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France’s Macron names new government

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French President Emmanuel Macron named a new government Monday evening, putting together a team under Francois Bayrou, his fourth prime minister of the year, to drag the second-largest EU economy out of political crisis.

Macron named former prime minister Elisabeth Borne, 63, education minister in a new cabinet under centrist Bayrou, announced Elysee secretary-general Alexis Kohler.

Another former premier, Manuel Valls, 62, returned as overseas territories minister, while former interior minister Gerald Darmanin became justice minister.

Both Defence Minister Sebastien Lecornu and Foreign Minister Jean-Noel Barrot kept their jobs, the presidency said.

Lecornu, a 38-year-old loyalist with a keen political nose, has served in every government since Macron’s first election as president in 2017.

Conservative Interior Minister Bruno Retailleau, who has vowed to crack down on illegal immigration, and right-wing Culture Minister Rachida Dati, also stayed in their posts.

The difficult job of delivering a budget plan for next year falls to Eric Lombard, head of public-sector lender Caisse des Depots (CDC), who was named economy minister.

“I’m very proud of the team we’re presenting this evening,” Bayrou said on X, adding his “experienced” cabinet would aim to “rebuild trust”.

The inclusion of two former prime ministers indicates Macron’s desire for a heavyweight government that will enjoy stability and not share the fate of Bayrou’s predecessor, Michel Barnier, ousted in a no-confidence vote.

Bayrou had hoped to bring in figures from the left, right and centre to protect his government from possible censure, but his 35-member team does not include any members of the left-wing coalition New Popular Front.

Macron will assemble Bayrou’s team on January 3 for a first Council of Ministers meeting, the presidency said. Barnier was brought down over his failure to win support for an austerity budget to shore up France’s shaky finances with spending cuts and tax rises.

The priority for 73-year-old Bayrou is to make sure his government can survive a no-confidence vote and that it passes a cost-cutting budget for 2025.

International

Trump says he thinks Putin is helping Iran

“I think he might be helping them a bit, yeah.”“I guess, and he probably thinks we’re helping Ukraine, right?”

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President Donald Trump on Friday said he believed that Russian leader Vladimir Putin is helping Iran in its war against the United States and Israel.

According to CNBC, Trump’s comment came in a radio interview with Fox News host Brian Kilmeade, and a week after the president lashed out at Fox News reporter Peter Doocy for asking him at the White House about reports that Russia was aiding Iran.

Kilmeade asked Trump on Friday: “You think Putin is helping them?”

Trump replied, “I think he might be helping them a bit, yeah.”“I guess, and he probably thinks we’re helping Ukraine, right?” Trump continued.

“Yeah, we’re helping them also,” Trump said, referring to Ukraine, which has been at war against Russia since being invaded in early 2022.

“So he [Putin] says that, and China would say the same thing, you know,” Trump told Kilmeade.

“It’s like, ‘Hey, they do it, and we do it, in all fairness,’ ” Trump said. “They do it, and we do it.”

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IEA agrees to release record 400 million barrels of oil to address Iran war supply disruptions

The IEA did not set out a timeline for when the stocks would hit the market

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Merchant ship on fire hits by Iran in Strait of Hormuz.

The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war, the largest such action in the organization’s history.

The IEA did not set out a timeline for when the stocks would hit the market.

It said that the reserves would be released over a time frame that is appropriate to the circumstances of each of its 32 member countries.

IEA members are primarily advanced economies in Europe, North America and northeast Asia. The organization is tasked with maintaining global energy security.

It was founded in 1974 in response to the oil embargo imposed by Arab producers over U.S. support for Israel during the 1973 Arab-Israeli war.

(CNBC)

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Iran tells world to get ready for oil at $200 a barrel as it fires on merchant ships

The war unleashed with joint U.S. and Israeli air strikes nearly two weeks ago has so far killed around 2,000 people, mostly Iranians and Lebanese, as it has spread into ‌Lebanon and thrown global energy markets and transport into chaos.

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(REUTERS): Iran said the world should be ready for oil at $200 a barrel as its forces hit merchant ships on Wednesday and the International Energy Agency recommended a massive release of strategic reserves to dampen one of the worst oil shocks since the 1970s.

The war unleashed with joint U.S. and Israeli air strikes nearly two weeks ago has so far killed around 2,000 people, mostly Iranians and Lebanese, as it has spread into ‌Lebanon and thrown global energy markets and transport into chaos.

Despite what the Pentagon has described as the most intense airstrikes since the start of the war, Iran also fired at Israel and targets across the Middle East on Wednesday, demonstrating it can still fight back.

On Wednesday, three vessels were reported to have been hit in Gulf waters as Iran’s Revolutionary Guards said their forces had fired on ships in the Gulf that had disobeyed their orders.

While Israel’s Defence Minister Israel Katz said the operation “will continue without any time limit, as long as required, until we achieve all objectives and win the campaign,” Trump suggested the campaign would not last much longer.

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