French Inflation Surpasses Expectations in August, Rekindling Policy Debate
France has experienced a notable uptick in inflation, with August figures surpassing expectations and sparking renewed debates about the broader economic landscape. The unexpected rise in consumer prices by 5.7% year-on-year has implications not only for the French economy but also for the European Central Bank’s (ECB) policy considerations, as it navigates the delicate balance […]
TotalEnergies expedites wage negotiations at refineries due to fuel shortage
In response to union demands on Sunday, TotalEnergies (TTEF.PA) promised to move up salary negotiations to resolve a strike that delayed supplies to roughly a third of French gas stations and forced the government to use strategic reserves.The corporation suggests moving forward the start of the required annual pay talks to October, assuming the end […]
France’s AXA doubles 2021 profit
Axa reported a profit that more than doubled from last year. This is with the French insurer recovering from pandemic related claims. Mainly during the peak of the COVID-19 crisis. The company is Europe’s second-biggest insurer after Allianz. They said that it expected underlying earnings per share to grow at the high end of its […]
EDF hit by cap on power prices
The French government said that it had ordered state-owned utility EDF. This is to sell more of its cheap nuclear power to smaller competitors. So that, they can limit the increase of electricity prices in France. EDF said that the measure could cost it up to 8.4 billion euros. It dropped its earnings guidance. The […]
Vinci’s quarterly sales rise above pre-Covid levels
French infrastructure group Vinci posted third-quarter sales that surpassed pre-pandemic levels. Europe’s biggest construction and concessions firm posted quarterly sales up 7.8%. This is in line with analysts’ forecasts and exceeding the 13.13 billion euros it generated in 2019. Vinci has benefited from several large construction works. But labor shortages and high raw material costs […]
Asia curbs sales growth at Kering’s Gucci
French luxury group Kering’s star fashion brand Gucci grew sales by just 3.8%. This happened just in the third quarter. The pace of recovery from the pandemic has slowed down sharply, particularly in Asia. Luxury goods groups have bounced back strongly from the fallout of this Covid. This is because people across the world are […]
UBS verdict postponed in 4.5 BLN Euro French tax case
French judges postponed until Dec. 13. This is a ruling on UBS’s appeal against a landmark fine. And that too in a case in which the Swiss bank has contested allegations it helped wealthy clients stash undeclared assets offshore. Judges said that the decision had to be delayed. UBS said that it only took note of the […]
France’s pension reform cannot go ahead as planned – Macron
French President Emmanuel Macron’s planned reform of the pension system cannot go ahead as planned in the wake of the pandemic crisis. Retreating on one of the signature reforms he promised to push through when he came to office. Macron said to the reporters that he does not think that the reform as it was originally […]
Yet another EU threat, says UK PM’s Spokesman over French financial services move
Boris Johnson, a spokesman for Prime Minister said that the bloc issuing threats at any sign of difficulty. A good example for this is a French move to delay a European Union financial services deal with Britain over fishing access. Until Johnson grants EU fishermen fair access to British waters, Paris has said it will […]
French watchdog expects Britain to diverge from EU on financial rules
French markets watchdog AMF expects Britain to take advantage of Brexit to diverge from European Union financial rules. This is in an effort to make the City of London more attractive to investors. Brussels has yet to decide on how much direct access it will grant Britain in financial services. And so, the City has […]