Oliver Tree
With the markets continuing their slide into Bear territory the theme of today’s post I’m afraid remains focused on international business news.
Slipping under the radar somewhere between predictions of economic Armageddon and, well , economic Armageddon dear old Gordon Brown (coincidentally resembling a grizzly bear himself) has just completed a trip to China and India. In this time of impending recession his journey, and the investment message it symbolises, stands in direct contrast to that of other European leaders of late.
Take the always entertaining Mr Sarkozy. With a history of defending French companies, such as yogurt maker Danone in 2005, he has gone on to recently declare that,
“In the face of the growing power of speculative funds…and sovereign wealth funds which don’t respect economic logic, there is no question of France not taking action…”
His vehicle for action? Caisse des Depots et des Consignations or CDC. Through the state controlled CDC investment bank, or sovereign wealth fund to the rest of us, and its $55 billion worth of shares he seeks to,
“…promote the primordial economic interests of the nation”
Fighting fire with fire. Primordial indeed.
Whilst the British prime minister travels China and India seemingly flogging Britain and British Companies to the highest bidder, the French Premiere seeks to safeguard the Tricolour of Petits Filous. A starker contrast one could not ask for and, in our current economic climate, I will let the sensible reader draw their own conclusions.
