Emmanuel Macron might have thought the Paris Olympics
Emmanuel Macron might have thought the Paris Olympics would be the perfect distraction from politics.
Yet, just hours ahead of the inauguration ceremony, train lines were sabotaged, disrupting travel across the country — a warning shot that even if negotiations on a government are on hold, security risks are now at the forefront.
The Games starting today would have been a welcome break from the mess the French president created by calling snap elections last month. He says he won't pick a new prime minister before mid-August and his outgoing government will carry on caretaker duties. The new National Assembly will be mostly quiet for at least two months after lawmakers elected its board.
Macron will be hoping eyes turn to the thousands of sports stars, the swimming in a cleaned-up Seine, new world records set and the City of Light at its most dazzling.
France's most important legislative body continues to be fragmented and with no group holding enough seats to govern on its own. The deadlock has put the country in the unprecedented situation of having to rely on several parties across the ideological spectrum to form a new government.
The New Popular Front, a leftist alliance that won the most seats in the snap election, says it should have first dibs to name a premier and build a cabinet. The group has overcome internal fractures and proposed a public servant who works at the Paris city hall for prime minister. Macron immediately rebuffed the offer.
He and his allies have indicated they would rather team up with the Republican Right to form a coalition that has brought little success so far for Macron either. Meanwhile, Marine Le Pen's far-right National Rally, which is now the largest individual caucus, has pledged to endorse efforts from the left to undo Macron's flagship pension reform.
Far from clarifying the political situation, the French leader has made it worse. An Olympics without major setbacks is the best he can hope for. — Samy Adghirni
Macron speaks during the French Alps' bid for the 2030 Winter Games in Paris on Wednesday. Photographer: Fabrice Coffrini/AFP/Getty Images
Global Must Reads
Just in: Barack Obama and his wife Michelle endorsed Kamala Harris' bid to become the Democratic nominee, offering her their support to follow in his footsteps as only the second Black president in US history.
Harris pressed Israeli Prime Minister Benjamin Netanyahu to accept a cease-fire and warned him about the civilian death toll in Gaza at a meeting in Washington, adopting a harsher tone than that of President Joe Biden. Israel's war against Hamas will be one of the most fraught foreign-policy issues Harris would inherit if she wins November's elections.
Donald Trump finds himself in the unusual position of not being at the center of attention. His campaign refused to commit to a debate with Harris after the Democratic candidate challenged the Republican nominee to show up to a previously scheduled Sept. 10 face-off. Trump's debate with Biden proved to be catastrophic for the US president.
North Korea's economy has roared back to life thanks to arms transfers with Russia that provided support for Kim Jong Un's regime. That allowed the leader to shun diplomacy as he ramped up his threats against the US and South Korea. The growth comes as Kim has drawn closer to Moscow, ignored US calls to return to disarmament talks and rolled back border restrictions imposed at the start of the Covid-19 pandemic.
Venezuela's debtholders are warming to the idea of an opposition win. Having favored a restructuring under President Nicolas Maduro, creditors are changing their minds and thinking that just maybe he can be genuinely unseated in elections many observers doubt will be fair. A political transition in Venezuela would likely lead to sanctions relief by the US for starters.
Ukraine's Foreign Minister Dmytro Kuleba asked Hong Kong's leader John Lee to take measures to prevent Russia and its companies from using the financial hub to circumvent sanctions.
Sri Lanka will choose a new president in September in the country's first election after a historic debt default in May 2022 that saw living standards plummet and widespread unrest.
French cybersecurity officials are working with more than 500 institutions and facilities critical to the functioning of the Summer Games as they brace for an onslaught of cyberattacks.
Washington Dispatch
With much of Washington riveted on the US election drama, a glimmer of one of the major foreign-policy dilemmas that will confront the next administration arose off the coast of Alaska, when Chinese and Russian bombers were spotted flying together.
The North American Aerospace Defense Command said in a statement that the warplanes, two each from Russia and China, were "not seen as a threat" and Defense Secretary Lloyd Austin added the flight was "not a surprise to us." Even so, the alliance between Chinese leader Xi Jinping and Putin, which has flourished since Russia's invasion of Ukraine, generates anxiety in Washington and other capitals.
At the same time, both Russia and China have ambitions in the Arctic as melting ice makes that part of the world more accessible. According to the Pentagon's 2024 Arctic Strategy released earlier this month, the US will expand its surveillance and military readiness in the vast region.
One thing to watch today: The Federal Reserve's preferred price gauge, core PCE inflation, will be released.
Sign up for the Washington Edition newsletter for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television.
Chart of the Day
Chinese carmakers are setting up factories in nations from Spain to Turkey to blunt European Union duties of as much as 48% on electric vehicles made in China. Their arrival threatens Europe's auto giants, which have little choice but to strike partnerships and make space for rivals as they face shuttering some of their own sites to adjust to faltering global sales growth.
And Finally
The trailer for a government-backed Taiwanese TV show depicting a Chinese invasion has prompted an outburst of anxiety on the island. Despite local authorities ramping up efforts to strengthen defenses, security analysts see the country as ill-prepared to deter or resist China. Producers of the series, Zero Day, are in talks with a major international streaming platform, hoping to draw more global attention to the threats Taiwan faces.
The filming of Zero Day. Source: Zeroday Cultural and Creative
Pop quiz (no cheating!) Which European leader has been summoned to testify next week in a criminal investigation into his wife's business dealings? Send your answers to [email protected].
Yet, just hours ahead of the inauguration ceremony, train lines were sabotaged, disrupting travel across the country — a warning shot that even if negotiations on a government are on hold, security risks are now at the forefront.
The Games starting today would have been a welcome break from the mess the French president created by calling snap elections last month. He says he won't pick a new prime minister before mid-August and his outgoing government will carry on caretaker duties. The new National Assembly will be mostly quiet for at least two months after lawmakers elected its board.
Macron will be hoping eyes turn to the thousands of sports stars, the swimming in a cleaned-up Seine, new world records set and the City of Light at its most dazzling.
France's most important legislative body continues to be fragmented and with no group holding enough seats to govern on its own. The deadlock has put the country in the unprecedented situation of having to rely on several parties across the ideological spectrum to form a new government.
The New Popular Front, a leftist alliance that won the most seats in the snap election, says it should have first dibs to name a premier and build a cabinet. The group has overcome internal fractures and proposed a public servant who works at the Paris city hall for prime minister. Macron immediately rebuffed the offer.
He and his allies have indicated they would rather team up with the Republican Right to form a coalition that has brought little success so far for Macron either. Meanwhile, Marine Le Pen's far-right National Rally, which is now the largest individual caucus, has pledged to endorse efforts from the left to undo Macron's flagship pension reform.
Far from clarifying the political situation, the French leader has made it worse. An Olympics without major setbacks is the best he can hope for. — Samy Adghirni
Macron speaks during the French Alps' bid for the 2030 Winter Games in Paris on Wednesday. Photographer: Fabrice Coffrini/AFP/Getty Images
Global Must Reads
Just in: Barack Obama and his wife Michelle endorsed Kamala Harris' bid to become the Democratic nominee, offering her their support to follow in his footsteps as only the second Black president in US history.
Harris pressed Israeli Prime Minister Benjamin Netanyahu to accept a cease-fire and warned him about the civilian death toll in Gaza at a meeting in Washington, adopting a harsher tone than that of President Joe Biden. Israel's war against Hamas will be one of the most fraught foreign-policy issues Harris would inherit if she wins November's elections.
Donald Trump finds himself in the unusual position of not being at the center of attention. His campaign refused to commit to a debate with Harris after the Democratic candidate challenged the Republican nominee to show up to a previously scheduled Sept. 10 face-off. Trump's debate with Biden proved to be catastrophic for the US president.
North Korea's economy has roared back to life thanks to arms transfers with Russia that provided support for Kim Jong Un's regime. That allowed the leader to shun diplomacy as he ramped up his threats against the US and South Korea. The growth comes as Kim has drawn closer to Moscow, ignored US calls to return to disarmament talks and rolled back border restrictions imposed at the start of the Covid-19 pandemic.
Russian President Vladimir Putin and Kim in Pyongyang on June 19. Photographer: Vladimir Smirnov/AFP/Getty Images
Chancellor of the Exchequer Rachel Reeves said she has inherited a "mess" in the UK's public finances, her latest warning about the nation's fiscal position that suggests a tax-raising budget. Asked whether she still had "no plans" to raise taxes on wealth, property or inheritance in Britain, as Labour repeatedly said during the election campaign, Reeves did not reiterate that commitment.Venezuela's debtholders are warming to the idea of an opposition win. Having favored a restructuring under President Nicolas Maduro, creditors are changing their minds and thinking that just maybe he can be genuinely unseated in elections many observers doubt will be fair. A political transition in Venezuela would likely lead to sanctions relief by the US for starters.
Ukraine's Foreign Minister Dmytro Kuleba asked Hong Kong's leader John Lee to take measures to prevent Russia and its companies from using the financial hub to circumvent sanctions.
Sri Lanka will choose a new president in September in the country's first election after a historic debt default in May 2022 that saw living standards plummet and widespread unrest.
French cybersecurity officials are working with more than 500 institutions and facilities critical to the functioning of the Summer Games as they brace for an onslaught of cyberattacks.
Washington Dispatch
With much of Washington riveted on the US election drama, a glimmer of one of the major foreign-policy dilemmas that will confront the next administration arose off the coast of Alaska, when Chinese and Russian bombers were spotted flying together.
The North American Aerospace Defense Command said in a statement that the warplanes, two each from Russia and China, were "not seen as a threat" and Defense Secretary Lloyd Austin added the flight was "not a surprise to us." Even so, the alliance between Chinese leader Xi Jinping and Putin, which has flourished since Russia's invasion of Ukraine, generates anxiety in Washington and other capitals.
At the same time, both Russia and China have ambitions in the Arctic as melting ice makes that part of the world more accessible. According to the Pentagon's 2024 Arctic Strategy released earlier this month, the US will expand its surveillance and military readiness in the vast region.
One thing to watch today: The Federal Reserve's preferred price gauge, core PCE inflation, will be released.
Sign up for the Washington Edition newsletter for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television.
Chart of the Day
And Finally
The trailer for a government-backed Taiwanese TV show depicting a Chinese invasion has prompted an outburst of anxiety on the island. Despite local authorities ramping up efforts to strengthen defenses, security analysts see the country as ill-prepared to deter or resist China. Producers of the series, Zero Day, are in talks with a major international streaming platform, hoping to draw more global attention to the threats Taiwan faces.
The filming of Zero Day. Source: Zeroday Cultural and Creative
Pop quiz (no cheating!) Which European leader has been summoned to testify next week in a criminal investigation into his wife's business dealings? Send your answers to [email protected].
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