Thursday 12 December 2019

n Journal du Dimanche

French agricultural exports to Russia have fallen 36pc since August, as trade sanctions bite.

France had an €11.6bn agricultural surplus in 2013, but has slipped from No 2 in the world, behind the US in 2000, to 50th worldwide today.

France exported €7bn in gourmet food products in 2013, the equivalent of its wine exports, with trade commission Ubifrance seeing sales rise to China, Hong Kong and United Arab Emirates.

A ban on food exports to Russia, as a result of the crisis in Ukraine, has led to a sharp drop in sales.

n Bloomberg

German Finance Minister Wolfgang Schaeuble was the main policy maker the US government turned to during the European debt crisis to bolster a "fragile" world economy after Greece faced the prospect of default, former US Treasury Secretary Timothy F Geithner said.

In a speech in Berlin where Mr Schaeuble received the Jewish Museum's Prize for Understanding and Tolerance, Geithner said working with Schaeuble was a pleasure "not because it was easy or because we always agreed, but because of what it was like when we did not agree".

"Roughly 40 years ago, Henry Kissinger asked his famous question about Europe: 'Whom do you call?'" Geithner said.

"For the United States, Wolfgang Schaeuble became a large part of the answer to Kissinger's question. We called Minister Schaeuble."

n Sunday Business Post

The European Commission has demanded Ireland supply it with details of tax deals struck with a number of multinationals, including Pepsi.

Brussels has asked for details of tax arrangements with up to five multinationals as part of an ongoing probe into Apple's tax affairs here. On Friday, the Minister for Finance, Michael Noonan, said he believes it is more likely that the Apple probe will be dropped altogther, than widened to take in additional companies.

n Sunday Independent

Ulster Bank is set to drop its auditors Deloitte after almost 15 years.

It is understood that Ernst & Young, formerly auditors to Anglo Irish Bank, will take over the lucrative mandate at the end of next year.

Deloitte was tasked with monitoring the accounts of Ulster Bank during the boom, when it took part in the orgy of lending to speculative property schemes.

The role of all audit firms during the boom has come under scrutiny in recent years, with claims that they should have warned over the increased concentration of risk when banks ploughed into property.

Irish Independent

Also in Business