William Horobin

The Bank of France will lower its growth forecasts later this month after a disappointing start to the year and as tensions in the Middle East drag on, outgoing Governor Francois Villeroy de Galhau said.

Industrial subsidies are reshaping the global economy with China standing out as a provider of state support that risks harmful distortions, according to new data from the OECD.

(Bloomberg) -- Industrial subsidies are reshaping the global economy with China standing out as a provider of state support that risks harmful distortions, according to new data from the OECD.

The fate of the global economy hinges on the conflict in the Middle East that has already stifled growth and could yet trigger recessions and significantly stronger inflation, the OECD said.

French Finance Minister Roland Lescure called a new American tariff proposal unjustified, but said he hopes the move would lead to the European Union and US finally implementing their trade accord.

President Donald Trump’s trade chief signaled confidence the administration can roll out new tariffs without breaking terms of bilateral agreements, saying “a deal’s a deal” for economies like the European Union and Japan that negotiated caps on the US levies collected on their shipments.

Trump This Week Announced 10% Tariffs on 60 Countries “We understand that a deal is a deal,” Jamieson Greer, the U.S. trade representative, says. (Victor J. Blue/Bloomberg)

France’s population is on course for rapid decline and aging that will further weigh on an economy already struggling with slowing growth and a rising debt mountain.

France’s central bank will increase its projection for consumer-price gains this year due to the Iran war, central bank Governor Emmanuel Moulin said.

The jump in oil prices has started to feed to other goods and services, even if euro-area wages aren’t yet affected, European Central Bank Governing Council member Emmanuel Moulin said.