Price of French butter nearly doubles in a year • FRANCE 24 English

Summary

A new digital wallet, Riro, has been launched in Europe for instant cross-border payments, partnering with 16 major banks. It aims to rival credit card services and tech giants like Apple Pay. Meanwhile, France's inflation rate drops, but dairy product prices soar due to a cow epidemic and production cuts. US east coast and Gulf coast container traffic faces potential strike disruptions. Chinese stocks surge with new stimulus measures, while European automaker shares plummet on profit warnings and a challenging market.

Takeaways

• 💳 A new digital wallet called 'Riro' has been launched in France, Germany, and Belgium, enabling instant cross-border payments between individuals.
• 🏦 The platform was developed in partnership with 16 major European banks, including B Social and Deutsche Bank.
• 📱 Users can send and receive money using a phone number, email, or QR code, without relying on credit card services like Visa or Mastercard.
• 🇪🇺 Riro aims to offer a sovereign European payment alternative to tech giants like Apple Wallet, Google Pay, and PayPal.
• 📉 Inflation in France fell to 1.5% in September, the lowest rate in over three years, but the price of butter has almost doubled, reaching record highs.
• 🐄 An epidemic affecting cows has reduced milk production, which has contributed to the rising cost of butter.
• ⚓ A potential strike at 14 major US ports could severely disrupt container traffic on the US East and Gulf coasts.
• 💹 Chinese stocks saw their best performance in years, with the Shanghai Composite rising over 8%, driven by stimulus measures from the government.
• 🚗 European automakers like Stellantis and Aston Martin issued profit warnings, citing challenges in the Chinese market and competition from Chinese carmakers.
• 📉 European markets ended September with declines, despite inflation in some regions dropping below the European Central Bank's 2% target.

Q & A

What is the name of the new digital payment platform launched in Europe?

The new digital payment platform launched in Europe is called 'riro'.

Which countries has the digital wallet 'riro' been launched in?

The digital wallet 'riro' has been launched in France, Germany, and Belgium.

How many major European Banks are in partnership with 'riro'?

The digital wallet 'riro' is in partnership with 16 major European Banks.

What is unique about the service offered by 'riro'?

The service offered by 'riro' is unique because it operates like a direct debit between banks at no additional cost and enables person-to-person crossborder payments instantly.

How does 'riro' aim to compete with credit card services and tech giant systems?

'riro' aims to compete by offering a sovereign payment alternative without relying on credit card services like Visa or Mastercard or tech giant systems such as Apple wallet, Google pay, and PayPal.

Can 'riro' be used to send money to the UK?

No, 'riro' cannot be used to send money to the UK because the UK is no longer part of Europe due to Brexit.

What is the current EU harmonized inflation rate in France?

The EU harmonized inflation rate in France fell to 1.5% in September.

What has caused the price of butter to reach an all-time high in France?

The price of butter has reached an all-time high due to an epidemic among cows affecting production and a decision by dairy giant Lactalis to voluntarily lower output in response to a negotiated hike in the unit price of milk.

What is the impact of the blue tongue disease on dairy production?

The blue tongue disease has caused a significant drop in milk production, with one farm losing more than 10,000 liters of milk in September and 12,000 liters in August, representing a loss of over 20% of production.

What could potentially disrupt container traffic on the US east coast and Gulf coasts?

Container traffic on the US east coast and Gulf coasts could be severely disrupted if workers at 14 major US ports go on strike due to an impasse in talks for a new labor contract.

How have Chinese stocks performed recently?

Chinese stocks had their best day in years on Monday, with shares in Shanghai rising more than 8%, marking their biggest single-day gains in almost 16 years.

What measures has China taken to support its economy?

China has begun rolling out measures to support the economy, including rate cuts on existing mortgages and easing restrictions on home purchases in major cities like Guangzhou and Shanghai.

Why did European automaker shares fall on Monday?

European automaker shares fell on Monday following sharp profit warnings from Stellantis and Aston Martin, which lowered their financial outlook for the year and highlighted a difficult environment in China's car market, increased competition from Chinese car makers, and supply chain issues.