European Union officials drafted a plan to launch a sovereign wealth fund to invest in companies that could compete with U.S. and Chinese tech giants, according to reports in the Financial Times and Politico.
EU officials have drafted a plan for a sovereign wealth fund that would invest 100 billion euros in "high-potential European companies," according to reports in the FT and Politico.
The proposal would mark a drastic step from the EU to try to encourage companies within the continent to catch up with competitors from the U.S. and China. The FT said an internal document specifically named risks from U.S. tech giants Google, Apple, Facebook and Amazon and Chinese firms Baidu, Alibaba and Tencent.
Ursula von der Leyen, incoming president of the European Commission, left, speaks during news conference at the European Parliament, in Strasbourg, France, on Tuesday, July 16, 2019.European Union officials drafted a plan to launch a sovereign wealth fund to invest in companies that could compete with U.S. and Chinese tech giants, according to reports in the
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European officials draft radical plan to take on Trump and U.S. tech companiesIn a bid to counter Trump, EU officials are proposing to unilaterally slap tariffs on the United States.
Read more »
Explainer: What early U.S. presidential polls tell us about the 2020 raceAnyone paying the slightest attention to the Democratic presidential campaign ha...
Read more »
Parkland Kids Unveil Sweeping Gun Control Plan 'Written By Us, For Us'The Parkland kids just unveiled one of the biggest plans we've ever seen on gun control.
Read more »
Trade woes are slowing U.S. economy, U.S. budget experts sayHigher trade barriers, including President Donald Trump's tariffs, are slow...
Read more »
Boris Johnson wants Ireland to leave EU trade rules and form a new union with the UK instead after BrexitUnder the plan, Ireland would voluntarily agree to temporarily leave European Union trading rules and align with the UK instead.
Read more »
EU antitrust regulators raise concerns about Facebook's Libra currency: sourcesEU antitrust regulators want to know whether Facebook's proposed Libra cryp...
Read more »