The Italian prime minister will present this evening in Brussels a letter in which he promises savings measures in the country, notably to extend the retirement age to 67. The Italian Minister of Economy, Giulio Tremonti, and the prime minister Silvio Berlusconi

After intense negotiations with the Northern League and a minimal agreement on pensions, the Italian prime minister Silvio Berlusconi Wednesday in Brussels will present a letter in which he undertakes to carry out economic reforms, reports the press. The letter of fifteen pages, the Cavaliere, who managed in extremis Tuesday night in a minimal agreement on pensions with its ally the Northern League, said the government's desire to raise the retirement age of "old age" of 65 to 67 in 2026.

But in reality, this decision does not change much, according to the newspaper noted that in 2026, the retirement age should already nearly 67 years as a result of reforms adopted in recent years, including one providing for gradual increase in the retirement age based on life expectancy. The League is however remained adamant about the "retirement pensions" that allow currently retire at 60 with 36 years of contributions and any age from 40 years of contributions. In addition to retirement, Mr. Berlusconi engaged in the letter to adopt speedy measures to boost growth promised this summer but have not been presented because of the divisions of the majority.

Rome has involved the liberalization of professions and local public services, simplifying the administration, the revitalization of infrastructure projects, facilitating dismissals or the tightening of rules to replace retiring employees. The government also promises to accelerate the sale of public assets to reduce the huge debt of 1,900 billion euros (120% of GDP) that worries the markets. Berlusconi also points in this letter, according to press reports, draconian austerity measures adopted in recent months for a total of 60 billion euros by 2014, which will allow Italy to meet balanced budget by 2013.

Contacted by AFP, a spokesman for the presidency declined to comment. Mr.Berlusconi has been put up against the wall Sunday by its European partners who asked him to make firm commitments on reforms and debt reduction in order to reassure the markets and to ensure that Italy is the next victim the debt crisis, which would jeopardize the entire euro area.

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.

The Libyan leader was ousted in Sirte on Thursday killed according to the National Transitional Council (CNT). The dictator Muamar Gaddafi of Libya

Libyan leader Muammar Gaddafi ousted captured in Sirte died Thursday, according to a commander of the new regime in this town east of Tripoli and Libyan television. "We announce to the world that Gaddafi has died at the hands of the revolutionaries," he told the press the official spokesman of the National Transitional Council (CNT) to Benghazi (east), Abdel Hafez Ghoga.

"This is a historic moment, it's the end of tyranny and dictatorship. Kadhafi met his fate," he said. He said the information of his death "was confirmed by our commanders on the ground in Sirte, the very people who captured Gaddafi when he was wounded during the battle in Sirte". "We also have information on a convoy that was bombed by NATO while fleeing Sirte.There are reports of the presence of Gaddafi's son in this convoy, we are to check, "he added.

Libyan television "Libya Free" in Tripoli had previously stated that a son of Muammar Gaddafi "Mouatassim Daou and Mansour (the head of internal security services), and Abdallah Senussi," the head of Libyan intelligence, had been captured in Sirte.

Another witness quoted by Reuters said that Gaddafi reportedly shouted "Do not shoot, do not shoot", when it was found.

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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 economic downturn continues in the major economies, especially Germany, Italy and Brazil, leading indicators show the OECD published Monday.

Declined for the fifth consecutive month, these leading indicators are now below the 100-which distinguishes the increase in lower activity – in most countries of the Organisation for Economic Cooperation and Development.

Japan, the United States, Germany and Russia are the only countries for which the leading indicators remain above this threshold.

The CLI for the OECD area as a whole declined to 100.8 from 101.4 in July.

The G7 countries fell back to 101.1 from 101.7.

For the U.S., the indicator decreased to 101.5 from 102.1.

The indicator fell back by 0.9 points to 99.1 for France and 1.3 points to 100.5 for Germany.

Among the large emerging economies, the indicator for China was down 0.3 points to 99.8 while that of Brazil gives up 1.2 points to 94.8.

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.

Fraud within UBS is eerily similar to a tarnished Societe Generale in 2008. The similarities of the two cases in seven points.

Two traders on the same table market

Jerome Kerviel and Kweku Adoboli worked on the same type of position, the Delta One desk. A table where one does not exchange single stocks or bonds but derivatives. The operations are relatively simple and often reserved for novice traders. They also specialize in ETFs (exchange traded funds), financial products that mimic the performance of an index, upward or downward. Easy to use, they can diversify their portfolio by buying such contracts backed by a stock index or industry (eg commodities). The ETF market is booming, the stock reached 300 billion euros in Europe, according to Aurel BGC.Moreover, the two traders were very familiar control procedures. They made a passage through the back office, the administrative body of the bank that controls the regularity of operations, before moving to trading.

Adoboli / Kerviel: profiles of "good friends"

Friends, neighbors, co-workers paint a Kweku Adoboli, 31, "very nice, very polite." Like most young traders of his age, he earned a very good living (300,000 pounds per year) and took the opportunity to do great celebrations in her apartment. Jerome Kerviel was considered "quite normal, no gambler," by his former colleague Valérie Rolland, as shown by his remarks during the trial of former trader. He lived comfortably but did not have an extravagant lifestyle. The financial police who investigated him about a man with "no extravagance of any kind."He earned 48,000 euros per year in 2007, a year before the outbreak of the scandal.

The concealment of large-scale risky operations

For Kerviel, 50 billion euros of positions (or 25,000 times the average risk that a trader takes …), Adoboli for "only" $ 10 billion (7.2 billion euros), "in various futures indices – S & P 500, DAX and EuroStoxx – over the last three months, "the statement said UBS. The principle of hiding two traders was the same. The internal control system did not see anything because the positions were "in our systems offset by fictitious positions on ETF cash settlement futures, allegedly executed by the broker," according to UBS.Clearly, the screens showed the supervisors of the total amount of exposure much lower than was the actual exposure of the two "rogue traders".

Moreover – as Kerviel – the "unauthorized trading" of Kweku Adoboli does date back a long way. The trader UBS would have made some operations since October 2008. In 2005 and 2006, Kerviel had "led" by taking 100 to 150 million euros in positions on the action Solarworld listed in Germany, according to the report of the Inspector General of Societe Generale.

The unwinding told in a hurry to star trader

Upon discovery of the scandal UBS warned regulators in Switzerland and Britain, and launched in parallel to his cell house, "the bronze project" designed to perform the operations of unwinding.This difficult task was assigned to one of the best traders of the bank's derivative, Jason Barron. At Societe Generale, the unwinding took place January 21, 2008 after the discovery of the fraud, by Maxime Kahn, 39, an experienced trader in the bank. Management has told the Financial Markets Authority and the Governor of the Bank of France, but she preferred to keep out of the palace secret. In the recent book "Sarko kill me," Daniel Bouton said he did not call the Elysee Bercy or because "the ability of a cabinet to hold confidential information is very limited in all cases long. It's structural. And if I notify the department, I'll have to deal with the Minister (Christine Lagarde) while I have other things to do. " The Ministry of Finance was informed two days after the first operations of unwinding.A secret which has not failed to Nicolas Sarkozy in a rage before claiming the head of the CEO …

A boss in the hot seat?

The CEO of Societe Generale, Daniel Bouton, was forced to leave office in April 2009, under pressure from President Sarkozy, despite the support of major shareholders and employees. "The goal was to physically pay button" recently said the former CEO in "Sarko kill me." At UBS, the boss seems so far spared even though it is very weak. In an interview with Swiss newspaper Der Sonntag Gruebele Oswald said he was "responsible but not guilty." He even said that when someone decides to act criminal, "you can not do anything." The boss of UBS feels may be spared a major shareholder of the bank.The Swiss weekly NZZ am Sonntag quoted a member of the Board of Directors of UBS who says Oswald Gruebele still has the support of the Singapore investment fund GIC.

A scandal comes at a very wrong time

UBS has revised this weekend losses from fraud of $ 2.3 billion, against 2 billion originally announced. The profit of about one billion Swiss francs which the bank expected the third quarter could turn into a loss of 500 million francs. And while the group hoped to finally settle its costly setbacks resulting from the subprime crisis and conflict on the banking secrecy with the United States. He had announced in August a new savings plan that provides 3,500 job cuts and savings of 2 billion Swiss francs (1.8 billion euros). And he was preparing, according to the Swiss press, cutting heavily in its investment bank.

A Société Générale scandal happened in the subprime crisis, while the bank was about to announce 2.6 billion loss because of its exposure. The bank then red and black then launched a capital increase of EUR 5.5 billion, and managed to save many takeover rumors that hovered above his head.

Banks that do not listen to warnings

The many similarities between the two cases raise questions about banks' ability to truly control their traders. Yet they have spared no efforts in security after the Kerviel affair. "For the Societe Generale, one can even the number in the hundreds of millions of euros," said the Liboux and Tangi, an analyst at Aurel BGC. This did not prevent the inspection bodies to point out the dangers of risky products.The Serious Fraud Office (SFO) British recalled at the outbreak of the UBS case, have warned against the dangers inherent in the ETF. According to the Office of fight against financial crime in the UK, the risk of major accidents was high mainly because of their lack of transparency. But this is not a systemic problem as Manoj Ladwa, an analyst at ETX Capital in London. Those responsible for risk control at UBS "did not realize quite quickly that this trader had taken huge positions in a very short period." The problem, according to Frederic Boulier, an expert on financial fraud in Nice Actimize is that banks are primarily focused on the safety of other financial products."It is true that as these traders are working on relatively simple products, some banks have chosen to focus their efforts on control tables are traded market where more complex products." From there to imagine that a fraud on banks ETF splash soon again? "It is impossible to say today that a similar accident could not happen again one day," said Liboux The Tangi, an analyst at Aurel BGC.

Strong differences of views on the management of the debt crisis have materialized Friday between Europeans and Americans.

At a crucial meeting of finance ministers of the euro area, which was exceptionally invited the Secretary of U.S. Treasury Timothy Geithner, Germany has refused to commit more public funds to support the euro area , as called for it.

In turn, Timothy Geithner has ruled out a tax on financial transactions, despite their wishes known by the heavyweights of the single currency area such as Germany and France.

The exchange was reported by some journalists to the Austrian Minister of Finance, Maria Fekter.

"He stressed that more funds were needed to prevent the system (financial) is in difficulties.(Wolfgang) Schäuble told him it was very unlikely to be possible to weigh the burden on taxpayers, especially if the burden is imposed on those countries AAA, "she said.

"In these countries, there is a desire to implement a tax on financial transactions (…) It (Geithner) was excluded," she said.

"I think especially that although Americans have basic worse than the euro area they tell us what to do and when we give them a suggestion, they immediately say no I (…) hoped that when they tell us how they see the world they listen to what we have to tell them, "she further said.

At the press conference following the meeting of the Eurogroup President Jean-Claude Juncker, also made a plea in to U.S. demands to curb austerity.

"We see in the euro area no flexibility that allows us to implement a new stimulus package," he said.

"Loose talk"

A debate is at work within the euro area and between Europeans and Americans on whether or not to put a brake on the policy of austerity, while the economic recovery is decelerating sharply.

According to several sources, the whirlwind tour of Europe by Timothy Geithner was to defend the principle of recovery and ensure that the euro area had the will and the tools to manage the crisis.

He called on governments and central banks to work together and avoid "loose talk" on the dismantling of the euro area.

According to several sources of high rank, he also pleaded Friday for the use of leverage to multiply the response capacity of the fund "euro area".

It is currently 440 billion euros but this sum could be too low when the new government fund to recapitalize banks and buy back sovereign debt will take effect this fall.

Jean-Claude Juncker has denied the existence of such a discussion between EU ministers and their U.S. counterpart.

"We do not discuss the increase in the size of EFSF with countries outside the euro area," he said.

A senior source said, however, that this possibility was discussed Friday afternoon.

Germany and other countries had so far rejected an outright increase in the size of the fund and the national parliaments have yet to ratify the new powers of EFSF decided at the EU summit on 21 July.

European stock markets, driven by banks, have sharply increased their earnings Thursday after the announcement by the European Central Bank (ECB) to the resumption of operations in dollars in three months from the fourth quarter.

By 1530, the CAC 40 index is 3.63% at 3056.24 points, after touching a high of 3086.64 points shortly after the announcement of the ECB, while the EuroStoxx 50 index shows a gain of 3.86%.

Bank stocks were the first to respond. BNP Paribas, which like other European banks, suffering from fears of difficulties refinancing dollar is 14.50% to 30.800 euros after winning up to 22% shortly after the news.

The index of bank stocks in the euro area shows a gain of 7.38%.Deutsche Bank is 9.12%, 6.8% Unicredit, Societe Generale and Credit Agricole 7.9% 7.55%.

"The acceleration of the increase was caused by the announcement of a joint action by central banks, after rumors of difficulties refinancing dollar," said one trader.

The avenue has returned to Paris in 2011 the European city where commercial rents are the highest in the Old World. It is the fifth largest in the world.

The rental value of the Champs Elysees was up 5.3% over the last twelve months 7364 euros per square meter per year, according to the study of real estate advisory firm Cushman & Wakefield on Thursday. It precedes and New Bond Street, who had dethroned in 2010, but the increase was smaller this year, from 4.3% to 6,901 euros per square meter per year, and retrograde in the fourth to sixth .

"In contrast to the decrease of 9.5% recorded last year," the increase in rental value of the Champs-Elysées "sign a comeback of the most beautiful avenue in the world, recently hosted several openings and significant transactions "said the annual study, citing in particular came programmed Marks and Spencer and Banana Republic.

The avenue also welcomed recent months many textile retailers such as Abercrombie and Fitch, Tommy Hilfiger and H & M, to the regret of the City of Paris, fearing that the movement would jeopardize the cinemas and restaurants on Avenue. "Other projects could materialize in the coming months and push even the rental value" of the best locations on the Champs-Elysees on the rise, the study provides.

"The economic recovery, even fragile, the development of tourism in the capital and reducing the number of opportunities available whet the appetite for major international brands already present in Paris or wishing to establish themselves," says Christian Dubois CEO of Cushman & Wakefield France. In addition to the Champs-Elysees, other districts of Paris are "very attractive to retailers (Opera / Madeleine Le Marais, Boulevard Saint-Germain, etc.)." Notes the study.

The Paris appeal is not limited to mass education, the study adds. "Boosted by the launch of new luxury hotels, the luxury market, through various openings, such as Chloe Rue St. Honore, or the pursuit of upscale department stores, appears as one of the big winners of the crisis, "says Dubois.

Changes in world ranking

Globally, the top three remains unchanged: the 5th Avenue in New York is still the most expensive shopping street, for the tenth consecutive year, to 16,704 euros (+21.6%), followed by Causeway Bay in Hong Kong to 14,426 euros (+16.7%) and Ginza in Tokyo at 7,750 euros (+8.7%).

Pitt Street Mall in Sydney, however, was hoisted from ninth to fourth place with 7,384 euros, with a jump of 33.3% of its rental value. Overall, the main arteries of global trade have been aggressive. "Despite the fragility of the economic climate and consumer sentiment in many countries", 81% of 278 analyzed sites in 63 countries "have experienced an increase or stability of their rental value against 66% in 2010," said M . Dubois.But "a significant further increase in rents and widespread" seems "less certain now" in the context of debt crisis and economic slowdown.