Latest news with #Axa
Business Times
4 days ago
- Business
- Business Times
BNP to cut 200 branches by end of 2026 to kick off retail revamp
[PARIS] BNP Paribas chief executive officer Jean-Laurent Bonnafe plans to cut hundreds of domestic retail branches in an effort to lift profitability at a business that has struggled for years. In a first step, the French lender plans to close around 80 branches this year and another 120 next, according to people familiar with the matter. Headcount in the branch network is expected to decline by 5 per cent a year, while staff would be added in online and phone banking. Negotiations with labour unions, which were first informed of the strategy for the business in March, are set to continue in the coming days, the people said, asking not to be identified because the information is private. Affected employees will be offered new roles, and BNP Paribas is also counting on natural attrition to avoid layoffs, according to the people. 'We presented in March an ambitious growth plan to trade unions that outlines a strategic roadmap and related investments for our Commercial & Personal Banking in France,' a spokesperson for BNP Paribas said in an emailed statement. 'Every employee of the bank has their place in this project.' Fixing the unit is a key focus for Bonnafe, after he built up the trading business and propelled the asset management arm into the top ranks with the takeover of Axa's investment arm agreed last year. BNP Paribas last year named Isabelle Loc to run the business, which has struggled as local regulations, costly interest rate hedges and the European Central Bank's decision to no longer remunerate mandatory reserves weighed on earnings. The unit is now 'at a pivotal point,' chief financial officer Lars Machenil said in an interview in February. The 'headwinds are basically behind us.' Loc took over the business after its former head, Marguerite Berard, left BNP Paribas last year and went on to run Dutch lender ABN Amro Bank. She is counting on the digital unit Hello bank! as well as its private banking assets in France to grow the business. BNP currently has around 1,500 branches in France. Under Loc's plan, some of the business in the branches will be transferred to remote customers centres, where employees will be offered new jobs, the people said. Others may be offered positions in areas such as private banking, they said. BNP said previously that it will unveil its plan for the business at the end of June. French newspaper Les Echos has reported that about 500 branches may be cut in total by 2030. BLOOMBERG
Times
03-06-2025
- Business
- Times
‘Avis didn't have the hire car we'd booked and charged us £619 for another'
✉ I made a booking with Avis on April 7 for a small Renault 5 Electric car (or similar) for pick-up from Toulouse airport on April 24 at a total cost of £489. When my wife and I arrived at the Avis kiosk we were told they had no electric car for us, or anything else in the category we'd booked. All they could offer was a BMW 4 series that would cost an additional £619, considerably more than we had budgeted for. The fact there wasn't a car available in the class we chose and booked three weeks beforehand suggests Avis's vehicle management system is deficient. We weren't offered a refund and felt we'd been conned. However, we had no choice but to pay more to take the car. Can you help us get a full refund of the extra charge?David Kassner When you initially complained to Avis it told you that as you'd signed the contract, that was the end of the matter. But in fact, in Europe, if a car rental firm has messed up its bookings, it's not your problem. Companies are obliged to give you what you paid for and so Avis was in breach of contract: you should have been given that BMW for the same price as a Renault 5 Electric. After I waded in, Avis confirmed that 'an error' had been made, refunded you the £619 and apologised for the inconvenience. • Seven car hire traps to avoid: swerve those holiday rental pitfalls ✉ My holiday to Lisbon was cancelled as a result of the power outage at Heathrow in March and I submitted a claim to Axa for the first night of my hotel only (because there was a non-refundable deposit), as British Airways has agreed to refund us for the cancelled flights. This cost £193 but Axa refused to pay out, saying that a power outage was not among the included scenarios for delayed departure cover. Surely it should be?John Swarbrooke Given the recent power outages at Heathrow and in Spain and Portugal, we should all be checking our travel insurance policies to see if we'd be covered in this situation. Unfortunately it turned out that travel disruption cover, which would have paid out, was an add-on to your policy that you chose not to buy. An Axa Partners spokesperson said: 'We sympathise with Mr Swarbrooke's situation and were sorry to hear he had to cancel his trip. The travel insurance Mr Swarbrooke purchased does not provide cover for this type of incident. This is explained in his policy terms and conditions, along with a complete list of circumstances for which he would be covered.' • Nightmare holiday? Here's how to get compensation ✉ My mother, who is 91 but still pretty fit and loves swimming, would like to go on holiday with me. She's suggested we go to a hotel somewhere in Europe next to a lake that has outdoor swimming, some nice gardens nearby and a lakeside promenade, where she can sit in cafés and watch things happening. Meanwhile, I can go walking and we would then meet up in the evenings. Decent weather is a must. Any ideas?Judith Aldridge Stay at the family-run Beach Hotel du Lac in Malcesine on Italy's Lake Garda and you'll be right on the waterfront. There's a private beach area, plus sunloungers on its wooden jetty, and your mother could also enjoy the outdoor pool and hot tub. It's a leisurely ten-minute walk along the promenade to the medieval town centre and there are lovely gardens to explore at the Palazzo dei Capitani. While she's out and about you can tackle some of the hikes and walks that start in Malcesine. For the best lake views, try the Busatte-Tempesta forest path and, if you want a longer trek, hike on Monte Altissimo di Nago. A week in September, when the lake should be at its warmest but the weather slightly cooler for walking, starts at £1,942 B&B in a family suite with twin beds and a balcony ( Fly to Verona. • Travel for the over-70s — everything you need to know ✉ My fiancé and I are struggling to decide where to go on our honeymoon in August. We do feel we want to go on a classic honeymoon-style holiday outside Europe. We like the idea of the Caribbean and the Indian Ocean but both areas are prone to rain at this time of year. Can you recommend any other luxury destinations?Tom Winter Fiji has great weather in August — it's about 26C with hardly any rain — and Tokoriki, an adults-only boutique resort in the volcanic Mamanuca Islands, is a fabulous honeymoon hideaway (if you can face a 28-hour flight time). Facing west for the sunset, it has 34 thatched beachfront bures (cabins) and villas, and stays here are full board, which also includes plenty of treats: afternoon tea; cocktail tastings; a couple's massage; a champagne island picnic on a private, remote beach; a daily snorkel trip; and use of kayaks, paddleboard and Hobie Cat sailing boats. A seven-night stay costs from £6,895pp and includes economy flights to Nadi with Fiji Airways via Los Angeles and transfers. It is, of course, a long way to fly and if you wanted a longer trip, you could combine this with a week at the small Nanuku Resort on Pacific Harbour, on Fiji's mainland, beside a two-mile-long sandy beach. Two weeks' full board at each resort plus flights and transfers would cost from £11,223pp ( • 14 of the best hotels in Fiji Or look at central Vietnam, which has hot and dry weather at the start of August. The Nam Hai, a Four Seasons resort, sits on a glorious stretch of beach, has three gorgeous palm-fringed pools plus a superb spa and is a few minutes' drive from the Unesco-listed town of Hoi An. A week's B&B in a one-bedroom villa, including flights to Da Nang and transfers, starts at £3,899pp ( Flight time is about 16 hours. • 10 of the best affordable honeymoon destinations ✉ To celebrate a big birthday I'm looking to rent a property near the sea at the start of July next year that would accommodate a family group of at least 12, possibly 15, and is no more than a three-hour drive from Cardiff or Hampshire. I'm hoping to pay about £3,000 but would be prepared to spend more and would also consider glamping. What can you suggest?Jeannette Lowe For a big family shindig in July near the sea, glamping is the best option if you want to stick to your budget. Try Secret Valley, an organic farm, vineyard and activity centre near Bridgwater in Somerset and not far from the coast. The fossils and rock formations at Kilve beach are less than half an hour's drive away. You'll find loads on site to keep a big family group happy, from raft building, kayaking, canoeing and coarse fishing to wine tastings, a treetop adventure course and a mini zoo. A fun extra feature is the glamping buggy that does its rounds in the early evening so guests can stock up on wine, local cider, marshmallows and electric meter cards as well as wood and coal supplies. There's a mix of lodges and shepherd's huts (with bathrooms), wooden wigwams and bell tents, and a mix of these will help you stay within budget. Lodges sleeping up to six start at about £175 a night in July (next year's prices aren't available), while wooden wigwams sleeping five cost £64 ( • 12 of the UK's best luxury glamping sites Have you got a holiday dilemma? Email traveldoctor@
Reuters
29-05-2025
- Business
- Reuters
Trump's trade whims strengthen EU's hawkish camp
BERLIN, May 27 (Reuters Breakingviews) - Even Germany is growing impatient. Chancellor Friedrich Merz warned, opens new tab on Monday that the European Union would 'need to use' the tool of trade retaliation if tariff talks with Washington fail, and hinted at targeting U.S technology groups. The German leader's statements chime with calls, opens new tab for Brussels to take a tougher stance with U.S. President Donald Trump. Such a tactic could raise objections among Europe's other large exporters. But it may also help clinch an eventual deal. As the EU country with the largest goods surplus, opens new tab with the U.S. – 92 billion euros last year, or nearly half the bloc's overall surplus – Germany would have the most to lose from an all-out trade war. The fact Merz is moving toward the hawkish camp is therefore significant. Trump's threat last Friday to impose a 50% levy on European goods may have helped stiffen Berlin's resolve. Other leaders from Ireland, Italy and Austria – other countries with significant surpluses with the U.S. – haven't issued similar calls. But Sweden, also a large exporter, has already warned, opens new tab that the EU should hit the U.S. with countermeasures if Trump imposes a baseline 10% levy. Even as Merz spoke, both Washington and Brussels sent conciliatory messages and agreed to put their trade negotiations on the fast track. As Merz himself acknowledged, a serious trade dispute would hit both sides. Axa chief economist Gilles Moëc estimated, opens new tab that the 50% tariffs Trump threatened last week, combined with the recent euro appreciation, could lower the EU's GDP by 2%. The dollar's weakening after the original announcement also shows that markets worry about the impact of a tariff war on the U.S. economy itself, Moëc reckons. European governments will disagree on what concessions to make to Trump during the talks – such as pledges to buy more U.S. products – and, if the talks fail, on how hard to respond. Germany will worry about its carmakers, Italy, Austria and above all Ireland about their pharmaceuticals exports, and France, even with a tiny 3 billion euro surplus with the U.S. in 2024, will fret over its cognac trade. Yet if the leader of Europe's largest economy is willing to take a tough line, Europe will stand a better chance of keeping a united front. A tough stance from Europe could lead to a bigger fallout, if Trump imposes higher tit-for-tat levies, as he has with China. Yet it may also increase the chance that both parties strike a compromise. That would still mean economic harm, since tariffs will end up higher than before the U.S. election. But the threat of a deeper conflict should remind Trump that the U.S. exported, opens new tab $370 billion worth of goods to the EU in 2024 – more than double, opens new tab what it sold to China. For both the U.S. and Europe, an all-out trade war is not worth the economic price.
Daily Mirror
21-05-2025
- Entertainment
- Daily Mirror
The One Show star forced to pull out last minute after falling 'unwell'
The One Show presenter Alex Jones announced that one of her colleagues was absent from the studio because she was unwell. The One Show experienced an unexpected change to its line-up on Wednesday evening when one of the presenters was a no-show. As the show kicked off, viewers were greeted by Alex Jones and JB Gill who teased the night's content, which included chats with Timothy Spall, Jason Isaacs and Raynor Winn, alongside a special watchdog segment. Alex announced: "Now, unfortunately, poor Nikki is unwell, but Angellica [Bell] is here to save the day. She's raced all the way over from the Chelsea Flower Show." The camera then switched to Angellica who chimed in: "That's right, get well soon Nikki." Angellica went on to discuss the evening's topic concerning dubious airport parking services, revealing: "One customer got home from their holiday to find their car like this." A pre-recorded video followed, showing a viewer's vehicle badly damaged post-holiday. Angellica continued: "There's more trouble in paradise, in March Watchdog heard from some customers of travel insurance provider Axa who found themselves being hounded for medical bills they didn't owe. "Well, it's happened again and tonight we hear about one couple being chased for $175,000." Despite Nikki's absence from the studio due to illness, she still featured in a pre-recorded segment discussing the nightmare experiences of travellers with holiday parking woes, reports the Express. BBC's Alex Jones was left seething after a segment exposed troubling experiences with airport parking voiced by disgruntled travellers. As the recorded footage concluded, her reaction was palpable as she reeled: "Can you imagine how furious you'd be if you came back and your car was in that state?!" To which Angellica reflected the sentiment, adding: "Absolutely raging and if you're aware of companies like these then do get in touch." She proceeded to provide viewers with advice on keeping their vehicles secure when jetting off for leisure or business. Angellica instructed: "You can check your local airport's website for official car parking services. There's also ParkMark, which is a scheme where you can find car parks near airports that the police have assessed." The One Show is available to watch on BBC iPlayer.
Fashion United
12-05-2025
- Business
- Fashion United
Next requests shareholders vote against resolution calling to disclose employee wages
Next has called on its shareholders to vote against a resolution requesting for the British fashion retailer to disclose how it pays employees to address concerns over employee wages. A group of investors is hoping Next will increase its transparency and improve conditions for shop floor workers by revealing how many of its 40,000 staff are paid below the real living wage. The resolution is being backed by a group of institutional shareholders–including Axa, Scottish Widows and the Greater Manchester Pension Fund–according to This Is Money, which initially reported the news. Speaking to the media outlet, Clare Richards, a member of the Church of England Pensions Board, another backer of the resolution, said: 'Greater disclosure by Next of its pay practices would demonstrate how the company seeks to balance the needs of their stakeholders and lowest paid workers.' The real living wage is set at 12.60 pounds an hour in the UK, sitting higher than the national minimum wage, which is 12.21 pounds and 10 pounds for those between 18 and 20. In London, the minimum wage amounts to 13.85 pounds. Next responded to the resolution in its latest annual report where it said that it 'did not believe it was appropriate to produce additional bespoke reports beyond its current disclosures', which it claimed already aligned with its legal obligations. In the report, Next stated that it pays retail workers in line with statutory minimums, including use of age-related National Minimum Wage rates. National living wage is used as a baseline, payment for which is only guaranteed after one year of service with a performance requirement attached to the uplift. Any increase to its wages would come with 'significant cost implications', the retailer noted, before adding that it wanted 'flexibility' to set its own pay rates, instead of outsourcing the decision to a third party. In conclusion, the company added: 'We are committed to paying fair wages and acting in the best interests of all stakeholders. However, we believe it is vital for the company to retain control over pay and benefits decisions rather than ceding this responsibility to an external body. Formal 'Living Wage' accreditation would compromise this flexibility, increase costs, and impact employment opportunities.' The resolution will be voted on during Next's upcoming general meeting, scheduled to be held May 15.
