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French President Emmanuel Macron's office has announced a new government after the previous cabinet collapsed in a historic vote prompted by fighting over the country's budget. or signup to continue reading Newly named Prime Minister Francois Bayrou put together the government that includes members of the outgoing conservative-dominated team and new figures from centrist or left-leaning backgrounds. Coming up with a 2025 budget will be the most urgent order of business. The new government enters office after months of political deadlock and pressure from financial markets to reduce France's colossal debt. No single party holds a majority in the National Assembly. Bayrou's decades of political experience are seen as key in efforts to restore stability after Marine Le Pen's far-right party helped bring down the previous government. Macron has vowed to remain in office until his term ends in 2027, but has struggled to govern since snap elections in the summer left no single party with a majority in the National Assembly. Since his appointment 10 days ago, Bayrou has held talks with political leaders from various parties in search of the right balance for the new government. Some critics on Monday were angry at Bayrou for consulting with Le Pen's far-right party, and some argue the government looks too much like the old one to win lawmakers' trust. Former Prime Minister Michel Barnier resigned this month following a no-confidence vote prompted by budget disputes in the National Assembly, leaving France without a functioning government. Le Pen played a key role in Barnier's downfall by joining her National Rally party's forces with the left to pass the no-confidence motion. Bayrou will need support from moderate legislators on the right and left to keep his government alive. Bayrou has said he supports tax hikes championed by his predecessor, but it's not clear how the new government can find the right calculation for a budget that satisfies a majority of lawmakers angry over spending cuts. Banker Eric Lombard will be finance minister, a crucial post when France is working to fulfil its promises to European Union partners to reduce its deficit, estimated to reach six per cent of its gross domestic product this year. Lombard briefly worked as an adviser to a Socialist finance minister in the 1990s. Hard-right Bruno Retailleau stays on as interior minister, with responsibility for France's security and migration policy. Sebastien Lecornu, who has been at the forefront of France's military support for Ukraine, remains defence minister, while Foreign Minister Jean-Noel Barrot, who has travelled extensively in the Mideast in recent weeks, also retains his post. Among new faces are two former prime ministers. Manuel Valls will be the minister for overseas affairs, and Elisabeth Borne will take the education ministry. DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily! Advertisement AdvertisementBy MICHELLE L. PRICE WEST PALM BEACH, Fla. (AP) — An online spat between factions of Donald Trump’s supporters over immigration and the tech industry has thrown internal divisions in his political movement into public display, previewing the fissures and contradictory views his coalition could bring to the White House. The rift laid bare the tensions between the newest flank of Trump’s movement — wealthy members of the tech world including billionaire Elon Musk and fellow entrepreneur Vivek Ramaswamy and their call for more highly skilled workers in their industry — and people in Trump’s Make America Great Again base who championed his hardline immigration policies. The debate touched off this week when Laura Loomer , a right-wing provocateur with a history of racist and conspiratorial comments, criticized Trump’s selection of Sriram Krishnan as an adviser on artificial intelligence policy in his coming administration. Krishnan favors the ability to bring more skilled immigrants into the U.S. Loomer declared the stance to be “not America First policy” and said the tech executives who have aligned themselves with Trump were doing so to enrich themselves. Much of the debate played out on the social media network X, which Musk owns. Loomer’s comments sparked a back-and-forth with venture capitalist and former PayPal executive David Sacks , whom Trump has tapped to be the “White House A.I. & Crypto Czar.” Musk and Ramaswamy, whom Trump has tasked with finding ways to cut the federal government , weighed in, defending the tech industry’s need to bring in foreign workers. It bloomed into a larger debate with more figures from the hard-right weighing in about the need to hire U.S. workers, whether values in American culture can produce the best engineers, free speech on the internet, the newfound influence tech figures have in Trump’s world and what his political movement stands for. Trump has not yet weighed in on the rift, and his presidential transition team did not respond to a message seeking comment. Musk, the world’s richest man who has grown remarkably close to the president-elect , was a central figure in the debate, not only for his stature in Trump’s movement but his stance on the tech industry’s hiring of foreign workers. Technology companies say H-1B visas for skilled workers, used by software engineers and others in the tech industry, are critical for hard-to-fill positions. But critics have said they undercut U.S. citizens who could take those jobs. Some on the right have called for the program to be eliminated, not expanded. Born in South Africa, Musk was once on an a H-1B visa himself and defended the industry’s need to bring in foreign workers. “There is a permanent shortage of excellent engineering talent,” he said in a post. “It is the fundamental limiting factor in Silicon Valley.” Related Articles National Politics | Should the U.S. increase immigration levels for highly skilled workers? National Politics | Trump threat to immigrant health care tempered by economic hopes National Politics | In states that ban abortion, social safety net programs often fail families National Politics | Court rules Georgia lawmakers can subpoena Fani Willis for information related to her Trump case National Politics | New 2025 laws hit hot topics from AI in movies to rapid-fire guns Trump’s own positions over the years have reflected the divide in his movement. His tough immigration policies, including his pledge for a mass deportation, were central to his winning presidential campaign. He has focused on immigrants who come into the U.S. illegally but he has also sought curbs on legal immigration , including family-based visas. As a presidential candidate in 2016, Trump called the H-1B visa program “very bad” and “unfair” for U.S. workers. After he became president, Trump in 2017 issued a “Buy American and Hire American” executive order , which directed Cabinet members to suggest changes to ensure H-1B visas were awarded to the highest-paid or most-skilled applicants to protect American workers. Trump’s businesses, however, have hired foreign workers, including waiters and cooks at his Mar-a-Lago club , and his social media company behind his Truth Social app has used the the H-1B program for highly skilled workers. During his 2024 campaign for president, as he made immigration his signature issue, Trump said immigrants in the country illegally are “poisoning the blood of our country” and promised to carry out the largest deportation operation in U.S. history. But in a sharp departure from his usual alarmist message around immigration generally, Trump told a podcast this year that he wants to give automatic green cards to foreign students who graduate from U.S. colleges. “I think you should get automatically, as part of your diploma, a green card to be able to stay in this country,” he told the “All-In” podcast with people from the venture capital and technology world. Those comments came on the cusp of Trump’s budding alliance with tech industry figures, but he did not make the idea a regular part of his campaign message or detail any plans to pursue such changes.French President Emmanuel Macron vowed Thursday to stay in office until the end of his term, due in 2027, and announced that he will name a new prime minister within days following the resignation of ousted Prime Minister Michel Barnier. Macron came out fighting a day after a historic no-confidence vote at the National Assembly left France without a functioning government. He laid blame at the door of his opponents on the far right for bringing down the Barnier's government. He said they chose “Not to do but to undo.” “They chose disorder,” he said. The president said the far right and the far left had united in what he called “an anti-Republican front” and stressed: “I won’t shoulder other people’s irresponsibility.” He said he’d name a new prime minister within days but gave no hints who that might be. Earlier in teh day, Macron “took note” of Barnier's resignation, the Elysee presidential palace said in a statement. Barnier and other ministers will be “in charge of current affairs until the appointment of a new government,” the statement said. The no-confidence motion passed by 331 votes in the National Assembly, forcing Barnier to step down after just three months in office—the shortest tenure of any prime minister in modern French history. Macron faces the critical task of naming a replacement capable of leading a minority government in a parliament where no party holds a majority. Yaël Braun-Pivet, president of the National Assembly and a member of Macron’s party, urged the president to move quickly. “I recommend he decide rapidly on a new prime minister,” Braun-Pivet said Thursday on France Inter radio. “There must not be any political hesitation. We need a leader who can speak to everyone and work to pass a new budget bill.” The process may prove challenging. Macron’s administration has yet to confirm any names, though French media have reported a shortlist of centrist candidates who might appeal to both sides of the political spectrum. Macron took more than two months to appoint Barnier after his party’s defeat in June’s legislative elections, raising concerns about potential delays this time. The no-confidence vote has galvanized opposition leaders, with some explicitly calling for Macron’s resignation. “I believe that stability requires the departure of the President of the Republic,” said Manuel Bompard, leader of the far-left France Unbowed party, on BFM TV Wednesday night. Far-right National Rally leader Marine Le Pen, whose party holds the most seats in the Assembly, stopped short of calling for Macron’s resignation but warned that “the pressure on the President of the Republic will get stronger and stronger.” Macron, however, has dismissed such calls and ruled out new legislative elections. The French constitution does not call for a president to resign after his government was ousted by the National Assembly. “I was elected to serve until 2027, and I will fulfill that mandate,” he told reporters earlier this week. The constitution also says that new legislative elections cannot be held until at least July, creating a potential stalemate for policymakers. The political instability has heightened concerns about France’s economy, particularly its debt, which could rise to 7% of GDP next year without significant reforms. Analysts say that Barnier's government downfall could push up French interest rates, digging the debt even further. Rating agency Moody’s warned late Wednesday that the government’s fall “reduces the likelihood of consolidating public finances” and worsens the political gridlock. Macron’s speech, scheduled for 8 p.m. local time, is expected to address these economic challenges while setting a course for the future government. A planned protest by teachers against budget cuts in education took on a new tone Thursday, as demonstrators in Paris linked their demands to the political crisis. “Macron quit!” read a sign held by Dylan Quenon, a 28-year-old teacher at a middle school in Aubervilliers, just north of Paris. Quenon said Macron bears responsibility for what he described as the dismantling of public services like schools. “The only way for this to change is to have him out of office,” he said. Protesters expressed little hope that Macron’s next appointee would reverse course. “I’m glad this government is falling, but it could possibly lead to something even worse,” said Élise De La Gorce, a 33-year-old teacher in Stains, north of Paris.
Investor confidence in South Africa's Collective Investment Schemes (CIS) industry showed a significant recovery in the third quarter of 2024, resulting in net inflows of R5.0 billion from July to September. This turnaround marks a positive shift following the net outflows experienced in the previous quarter, according to the latest data from the Association for Savings and Investment South Africa (Asisa). In addition to these inflows, existing investors reinvested R37.3 billion in income declarations, such as dividends and interest, bringing the total net inflows for the quarter to R42.3 billion. Over the 12 months to the end of September 2024, the CIS industry saw R86.0 billion in net inflows. Asisa's CIS industry statistics for the quarter and year ended September 2024 reveal that assets under management grew by 4.3% during the third quarter, reaching R3.80 trillion compared to R3.64 trillion at the end of June. Year-on-year, assets grew by 13.7%, largely driven by strong stock market performance. Asisa senior policy advisor Sunette Mulder says following the net outflows of R6 billion (taking into consideration reinvestments of R24 billion) in the second quarter of this... Dieketseng MalekeANTERIX TO PRESENT AT JANNEY CLEAN ENERGY INVESTMENT SYMPOSIUM DECEMBER 4-5, 2024
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