Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Emmerson Mnangagwa to be sworn in as President on Friday

Read more

THE DEBATE

Hard bargaining: Lebanon prime minister returns and suspends resignation

Read more

THE INTERVIEW

Keepers of the flame: Native American communities seeking to protect their cultural legacy

Read more

FOCUS

Tunisians disillusioned, seven years after revolution

Read more

ACCESS ASIA

Indonesia: New orangutan species found in Sumatra

Read more

MIDDLE EAST MATTERS

Meet the 16-year-old behind the hijab emoji

Read more

ENCORE!

Film show: 'Battle of the Sexes', 'Jupiter’s Moon', 'Reinventing Marvin'

Read more

IN THE PAPERS

Robert Mugabe resigns: 'Hip Hip Harare'

Read more

IN THE PAPERS

UN tribunal decides fate of Mladic, 'Butcher of the Balkans'

Read more

Business

State finance body reports heavy losses

Latest update : 2009-04-16

France's Caisse des dépôts et consignations (CDC), a state savings and investment body controlled by the French parliament, has reported an annual loss of 1.468 billion euros, its first loss in almost two centuries.

AFP - The giant French state-controlled savings and investment vehicle CDC reported an annual net loss of 1.468 billion euros (1.9 billion dollars) on Thursday, its first loss for nearly 200 years.

The Caisse des depots, which receives certain regulatory deposits and acts as an investment arm for long-term policy, said that its results for 2008 had been dragged down by provisions for some shareholdings in its investment portfolio.

The organisation said that it had provisioned 921 million euros for its portfolio of shares, and 2.082 billion euros for its 17.6-percent holding in French-Belgian bank Dexia and for its 20.1-percent interest in French civil engineering group Eiffage.

Managing director Augustin de Romanet said that the shares had not been sold and the these provisions reflected latent capital losses.

He said that the loss demonstrated "the extent of the commitment of the Caisse des depots as a long-term investor."

The CDC said that after exclusion of exceptional items, it had made a recurrent net profit of 1.535 billion euros.

Date created : 2009-04-16

COMMENT(S)