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French President Sarkozy Calls for European Sovereign Wealth Funds to Protect Assets
Concerned about the recent decline in stock prices, French President Nicolas Sarkozy, yesterday (Tuesday) called for the creation of European sovereign wealth funds. The funds would be virtual carbon copies of the state-owned investment vehicles that have sprung up from Beijing to Abu Dhabi to disperse their respective nations’ cash reserves in foreign assets.
Addressing the European Parliament, President Sarkozy implored his European contemporaries to embrace the current period of economic upheaval as an opportunity to restructure the global financial system. According to the Daily Telegraph, he also articulated the concern of many Western authorities that sovereign wealth funds, located primarily…
22Oct2008 | Money Morning | Comments Off | ContinuedThree Ways to Profit from the Overlooked China-France Alliance
France and China are – let’s face it – natural buddies.
France has traditionally looked for a political counterweight to the United States, and China is beginning to provide one. China wants to keep the European Union from aligning against it, and France is the EU’s guiding spirit – even if it’s no longer its largest economy.
France has strengths in some of the high-tech and heavy industry sectors that China needs. And the European nation also boasts the world’s most-sophisticated array of the luxury goods that newly wealthy China consumers now crave.
On the other hand, China has cheap consumer goods…
12Aug2008 | Money Morning | Comments Off | Continued
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