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Euro falls to 20-year low against US dollar

The euro sunk below $0.99 on Monday, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline.

Euro falls to 20-year low against US dollar
A $100-dollar bill is seen on top of Euro bills. The euro sunk below $0.99 on Monday, a 20-year-low.(Photo by DANIEL MUNOZ / AFP)

The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002.

The European currency has continued to weaken against the dollar since the start of the year, hammered by economic turbulence and uncertainties sparked by Russia’s invasion of Ukraine.

READ ALSO: What the dollar-euro exchange rate means for Americans in Europe

Russian gas giant Gazprom said Friday the Nord Stream pipeline due to reopen at the weekend would remain shut indefinitely.

It said it had discovered “oil leaks” in a turbine during a planned three-day maintenance operation, and that the pipeline would remain closed until it was repaired.

Resumption of deliveries via the pipeline which runs from near Saint Petersburg to Germany under the Baltic Sea, had been due to resume on Saturday.

Following the imposition of economic sanctions over the Kremlin’s invasion of Ukraine, Russia has reduced or halted supplies to different European nations, causing energy prices to soar.

The Kremlin has blamed the reduction of supplies via Nord Stream on European sanctions which it says have blocked the return of a Siemens turbine that had been undergoing repairs in Canada.

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POLITICS

Rugby tickets, coffee and stickers – French presidential candidates chastised over expenses claims

From coffee runs to rugby tickets and professional photos - France's election financing body has revealed some of the items it has refused to reimburse from the 2022 presidential race.

Rugby tickets, coffee and stickers - French presidential candidates chastised over expenses claims

Spending on the election trail is tightly regulated in France, with maximum campaign spends per candidate as well as a list of acceptable expenses that can be reimbursed.

In France the State pays at least some of the election campaign costs, with the budget calculated according to how many votes the candidate ends up getting. 

READ MORE: 5 things to know about French election campaign financing

On Friday, the government body (la Commission nationale des comptes de campagne et des financements politiques – or CNCCFP) released its findings for the 12 candidates who ran in the April 2022 presidential campaign. 

All of the candidates had their accounts approved, but 11 out of the 12 were refused reimbursement on certain items. Here are some of the items that did not get CNCCFP approval;

Rugby tickets 

Jean Lassalle – the wildcard ‘pro farmer’ candidate who received about three percent of votes cast in the first round of the 2022 election – bought “19 tickets to attend a rugby match” according to the CNCCFP’s findings. The organisation said it would not be reimbursing the tickets and questioned “the electoral nature of the event”. 

The total cost of the tickets was €465 (or €24.50 each).

Too many coffees

Socialist candidate, and current mayor of Paris, Anne Hidalgo reportedly spent at least €1,600 on coffee for her team during the campaign.

According to the CNCCFP, however, the caffeine needed to keep a presidential campaign running did not qualify under the country’s strict campaign financing rules.

Too many stickers

Hard-left candidate Jean-Luc Mélenchon’s was told that the 1.2 million stickers that were bought – to the tune of €28,875 – to advertise the campaign would not be reimbursed. Mélenchon justified the purchasing of the stickers – saying that in the vast majority of cases they were used to build up visibility for campaign events, but CNCCFP ruled that “such a large number” was not justified. 

Mélenchon was not the only one to get in trouble for his signage. Extreme-right candidate Éric Zemmour was accused of having put up over 10,000 posters outside official places reserved for signage. The same went for the far-right’s Marine Le Pen, who decided to appeal the CNCCFP’s decision not to reimburse €300,000 spent on putting posters of her face with the phrase “M la France” on 12 campaign buses.

Poster pictures

Emmanuel Macron – who won re-election in 2022 – will not be reimbursed for the €30,000 spent on a professional photographer Soazig de la Moissonière, who works as his official photographer and took the picture for his campaign poster. 

The CNCCFP said that Macron’s team had “not sufficiently justified” the expenditure.

Expensive Airbnbs

Green party member Yannick Jadot reportedly spent €6,048 on Airbnbs in the city of Paris for some of his campaign employees – an expense that the CNCCFP said that public funds would not cover.

Translating posters

The campaign finance body also refused to reimburse the Mélenchon campaign’s decision to translate its programme into several foreign languages at a cost of €5,398.

The CNCCFP said that they did not consider the translations to be “an expense specifically intended to obtain votes” in a French election.

Best and worst in class

The extreme-right pundit Zemmour had the largest amount of money not reimbursed. Zemmour created a campaign video that used film clips and historic news footage without permission and also appeared on CNews without declaring his candidacy – because of these two offences, CNCCFP has reduced his reimbursement by €200,000. He has been hit with a separate bill of €70,000 after he was found guilty of copyright infringement over the campaign video. 

The star pupil was Nathalie Arthaud, high-school teacher and candidate for the far-left Lutte Ouvriere party, who apparently had “completely clean accounts”. A CNCCFP spokesperson told Le Parisien that if all candidate accounts were like Arthauds’, then “we would be unemployed”.

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