Macron’s office said on Wednesday he would appoint a new prime minister within 48 hours

International News via Reuters:

French President Emmanuel Macron was on Thursday searching for his sixth prime minister in under two years, hoping his next pick can steer a budget through a legislature riven by crisis.

Macron’s office said on Wednesday he would appoint a new prime minister within 48 hours, after outgoing Prime Minister Sebastien Lecornu held two days of talks to seek a way out of France’s worst political crisis in decades.

The political paralysis has made it deeply challenging to pass a belt-tightening budget, demanded by investors increasingly worried by France’s yawning deficit.

“The question that is posed today is whether there are enough people who are responsible,” government spokesperson Aurore Berge told RTL radio. “I think this is the last chance.”

LECORNU SAYS A BUDGET DEAL IS POSSIBLE

Lecornu tendered his and his government’s resignation on Monday, hours after announcing the cabinet line-up, making it the shortest-lived administration in modern France.

He said in a television interview on Wednesday that, during talks Macron asked him to hold with party leaders after he resigned, he had learned that a majority of lawmakers opposed holding a snap parliamentary election and that there was a path, even if a tough one, to passing a budget by year-end.

Another key issue is Macron’s 2023 pension overhaul, which gradually raises the retirement age from 62 to 64. Members of the left have called for the law to be repealed or suspended.

WHAT’S NEXT?

For now, rival parties have largely stuck to their views on how to proceed, and there has been no indication of who could be the next prime minister.

The Socialists said Macron should appoint a prime minister from the left. The Republicains, who are part of the outgoing government, said they would not support a leftist premier.

Meanwhile, Manuel Bompard, of the hard-left France Unbowed (LFI), repeated his calls for Macron to resign. Jordan Bardella, president of the far-right National Rally (RN), reiterated his party’s demand for a new parliamentary election.

On the streets of Paris, people said they hoped for more stability.

“Well, having a prime minister who stays in office would be a good start, I think,” said Mathilde Marcel, 40. “And then, obviously, things need to move forward and reforms need to be implemented.”

The crisis has caused jitters on financial markets but bonds held onto gains from the day before on optimism that France can avoid a snap parliamentary election and agree on a budget.

Reporting by Makini Brice, Inti Landauro, Elissa Darwish and Marco Trujillo; Editing by Gabriel Stargardter, Ingrid Melander and Timothy Heritage

Toward the end of last month, GM devised a plan to have its in-house lending arm initiate the purchase of EVs in its dealers’ inventory

International News via Reuters:

General Motors is scrapping a program aimed at allowing its dealers to continue offering a $7,500 tax credit for several months on electric-vehicle leases following the September 30 expiration of the federal subsidy, the company said on Wednesday.

Toward the end of last month, GM devised a plan to have its in-house lending arm initiate the purchase of EVs in its dealers’ inventory. The company planned to apply for the federal $7,500 credit on those cars and then roll that money into EV lease terms for customers through the end of the year.

GM opted to kill the program after concerns were raised about it by Republican Senator Bernie Moreno of Ohio, a former car dealer who is active in auto policy, a person briefed on the matter told Reuters.

“After further consideration, we have decided not to claim the tax credit,” the company said in a statement to Reuters on Wednesday, declining to elaborate on the reason for its decision.

The idea behind the program was to ease the impact of the expiration of the tax credit on dealers, who worried they would be stuck with EVs that would be tough to sell. GM had planned to apply for the credit on tens of thousands of EVs in dealer stocks, according to people familiar with the plan.

Ford rolled out a similar program ahead of the tax-credit expiration. It is unclear if Ford is continuing its program. A spokesperson declined to comment.

GM had planned to claim the credit on roughly 20,000 EVs that were on dealership lots or being shipped to stores, people familiar with the matter said. Its finance arm, GM Financial, began making down payments on those vehicles before the deadline to qualify for the subsidy on each of those cars, the sources said.

In its statement on Wednesday, the company said it would “fund the incentive lease terms” through the end of October.

The formula for determining the down payments that GM Financial paid to dealers on those EVs was 5% of the maximum price for each car. For example, GM Financial would have made a down payment of about $6,300 for two Chevrolet Blazer EVs, which top out in the mid-$60,000s, according to documents GM provided to dealers outlining the terms.

GM scrambled to put together the program just a few days before the September 30 tax-credit expiration, and outlined the details on a call with dealers on September 29, three sources said. GM officials had caught wind of a similar program that Ford was putting in place for its dealers, the sources said.

Auto executives, dealers and analysts have said they expect EV sales to plummet in the wake of the tax credit’s disappearance. A consumer rush to take advantage of the subsidy helped drive record electric-car sales in September.

Editing by Mike Colias, Mark Porter and Chris Reese and Marguerita Choy

The news of the investigation into the supply chain, not previously disclosed, came to light in a decision by Italy’s Supreme Court

International News via Reuters:

Italian prosecutors are seeking to place shoemaker Tod’s under judicial administration over alleged worker abuses in its supply chain, in the latest in a string of cases that have tainted the image of some of the biggest names in fashion.

Tod’s, which told Reuters it complies with the law, would be the sixth high-end brand to undergo such supervision in Italy since the start of last year.

The news of the investigation into the supply chain, not previously disclosed, came to light in a decision by Italy’s Supreme Court, reviewed by Reuters on Wednesday, to set a date for a hearing in a dispute between Milan prosecutors and a local appeals court over the matter.

TOD’S SAYS IT ABIDES BY CURRENT LAWS

In a statement to Reuters, Tod’s said it had been informed of the hearing next month but was unaware of any further details.

“We can only reiterate that Tod’s complies with current legislation, including labour law, and that constant checks are carried out on the workshops we select and use,” it said.

Before starting work for Tod’s, workshops sign agreements guaranteeing the quality of their employees’ work environment and compliance with labour contracts, it added.

Prosecutors allege Tod’s “culpably failed” to adequately oversee its suppliers in order to pursue higher profits. However, the company itself is not under investigation, with attention focused on cleaning up the supply chain.

The prosecutors went to the highest national court over a decision by the Milan court which, while considering their request for judicial administration to be well founded, had ruled that territorial jurisdiction in the matter lies with the Marche region, in central Italy, which is where Tod’s is based.

In order to determine who has jurisdiction to proceed, the Supreme Court has set a hearing for 19 November.

GOVERNMENT ACTS TO SAFEGUARD ‘MADE IN ITALY’ REPUTATION

Investigations by Italian magistrates have exposed widespread exploitation of workers in the fashion and luxury supply chain.

Responding to the case involving Tod’s, Italian industry minister Adolfo Urso said on Wednesday the government had put forward a bill to create legal certification of fashion companies.

Under the initiative, brands, including those targeted by legal actions, could obtain pre-emptive third-party certification of their supply chains’ legal compliance.

“With this measure, it will be possible to secure Italy’s fashion supply chain, a source of pride for ‘Made in Italy’, and protect its reputation worldwide,” Urso said, according to Italian media.

High-end Italian cashmere firm Loro Piana and units of fashion brands Valentino, LVMH-owned Dior, Italy’s Armani, and Italian handbag company Alviero Martini were previously placed under administration for alleged worker exploitation.

The earliest of these measures, regarding Armani, Dior and Alviero Martini, were lifted after the companies brought their practices into line with legal requirements.

L Catterton, a private equity firm backed by French luxury group LVMH, took Tod’s private last year in agreement with the group’s main shareholder, the Della Valle family.

SUBCONTRACTORS IN THE SPOTLIGHT

According to court documents, the case involving Tod’s regards subcontractors at the end of its supply chain, both in the Milan area and in the Marche region.

As with the other cases affecting luxury brands in Italy, this investigation began with inspections carried out by the Carabinieri police’s labour protection unit.

In the Milan area, from 2023 to 2024 Tod’s assigned the production of company uniforms for its sales assistants to a company with no production capacity, which subcontracted the work to another Italian company. It, in turn, subcontracted the production to two Chinese-owned factories, which were placed under investigation for worker exploitation following the inspection.

In the Marche region, Tod’s directly contracted two Chinese-owned workshops  – one of which had subcontracted to another factory – for the production of uppers and other footwear components from January 2024 to January 2025.

In those workshops, inspectors found workers were paid on a piecework basis, resulting in a net hourly wage ranging from 2.75 euros ($3.20) to just over three euros, well below half of the 10 euros provided for in the national contract.

Workers also had 150 euros deducted from their monthly wages for accommodation and 100 euros for food, according to the court documents.

($1 = 0.8596 euros)

Reporting by Emilio ParodiAdditional reporting by Elisa AnzolinEditing by Keith Weir, William Maclean

Silver also climbed to a record high on Wednesday, latching on to gold’s record streak as investors flocked to the metal

International News via Reuters:

Gold surged past the $4,000 an ounce level for the first time on Wednesday, building on a record-breaking rally as broader geopolitical and economic uncertainty, as well as expectations of U.S. interest rate cuts, sent investors flocking to the safe-haven asset.

Silver also climbed to a record high on Wednesday, latching on to gold’s record streak as investors flocked to the metal.

Spot gold was up 1.9% at $4,057.12 per ounce by 1301 PM ET (1701 GMT). U.S. gold futures for December delivery gained 1.9% to $4,079.40. Silver gained 3.2% to $49.35 per ounce, after hitting its all-time high of $49.57.

“Gold’s strength reflects an extremely positive macroeconomic and geopolitical background for safe-haven assets, plus concerns over other traditional safe havens,” said Matthew Piggott, director of gold and silver at Metals Focus.

Gold, traditionally seen as a store of value during times of instability, is up 52% year-to-date, after gaining 27% in 2024. It is one of the best-performing assets of 2025, outpacing advances in global equity markets and bitcoin and losses for the U.S. dollar and crude oil.

Silver was up 71% so far this year, benefiting from the same factors driving gold’s rally as well as tightness in the spot market. 

“The silver market continues to tighten, with rising lease rates, as Comex stocks scale record highs and amid India’s seasonal demand strength. The recent rally has been supported by hefty ETP inflows,” said Suki Cooper, Global Head, Commodities Research at Standard Chartered Bank.

The metals’ rally has been propelled by a combination of factors, including expectations of U.S. interest rate cuts, mounting political and economic uncertainty, strong central bank buying, hefty inflows into ETFs and a weakening dollar.

“With these factors persisting into 2026, we fail to see any catalyst for gold to meaningfully retrace at present. Therefore, we expect gold to continue to push up throughout the year to attempt a challenge of $5,000/oz,” Piggott added.

The U.S. government shutdown entered its eighth day on Wednesday, delaying the release of key economic data and forcing investors to rely on non-government sources to assess the timing and scope of Fed rate cuts. [MKTS/GLOB]

Markets are pricing in a 25-basis-point rate cut at the Fed’s upcoming meeting, with a similar reduction expected in December. 

Global crises, such as the Middle East conflict and the war in Ukraine, have stoked demand for bullion, while political turmoil in France and Japan added to the flight to gold.

Globally, inflows into gold ETFs hit $64 billion year-to-date, according to data from the World Gold Council, with a record $17.3 billion in September alone.

A “fear of missing out” is also boosting the rally, analysts said.

On a technical basis, gold’s Relative Strength Index (RSI) stands at 88, indicating the metal is overbought.

HSBC on Wednesday raised its average silver price forecasts for 2025 to $38.56 per ounce and for 2026 to $44.50, citing expectations for high gold prices, renewed investor demand and anticipated volatile trading.

The momentum seeped into other precious metals as well, with platinum gaining 2.8% to $1,660.78, while palladium climbed 7.2% to $1,434.25, its highest level since June 2023.

Reporting by Anmol Choubey, Anushree Mukherjee, Kavya Balaraman, Anjana Anil, and Brijesh Patel in Bengaluru; Editing by Kate Mayberry, Vijay Kishore, Ros Russell and Shailesh Kuber

Videos show protesters pelting the convoy with rocks, cracking windows as the vehicles sped by

International News via Reuters:

Ecuadorean President Daniel Noboa escaped injury after his convoy was attacked by protesters in a rural town on Tuesday, in what the government is labeling an assassination attempt, highlighting the country’s growing political tensions.

Videos show protesters pelting the convoy with rocks, cracking windows as the vehicles sped by. The government said five people were detained after the incident and that Noboa’s car had evidence of “bullet damage”.

“The level of aggression that the caravan was attacked with shows that this was a clear assassination attempt and act of terrorism against the president,” Defense Minister Gian Carlo Loffredo said on local television on Wednesday morning.

“Clearly we have (protest) leaders turning up the heat on the street, who are calling for the takeover of cities.”

Noboa, a banana mogul turned politician who was reelected in April, has pledged to tackle the country’s spiraling crime rate while implementing austerity measures to improve the state’s finances.

His government has frequently used emergency powers, including deploying the military to the streets, to tackle the country’s exploding crime rate.

Protests erupted in Ecuador in mid-September after Noboa ended diesel subsidies and they have continued to spread, leading him to declare a 60-day state of emergency in 10 of the country’s 24 provinces on Sunday.

Noboa has said the $1.1 billion from subsidies will be redirected to social programs. He was touring rural regions on Tuesday to inaugurate infrastructure projects in impoverished areas.

The national Indigenous federation CONAIE, which launched a strike 17 days ago, blamed the government for violence breaking out in El Tambo, where Noboa’s caravan was attacked. It said elderly women were among those attacked in a “brutal police and military action” before the visit.

CONAIE said the five people who were arrested were “arbitrarily detained” and posted a video on X of a woman in traditional dress being marched off by four police officers.

The five people who were arrested are expected to appear at a hearing on Wednesday, and the government said they would conduct a forensic analysis on Noboa’s vehicle to determine whether it was fired upon.

ECUADOR’S DEEPENING CRISIS

In July, Ecuador reported a 40% rise in homicides from a year before, with over 5,000 people killed in a country of about 18 million.

Previous attempts by governments to scrap fuel subsidies have sparked protests and the current round of unrest has already left one person dead and several injured.

In late September, 17 soldiers were detained by Indigenous groups and one protester died in the province of Imbabura, where the protests began and where the government claims Noboa’s convoy was attacked in a separate incident.

In an interview with local television on Wednesday, Interior Minister John Reimberg said the ministry was also opening an investigation to determine if the necessary security measures were taken to protect Noboa.

Speaking to reporters later in the day, Reimberg said the government would seek to detain more people involved in Tuesday’s attack.

“We have five people detained, but that doesn’t mean they’re the only ones,” Reimberg said, adding that they have videos to identify other suspects.

“The world was a witness to what happened yesterday,” he said. “They’re responsible for the chaos and violent acts.”

Reporting by Alexandra Valencia; Writing by Sarah Morland and Alexander Villegas; Editing by Christian Plumb, Bill Berkrot and Lincoln Feast