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France hit by new wave of strikes against Macron’s pension reform

  • Reform would raise retirement age to 64
  • Schools, transport networks, refinery deliveries hit
  • Macron: Reform vital to ensure viability of pension system

SAINT-NAZAIRE, France, Jan 31 (Reuters) – Striking workers disrupted French refinery deliveries, public transport and schools on Tuesday in a second day of nationwide protests over President Emmanuel Macron’s plan to make people work longer before retirement.

Crowds marched through cities across France to denounce a reform that raises the retirement age by two years to 64 and which is a test of Macron’s ability to push through change now that he has lost his working majority in parliament.

On the rail networks, only one in every three high-speed TGV trains were operating and even fewer local and regional trains. Services on the Paris metro were thrown into disarray.

Buoyed by their success earlier in the month when more than a million people took to the streets, trade unions which have been battling to maintain their power and influence urged the public to turnout en masse.

“We won’t drive until we’re 64!” bus driver Isabelle Texier said at a protest in Saint-Nazaire on the Atlantic coast, adding that many careers involved tough working conditions.

Others felt resigned ahead of likely bargaining between Macron’s ruling alliance and conservative opponents who are more open to pension reform than the left.

“There’s no point in going on strike. This bill will be adopted in any case,” said 34-year-old Matthieu Jacquot, who works in the luxury sector.

Unions said half of primary school teachers had walked off the job. TotalEnergies (TTEF.PA) said 55% of its workers on morning shifts at its refineries had downed tools, a lower number than on Jan. 19. The hard-left CGT union said the figure was inaccurate.

For unions, the challenge will be maintaining a strike movement at a time when high inflation is eroding salaries.

At a local level, some announced “Robin Hood” operations unauthorised by the government. In the southwestern Lot-et-Garonne area, the local CGT trade union branch cut power to several speed cameras and disabled smart power meters.

“When there is such a massive opposition, it would be dangerous for the government not to listen,” said Mylene Jacquot, secretary general of the CFDT union’s civil servants branch.

Opinion polls show a substantial majority of the French oppose the reform, but Macron intends to stand his ground. The reform was “vital” to ensure the viability of the pension system, he said on Monday.

A street march in Paris takes place later in the day.

‘BRUTAL’

The pension system reform would yield an additional 17.7 billion euros ($19.18 billion) in annual pension contributions, according to Labour Ministry estimates.

Unions say there are other ways to raise revenue, such as taxing the super rich or asking employers or well-off pensioners to contribute more.

“This reform is unfair and brutal,” said Luc Farre, the secretary general of the civil servants’ UNSA union. “Moving (the pension age) to 64 is going backwards, socially.”

French power supply was down by 4.5% or 3 gigawatts (GW), as workers at nuclear reactors and thermal plants joined the strike, data from utility group EDF (EDF.PA) showed.

TotalEnergies said deliveries of petroleum products from its French sites had been halted because of the strike, but that customers’ needs were met.

The government made some concessions while drafting the legislation. Macron had originally wanted the retirement age to be set at 65, while the government is also promising a minimum pension of 1,200 euros a month.

Prime Minister Elisabeth Borne has said the 64 threshold is “non-negotiable”, but the government is exploring ways to offset some of the impact, particularly on women.

Hard-left opposition figure Jean-Luc Melenchon, a vocal critic of the reform, said parliament would on Monday debate a motion calling for a referendum on the matter.

“The French are not stupid,” he said at a march in Marseille. “If this reform is vital, it should be possible to convince the people.”

Reporting by Forrest Crellin, Benjamin Mallet, Sudip Kar-Gupta, Leigh Thomas, Blandine Henault, Michel Rose, Dominique Vidalon, Benoit Van Overstraeten; Writing by Ingrid Melander and Richard Lough; Editing by Janet Lawrence

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Macron, unions head for French pension reform showdown

  • Retirement age set to be raised to 64 from 62
  • Unions, left-wing opposition reject the reform
  • Adoption in parliament depends on the right

PARIS, Jan 10 (Reuters) – The French should work two years longer to age 64 before retiring, the government said on Tuesday, announcing an unpopular pension system overhaul that immediately prompted unions to call for strikes and protests.

The right to retire at a relatively young age is deeply cherished in France and the reform will be a major test of President Emmanuel Macron’s ability to deliver change as social discontent mounts over the cost of living.

The reform’s passage through parliament will not be easy. Macron’s government says it is vital to keep the pension budget out of the red. Unions argue the reform is unfair and unnecessary.

“Nothing justifies such a brutal reform,” Laurent Berger, leader of the moderate, reform-minded CFDT union, told reporters after trade union leaders agreed on a nationwide strike for Jan. 19, which will kick off a series of strikes and protests.

An Odoxa poll showed four out of five citizens oppose the higher retirement age.

“I’m well aware that changing our pension system raises questions and fears among the French,” Prime Minister Elisabeth Borne had told a news conference shortly before.

“We offer today a project to balance our pension system, a project that is fair,” she said, adding that France had to face reality.

Overhauling the pension system was a central pillar of Macron’s reformist agenda when he entered the Elysee Palace in 2017. But he shelved his first attempt in 2020 as the government battled to contain COVID-19.

The second attempt will not be any easier.

“It’s one slap in the face after another,” said 56-year-old Frederic Perdriel during a small protest in the western city of Rennes ahead of Borne’s announcement. “There are other ways to finance pensions than raising the retirement age.”

“BRUTAL, CRUEL”

Macron and Borne will need to win support among conservative Les Republicains (LR) lawmakers in the coming months to pass the reform in parliament.

That looks less challenging than it did a few weeks ago after concessions on the retirement age – Macron had originally wanted it to be 65 – and a minimum pension.

Olivier Marleix, who leads the LR group in the lower house of parliament, reacted positively to Borne’s announcements.

“They heard us,” he said, while asking for more efforts to ensure employment for people close to retirement age.

Even so, LR is divided on the issue, so every vote counts.

The Socialists, the hard-left La France Insoumise (France Unbowed) and the far-right’s National Rally were swift to denounce the reform. Left-wing lawmaker Mathilde Panot branded the plan “archaic, unfair, brutal, cruel.”

“The French can count on our determination to block this unfair reform,” the far-right’s Marine Le Pen said.

Under the government plan, the retirement age will be raised by three months per year from September, reaching the target age of 64 in 2030.

From 2027, eight years earlier than planned in past reforms, it will be necessary to have worked 43 years to receive a full pension.

Other measures aim to boost the employment rate among 60 to 64-year-olds, which is one of the lowest among leading industrialised nations.

With one of the lowest retirement ages in the industrialised world, France also spends more than most countries on pensions at nearly 14% of economic output, according to the Organisation for Economic Cooperation and Development.

Reporting by Elizabeth Pineau, Leigh Thomas, Stephane Mahe, Tassilo Hummel, Blandine Henault; writing by Ingrid Melander; editing by Richard Lough, Alexandra Hudson and Josie Kao

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Cryptoverse: The early birds betting bitcoin’s bottoming out

A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo

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June 7 (Reuters) – As the crypto winter creeps into June, the first signs of a thaw are emerging.

Some investors are now betting that bitcoin is bottoming out, judging by the money heading into listed cryptocurrency funds, which represent just a slice of the market yet are popular among institutional and retail players alike.

Overall flows into such funds turned positive last month, with a weekly average inflow of $66.5 million, a reversal from a dismal April when they saw a weekly average outflow of $49.6 million, according to data provider CryptoCompare.

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“It’s largely institutional, and to a degree retail investors, recognizing that the pain is already endured, and we’re closer to the bottom than we are to the top,” said Ben McMillan, chief investment officer of Arizona-based IDX Digital Assets.

“If you’re getting into crypto at these levels, a little near-term volatility could be worth a long-term payoff,” he added. “A lot of institutional investors are starting to look at crypto as a source of longer-term growth potential.”

It’s hard to know whether the tentative flows will last, though, or if the nascent trend will be replicated across the wider market.

Many people will also think twice before piling into the market again, having been mightily clobbered as crypto was buffeted by worries over global monetary tightening and rising inflation. Bitcoin has lost roughly half its value since a November peak, it is down by a third in 2022 and has been languishing at around $30,000 for a month.

The data from funds nonetheless indicate some investors are returning to crypto, albeit into the perceived safety of exchange-traded products (ETP) with their promise of greater liquidity and security.

The assets under management of several bitcoin-futures ETFs have risen in the past week, according to Kraken Intelligence. The assets of the ProShares Bitcoin Strategy ETF’s have grown 6%, while those of the Global X Blockchain & Bitcoin Strategy ETF (BITS.O) and VanEck Bitcoin Strategy ETF have climbed over 3%.

BY comparison, ProShares’ bitcoin fund saw outflows of over $127 million in April.

The bullish trend has extended into June, with global bitcoin ETP holdings jumping to an all-time high of 205,008 bitcoin in the first two days of the month, Norway-based crypto research firm Arcane Research found.

“This is a promising sign for what’s to come,” said Arcane analyst Vetle Lunde.

In an indication investors are being selective and cautious, only bitcoin funds have received inflows while funds focused on ethereum and other crypto still experienced outflows.

Reuters Graphics
Reuters Graphics

STILL IN THE RED

But let’s not forget, while the fortunes of some funds may potentially be turning up, most have posted poor returns this year as the crypto market has tanked.

U.S. digital assets funds have lost 46% on average so far in 2022, posting losses of 22% in May, according to Morningstar.

All listed digital asset investment products tracked by CryptoCompare lost money in May, with the worst performer being Grayscale’s Digital Large Cap Fund product, with a 38.5% fall.

“Bitcoin has been rangebound in concert with the broader market activity of late, investors are looking for a bottom and are uncertain where that is,” said Jack McDonald, CEO of PolySign, which specializes in digital asset custody solutions for institutional investors.

Shares of the Grayscale Bitcoin Trust (GBTC.PK) one of the biggest bitcoin funds with over $19 billion in assets, are trading at a 29% discount to net asset value, around its steepest discount since inception and indicative of low demand for the product.

And despite the pick up in May, many market watchers expect inflows to crypto funds to remain subdued until macroeconomic and regulatory risks become more clear.

“We’re waiting for a high conviction bid to come back into the markets,” added McMillan at IDX. “There’s still a lot of wood to chop on the macro front.”

Crypto and blockchain ETFs
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Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru
Editing by Vidya Ranganathan and Pravin Char

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Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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Windows 11 version 22H2 might RTM on May 24

The next feature update for Windows 11 is just about complete, according to Microsoft leakster WalkingCat. Windows 11 version 22H2 is reportedly set to hit RTM status on May 24.

What RTM means for Windows 11

In the old days – the days before Windows 10 – RTM used to mean that Microsoft had completed a version of Windows and was ready to ship it out to OEMs. Indeed, it stands for release to manufacturers.

Things don’t work that way anymore, ever since Microsoft introduced the Windows as a service model. The company will talk about how Windows updates are never done, and it’s also true that OEMs don’t get some special copy of the OS to pre-install on new hardware anymore. While Microsoft doesn’t publicly call it RTM, that’s a term we often use just to describe the build that will eventually ship as a feature update.

That’s the build that we’re expecting to see on May 24. Of course, things could change. There could be some show-stopping bug that could push it back, which is something that we’ve seen before.

What happens after RTM

Once we get the so-called final build for Windows 11 version 22H2, that doesn’t mean the update is about to be released. That’s when Microsoft is going to start servicing it with cumulative updates.

This is exactly what happened with the original version of Windows 11, and the timeline is the same. Windows 11 had already reached that critical milestone when it was announced, so all we got to test after that we’re cumulative updates to build 22000. We’ll see those same kinds of updates with version 22H2, and then there will be a fall release.

You can still test new Windows 11 features

The Windows 11 version 22H2 build will be available in the Beta channel, and testing is going to be boring. Of course, boring means things are good and bug-free. If you want the excitement of new features, you can still get that. All you have to do is enroll your PC in the Dev channel. You’ll get all of the rs_prerelease builds after that.

Speaking of the different channels and features, Microsoft hasn’t even told us specifically what’s going to be included in Windows 11 version 22H2. We have a general idea based on what’s in the Beta channel right now, but there are no guarantees. Hopefully, we’ll know on May 24.



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Berkshire shareholders vote to keep Buffett as chairman, reject climate disclosures

OMAHA, Neb., April 30 (Reuters) – Berkshire Hathaway Inc (BRKa.N) shareholders on Saturday rejected proposals to have an independent chair replace Warren Buffett, and require his company to disclose more about its climate-related risks and efforts to improve diversity.

Shareholders supported letting Buffett keep both the chairman and chief executive roles by a nearly 6-to-1 margin, Berkshire said at its annual meeting in Omaha, Nebraska.

Buffett, 91, has run Berkshire since 1965.

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The National Legal and Policy Center, a Berkshire shareholder, had said it was poor corporate governance for the legendary investor to retain both roles.

Its proposal gained greater attention when Calpers, which invested $460 billion on April 28 and is the largest U.S. public pension fund, expressed support, as it has at other companies.

Berkshire’s board, however, said Buffett should keep both roles. Buffett’s oldest son Howard Buffett, a Berkshire director, is expected to become non-executive chairman when his father is no longer in charge.

By approximately 3-to-1 margins, shareholders also rejected proposals to have the company disclose more about the climate-related risks, greenhouse gas emissions and diversity efforts in its dozens of businesses.

Berkshire’s board also opposed those proposals, saying its operating businesses already disclosed or appropriately managed environmental risks, and were committed to diversity, equity and inclusion.

The proposals faced long odds to pass, given Buffett’s control of 32% of Berkshire’s voting power. He owns approximately 16% of Berkshire’s stock.

Berkshire’s slate of 15 people to serve as directors won shareholder approval by an overwhelming margin.

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Reporting by Carolina Mandl and Jonathan Stempel in Omaha, Nebraska
Editing by Nick Zieminski

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Pilots union sues Southwest Airlines, alleges violation of federal labor law

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Aug 31 (Reuters) – A union representing Southwest Airlines Co (LUV.N) pilots has filed a lawsuit challenging forced time off and other changes to working conditions imposed by the airline during the COVID-19 pandemic.

The Southwest Airlines Pilots Association filed a complaint in federal court in Dallas on Monday claiming that the carrier implemented an “emergency time off” program, altered schedules, and scaled back prescription drug and retirement benefits without bargaining, in violation of federal labor law.

It claims Southwest should have collectively bargained with the union instead of giving itself “force majeure” rights when air travel plummeted during the pandemic.

The lawsuit marks an escalation in mounting tensions between the airline and its staff. Its pilots union has threatened to picket over the winter holidays to protest against a host of issues including a gruelling work schedule, a lack of food and accommodation and COVID-19 protocols.

The protest prompted the company last week to trim flight schedules for this fall in a bid to better align its operations with staffing. read more

In the lawsuit, the union said the airline is bound by the terms of the collective bargaining agreement that lapsed in August last year, but remains in effect until a new agreement is reached and does not contain a “force majeure” clause.

It asked the court for an injunction, requiring Southwest to stick to the provisions of the lapsed agreement, and negotiate the terms for an “emergency extended time off” program, and COVID 19-related work conditions.

In an email sent to its members on Tuesday, the union said the lawsuit was the “only recourse” to compel the company to meet its duty to collectively bargain.

Russell McCrady, Southwest vice president of labor relations, in a statement said that the airline disagrees that any COVID-related changes adopted in recent months required negotiation.

“As always, Southwest remains committed to pilots’ health and welfare and to working with SWAPA, and our other union partners, as we continue navigating the challenges presented by the ongoing pandemic,” he said.

Reporting by Daniel Wiessner in New York and Rajesh Kumar Singh in Chicago; Editing by Richard Chang, Mark Porter and Richard Pullin

Daniel Wiessner

Dan Wiessner (@danwiessner) reports on labor and employment and immigration law, including litigation and policy making. He can be reached at daniel.wiessner@thomsonreuters.com.

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Robinhood CEO says he is considering offering U.S. retirement accounts

July 24 (Reuters) – Robinhood Markets Inc is considering launching U.S. retirement accounts, CEO and co-founder Vlad Tenev said on Saturday in a webcast with users of its trading app looking to participate in its initial public offering, which is set to price next week.

The online brokerage has about 18 million funded investment accounts on its platform, most of which are held by retail traders.

Offering individual retirement accounts (IRAs) and Roth IRAs, which offer tax advantages to those saving for retirement, would allow Robinhood to tap a vast market. Americans held $12.6 trillion in IRAs at the end of March, up 2.8% from the end of December, according to the Investment Company Institute.

“We are interested in building more account types, including IRAs and Roth IRAs, we’ve been hearing that a lot from our customers. We want to make first-time investors into long-term investors,” Tenev said in response to an investor question.

Due to the penalties involved in withdrawing money, IRAs tend to attract long-term investments, rather than the quick flip in stocks, options and cryptocurrencies that some investors turn to Robinhood for.

In his webcast, however, Tenev said: “We see evidence that the majority of our customers are primarily buy and hold.”

Robinhood, which is targeting a valuation of up to $35 billion in its IPO, has said it will allocate 20% to 35% of shares offered to its users, an unusual move for a high-profile offering. One of the reasons many IPOs enjoy a first-day trading pop is because the retail investors that Robinhood has invited are excluded and must buy shares in the open market.

Robinhood launched its IPO Access platform earlier this year to enable users to buy into the IPOs of other companies if it can negotiate deals with the investment banks handling them.

Some individual investors are calling for a boycott of Robinhood’s IPO on Reddit and other social media over its handling of the ‘meme’ stock-trading frenzy in January. Robinhood placed restrictions on buying GameStop Corp (GME.N) and other stocks that hedge funds had bet against, on grounds it was needed for the financial and operational stability of its platform.

Tenev said in Saturday’s webcast that Robinhood had invested in the stability of its platform to avoid another such incident.

PAYMENT FOR ORDER FLOW

Robinhood’s popularity has soared over the past 18 months of coronavirus-induced social restrictions that have kept many retail investors at home. It has said its mission is to “democratize finance for all” by allowing users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies.

The brokerage has been criticized for relying on “payment for order flow” for most of its revenue, under which it receives fees from market makers for routing trades to them and does not charge users for individual trades, however.

Critics argue the practice, which is used by many other brokers, creates a conflict of interest, on the grounds that it incentivizes brokers to send orders to whoever pays the higher fees. Robinhood contends that it routes trades based on what is cheapest for its users, and that charging a commission would be more expensive.

Robinhood chief financial officer Jason Warnick left the door open for the company to change the practice if necessary.

“If a ban or other limitations on it were to be imposed, we believe Robinhood and the industry would adapt and explore other revenue sources,” Warnick said.

Robinhood was founded in 2013 by Stanford University roommates Tenev and Baiju Bhatt, who will hold nearly two-thirds of the voting power after the offering, a filing with the stock exchange showed.

Robinhood customer Minjie Xu, who works as a software engineer in Missouri, remained unimpressed after the presentation on concerns the offering was overpriced.

“This is not unique to them, as I think most IPOs are overpriced,” Xu told Reuters.

Reporting by Echo Wang and Krystal Hu in New York
Editing by Greg Roumeliotis and Sonya Hepinstall

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