Luxembourg News Blog @newzblogz.com

Countries with the highest total net assets in mutual funds, 2006:

United States: $10.4 trillion

Luxembourg: $2.2 trillion

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I don't usually listen to Mr. Bush's speeches. I find him arrogant and condescending when he speaks. He proudly has proclaimed that he doesn't read.

Well, recently he said something that caught my ear and proves that he didn't read his job description. I mean, of course, his comment "They can try to have their vote of no confidence, but it's not going to determine -- make the determination, who serves in my government." And the job description is the Constitution of the United States.

Whoa, I thought the Constitution made it "our government." The last person to call it "his government" was George III of England. I realize many Southerners have not read Mr. Lincoln's Gettysburg Address, but his last line is "... and that government of the people, by the people, for the people, shall not perish from the earth" pretty well sums it up.

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The record $2.5 trillion of mergers so far in 2007 shows no sign of reversing the 15-year trend that has most shareholders on the losing side of acquisitions while enriching the executives and bankers who arrange them.

UniCredit SpA shares dropped 10 percent since Italy's largest bank announced plans in May to buy smaller Rome-based rival Capitalia SpA for almost $30 billion. U.K. drugmaker AstraZeneca PLC lost 9 percent of market value after unveiling its $15 billion bid for MedImmune Inc. two months ago. Sacyr Vallehermoso SA, the Madrid, Spain-based builder, fell 19 percent since bidding in April for French rival Eiffage SA.

The laggard stock performance isn't just a short-term phenomenon. About 58 percent of acquisitions completed from 1992 to 2006 reduced shareholder returns, according to an analysis by Boston Consulting Group Inc. of more than 3,200 transactions. Securities firms stand to earn $25 billion of fees from arranging deals announced in the first five months of this year, industry consultants at New York-based Freeman & Co. estimated.

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BRUSSELS, June 24 — The new French president, Nicolas Sarkozy, has reasserted his country’s traditional role at the diplomatic heart of Europe by emerging as the main force behind a deal that brought the European Union back from the brink of crisis.

Mr. Sarkozy proved to be the crucial figure during a fractious meeting, displaying a hyperactive style that helped break down the resistance of Poland’s unyielding leaders.

Though scheduled only for Thursday and Friday, the meeting of European leaders ran into Saturday, with agreement clinched around 4:30 a.m. Poland and Britain had demanded significant changes to the treaty aimed at rewriting a European Constitution that was rejected in referendums in France and the Netherlands in 2005.

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Vladimir Karpets of Russia won the Tour de Suisse yesterday by finishing sixth in the race?s final stage, a 21-mile time trial in Bern.Luxembourg?s Kim Kirchen finished second over all, and Stijn Devolder of Belgium was third.Switzerland?s Fabian Cancellara, the world time trial champion and the winner of the Swiss tour?s prologue, won the stage in 41 minutes 46 seconds. Karpets crossed in 42:52.?This victory comes in the most beautiful city in the world, in my birth city,? Cancellara said.Vladi...

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