French economy and finance minister Bruno Le Maire has announced an end to across-the-board financial support to businesses to help them survive the downturn caused by the coronavirus pandemic and resulting restrictions, detailing that future aid will only be made available on a case-by-case basis.
The French government has reacted angrily to US President Donald Trump's decision, after withdrawing from the 2015 nuclear accord with Iran, to re-impose sanctions on companies that do business with Tehran and which include Airbus, French carmakers Renault and PSA, and oil giant Total.
Last Friday, the board of French carmaker Renault insisted it would pay chief executive Carlos Ghosn a package of 7.2 million euros for his services in 2015, despite a revolt by shareholders who disapproved of the deal which economy minister Emmanuel Macron on Tuesday denounced as “excessive”. In this opinion article, Mediapart’s economic affairs correspondent Martine Orange argues that Ghosn, who is also paid a yearly 8 million euros as head of Nissan, is typical of a new caste of cynical oligarchs who are unaccountable to anyone, even to the very shareholders who first launched them on a path of greed.
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