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Jul 8, 2014

Air France warns on profit as overcapacity hits prices

PARIS (Reuters) – An Air France-KLM profit warning bruised European airline shares on Tuesday, as the latest evidence of overcapacity set the stage for possible further job cuts.

Europe’s second-largest traditional network carrier warned its 2014 profits could be as much as 12 percent lower than previously predicted, mainly as a result of overcapacity and resulting weak prices in both the passenger and cargo sectors.

Jun 12, 2014

Top BNP exec to go as talks on U.S. penalty gather pace

PARIS (Reuters) – The chief operating officer of BNP Paribas is to step down at the end of June and retire completely on Sept. 30, France’s biggest bank announced on Thursday as talks with U.S. authorities over a potential $10 billion (5.95 billion pounds) fine gathered pace.

New York’s banking regulator had requested the departure of the long-serving Georges Chodron de Courcel as part of a settlement for alleged violations of sanctions against Iran, Sudan and other countries, a person familiar with the matter told Reuters on June 5.

Jun 12, 2014

Top BNP executive to go amid sanctions-busting investigation

PARIS (Reuters) – The chief operating officer of BNP Paribas is to step down at the end of June and retire completely on Sept. 30, France’s biggest bank announced on Thursday as it wrestles with U.S. authorities over a potential $10 billion fine.

New York’s banking regulator had requested the departure of the long-serving Georges Chodron de Courcel as part of a settlement for alleged violations of sanctions against Iran, Sudan and other countries, a person familiar with the matter told Reuters on June 5.

Jun 12, 2014

Top BNP exec to go amid sanctions busting investigation

PARIS, June 12 (Reuters) – BNP Paribas’ Chief
Operating Officer is to step down at the end of June and retire
completely on Sept 30, the French bank announced on Thursday as
it wrestles with U.S. authorities over a potential $10 billion
fine.

New York’s banking regulator had requested the departure of
the long-serving COO, Georges Chodron de Courcel, as part of a
settlement for alleged violations of sanctions against Iran,
Sudan and other countries, a person familiar with the matter
told Reuters on June 5.

Jun 10, 2014

Vallourec warns on profit as Petrobras cuts pipe stocks

PARIS, June 10 (Reuters) – Steel pipes maker Vallourec
warned on Tuesday that core profit would drop 10
percent this year as customers – mainly Brazilian state oil
company Petrobras – run down inventories to save
money.

Petrobras alone will account for some 60 million euros ($82
million) of the slide in earnings before interest, tax,
depreciation and amortisation (EBITDA), which Chairman Philippe
Crouzet told reporters would amount to between 80 and 90
million. EBITDA was 920 million euros last year.

Jun 4, 2014

Down on its luck: time to bet on France?

PARIS (Reuters) – A flatlining economy. The weakest profit margins in Europe. Stubbornly high labour costs despite the record unemployment that helped bring the hard-right National Front out on top in last week’s EU election.

Why would anyone invest in French companies?

Despite those many reasons not to, however, some strategists have put on their contra-cyclical hats to say now is the time.

May 27, 2014

GE boss faces public Alstom grilling in Paris

PARIS, May 27 (Reuters) – General Electric boss Jeff
Immelt faces a public French parliamentary grilling in person on
Tuesday over his high-stakes plan to buy the power arm of
engineering group Alstom, replacing a subordinate at
the last minute.

A statement from the parliamentary economics committee late
on Monday put Immelt on its agenda for Tuesday’s hearing, which
was scheduled originally last week with the head of GE France,
Clara Gaymard, on the stand.

May 26, 2014

Atos to buy Bull in all-French IT services deal

PARIS, May 26 (Reuters) – Atos is to buy Bull
in an all-French IT sector deal worth 620 million euros
($845 million) to create the top Europe-based cloud computing
company and a major player in cybersecurity.

The companies said a combined Atos and Bull, currently
numbers 5 and 10 respectively in cloud computing in Western
Europe, would leap to the fast-growing industry’s number-two
spot by revenue behind U.S.-based Amazon and ahead of
Microsoft.

Apr 28, 2014

France says could block Alstom deal as president meets GE

PARIS (Reuters) – France will block any deal involving engineering group Alstom it considers unfit, Economy Minister Arnaud Montebourg said ahead of a meeting between President Francois Hollande and General Electric’s chief executive to discuss Alstom’s future.

The meeting between the French head of state and the boss of one of the world’s 10 largest publicly-quoted corporations follows a weekend of political and corporate drama, in which Alstom’s German rival Siemens proposed a swap of assets to counter a potential Alstom-GE tie-up. GE CEO Jeff Immelt arrived at the presidential palace at 0720 GMT – flanked by Clara Gaymard, the head of GE France – and said “bonjour” to reporters before entering the Elysee.

Apr 28, 2014

French president, GE boss to meet over Alstom’s future

PARIS, April 28 (Reuters) – France will block any deal
involving engineering group Alstom it considers unfit,
Economy Minister Arnaud Montebourg said ahead of a meeting
between President Francois Hollande and General Electric’s
chief executive to discuss Alstom’s future.

The planned meeting between the French head of state and the
boss of one of the world’s 10 largest publicly-quoted
corporations follows a weekend of political and corporate drama,
in which Alstom’s German rival Siemens proposed a
swap of assets to counter a potential Alstom-GE tie-up.

    • About Andrew

      "Andy leads the London-based team that edits company news copy from around Europe, the Middle East and Africa and supports EMEA Companies Editor of Charge Chris Wickham. Andy is a newswire "lifer" with experience in reporting and editing in London, Singapore and Paris. A one-time oil industry specialist, his first industry job in the early 1980s was collecting pepper and banana prices for Agence France Presse."
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