PARIS, Dec 18 (Reuters) – Credit Agricole has
launched the hunt for a new boss who must reconcile warring
factions within France’s third-largest bank and find a way to
simplify its ownership structure.
The bank’s Byzantine cross-holdings tying its listed arm to
its regional mutuals are a drag on the valuation of the listed
entity and are disapproved of by regulators who say they reduce
transparency for investors and make oversight more difficult.
PARIS, Nov 7 (Reuters) – The International Monetary Fund and
the United States encouraged the European Central Bank and the
Bank of Japan toward greater monetary stimulus on Friday and
urged governments around the world to do their share to
encourage growth in their countries.
Calling the world economy “fragile, brittle and fragmented”,
IMF Managing Director Christian Lagarde told a conference of
central bankers in Paris it was “perfectly legitimate and
appropriate” for the ECB and the BoJ to take unconventional
steps to combat low inflation and economic stagnation.
PARIS, Nov 7 (Reuters) – The European Central Bank should be
ready in an emergency to buy government bonds to combat
prolonged low inflation, a senior ECB policymaker said on
Friday, just as the United States is ending such so-called
Speaking a day after the ECB ordered its staff to start
preparing for bolder measures if needed, Governing Council
member Christian Noyer said central banks should be prepared to
buy public debt if needed to avert deflation or a run on
PARIS, Nov 6 (Reuters) – Credit Agricole’s chief
executive tore into French government economic policy on
Thursday as the French bank and rival Societe Generale
blamed weak demand for a fall in revenues at home.
“The absence of a clear vision and lack of coherence in
economic policies is weighing on confidence and therefore
investment and economic activity,” Agricole CEO Jean-Paul
Chifflet told reporters on a conference call.
PARIS (Reuters) – The global economy is only gradually picking up momentum as stagnation in the euro zone and growing weakness in some big emerging economies weighs on the U.S.-led recovery, the OECD said on Thursday.
With the euro zone a stubborn weak spot in the global economy, the OECD called on the European Central Bank to live up to a promise “to do what ever it takes” to revive its economy and begin purchasing government bonds.
PARIS, Nov 6 (Reuters) – French lender Credit Agricole
posted a 4 percent increase in quarterly earnings on
Thursday as a strong insurance and asset management performance
outweighed weakness in its home retail market.
In a conference call with reporters, its chief executive was
also sharply critical of a “lack of coherence” in French
economic policy and painted a black picture of its prospects.
PARIS/ROME (Reuters) – France and Italy unveiled plans on Monday to trim their deficits more than previously planned in last-minute pitches to get clemency from the European Commission on their 2015 budgets.
The European Union’s executive arm has until Wednesday to decide whether to reject France and Italy’s 2015 draft budgets for failing to make sufficiently large improvements in their public finances.
PARIS (Reuters) – France laid down the gauntlet to EU partners on Wednesday with a 2015 budget setting out how it would bring its borrowing back to within EU limits two years later than promised, a retreat it blamed on a fragile economy.
The announcement from Paris came hours after news that Italy too planned to ease the pace of painful deficit-reduction steps to try to counter another year of recession.
PARIS (Reuters) – French business activity slowed again in September amid weakness in the key service sector, two surveys showed on Tuesday, as the euro zone’s second-biggest economy posted zero growth for the second quarter in a row.
In the face of weak demand, companies are proving reluctant to heed the call of President Francois Hollande’s government to drive a recovery with investment as pledges to cut their payroll tax do little to revive their confidence.
PARIS (Reuters) – Moody’s spared France a fresh downgrade of its debt rating on Friday even though Paris has overrun its deficit targets, warning the outlook was negative in light of difficulties pushing through reforms.
Moody’s kept its rating on French bonds at Aa1, the second-highest level in its scale, saying the size and wealth of the euro zone’s second-biggest economy, coupled with its currently ultra-low borrowing costs, justified keeping the rating for now.