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."

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 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.

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 successor to the iPhone 4 unveiled Tuesday, the eve of the death of the co-founder of Steve Jobs, has, according to the second mobile operator in the U.S., an "extraordinary demand", despite no change in design.

The three major U.S. telcos, AT & T, Verizon Wireless and Sprint, have begun taking orders for the iPhone 4S Friday.Apple's flagship handset will be available in stores from October 14.

Comparison with sales of the previous generation is difficult because the iPhone 4 at its output was distributed only by the operator AT & T in the United States. It was then passed to 1.7 million copies during the first three days of its launch.

Some analysts expect Apple sells between 27 and 28 million iPhones for the quarter October to December.

Handsets running the Android operating system from Google, as the Galaxy Samsung, have become formidable competitors of the iPhone while Tim Cook has just taken the reins of Apple and its founder, credited with a strategic vision, has disappeared as a result of cancer.

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.

The action of the first Swiss bank UBS has opened lower Monday after the surprise resignation of CEO Oswald Saturday Grübel after the scandal caused by the massive fraud by a trader who cost the institution $ 2.3 billion . After falling 2.17% at the opening, title UBS limited its losses, down 0.40% to 10.08 Swiss francs in a market down by 0.35% at 7:13 GMT.Sergio Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa and a former leader of the Italian bank Unicredit, will assume the position of interim CEO with immediate effect, UBS had said Saturday.

Gruebele Oswald resigned after the spectacular case of fraud which cost 2.3 billion dollars and another blow to the reputation of the first bank Helvetic. "The Board of Directors of UBS has accepted the decision of Oswald Grübel to withdraw from his duties" the bank said in a statement. Kaspar Villiger, President of UBS, said in the statement that "The Council regrets the decision of Oswald Grübel.The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. "

"This decision reflects the strength of its principles and integrity," added the president of UBS, adding that "during his tenure, he managed to turn the company around and increased impressively in the UBS base ". M. Gruebele, 67, was taken from his retirement two years ago to address the UBS, after leading the rival bank Credit Suisse. Taking the head of UBS in the midst of the financial crisis during which the bank had lost billions of francs and posted record losses, Gruebele M. had returned to profit in 2010.

Oswald Grübel "retires from office after having helped UBS to become one of the best capitalized banks in the world" acknowledged Saturday the chairman of banking giant Helvetic.Kaspar Villiger said shortly after during a conference call that the board of directors of UBS did not want to see Oswald Grübel leave immediately and would have preferred to keep jusqu''à the shareholders' meeting in spring 2012. But Oswald Grübel, abandoning his position as Chairman of the Executive next year would not have constituted a strong enough signal, said Chairman of UBS from Singapore. UBS disclosed last week have suffered a loss of $ 2.3 billion (1.7 billion) after one of its traders had made "unauthorized trading".

A broker of 31 years, Kweku Adoboli on suspicion of fraudulent transactions, was charged and detained in London, as part of this young man will affaire.Le jailed at least until his next hearing on 20 October.The largest shareholder in UBS, the Singapore sovereign fund GIC, had reacted severely after the discovery of the fraud, calling the Swiss bank "to react firmly to restore confidence in the bank."

There are less than a week, however, Oswald Gruebele, had told the Swiss Sunday newspaper Sonntag, he did not feel guilty in the fraud case and had no intention of resigning. "I am responsible for what happens in the bank. But if you ask me whether I feel guilty when I say no", said the banker, Sergio P. Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa, will assume the position of interim CEO with immediate effect, said UBS."The Board is deeply disappointed by the loss from unauthorized trading operations and will fully support the independent investigation," said UBS also in a statement.

Swiss bank UBS had started Wednesday in Singapore where one of its largest shareholders, a series of meetings of its Board of Directors, held in the utmost secrecy. Friday, Oswald Grübel, continued to assert that he had always trusted the board of the group, despite the fraud and rumors of his imminent departure, according to a Swiss newspaper. Réagisssant the shock wave caused by the announcement of fraud, UBS decided to suspend all advertising campaigns.

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The group that owns Gucci and Puma, in the very focus on luxury and sports fashion, is in discussions for several weeks with high-end Italian tailor, had they learned from sources close to the matter.

The sources said the Italian company would be valued around 350 million euros.

"We are in discussions with them, as with others, but nothing is finalized," said the CEO of PPR François-Henri Pinault a few journalists during a trip to China last weekend, according to the spokesman for PPR.

The CEO added that PPR was in competition with others, as well as investment funds.

He also said to be interested in Chinese brands have a "strong identity," but said not to have found so far.

Asked about the sales process of Redcats (La Redoute, Vertbaudet and Cyrillus), François-Henri Pinault has recognized that the deterioration in the credit markets might complicate the operation.

"Access to credit is crucial.There is a risk, for sure, and we watch it closely, "he said.

PPR was happening in late July to begin the process of transfer of Redcats, which he sought to draw between 1.5 billion and 2.0 billion euros.

With the turmoil that has gripped financial markets, the valuation problems it poses and the deterioration in the credit markets, many bankers fear a setback to the resumption of mergers and acquisitions initiated this year.

Already, some observers doubt that the auction held for Redcats to succeed.