France News 10.19.08
Sit down, get a cup of coffee and take in a few of the headlines coming from France’s headlines this week:
France Orders Audits on all National Banks
So, not even the country of cheese and wine is free from the global financial meltdown. In a Reuters article released on Friday, the French government announced it is ordering an audit for all of the country’s banks after a huge trading loss as the result of a merger. Caisse d’Epargne and Banque Populaire merged to become the second largest retail bank in France, and promptly announced a 600 million-euro ($808 million) trading loss.
Former Tour de France Champion Not so Sure about Armstong’s Return
When the Tour de France lights up the airwaves every summer, I always see the result of the cycle mania out on the streets here in Portland, Oregon (not that there aren’t already a lot of bikes in Portland, people just seem to get extra inspired whenever the Tour de France is taking place). So, it’s no wonder that there is already talk about next year’s race and seven-time Tour champion Lance Armstrong’s return to the competition after his retirement in 2006. Turns out Former champion Alberto Contador has already been telling reporters that he thinks Armstong’s return may upset team balance. Oh, the drama begins…
France Reaffirms Faith in Nuclear Energy
Energy has been a hot topic out on the campaign trail here in the U.S., and you may hear the candidates talking a lot about nuclear power, often referencing France as an example. The U.S. presidential election aside, France relies heavily on nuclear power as a source of energy. They recently reaffirmed its faith in nuclear power, as reported by the New York Times, as it started construction on the first new nuclear reactor to be built in the past 10 years. Depending on who ends up in the White House, it looks like France may be looked to as an example non-fossil fuel based energy.
Sarkozy in Quebec Discussing Global Financial Meltdown
French President Nicholas Sarkozy was in Quebec this past week discussing the turmoil in the world’s financial markets with Canada’s Prime Minister Stephen Harper. The meeting is aimed at improving Canadian and French economic ties.