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☆ Three-quarters of firms globally are not ready for new ESG rules, KPMG finds
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stephanie Lecocq/File Photo Acquire Licensing RightsLONDON, Sept 26 (Reuters) - Three-quarters of companies globally are not ready to have their environmental, social and governance (ESG) data audited externally months before new regulations kick in, according to a new report from KPMG published on Tuesday. Regulators say external auditing of sustainability-related data - while not as extensive as financial auditing - is crucial for giving investors information free of misleading environmental claims, known as greenwashing. The EU rules will require disclosures be audited while countries adopting the International Sustainability Standards Board's reporting requirements can also demand external checking. Yet of 750 companies surveyed by KPMG, only 25% feel they are sufficiently prepared. KPMG's ESG Assurance Maturity Index assessed the views of executives and board members across industries, regions and different firm sizes to measure companies preparedness.

Persons: Stephanie Lecocq, Larry Bradley, Mike Shannon, Tommy Reggiori Wilkes Organizations: La Defense, REUTERS, KPMG, Union, KPMG's, Audit, Global, ESG Assurance, Standards, Thomson Locations: Paris, France, EU, Japan, United States, Brazil, China

"We are negatively surprised by lack of revenue growth, increased capital target, payout & ROTE cut, and by the lack of details," Jefferies analysts said in a note. It also said its new targets were based on annual revenue growth expectations between zero and 2% between 2022 and 2026, but that it would aim to improve its cost-to-income ratio. A SocGen veteran and former head of its investment bank, Krupa said he would streamline the bank's activities but didn't elaborate. The share price decline put SocGen on course for the biggest one-day drop since March. "It will take time for the shares to discount the cost improvement given SG's mixed track record," they said.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, SocGen, JP Morgan, Tassilo Hummel, Silvia Aloisi, Elisa Martinuzzi, Michal Alexandrowicz, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, BNP, Jefferies, Thomson Locations: La, Paris, France, Russia

☆ Key targets in SocGen's new strategy plan
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

A logo of French bank Societe Generale is seen on the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. Here are key targets:GROWTHAnnual revenue growth expectations between 0 and 2% by 2026. In August last year, the bank said it was aiming for average annual revenue growth of at least 3% for 2021-2025. ROTETargets a 9 to 10% return on tangible equity ratio in 2026, up from a reported 5.6% ROTE at the end of June. CET1Aims for a CET1 ratio - a key measure of financial strength - of 13% in 2026, almost on par with the 13.1% reported at end of June.

Persons: Gonzalo Fuentes, Slawomir Krupa, SocGen, Krupa, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, Generale's, Thomson Locations: La, Paris, France

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsLONDON/DUBLIN, Sept 18 (Reuters) - Societe Generale's (SOGN.PA) much-hyped new strategy plans were given a thumbs down by investors on Monday, underscoring uncertainty over European banks as they face a brittle economy. "There are more questions about the future and the economy," Legras said, adding that transformative mergers between banks, which investors have waited for in vain, remained unlikely. Reuters GraphicsThat dampens the prospects for Europe's banks, whose valuations are low and static, said one adviser who works with top executives from the region's lenders, adding that investors struggle to see much promise for the sector. European banks' modest earning power has dampened investor appetite for their shares, which often trade at just a fraction of book value - the sum of their assets. While in the United States, JP Morgan and Morgan Stanley are valued at around 1.5 times book value, Germany's Deutsche Bank, Dutch lender ABN Amro, France's Credit Agricole and Britain's Standard Chartered are valued at just half book value or less.

Persons: Gonzalo Fuentes, Jerome Legras, Legras, Slawomir Krupa, Krupa, Goldman Sachs, JP Morgan, Frederic Rozier, Morgan Stanley, Karel Lannoo, Elisa Martinuzzi, John O'Donnell, Alexander Smith Organizations: Societe Generale, La Defense, REUTERS, Reuters, European Central Bank, European Union, Commission, Deutsche Bank, ABN Amro, France's Credit, Thomson Locations: La, Paris, France, DUBLIN, France's, Europe, United States, Germany, Mirabaud, U.S, Brussels

☆ France's Total in talks to invest in Adani Green's projects - Bloomberg News
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsSept 14 (Reuters) - French oil major TotalEnergies (TTEF.PA) is in talks to invest in renewable energy projects developed by India's Adani Green Energy (ADNA.NS) as part of its clean energy push, Bloomberg News reported on Friday, citing unnamed sources. Total could invest about $700 million in the projects, the report said, citing one source. The Adani Group has denied wrongdoing. Adani Green shares were up 0.5% on Friday. Adani Green had in July said it approved raising 123 billion rupees through a qualified institutional placement.

Persons: Gonzalo Fuentes, India's, Adani, Gautam Adani's, Hindenburg, Adani Green, Evelyn Nikhila S, Ganesh, Mrigank Organizations: La Defense, REUTERS, Energy, Bloomberg, Adani, Thomson Locations: La, Paris, France, Bengaluru

People walk past a logo of French bank Societe Generale in front of the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. The bank sees the business as non-core, having sold part of its operations in 2020, said the people, who spoke on condition of anonymity. But a transaction may not happen soon because difficult market conditions weigh on the unit's valuation, they said. Societe Generale Equipment Finance provides equipment leasing and financing solutions to manufacturers, dealers and vendors in sectors ranging from transport to industrials. Rather than naming non-core businesses, Krupa is more likely to outline the group's growth areas, said one person familiar with the bank's thinking.

Persons: Gonzalo Fuentes, Slawomir Krupa, Krupa, Italy's, SocGen, Pablo Mayo Cerqueiro, Mathieu Rosemain, Andres Gonzalez, Amy, Jo Crowley, Elisa Martinuzzi, Silvia Aloisi, Jane Merriman, David Evans Organizations: Societe Generale, La Defense, REUTERS, Finance, Reuters, Deutsche Bank, BNP, Societe Generale Equipment Finance, Basel Committee, Thomson Locations: La, Paris, France, PARIS, Basel

☆ UEFA Super Cup: Manchester City wins title for first time in its history after penalty shootout victory over Sevilla
▼ + stars: | 2023-08-17 | by ( Ben Morse | ) edition.cnn.com time to read: +3 min

CNN —Manchester City struggled but ultimately won the UEFA Super Cup for first time in its history on Wednesday night after a penalty shootout victory over Spanish club Sevilla. The win continues the club’s remarkable success over the past 18 months, having won the Premier League, FA Cup and Champions League last season. Manchester City players celebrate on the podium after winning the UEFA Super League. However, City was made to work for the Super Cup victory, struggling to break down a stout Sevilla defense. The manager made it so clear to us before the game how much he wants this trophy,” City midfielder Grealish said.

Persons: –, Youssef En, Nesyri, Cole Palmer, Sevilla’s Nemanja Gudelj, I’ve, Pep Guardiola, Palmer, Claudio Villa, Erling Haaland, Julian Álvarez, Mateo Kovačić, Jack Grealish, Kyle Walker, Grealish, “, They’ve, We’ve, ” City’s Organizations: CNN, Manchester City, UEFA, Spanish, Sevilla, The Premier League, League, Europa League, City, Premier League, FA, Arsenal, FIFA Club, UEFA Super League, Aris Messinis, Getty, Croatia, ”, Premier Leagues, Newcastle United, La Liga, Alavés Locations: Athens, Greece, Saudi Arabia, AFP, City, Sevilla, Rodri, ” City

☆ Allianz ex-manager must face US fraud charges related to $7 bln investor loss
▼ + stars: | 2023-08-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

In an order made public on Friday, U.S. District Judge Laura Taylor Swain in Manhattan federal court denied Tournant's motion to dismiss the five-count indictment, which also includes an obstruction charge. Tournant said dismissing the indictment was justified because prosecutors' "intrusion" into his attorney-client relationship had been "manifestly and avowedly corrupt." Two other former portfolio managers have pleaded guilty in the case and agreed to cooperate with prosecutors. The case is U.S. v. Tournant, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York; Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Charles Platiau, Gregoire Tournant's, Laura Taylor Swain, Tournant, Swain, Allianz's, Sullivan, Cromwell, Jonathan Stempel, Marguerita Choy Organizations: Allianz, La Defense, REUTERS, Alpha Funds, Prosecutors, U.S . Securities, Exchange Commission, Court, Southern District of, Thomson Locations: Puteaux, La, Paris, France, U.S, Manhattan, Southern District, Southern District of New York, New York

The beat was underpinned by much lower-than-expected "cost of risk" - money set aside for failing loans - of 166 million euros. Analysts had expected 430 million euros. Dubbed a "year of transition" by Krupa's predecessor Frederic Oudea, 2023 is also marked by a severe downturn at SocGen's French retail banking division, fresh from a merger of its two local networks. The second quarter was also affected by negative exceptional items of 240 million euros, which Credit Suisse analysts said were tied to "legacy legal disputes". Retail banking outside France fared better, as did SocGen's car leasing division ALD Automotive (ALDA.PA), whose sales jumped by more than 17% thanks to the acquisition of rival LeasePlan.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, France's, Jefferies, Frederic Oudea, Intesa, LeasePlan, SocGen, Mathieu Rosemain, Augustin Turpin, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, Royal Bank of Canada, European Central Bank, Credit Suisse, Retail, ALD Automotive, Thomson Locations: French, Courbevoie, Paris, France, PARIS, Russia

☆ Thousands of French Swifties have bad blood with Ticketmaster after it abruptly halted, then rescheduled the sale of the Eras Tour tickets
▼ + stars: | 2023-07-12 | by ( Amanda Goh | ) www.businessinsider.com time to read: +4 min

Swifties in France are furious after Ticketmaster abruptly halted Eras Tour ticket sales for Taylor Swift's Paris shows. The company abruptly suspended ticket sales for the star's Eras Tour in Paris and Lyon shortly after presales started on Tuesday, leaving thousands of fans hanging. "The Taylor Swift sale | The 9 a.m. and 11 a.m. Eras Tour for Paris La Défense Arena has been put on hold. The Eras Tour ticketing situation got so bad that it even prompted a group of Swifties to file a complaint with the Federal Trade Commission. In March, the Ticketmaster platform also crashed during the ticket sales for the Eurovision Song Contest 2023.

Persons: Taylor, Taylor Swift, presales Organizations: Ticketmaster, Taylor Swift's, Lyon, Paris, Twitter, Paris La Défense, Federal Trade Commission, Eurovision, Coldplay Locations: France, Taylor Swift's Paris, Paris, Lyon, Mexico City, Singapore

☆ In the Paris Suburb Where Police Shot a Teenager, Violence and Vigilance
▼ + stars: | 2023-07-01 | by ( Constant Méheut | ) www.nytimes.com time to read: +2 min

Nanterre is one such suburb. The public-housing high-rises of Pablo-Picasso, standing just outside the Paris business district of La Défense, stand as examples of that effort. But Nanterre continues to suffer from high unemployment — 14 percent compared with 8 percent nationally in 2020, according to official statistics — and some neighborhoods, including Pablo-Picasso, suffer from drug-trafficking. Still, the violence of recent days has baffled many neighborhood residents who see it destroying property in the place they live, which simply makes people’s lives harder. “The anger is as strong as the violence of the tragedy,” said Ms. Mohamed Saly, who manages Le 35, a popular neighborhood restaurant with her husband, Brahim Rochdi.

Persons: rekindling, Pablo, Picasso, ”, Mohamed Saly, Brahim, “ Organizations: Nanterre Locations: France, Nanterre, Paris, La, Le

The case against Saint-Gobain and its local unit was filed to the Competition Commission of India (CCI) in May by a retired glass industry executive, whose name was redacted in the documents as the person sought confidentiality. Saint-Gobain has a 44% share of the float glass market in India and a 19% share of the coated one, according to the documents. The group and its India unit, Saint-Gobain India Private Limited, "conduct their activities in compliance with laws", in particular competition law, it said. The May 25 case documents allege Saint-Gobain entered into agreements with glass processors, forcing them to "exclusively" purchase glass from the company or face stopped supplies if that obligation is not fulfilled. Saint-Gobain counts India as a key market.

Persons: Gonzalo Fuentes, Gobain, Benoit Bazin, Aditya Kalra, Muralikumar Organizations: La Defense, REUTERS, India, Company, Compagnie de Saint, Reuters, Saint, Competition Commission of India, Limited, DLF, Thomson Locations: Courbevoie, Paris, France, India, DELHI

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris summit?
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - President Macron hosts a summit in Paris starting Thursday to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. They should simplify and harmonise the way countries can apply to access loans across the world. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary Fund, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris financial summit?
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +5 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 20 (Reuters) - President Macron hosts a summit in Paris this week to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. Simplify and harmonise the way countries can apply to access loans across the world, and provide more support in the process. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

☆ France plans to close tax loophole benefiting AirBnB
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Charles Platiau/File PhotoPARIS, June 9 (Reuters) - France's finance ministry is working on plans to close a tax loophole benefiting short-term furnished rentals such as AirBnB (ABNB.O), Finance Minister Bruno Le Maire said on Friday. A trio of cross-party lawmakers last month called for rules regulating such rentals to be tightened and for an end to the more favourable tax treatment such rentals receive vis a vis normal long-term rentals. "I have a hard time understanding the very favourable tax treatment for AirBnB. We are going to reform the tax rules and I will make proposals," Le Maire said on BFM TV. "When a windfall gets too big and tax is too favourable, there is no reason to keep such tax treatment that leads to excess," he added.

Persons: Charles Platiau, Bruno Le Maire, Le Maire, pollsters, Le Maire's, Leigh Thomas, Elizabeth Pineau, Louise Heavens Organizations: La Defense, REUTERS, Finance, Thomson Locations: La, Paris, France

☆ Forget the pension protests. France’s economy has momentum
▼ + stars: | 2023-04-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

France’s economy grew 0.2% in the first quarter of this year, its national statistics agency said Friday, after stagnating in the previous quarter. Yet the long-running protests are unlikely to leave a lasting dent in France’s economy, according to Charlotte de Montpellier, a senior economist at Dutch bank ING. But its $2.8 trillion economy has held up comparatively well. Office buildings illuminated in the La Defense business district of Paris, France, on Monday, Feb. 6, 2023. ‘Momentum’ building for banksBritain’s exit from the European Union has also been a boon for France’s financial sector.

☆ Protesters storm Paris Euronext building in anger over pension law
▼ + stars: | 2023-04-20 | by ( Noemie Olive | ) www.reuters.com time to read: +3 min

REUTERS/Benoit TessierPARIS, April 20 (Reuters) - A group of protesters briefly invaded offices of stockmarket operator Euronext in Paris' La Defense business district on Thursday, saying big companies must pay up to finance pensions, as part of wider protests against a rise in the retirement age. Waving union flags, the group of a few hundred protesters occupied Euronext's lobby, engulfed in red smoke from flares, and chanted words popular with pension protesters: "We are here, we are here, even if Macron does not want it we are here." At the weekend, Macron signed into law the rise in the retirement age which means citizens must work two years longer, to 64, before receiving their state pension. "We'll continue until the (pension law's) withdrawal," protesters shouted in La Defense's central square, standing by a banner that read: "No to the pension reform". Macron himself faced protests on Thursday during his second public outing since signing the bill into law.

☆ 'French Spiderman' climbs Paris skyscraper as protest against pension law
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/6] French "Spiderman" Alain Robert climbs the Tour Alto skyscraper at the financial and business district of La Defense, naming his feat "The People", in Courbevoie near Paris, France, April 19, 2023. REUTERS/Sarah MeyssonnierPARIS, April 19 (Reuters) - A free climber known as the "French Spiderman" scaled a 38-storey skyscraper in Paris on Wednesday to demonstrate his support for protesters angry about a pension law that will delay the age at which people can retire in France. Alain Robert, 60, climbs without a harness, using only his bare hands and a pair of climbing shoes. "I'm here to show my support for those who oppose the pension reform," he told Reuters before starting his ascent of the 150-metre (492 foot) skyscrapper in Paris' La Defense business district. Under the reform, the French retirement age will gradually rise to 64 from 62.

"Tesla needs to open up its ecosystem and allow competition for the servicing of Tesla [vehicles] and sales of parts," said plaintiffs lawyer Matthew Ruan of Freed Kanner London & Millen, who filed one of the proposed class actions. The proposed class in both cases would include anyone who has paid Tesla for repairs or parts since March 2019. Ruan said the potential class includes hundreds of thousands of Tesla owners and lessees, so damages could total hundreds of millions of dollars. Tesla joins other major vehicle makers facing "right to repair" antitrust litigation over alleged exclusionary conduct. Read more:Harley-Davidson hit with class actions over 'right to repair' restrictionsU.S. FTC settles with Weber grills over 'right to repair'FTC votes to make 'right to repair' a priority, drops 1995 merger policyReporting by Mike ScarcellaOur Standards: The Thomson Reuters Trust Principles.

☆ French defence group Thales to recruit 12,000 staff as orders boom
▼ + stars: | 2023-02-26 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: The logo of French defence and electronics group Thales is seen at an office building at the financial and business district of La Defense in Courbevoie near Paris, France, January 31, 2022. REUTERS/Sarah MeyssonnierPARIS (Reuters) - French defence and technology group Thales plans to hire 12,000 new staff this year as there is strong demand across its product range, CEO Patrice Caine said in an interview with French weekly Le Journal du Dimanche. Caine said that all the firm’s activities - defence and security, aeronautics and space, identity and digital security, were growing strongly. “The company is a reflection of its markets, which are all seeing dynamic growth, with needs growing in all our fields of activity,” he said. Caine, who recently met with Ukraine’s defence minister, said that France would deliver its Ground Master 200 radar air defence system to Ukraine in May.

☆ Russia’s Bear Hug Fades, but Europe Faces Rate Squeeze
▼ + stars: | 2023-02-21 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

A pedestrian looks out over the La Defense business district in Paris, France. Energy and growth worries appear to be receding in Europe. While war continues to rage in Ukraine, its imprint on Europe’s biggest economies and stocks is fading. Purchasing manager indexes—a closely watched early measure of economic activity based on surveys—are looking surprisingly strong in the region. For the U.K., the latest reading was 53, up from 48.5.

☆ European markets set to open lower with Fed in focus
▼ + stars: | 2023-02-21 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

The La Defense business district of Paris, France, on Feb. 6, 2023. European markets were on course to open lower Tuesday, potentially continuing a choppy week as investors weigh up strong corporate earnings and the potential for the U.S. Federal Reserve to remain hawkish. The pan-European Stoxx 600 index closed slightly higher Monday after moving between gains and losses throughout the day. Markets are shifting their expectations for significant interest rate cuts this year, pricing in U.S. interest rates above 5% by the end of the year as concerns about inflation weigh on sentiment. The Fed will release minutes from its latest meeting on Wednesday.

☆ Police operation underway in Paris district of La Defense
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 18 (Reuters) - A police operation is underway in the French capital's La Defense business district, Interior Minister Gerald Darmanin wrote on Twitter on Saturday as Paris police said "an incident" had triggered a panicked rush of people in the area. A spokesperson for the Paris police department dismissed reports that gunshots had been fired. The Paris police department earlier issued a tweet advising the public to avoid the area. It did not give further details. Reporting by Sudip Kar-Gupta and Laetitia Volga Editing by Richard Lough and Helen PopperOur Standards: The Thomson Reuters Trust Principles.

☆ ECB rejects banking sector call for lower capital to boost lending
▼ + stars: | 2023-01-27 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Pascal RossignolLONDON, Jan 27 (Reuters) - The European Central Bank (ECB) on Friday rejected calls from Europe's banks to ease capital rules to boost lending and put them on an equal footing with U.S. rivals. "Policymakers should redouble their efforts to complete the banking and capital markets unions," the report said, referring to EU projects to deepen its capital market and create a more competitive cross-border banking market. "The largest global European banks have even slightly lower requirements than their counterparts across the Atlantic," an ECB spokesperson said. "It is also questionable that lower capital requirements would lead to higher lending: what is proven is that low levels of capital lead banks to abruptly reduce lending in a crisis, thus deepening the adverse impact on the economy," the ECB said. The EU is finalising the remaining leg of global bank capital rules that were written in response to the financial crisis, with temporary waivers from some elements in the teeth of ECB opposition.

☆ Ease capital rules on EU banks to boost lending, banking industry says
▼ + stars: | 2023-01-27 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Banking regulation is internationally coordinated by regulators, but differences remain in how the rules work in practice, and how they are implemented, the report said. EBF Graphic 2The report said the difference in regulatory-induced costs at EU banks compared with their U.S. peers can explain 0.8-1.0 percentage points of a gap in return on equity, which is a measure of profitability. "Policymakers should redouble their efforts to complete the banking and capital markets unions," the report said, referring to EU projects to deepen its capital market and create a more competitive cross-border banking market. Banks now hold more capital after being bailed out by taxpayers in the 2008 financial crisis. The EU is finalising the remaining leg of global bank capital rules that were written in response to the financial crisis, with temporary waivers from some elements.

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