France will bring business and financial groups into an exceptional business council Tuesday as retailers count damage from weekend riots, tourism operators warn of lost trade and French borrowing costs rise.
About 50 businesses in Montpellier were damaged, including 14 that were looted, CCI Hérault’s president said. The chamber identified merchants and employees as among those affected by the unrest.
On Monday, Serge Papin, France’s minister for small and medium-sized enterprises, commerce, crafts, tourism and purchasing power, met representatives of retailers, crafts businesses, restaurants, banks and insurers. The Finance Ministry said the meeting was intended to assess property damage and lost business and consider support for affected companies.
The Union des Syndicats de Pharmaciens d’Officine (USPO) said it asked at the meeting for more time to file insurance claims and faster payments. It also sought relief from social contributions for pharmacies unable to open for several days.
ADN Tourisme and three other tourism groups warned that closures, travel disruption and possible cancellations threatened local businesses and jobs. France 24 said tourism businesses were concerned that bookings for winter trips could weaken.
French President Emmanuel Macron pledged government help for affected merchants in his Oct. 18 address. He said looters should reimburse what they took and people who damaged property should pay for it.
Reuters put France’s 10-year government bond yield at 4.9% in a Monday trading snapshot, up 13 basis points, and reported that the euro weakened against the dollar, pound and yen. The news agency linked pressure on French bonds to concern over the country’s deficit. It said the yield had reached 4.99% earlier in October, its highest level since 2002.
The Finance Ministry said the exceptional business council is scheduled for Oct. 20 at 5 a.m. ET (09:00 UTC). Ministers Roland Lescure, Jean-Pierre Farandou and David Amiel, along with Papin’s office, convened the meeting.
