France has always fancied itself as a bit of an exception. Occasionally there are fleeting signs that it may be right. Compare, for instance, the economic gloom sweeping America and other places with the stellar profits of big French companies. In recent weeks leading companies such as ArcelorMittal, Total, L'Oreal, Suez and psa Peugeot Citroen have all reported huge profits for 2007 and a cheerful outlook for this year. But what has boosted their profits? Despite France's reputation for insularity and protectionism, it is the enthusiasm of its companies for globalisation. Their international scope protects them from downturns in some markets.
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