation Check After Strong 1 Year Shareholder Return

    Barclays (LSE:BARC) Valuation Check After Strong 1 Year Shareholder Return

    Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide.

    Barclays (LSE:BARC) is back on many investors’ screens after its latest reported figures showed £26,016m in revenue and £5,945m in net income. This has prompted fresh interest in how the share price lines up with those fundamentals.

    See our latest analysis for Barclays.

    At a share price of £4.862, Barclays has seen a 19.46% 90 day share price return and a 1 year total shareholder return of 68.05%. This suggests momentum has been building around the story, both on recent results and the longer term turnaround.

    If Barclays’ recent run has caught your eye, it could be worth broadening your search to other banks and financials or casting the net wider across the market. If you are curious about what else is moving, now is a good time to broaden your investing horizons and check out fast growing stocks with high insider ownership

    With Barclays trading at £4.862, an implied intrinsic discount of around 45% and only a small gap to analyst targets, investors are left with a key question: is there still a buying opportunity here, or is the market already pricing in future growth?

    Barclays’ most followed narrative points to a fair value of £4.92, just above the current £4.86 share price. This frames the recent rally in a tight valuation range.

    Investments in digital banking, client relationship growth, and acquisitions are boosting efficiency and expanding revenue in high margin, structurally growing segments. Strategic cost control, technology upgrades, and business mix improvements are driving consistently higher returns and strengthening long term earnings quality.

    Read the complete narrative.

    Curious what sits behind that near match between price and fair value? The narrative leans on steady top line expansion, firm margins and a richer earnings multiple. The model also builds in buybacks and a specific required return. Want to see exactly how those moving parts combine into that £4.92 figure?

    Result: Fair Value of £4.92 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, this depends on deposits remaining stable and credit quality staying resilient, with tougher competition or weaker conditions potentially putting pressure on margins and earnings.

    Find out about the key risks to this Barclays narrative.

    If you look at the numbers and reach a different conclusion, or simply prefer to test your own view, you can build a personalised Barclays story in just a few minutes with Do it your way

    A great starting point for your Barclays research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.

    If Barclays has sharpened your thinking, do not stop here. Broaden your opportunity set with focused stock ideas that match the kind of portfolio you want to build.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include BARC.L.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • HMRC phone lines stay open as self-assessment tax deadline looms – BBC

    HMRC phone lines stay open as self-assessment tax deadline looms – BBC

    1. HMRC phone lines stay open as self-assessment tax deadline looms  BBC
    2. Why must I fill in a self-assessment tax form when other people are let off?  MSN
    3. Two million taxpayers risk £100 HMRC fines  The Telegraph
    4. HMRC set to ‘penalise’ UK households who don’t pay up before midnight Saturday  Birmingham Live
    5. HMRC issues warning to taxpayers as self-assessment deadline looms  The Independent

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  • Local gold plunges by Rs35,500 per tola – Dawn

    1. Local gold plunges by Rs35,500 per tola  Dawn
    2. Gold price per tola drops massive Rs35,500 in Pakistan  Business Recorder
    3. Further decline in gold and silver prices across markets  The Express Tribune
    4. Gold price soars to Rs572,862 per tola  The Nation (Pakistan )
    5. Gold loses Rs61,000 in two days, prices now at Rs511,862  Dunya News

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  • Nowcasting Economic Growth with Machine Learning and Satellite Data

    Nowcasting Economic Growth with Machine Learning and Satellite Data

    Preview Citation

    Format: Chicago

    Eurydice Fotopoulou, Iyke Maduako, M. Belen Sbrancia, and Prachi Srivastava. "Nowcasting Economic Growth with Machine Learning and Satellite Data", IMF Working Papers 2026, 020 (2026), accessed 1/31/2026, https://doi.org/10.5089/9798229037471.001

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    • RefWorks
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    Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

    Summary

    The absence of reliable data on fundamental economic indicators (e.g. real GDP), combined with structural shifts in the economy, can severely constrain the ability to conduct accurate macroeconomic analysis and forecasting. This paper explores alternatives to address data limitations by integrating machine learning and satellite data to estimate real GDP. Specifically, it finds that incorporating satellite-based nightlight data into a random forest model significantly improves the accuracy of quarterly GDP growth estimates compared with models relying solely on traditional indicators. This empirical application contributes to the emerging nowcasting field to enhance economic forecasting in economies with significant data gaps.

    Subject: COVID-19, Econometric analysis, Economic and financial statistics, Economic forecasting, Environment, Health

    Keywords: COVID-19, GDP, Machine learning, Macroeconomic forecast, Nowcasting, Pacific Islands, Random Forest, Satellite data