Word: electricit
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...government hard to be next in line. Her insistence ruffled some feathers, especially in the Finance Ministry, according to people familiar with the behind-the-scenes maneuvering. And late last month, she officially lost her battle when Prime Minister Dominique de Villepin and Finance Minister Thierry Breton announced that Electricité de France (edf), the huge state electricity supplier, would be next. Lauvergeon will no doubt get over her disappointment soon, since Areva emerges as a big winner even if its privatization is pushed back. That's because, as the price of selling 15% of its equity to the public...
Power Games When Electricité de France, the world's largest power provider, snapped up a stake in Italy's energy firm Edison in 2001, it got a nasty shock: Rome capped EDF's voting rights in Edison at a measly 2%. Their claim: the French market wasn't open to competition. (EDF owns 18% of Italenergia, a holding company with a 62% stake in Edison.) But last...
...sluggish growth eroding revenues, Chirac is looking to new Finance Minister Hervé Gaymard to work some magic. Last week, Gaymard pledged tax cuts in 2006 and 2007 and vowed to sell stakes worth nearly 320 billion in state firms including nuclear-power company Areva and utility mammoth Electricité de France. That, Gaymard hopes, will stimulate economic growth that, at 2.3% in 2004, was below government estimates of 2.5%. Surprisingly, Gaymard is predicting the same for this year. "Given commodity prices like oil rising, we should count on lower growth next year, not higher," says David Naudé, senior...
...under 50% for the first time; on Sept. 2 it was finished. Last month he moved to waive inheritance taxes on sums below €100,000 per estate, suspended a 3% corporate tax, and withstood stiff protests from unions to lay the groundwork for the partial privatization of Electricité de France. He also deplores France's 35-hour workweek, and says it must be changed to allow those who want to work more to do so. And consider the blatant interventionist. Sarkozy brokered the €2 billion state bailout of engineering giant Alstom, angering E.U. members who called...
...modest initial run of 4,000 copies, Maier's essay ridicules the rigidity and bureaucracy of French management culture by urging readers to exploit it, with helpful chapters like "The Idiots You Work with" and "Why You Risk Nothing by Quitting." Maier is an economist with the state-owned Electricité de France (EDF), and though her pamphlet doesn't mention EDF, executives at the firm are not amused. They've summoned her to an Aug. 17 hearing to examine accusations that her own job performance is not up to scratch. Maier says she won't attend...