Wednesday , March 29 2017
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French President eyes strong trade ties between France-Singapore


SINGAPORE: French President Francois Hollande, on an official visit to Singapore, expressed a desire Sunday to strengthen France’s partnership with the Southeast Asian city-state. “France considers Singapore not only for an economic partner, but also as a friendly country,” Hollande said at a state banquet, where he gave a toast in French. “In this geopolitical environment of isolation, nationalism and ... Read More »

France, Switzerland inks accord on tax system to EAP

France, Switzerland

BASEL: France and Switzerland have signed an international agreement on the tax system applicable to EuroAirport Basel Mulhouse Freiburg (EAP). The agreement was signed by Swiss Federal Councillor Didier Burkhalter and the French Secretary of State for European Affairs, Harlem Desir. The agreement aims to establish a long-term legal regime to ensure that the airport and its businesses remain attractive ... Read More »

France’s GDP growth improves as estimated in Q4

inflation - 1

PARIS: France’s economic growth picked up in the last three months of 2016 amid signs higher inflation is beginning to weigh down on household spending power. A final GDP reading from Insee confirmed France’s economic growth rate doubled from 0.2 per cent to 0.4 per cent in the fourth quarter in the eurozone’s second largest economy – in line with ... Read More »

Exxon’s French refineries report high 2016 utilization on good H2 performance

Exxon Mobil

PARIS: ExxonMobil’s French downstream subsidiary Esso SAF said its two French refineries operated at 85% of their utilization rate for most of last year, with operations having improved in the second half. The company’s Fos sur Mer site in the Mediterranean registered 85% utilization throughout 2016 whereas Port Jerome Gravenchon in Northwest France operated at 85% during the last nine ... Read More »

French group Socotec acquires Environmental Scientifics Group

ESG - Environmental Scientifics Group

PARIS: Paris-headquartered inspection, certification and risk management firm Socotec Group has made a “decisive” move into the UK market after acquiring Environmental Scientifics Group, a testing, inspection and certification (TIC) firm which also has a consultancy service offering. The acquisition of ESG, and its focus on infrastructure and the built environment represents another endorsement of the UK’s development prospects (Environment ... Read More »

French court to hear Swiss UBS tax fraud case


PARIS: Swiss bank UBS will stand trial in France accused of helping clients evade French taxes. The bank confirmed in an emailed statement to various media outlets on March 20 that French judges have made an order for the case to be sent to court. The referral comes more than a year after investigating judges completed their probe into the ... Read More »

France flowers imports hike 7% in February

hike - increase - growth

PARIS: With 7% growth in imports to February, France looks set to take the UK’s place as second export destination for plants and flowers from the Netherlands this year. The total exports turnover has already reached €1 billion, a 9% increase compared with last year. Statistics show the increase in exports is mostly because of flower sales, which went up ... Read More »

7 Irish companies sign agreements with French partners


PARIS: The Irish manufacturer of multi-directional forklifts based in Monaghan, signed a contract with Kingfisher, Europe’s largest home improvement retailer worth an additional €1 million to deliver 50 Aisle-Master forklifts to the company during 2017. The contract signing was witnessed by Leo Varadkar Minister for Social Protection and Geraldine Nason-Byrne, Ireland’s Ambassador to France during an Enterprise Ireland trade visit ... Read More »

French CMA CGM launches service between Morocco and Russia


MARSEILLE: French container transportation and shipping company, CMA Shipping group CMA CGM is launching a new service that will allow the direct delivery of fruit and vegetables from Morocco to Russia in eight days without any stopover. CMA CGM said the company and its subsidiaries OPDR and Comanav now provide the fastest transit times on the market by linking Agadir ... Read More »

INSEE forecasts French economy growth in Q2

INSEE forecasts French economy growth in Q2

PARIS: The French economy is forecast to grow more than previously estimated in the second quarter of 2017, the statistical office INSEE reported. Gross domestic product is expected to climb 0.5 percent in the second quarter instead of 0.4 percent estimated in December. The projection for the first quarter was kept unchanged at 0.3 percent. Prospects have clearly improved for ... Read More »

Two-thirds of French people want to keep wealth tax

Two-thirds of French people want to keep wealth tax

PARIS: Two-thirds of French people reject calls to abolish the wealth tax, as proposed by Presidential candidate François Fillon. The same poll found more than three-quarters feel the ISF (impôt de solidarité sur la fortune) encourages France’s wealthiest and its entrepreneurs to move abroad – while 83% also believe “the ISF is avoided by the really rich people who manage ... Read More »

Combilift signs €1m contract during France visit


PARIS: Monaghan-based Combilift signed a €1 million contract with Europe’s largest home improvement retailer Kingfisher during a trade visit to France. The company is one of seven Enterprise Ireland client companies to sign agreements with French firms during the trade mission, led by Minister for Social Protection Leo Varadkar. Under the deal with Kingfisher, Combilift, a manufacturer of multi-directional forklifts, ... Read More »

France, Azerbaijan agrees to strengthen trade ties

France, Azerbaijan flags

PARIS: Azerbaijan President Ilham Aliyev’s official visit to France began with a show of economic strength, as the president’s two-day visit kicked off with meetings with heads of the leading French companies and businessmen, who were eager to do business with Azerbaijan. Such big-name French companies as SUEZ, CIFAL Group, Airbus, Thales International and Total were the first in line ... Read More »

Spain and France conclude scheduled supply

France-and-Spain flags

PARIS: The French treasury taps the on the run 3 year OAT (0% Feb2020), on the run 5 year OAT (0% May2022) and off the run OAT (2.25% Oct2022) for a combined €6-7B. The bonds on offer cheapened slightly in ASW-spread terms going into the auction. The Feb2020 is rather cheap on the curve, the other OAT’s trade normal. We ... Read More »

China to re-open French beef imports after 9 years ban

candian beef

PARIS: The Chinese authorities have decided to re-open their doors to imports of French beef. The French Ministry of Agriculture welcomed the decision taken by China to partially lift the embargo that hit French beef since 2001 as a result of mad cow disease. “This decision, taken almost nine years after the World Organization for Animal Health (OIE) recognized France’s ... Read More »

French Minister calls on to lift sanctions against Russia


PARIS: The sanctions, imposed by the European Union against Russia, and Moscow’s response to them damaged the French agriculture, Finance Minister Michel Sapin said. “In recent years, political difficulties in relations between our states have damaged France’s agricultural sector. Our farmers have sustained great losses,” Sapin said following a plenary session of the Russian-French council on economic, financial, industrial and ... Read More »

UAE to import 2,000 tons of French cream in 2017

Centre National Interprofessionnel de l'Economie Laitière

PARIS: The UAE is seen as a key developing market for the industry and imported 2,000 tons of French cream in 2016. China is the top importer with 15,000 tons annually and Saudi Arabia stands at 5,000 tons imported per year. Centre National Interprofessionel de l’Economie Laitière (CNIEL) communication director Laurent Damiens said: “Most of the pastry chefs at the ... Read More »

France to increase tax on cheap cigarettes, rolling tobacco

France to increase tax on cheap cigarettes, rolling tobacco

PARIS: The French government announced it would be hiking the tax on cheap cigarettes and rolling tobacco as part of a campaign to tackle deaths from smoking. The move follows other initiatives aimed at addressing the figure of some 73,000 annual deaths stemming from the habit. The tax increase would apply to packs of cigarettes that retail for less than ... Read More »

French stocks higher on closing of trade

french stock exchange

PARIS: France stocks were higher after the close on Thursday, as gains in the Financials, Consumer Services and Utilities sectors led shares higher. At the close in Paris, the CAC 40 gained 0.42%, while the SBF 120 index climbed 0.42%. The best performers of the session on the CAC 40 were Vivendi SA (PA:VIV), which rose 3.09% or 0.52 points ... Read More »

Airbus causes France record monthly trade deficit

Airbus causes France record monthly trade deficit

PARIS: France slipped into its biggest monthly trade deficit ever because of weak foreign sales by aircraft maker Airbus, a cornerstone of the country’s exports, customs said. Exports fell 7.7 per cent in January from December and imports rose by 2.9 per cent, resulting in a record trade gap of €7.9 billion (S$11.795 billion), the customs office said in a ... Read More »