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...roughly 4.5 million current accounts make it the first major bank in France to exploit last month's regulation changes quashing 70-year-old laws banning certain charges and payments. So far banks Société Générale, BNP Paribas and Crédit Agricole all say they will not follow suit until customers express interest of their own. It may be a long wait. Though the French wrote 4 billion checks on 57 million current accounts last year, the national average balance of €1,500 would yield a mere €7.50 interest annually under...
That was the bittersweet assessment of TIME's European Board of Economists at its meeting in the Swiss banking center of Zurich. Hans Mast, a University of Zurich lecturer and executive vice president of Crédit Suisse, pointed to Western Europe's estimated trade surplus of $25 billion this year, compared with $10 billion a year ago, as evidence that an export boom is propelling most of the growth. Western Europe this year is expected to have a surplus of $30 billion in trade with...
...rest of the world. The concerns expressed at the time were largely about whether the Chinese economy risked overheating and whether Europe could pull itself out of a rut. Now "the perception has changed," said panel member Pascal Blanqué, chief economist at France's largest bank, Crédit Agricole. Even though U.S. economic growth of about 4.4% last year far outpaced European growth of about 2%, "the U.S. is now more criticized, while Europe is starting to be credited for positive steps in the right direction." Significantly, he noted that the European Central Bank of late voiced open criticism...
...addition, Delanoë hopes that the easing of restrictions will give a boost to business in the city. Paris lost some 200,000 jobs over the 1990s, mostly to complexes around the periphery such as La Défense to the west. Recently, bank Crédit Foncier de France and insurance giants Aviva and Generali have moved operations - and jobs - from central Paris to the suburbs. Big projects won't happen in the historic heart of Paris, but rather at the edges: the old industrial quarter along the Seine in the 13th is already under development, and other sites...
...Account Closed France finally agreed on a $760 million settlement with U.S. prosecutors over the allegedly illegal purchase of failed insurer Executive Life by Crédit Lyonnais. Billionaire François Pinault - who made a big profit on the deal - will hand over $185 million but avoid prosecution...