European Press Roundup: France Cuts GDP View, LGIM Staff Refer Company to FCA

In Europe today, BP posts a sharp profit rise, while Credit Suisse is on track for its first annual profit in four years. Read about the above topics on Dow Jones Newswires or WSJ.com.

In Other Media...

The French government is cutting its growth forecast for the year, says Economy Minister Bruno Le Maire. French GDP growth of 0.2 percent for the second quarter wiped out any hope of reaching the 2 percent target for 2018 set by the government. -RMC

Several employees at Legal & General Investment Management, or LGIM, have reported the U.K.'s biggest fund house to the Financial Conduct Authority, accusing the $1 trillion asset manager of a series of compliance-and-risk failures that potentially cost its clients millions of pounds. Both LGIM and the FCA declined to comment on the allegations. -FT

Iberdrola, Endesa and Acciona have won a contract worth about EUR507 million to provide electricity to Spain's high-speed rail network during the next two years. Iberdrola will provide 79% of the total supply. -Expansion

DHL is entering the Portuguese market for private parcel delivery in an effort to challenge national postal service CTT's near-monopoly. Though CTT commands a 97% share of the market, it will be "very easy" to compete with them, DHL Parcel Portugal Managing Director Jorge Oliveira said. The company plans to invest EUR100 million in Spain and Portugal over the next 18 months and aims to have at least 1,200 service points operating in Portugal by 2020. -Jornal de Negocios

The German government plans to pass a bill on Wednesday that would make online marketplace operators such as eBay or Amazon liable for damages if merchants on their platforms don't pay sales tax in the country. According to industry estimates, German authorities miss out on more than EUR1 billion in tax revenue annually, because online traders--mostly from countries outside the EU--pay too little or no sales tax. -Sueddeutsche Zeitung

Michel Barnier, the European Union's chief Brexit negotiator, has eased his opposition to British Prime Minister Theresa May's plans for the country's financial services industry after the U.K. leaves the EU. The moves comes after U.K. officials said Brussels will ultimately have control over Britain's access to European markets. -FT

Italy's unemployment rate rose 0.2 percentage points in June compared with the previous month to 10.9%, according to the country's national statistics agency Istat. -Ansa

French companies have been slightly more generous with their employees in 2018. The median salary increase is up 2% against 1.8% in 2017, according to a survey by the consulting firm Mercer. But only 7% of the companies have decided to offer a collective pay rise. -Les Echos

French fashion group SMCP, whose labels include Sandro and Maje, raised its 2018 sales-growth guidance after second-quarter sales exceeded expectations. The company now expects 2018 sales growth "above 13%" compared with previous guidance of between 11% and 13%. -La Tribune

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(END) Dow Jones Newswires

July 31, 2018 07:40 ET (11:40 GMT)

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