Friday , November 17 2017
Breaking News


HSBC to pay France €300m to avoid tax fraud trial


  PARIS: HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay 300 million euros ($352 million) to avoid going to trial in France for enabling tax fraud, prosecutors said Tuesday. HSBC was accused last year of helping French clients to hide at least 1.67 billion euros from the tax authorities, according to a source close ... Read More »

French energy company’s shares sink on falling demand


  PARIS: Shares in Electricite de France SA dropped about 10 per cent on Monday after the company cut its cash flow targets and 2018 profit by 4 per cent because of falling demand and delays in restarting some of its nuclear reactors. The state-backed utility said earnings before interest, tax, depreciation and amortisation for next year were now expected ... Read More »

France wants to regain its position as Algeria’s top economic partner


  PARIS: France voiced its willingness to regain its position as Algeria’s major economic partner, having been overshadowed recently by other countries. “In recent years, France has seen its economic exchanges with Algeria go from 24 percent to 10 percent,” French Minister for the Economy and Finance Bruno Le Maire said here on Sunday in his opening remarks at the ... Read More »

France’s Total postpones investment decision on Absheron gas field until 2018


BAKU: French oil company Total has postponed an investment decision on development of the Absheron gas and condensate field in the Azeri sector of the Caspian Sea until spring 2018 from December, the company official said on Wednesday. Total and Azeri state energy company SOCAR formed a joint venture in 2009 to explore and develop the Absheron field area, which ... Read More »

Komercni Banka expects weaker lending in 2017 as competition builds


PRAGUE: Czech lender Komercni Banka cut its loan growth outlook on Friday as it faces a slowdown in business lending while market competition eats into margins. The third largest Czech bank’s attributable net profit fell by a lower-than-expected 10.6 percent to 3.53 billion crowns ($160.37 million) in the third quarter. The result was buoyed by the release of loan provisions ... Read More »

France’s monthly trade deficit widens


  PARIS: French trade deficit in September widened to 4.7 billion euros (5.44 billion U.S. dollars), from the 4.2 billion euros reported in August due to slowing sales abroad, official figures showed on Wednesday. “Exports are still growing slightly…, on the other hand, imports recover sharply so that the deficit… widens again in September,” the customs said in a . ... Read More »

French mutual banks say French one-off tax ‘unjustified’


PARIS:  The government has imposed a graduated tax on companies with annual revenues of €1bn to recoup part of the funding it lost when France’s constitutional body ruled that a previous 3 per cent levy on dividends had been illegal. The government must repay about €10bn that it has collected since the tax was introduced in 2012, which would have ... Read More »

Orange telecom launches online banking

orange telecom

PARIS: FinTechs aren’t the only ones giving traditional financial institutions (FIs) a run for their money. In France, a telecom giant is hoping to capture a full 25 percent of the country’s online banking market with its new bank launching tomorrow, Nov. 2 — and that’s just its 10-year goal. Orange Bank told Reuters that it was targeting two million ... Read More »

France GDP growth slows to 0.5% in Q3 as exports soften

gdp growth

PARIS: The pace of growth of the French economy slowed slightly in the third quarter, according to a preliminary reading on the country’s gross domestic product. The eurozone’s second-biggest economy grew 0.5 per cent quarter on quarter in three months ended September, down slightly from 0.6 per cent in the second. Still, Claus Vistesen, economist at Pantheon Macroeconomics, noted that ... Read More »

French passport ties with UK as fourth-most useful

economic ties

PARIS: A French passport has been named as the fourth most-useful in the world in a new report, on a par with passports from United Kingdom and Spain; lagging behind those from Singapore and Germany. The Singaporean passport knocked Germany’s off its usual top spot in the world rankings thanks to the 159 countries to which it now allows travel ... Read More »

French investment bank Natixis acquires 50% stake in fintech company dalenys

FRANCE - NOVEMBER 15:  Employees take a break outside the Natixis headquarters in Paris, France, on Thursday, Nov. 22, 2007. Natixis SA's bond-insurance unit, CIFG Guaranty, will be taken over by the French bank's controlling shareholders in a $1.5 billion rescue to preserve its top credit rating.  (Photo by Antoine Antoniol/Bloomberg via Getty Images)

PARIS: Natixis, a French corporate and investment bank, has acquired 50.04% stake in Dalenys, a fintech company that offers Payment Marketing solutions that aim to increase revenues for online and point-of-sale merchants. The companies revealed that an agreement relating to this sale was announced earlier this summer and following the clearing of all the conditions precedent linked to this agreement, ... Read More »

France’s Safran revises up revenue target as Q3 growth quickens


PARIS: French aerospace company Safran on Friday raised its revenue forecast for 2017, after growth in its civil engines business and higher engine deliveries for the Rafale combat jet produced stronger than expected third-quarter sales. The maker of aircraft engines, landing gear and military optronics said adjusted revenue grew 8.5 percent to 3.82 billion euros ($4.4 billion) in the quarter. ... Read More »

France seeks ‘green veto’ in EU-Canada trade deal

france flag h

PARIS: France is seeking “climate veto” powers over the EU’s landmark trade deal with Canada to ensure it does not undermine efforts against global warming, Environment Minister Nicolas Hulot said Wednesday. Hailed by the European Union as one of its most ambitious trade deals ever, the Comprehensive Economic and Trade Agreement went into force last month despite lingering concerns from ... Read More »

France posts record drop in jobless total in September


PARIS: France’s jobless total fell last month by the most on record, Labour Ministry data showed on Tuesday, giving a boost to President Emmanuel Macron’s efforts to turn the job market around. The number of people registered as out of work in mainland France fell by 64,800 in September, the biggest decrease in figures going back to the start of ... Read More »

France, Ireland ready to discuss tax on Internet giants


  PARIS: French President Emmanuel Macron and Irish Prime Minister Leo Varadkar say they are ready to discuss the contentious issue of taxing internet giants after a meeting in Paris. Macron is leading the tax charge in Europe, saying it’s not fair that internet companies don’t pay taxes where they make most of their money. Countries that serve as tax ... Read More »

Air France KLM reaches pensions deal with KLM staff


PARIS: Air France KLM has struck a deal with its KLM pilot and cabin staff unions to resolve a dispute over pensions, the airline said on Monday, adding it would take a charge of 311 million euros ($366 million) in the third quarter as a result. It will change to a defined contribution scheme from a final salary pension scheme ... Read More »

French businesses seek clarity on Iran nuclear deal


PARIS: French businesses and foreign and finance ministry officials will meet next week as they work together to understand better the consequences of U.S. President Donald Trump’s refusal to certify the 2015 Iran nuclear deal. Multi-nationals Total and Peugeot are among the most high profile companies to have signed new deals since the accord that provided sanctions relief for Iran ... Read More »

France dials back on digital tax plans after US meetings

New Zealand meat, wine exports to face uncertainty on U.S border tax

PARIS: French Economy Minister Bruno Le Maire was gung-ho about taxing digital giants like Google and Amazon on the billions of euros they generate, collectively, each year in Europe. Then he went to Washington. After three days in the U.S. capital, including a face-to-face meeting with U.S. Treasury Secretary Steven Mnuchin and calls with tech industry lobbyists, Le Maire and ... Read More »

Carrefour sales grow despite weakness in France

grow heigher

PARIS: Carrefour’s third quarter 2017 sales stood at €21,859m, up +0.5% on a like-for-like basis. The currency effect was an unfavorable -1.5% in the quarter, while the petrol and calendar effects were neutral. Total sales were up +1.9% at constant exchange rates (+0.4% at current exchange rates). In a persistently challenging competitive environment, sales in France were down -0.9% like-for-like ... Read More »

France considers massive tax hike on hard liquor

tax authority

PARIS: The price of cognac and calvados could increase significantly in France as the government plans a tax increase on strong alcoholic drinks. The measure will be part of a crackdown on beverages that negatively affect health. The proposal is part of the government’s new social security budget, which is expected to be presented on Wednesday. According to French daily ... Read More »