Sarkozy: Strategic Fund To Start Within Weeks · French President Nicolas Sarkozy said late Thursday that his government will establish a strategic fund in three weeks' time to protect domestic industries battered by the financial crisis.  The government could potentially inject $130 billion into the fund. (Reuters)

Hedge Funds To Ask EU For Porshe-VW Resolution · Hedge funds that were short-squeezed by Porsche's surprise disclosure Monday it owns roughly 75% of Volkswagen will petition the European Union to clamp down on a controversial German legal loophole that allowed the automaker to secretly boost its stake.  Some of the funds are facing billions of dollars in losses. (The Times)

Asian, European Stocks Rally On Rate Cuts · Global markets rallied Thursday as Asian and European central banks echoed the Federal Reserve's Wednesday rate decision with cuts of their own.  In Asia, Japan's Nikkei 225 index rose 10% while Seoul's Kospi index soared 12%. (NYT)

Europe Moves To Regulate Rating Agencies · European officials are drafting a plan that would require rating agencies to publicize working methods and compensation.  The measure would effectively end self-regulation for the agencies, whose ratings many believe underestimated the risk of subprime credit products. (NYT)

UK Bans ‘Preachers Of Hate’ · Preachers of hate who have been banned from the UK will be refused entry to the country forever unless they make a public renunciation saying they no longer preach violent extremism. (London Times)

Hungary Receives $25B Bailout Package · The International Monetary Fund, the European Union and World Bank agreed late Tuesday to extend a $25.1 billion economic rescue package to Hungary to alleviate stress in its financial markets.  The package is the first for an emerging market and EU-member country since the start of the global credit crisis. (FT)

Keller: A New Breed of Sovereign Wealth Fund? [ANALYSIS] · Brett Keller of the Oxford International Review argues that French President Nicolas Sarkozy's latest proposal to establish a sovereign wealth fund to protect European industries from foreign acquisition represents an entirely new brand of economic isolationism. (Oxford International Review)

Goldman, Morgan Stanley Hit By VW Exposure Rumors · Morgan Stanley and Goldman Sachs shares fell sharply Tuesday on speculation the Wall Street firms might have been short-squeezed by trades involving German automaker Volkswagen. Societe Generale's shares also fell amid loss rumors, but the banks denied exposure to the automaker. (Reuters)

Brown: China, Gulf States Should Help IMF · U.K. Prime Minister Gordon Brown said Tuesday China and the Persian Gulf states should substantially increase their conributions to the International Monetary Fund 's $250 billion emergency reserve to help nations struggling with the financial crisis. (Bloomberg)

Iceland Raises Key Interest Rate 6% In Surprise Move · Iceland's central bank unexpectedly raised its key benchmark interest rate to 18% on Tuesday, a sign it has abandoned inflation targeting, after securing a $2.1 billion loan from the International Monetary Fund. (Bloomberg)

Dixon/Hadas: How to Control a Currency Panic [OPINION] · Edward Hadas and Hugo Dixon of Breakingviews.com argue that China, Japan, the United States and Britain should immediately rally world governments to defend target exchange rates or risk a complete breakdown in the global trade system. (NYT)