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French PM takes confidence vote gamble over budget woes

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France’s Prime Minister Francois Bayrou speaks during a press conference in Paris on August 25, 2025.

Dimitar Dilkoff | Afp | Getty Images

France’s minority government on Tuesday faced the prospect of collapse within weeks, after opposition parties said they would not back Prime Minister Francois Bayrou in a Sept. 8 confidence vote tied to his budget cut plans.

The Paris CAC 40 index was 2% lower in early deals on Tuesday. French medium to long-term borrowing costs ticked higher, with the country’s 10-year bond yield up 2 basis points and its 30-year yield up 4 basis points.

France’s need to lower its public deficit is a long-running and highly politically contentious subject. Forcing through a 2025 budget without parliamentary approval last year led to the collapse of the previous minority government led by Michel Barnier. Political volatility has increased in France since the July 2024 parliamentary election failed to deliver any party or coalition a majority.

Bayrou is now seeking to pass a 2026 budget containing around 44 billion euros ($51.2 billion) in fiscal tightening, with his proposals including freezing welfare and pension spending, as well as tax brackets, at 2025 levels. He has also proposed cutting two public holidays in a highly unpopular move.

The government argues cutbacks are needed to tame a deficit which totaled 5.8% of gross domestic product in 2024 — a figure it says will continue to rise without action. The European Union states that its members should target a 3% deficit ratio in order to reduce excessive debt.

French economic growth has meanwhile been sluggish, cooling to 1.2% in 2024 from 1.4% the prior year.

Speaking to press on Monday, Bayou said France’s dependence on debt had become “chronic.”

“Our country is in danger, because we are at risk of over-indebtedness,” he said, according to a CNBC translation.

Bayrou said French debt had grown by 2 trillion euros over the last two decades, noting that the country had weathered events including the 2008 Global Financial Crisis, the Covid-19 pandemic, Russia-Ukraine war, inflation spike and most recently the impact of U.S. tariffs. He added that the budget dispute should be resolved through an orderly debate in parliament followed by a vote, rather than through “street clashes and insults.”

Comments by officials from the far-right National Rally, the Greens and the Socialists suggested no party will officially back him, risking government collapse.

Pierre Jouvet, general secretary of the Socialist Party, said on the X social media platform on Monday that the group would vote against Bayou, and that the government did not have the confidence of parliament or the French people. Jouvet added the party would present its own budget proposals in the coming days.

National Rally President Jordan Bardella said his party would “never vote confidence in a government whose choices make the French people suffer,” according to a CNBC translation.

Risk of collapse ‘not priced’

“Should the government lose the confidence vote, President Macron may seek to nominate a different Prime Minister to form a government, who would then face the immediate challenge of passing a 2026 budget,” analysts at Deutsche Bank said in a Tuesday note.

“Alternatively, Macron could call snap elections. Current polls point to another fragmented outcome as happened after the summer 2024 snap vote, though with the far-right [National Rally] leading in polls, investors would be watchful whether it could translate this lead into an outright majority this time round.”

Following the Monday news, the spread on Italian 10-year bond yields over France’s fell to 9.8 basis points, its lowest level since 1999, the analysts said — sign that investors are putting a similar premium on the countries’ political risk. In 2022, the spread was as high as 180 basis points.

Reinout de Bock, UBS head of European rates strategy, told CNBC’s “Europe Early Edition” on Tuesday that Bayrou’s call for a confidence vote was a “surprise” to markets.

“I think this is not priced at all, and it’s potentially a big story in the next couple of weeks,” he said.

“In Europe right now, it’s really about spending more than we had 10-15 years ago…The challenge for France is that they’re having a budget deficit [of] around 5.8% of GDP. That is the biggest budget deficit in the euro area, and there [are] open questions to what extent they will succeed in reducing spending.”

Bayrou could cling on

Erik Nelson, head of G10 FX strategy at Wells Fargo, called the outlook for French assets “not great” — but said the outcome for Bayrou’s government was not a foregone conclusion.

“I think part of the issue here is that European equities, the euro itself, have been a very popular momentum trade throughout the year. What we’re seeing in the last couple of days has been a little bit of unwind of some of the momentum trades that have been working, and so there is the risk there that we can see further unwind on some of these political risks,” he told CNBC’s “Squawk Box Europe.”

“I don’t know that Bayrou is definitely out. There’s still some uncertainty there. He’s got a lot of things he can offer the opposition.”

He noted that the French prime minister had previously threatened — and could now walk back — plans to remove some public holidays.

“Surely that’s going to be taken off the table. So it’s not a done deal, but they’re walking a very fine line here, and as I mentioned earlier, given where market positioning in European assets, there’s a lot of risks,” Nelson said.

However, political analyst and consultant Julien Hoez said it was “almost certain” that Bayrou would lose the vote.

“Despite Bayrou saying that all austerity measures were negotiable, the reality is that the opposition parties don’t trust him,” political analyst Julien Hoez told CNBC. Unsuccessful negotiations earlier in the year over reform of French President Emmanuel Macron’s controversial 2023 move to raise France’s retirement age in line with the Socialists’ demands fractured relations with the government, Hoez said.

No-confidence votes from members of the Greens, Socialists, far-left La France Insoumise and National Rally — as appears likely — would then tally up to 315 votes, well above the 289 needed to topple the government, Hoez added.

“The more important question is what happens after, with Macron having agreed to an extraordinary session of the [National Assembly] for this vote, which will show the impossibility of governing with the extremes in today’s configuration, and will actually be more of a push towards another election than any other outcome,” he said.



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Chloe Grace Moretz is MARRIED: Star secretly weds Kate Harrison as unconventional wedding dress is revealed

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Chloë Grace Moretz is officially a married woman!

The Kick-Ass star, 28, and model Kate Harrison, 34, exchanged vows over Labor Day weekend.

The pair, who first began dating back in 2018, announced their engagement on January 1, 2025, when Moretz posted a New Year’s Day slideshow that included a photo of the newly engaged couple showing off matching diamond rings.

Ahead of the celebration, Moretz opened up to Vogue about how she and Harrison planned to personalize the festivities.

‘A big part of the wedding [is about] sharing things that Kate and I love with everyone that’s going to be there,’ she explained. ‘So there’s fishing, horseback riding and poker. Kate made a custom poker mat herself, so we’re going to kind of be leaning into it. Our second day is going to be line dancing and everything.’

Both brides turned to Louis Vuitton for their wedding-day ensembles, including their reception looks.

Chloë Grace Moretz and model Kate Harrison, 34, exchanged vows over Labor Day weekend

True to tradition, the pair didn’t get a sneak peek at each other’s dresses beforehand, even though they were in Paris at the same time for their fittings.

For their wedding, Moretz stunned in a blue dress inspired by her Old Hollywood vision.

‘I honestly don’t even know if words can put together how I feel,’ she admitted. ‘The birth of the color [blue] started when I went to the Academy Gala with LV, and I wore this blue leather dress. I remember immediately talking to [my stylist] Nell, and I was like, maybe we should think about doing this [color for my wedding].’

The actress said she never saw herself as a ‘white dress bride.’

‘It just feels like me,’ she said. ‘I knew I would do something non-traditional, and not wear white, and kind of have it feel different, and I think it really does.’

The couple, who have largely kept their romance out of the spotlight, celebrated their nuptials surrounded by family, friends, and plenty of personal touches.

After nearly seven years together, Moretz said what she cherishes most is the promise to keep choosing each other every day.

‘I think what I’m most looking forward to about getting married is just being together,’ she reflected. ‘Making this promise to each other in a new way, and exchanging these vows.’

The pair, who first began dating back in 2018, announced their engagement on January 1, 2025

The pair, who first began dating back in 2018, announced their engagement on January 1, 2025 

For their wedding, Moretz stunned in a blue dress inspired by her Old Hollywood vision

For their wedding, Moretz stunned in a blue dress inspired by her Old Hollywood vision 

The former child actress and the model were first romantically linked in December 2018, when they were spotted sharing a kiss after dinner at Nobu Malibu.

Three years later, The 5th Wave actress confirmed that she was ‘in a long-term relationship.’

Speaking to The i Paper in November 2022, she explained: ‘I like to keep my private life private. And I really enjoy that.’

The pair then made their romance Instagram official last year when Kate wished the Greta alum a ‘Happy Valentine’s Day’ and shared a sweet photo of the two.

The actress said she never saw herself as a 'white dress bride' (seen in 2022)

The actress said she never saw herself as a ‘white dress bride’ (seen in 2022)

After nearly seven years together, Moretz said what she cherishes most is the promise to keep choosing each other every day

After nearly seven years together, Moretz said what she cherishes most is the promise to keep choosing each other every day 

Chloe went on to re-share the photo on her own Instagram Stories.

Over the years, the couple have enjoyed numerous trips together, often sharing snaps from their adventures on Instagram.

Although, the lovebirds have posted each other on their Instagram accounts, they mostly keep their relationship low-key.

Harrison is the daughter of actors Gregory Harrison and Randi Oaks.

'I think what I'm most looking forward to about getting married is just being together,' she reflected. 'Making this promise to each other in a new way, and exchanging these vows'

‘I think what I’m most looking forward to about getting married is just being together,’ she reflected. ‘Making this promise to each other in a new way, and exchanging these vows’

Harrison is the daughter of actors Gregory Harrison and Randi Oaks

Harrison is the daughter of actors Gregory Harrison and Randi Oaks 

She is a model and photographer who has modeled for Topshop, Inez, and Lands’ End.

The beauty is signed to multiple agencies, including Elite NY, Freedom LA, and Modelwerk Germany.

She also has a separate Instagram account for her photography, where she often shares black-and-white portrait shots.

In 2017, Kate featured in a girl on girl photoshoot with fellow model Emily LaBowe for Playboy, which billed them as ‘newcomers.’

Harrison’s former romantic partners include Nick Simmons, the reality star son of musician Gene Simmons, who she dated in 2013.

Moretz previously dated Brooklyn Beckham (seen in 2016), Dylan O'Brien, Alex Roe, Cameron Fuller and Brazilian football player Neymar da Silva Santos Júnior

Moretz previously dated Brooklyn Beckham (seen in 2016), Dylan O’Brien, Alex Roe, Cameron Fuller and Brazilian football player Neymar da Silva Santos Júnior

Meanwhile, Moretz previously dated Brooklyn Beckham, Dylan O’Brien, Alex Roe, Cameron Fuller and Brazilian football player Neymar da Silva Santos Júnior.

In early November, she described herself as a ‘gay woman’ as she opened up about her political beliefs, stating: ‘I believe in the need for legal protections that protects the LGBTQ+ community as a gay woman.

‘We need protections in this country and to have access to the care we need and deserve.’

After her relationship with Brooklyn, 25, ended in 2018, The Equalizer actress told The Sunday Times that dating someone not in the industry is ‘nearly impossible’ as someone in the public eye.



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Nestlé Board appoints Philipp Navratil as CEO following the

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[Ad hoc announcement pursuant to Art. 53 LR]

This press release is also available in Français (pdf) and Deutsch (pdf)

………….

Vevey, 1 September, 2025

Nestlé Board appoints Philipp Navratil as CEO following the departure of Laurent Freixe

Nestlé’s Board of Directors today announces that Philipp Navratil has been appointed as CEO of Nestlé, S.A., following the dismissal of Laurent Freixe with immediate effect.

The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestlé’s Code of Business Conduct. In line with best practice corporate governance, the Board ordered an investigation overseen by Chairman Paul Bulcke and Lead Independent Director, Pablo Isla, with the support of independent outside counsel.

Paul Bulcke, Chairman, stated: “This was a necessary decision. Nestlé’s values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestlé.”

He continued: “I am pleased to announce Philipp Navratil as CEO. Philipp is recognized for his impressive track record of achieving results in challenging environments. Renowned for his dynamic presence, he inspires teams and leads with a collaborative, inclusive management style. The Board is confident that he will drive our growth plans forward and accelerate efficiency efforts. We are not changing course on strategy and we will not lose pace on performance.”

Philipp Navratil began his career with Nestlé in 2001 as an internal auditor. After holding various commercial roles in Central America, he was appointed Country Manager for Nestlé Honduras in 2009. In 2013, Philipp Navratil assumed leadership of the coffee and beverage business in Mexico, where he played a pivotal role in strengthening the Nescafé brand. In 2020, he transitioned to Nestlé’s Coffee Strategic Business Unit, where he was responsible for shaping the global strategy and driving innovation for Nescafé and Starbucks coffee brands. He assumed his position at Nespresso in July 2024, where he has accelerated growth and built strong momentum. Philipp Navratil joined the Nestlé Executive Board on January 1, 2025.

Philipp Navratil, CEO of Nestlé, added: “I am honored by the trust the Board has placed in me, and it is a privilege to take on the responsibility of leading Nestlé into the future. I fully embrace the company’s strategic direction, as well as the action plan in place to drive Nestlé’s performance. I look forward to working closely with the entire leadership of the company, in alignment with the Board, Chairman Paul Bulcke, and Chairman-Designate Pablo Isla, to accelerate execution and to drive the value creation plan with intensity.”


Contacts:

Media:
Christoph Meier  Tel.: +41 21 924 2200
mediarelations@nestle.com

Investors:
David Hancock  Tel.: +41 21 924 3509
ir@nestle.com



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Michael Jordan, Mia Hamm attending Bill Belichick’s UNC debut

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There couldn’t be more hype around Bill Belichick’s UNC debut on Monday.

Outside of the expectations around the head coach in his first football game since coaching the Patriots for 23 years and winning six Super Bowls as one of the most decorated coaches in the sport’s history, he will be putting on a show in front of elite company at Kenan Memorial Stadium.

Those expected to attend the Tar Heels’ season opener against TCU in Chapel Hill include Michael Jordan, Mia Hamm, Lawrence Taylor, Julius Peppers, Eric Church, Chase Rice, and Blake Snell, according to ESPN.

Michael Jordan speaks to the crowd at halftime during their game against the Duke Blue Devils at the Dean Smith Center on March 4, 2017 in Chapel Hill, North Carolina. Getty Images
Mia Hamm waves as the 1999 United States FIFA Women’s World Cup Team are honored before the game between the United States and Mexico in an international friendly at Red Bull Arena on July 13, 2024. Getty Images

Jordan, Hamm, Taylor, and Peppers all played collegiately in their respective sports for the Tar Heels.

Country singer Rice also attended UNC while Church, who is an Appalachian State alumnus, is a North Carolina native.

Belichick, 73, is taking over the program his father once coached at after a season in the media following his split with the Patriots.

North Carolina coach Bill Belichick arrives for an NCAA college football press conference, March 5, 2025, in Chapel Hill, N.C. AP

He will look to turn it around for the university most known for its basketball program. The Tar Heels have won double-digit games just once, in 2015, since 1997. They last won the ACC in 1980.

Last season, the team went 6-7 overall and 3-5 in conference.

Belichick’s girlfriend, 24-year-old Jordon Hudson, is also a highly anticipated guest for the Sunday night game.



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