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Tuesday , September 26 2017
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France

Bank of France raises 2017 French economic growth forecast to 1.7%

BOF

PARIS: The head of the Bank of France said on Monday that the country’s economic growth could reach 1.7 percent for 2017, up from its previous estimate for growth of 1.4 percent. Bank of France governor Francois Villeroy de Galhau made the forecast in an interview published on Monday in regional newspaper Midi Libre, in which he highlighted the importance ... Read More »

France’s Total sells its Italian gas business to UGI

total

PARIS: French oil and gas major Total (TOTF.PA) has sold its gas business in Italy, Total Italia Gas, a subsidiary of its Italian joint venture TotalErg, to UGI Corp (UGI.N), an industry source said on Friday. The sale is part of a move by the company to sells its assets in the Italian downstream retail market. Total has said it ... Read More »

French private bank enters UK wealth space

BANK

PARIS: The French private bank has hired C Hoare & Co’s Robert Jeffree as chief investment officer to develop a discretionary and advisory wealth management firm based in London.  The service, launching in January, will offer clients access to a range of portfolios constructed using regulated third-party funds offering access to diversified risk premia derived from global equities, government bonds, ... Read More »

Total to acquire 23% stake in French developer Eren RE

total

PARIS: France-based oil giant Total has agreed to acquire a 23% stake in French renewable energy group Eren RE for €237.5 million ($282.6 million). Total said the acquisition is aimed at supporting its growth in the solar business and wind power market. “By partnering with Eren RE, we are leveraging a team that has a proven track record in renewable ... Read More »

French revolt over proposed HFC tax

Sales-Tax

FRANCE: Twenty ac and refrigeration manufacturers, contractors, and end user associations have announced opposition to the French government’s plan to introduce a tax on HFC refrigerants. In July, the French environment minister Nicolas Hulot announced a proposed tax on HFCs as part of its Climate Plan. In an industry reeling from huge increases on high GWP refrigerants this year, the ... Read More »

France cuts deficit forecasts as growth improves

deficit

PARIS: The French government Tuesday cut its budget deficit forecasts for this year and next after taking austerity measures over the summer and as economic growth is stronger than initially expected. The finance ministry said it targets a deficit of 2.9% of economic output this year and 2.6% in 2018, instead of 3% and 2.7% it forecast shortly after President ... Read More »

Firm economic growth to ease French budget balancing act

Budget

PARIS: France’s economic recovery is strong enough for the government to be able to cut spending and the deficit without growth being affected, the budget and finance ministers said on Monday. Budget minister Gerald Darmanin confirmed that the 2018 budget to be presented on Sept. 27, the first of President’ Emmanuel Macron’s administration, would be based on a forecast for ... Read More »

French propose ‘equalisation tax’ for big internet companies

Sales-Tax

PARIS: French Finance minister Bruno Le Maire will present proposals to tax large internet based companies on their turnover – not their profits – to EU finance ministers at an informal Ecofin meeting in Estonia tomorrow. He briefed journalists on the plan, which he has discussed with a number of other finance ministers, including Ireland’s Paschal Donohoe, and the US ... Read More »

OECD raises France’s economic growth outlook

economic-growth

PARIS: France should see this year its best growth rates since 2011, the OECD said, revising up its outlook in its first in-depth look at the French economy since Emmanuel Macron became president. While looking on Macron’s reform agenda with a largely favourable eye, the Organisation for Economic Co-operation and Development said it had to be anchored with a long-term ... Read More »

French non-EU wheat exports forecast to double in 2017/18

wheat

PARIS: French soft wheat exports outside the European Union are set to more than double in 2017/18 from last season when they plummeted following a poor harvest, farm office FranceAgriMer said. In its first supply-and-demand outlook for the 2017/18 July-June season, the office estimated France’s non-EU soft wheat exports in 2017/18 at 10.2 million tonnes, up from 5.0 million in ... Read More »

France’s Credit Agricole sells 16.2% stake in Saudi bank to Prince Alwaleed’s firm

CA

PARIS: France’sCredit Agricole has agreed to sell about half of its stake in Banque Saudi Fransi to Kingdom Holdings for 5.76 billion riyals ($1.54 billion), the investment firm owned by billionaire Prince Alwaleed Bin Talal said on Tuesday. The French lender is selling 16.2 percent of its ownership in the Saudi bank, Kingdom Holdings said in a bourse statement. The ... Read More »

French wine, spirits exports rise by 12% to €6bn

importexports

PARIS: Exports of French wine and spirits have risen by 12% to €6 billion in the first six months of the year, driven by a rebound in wine sales and the continued strong performance of Cognac, the Fédération des Exportateurs de Vins & Spiritueux (FEVS) has revealed. FEVS reported that wine exports rose by 13% in value to €4 billion, ... Read More »

French bank Société Générale opens representative office in Kenya

sg

PARIS: The Central Bank of Kenya (CBK) has granted authority to French multinational banking institution Société Générale (SG) to open a representative office in Kenya following the fulfilment of stipulated authorisation requirements. The move comes as eight other multinational banks eye the Kenyan market. Headquartered in Paris, Société Générale (SG) is one of the leading financial services group in Europe ... Read More »

French trade deficit widens in July

trade-deficit-logo

PARIS: The French trade deficit widened in July, as imports grew faster than exports, data from the customs office showed Thursday. The trade shortfall rose to EUR 5.97 billion in July from EUR 4.88 billion in June. In the corresponding month of 2016, the trade deficit was EUR 3.97 billion. Exports rose 0.5% month-over-month in July, reversing a 2.6% fall ... Read More »

France to ban oil, gas output on home soil in symbolic step

ban

PARIS: France’s government is unveiling a law to ban all production and exploration of oil and natural gas by 2040 on the country’s mainland and overseas territories. The move is largely symbolic, however, as France’s oil and gas production represents just 1 percent of national consumption — the rest is imported. Current drilling permits will not be renewed, according to ... Read More »

French management consulting market grows 8.5% to €5.9 bln

grow heigher

PARIS: Last year the French strategy and management consulting market enjoyed its best 12 months since the outbreak of the global financial crisis. For the fourth consecutive year growth was booked, up 8.5% in 2016, lifted by a recovering economy and a strong demand for digital transformation projects. The French consulting sector is currently enjoying its strongest performance in a ... Read More »

France’s inflation at 4-month high

inflation jump

PARIS: France’s inflation accelerated to a four-month high in August, provisional estimate from the statistical office Insee showed Thursday. Consumer price inflation rose to 0.9 percent in August, in line with expectations, from 0.7 percent in July. This was the highest rate since April, when inflation was 1.2 percent. The annual increase in inflation resulted from a sharp acceleration in ... Read More »

France growth pace holds at 0.5%, second GDP estimate shows

GDP

PARIS: The French economy continued growing at a modest clip in the second quarter after Emmanuel Macron was elected president in May, a second reading on gross domestic product showed. The eurozone’s second-biggest economy grew 0.5 per cent in the second quarter from the first, according to official data, matching both a previous estimate and economists’ expectations. It was the ... Read More »

France updates social tax contributions for 2018

tax

PARIS: Starting in 2018, employee contributions to the general social contribution (CSG) fund are to be increased while employee contributions for health and unemployment insurance in France are to be reduced and then eliminated, a news release from the French Prime Minister said August 23, 2017. The measure is to take place in two stages in 2018. Effective for 2018, ... Read More »

Total oil to launch motorcycle lubricant developed at India facility

TOTAL OIL

PARIS: French oil and gas player Total Oil will soon be launching an India-developed and manufactured motorcycle lubricant in the country. The new lubricant, to be named the ‘Hi-Perf’ series, has been developed at the company’s Technical Centre for Asia-Pacific (TCAP) in Mahape, Navi Mumbai. The lubricant will be launched later this year. The TCAP in India is one of ... Read More »