Registrations of new cars in France fell by 20.7% in raw data in January to 147,143 units, said Wednesday the Committee of French Automobile Manufacturers (CCFA), con ; frequency of the economic climate and comparative unfavorable early 2011. Working day adjusted, in January 2012 with 22 working days counted against 21 in 2011, registrations of new cars in France fell by 24.3% last month. In 2011 and 2010, they had declined by 2.1 and 2.2%, supported by one after the scrappage scheme introduced to the crisis that struck the area in late 2008 and whose effects were felt until the first quarter of 2011. The PSA Peugeot Citroën registrations fell 23.1% last month while those of the Renault Group (Renault and Dacia brands above) decreased by 26.1%. In contrast, sales of Volkswagen in the Hexagon increased by 16.2% (23.2% just for VW).

The President of the European Central Bank Mario Draghi has made it clear Thursday he was ready to take additional measures to support the economy in the euro area, adding that the downside risks have increased and that the ECB was aware of the increasing difficulties of banks.

As pressure increases on the leaders of the eurozone to make progress on a response to the debt crisis by the European summit of December 9, Mario Draghi, speaking before the European Parliament, called for a "deepening" of the budgetary and fiscal integration.

"To me, what is needed by our economic and fiscal union is a new budget agreement – a fundamental reformulation of fiscal rules, budgetary commitments with each other that the governments of the euro area have been," Has he said.

"We might ask if a new budget agreement would be sufficient to stabilize the markets and if a credible long-term vision can be useful in the short term.

Members have pledged Tuesday to review a new draft supplementary budget for 2011, the fourth year that includes several measures of the new savings plan submitted on November 7 by the government.

This "supplementary budget" follows the decision of France to lower, from 1.75% to 1%, the forecast growth rate for 2012.

The draft budget law for 2012, being shuttled between the two assemblies, which is considered "obsolete" by the Opposition, was indeed built on a growth forecast of 1.75%.

The OECD expects growth in its share from 0.3% in France next year."We will meet our objectives of reducing the public deficit to 5.7% of GDP in 2011 and 4.5% in 2012," assured the minister.

She also confirmed that it would table an amendment bringing three to ten years the limitation period in respect of assets held abroad.

"This new austerity plan will have the effect of crack growth and impede the deficit reduction by increasing unemployment," said Pierre-Alain Mute (PS).

DEFICIT REDUCED TO 95.3 BILLION

"It's an inconsistent policy, over the water where France would need a comprehensive policy," added the spokesman of the Socialist Group.

To address the unemployment history of young 21.9%, the British government decided to implement a recovery plan £ 1 billion over 3 years. The number of unemployed young Britons spent for the first time the symbolic one million end of September.

Faced with record unemployment of young people, with more than one million 16-24 year olds unemployed, the British government announced Friday a plan to one billion pounds (1.16 billion euros) over three years. Deputy Prime Minister Nick Clegg announced the program on the BBC Friday morning, but did not specify where the money would be collected, while the coalition government is implementing the austerity program the most severe since World War II.

"If the government cut the tax deductions available to families who work to support this new plan, it would be just incredible," he once commented Liam Byrne, in charge of Work and Pensions in Labour. The number of unemployed young Britons spent for the first time the symbolic one million end of September, in an economic climate more and more depressed. The unemployment rate for 16-24 years is 21.9%, or 1.02 million young people in search of a mployment, a record since the beginning of this statistical series in 1992.

Emabuche aids for companies

The government plans to launch in April a "contract young" over 3 years towards 410 000 18 to 24 years. 160,000 young people would benefit from a six-month contract, employers receiving a subsidy for the period of 2275 pounds, equivalent to half the minimum wage specific to young people.

The European Commission estimates that the pooling of borrowing countries in the euro area could quickly alleviate the current crisis. The counterpart would be a strengthening of fiscal discipline. The President of the European Commission Jose Manuel Barroso (here at a press conference in Brussels April 13, 2011)

The European Commission Wednesday will propose the creation of eurobonds, a system seen by its promoters as a means of achieving sustainable solutions to the debt crisis, but that divides Europeans and has as its corollary a strengthening of fiscal discipline. In a "Green Paper" seen by AFP, the European Commission considers that this pooling of borrowing countries in the euro area could "rapidly reduce" the current crisis.Countries that need external assistance, as now Greece, Ireland and Portugal, should be subjected to "enhanced monitoring", argued Mr Barroso.

The Commission proposals provide for such a development also for the states under the excessive deficit procedure against the limit of 3% of Gross Domestic Product (GDP) set by the Stability Pact. Today, almost all EU countries are concerned. Europe may well require them to review their copy if the budget passed by their parliaments become too lax compared to the common rules of discipline. A proposal that is likely to generate heated debate in national parliaments.

The Heads of State and Government of the euro area may call Wednesday the European Central Bank (ECB) to continue its purchases of bonds to support Italy and Spain, according to a draft of their summit conclusions to which the Germany, however, said not to buy in the state.

"We fully support the ECB in its actions to ensure price stability in the euro area, including its non-standard measures in a financial market currently outstanding," states that the project, which Reuters had access.

Sources of the European Union said that these "unconventional measures" referred to by the ECB purchases of bonds of countries in difficulty on the secondary market debt, purchases it took over in August to support the Spain and Italy.

Chancellor Angela Merkel reacted promptly by declaring opposition to any representation which purports to tell the ECB what to do.

"This sentence and the way it is currently in the news are not accepted by Germany," she told reporters.

Carsten Schneider, budget expert of the opposition Social Democrats (SPD) of Germany, for his part indicated that a draft motion on the multiplication of EFSF was based precisely on the assumption that the ECB will stop buying bonds on the secondary market.This motion must be filed Wednesday in the Bundestag.

The ECB buys Spanish and Italian paper in the hope of lowering their yields and reduce the cost and funding of these two countries on the market.

But investors fear that these two countries follow the path of Greece, Ireland and Portugal, all of which benefit from support schemes concocted by the EU and the International Monetary Fund.

"No misunderstanding"

The ECB has, to date, bought for 170 billion euros of debt in the euro area difficult, prevent a widening yield spreads with German debt, a move that has caused divisions within their bodies leaders.

Angela Merkel said Berlin was trying to have an ECB statement setting out its opinion on the draft communiqué of the summit.

"We want much clearer statements about what the ECB wants itself and we speak about it. We do not want a misunderstanding where policies would expect something special from the ECB," she said .

She also felt that too much speculation on the draft summit conclusions."The sentence does not include a statement that the purchases in the secondary market are possible and it just says that unconventional measures will continue," said she.

Many economists believe that the only way for the Seventeen to simultaneously protect themselves from market pressure, while regaining their trust is to the ECB and its unlimited liquidity at the heart of the rescue device in European countries too indebted.

France follows this line of thinking but Germany and the European Commission see this as a violation of the fundamental laws of Europe.

Given this impasse, the top of the euro area should suit Wednesday to leverage the capabilities of the EFSF through an insurance mechanism and a special vehicle, without involving the ECB in the process.

The Tokyo Stock Exchange ended sharply higher Monday, the EU summit Sunday with renewed hopes of resolving the crisis in the euro area and diverted the attention of the new rise in the yen and floods in Thailand.

The leaders of the European Union Sunday seemed closer to an agreement on the euro area, including the recapitalisaiton banks and the multiplication of the European Financial Stability Fund (EFSF).

The Nikkei gained 1.9%, or 165.09 points to 8,843.98 and the Topix, broader, took 11.23 points (1.51%) to 755.44.

The Nikkei, which lost 0.8% last week, crossed the threshold for Monday its moving average of the last five sessions, thus became a threshold of support for 8735 points.

"The news from Europe maintain hope and Wall Street reacted to the rise to these expectations, so the Japanese market is now catching up gains made abroad on blankets in the open position," said Koichi Ogawa, Daiwa SB Investments.

"But Japan is facing its own problems with the strong yen and floods in Thailand, affecting some manufacturing industries.These factors will limit gains in Tokyo and push investors to take a wait, time to see how the situation in Europe. "

Friday, the dollar dropped to a record low against the yen at 75.78, but has slightly rebounded since.

Title Olympus continued its dive to fall by 10.72% to 1,099 yen, after touching a low at the meeting of thirteen and a half to 1,012 yen.

The stock has lost more than half its value since the dismissal of its chief executive on Oct. 14.The latter was accused of incompetence by the presidency of the group, denounced bad practice prior to his arrival at the head of the group.

In technology, Elpida ended up 4.01% to 493 yen, while Sony fell by 1.29% to 1,536 yen.

The tire manufacturer Bridgestone has outperformed the market by winning 4.07% to 1,764 yen after announcing its intention to increase its operating profit by 5.8% of revenue in 2010/11 to 10% in 2016/17.

Bank of America reported an increase in its net income for the third quarter due to both an accounting effect that banks can reap when financial markets are turbulent and a gain on disposals of assets.

The hotel, the first U.S. bank by assets, posted over the period net income of $ 5.9 billion, or $ 0.56 per share against a loss of $ 7.6 billion (-0 , 77 dollar per share) a year ago, when the bank had spent $ 10.4 billion accounting charge.

The founder of the investment fund Galleon, Raj Rajaratnam, who was convicted in May of insider trading was sentenced Thursday to eleven years in prison, one of the most severe penalties ever imposed for this offense.

The verdict marks the end of a long process that had shaken the financial world by revealing one of the greatest scandals in Wall Street since the 1980s.

The survey was particularly high profile was marked by an abundant use of FBI wiretaps, a method usually associated with the procedures surrounding the mafia or drug trafficking crime as more "white collar".

Raj Rajaratnam was found guilty of fraud transactions and conspiracy to have established a vast network that fed into confidential information on companies.

It was one of his informants including senior executives in companies like consulting firm McKinsey & Co, Intel, and to a former director of Goldman Sachs.

The judges did not follow the request of prosecutors, who called for 19 ½ years in prison against Raj Rajaratnam.The award is beyond the ten-year sentence recently imposed in another case a major insider trading.

Judge Richard Holwell said the founder of Galleon, aged 54, suffered from an "advanced diabetes" that can lead to kidney failure and may need a transplant, and had taken this into account by setting the length of the sentence.

"The government is absolutely right to consider insider trading as an assault on free trade in a democratic society," said the judge.

Raj Rajaratnam did not read the statement on his behalf before the verdict, which was also sentenced to 10 million dollars in fines and the restitution of $ 53.8 million.

The judge also agreed to recommend that the sentence be carried out at the prison in Butner, North Carolina, one of its inmates fallen financier Bernard Madoff, sentenced to 150 years in prison for fraud. This has its own hospital.

Raj Rajaratnam must report to prison Nov. 28. Those convicted of federal crime generally must serve 85% of their sentence before becoming eligible for early release.

The title UBS has lost 2.17% this morning at the opening after the resignation of Oswald Grübel Saturday. The former CEO left the bank following a fraud of $ 2.3 billion by a trader. The CEO of UBS Oswald Grübel could be landed in the management of the bank after losing $ 2 billion by a trader.

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.