News by tag: France


Nestlè confirms to cut 400 jobs in France

Swiss food group Nestle said on Friday it planned to cut as many as 400 jobs in France in support services and HQ functions, as it sees to cut cost and boost efficiency, confirming a media report. The Swiss food company announced the plan in a meeting with labour leaders, according to Daniel Loget, secretary of the worker’s consultation committee at Nestle Purina in Paris, and Patrick Fernand, a representative from the CGT union.

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French central Bank alert: Bitcoin, sure, at your own risk

Bitcoin's price has levelled  off at around $9,600 on Friday after the cryptocurrency lost almost $2,000 in less than 24 hours over Wednesday and Thursday. Despite the falls, bitcoin is still trading at almost ten times its value at the start of the year. And according to the Bank of France Governor Francois Villeroy de Galhau, Bitcoin is a speculative asset and people who invest in it do so at their own risk.

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HSBC Private bank agrees to pay €300 million to avoid tax fraud trial

HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300 million to avoid going to trial in France for enabling tax fraud, prosecutors said on Tuesday.  HSBC was accused last year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe. 

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Luxury tax becomes a hot topic for Macron

Following a couple of weeks of public uproar after the French government said it was going to scrap a wealth tax that applies to personal assets of more than $1.5 million, Emmanuel Macron’s administration will propose a tax on luxury yachts, supercars and precious metals in France’s 2018 budget.  Macron, a former Rothschild banker, has been trying to shake off the label of “president of the rich,” but the September proposal of replacing the tax on high-end assets such as jewellery with just a real estate tax didn’t help his cause.

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UBS France : La Maison de Gestion is the house for wealth management

UBS France's new 4.5 billion euros wealth management division, La Maison de Gestion, is looking at hiring new staff to grow the business, the company said on Tuesday. The Swiss bank's La Maison de Gestion arm was formed from a deal struck in December last year when UBS France agreed to buy the local private banking business of Italy's Banca Leonardo. The new division was formally launched on Tuesday. With the transaction in France, UBS thus has acquired the access to the circle of super rich individuals and families.

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Air France unveils Joon, the unit company for Millennials

Air France formally launched on Monday its new “Joon” lower-cost airline, which the company hopes will attract a younger clientele and restore some routes to profitability. Air France said on Monday that Joon would start off by flying to six destinations. Joon is “especially aimed at a young working clientele, the millennials (18- to 35-year-olds), whose lifestyles revolve around digital technology,” Air France said in a statement, without elaborating on what new technology would be deployed.

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EU Members ask for a web tax on digital tech giants

The finance ministers of France, Germany, Italy and Spain have written a joint letter to the European Union's presidency and Commission calling for taxes on tech giants' revenues, not just their profits. The four nations want the Commission to produce an "equalization tax" that would make companies pay the equivalent of the corporate tax in the countries where they earn revenue. France is leading a push to clamp down on the taxation of such companies, but has found support from other countries also frustrated at the low tax they receive under current international rules.

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France: Microsoft may face €600 mln tax payment

Tax authorities in France are reportedly seeking €600m in taxes from the local subsidiary of software giant Microsoft. The company paid €32.2 million in corporate tax in France last year, and billed French customers from its operation in Ireland, where business tax rates are considerably lower, the weekly L'Express reported on Wednesday.

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France: Tax system unacceptable for platform as Airbnb

The issue of tax in Europe does not seem to be a happy one when it comes to tech giants like Apple, Google, Amazon, and Facebook. According to France's new Finance Minister, Bruno Le Maire, France and Germany can harmonize their corporate tax rates by 2018, paving the way for full harmonization across the eurozone. Le Maire made the comments during a television interview with Bloomberg. When asked if he wishes to lower the corporate tax rate to 25 percent across all states in the eurozone, Le Maire replied that the Macron Government has decided first to reduce the level of taxation in France. He argued that the tax burden is "too high and too unstable."

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OECD: economic growth in France and Germany, UK slows

The U.S. is set for steady economic growth, while the U.K. and Russia appear to be heading for slowdowns, according to leading indicators released Tuesday by the Organization for Economic Cooperation and Development. The leading indicator for the U.S. was unchanged at 99.7 for the third straight month, signaling that its growth outlook has steadied, albeit at a weaker rate than normal. This is an improvement on indicators published in July, which hinted at a U.S. slowdown, and implies global economic prospects could be boosted as U.S. trade flows pick up.

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Semptember 2015
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    The Lead Quantitative & Asset Management Event in Europe

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    Das Swiss Funds & Asset Management Forum ist die national führende Konferenz der Fonds- und Asset M

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    Seize the opportunity to get up to date on the topics of secondary buyouts, the real estate bubble,

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    The aim of this forum is to offer an additional incentive for pension fund representatives to visit

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