The bonds of friendship between France and the UK, US and Australia have been “tarnished” by the AUKUS pact, and it is now “more difficult than before” for France to trust those countries, the president of the French National Assembly has told Sky News.
Richard Ferrand is attending the G7 Speakers’ Conference in Chorley, Lancashire, hosted by the Speaker of the House of Commons Sir Lindsay Hoyle.
The AUKUS deal saw the UK, Australia and the US form a trilateral security pact to develop and deploy nuclear-powered submarines, adding to the Western military presence in the Pacific region.
Image: (L-R) Roberto Fico, Sir Lindsay Hoyle, Nancy Pelosi and Richard Ferrand at the G7 Speakers’ Conference in Chorley
Mr Ferrand said: “I think it has somewhat tarnished the bonds of friendship that we have. Yes, it has made things more difficult in terms of trust and friendship.”
On Friday, France recalled its ambassadors to the US and Australia.
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Pressed on why Catherine Colonna, the top French diplomat in the UK was not recalled, Mr Ferrand said: “Obviously it was not my decision but we thought it was more important to recall the ambassadors of the two main protagonists in this thing.”
French Foreign Minister Jean-Yves Le Drian and the army minister reacted by issuing a statement that denounced “a decision contrary to the letter and spirit of Franco-Australian cooperation”, and accused the US of choosing to “sideline a European partner and ally”.
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On Friday, the French cancelled a gala in Washington that was planned to mark the 240th anniversary of the Battle of the Capes – when the French navy helped the colonists win the American Revolution.
Pressed on whether the recall of ambassadors sends a strong signal to countries like Russia and China about French relations with its allies, Mr Ferrand said: “No, the strong signal to those countries comes from the fact that a word was given and then broken. There are causes and consequences, so one should not confuse the two.”
The G7 Speakers’ Conference takes place each year in the host speaker’s hometown. This year’s event is being held between 17 and 19 September in Sir Lindsay Hoyle’s constituency in Chorley.
Image: US politician Nancy Pelosi headed to Chorley for the conference
Mr Ferrand planted a French Hornbeam tree to mark the occasion, alongside his G7 counterparts including Nancy Pelosi, Speaker of the US House of Representatives who planted a Sweet Gum Tree.
It would have been difficult to gauge whether their meeting was sweet or sticky when the speakers stood for the traditional ‘family photo’. Standing socially distanced, Mr Ferrand and Mrs Pelosi barely interacted with each other.
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‘AUKUS alliance will bring us closer than ever’
“We have friends and allies who might behave differently towards each other depending on circumstances but it’s very complicated, so let’s not rush to conclusions,” Mr Ferrand later told Sky News.
“These slight unpleasant things that might have happened are not really on the agenda,” he insisted. “We shouldn’t have arguments about anything but we also have to be careful not to forget.”
Major tokenization platform Securitize has doubled down on its push to bring tokenized equity to US investors, naming a former PayPal executive as its new general counsel.
Securitize on Tuesday announced the appointment of ex-PayPal executive Jerome Roche, who led the company’s expansion into digital asset projects, including the PayPal USD (PYUSD) stablecoin.
“There’s been a perception that tokenized securities must be offered primarily outside the US, but our experience shows the opposite,” Securitize CEO Carlos Domingo told Cointelegraph.
“Clear regulatory path” for tokenized stocks in the US
According to Securitize, operating real-world asset (RWA) tokenization offerings inside the US regulatory perimeter is “not only possible, but scalable, at institutional quality.”
“We’ve demonstrated that there is a clear regulatory path for issuers to natively tokenize assets for US investors,” Domingo said.
“These are not synthetic representations, or derivatives, but real securities onchain,” the CEO said, adding:
“We operate using SEC-regulated infrastructure, including a registered transfer agent broker-dealer, and fund admin, which allows US investors to access and legally hold tokenized securities in a fully compliant framework.”
Securitize’s optimistic outlook on the US tokenization comes days after the platform obtained regulatory approval to operate as an investment company and a trading ánd settlement system in the European Union on Nov. 26. According to the company, the approval positioned it as one of the first operators for regulated digital securities infrastructure in both the US and EU.
Source: Securitize
“For the first time, modern ledger technology is giving us the ability to record ownership, settle transactions, and move value in ways that are fundamentally better than the fragmented systems we’ve inherited,” Securitize’s newly appointed general counsel, Roche, said in the announcement.
“Innovation only works when it fits squarely within the guardrails of applicable law,” he added, underscoring Securitize’s global push for regulated tokenized securities.
Securitize’s news is another sign of the US warming to tokenization. On Monday, the Securities and Exchange Commission dropped its investigation into rival tokenization platform Ondo Finance.
Ondo said the decision marks a new chapter for tokenized securities in the US, where they are poised to become a “core part of the capital markets.”
COVID-19 fraud and error cost the taxpayer nearly £11bn, a government watchdog has found.
Pandemic support programmes such as furlough, bounce-back loans, support grants and Eat Out to Help Out led to £10.9bn in fraud and error, COVID Counter-Fraud Commissioner Tom Hayhoe’s final report has concluded.
Lack of government data to target economic support made it “easy” for fraudsters to claim under more than one scheme and secure dual funding, the report said.
Weak accountability, bad quality data and poor contracting were identified as the primary causes of the loss.
The government has said the sum is enough to fund daily free school meals for the UK’s 2.7 million eligible children for eight years.
An earlier report from Mr Hayhoe for the Treasury in June found that failed personal protective equipment (PPE) contracts during the pandemic cost the British taxpayer £1.4 billion, with £762 million spent on unused protective equipment unlikely ever to be recovered.
Factors behind the lost money had included government over-ordering of PPE, and delays in checking it.
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This breaking news story is being updated and more details will be published shortly.
Stablecoin issuer Circle has secured regulatory approval to operate as a financial service provider in the Abu Dhabi International Financial Center, deepening its push into the United Arab Emirates.
In an announcement Tuesday, Circle Internet Group said it received a Financial Services Permission license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi. This allows the stablecoin issuer to operate as a Money Services Provider in the IFC.
The USDC (USDC) issuer also appointed Saeeda Jaffar as its managing director for Circle Middle East and Africa. The new executive also serves as a senior vice president and group country manager for the Gulf Operation Council at Visa and will be tasked with developing the stablecoin issuer’s regional strategy and partnerships.
Circle co-founder, chairman and CEO Jeremy Allaire said that the relevant regulatory framework “sets a high bar for transparency, risk management, and consumer protection,” adding that those standards are needed if “trusted stablecoins” are going to support payments and finance at scale.
The newly introduced Federal Decree Law No. 6 of 2025 brings DeFi platforms, related services and infrastructure providers under the scope of regulations if they enable payments, exchange, lending, custody, or investment services, with licenses now required. Local crypto lawyer Irina Heaver said that “DeFi projects can no longer avoid regulation by claiming they are just code.”