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France

France, Zambia target increased trade

INCREASES

PARIS: Zambia and France have pledged to further strengthen relations by taking measures to increase trade between the two countries. Outgoing French Ambassador to Zambia Emmanuel Cohet said he was happy that ties between Zambia and France were strong, but said that there was still room for more growth. Mr Cohet said a number of new French companies were operating ... Read More »

France to improve trading relationship with Nigeria

trading

PARIS: France has pledged to strengthen bilateral trade and investment cooperation with Nigeria. Mr Denys Gauer, Ambassador of France to Nigeria made this known during the French National Day celebration which took place at the Transcorp Hilton in Abuja on Friday. Gauer said that Nigeria was France’s strongest African trading partner and that the government of France had taken measures ... Read More »

France, Saudi Arabia bound by special strategic partnership

partners1

PARIS: Paris and Riyadh are bound by historic relations. France opened its first consulate in Jeddah in 1839, and since the meeting between Gen. Charles de Gaulle and King Faisal in 1967, bilateral relations have distinguished themselves by political and personal high-level contacts. This year, we will celebrate the 50th anniversary of this memorable meeting. Paris and Riyadh have sealed ... Read More »

France, Germany agree to develop joint fighter jet

france germany

PARIS: France and Germany agreed Thursday to begin work on a joint fighter jet, a major advance in their relations designed to underline their united front in the face of fracturing Western relations. Newly elected French President Emmanuel Macron welcomed German Chancellor Angela Merkel to the Elysee Palace in Paris for a joint cabinet meeting between their governments. Among a ... Read More »

Google escapes 1.1 bn euro tax bill in France

tax bill

PARIS: Google is not liable for 1.115 billion euros ($1.272 billion) in unpaid taxes claimed by the French state, a French court ruled Wednesday, saying the internet giant’s Irish subsidiary is not taxable in France. “The French company Google Ireland Limited (GIL) is not taxable in France for the 2005 to 2010 period,” the court ruled. Google paid just 6.7 ... Read More »

France to cut 11B euros in taxes next year

taxes

PARIS: France will cut taxes on businesses and individuals by roughly 11 billion euros ($12.6 billion) next year, faster than the government had originally intended, Prime Minister Edouard Philippe has said. The goal is to create incentives for investment, hiring and economic growth, Philippe told Les Echos daily in an interview published on its website late Tuesday. President Emmanuel Macron ... Read More »

French state to make 4.5 bln euros in savings this year

French Minister for Public Accounts Gerald Darmanin arrives at the Elysee Palace to attend the weekly cabinet meeting in Paris, France, May 24, 2017. REUTERS/Benoit Tessier

PARIS: French government ministries will tighten their belts to find 4.5 billion euros ($5.13 billion) in savings on their operational budgets this year, Budget Minister Gerald Darmanin told Le Parisien newspaper. The interior and defense ministries will bear the brunt of the cuts, in steps meant to allow France to post a deficit below 3 percent of growth domestic product, ... Read More »

French finance minister insists taxes will be cut

slash taxes

PARIS: France’s finance minister insisted on Sunday that President Emmanuel Macron’s promised tax cuts would be put in place despite an announcement last week that some reductions would be delayed because of a hole in the public finances. Bruno Le Maire told a conference fo business leaders and economists in Aix-en-Provence, southern France, the government was in a position to ... Read More »

French wheat exports slowed in May

WHEAT

PARIS: French soft wheat exports outside the European Union totalled 459,261 tonnes, down sharply from a season’s high the previous month, customs data showed on Friday. France had enjoyed a surge in wheat exports in April, supported by attractive prices, but a strengthening in the euro then contributed to a slowdown in overseas demand. The May volume took French soft ... Read More »

French budget balance deteriorates in May

BUDGET BALANCE

PARIS: France’s budget deficit showed signs of deterioration in May, with the hole in the government’s public finances growing in monthly and annual terms as the country elected a new president. The latest budgetary assessment from France’s finance ministry showed the deficit in the five months to May grew slightly from €57.9bn to €66.4bn in monthly terms and above the ... Read More »

France to ‘ban all petrol and diesel vehicles by 2040’

ban

PARIS: Franceplans to outlaw all petrol and diesel vehicles by 2040, its new environment minister, Nicolas Hulot, has announced. It will also ban any “new project to use petrol, gas or coal”, as well as shale oil, by that date. The radical measures were unveiled at a press conference this morning as part of French president Emmanuel Macron’s plans to ... Read More »

France to cut corporate tax to 25% by 2022

Taxcut

PARIS: French Prime Minister Edouard Philippe announced plans to tame public spending and bring down the country’s “intolerable” public debt, warning the country was “dancing on a volcano”. France’s €2.147 trillion debt makes the eurozone’s second-biggest economy vulnerable to speculation, he said in his first general policy speech to parliament. “We are dancing on a volcano that is rumbling ever ... Read More »

France to act on bank payroll taxes in bid for Brexit business

taxes

PARIS: France will next week make tax concessions in a bid to win financial business displaced by Britain’s decision to quit the European Union, finance minister Bruno Le Maire said on Monday. “There will be fiscal measures, notably on salaries,” he said in a television interview ahead of a policy statement due to be made by Prime Minister Edouard Philippe ... Read More »

France’s Danone to sell Stonyfield to Lactalis for $875 mln

LACTALIS

PARIS: French food group Danone (DANO.PA) has agreed to sell its U.S dairy business Stonyfield to Lactalis for $875 million, a move designed to address competition concerns stemming from its acquisition of U.S. organic food group WhiteWave. Danone said on Monday that Stonyfield had around $370 million in turnover in 2016, and that the sale price represented a multiple of ... Read More »

Bank of France says market and debt risks high

Bank of France

PARIS: Financial market and private sector debt risks have increased and should remain high through the rest of the year, the Bank of France said on Friday in a biannual report on risks to the French financial system. The French central bank said there was an “unprecedented de-correlation” between markets and political risk which could lead to a surge in ... Read More »

French economy minister calls for convergence on corporate tax with Germany

MINISTER

PARIS: New French economy minister Bruno Le Maire has called for swift convergence with Germany on corporate tax, and said his government will implement “difficult” measures this summer to ensure France honours its European pledge on public spending. In an interview with the French daily Le Figaro made available on Friday, Le Maire said his teams would draft proposals on ... Read More »

France to stop granting oil exploration licences

OIL EXPLORATION

PARIS: French energy minister Nicolas Hulot said on Friday the government planned to present a draft law this autumn that would stop granting licences for oil and gas exploitation in France and overseas territories. “There will be no new licence granted for exploration of hydrocarbons, we will pass the law this autumn,” Hulot said on his Twitter account following an ... Read More »

French industry morale dips in June, overall business confidence rises

business confidence

PARIS: French industrial morale dipped in June from the previous month, data from state statistics body INSEE showed on Thursday, although the overall business confidence reading for the country rose to a near six-year high. INSEE’s industrial confidence figure for June slipped down to 108 points from 109 points in May. A Reuters poll of economists had given an average ... Read More »

French growth in 2017 headed for six-year high of 1.6%

growth in exports

PARIS: France is on course for its strongest growth since 2011 this year as foreign trade proves less of a drag and the unemployment rate falls, the INSEE statistics agency forecast on Tuesday. The French economy will grow 1.6 percent this year, up from 1.1 percent last year when foreign trade weighed heavily because of the worst wheat harvest in ... Read More »

France’s Total to go ahead with major Iran gas project

total

PARIS: Total will go ahead with development of a giant Iranian gas field this summer, its CEO told Reuters, in the first major western energy investment in the country since Tehran signed an international nuclear deal. Chief Executive Patrick Pouyanne said the French group would make an initial $1 billion investment after the United States extended sanctions relief for Iran ... Read More »