Sarkozy unveils €35bn state aid December 14, 2009 FRENCH President Nicolas Sarkozy yesterday unveiled a €35bn (£31bn) “grand loan” the government will take out to fund universities, renewable energy and the digital economy. Of the total, €22bn will be raised through government borrowing, with the rest coming from bailout money repaid by banks to the French government. France’s universities are the main beneficiary [...]
EU seeking tighter rules and new growth model December 7, 2009 Europe needs a new growth model and tighter regulation to prevent another meltdown, said incoming EU internal market commissioner Michel Barnier yesterday. The former French agriculture minister said the financial crisis meant “more governance and regulation where needed,” adding, “obviously times are different now.” “Faced with the exit from the crisis that we’re trying to [...]
France says Britain’s banks must not go back to old ways December 6, 2009 There is no crisis between France and Britain over financial regulation but British banks must not be allowed to return to the behaviour that caused the crisis, French budget minister Eric Woerth said yesterday. President Nicolas Sarkozy stirred tensions between the two countries last week by boasting that the appointment of a Frenchman as the [...]
SARKOZY BOTTLES IT December 3, 2009 FRENCH President Nicolas Sarkozy sparked a fresh diplomatic spat with London after he pulled out of a visit to Number 10 Downing Street yesterday. Sarkozy had been due to meet Prime Minister Gordon Brown after a tumultuous week in which he crowed over the appointment of Frenchman Michel Barnier to the EU finance brief. French [...]
NEW EU REGULATORS GIVEN HUGE POWERS December 2, 2009 BRUSSELS grabbed huge new powers over the financial services industry yesterday amid growing fears that excessive red tape is destroying the City of London’s competitiveness. European finance ministers agreed a sweeping new regulatory framework that will see the EU take centre stage in the supervision of banks, markets and insurance companies. Ministers agreed to the [...]
EU’s power grab is a disaster for London December 2, 2009 FIRST they came for the hedge funds, then private equity – now it is the turn of the banks, the securities industry and the insurers. The EU’s power grab is almost complete; it is pumping out new proposals on everything from derivatives to asset management virtually every day. The fact that most of these are [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 1, 2009 FINANCIAL TIMES HIT HAMSTER RANGE LIFTS CHARACTER GROUPToymaker and distributor The Character Group has predicted Christmas shortages of its most popular lines of children’s gifts, including Go Go Pets, based on a range of battery-powered interactive hamsters. John Lewis, the department store chain, has already imposed a limit of one order per customer for the [...]
Sarkozy: EU is in charge of City of London December 1, 2009 FRENCH President Nicolas Sarkozy yesterday gloated over the nomination of a French EU Internal Market Commissioner, saying it would help European economic ideals prevail over Britain’s current system. Hailing the appointment of Michel Barnier, a former agriculture minister in his government, Sarkozy blamed the Anglo-Saxon model for the global economic downturn and crowed: “Do you [...]
EU markets man tries to soothe City November 30, 2009 THE incoming EU internal market commissioner, Michel Barnier, held out an olive branch to the City ahead of tomorrow’s negotiations on a new pan-European regulatory framework. As concerns grew in London over the prospect of unnecessary red tape, the Frenchman said: “I know the importance of the City. I know the importance of this major [...]
France goads Britain over EU jobs win November 29, 2009 FRENCH president Nicolas Sarkozy fired a salvo at the City of London yesterday, describing Britain as the “big losers” in the appointment of Frenchman Michel Barnier to the EU’s finance brief. Sarkozy’s remarks, which were instantly condemned by City figures, underline the difficulties London can expect in dealing with Barnier. France is seen as favouring [...]