Investor concerns over France’s stretched finances ahead of next year’s elections drove the risk premium on French government bonds to its highest level since the euro zone debt crisis on Friday, while the cost of insuring the country’s debt also rose sharply.

The spread on French 10-year government bonds over Germany’s rose as high as 104 basis points, exceeding a whole percentage point for the first time since 2012, as investors demand higher compensation for the risk of holding the debt.

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Yields on benchmark 10-year French bonds rose 10 bps to 4.456%. French yields have risen faster than those of any other developed economy in a selloff driven by higher energy prices that has rattled global government debt markets in recent weeks.

France is proving particularly vulnerable in the bond selloff as it faces a challenging budget and struggles to get its fiscal position in order ahead of a presidential election next year that could make that task even harder.

France’s government plans to include a €54 billion ($62 billion) savings drive in its 2027 budget to stop the ​fiscal deficit spiralling out of control, Prime Minister Sebastien Lecornu said on Thursday, as protests over high ‌fuel prices swell.
It will already miss this year’s budget deficit target as the economy will grow less than previously expected this year.”Investors in general they are not too confident in stepping (in) and buying, and I think that’s what is driving this ongoing grind wider in spreads,” said Evelyne Gomez-Liechti, multi-asset strategist at Mizuho in London, adding that the bank was seeing little flow in French debt.

“Everyone is sidelined and not willing to buy here just in case it keeps grinding wider and wider.”

French 5-year credit default swaps, a form of protection against the risk of default, hit 41.5 bps , the highest level since the “Liberation Day” turmoil unleashed by U.S. President Donald Trump’s blanket tariffs in April last year.

They were up nearly 3 bps since Thursday’s close in their biggest one-day increase since mid-March, when the Iran war whipped up market volatility.

French bank stocks were also hit, with BNP Paribas down 3.6%, while Credit Agricole and Societe Generale were each down 2.5%.

France’s blue-chip CAC index was down 1.5%, slightly underperforming other regional indices.

The Public Accounts Committee says the Government is “unable to articulate” a plan for the future of British Steel, which is costing the taxpayer an estimated £1.3m per day following nationalisation

An influential group of MPs has demanded the Government publish a clear strategy for British Steel, outlining how the company will achieve financial sustainability and what role it will play in the nation’s economy. The Public Accounts Committee (PAC) has warned that ministers lack a credible plan for the firm they rescued from collapse last year, which is currently costing taxpayers an estimated £1.3m per day.

A new report from the cross-party group commends the Government’s intervention to preserve the Scunthorpe blast furnaces — the UK’s last remaining virgin steel-making operation — but warns that the move failed to address the company’s underlying unprofitability. It states: “Over a year later, the Government is unable to articulate what business model or decarbonisation pathway puts the company on a sustainable footing.”

British Steel was fully nationalised two months ago, with total expenditure on the company estimated to have surpassed £640m by the end of June. By June 18, the Department for Business, Innovation, Science and Trade had provided £555m in funding for working capital, covering costs including raw materials and workers’ salaries.

Committee members warn that the Government continues to fund the operation “without a clear end date in sight” and with no estimates of the ultimate bill to the public purse. In recent days, seasoned chief executive Alan Lovell has been appointed as British Steel chair to spearhead a turnaround of the struggling business.

The PAC has also urged the Department to outline how it will engage workers, trade unions and local stakeholders — including North Lincolnshire Council — in decisions regarding the company’s future, including potential options for the Scunthorpe site. It noted that the unions and the council had put forward a compelling argument for continued investment at the steelworks, reports Grimsby Live.

Clive Betts, deputy chair of the Public Accounts Committee, welcomed the Government’s rapid intervention to rescue British Steel but emphasised the move was “just the beginning”. He added: “Having brought British Steel onto the taxpayers’ books, it is now up to government to explain its plan for its future. Unfortunately, beyond simply propping up the company with public money, the government was not able to outline such a plan to our inquiry.

“The reality is that British Steel is unable to wash its own face, and government is now in charge of making sure it gets onto a sustainable financial footing for the future. Government must continue to work hand in glove with North Lincolnshire Council and the three trade unions representing British Steel workers to bring about a just, managed transition to a successful low-carbon future for the company.

“We also require assurances that the startling levels of funding British Steel is currently receiving do not come at the expense of the wider sector. The recent move from the government to acquire Speciality Steel emphasises the point that Government can’t spend all its money supporting British Steel, when clearly there will be a need to support other parts of the industry.

“We similarly expect to see no further complacency from Government at small firms going out of business due to its steel tariff regime. We have seen admirable short-term support from the Government in steel on a number of fronts, but in the long-term, our report must serve as a challenge to the administration as we ask once again: what’s the plan?”.

A Government spokesperson responded: “We welcome the PAC’s report and will review the recommendations. Securing the long-term future of the UK steel sector is in our national interest. While this will require both public and private investment, we’ve taken the first step towards securing steelmaking by securing British Steel’s future through public ownership and appointing a new Board and Chair this month.

“Taxpayer value for money remains a central consideration in our assessment of the future of the site, and we are also backing the communities that rely on it through our Steel Strategy to build a sustainable, competitive and decarbonised steel sector for the years ahead.”

LONDON — Sway DaSafo, the North London rapper who became the first unsigned artist to win a MOBO Award and helped shape the sound of British hip-hop in the mid-2000s, has died at 44, according to tributes posted by fellow musicians and his record label.

News of his death was shared on Instagram on September 17 by Kream Developments, the label associated with the artist. “Devastated to hear of the sad news today,” the post read. “The passing of a personal friend, a true legend and pioneer in the UK rap game.” No cause of death has been disclosed.

Born Derek Andrew Safo on September 5, 1982, and raised in Hornsey, North London, by his Ghanaian parents, Beatrice and Alhaji, Sway attended Campsbourne Junior School before moving on to Highgate Wood Secondary School, where he began developing his interest in music production. His style drew on an eclectic range of influences, including the American rap group Bone Thugs N Harmony and local drum and bass MCs such as Skibadee and Shabba D, a combination that helped him stand out as a distinctive voice within the UK scene. Before launching his solo career, he worked alongside his cousin DJ Ink, and his relationship with the broader UK bass and drum and bass continuum ran deeper than the typical grime crossover artist of his era.

Sway emerged in the early 2000s with a sound that sat between UK hip-hop and grime, and quickly established himself as one of the most distinctive voices of that period. In 2005, he became the first unsigned rapper ever to win a MOBO Award, taking home the prize for Best Hip Hop. He followed that breakthrough the next year with his debut album, “This Is My Demo,” released independently through his own label, Dcypha Productions, in partnership with All City Music. The album was shortlisted for the Mercury Prize and earned widespread critical acclaim, later holding an aggregate score of 81 out of 100 on Metacritic based on reviews from outlets including The Guardian, Pitchfork, NME and Mojo.

Sway went on to sign with Akon’s label, Konvict Muzik, which released his second studio album, “The Signature LP,” in 2008. That record was shaped in part by personal loss, with Sway dedicating the project to several close friends and family members who had died during its production, including a track titled “Pray 4 Kaya,” written in memory of Kaya Bousquet. The same year, he released “Black Stars,” a track paying tribute to prominent Ghanaians across the global diaspora, reflecting his own heritage and connection to Ghana.

Beyond his own recording career, Sway built a reputation as an early supporter of other artists who would go on to achieve significant commercial success. He served as an early mentor to Ed Sheeran, offering guidance and support before Sheeran’s rise to global stardom. Sway also expanded into acting, appearing in the first two episodes of the acclaimed British crime drama “Top Boy,” adding to a body of work that spanned music production, performance and entrepreneurship through Dcypha Productions, his label, which was signed to Island Records under the Universal Music Group umbrella.

Fellow British rapper Wretch 32 paid tribute to Sway in a post shared on Instagram following news of his death. “We lost a real north London rap pioneer,” Wretch 32 wrote. “RIP sway you’ll be missed by so many thank you for everything brother.”

Sway is reported to have been survived by two sons and two daughters. Additional tributes describing his personal life, including reflections on health struggles and fatherhood, circulated online in the wake of the announcement, with friends and collaborators remembering him as both a foundational figure in British hip-hop and a deeply personal presence within his community.

Sway’s influence on the UK rap scene extended well beyond his own catalogue of music. His independent path to success, breaking through and winning major industry recognition without a record deal, was widely seen at the time as a significant moment for unsigned and independent artists working within British hip-hop, helping demonstrate that major label backing was not a prerequisite for critical or commercial recognition within the genre. His fusion of hip-hop with grime and drum and bass elements also helped shape the broader sonic identity of UK rap during a period when the genre was still establishing its distinct character relative to its American counterpart.

Tributes to Sway continued circulating across social media in the days following the announcement of his death, with fans and fellow artists reflecting on his catalogue, his mentorship of younger musicians, and his broader role in helping establish North London as a significant hub within the UK’s hip-hop and grime scenes during the 2000s. His discography, spanning “This Is My Demo,” “The Signature LP” and later projects including 2013’s “Wake Up,” remains widely regarded as a foundational body of work within British hip-hop.

As tributes continue to emerge from across the UK music industry, Sway is being remembered both for his individual artistic achievements, including his historic MOBO win and Mercury Prize nomination, and for the broader influence he had on a generation of British artists who followed the path he helped establish as an independent, unsigned voice within UK hip-hop.