Marks and Spencer planning return to France

It's news to fair warm the cockles of any expat Brit's heart - no matter how misty their memories or tenuous their ties with Blighty might have become.

Oh yes, and the French surely won't be too disgruntled either.

British retailer Marks and Spencer (M&S) is reportedly on the brink of returning to France.


And what a comeback!

According to the French financial daily La Tribune, M&S boss Marc Bolland is close to a deal to take over the spot at 100 Avenue des Champs-Élysées in Paris currently occupied by the clothes retailer Esprit.

The paper reports that Esprit staff were told of the decision last week and that they'll be taken on when M&S opens its doors on "la plus belle avenue du monde".

Apparently not all of them were exactly thrilled at the prospect with one of them telling the paper, "We're very disappointed, we feel cheated."

Well there's no pleasing some people perhaps.

M&S is remaining tight-lipped about the whole thing at the moment and refusing to comment on what it calls "rumour and speculation regarding stores".

But as the Britain's Daily Telegraph points out, Bolland opened the door to a possible return across the Channel in releasing plans last November as to how the company intends to "grow business" as its website puts it, over the next five years.

"While we have 337 stores in 41 territories overseas, we are essentially a UK retailer that exports," he said.

"We have an opportunity to move on from this and become a more international retailer, reducing our dependency on the UK economic cycle."

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8293716/Marks-and-Spencer-plans-return-to-Paris.html

M&S shut up shop at all of its 38 European stores, including 18 in France, in 2001 with the loss of 3,350 jobs across the continent.

In March of that year the then-chairman, Luc Van de Velde, sent the company's 1,700 employees in France an email, informing them of the decision.

He's Belgian - which maybe explains his lack of manners!

Banking bonuses are back in France

Forget the financial crisis of last autumn and the promises made by bankers that lessons had been learnt and things would be different in the future.

The French bank BNP Paribas, one of this country's biggest, has announced second-quarter net profits of over €1.6 billion or 6.6 per cent and along with it of course come bonuses for its traders for a job well done.

And not just a couple of centimes scattered here and there, but a full €1 billion more than in 2008 according to the national daily, Libération.

It's a figure, although not denied by the bank, that isn't far off the mark as it admits in a written statement released in response to the article.

"Libération's calculations are close to the amount," it read. "But in any case at the moment they're only virtual bonuses because they won't actually be paid out until the end of the year depending on the results."

Oh well, that's all right then. They're just "virtual bonuses" and traders won't be taking home wallets stuffed to overflowing - well not quite yet.

But wait. There's more. As well as confirming the news, the bank actually justifies it too,

And it comes from none other than the BNP Paribas CEO himself, Baudouin Prot.

In an interview with the daily financial newspaper, La Tribune, Prot clearly doesn't see a problem admitting that the bank has plans to pay out bigger-than-expected bonuses.

"As far as paying bonuses to traders is concerned we have been one of the first banks in the world to respect scrupulously the recommendation of the G20," he said.

"For example, we intend to spread bonuses over several years and make them dependent on results and not revenue," he added

"Those are the principles we're going to apply for 2009."

Reassuring words indeed from a man who also insists that the "crisis has changed us".

Ah yes, as it proudly promotes itself on its official website, BNP Paribas really is La banque d'un monde qui change" or "The bank for a changing world".