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.

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.

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.

This loss, which is the highest charged by the Japanese electronics group in ten years, compared with a previous profit forecast that anticipated a net profit of 30 billion yen for the fiscal year to March 2012 and the benefit net 74 billion recorded during the previous year.

From July to September, Panasonic has released an operating profit of 42 billion yen, an amount greater than its own forecast of 4.4 billion yen, but below the 50 billion predicted by the Thomson Reuters consensus I / B / E / S.

Last year, at the same time, he recorded an operating profit of 85.2 billion.

The group now expects an annual operating profit of 130 billion yen, while previously planned 270 billion. Analysts on average had forecast 225 billion yen.

As a number of Japanese exporters, Panasonic is faced with the high yen, which discourages consumers to purchase products made in Japan.

European leaders Sunday traced the outline of a plan to end the debt crisis that threatens the euro area, despite disagreements, and pressured the Italian leader Silvio Berlusconi seemed to hear their calls in a pinch.

A summit in Brussels has apparently helped a little closer Franco-German couple, who previously showed strong differences on how to strengthen the clout of the Fund to support the euro area (EFSF), a financial need to stop the contagion of debt.

A "broad agreement" is emerging on this issue, assured French President Nicolas Sarkozy, while this issue poisoned relations between Paris and Berlin for several days."Discussions are progressing well, there is no blockage," he said.

Careful, however, the French president warned that he would "still many hours of discussions" to reach a final solution Wednesday, during a new European summit which aims this time decisive.

After a standoff, Paris was forced to abandon his idea of ​​involving the European Central Bank (ECB) in strengthening the firewall in the euro area. German Chancellor Angela Merkel adamantly opposed on the grounds that it would have violated the legal prohibition against the European Central Bank (ECB) to help governments fiscally.

Two scenarios for the EFSF

Now, two scenarios, but matching multiple variants are still under consideration to give the EFSF firepower of at least 1000 billion euros, according to figures circulating.One proposes to act as an insurance system of partial public debt of countries in difficulty, the other is considering creating a kind of special fund to accept contributions from outside investors, which could be backed by the International Monetary Fund.

The President of the European Union, Herman Van Rompuy said after meetings on Sunday that "combined, these two models could have a cumulative effect." Executive Director of the IMF, Christine Lagarde, has expressed his satisfaction as he left the meeting Sunday evening. "We made very good progress, it was really an effective meeting, and I hope it is really in the right direction for Wednesday," she said.

The model involving the IMF, however, cause controversy, because countries such as China could invest."The Chinese said they were interested, but some member states are skeptical about the idea of ​​integrating a Chinese contribution to the EFSF," said one diplomat.

In addition to the EFSF, the answer to the crisis is to stabilize the over-indebted Greece, creditor banks impose on the country's heavy losses, recapitalize them for the shock and therefore more arming the EFSF.

In detail, the countries of the euro area have agreed to require banks losses of at least 50%. Greece is currently stifled by a huge debt of some 350 billion euros. Negotiations are ongoing with the financial sector.

Concerning the recapitalization of banks, the amount proposed is approximately 108 billion euros, according to a European source. The Europeans have yet to define the terms of the plan.Announcements should be made Wednesday on this.

"There will be no solution to this crisis pan-European if Europe does not take a global decision," stressed the Prime Minister of Greece, George Papandreou.

The Australian Minister of Finance, Wayne Swan, on Monday accused European leaders of having "lost time" past 18 months and urged them to present a serious plan, otherwise endanger world growth.

Worried about a contagion of the crisis, European leaders have also shown severe Sunday against Italy awash in a debt of 1,900 billion euros. Rome is accused of failing to meet its commitments to fiscal restraint and not enough to reform its economy.

Berlusconi will pension reform

"We have made it clear to Berlusconi that Italy must do everything to be up to its responsibilities," said German Chancellor. "This is not to appeal to the solidarity of partners if we do not have the necessary efforts," warned Mr Sarkozy for his part.

These stern warnings seem to have been heard by the Italian head of government: the latter announced his intention to convene an extraordinary cabinet meeting Monday to reform the pension system. Rome causes irritation of its partners who fear a major crisis in the euro area if the public accounts are not firmly held.

Last project: the reform of the governance of the euro area. EU leaders appointed Van Rompuy at the head of the summit meetings of the euro area alone, in addition to his cap pattern of the EU.The EU countries not members of the euro area, such as Sweden, do not like this two-speed Europe that is taking shape. They got a top-27 Sunday to take place Wednesday, one hour before that of the single euro area. British Prime Minister David Cameron has postponed the official visits he had made in New Zealand and Japan to attend this crucial meeting.

The German Finance Minister Wolfgang Schaeuble said Thursday a "total agreement" between France and Germany on measures to resolve the crisis in the euro area, but warned that this did "not yet a European solution. " Asked about the outcome of consultations on Wednesday with Chancellor Angela Merkel, French President Nicolas Sarkozy and other senior EU officials, the minister said that the positions of France and Germany were "total agreement" but suggested that differences remained with other members of the euro area.

Earlier in the day, the Secretary of State for Finance Steffen Kampeter had, in a letter to German MPs, acknowledged the persistence of differences on certain issues, including the exact definition of the skills fund to support the euro area The EFSF. These differences do not seem to be the result of the two largest economies in the euro area. They "have a responsibility to control Europe, but it does not replace the negotiations of the 17 countries" in the euro area, found Mr. Schäuble.

European leaders have promised solutions to the debt crisis at the latest at the EU summit scheduled for Sunday, and negotiations for this purpose are underway. On the issue of a "lever" that would allow the EFSF to help European countries to the penalty beyond a volume of 440 billion euros, "we have no joint proposal" for the moment, a recognized the

The hotel group is still operating income in 2011 of between 510 and 530 million euros on the table and continued work "sustained in the fourth quarter 2011," we read in a statement.

During a conference call, the CFO of the group, Sophie Stabile said he had found no signs of slowing reservations by the end of the year.

"It has always been a positive trend and no signs of slowing down in terms of bookings at the end of the year.On October, there has been good predictions in terms of bookings, "she said.

Accor has reaffirmed its goal of opening 35,000 rooms in late 2011 after having already commissioned 28,000 at the end of September.

The company, which counts among its brands Ibis, Novotel and Sofitel, achieved sales of 1.623 million euros in the third quarter, against 1621.8 million expected by analysts according to Thomson Reuters consensus I / B / E / S .On a comparable basis to rise is 5.8% (4.52% expected) and 2.7% as reported.

In high schools and mid-range, sales for the third quarter rose 5.3% on a comparable to 907 million euros in the third quarter of 2011

In Economy Hotels (outside the U.S.), the increase on a comparable basis was 7.5% to 516 million euros in the third quarter of 2011.

On this last segment, hotels in the United States conducted its largest increase since the beginning of the year (5.1% organically) to EUR 153 million.It is linked to higher occupancy rates (+1.8 point) and the improvement in average prices (+1.7%).

The action of the fourth global hotel group behind InterContinental, Marriott, Hilton and Starwood, closed Tuesday at 22.07 euros (-0.14%) showing a market capitalization of five billion.

American billionaire Warren Buffett has released details of its income and its tax-bill, encouraging other rich Americans whose boss of News Corp., Rupert Murdoch, to follow his example.In a letter to a congressman, Warren Buffett, the third richest man in the world, said it had won a total of $ 62.8 million last year, reduced to a taxable amount of 39.8 million dollars after tax deductions.

Warren Buffett, who supports the attempt by U.S. President Barack Obama to pay higher taxes for wealthy Americans, said it had paid a total of 6.9 million of taxes, a rate of 17.3%. This rate is much lower pay than many Americans, including his own secretary, said Mr. Buffett to Republican Tim Huelskamp in his letter dated Tuesday. Warren Buffett said to Mr.Huelskamp, ​​who criticized his position on taxes, that most of the senators and deputies, pay more than 30% of their income in taxes, "as all employees of the office except me."

Open war with Rupert Murdoch

Warren Buffett, who has accumulated a fortune of over $ 50 billion through its investments through his company Berkshire Hathaway, responding to a call from Mr. Huelskamp asked him to prove the truth of his statements on the few tax to which it is subject. "What would be helpful to see more of the ultra-rich publishing their taxes," Mr. Buffett wrote. "If you could get other rich Americans to publish their taxes at the same time as me, it would be very useful to get an intelligent dialogue on reform of taxes," said the billionaire.

"It is clear that many ultra-rich pay even lower percentages than me and get the federal government the amount of taxes could be useful to legislators to establish a fair tax code", he still writes. In particular, the billionaire city "Rupert Murdoch, one of my colleagues ultra-rich" owner of the Wall Street Journal that criticized last week Warren Buffett calls for higher taxes for the rich and had demanded the release its tax-bill.

Mr. Huelskamp has responded on his website regretting that Mr. Buffett has not yet released its official tax form. "If Mr. Buffet wants to actually pay its fair share + + tax the government can easily send voluntary contributions to President Obama and the federal government. This, apparently, he did not," concluded Mr. Huelskamp.

Organizations require retirees to protest Thursday in 110 cities against the plan anti-government deficits, the loss of purchasing power and delayed the reform of addiction. Paris will be the highlight of this day inter-engagement, with a planned demonstration at 14h between the Place de la Bastille and of the nation, the call of the UNSA-retired from UCR-CFDT, the Unar-CFTC, the UCR-CGT and the FGR-FP.

These pensioners' organizations have condemned the government decision to postpone indefinitely the reform of financing of the loss of independence and recalled "the need to create a universal benefit to compensate for the loss of autonomy regardless of age, care for national solidarity, as part of Social Security. "

Campaign promise of Nicolas Sarkozy in 2007, this reform was to improve the quality of care for older people and reduce the cost for individuals, has been postponed several times, the last time in late August. But is conspicuously absent from the bill funding the Social Security (PLFSS) for 2012, presented Wednesday by the Cabinet, even if it is intended as annual increases in funding for the elderly.

Regarding the purchasing power, "which continues to deteriorate," the five unions fear a further decline due to plan anti-government deficits announced in late August. At the same time, they demand a significant increase in pensions, especially for low pensions, minimum pension at the minimum wage and a new method of indexing.

The UCR-FO, which was signed in July calling for the single day of action, has finally shown solo on September 20 with all the militants OST to the trial of "austerity".