Business
French Unions Protest Labour Bill
Hardline trade unions staged protests across France last Tuesday against an overhaul of labour rules expected to be passed by parliament later in the day.
It is a show of force they hoped would mobilise public opinion for further labour action.
The lower house of parliament, where President Francois Hollande’s Socialist government has a slim majority, is expected to pass his measures loosening firing and hiring rules, opening the way for a Senate vote on April 17.
Some trade unions, led by the left-wing CGT and backed by hard-left allies in parliament, were determined to stir up opposition against what they called a “traitorous” bill, with marches in up to 170 towns and cities.
In the Mediterranean city of Marseille, thousands marched bearing banners with the words “No to breaking the labour code’’, seen as the most comprehensive labour reforms since World War Two. “We won’t let anything part us,’’ regional CGT chief Mireille Chessa told reporters. Accusations from the left that Hollande has abandoned Socialism could weigh on his already dismal approval ratings close to 30 per cent and hurt his party’s performance in municipal elections next year.
Left-wingers are already finding some of the president’s economic policies, such as raising sales tax to fund a reduction in company labour costs, hard to swallow.
Hollande also came under fresh fire this week after his former budget minister admitted he had lied for months about the existence of a secret foreign bank account.
Public opinion on the reforms is divided, but a survey by pollster BVA in March found that 62 per cent of respondents supported passing the bill, making it more popular with the French than Hollande himself.
“The point is to make workers aware of the impact this is going to have on their daily lives,’’ Thierry Lepaon, head of the CGT union, told Canal+ television.
Nationwide protests last month against the labour bill drew 200,000 participants, according to a CGT estimate a modest turnout explained by the fact that members of the moderate CFDT union did not participate.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
