PARIS, Aug 6 (Reuters) – Credit Agricole reported
a more than twelvefold increase in quarterly profit on Tuesday
from a year-ago period depressed by Greece and Italy-related
provisions as France’s No. 3 bank refocuses on its home market.
Chief Executive Jean-Paul Chifflet said he expected the bank
- which in 2012 posted a loss close to 4 billion euros ($5.3
billion) related to its exit from Greece and asset writedowns -
to deliver a “significantly positive” result for the full year.
PARIS/FRANKFURT (Reuters) – Europe’s two top insurers, Allianz (ALVG.DE: Quote, Profile, Research, Stock Buzz) and AXA (AXAF.PA: Quote, Profile, Research, Stock Buzz), reported forecast-beating earnings on Friday even as both keep a wary eye on looming regulations, with AXA’s CEO warning of the dangers of an “avalanche of bureaucracy”.
Like other insurers, the two have been struggling against low interest rates that crimp the yield they can earn on their investments but both managed to achieve stronger than expected gains in operating profit, helped by strength in asset management and their property and casualty insurance businesses.
PARIS (Reuters) – The advertising giant to be formed from the merger of Publicis (PUBP.PA: Quote, Profile, Research, Stock Buzz) and Omnicom (OMC.N: Quote, Profile, Research, Stock Buzz) may resolve any clash between its French and U.S. arms by taking on a more American identity, some industry observers said on Monday.
The two companies have portrayed the deal that will create a $35 billion industry leader as a “merger of equals”. They have similar market capitalizations and the new group’s board will be equally split between representatives of Publicis and Omnicom.
PARIS/BANGALORE (Reuters) – France’s Vivendi (VIV.PA: Quote, Profile, Research, Stock Buzz) said on Friday that it planned to sell 85 percent of its stake in Activision Blizzard Inc (ATVI.O: Quote, Profile, Research, Stock Buzz) to the video games maker and its management for $8.2 billion, its second blockbuster deal in the past week.
Vivendi is selling the shares for $13.60 each, a 10 percent discount to Activision’s closing price on Thursday. After the deal, Vivendi will retain a stake of 83 million shares, or 12 percent of the video games maker best known for the Call of Duty series and online multi-player game World of Warcraft.
PARIS, July 25 (Reuters) – France’s biggest private
broadcaster TF1 on Thursday reported a milder than
forecast 17-percent slide in quarterly profit and reiterated a
full-year sales target already reduced to reflect the weak
Its shares surged 9 percent on relief that its 48.4 million
euro ($64.06 million) second-quarter profit – as well as a 5
percent drop in second quarter advertising revenue – were ahead
PARIS, July 23 (Reuters) – Vivendi SA’s
long-flagged deal to sell its controlling stake in Maroc Telecom
to Abu Dhabi-based Etisalat is just the first step in the French
conglomerate’s bet that it can remake itself as a media-focused
Vivendi said on Tuesday it had entered into exclusive talks
to sell its majority stake in Maroc Telecom to Etisalat
for 4.2 billion euros ($5.54 billion) in cash.
LONDON/PARIS (Reuters) – French conglomerate Vivendi is set to announce the sale of its 53 percent stake in Maroc Telecom to Dubai-based Etisalat in one of the biggest emerging market deals this year, three sources with direct knowledge of the situation said.
Vivendi is expected to sell its stake for around 4.2 billion euros ($5.5 billion), close to its current market value. The board met on Monday to discuss the deal and go over quarterly results.
LONDON/PARIS, July 22 (Reuters) – French conglomerate
Vivendi (VIV.PA: Quote, Profile, Research) is set to announce the sale of its 53 percent
stake in Maroc Telecom (IAM.CS: Quote, Profile, Research) to Dubai-based Etisalat
ETEL.AD in one of the biggest emerging market deals this
year, three sources with direct knowledge of the situation said.
Vivendi is expected to sell its stake for around 4.2 billion
euros ($5.5 billion), close to its current market value. The
board met on Monday to discuss the deal and go over quarterly
PARIS (Reuters) – A former IT analyst from banking group HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) who provided prosecutors with data on thousands of accounts said in an interview he hoped a Franco-Spanish tax avoidance probe would widen to other countries.
Pursued since 2009 by Switzerland on charges of stealing data from his former employer, Herve Falciani told Reuters he hoped French authorities will team up with prosecutors in countries ranging from Greece to Germany.
PARIS, July 10 (Reuters) – France has launched a
double-pronged effort to harness insurers’ deep pockets to boost
lending to underfunded small- and mid-sized companies (SMEs),
seeking to ease their longtime reliance on bank funding.
The initiatives echo efforts elsewhere in Europe to bolster
funding for SMEs, where a lack of capital is seen as a drag on
economic recovery. In Britain the government has tried various
initiatives including its flagship Funding for Lending
programme, with mixed results.