World and National News

After the United Nations Conference on Trade and Development (UNCTAD) and World Bank, it was the turn of the IMF (International Monetary Fund) and the Bank of France to take a position on the yuan.

Invited BFM Radio, this Tuesday, Christian Noyer, governor of the Bank of France said that "to have a robust and sustainable growth for world economies, the issue of currency must be resolved. In G20, we are negotiating with China to find the right system to get the best balance.

"The G20 must address the issue of exchange" (Walnut)

He deplored the existence of two systems with a share of them floating currencies like the dollar, the euro, the pound or the yen and other currencies fixed, as the yuan."If a small country has a fixed currency does not pose a problem, but the fact that this is a country central to the economy, the coexistence of these two sytems is therefore more feasible," said Governor Bank of France.

For its part, Dominique Strauss-Kahn, IMF managing director, in a speech to the European Parliament in Brussels, ruled Wednesday that the Chinese currency was "very undervalued", echoing account criticism of the United States.

For the former French Minister of Economy, Finance and Industry, a reappraisal of the yuan through a Chinese growth "more driven by domestic growth" and consumption, and less by exports and cheap products payday advance . A model that China will continue to develop.And for this, the Chinese government has reiterated its desire to stimulate consumption. Thus, 14% of Chinese GDP, under the stimulus plan has been devoted to domestic demand.

Pressure on Barack Obama

Tuesday, UNCTAD said that letting the yuan float would not solve the problems of trade imbalances, an argument advanced by Washington. For its part, the World Bank has advised Beijing to let its currency appreciate.

After the open letter sent Monday by one hundred thirty legislators to U.S. Treasury Secretary and Secretary of Commerce, five U.S. senators have proposed a text yesterday to redefine the criteria by which a currency is considered handled.Where manipulation proved, trade sanctions can be taken through tariff barriers on imports for example.

The increasing pressure on Barack Obama, U.S. officials did not hesitate to bring to account the "undervalued" yuan a share of the rise in unemployment across the Atlantic. The legislators also believe that the low level of the Chinese currency is an indirect subsidy to Chinese exports and import taxes.

"Read the text of the letter

President Nicolas Sarkozy, German Chancellor Angela Merkel and President of Eurogroup Jean-Claude Juncker, called Thursday a survey of the European Union on financial derivatives, and hoped the ban on "speculative transactions" the regarding.

In a letter dated March 10 released Thursday by the Elysee, the three leaders and the Greek Prime Minister George Papandreou proposed that the European Commission "due diligence as soon as possible an investigation into the role and impact of Speculation on CDS (credit default swaps, Ed) the obligations of European states. " CDSs are contracts to exchange the risks of default of a company or a state.Speculation on these CDS are singled out in the financial crisis currently Greece, heavily indebted.

Minimum holding period of CDS

"If this investigation was to expose abuses of market or that it exhibits evidence that speculation has an impact on interest rates, we will quickly review and action as appropriate, adopt laws and regulations necessary to end, "adds Angela Merkel, Nicolas Sarkozy, Jean-Claude Junker and George Papandreou cash till payday advance .

The company announced Wednesday it had granted Bausch & Lomb the exclusive worldwide rights of NCX 116, treatment of glaucoma and ocular hypertension, for a total of up to $ 169.5 million.

In exchange, investors reacted immediately: the NicOx shares rose almost 6%. Rebelotte Thursday with unehausse of 5.7%. Thus, actions cotent at closing 5.92 euros. The bar is close to EUR 6.

However, the exchange price is still below its levels there are still four months (the title was worth € 7.9) or June 2009 (it was over 10 euros) … or all of its first steps on the Paris stock exchange (the record stands at 39 euros). It was late 1999.

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Henri Proglio and Anne Lauvergeon, who lead respectively EDF and Areva, are called in on Wednesday afternoon at Matignon. The Prime Minister has every intention of putting an end to bitter arguments currently taking place between the two main leaders of the French nuclear industry.

Since late December, the two groups, which have the state as shareholder ultramajoritaire, to blame for the failure of the bidding in Abu Dhabi. And in January, has expanded their quarrel: Areva has just suspended the transportation of spent fuel – from EDF's power – to its reprocessing plant at La Hague. In the entourage of Francois Fillon, it stresses that both companies are forced to work together.The prime minister wants to put an end to these incessant disputes and public.

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The crisis has backfired in China. With more than 8% growth in 2009, Beijing table already on a growth of 9.5% for 2010, relegating the slowdown of the first and second quarters to the level of vague memory. In any case the forecast of the State Council Development Research Center, near the Chinese government, which estimates that investment driven by the market will gradually take over from the recovery plan launched by the Chinese state during the coming year.

The property "become the main source of investment growth," said Zhang Liqun, an economist with the think-tank, in a report published Friday in the China Economic Times, a newspaper that publishes all research center. Investments in this sector are expected to jump 30% to 40%. Inflation, which feeds a lot of concern among analysts, should be contained below 3%.

Mr.Zhang also provides for a resumption of exports, which depends on the Chinese economy, which had declined in 2009. For his part, Minister of Commerce Chen Deming, recalled earlier in the week a foreign trade up 10% to 15% in 2010.

These estimates are supported by the leading indicators of economic conditions, past the green for several months already. The index of purchasing managers has reached 56.6 in December, registering its highest level in twenty-two months. Above 50, the index indicates an expansion of production.

Concerns about credit

In the third quarter of last year, China's economy recorded 8.9% growth. Even in 2008, which saw the economic slowdown begin has not broken a positive revision of growth figures – like previous years.The National Bureau of Statistics announced a correction of + 0.6% of the increase in gross domestic product (GDP) in 2008 to 9.6% after a reassessment of the place of service sector growth.

For 2010, the Chinese machine should not make a break. President Hu Jintao called for continued rapid economic development and stable, when television delivered his vows December 31. Most analysts expect growth to exceed that of 2009. The Asian Development Bank on a table and GDP growth of 8.9%, against 9% for the International Monetary Fund and 9.3% for the Economist Intelligence Unit.

But challenges remain unchanged. Faced with the explosion of credit in 2009, which helped finance the generous recovery plan, the Chinese Premier did not hide some concerns."It is good that our bank loans are more balanced, better structured and to a lesser extent," confided Wen Jiabao to the official news agency Xinhua last weekend. He asserted, however, want to maintain the stimulus to avoid the risk of jeopardizing the country's development. In 2010, Beijing will need more than ever think about a way of sustainable growth for the drafting of the new five-year plan, covering the period 2011-2015.

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Sheikh Mansour Bin Zayed Al Nahyan has denied reports published by Spanish newspaper AS that he wanted to buy the Spanish club Real Madrid for the sum of one billion euros. In a statement released by the official WAM news agency, a source close to the sheik, said he wanted to "[focus] now all his efforts and attention on Manchester City to assure him a place among the elite clubs of the United Kingdom" .

It is true that such transaction is impractical. And for two reasons. Initially, Sheikh Mansour Bin Zayed Al Nahyan was to get rid of Manchester City, which is the current owner, one person can not have two clubs at once, according to UEFA rules.

Second, it proves to be much more complicated to solve. Real Madrid had to change its constitution and become a sports company.A development which requires the approval of … "socios". Contrary to most Spanish clubs, Real Madrid, like FC Barcelona is an association "nonprofit" that belongs to its members that are other than the supporters club.

327 million euros of debt accumulated

For now, Real Madrid continued to accumulate debts, which reached this year, 327 million. And nothing says recall that last summer, the Madrid club has paid a quick one, Brazilian Kaka (65 million euros), the French Karim Benzema (35 million euros) and Portuguese Cristiano Ronaldo (94 million euros). In total, the club Castilian spent last summer, the tidy sum of 250 million euros.It is club football that generates the most revenue in the world with revenues of 365.8 million euros.

Although he denied the report, Sheikh Mansour Bin Zayed Al Nahyan keeps an eye on Real Madrid. The UAE dignitary "rightly appreciates the experience of Real Madrid and he is a big supporter of the twinning agreement signed in 2005 between the Spanish club and the club Al-Jazira in Abu Dhabi which he chairs.