FRANCE - French President Nicolas Sarkozy's government said it will raise the retirement age to 62 and increase taxes on capital, seeking to stem losses in the pension system and safeguard the nation's top credit rating.
The retirement age will rise to 62 by 2018 from 60, Labor Minister Eric Woerth said today. The government will increase taxes on stock options, dividends and capital gains, and will raise the top income-tax...
FRANCE - Alcatel-Lucent reported a pension and other post employment benefit (OPEB) deficit of €1.2bn ($1.7bn) in the third quarter down from an overfunding of €49m at the end of June.
FRANCE - The Fonds de reserve pour les retraites' funding ratio fell to 132%, dropping 11 percentage points from June's value due to decreasing interest rates on 10-year bonds.
FRANCE - Global sovereign wealth funds with over $9trn in assets are meeting to discuss ways to boost global economic growth, including the potential use of new financial instruments like "loyalty shares" or "capital access bonds".
FRANCE - Natixis Global Asset Management (NGAM) has acquired a controlling interest in investment advisory firm Darius Capital Partners.
FRANCE - The Fonds de reserve pour les retraites said it is 143% funded, more than enough needed to fund its liabilities through to 2024 as mandated by the government.