France

Euro: 10 years to survive for the "weak Deutsche Mark"

The euro may not exist in ten years’ time if Paris and Berlin fail to bolster the single currency union. The warning has come from the French presidential candidate Emmanuel Macron in a speech at Humboldt University in Berlin on Tuesday, as cited by Reuters.

Macron was economy minister under Socialist President François Hollande until he resigned this year to create his own political movement and stand as an independent candidate in this year’s presidential election.

The truth is that we must collectively recognize that the euro is incomplete and cannot last without major reforms,” Macron added.

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Nestlé – Ogeau agreement over Quezac source

Ogeu, group of mineral waters, has reached an agreement to purchase the source of Quézac, in France, from Nestlé. The two groups have announced today the agreement, which puts an end to negotiations lasted two years.

The amount of the sale was not disclosed. There are no cuts in jobs, as stated in the joint statement. With this operation, Ogeu hopes to strengthen the segment of mineral waters in France.

The sale of Quézac, with an annual turnover of 20 million euros, reflects according to Nestlé Waters France its "strategic will to concentrate its resources on its national and international flagship brands".

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BNP Paribas applies blockchain payments in real time

BNP Paribas, the French multinational bank and financial services company, announced today that it has processed several live payments for Panini Group, an international leader in collectibles and trading cards and Amcor, a global leader in packaging solutions, using blockchain technology. It processed and cleared for payments in various currencies between bank accounts located in Germany, the Netherlands and the United Kingdom.

The payments were fully processed and cleared in a few minutes, which BNP Paribas says highlights the real potential of this innovative technology which eliminates delays, unexpected fees and processing errors, paving the way for real time cash management.

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France investigates 560 taxpayers over Panama Papers

French authorities said on Thursday they are investigating 560 taxpayers over tax evasion based on information garnered in the leaked Panama Papers. They confirmed a report in Le Monde, one of the papers that broke the Panama Papers story along with the International Consortium of Investigative Journalists in April.

Tax investigators around the world have spent months delving into the 11.5 million confidential documents leaked in April after Panamanian law office Mossack Fonseca’s computers had been hacked.

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France to send HSBC to trial over tax fraud

French financial prosecutors have asked judges to send HSBC and two former executives to trial on charges of aggravated tax fraud by its Swiss private bank in a case that relates to files stolen by Hervé Falciani, a former HSBC employee.

If French judges decide to follow prosecutors’ advice, HSBC could stand trial in Paris in the first half of next year. The judges could also dismiss the case.

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France’s industrial output rose by 2.1% in August

France’s industrial production rebounded more than expected in August, figures from the statistical office Insee showed Friday. Industrial output grew 2.1% in August from July, when it fell by revised 0.5%. This was the fastest growth since December 2014, when it advanced 3.7%.

Forecast’s economists were a moderate 0.6% growth after July’s initially estimated decrease of 0.6%. Following three months of declines, which is partially linked to strikes and blockades in May and June, it’s a good news for French economy. Likewise, manufacturing output gained 2.2% in August, the biggest since late 2014 and reversed a revised 0.2% drop in July.

Output was expected to gain 0.3%. Production for July was revised from 0.3 %. Construction output declined 2.6% after expanding 3.4% a month ago.

During three months to August, industrial production dropped 0.5% and manufacturing fell 0.2% from the previous three months.

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