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.

"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 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.

The National Assembly approved Friday the establishment of a tax on soft drinks, the amount will be doubled from the initial draft of the government, and also introduced a tax on beverages containing artificial sweeteners, sodas lights.

The tax on soda, two cents per can, bring 240 million euros, half of which would finance the reduction of social security in agriculture, and the sweeteners on 40 million euros, said the Minister of Budget, Valérie Pécresse.

A few hours earlier it had expressed its opposition to a tax extended to lights products."Broadening the tax base it would lose its coherence" had she said, stressing the goal of the fight against obesity project.

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.

The initiative would encourage investors to buy sovereign debt otherwise considered too risky by providing a form of insurance against potential losses and in fact increase the firepower of the EFSF.

"Instead of buying 100% (of bonds), the EFSF could ensure, for example, 20% of the amount of debt issued to private investors," said the source.

Financial markets are worried that the size of EFSF, currently has 440 billion euros, sufficient to enable both to help a large country in the euro area while bailing out the banks vulnerable to the region.

European leaders are advocating a recapitalization of the continent by some estimates could cost between 100 and 200 billion or more.

Chief Financial Officer EFSF has in turn said Friday that applications to the rescue fund for recapitalization may be limited, the private sector and governments to be asked first.

"You must also take into account the fact that Ireland, Portugal and Greece have already set aside money for recapitalization of banks as part of their programs," he told reporters Christophe Frankel.

He added that the EFSF also looks to the money market, making funding more flexible and diversified.

"We will implement a strategy of short-term financing could be structured around a good program," said Christophe Frankel.

As feared, the Slovak Parliament rejected on Tuesday the strengthening of the Financial Assistance Fund of the countries in the euro area, potentially exacerbating the debt crisis. There is indeed no "plan B" to circumvent the veto.

"Of the 124 deputies present, 55 elected officials voted in favor, 9 against and 60 did not vote," noted the Vice-Speaker of Parliament Pavol Hrusovsky, after the vote. Without the 22 members of the SAS did not participate in voting, the coalition could not consider getting a required majority of 76 elected members.

Considering that the Slovaks are too poor to pay for the mistakes of others, Richard Sulik, the leader of this party, opposed the EFSF, unless that Slovakia is provided to pay his bill, an event swept by Brussels.

The result of this vote should logically lead to the collapse of the center-right party Radicova Ms. Iveta SDKU-DS who had associated with a motion of confidence in his cabinet.

EU leaders decided on July 21 to give the EFSF new powers including increasing its lending capacity to 440 billion euros. An envelope that could be used to recapitalize European banks.

But to become effective, these measures were to be ratified by the parliaments of 17 countries in the euro area, which had set up in mid-October. Sixteen countries have already approved these changes, Slovakia is the only one to refuse to ratify it.Bratislava had already refused to participate at the forefront of aid to Greece decided in spring 2010.

Strengthening the EFSF represents a contribution of 7.7 billion euros for this small country, entered the eurozone in 2009. Given the risk of paralysis, Bratislava has raised the possibility of a second parliamentary vote, in which the opposition Social Democratic Party (Smer-SD) could support the strengthening of EFSF. No date has been set for that vote.

The leader of the opposition Smer-Social Democrats SDn Robert Fico, former prime minister, warned that he would abstain from voting on Tuesday but could then provide support to the government in a second vote provided that early elections are held.

The European Commission had in turn put pressure indicating "strongly hopes" a positive vote to help ensure "the stability of the euro area".Monetary union is by no means destitute. But she should return to EFSF old formula, with a lending capacity and lower private supposed to allow new tools to stem contagion from the crisis in countries like Spain and Italy.

Already, the decisions taken on July 21 are partly obsolete. On the one hand, the EFSF will have probably still be muscular to leverage its clout to reassure markets on its ability to cope with a possible spread of the crisis in Italy or Spain.

On the other hand, the leader of the finance ministers of the euro area Jean-Claude Juncker acknowledged Monday that the losses will suffer the creditor banks in Greece are likely to be greater than expected.

Made outstanding contributions in the second aid package to Greece, decided July 21, banks had committed to eventually accept a depreciation of 21% of their portfolio of Greek bonds, in order to relieve Athens , awash in debt of close to 350 billion euros. But this figure of 21% now seems outdated. "The discussions focus on a discount of 50%" today, said a European government source told AFP.

If this threshold is reached, Greece would move to a default similar to Argentina in 2001. The country's creditors in the end had to accept a discount of about 70% on a debt four times less than that of Athens.

Greece, however, snatched on Tuesday troika comprising its creditors (European Commission, European Central Bank and International Monetary Fund) the promise of payment in November of 8 billion euros.

This will prevent an immediate collapse and allows it to buy time in negotiations to restructure its debt in the euro area. The fears weighing on the banking system led the Europeans to agree to recapitalize their banks. The Commission President José Manuel Barroso, will also Wednesday "proposals" in that it will present to the Commissioners.

The government is considering an increase in future tax on soft drinks that could go to his double, said Wednesday the government spokesman Valerie Pécresse after the Council of Ministers.

"It is envisaged that an increase could not be more than twice," said budget minister, adding that the tax, announced in late August as part of the anti-deficit plan would not be extended to sweetened beverages, fruit juices and mineral waters, as has been said Wednesday morning in the press.