Europeans Who Sat Out the Iraq War Now Line Up for Its Business

“Old Europe” famously declined to join the U.S.-led invasion of Iraq. But six years on, countries such as France and Germany are eager to get in on the cleanup process in Iraq — and the hundreds of billions of dollars in business that effort is expected to generate. The most recent European move to woo Iraq came this week when German Foreign Minister Frank-Walter Steinmeier made a surprise visit to Baghdad

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Amid Crisis, Cars Start to Drive Europe Apart

When carmakers outsource most of their components, assemble their products in different countries around the globe, are majority-owned by foreign shareholders and sell mainly overseas, does it still make sense to promote them as national champions? Nicolas Sarkozy thinks so, albeit with some controversial conditions. Just before unveiling an $8 billion loan for French carmakers Renault and PSA Peugeot Citroen last week, the French President suggested the aid should be conditional on them packing up their plants elsewhere in the E.U.

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World’s richest countries pledge to fix economy

The world’s richest countries committed to "any further action that may prove necessary" to restore confidence in the global financial system, their finance ministers said as they wrapped up a two-day meeting in Rome. The Group of Seven finance ministers also urged countries not to close their markets to goods and services from abroad. “An open system of global trade and investment is indispensable for global prosperity,” they said in a statement at the end of their meeting Saturday.

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G7 ministers focus on stabilizing world economy

Finance ministers from the world’s leading industrialized nations were holding their second and last day of meetings in Rome on Saturday with an agenda squarely focused on the world financial crisis. Italy is hosting the meeting of the Group of Seven in its role as G7 president for 2009. G7 members are the United States, Germany, Japan, France, Italy, Britain, and Canada.

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Galaxy reject initial Milan bid for Beckham

David Beckham will have to return to the Los Angeles Galaxy next month unless AC Milan raise their bid for the England midfielder — the LA Times have reported. Speaking for the first time on Beckham’s wish for a permanent move to Milan, Tim Leiweke — chief executive of Galaxy owners AEG — told the newspaper that an offer received by the club had been too low and time was running out to meet the Major League Soccer outfit’s valuation. On Wednesday, Beckham expressed his desire to convert his current short-term loan with Milan into a permanent move and walk out on a five-year contract he signed with the Galaxy in 2007.

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