France: Jobs “blood bath” predicted

CGT union leader Sophie Binet warns of impending “bloodbath” of French job losses following announcements of job cuts by Michelin and Auchan. The French government blames strong international competition… but Binet says it’s about boosting margins

The big picture: French industry minister, Marc Ferracci told France Inter radio last Saturday, that several sectors “are in a worrying situation," highlighting the chemical, automotive, and metallurgy industries. These difficulties are largely due to "very strong international competition ... not always very fair because it is very subsidized in China and the United States".

What’s next: Binet, however, has a different view. She says that companies are closing sites and cutting jobs to boost margins and pay bumper dividends to shareholders. She wants all state subsidies withheld from businesses if “the opinion of employees’ representatives is unfavourable.” She is also calling for a moratorium on all job cuts until the government comes forward with a viable industrial policy. 

ADDITIONAL INFORMATION:

We will be discussing these issues at our lunchtime meeting in Paris on December 12, hosted by Flichy Grangé. There are a few places still available, so book shortly.