Thursday 20 December 2012

Credit Agricole: management is sending out Christmas vibes to its hard-up staff

(Full story)

PARIS, Dec 20 (Reuters) - French lender Credit Agricole has told staff representatives it will focus on cutting costs at its investment bank without a new layoffs plan, sources said.

Credit Agricole is seen as the weakest of France's listed banks in terms of capital strength and made deep cuts to investment bank staff and costs earlier this year.

Staff representatives say they have met with management twice this week over future strategy.

"There will be no new layoffs plan, the focus is on finding other cost savings over the next three years," a source who attended a meeting on Thursday said.

Tuesday 11 December 2012

Inside David Lynch's Paris art-studio hideaway

(Full story)


PARIS | Tue Dec 11, 2012 1:05pm EST
 
(Reuters) - Behind the doors of a 19th-century printworks in south-central Paris, filmmaker and painter-by-training David Lynch takes a cigarette break after hours of etching abstract shapes and twisted limbs onto stone and wood.

Although best known for dark, surreal movies such as "Eraserhead", "Blue Velvet" and "Mulholland Drive", Lynch was an artist before he began filmmaking and since 2007 has been using the Idem workshop as his studio in Paris, creating some 170 lithographs and engravings.

As three workshop staff clamber onto one of the six giant mechanical presses to print up a fresh design, Lynch - dressed in a blue apron and sporting his trademark white, bouffant hairdo - explains that there is something uniquely inspiring about the Parisian printworks.

"This is totally Parisian. In people's dream of Paris, this place would fit in that dream perfectly," the 66-year-old tells Reuters, speaking above the noise of the whirling cogs and hand-operated cranks that he says remind him of the twisted, industrial world of his debut feature film "Eraserhead".

"Everybody that comes to this place, they feel it...I can feel the past. I can feel the whole art of life going on here."

Artists such as Picasso, Matisse, Chagall and Miro all had their prints produced at the site, a two-floor workshop built in 1880 that is still in use today by artists including Lynch. Encircled by piles of engraving-stones and the odd stuffed toy panther, the presses can also print from digital files.

Lynch's prints - which he says he etches from scratch after "catching" an idea in his mind - vary from Keith Haring-esque red-and-white squiggles and doodles to ghostly Edvard Munch-like humans stranded in desolate landscapes, with titles like "Things In Air Over City" or "Oh, A Bad Dream Comes".

They seem to combine the black-and-white, nightmarish imagery of "Eraserhead" and "The Elephant Man" with the abstract, surreal narratives of Lynch's last two movies, 2001's "Mulholland Drive" and 2006's "Inland Empire".

Lynch has explored other media over the past decade, creating a series of animated shorts posted online called "Dumbland", directing a Duran Duran concert streamed on YouTube and even recording his own solo album called "Crazy Clown Time".

He has even adapted his trademark palette of dark tones and surreal shapes to French tastes, designing a limited edition of Dom Perignon champagne bottles as well as an underground nightclub in the center of Paris called "Silencio".

Despite his obvious enthusiasm for trying out new things, Lynch's affection for Paris comes from its protection of tradition.

"I like the way the French people live. They protect the arts more than any other country," he says. "Here, almost every avenue of life is like an art form."

In a seemingly upside-down world where governments and bankers are suffering from the financial crisis but where big-name artists are fetching higher prices than ever before, Lynch says that he can still separate the urge to make money from the urge to make art.

"It's like Hollywood versus the art way," he says. "I love money for getting things to work and to live. But it's not the reason in my mind to make a film or to make anything."

Asked what his next move is going to be, Lynch says he will continue to work on music and art but adds that there is a movie idea also in the pipeline.

"Music and painting and maybe cinema, but we'll have to wait and see," he says. "Maybe it's going to happen but you need to be deeply in love and, you know...I'm falling in love."

Sunday 9 December 2012

Deals will come in 2013, honest...

(Full story)


By Lionel Laurent

CANNES, Dec 9 (Reuters) - A return to growth for the eurozone economy in mid-2013 and a likely waning of pessimism over the U.S fiscal cliff will bring a rebound in corporate deal-making, the head of French private-equity firm PAI Partners told Reuters.

Although PAI has recently struck several deals in the 500 million euros ($646.40 million) price bracket, Lionel Zinsou said in an interview on Sunday that the broader mergers and acquisitions market would recover only after a widespread return of confidence next year.

"The turning point for the European economy will be mid-2013...Bankers are making preparations for the end of the eurozone recession but the deals aren't there yet," Zinsou, a former Rothschild banker who has led PAI since 2009, said on the sidelines of a conference in Cannes.

Global M&A volumes have slumped so far this year, with big-ticket deals especially thin on the ground due to concerns about the eurozone debt crisis and a lack of agreement over the pending U.S. "fiscal cliff" - steep tax hikes and spending cuts set to kick in early next year.

Pointing to the current market pessimism as a good time to buy assets on the cheap, Zinsou added: "Once the worries over the U.S. fiscal cliff and other markets start to fade there will be a window of opportunity for sellers, I think, in the second quarter of 2013."

Thursday 6 December 2012

After a year of US cutbacks, French banks are testing the waters

(Full story)


By Lionel Laurent

PARIS, Dec 5 (Reuters) - France's top banks are taking advantage of calmer markets to return to expanding in the United States, a year after deep cuts to their investment banks saw them lose ground to rivals in the world's biggest financial market.

BNP Paribas, France's largest bank, and closest rival Societe Generale have hired several top U.S. bankers in recent months, signalling a selective return to growth in areas like private banking, fixed income, equity derivatives or mortgage securitisations, according to bankers.

No one expects the empire building of before the euro zone debt crisis. But things have changed since summer 2011, when a market panic forced French banks to slash staff and U.S. dollar lending to trade, shipping and aviation.

Fears of an imminent euro zone collapse have faded, allowing French banks to raise dollars at affordable rates. And the risk of a regulatory crackdown at home by Socialist President Francois Hollande has also waned.

"They (French banks) must be thinking: 'Okay, we're starting at square one again, we're in a position now to see where, if we grow things on a balanced basis, we can ramp up again,'" said Andrew Lim, bank analyst at Espirito Santo.

BNP and SocGen were among the most ambitious banks in their expansion during the years of easy credit, leaving them heavily exposed when the market turned. They have respectively hacked $60 billion and $50 billion from their U.S. funding needs in a deleveraging which could be over if markets remain stable.

While both are looking at other regions - Asia for BNP and eastern Europe for SocGen - they want to recoup ground in a U.S. market where economic growth is stronger than Europe and which accounts for over half of global investment banking revenue.

But the focus appears to be measured, targeted expansion.

"Five years ago we would have hired a team of ten, twenty people and really gone for it ... Today we're looking at a smaller number of possible hires and really seeing where we can add value," said a banking source at SocGen.