PARIS: France GDP grew 1.9% in 2017 compared with 1.1% in 2016, the strongest performance since 2011, per France’s statistics institute Insee. In the final quarter of 2017, France’s economy expanded 0.6% sequentially compared with 0.5% in the prior quarter. Per a Bloomberg article, Finance Minister Bruno Le Maire said, “This is the result of the return of confidence of households and entrepreneurs since the election of the president and the implementation of reforms, as well as a positive international environment,” adding, “The latest data show that this trend should continue in 2018.” The better-than-expected GDP growth was primarily attributed to a robust rise in investment. Business investment grew 4.3% in 2017 compared with 3.4% in the prior year, while overall investment rose 3.7% in 2017 compared with 2.7% in the prior year. Moreover, exports growth accelerated 2.6% in the quarter compared with 1.1% in the prior quarter. Macron is seen as a business-friendly president. In October, Macron revised labor rules that give French companies the power to negotiate. In a speech at the World Economic Forum at Davos, Macron said, “France is back at the core of Europe”. Per Labour Ministry’s statistics, unemployment rate increased to 9.7% in the three months to September compared with 9.5% in the previous quarter. Macron aims to bring this rate down to 7% by the end of his term in 2022, which seems to be a long shot as of now. However, the recent jump in Macron’s approval indicates that investors remain upbeat about his potential to deliver on his promises. This ETF is a pure play on French equities and provides exposure to large and mid-sized companies in France. It has AUM of $830.8 million and charges 49 basis points in fees per year. From a sector look, Industrials, Consumer Discretionary and Financials are the top three allocations of the fund, with 21.0%, 18.5% and 15.3% exposure, respectively (as of Jan 29, 2018).
FBR fails to recover Rs5.62b in taxes from 106 taxpayers
LAHORE: The Federal Board of Revenue has failed to recover Rs5.62 billion in taxes from 106 taxpayers across 14 field...
