The City will pay a high price for a Tobin Tax September 6, 2010 EU FINANCE ministers are meeting today to discuss the latest incarnation of the Tobin Tax. The City should be worried. Tobin’s proposed tax on foreign exchange transactions has deservedly been in the wilderness for forty years, but the mood has changed. There is a real danger that a punishing levy could happen, sooner rather than [...]
French push to regulate commodities August 31, 2010 FRANCE has sent detailed proposals to the European Commission calling for common action to regulate volatile commodities markets before it is due to head the Group of 20 economic powers, ministry officials said. President Nicolas Sarkozy said last week that regulating commodity derivatives would be one of the priorities of France’s presidency of the G20 [...]
Firms’ sanctions compliance must be tightened up August 31, 2010 FINANCIAL regulation reform is all the rage. Last week, President Nicolas Sarkozy unveiled his programme of “action and ambition” for France’s forthcoming presidency of the G20. It puts global reform of financial markets and systems at the very top of the agenda. The US has already passed sweeping reform legislation and the coalition government has [...]
Swannell is the right man for M&S August 23, 2010 WHEN I had breakfast with Robert Swannell, the newly appointed chairman of Marks & Spencer recently, it was clear that the former investment banker was in anything but wind down mode. After three decades of working on mergers and acquisitions, sometimes over seven-day weeks involving late nights, Swannell could have been forgiven for putting his [...]
France offers tax breaks to woo UK banks August 22, 2010 THE government is facing calls to head off attempts by France and Germany to lure the world’s biggest investment banks away from London by offering them lucrative tax breaks. The British Bankers’ Association (BBA) urged ministers to delay launching new rules on pay, bonuses and banks’ capital holdings until other nations do the same. The [...]
France cuts growth forecast at emergency summit August 20, 2010 FRANCE has cut its forecast for economic growth next year after an emergency meeting between the president and senior finance ministers. It now thinks the economy will grow by two per cent next year. The previous forecast was 2.5 per cent. This year it will 1.4 per cent, the government said. President Nicolas Sarkozy ordered [...]
France ratings fears put euro under pressure August 19, 2010 THE Euro dropped this morning after market fears that France could face a downgrade of its AAA credit rating in the long term. Fears were triggered after credit ratings agency Moody’s found earlier this week that the country’s rating was secure for now but could be under pressure in the future as uncertainty remains over [...]
L’OREAL HEIRESS FACES POLICE PROBE July 19, 2010 France’s richest woman, Liliane Bettencourt, is to be questioned by police about alleged tax evasion and money laundering in a scandal that has hit the government, public prosecutors said yesterday. President Nicolas Sarkozy has been embarrassed by allegations by the former bookkeeper of L’Oreal cosmetics heiress Bettencourt, 87, that the billionairess and her late husband [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 6, 2010 FINANCIAL TIMES BARCELONA SEEKS LOAN TO HELP PAY PLAYERS Barcelona, the Spanish football giants whose players will make up the bulk of Spain’s team in Wednesday’s World Cup semi-final against Germany, are seeking a €150m loan to help pay player and staff wages. The move was announced by new Barcelona president Sandro Rosell who took [...]
Le Monde staff vote for Lazard-led offer June 28, 2010 A CONSORTIUM led by Lazard banker Matthieu Pigasse looks set to take control of iconic French newspaper Le Monde. Staff at the firm overwhelmingly backed an ownership bid from the trio of left-leaning tycoons, which also includes internet entrepreneur Xavier Niel and the former business partner of late fashion designer Yves Saint Laurent. The vote [...]