Meeting Monday in Washington, the directors of the International Monetary Fund (IMF) has called on China to rebalance its growth. It is now driven by exports and investment, and little by domestic demand. Even if the consumption figures were revised upwards for 2009, growth in domestic demand remains a key challenge for the government, with control of inflation in property prices. In this regard, the IMF welcomes the measures taken by Beijing and noted that "additional measures may be needed to address this problem at its root.

Some members of the IMF estimate that a stronger currency would help China to rebalance its growth, expected by the institution in 2010 to 10.5% and 9.6% in 2011. Economists have however been divided on the issue of undervaluation of the yuan.In fact, six weeks after announcing the easing of exchange rate policy, China continues to monitor closely the movements of its currency, which gained less than 1% against the greenback.

The end of the docking of the renminbi to the dollar opened, at least, the prospects in Shanghai as an international financial center potential. Guangdong Development Bank, based in Canton, bet on this option and will move its bond traders and exchange rate regime in the economic capital of China.

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The decision does not surprise employees. According to union sources on Saturday, Total has initiated proceedings before the Tribunal de Grande Instance of Nanterre to challenge the decision of the Court of Appeal of Douai forcing it to reopen its Dunkirk refinery. The oil group has assigned Friday the employee representative bodies in order to ask the court not to restart the activity on the site.

Total wants a declaration that the information and consultation procedure has been "completed". And even if the court believes that the procedure was "initiated with delay", Total highlights the fact that "the employee representative bodies have been able to exercise all powers vested in them" and they have suffered "no harm".

"Their last cartridges"

For Philippe Wullens, Delegate South (majority site), this reaction was expected faxless cash advances. Management would have announced in June that it would form a further appeal against the decision of the Court of Appeal. According to Steward, the leaders of Total fired "one of their last cartridge." Roger Koskas, counsel employees, estimates that total attempts to circumvent the decision by the Court of Appeal of Douai. Beside him, his brother, Patrick Tillie declares itself "not too pessimistic."

The hearing will be held September 17. According to two lawyers, Total has so far done nothing to comply with the decision of the Court of Appeal, despite a daily fine of 100,000 euros. For the moment, neither the group nor his lawyers could not be reached.

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From simple to double. In 2009, the price of a comparable basket of food and soft drinks were twice as high in the Member State of the European Union the most expensive in the cheapest, according to a survey published by Eurostat, the statistical office of the EU, which compared the prices of nearly 500 products in 37 countries across Europe.

Among the 27 countries of the European Union, Denmark takes the top spot, with rates higher than 39% the EU average. The Nordic country is followed by Ireland (29%) and Finland (20%). A laggard, Poland is the EU country where food prices are the lowest, 36% lower than average.Romania (34%) and Bulgaria (32%) are just ahead of Poland at the end of this ranking.

According to Eurostat, France was the eighth most expensive country in the EU for food in 2009, behind Germany (7th) and Belgium (6th), where food prices were respectively 11% and 15% higher than average.

In France, food prices (including soft drinks) were 10% more expensive than the EU average in 2009, reports Eurostat. In detail, the bread and cereals were costing 13% more in France, the 22% more meat and milk, cheese and eggs 4% more. Excluding food, prices of alcoholic beverages in France were 5% below the European average.Tobacco, however, was 33% more expensive.

"Taxation, particularly on alcohol and tobacco, varies enormously from one country to another, and this has an obvious impact on prices of products sold to consumers," says Mathieu Plane, an economist at the French Observatory Economic Conditions (OFCE). So tobacco is even more expensive in Ireland (117% above the EU average) and the United Kingdom (66%).

Discrepancies of wealth even more important

Other parameters explain the wide disparity within the EU. "The final prices are higher in the importing countries," says Mathieu Plane. Costs such as transportation of products are indeed passed on the labels on the shelves."As for producing countries, wages and other production costs are also reflected in consumer prices." Prices that are reported above the standard of living of each country.

Again, the European Institute of Statistics has found very large differences in wealth within the EU, in relation to gross domestic product (GDP) of all 27 members to its population. According to figures recently released by Eurostat, the EU's 13 states have a standard of living than the European average. France is in 11th place with 7% above average. At the other end of the table, Bulgaria ranks dead last with a per capita wealth less than 59% above the average of the 27 states. And seven times lower than the first classification, Luxembourg!

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New casualty of the crisis: the key feature of the station. Arrived at the head of the national railway company in March 2008 Guillaume Pepy had quickly announced his intention of transforming the rail group. But the crisis forced the officer to review his copy.

The original plan announced by the boss "Destination 2012", targeted a turnover of 36 bn euros in this horizon, an increase of 50% compared to 2007, and a recurring operating profit doubled between 2007 and 2012, 2 billion euros. But now the target may be difficult to achieve, especially operating profit, which reached 150 million euros in 2009. The officer was therefore resolved to rethink its strategy, reports Les Echos.

The group plans to develop a new strategic plan by 2015. The SNCF would nevertheless not completely turn his project in 2008.The goal to transform the railway into a group of transport and mobility services remains a major international priority. This ambition should see a significant milestone this year, says the business daily, due to income from railway agent, for the first time, less than half the total group.

Elysee and the RFF involved

And the state shareholder following these developments closely. The Elysee has stepped in and plans to hold a meeting on the subject as early as July, it said. In particular, discussions with the government and the RFF (Reseau Ferre de France, which owns the network) should help establish new directions for the business lines. The partners will also agree on the reform of railway planning activity nearby.

Another difficulty officer: reassure railway. In this regard, Guillaume Pepy envisages a tour of France regions, reports Les Echos.

Like The Prisoner, the hierarchs of the Societe Generale will designate them by numbers, which creates a particularly warm climate. In the case of Jerome Kerviel, we have, in order of increasing responsibility, N +1, N +2, etc.. Until the Director General, N 7. Hence the paradoxical equation that seeks to resolve the criminal court of Paris against a chain of command if expanded and a financial disaster without precedent: (N +1) + (N 2) … + (N +7) =- 4.9 billion euros in January 2008.

Here, at the helm, N +1. A tall, friendly, very thin uniform N + (gray suit, blue tie), polytechnician ruffled the soft look. In real life, he called Eric Cordelle, 38, married, two children. Societe Generale was dismissed in April 2008 and is currently "looking for a job."What is immediately striking is that it does not seem really for the post of Chief of Jerome Kerviel and seven other traders that he agreed in April 2007: expert financial engineering, back from Japan He knows neither the language nor the tricks of trading – exactly the opposite profile of its predecessor. Hence the hypothesis raised by the prosecution, that Mr. Kerviel would have easily eaten secretly by investing 50 billion euros.

What is striking then, is how little energy spent by N +1 to the detection of internal fraud. But N 2, we hear just now, as N 7 and N 6, previously interviewed, was no more ardent. It even comes to say that SocGen was on this point, less vigilant than the first quarter came drugstore. Its controls? A Maginot Line which Kerviel was played, and that his motive remains indecipherable is a poor excuse."A trader can not leave with the cash, 'explains Mr. Cordelle. Let. But why did we not informed, inviting him to greater scrutiny, the 2005 incident, which saw the apprentice trader Kerviel win 500 payday loan lenders.000 euros speculating as Allianz, then he did not have the right? Why does no one consults he never or almost Eliot software, which records all transactions (actual or fictitious) of his subordinate? Why is not the intended recipient of two letters from Eurex, the end of 2007, in which the German derivatives market to demand explanations on SocGen excessive operations implemented by Jerome Kerviel?

True, Mr.Cordelle gives the impression of having been "thrown into the lion's den," with Jerome Kerviel who has "been acting" with a real talent since "every time he explained something, it was credible . We want to believe it was lost in the maquis computer "- the formula is the president Pauthe – in which Mr. Kerviel, he, played as a fish in water.

"To find, we must seek"

But still, the Ecole Polytechnique has an easy to hide behind the situation – activity increase exponentially, inadequate staffing, etc … The fact is that it does not, in particular, read all the emails or bookkeeping, Perhaps it would put a flea in his ear. To him as to his superiors. Therefore the bank as a system, a system so sure of himself that he did not think to detect a free electron, which methodically undermined its own foundations."To find, we must look," says Mr. Cordelle, but this truism leaves the court on his hunger. For if one man could commit 50 billion euros without anyone noticing, jeopardizing a financial institution, its shareholders and its 150,000 employees, What were the controls? Why so many "N"?

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A few minutes after playing the ukulele, billionaire Warren Buffett held a highly anticipated speech on his views on the matter Goldman Sachs during his famous annual general meeting of shareholders of his holding company Berkshire Hathaway.

If prosecution by the SEC (Constable American Stock Exchange) fraud linked to subprime * from Goldman Sachs, now coupled with a criminal investigation, has reopened the debate on capitalism in general and the behavior of banks in particular, "said the sage of Omaha supports the weight of the world's largest bank, in which he invested in September 2008 – is in financial crisis – some five billion dollars.

Before 40,000 investors whose excitement gave way to silence, the star of finance has given quite a boost to the credibility of Lloyd Blankfein, Goldman Sachs boss – who is still not at the end of its penalties – and his bank, which suffers in the stock exchange since the complaint the SEC on April 16: From U.S. $ 184.3 to 145.2 dollars, the stock has tumbled 21.3%, of which -9.4% Friday while S & P advised to "sell" the securities.

Also in humor, Warren Buffett, who is seeking a successor – he will blow his 80th birthday next August – will be delighted that Lloyd has a twin brother "to select it.More seriously, without giving names, Warren Buffett assured that if he died tomorrow, there would be "a new CEO within 24 hours."

Accepting mistakes

"It's a little hard for me to have much sympathy for a bank that has made the wrong choice," he said, referring to financial institutions that bought the famous product Abacus created by the young French Fabrice Tourre .

Certainly, the financial product was very complex, but, as the guru, a bank like ABN Amro knows what she does when she made a "deal". But this one has not made the expected result for the Dutch establishment. We must assume, for Warren Buffett.

The fault with the regulations, not banks

While the banking sector reform in the United States wades, Warren Buffett believes that this regulation is responsible for the financial woes in recent years, not the banks.

According to Deputy Buffett, Charlie Munger, who spoke on Sunday, "the problem is that our banks and investment banks are regulated by a combination of permissiveness and stupidity." For him, the bankers are problems like tigers escaped circus gone mad. "It's that idiot guard tiger who has not made the job" summarizes the investor. "The regulatory system of government has deceived us."

Berkshire Hathaway goes green

The Berkshire Hathaway investment fund billionaire is ironed in the green in the first quarter with net earnings of $ 3.63 billion, while filming a loss of 1.53 billion over the same period a year earlier ."These results show that the economy is showing signs of significant occasions for the first time," concluded Warren Buffett.

Announced Saturday, these preliminary figures attest to the vibrancy of its business in derivatives, which revives the profits from 1.41 billion dollars, while the loss was $ 3.24 billion in the first three months of the year.

Operating income rose 30% to 2.2 billion dollars against 1.7 billion a year earlier.

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Greece, Portugal and Spain. Southern Europe continues to frighten the markets. The Spanish saw its debt rating one notch worse, with a negative outlook.

Between degradation rate and retention Note

During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel seems he heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.

Fortunately, a decision from the United States has been somewhat reassure financial markets. The Fed has indeed confirmed keep interest rates low for a "prolonged period". And this, despite a rapid recovery of the economy.In this context, the Paris markets are cautious. If the CAC 40 has opened up slightly from 0.17% to 3796.44 points, the index in Paris was quickly ironed into the red, yielding 0.03% to 3786 points.

In this context, it will be interesting to see how values are changing bank, after they have been two sessions in the red. Above Credit Agricole said Wednesday night that its exposure to sovereign risk in Greece amounted to 850 million euros.

Quarterly Results: Sanofi-Aventis, and Technip for ArcelorMittal

Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday anticipate a further acceleration in sales in the current year savings account payday loans.

The Thursday is rich in quarterly publications: ArcelorMittal reported net earnings were down 36.6% in first quarter 2010 over fourth quarter 2009.

France Telecom has published a turnover down 2% in the first quarter of 2010, in line with market expectations.

The result of Sanofi-Aventis rose 9.7% to 2.4 billion euros in first quarter 2010 against a consensus of 2.28 billion euros.

Bull saw its sales boosted by the acquisition of Amesys, a company specializing in security systems: its sales rose 9.4% against 0.6% off-Amesys.

Pernod Ricard has announced an increase of 14% of its turnover for the third quarter of 2010 of its fiscal year 2009-2010 to offset 1.5 billion euros.

Vivendi, Axa, Bouygues, Areva or Michelin are also expected.

Renault has announced that the equity between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.

The U.S. unemployment statistics in the heart of the day

On the macroeconomic front, the day will, however, less responsible. On the program, the weekly claims for unemployment benefit, which will be published at approximately 14.30 U.S., unemployment for the month of April in Germany and in April business confidence in the euro area.

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Groupe DANONE posted on Thursday its sales for the first quarter of 2010. It is up 7% to 3.978 billion euros, in line with the stated objectives. Growth was driven in a significant increase in volumes of 10.8% and a policy of falling prices (-3.8% on average).

The increase in turnover is true in all categories of product group. In "dairy products", the largest division at Danone, there is an increase in turnover of 7.6% over one year helped by Easter which is positioned earlier in the year. Waters, an increase of 2.3%, are drawn by the emerging countries. Infant nutrition has been a growth of 8.5% and medical nutrition, up 9.3%, is supported by an increase in volume and value.

Outlook 2010

The group expects economic conditions still fragile on the year.He said: "In this context, we continue to encourage the development of our categories, strengthening our competitive position and developing our brands." Concerning its objectives, Danone is still growing in sales of at least 5% with a stable operating margin compared to 2009.

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"Danone will not increase its prices in 2010

The Asian market opts for the balance Wednesday. The financial markets of the region remain hesitant, choosing to climb slightly backward or frankly, like yesterday.

In Japan, the Nikkei opened up 0.08% and ended the session at a level almost identical: -0.04% to 10,563.92 points. The Topix, meanwhile, loose at 0.21% closing at 922.44 points. The activity was moderate with 1.62 billion shares traded on the market first.

However, two macroeconomic statistics might have to move markets. The first concerns the orders for machine tools, which fell 3.7% in January compared to the previous month, down less than expected. Similarly, China has announced a third consecutive increase in exports in February. The country recorded a trade surplus of 7.61 billion, an increase of 45.7% compared to February 2009.This is their highest rate in three years. Imports have also risen sharply, from 44.7% a year.

But markets remain very active. The meeting was mainly Japanese saw a further drop of 1.3% of Toyota shares. A new incident involving a Prius has been reported in the United States Tuesday. Experts from the road safety authority of the U.S. have to go to San Diego to inspect the vehicle who escaped the control of its driver payday loans no teletrack .

Asian investors do not follow the rise recorded by the New York Stock Exchange yesterday. Wall Street had ended on a small rise of 0.11%, led by the announcement by Cisco Systems launched a new ultra-powerful router.

Exchanges in the region in a piecemeal

The Stock Exchange of Hong Kong seems impervious to macroeconomic figures published.The Hang Seng index is up 0.02% to 21,215.50 points. The Shanghai Stock Exchange loose his side was 0.32% to finish up 0.52% to 3059.27 points.

The S & P 200 Australian stable points to 4820.

Korea's KOSDAQ takes 0.33% to 1277.10 points. The Bombay Stock Exchange climbed more strongly from 0.64% to 17,161.48 points.

Oil down

Crude oil prices retreated Wednesday in electronic trading in Asia. The barrel of light sweet crude for April delivery dropped 16 cents to 81.33 dollars while the price of Brent North Sea, with identical maturity, lost 20 cents to 79.71 dollars.

Investors now await the release of weekly statistics on the state of stocks of petroleum products in the United States. Analysts expect an eighth consecutive weekly increase of oil reserves by 1.7 million barrels.

While the Tokyo Stock Exchange is closed on Wednesday because the National Foundation Day, most Asian stock markets continued in the green Wednesday: Hong Kong gained 1.36% at 20,192 points, Taiwan rose 1.10% in 7441 points, Seoul ahead of 1.93% to 3385 points, India climbed 1.25% to 16,120 points and finally Singapore up 0.58% at 2,750 points.

Crude prices were up Thursday in electronic trading in Asia enjoying a decline in the dollar market awaits the release of weekly oil stocks in the United States, dealers said bad credit payday advance