France

Atos SE, the troubled French technology company that’s been fighting to avert bankruptcy, has agreed to sell its Worldgrid unit for €270 million ($294 million) including debt, Bloomberg News reported. French engineering and tech consultant Alten SA has received regulatory approvals to acquire Worldgrid, which provides consulting and engineering services to utility companies, and the deal is expected to close before the end of the year, Atos said in a statement on Tuesday.

Warnings over France’s financial situation grew on Friday when the Moody’s ratings agency issued a negative outlook for the country’s sovereign debt rating amid concerns about the nation’s rapidly rising debt and deficit, the New York Times reported. The outlook reflects what Moody’s said were heightened risks of political gridlock in France as Prime Minister Michel Barnier struggles to get a newly elected — and deeply divided — Parliament to pass an austerity budget. France has become one of the most financially troubled countries in Europe, with a ballooning debt and deficit.

Atos SE said a French commercial court approved its financial restructuring plan, paving the way for creditors to take control of the troubled French IT company in the coming months, Bloomberg News reported. Under the plan, Atos will receive about €1.5 billion to €1.7 billion ($1.6 billion to $1.8 billion) of new money by the beginning of 2025 to help fund its restructuring, the company said in its earnings statement on Thursday.

The French government unveiled a budget for next year that aims to deliver a €60.6 billion ($66.2 billion) remedy for its creaking public finances and rebuild investor confidence even as it risks eviction by a hostile parliament, Bloomberg News reported. Spending cuts will account for just over two thirds of what Finance Minister Antoine Armand called an unheard-of fiscal effort, with the rest coming from higher taxes on businesses, the wealthy and energy.

Bidders for Sanofi’s consumer healthcare unit are revising their offers in part to address concerns around potential liabilities related to a brand that sold talcum powder, Bloomberg News reported. French pharmaceutical company Sanofi had asked suitors to revise their proposals for the Opella business, Bloomberg News reported earlier this week. The new bids may exclude parts of the Gold Bond business, a brand that historically sold talc-based products, or seek to leave any future legal risks with Sanofi.

French manufacturing output grew more quickly than expected in August, a rare bright sign in a sector that has struggled to recover from recent shocks, the Wall Street Journal reported. Output from goods-producing industries was 1.6% higher over the month, according to figures set out Friday by France’s statistics agency. Production increased across various sectors, including pharmaceuticals, transportation and automotive. The uptick in factory production comes despite signs of continued slowdown in the sector, according to business surveys published last month.

France plans around €60 billion ($66.4 billion) in spending cuts and tax hikes next year as Prime Minister Michel Barnier seeks to claw back a widening budget deficit and bolster investor confidence in the country, Bloomberg News reported. The savings are required to bring the budget shortfall to 5% of economic output from around 6.1% this year, government officials said in a briefing to journalists on Wednesday, speaking on condition of anonymity in line with internal rules.

In the seven years that he has been France’s president, Emmanuel Macron has bet on tax cuts for the wealthy and for corporations as a recipe for stimulating the economy. His new government is about to tear up that playbook. Faced with a rapid deterioration in the nation’s finances, Mr.