News Headlines

UBS continues to share roles at the top after the final appointment of Sergio Ermotti to the post of CEO in mid-November.

Maureen Miskovic, the risk manager questioned after the scandal caused by the loss of 1.85 billion francs resulting from unauthorized transactions of one of its traders in London, left the group she joined in January.

It will be replaced as director of risk by Philip Lofts, currently director of UBS Group Americas.He had previously held that position at UBS between 2008 and 2010.

Robert McCann, who joined the group in 2009, will serve as the head of UBS Group Americas in addition to his duties as head of wealth management Americas.

Ulrich Körner takes the former position of Sergio Ermotti at the head of the Europe, Middle East and Africa (EMEA) and keeps his position as Chief Operating Officer (COO) and Director of the Corporate Center.

The director of investment bank Carsten Kengeter is kept at his post, although it has been heavily criticized after the scandal losses brokerage in London.

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The French Parliament has finally adopted Tuesday, majority against opposition, the bill funding the Social Security (PLFSS) for 2012 which includes several measures of the recent savings plan of the government.

The National Assembly, which constitutionally the final word, conducted Tuesday at the final reading of this PLFSS after the Senate, where the left is now the majority, was the once again rejected Thursday.

This bill provides for a reduction to 13.9 billion euros, against 18.2 billion in 2011, the deficit of the general scheme of Social Security in 2012.

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Labour Minister Xavier Bertrand warned Sunday that the number of registered employment center, to be released tonight will be up in October. It challenges the crisis. The Minister of Labour and Health Xavier Bertrand

The Minister of Labour Xavier Bertrand said on Sunday that the unemployment figures of the month in October would be "not good", asked the Grand Jury RTL / Le Figaro / LCI. The figures, to be published Monday, "will not be good and everyone knows they can not be good due to a crisis which does not come out yet and even in the field is growing," he the minister said."When we decided to discontinue its business relationship with a subcontractor and that is a very large group, we must notice," he said, adding also want to "support the employees of these subcontractors."

A permanent contract for temporary

Xavier Bertrand was also suggested to create a permanent contract in the agency sector. "I'm going to suggest to all companies in this sector to set up a permanent to temporary," he said, saying it might interest between 15 and 25% of the 500,000 temporary workers. The minister also stressed the need to improve the system's return to work after periods of unemployment.

Referring to the future of 35 hours, including the UMP says it wants "out", Xavier Bertrand said that France was already "out of 35 hours." He ruled out any "revenge" and "ideological approach" that "would penalize employees."

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China's economic growth to slow to 8.5% in 2012 due to lower external demand, but this rate of expansion slowed remains "acceptable," said a government economist quoted Friday by the New China News Agency.

Lu Zhongyuan, vice president of the think tank Development Research Centre (DRC) of the Chinese government also believes that inflation will fall to 4.5% next year.

The economic slowdown expected – compared to a rate of over 9% expected this year – is estimated by the economist as "reasonable and acceptable" because, he says, the quality of growth improves.

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Hungary has pledged Friday talks with the IMF and the European Union that could lead to an agreement by February of "support growth" but that may come up against the willingness of Prime Minister Viktor Orban, to keep control over economic policy.

While Budapest dismissed all claims with the International Monetary Fund since he took office in spring 2010, the decision of the head of the Conservative government to reconnect with the institution led by Christine Lagarde is a clear political defeat.

He assured that the government did not act in an emergency, Hungary continued to borrow in the markets and the agreement would not affect the financing of public debt.

"We are not dependent on the goodwill of others," he said.

The IMF representative in Budapest was not immediately available to comment on these statements.

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The events in Europe during the weekend may well dictate the evolution of Wall Street next week, at least at the beginning.

France and Germany called Saturday to the new Prime Minister of Greece Lucas Papademos the "full implementation and full implementation of all commitments" by his country to emerge from the crisis, according to the Europe Agreement of 27 October.

Italian President Giorgio Napolitano Sunday continued its consultations for the appointment of a new government to replace the outgoing team of Silvio Berlusconi, who resigned Saturday evening under the jeers of the Roman people.If pressed, the index may end up around 1100 early 2012, says he.

Many investors bought put options (selling) before the weekend to guard against a possible drift to lower Wall Street next week. However, seasonal factors could play for the Exchange.

November marks the beginning of the "best six months of the year", a period when the Dow Jones recorded a gain of 7.5% on average and has been for 50 years against 0.4% for the other part of the years, according to the Stock Trader's Almanac.

The holiday season partly explain this discrepancy.

European shares closed sharply down, the uncertainties surrounding the announced departure of Silvio Berlusconi has pushed the Italian rate of the loan to 10 years in excess of 7%.

The CAC 40 index ended down 2.17% to 3075.16 points in the wake of the fall in Milan instead of 3.78%.

The London Stock Exchange was down 1.92%, the Frankfurt 2.21% and the Eurostoxx 50 index of 2.34%.

The Stoxx European banks index (-3.67%) and insurers (-4.38%) signed the two largest declines sector in Europe.

Silvio Berlusconi said Wednesday he would resign the Presidency of the Italian Council once approved emergency economic reforms demanded by the European Union.In recent years, Greece, Ireland and Portugal have each in turn been forced to call for international help after seeing the cost of their debt to cross that threshold.

Most European stock markets had yet opened in the green, in the wake of positive fences in New York and Tokyo after the announcement Tuesday night, next to the resignation of Prime Minister Silvio Berlusconi.

But doubts about the timing of his departure, the identity of the successor and the risk of political instability continue in the third-largest economy in Europe have quickly gained the upper hand, replacing Italy Greece at the forefront of topics concern.

The airline offers Silvio Berlusconi to "escape with Ryanair" while Italian Prime Minister through a political crisis that could lead him to step down. Screenshot known site www.ryanair.com / it's November 8, 2011

"Dear Silvio, a new opportunity to escape with Ryanair." It is this formula that the low-cost airline has launched an advertising campaign on its website to promote its flights to 9.99 euros from Rome.

With a photograph of the Italian Prime Minister taking in hand the new calendar of charity of the company filled with scantily clad women, Ryanair offers Berlusconi to "escape", while the head of government is experiencing a major political crisis in the country that could lead to step down.

This is not the first time that Ryanair uses the news to advertise.In August this year, the company overdone the matter Depardieu, who had urinated in the hallway of an aircraft during a flight on August 17. "We are not the only ones who piss on the competition," was written at the time Ryanair on its website. One thing is certain, if the company is ready to surf the news, this is rarely the best of taste …

The rating agency Moody's Investors Service Friday downgraded the rating by two notches of Cyprus on the grounds that the government will undoubtedly support the banking sector next year because of its exposure to Greek debt.

The U.S. agency has reduced the sovereign rating of Baa1 to Baa3 from Cyprus, is just a notch above speculative grade.

This new note has been placed under review for possible downgrade again.

The need for public support to the banking sector comes as Nicosia lost access to international financial markets, which would force the country to seek emergency funding measures, says Moody's.

"This state support will have a significant negative impact on the debt of the state," the rating agency said in a statement.