Joseph Belbruno Blog

  «Que se passe-t-il en France ?» : quand les manifestations ternissent l’image du pays auprès des entreprises étrangères Par Gilles Boutin et Clara Galtier, à Luanda (Angola) Publié le 04/11/2026 à 20h00 Manifestation place de la République à Paris le 17 octobre. ELISA MARCHINA / NurPhoto via AFP DÉCRYPTAGE - Les investisseurs s’inquiètent de la grogne sociale et doutent de la capacité de la France à se réformer. Les images d’émeutes et de magasins pillés dans les villes de France ont fait le tour du monde, jusqu’à s’inviter à l’Africa Financial Industry Summit (Afis), qui réunit à Luanda, la capitale angolaise, quelque 1 500 banquiers, investisseurs, entrepreneurs et représentants d’institutions du continent. « Ces deux ou trois dernières semaines, on nous demandait : “La conférence à Paris est-elle maintenue ? Que se passe-t-il en France ?” », confie un investisseur britannique dont l’institution organise bientôt chez nous une conférence sur la finance durable. Les échos sont ...

  Listen Share Print Translate Article Settings Increase font size Decrease font size E-Mail Alerts & Support E-Mail Alerts Contact Us Feedback AI cyber breach of a big bank is close at hand Financial Times UK Anil Kashyap is a pro­fessor of eco­nom­ics and fin­ance at Chicago Booth. Kath­ryn Judge, pro­fessor at Columbia Law School, con­trib­uted to this piece Anil Kashyap 4 Nov 2026 Settings Print Share Copy Listen The cyber heist at Bin­ance already offers a num­ber of les­sons for investors, reg­u­lat­ors and poli­cy­makers. Poli­cy­makers routinely plan, via war games and stress tests, for a vari­ety of fin­an­cial sta­bil­ity risks. One thing that sets cyber attacks apart from most other risks is that it is a ques­tion of when a major fin­an­cial insti­tu­tion will be com­prom­ised, not if. One par­lour game among fin­an­cial sta­bil­ity experts is to spec­u­late about why we have not yet had a massive breach. The Bin­ance debacle sug­gests one pos­sib­il­ity — maybe bank...

  Nvidia demands cut in cli­ents’ China deal­ings to pro­tect Amer­ican AI lead ▸ Chip­maker curbs cloud pro­viders ▸ Most part­ners must be non-Chinese ▸ Blow to Beijing’s tech goals Financial Times UK ZIJING WU — HONG KONG DEMETRI SEVASTOPULO — WASHINGTON ELEANOR OLCOTT — LONDON 4 Nov 2026 Settings Print Share Copy Listen Nvidia has ordered its data centre part­ners to reduce their expos­ure to Chinese cus­tom­ers, fur­ther ham­per­ing China’s abil­ity to keep up with the US in the AI super­power race. The world’s largest chip­maker has told cloud com­put­ing cli­ents they must sell at least 51 per cent of their ser­vices to non-Chinese com­pan­ies, accord­ing to people with know­ledge of the mat­ter. No restric­tions exis­ted pre­vi­ously. The instruc­tions have been com­mu­nic­ated verbally and con­veyed by Nvidia’s sales teams rather than spelt out in doc­u­ments, the people said. The move means Chinese tech com­pan­ies face a new threat to their AI ambi­tions as Wash­ing­ton ...

Chinese Bank Is Hub for Iran, Russia Money By Alexander Osipovich , Rory Jones and Patricia Kowsmann The U.S. has tried for years to cut off its adversaries from the world’s financial system. But money from places such as Iran and Russia has kept on flowing—in large part thanks to banks in China, people familiar with the activity say. The challenge is exemplified by a regional bank in eastern China, which in recent years emerged as a key conduit for Iranian and Russian financial transactions, according to former U.S. officials and documents seen by The Wall Street Journal. The funds were used to buy Chinese goods in violation of Western sanctions, including some with potential military applications, the documents show. The bank, Zhejiang Chouzhou Commercial Bank, was flagged internally by U.S. officials during the Biden and Trump administrations for facilitating transactions that appeared designed to evade sanctions, former officials said. ZCCB, founded in 1987 in Yiwu, China, home to...

  A chill wind in the AI credit mar­ket Investors are demand­ing more to fin­ance the data centre boom Financial Times Europe 4 Nov 2026 Settings Print Share Copy Listen Credit winter has not come quite yet for the AI invest­ment boom — but it is cer­tainly get­ting colder out there as the leaves fall. Alpha­bet, Meta and Oracle returned to debt mar­kets this week to sell tens of bil­lions of dol­lars of addi­tional bonds for access to chips and data centres, adding to a surge in such bor­row­ing this year already estim­ated at about half a tril­lion dol­lars. The hyper­scalers are, though, pay­ing not­ably more than just a few months ago, when it seemed that growth in AI spend­ing to fill the need for com­pute still had far to go. On Monday, Oracle sold $10bn in bonds with coupons of 7 to more than 8.5 per cent, up from 5 to 7 per cent in an issue in Feb­ru­ary — though share­hold­ers also took a hit, with a con­cur­rent $10bn share sale. Alpha­bet, Google’s par­ent, issued 19-yea...

  Eco­nomic risks of the AI boom Financial Times UK Mar­tin Wolf The longer the invest­ment surge con­tin­ues, the big­ger the neg­at­ive impact is likely to be when it ends mar­tin.wolf@ft.com 4 Nov 2026 Settings Print Share Copy Listen Arti­fi­cial intel­li­gence has many — mostly far from fully under­stood — implic­a­tions for human­ity. Among these is something con­crete and cur­rent: it has launched a huge surge in spend­ing on phys­ical cap­ital, to meet the demand for huge data centres. Indeed, accord­ing to a fas­cin­at­ing paper, “Fin­an­cing the AI Buil­dout” by Stijn van Nieuwer­burgh of the Columbia Busi­ness School, spend­ing in the US will aver­age 3.6 per cent of GDP from 2025 to 2032 (inclus­ive). This would be lar­ger than the aver­age of 2.2 per cent of GDP spent on rail­ways between 1870 and 1890, let alone the 1.1 per cent spent on high­ways from 1956 to 1973. In fact, it would be the biggest sec­tor-spe­cific invest­ment boom of all. Some of those earlier trans...