Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

No strategy and a beige suit

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014

Read more

ENCORE!

Alain Choquette: A Hilarious Magician in Paris

Read more

FOCUS

France welcomes Iraqi Christian refugees

Read more

FRANCE IN FOCUS

Emmanuel Macron: A new economy minister with a pro-business agenda

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

#TECH 24

Changing the world, one video game at a time

Read more

IN THE PAPERS

Socialist Party summer conference kicks off in explosive atmosphere

Read more

  • Exclusive: Fabius warns of further sanctions against Russia

    Read more

  • Experimental Ebola drug ‘ZMapp’ heals all monkeys in study

    Read more

  • British killer escapes from French psychiatric hospital

    Read more

  • Ukraine to relaunch NATO membership bid

    Read more

  • Police hunt for British boy with brain tumour taken to France

    Read more

  • Chelsea’s Torres set for AC Milan switch

    Read more

  • France shines in IMF list of world’s promising economists

    Read more

  • Mapping Ukraine: Canada and Russia in ‘tweet for tat’ row

    Read more

  • First case of Ebola confirmed in Senegal

    Read more

  • Obama has 'no strategy yet' on potential Syria strikes

    Read more

  • Netflix to woo French with ‘House of Cards’ set in Marseille

    Read more

  • French businesses ‘hoping for a new Thatcher’

    Read more

  • Syrian refugees surpass 3 million, UN says

    Read more

  • West backs Ukrainian claims of Russian incursion

    Read more

  • Libyan PM resigns as Islamists set up rival administration

    Read more

  • UN says 43 peacekeepers captured in Golan Heights

    Read more

  • The deleted tweets of Manuel Valls

    Read more

  • Peru seizes record 6.5 tonnes of Europe-bound cocaine

    Read more

  • Pakistan army to mediate between PM, protesters

    Read more

  • In pictures: Billions of locusts invade Madagascan capital

    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)