Banks in France, including non-French ones, will no longer be allowed to offer guaranteed bonuses to traders and other staff under new rules announced Nov. 5. The only exception is for signing bonuses for new employees, and they are limited to a maximum of one year.
France Telecom, which faces a political storm over a spate of employee suicides, on Monday appointed Stephane Richard, a former top aide of France's economy minister, as deputy chief executive of the telecoms group.
Alistair Darling on Monday urged bankers to show restraint in the new year bonus season, telling them to apply immediately a code agreed at the G20 in Pittsburgh instead of waiting for new legislation.
French Prime Minister Francois Fillon unveiled further details Monday of a 26 billion-euro ($33 billion) business stimulus package which his government hopes can stall falling growth and prevent the country joining other major European economies in recession.
The French government is injecting €10.5 billion ($13.9 billion) into the country's six largest banks to help stabilize the economy and ensure the banks have adequate lines of credit.
Britain unveiled a $87.4 billion rescue package for its battered banking system Wednesday as global stocks prices continued to crumble under the weight of the unrelenting financial crisis.
European finance ministers agreed Tuesday to raise the minimum guarantee of bank deposits to 50,000 euros ($68,600) across all EU member states and to work together on measures to address the credit crisis.
Banks in France, including non-French ones, will no longer be allowed to offer guaranteed bonuses to traders and other staff under new rules announced Nov. 5. The only exception is for signing bonuses for new employees, and they are limited to a maximum of one year.
France Telecom, which faces a political storm over a spate of employee suicides, on Monday appointed Stephane Richard, a former top aide of France's economy minister, as deputy chief executive of the telecoms group.
Alistair Darling on Monday urged bankers to show restraint in the new year bonus season, telling them to apply immediately a code agreed at the G20 in Pittsburgh instead of waiting for new legislation.
French Prime Minister Francois Fillon unveiled further details Monday of a 26 billion-euro ($33 billion) business stimulus package which his government hopes can stall falling growth and prevent the country joining other major European economies in recession.
The French government is injecting €10.5 billion ($13.9 billion) into the country's six largest banks to help stabilize the economy and ensure the banks have adequate lines of credit.
Britain unveiled a $87.4 billion rescue package for its battered banking system Wednesday as global stocks prices continued to crumble under the weight of the unrelenting financial crisis.
European finance ministers agreed Tuesday to raise the minimum guarantee of bank deposits to 50,000 euros ($68,600) across all EU member states and to work together on measures to address the credit crisis.
French President Nicolas Sarkozy is expected to announce a $1.46 billion (€1 billion) plan on Friday designed to revitalize suburbs of Paris plagued by low-income and high-unemployment.
A French government report into the massive losses at Societe Generale says banks should have greater suspicion about employee fraud and do a better job of notifying the government when the issue arises.
The trader accused of making fraudulent transactions that cost Societe Generale €4.9 billion ($7.2 billion) hacked computers and used "several techniques of fraud," the French banking giant has said.
The trader accused of making fraudulent transactions that cost French banking giant Societe Generale €4.9 billion ($7.2 billion) is being questioned in the case, the French national police said Saturday.
A 24-hour walkout by French civil servants has coincided with the seventh straight day of crippling strikes by transit workers, putting further pressure on the French government to negotiate an end to the weeklong walkout.
U.S. Treasury Secretary Henry Paulson said Monday that regulators should not rush to impose new rules on financial markets in reaction to the recent credit crisis.
France's love affair with ideas has gone too far and it is time for the country to quit thinking and get to work, Economy Minister Christine Lagarde said Tuesday as she plugged a tax plan aimed at boosting the economy.
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