Open

Coming up

Don't miss

Replay


LATEST SHOWS

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

ENCORE!

Haute Couture: the hand-stitched clothing made in Paris that sells for the price of small yachts

Read more

IN THE PAPERS

'Caution, another Cast Lead lies ahead'

Read more

BUSINESS DAILY

Rising into the ranks of Haute Couture

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Are French high school students getting smarter?

    Read more

  • Italy’s Trentin wins seventh stage of Tour de France

    Read more

  • Disgraced Suarez leaves Liverpool for Barcelona

    Read more

  • In pictures: Chanel, Dior and so much more at the Paris couture shows

    Read more

  • French ‘Civic Service’ eyes massive expansion amid huge demand

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • Video: Living in Tel Aviv, under threat of rocket attack

    Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

Business

Trade suspended for French nuclear giant Areva

©

Text by News Wires

Latest update : 2011-12-12

French nuclear giant Areva asked to be suspended from trading on Monday in the wake of press reports about its precarious financial situation. The majority state-owned firm was expected to reveal significant losses and layoffs later in the day.

AFP - Trading in shares in French nuclear energy giant Areva, hit by the effects of the Fukushima nuclear disaster, was suspended on Monday.

Areva, in which the French state has a majority holding and is considered a jewel of French industry, was expected to reveal major losses and job cuts later in the day, along with a new strategic plan to restructure international operations.

Areva said it had asked for the suspension shortly before the market opened in view of press comment about its financial situation, and the Nyse Euronext stock market operator immediately suspended trading.

At the close of trading on Friday, shares had been worth 20.33 euros.

Areva is a world leader in the field of nuclear energy facilities but the outlook for the sector has been heavily clouded by a switch in sentiment away from nuclear energy in some countries, notably in Germany, in the light of the disaster at Fukushima in Japan.

Press reports indicate the group is likely to make a huge exceptional charge which would push the group into a loss this year, for the first time for 10 years.

Industry Minister Eric Besson said on Sunday that Areva would probably announce a big loss, largely because of a write-down of assets.

The group was also expected to announce big job cuts, mainly in Germany after the government intervened in response to reports that the company might also cut jobs in France.

However in Berlin, a union representative for Areva staff told AFP the company's employees in Germany did not want to be taken "hostage" and suffer job cuts which the firm did not want to make in France for political reasons.

Areva employs 5,700 people in Germany.

Press reports in France suggest the firm would reduce the number of people employed in France by 1,000 to 1,200 per year by means of freezing recruitment.
 

Date created : 2011-12-12

  • France

    Greenpeace stunt at French nuclear plant revives debate

    Read more

  • JAPAN

    Fresh concerns at Fukushima power plant

    Read more

  • FRANCE

    French nuclear reactors need safety upgrade

    Read more

Comments

COMMENT(S)