Latest news with #MathieuRosemain
The Star
4 days ago
- Business
- The Star
French state makes offer to buy part of Atos' former Advanced Computing unit
The logo of Atos is seen on a company building in Nantes, France, March 11, 2022. REUTERS/Stephane Mahe/File Photo PARIS (Reuters) -The French state has made a 410 million euros ($466.33 million)confirmatory offer to buy part of the former Advanced Computing business of tech company Atos, said Atos on Monday. Once seen as a European tech champion, with a market value of more than 10 billion euros at its highest, Atos emerged from financial troubles in 2024 thanks to a restructuring agreement with its creditors. Atos said the French state's offer for its former Advanced Computing business was worth 410 million euros on an enterprise value basis. It added that its Vision AI businesses did not form part of the planned deal with the French government, and that Vision AI would be repositioned within Atos' Eviden business unit. ($1 = 0.8792 euros) (Reporting by Mathieu Rosemain and Sudip Kar-Gupta; Editing by Sonali Paul and Kim Coghill)
Time of India
15-05-2025
- Business
- Time of India
HSBC Job Cuts: HSBC to cut 10% of its workforce in France, HR News, ETHRWorld
Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHRWorld App Get Realtime updates Save your favourite articles Scan to download App HSBC plans to cut 348 jobs in France through a voluntary redundancy scheme, amounting to about 10% of its workforce in the country, the bank said on job losses are part of a cost-cutting drive led by CEO Georges Elhedery, who aims to reduce expenses by $1.8 billion by the end of has already sold its retail and insurance divisions in France as part of a retreat from slow-growing European and North American markets where the bank has struggled against larger domestic players."These developments in France reflect the acceleration of the implementation of HSBC's strategy aimed at simplifying the organisation to make it more agile ... adapting to an uncertain economic environment, growing competition and high internal costs," HSBC said. (Reporting by Mathieu Rosemain Editing by GV De Clercq and David Goodman)
Yahoo
29-04-2025
- Business
- Yahoo
Amundi's assets under management rise 6% on ETF growth, UK client
By Mathieu Rosemain and Bertrand De Meyer PARIS -Amundi, Europe's biggest fund manager, posted quarterly inflows in line with expectations on Tuesday, as more people continued to put money into funds that track the market during a time when investment shifted from the United States to Europe following Donald Trump's election as president. Net inflows in the first quarter were 31 billion euros ($35.35 billion), above the 27 billion euros expected on average by analysts polled by the company. This brought total assets under management to a new record of 2.25 trillion euros at end-March, up 6% from a year earlier. Inflows benefited from a 21 billion-euro boost brought by a new mandate with the People's Pension, one of Britain's largest trust pension schemes, to manage a climate-focused equity index portfolio. "Current movements are tending to favour European equities, which have clearly risen in first-quarter allocations, while U.S. equities have fallen," Chief Executive Valerie Baudson told journalists on a call, saying that this was illustrated by outflows on exchange-traded funds (ETFs) with underlying U.S. indexes in favour of European equivalents. An ETF is a type of investment fund that trades on a stock exchange and aims to track the performance of a specific index. Asked about the market turmoil seen over the last few weeks after Trump's sweeping announcements on tariffs, Baudson shrugged off concerns about possible risk for Amundi's AUM. She also said Amundi remained committed to growing through acquisitions. "We remain a natural consolidator of the market, and that hasn't changed and won't change," Baudson said. Amundi's first-quarter adjusted net income fell 4.5% to 303 million euros, in line with expectations, hit by France's temporary tax hike on big companies. This will cost Amundi a total of 72 million euros in 2025, the group said, including 46 million euros in the first quarter alone. ($1 = 0.8769 euros)
Yahoo
24-04-2025
- Business
- Yahoo
BNP Paribas hits Q1 profit estimates after trading jump
By Mathieu Rosemain PARIS -France's BNP Paribas reported first-quarter earnings in line with expectations thanks to rising sales at its investment bank, and stuck with its profit forecasts despite a deteriorating economic outlook prompted by a global trade war. The eurozone's biggest bank by assets said on Thursday group net income over the first three months of the year fell by 4.9% from the same period a year earlier to 2.95 billion euros ($3.34 billion), against the 2.94 billion-euro consensus forecast. BNP said that last year's re-inclusion of its Ukrainian operation into its accounts fully explained the year-on-year decline. The French lender's three main divisions otherwise all posted an increase in pre-tax income, led by its corporate and institutional banking unit, which saw sales advance 12.5% to a record as turbulent financial markets spurred more client activity. Group revenues climbed 3.8% to nearly 13 billion euros, also in line with analyst expectations. BNP is the first of the big European banks to report this quarter and after U.S. President Donald Trump unleashed a global trade war at the start of April all eyes are on the outlook and how banks expect to navigate an anticipated slowdown in economic growth that could hit loan demand. European bank shares have tumbled in April, although they have partly rebounded this week as Trump's administration signals a willingness to de-escalate the trade war with China. Chief executive Jean-Laurent Bonnafe sought to paint a positive picture, saying BNP was well-positioned to benefit from any increased corporate activity created by Germany and the European Union's big fiscal spending plans, as the region tries to rebuild its militaries and revive economic growth. In written comments, Bonnafe did not address the economic outlook and Trump's tariffs. He confirmed BNP's 2024-2026 targets published in February, including an average annual growth in net income of more than 7% and an annual average growth in sales of more than 5%. BNP's first-quarter numbers also showed sluggish performance at its retail business, especially at Italian unit BNL. Its car-leasing division Arval suffered an 11.8% decline in sales as used cars prices continued to fall. ($1 = 0.8826 euros) Sign in to access your portfolio
Yahoo
11-02-2025
- Business
- Yahoo
Exclusive-LVMH media unit refrains from lawsuit against Musk-owned X, sources say
By Tassilo Hummel and Mathieu Rosemain PARIS -LVMH-owned newspaper group Les Echos-Le Parisien is not party to a lawsuit involving French media against Elon Musk's X that it previously said it would join, according to a court official, and four media industry sources said the LVMH papers no longer planned to sue the platform. Les Echos-Le Parisien and other French newspapers, including publications owned by Le Monde and Le Figaro, declared in November that they would lodge a lawsuit to pressure X to compensate them for currently unpaid-for content visible on the social media platform. Such fees, which are designed to ensure journalistic content remains widely available on digital platforms while offering publishers more financial stability, are required under the EU's copyright and related rights rules. Pursuing the lawsuit would have pitted LVMH and its controlling shareholder and CEO, Bernard Arnault, against Musk, the world's richest man and key ally of U.S. President Donald Trump. Arnault attended Trump's inauguration. Two of the sources said Les Echos-Le Parisien informed high-ranking executives at the other papers that it wasn't going ahead with the lawsuit, without saying what motivated the decision. "We have indeed made such a threat against X in the past. Other discussions have been held since then," a Les Echos-Le Parisien spokesperson said, declining to elaborate further. LVMH declined to comment. X's French lawyer declined to comment. The three media groups jointly won a fast-track court order in May 2024 to compel X to release traffic data and advertising revenues allowing the papers to assess compensation levels for their content. While Le Monde and Figaro jointly launched the case a month ago in a court filing, the LVMH unit was not part of the proceedings, according to a Paris judicial court clerk who has seen the filing. EU RULES Les Echos is France's leading daily business newspaper. Le Parisien is a general news daily. In an article published by Les Echos in November, Les Echos-Le Parisien CEO Pierre Louette said that X, "just like any other platform" that generates traffic and revenue from the paper's content, "must comply" with the EU copyright rules. "It's a question of safeguarding quality information, the very foundation of our democracy," he added. French publishers including Les Echos-Le Parisien had won a similar case before France's competition watchdog against Alphabet's Google in 2021. They also struck a deal with Meta on similar issues. "The law on related rights applies to everyone," Louette, who also chairs France's main newspaper publisher association, told Le Figaro in a recent interview. Last month, Les Echos-Le Parisien was part of a group of papers that announced a similar lawsuit against Microsoft's LinkedIn platform. A court date was not yet announced. LVMH bought Les Echos in 2007 before taking over general news daily Le Parisien in 2015 as part of a wider push into the media landscape. Last year, LVMH took over Paris Match, a well-known weekly magazine covering politics, entertainment and celebrities. The conglomerate also owns a French radio station. Bernard Arnault last month praised a "wind of optimism" that he said was blowing through the U.S. following Trump's election and has expressed support for Musk's role in the White House. Arnault said France "should do like in the United States and appoint somebody to cut down on bureaucracy."
