Company in France
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FRANCE, 2015/10/22
Air France will cut less than a third of the 2,900 job cuts it proposed to slash in an initial plan for 2016-2017 that triggered clashes with some of its staff, the chief executive of parent company Air France-KLM said on Sunday.
The job cuts in 2016 would be voluntary and additional significant job reductions presently planned for 2017 could be avoided if talks with unions lead to an agreement on alternative cost-cutting measures by the beginning of next year, said CEO Alexandre de Juniac in an interview on RTL radio and the LCI news channel.
“If negotiations are successful by the start of 2016 we can avoid implementing Plan B for 2017, which means reverting to Plan A, or the ‘Perform’ plan,” de Juniac said, reiterating a position expressed by his board on Thursday.
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FRANCE, 2015/04/13
François Michelin led the eponymous family business for almost half a century and helped establish it as one of the world’s “Large Three” tire manufacturers.
Michelin, whose death was announced in a statement on Wednesday, was the grandson of Edouard Michelin, Michelin & Cie’s founder in 1889. The secretive family business is still based in Clermont-Ferrand, in the remote Auvergne region of central France. It owns the city’s cherished rugby club, ASM Clermont Auvergne, and as well publishes the world-famous restaurant and hotel guides.
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FRANCE, 2015/03/14
The European Commission has been ordered to apologise to French banking giant Credit Agricole for implying its guilt in the long-running investigation into financial market rigging before the probe had been completed.
A statement published on Thursday (13 March) by the EU Ombudsman Emily O’Reilly found that public statements by ex-commissioner Joaquin Almunia had “created a public impression of bias” by giving the impression that he had “by presently reached a conclusion about the bank’s alleged participation in the cartel before the investigation was complete.”
In December 2013, a total of eight banks were fined a total of €1.7 billion for rigging the markets in financial derivatives, a year next a group of lenders were found guilty of manipulating the Libor and Euribor benchmark rates, which determine interest rates on a raft of different financial products.
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ISRAEL, 2014/12/20
French cosmetics and beauty care giant L'Oreal has announced the acquisition of ColoRight. The Israeli start-up develops hair fiber optical digital reader technology.
L'Oreal said, “Through this acquisition, L’Oréal reinforces its historic leadership in hair research,” L'Oreal added that ColoRight will maintain its offices in Israel and will continue to be managed by CEO Sagiv Lustig. No financial details about the transaction were disclosed.
Based in Rehovot, ColoRight was founded in 2002 and employs 50 people in Israel. The company is owned by digital print pioneer Benny Landa who serves as chairman, and investors reportedly include Yair Goldfinger of Mirabilis/ICQ fame.
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FRANCE, 2014/09/29
Air France announced on Sunday evening that its 14-day-long strike - the longest in the history of the airline in the last 20 years - has stopped. According to a release from Air France management, traffic is due to normalize step by step. The carrier indicates to ensure 60% of its flights on Monday. The situation will gradually return to normal over 2 to 3 days due to operational and regulatory constraints.
As aircraft have not flown for several days, mandatory checks are required before operations resume. In addition, aircraft and crews must be repositioned at all Air France stations throughout the world, and flight crews must be given their legal rest periods before carrying out return flights.
Meanwhile, the strike had catastrophic consequences for the airline and for the staff. Air France estimates to have lost per day 20 million euro and a total of 250 million euro during all strike. The social movement was conducted by pilots.
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FRANCE, 2014/06/12
Total Liberia, the major importer of petroleum product on the Liberian market has again added one station to its several stations in the country.
This time, in Central Liberia, Bong County, the company opened the station over the weekend.
At a colorful ceremony held in Gbarnga, several jubilant residents danced and sang as the doors of the station was opened to the public.
The French company, next construction of each station, hands it over to a Liberian for management; which is helping the government in her poverty reduction drive. Several Liberians have commended Total for such business plan.
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FRANCE, 2014/06/12
A senior adviser to BNP Paribas (BNPP.PA) is likely to leave as part of a settlement involving sanctions violations by the French bank, a person familiar with the matter said Wednesday.
Benjamin Lawsky, superintendent of New York's Department of Financial Services, is seeking the removal of Vivien Levy-Garboua, a senior adviser and formerly the chief of compliance for the French bank, the source said.
A spokeswoman for BNP Paribas did not instantly return a call for comment. Levy-Garboua did not respond to an email next normal business hours. A spokeswoman for Lawsky did not instantly respond to a request for comment.
Lawsky has been targeting additional than a dozen employees for departure as part of the settlement talks, inclunding BNP Paribas Chief Operating Officer Georges Chodron de Courcel, a person familiar with the matter before told Reuters.
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FRANCE, 2013/08/28
Societe Generale will launch a 1 billion ringgit ($300 million) Islamic bond program in Malaysia, two sources familiar with the transaction told Reuters, becoming the second major European bank to issue sukuk and the initial to do so in Asia.
SocGen, France’s second-major listed bank, is planning to issue the initial tranche of the sukuk by the year-end, said one of the sources, who declined to be identified as he was not authorized to speak on the matter.
Western banks looking to raise capital are increasingly drawn to the Islamic bond market as the cost of credit is lower than in conventional markets. The Middle East unit of HSBC Holdings tapped the market in 2011 with a five-year$500 million issuance.
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ALBANIA, 2013/07/29
French multinational conglomerate Alstom has secured a €100m arrangement from Statkraft for the delivery of six turbine-generator units and auxiliaries to Devoll Hydropower in southern Albania.
Devoll Hydropower, a subsidiary of Statkraft, is engaged in developing, constructing and operating new hydro power projects on the Devoll river in southeast Albania.
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FRANCE, 2013/07/03
The European Commission has opened an in-depth investigation to examine whether Slovenian plans to grant public financing to car maker Revoz, d.d., a subsidiary of Renault S.A of France for an investment project in the Novo Mesto region, are in line with EU national aid rules.
In particular, the Commission will verify whether the positive effects of the project for regional development outweigh the distortions of competition triggered by the public support. The opening of a formal investigation gives interested third parties the possibility to comment on the proposed measure. It does not prejudge the outcome of the investigation.
