Riots in France costs businesses over $1 bln

Recent strikes and riots over pensions reforms in France have cost businesses in the country damages worth one billion euros, following the shooting of a teenager by a police officer on June 27th, according to the French business association MEDEF.

The riots, protests, and strikes have died down, after protestors attacked 400 bank branches, 500 corner shops, and looted 1,000 stores, and the businesses are currently dealing with the fallout a week after their spark.

Despite the damages, the riots will not have a deep impact on French growth, French Finance Minister, Bruno Le Maire stated.

“Taxes and social security contributions will be deferred for stores that have been attacked and canceled altogether for those most affected,” Le Maire added.

Le Maire mentioned that businesses will have 30 days instead of five to make an insurance claim.

“We believe total insured losses for the French insurance industry should remain well below the €1 billion mark; business interruption losses resulting from vandalism, looting and potential curfews are unlikely to be covered by the French state,” said DBRS Morningstar.

The riots were sparked by the shooting of 17-year-old, Nahel Merzouk, by a police officer during a traffic stop in a Paris suburb, rioters took to the streets across France to express their fury over how the country’s marginalised communities are treated.

French President Emmanuel Macron has claimed that protestors are using Snapchat, TikTok, and Telegram to film violent events and organise illegal gatherings, discussing the possibility of banning access to certain social media features.

“We need to reflect on social media use among the youngest and on the prohibitions we must put in place. When things get out of hand, perhaps you have to put yourself in a position to regulate or cut them,” said Macron.

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