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 use of frames is better. The worst is over. According to the barometer of Apec, 52% of companies surveyed have recruited at least one frame in the second quarter. Five points higher than last year. 43% of companies say they will recruit in the third quarter, eight points higher than the third quarter of 2009. "The results this quarter are at a level close to the situation two years ago," wrote the experts from APEC. Computer science, engineering and business services accounted for this improvement. In the first two sectors, more than half of companies recruit more than a year ago.

However, the situation remains difficult in construction where the recruitment of three companies in four are stable or declining.

Good news for graduates: improving the recruitment forecasts for the first time since the crisis began in 2008. According to APEC, 38% of companies want to hire youth in the third quarter. Four points higher than a year ago. A quarter of managers hired since the beginning of the year are young graduates. For cons, the elderly have always struggled to attract employers. Managers with more than twenty years of experience represent only 9% of new hires.

The crisis has reduced the mobility of executives in 2009

European shares are sharpening their weapons. In an interview with La Tribune, the owner of the London Stock Exchange (LSE) Xavier Rolet reacted to the opening of NYSE Euronext a new trading platform in London. Called "NYSE Euronext London," this new market to attract foreign listings.

"Expanding our presence on the continent"

Xavier Rollet, the French who took the head of the London Stock Exchange last May, said he was surprised by this operation. His response was quick: "We have made different choices and work network rather than concentrating all our activity on a single data center," he explains to La Tribune.He added: "We do not exclude also not to extend our presence on the continent, opening new centers, data processing, to the extent that we would welcome, of course."

The boss said the LSE and the LSE would be "delighted [s] to offer [his] office to launch an electronic bond platform in Paris, provided that we welcome."

A "coup de grace for the Paris Bourse

In the Financial Times, Xavier Rollet described the strategy of NYSE Euronext's coup de grace for Paris, "providing" a significant problem for the French government " Payday Loan for Bad Credit. NYSE Euronext's strategy is not, according to him "a question of product 'but is rather a strong interest in the British capital.He also points out that his rival has already transferred its data center in suburban London. But Paris, says the British daily, remains the headquarters of NYSE Technologies and the place where NYSE Euronext intends to develop its own clearing house.

In addition, the Financial Times reveals that the LSE prepares an offensive on the derivatives market. Rollet Xavier Charter calls for an opening to competition of the market where it wants to position itself within nine months.

The London Stock Exchange on Wednesday posted a slight sales increase of 1% between April and June 2010 to 158.2 million pounds (189.5 million euros). Over the same period, total revenue rose 2% to 166 million pounds (198.8 million euros).

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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"This is our operation this year." Michel Bouvard, MP (UMP) who chairs the supervisory board of Caisse des Depots et Consignations (CDC), sets the tone: the entry of public institution with a capital of La Poste is in itself that the Fund invests typically one year. The frame is fixed by law: The Post will benefit from a capital increase of 2.7 billion euros, 1.2 billion provided by the state, and 1.5 billion from the Fund. Must still agree on the value of the Post Office to determine what will be the level of participation of the CDC in its capital.

Twice a week since the beginning of the month, teams from the Fund – backed by Lazard and Morgan Stanley, helping Gimar Finance Supervisory Commission – and those of the Agency for State Holdings (advised by HSBC), compare analysis.Condemned, by law, to agree, the two pockets of the state does not want to go to war. No way to dwell on a range of recovery – a "fork" as an actor in the negotiations – which, however, reveals a gap of one to five.

The Post valued at 1.8 billion euros

Reportedly, in fact, the "buyer" – CDC – valued at this stage, the post office to 1.8 billion euros, including debt, when the "seller", the State, shows 9.5 billion. The discussion, in fact, is to converge to a value of The Post to be that of its own funds (4.1 billion euros at end 2009).The work involved with the management of La Poste – CEO Jean-Paul Bailly plate before the Investment Committee of the Board of Trustees of the Fund on June 23 – and the EPA have already been able to fill a (small) part of gap.

Concordant sources, Bercy proposes to extend the revenue projections and results of the public company beyond 2015, the end of the current strategic plan, focusing on the extension of subsidies for the distribution of the press, Accessibility bank or land use. This involves taking a very long-term bet, even though projections for five years been based on optimistic assumptions, as stated by the Court of Auditors paydayloans.

For example, the public company anticipates a replacement for four retirements, two times less than in 2009.It sits on a decrease of 30% "only" the volume of business mail by 2015, when erosion caused by traditional Internet this activity has accelerated with the crisis.

"Prudent investor"

The financial trajectory, finally, projects a growth of 5 to 6% of revenues the Postal Bank in the period, based on a scenario of "macro" rather rosy, particularly in terms of changes in interest rates. She bet – she is not alone – a tightening of prudential regulations on international (Basel 3) which would cost only 500 million of equity to its subsidiary … These are all the more crucial that La Banque Postale represents alone worth more than 8 billion euros.On it depends on price which its parent.

To justify the target value, the arguments must be strong: the CDC should behave "prudent investor, in strict compliance with its property interests." Especially, the recapitalization not be considered state aid by Brussels. During the presentation of the report of the supervisory committee, Michel Bouvard reiterated the goal: the investment must provide a perspective of profitability similar to the average of the other assets of CDC. "We want to secure our investment in case of degraded scenario," he says.

The Fund negotiates as a shareholder pact that would endorse the joint control with the State on the public company, it takes 25 or 35% of the capital. "The state is more favorable to have the CDC in a strong position as shareholder," says one close to the matter.The Fund would have four directors, an involvement in appointing the CEO, and a veto not only on large investments, but also the most common big decisions, like budget.

Doing better than last May 27. That was the declared objective of the unions on Thursday morning, when an earlier day of action against the pension reform was mobilized between 395,000 and one million people (according to police and unions respectively) on the streets. Since then, times have changed. The government has announced plans for pension reform last week. A text that unions have unanimously considered "unfair."

In the afternoon, the figures for participation in parades and the strike rate was rather encouraging for the Inter-CGT, CFDT, UNSA, Solidaires, FSU and CFTC, the origin of this new day of action against government project.While some 200 rallies are planned across France on Thursday morning parades that took place from north to south have already attracted more people than May 27

It says that Bernard Thibault, secretary general of the CGT:

Jean-Louis Dumas in June 2001. Photo credits: AFP

One hundred and sixty rooms and suites and 144 private residences, five restaurants, a spa, grand reception rooms: the first Armani hotel was inaugurated on Tuesday the world's tallest tower (828 meters), Khalifa Burj, Dubai. "After five years of working with photos and drawings, I finally discover the culmination of this project", rejoiced Giorgio Armani, who came to attend the opening ceremonies of this first school bearing his name. From a distance, the designer has personally supervised every detail, soft curves of the design of rooms, choice of fabrics or utensils, mainly originating from the Armani Casa collection. "In my idea, Dubai was the Las Vegas of the Middle East, the opposite of minimalism, which I am a follower," he added.I wanted to create something you can remember. "

After several months of backlogs – and one more week because of the chaos associated with the air of the Icelandic volcano eruption – the event has high symbolic figure for the Emirate of Dubai in a financial crisis. For Emaar Properties, developer of the hotel, the Burj Khalifa and the whole new area called Downtown, where it is located, is also a way to show a positive face of setbacks experienced by the competitor Nakheel, overburdened, and the origin of the famous palm-shaped islands created from scratch in the Persian Gulf. Debt Nakheel, owned by the state, has led Dubai to seek help from its neighbor Abu Dhabi and to refinance its debt with its creditors last month.

Emaar has invested over one billion euros in the construction of the tower.Having suffered a halving in two years of its turnover (1.76 billion euros in 2009) and a slump in its profits, delivery of the 1,000 apartments and 50 floors of offices in recent months will boost the results of the firm. "Crises come and go. Projects like this are built for centuries, "said Mohammed Alabar, chairman of Emaar, which expects a return on investment of 9%. It was he who persuaded Mr. Armani to sign an agreement with him to develop a chain of hotels plans to open a dozen locations around the world in ten years. The next is planned for Milan in 2011. Follow residences in Marrakesh and Marassi, Egypt.

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The World Bank took into account the weight of so-called "developing and transition economies" in the global economy by proposing to increase their voting rights in the institution, as requested in September by the G20, transferring at least 3% of the votes of advanced countries to others.

The 186 shareholder countries of the World Bank have agreed, after the spring meetings of the International Monetary Fund (IMF) in Washington, for a capital increase – the first in 20 years – 3.5 billion ($ 2.6 billion), in addition to which only the developing countries could add 1.6 billion dollars that will allow them to increase their voting rights.

"The approval of this change on voting rights is crucial for the legitimacy of the bank," said World Bank President Robert Zoellick.

China will hold 4.42% shares

Ultimately, it is 3.13% of rights that should be taken from one side and granted each other, allowing developing countries to hold 47.19% of the voting rights of the World Bank.

Among the big winners (r) evolution – the issue of transfers of votes is the subject of debate for several years – China, whose rights to vote from 2.77% to 4.42%, to climbed to third place in the countries most represented, after the United States (15.85%) and Japan (6.84% against 7.62% previously) electronic check payday advance.

"This represents an important step towards a new balance between developed and developing countries" reacted Chinese Finance Minister Xie Xuren was quoted by the official Xinhua News Agency.

Brazil (2.06% to 2.24%) or India (2.77% to 2.91%), have also benefited from this review, for example at the expense of France, whose share was down by 4.17% to 3.75%. Ditto for Great Britain.Germany now holds 4% of the votes, against 4.35% previously.

Faster, more flexible

The Development Committee of the Board of Governors also approved an increase of 86.2 billion dollars of capital to the International Bank for Reconstruction and Development (IBRD).

"The additional capital can be used to create jobs and protect the most vulnerable through investments in infrastructure in small and medium enterprises and social safety nets," said the head of the institution .

The committee was in favor of the new Bank strategy for post-crisis and "a set of sweeping reforms to make the Bank faster, more flexible, making it more accountable for its actions" .

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LE FIGARO. How will you improve the enforcement of tax laws?

Christine Lagarde. I wish first of all to strengthen legal certainty in tax matters. Some blame the latter to move too quickly, not always available. They are not always wrong … To improve the quality of our tax system, I am setting up consultations upstream on some drafts tax. Specifically, we now disclose on the Internet as often as possible the proposed draft text, particularly when presenting a particular technical specialty. It is a revolution that will allow all interested parties (individuals as companies) to read and especially to propose amendments. We can thus take into account their comments and submit a bill already matured to the Council of Ministers.The aim is also to ensure that the intervention is less concentrated lobbying at the stage of parliamentary debate, which will limit the amendments.

This rule does apply to the finance laws?

In principle yes, for all the texts on which a consultation deemed appropriate, and subject of course offs of the Premier. We tested the approach last year by broadcasting the complete text of the reform of business tax in July. This allowed an extensive prior consultation, that has not prevented the government to mediate to end. Experience has been successful and I wish to extend it.In general, I believe that by expanding the prior consultation, we can improve the quality of texts, to facilitate parliamentary discussions, proportionately reducing the volume of instructions issued and simplify matters for taxpayers.

How to help taxpayers understand the law?

By reforming procedures for issuance of tax instructions, that is to say the comments that we broadcast to explain specifically how to apply the measure passed as part of the law. We will take steps to expedite the release draft instructions: within two months of the entry into force if the text gave rise to upstream consultation, within six months in default. When setting up the device Scellier in 2009, households had to wait until May for an answer to some important issues! It will not be too long in the future.We contacted the department's website a publication schedule of the most awaited instructions so that taxpayers know where they stand. More importantly, the draft statement will be prejudicial to the administration. This provides a real guarantee to the taxpayer if he makes an investment using the draft statement and then the administration changes its mind and publish a final statement stricter conditions on its investment will not be delivered question.

What will you do Retailleau report on simplifying the business tax landscape?

I found very interesting the proposal of Senator Bruno Retailleau develop a compact growth with mid-cap companies with promises of stability of some sections of the regulations for a specified period in exchange for commitments for growth.Similarly, the idea of not changing the rules that set time, determined beforehand in the year, would be a breakthrough for companies that no longer have to waste time and money to monitor publications of new rules. I asked Herve Novelli to study the feasibility of these measures.

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