Utilize the input text as a context reference, choose the right relationship between Bouygues and PARIS from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

PARIS (Reuters) - French conglomerate Bouygues (BOUY.PA) raised its full-year core earnings and cost savings targets for its telecom business on Thursday as it posted a 51 percent rise in first-half group current operating profit.

Answer: headquarters_location