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 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.

Sony Ericsson is in discussions to buy the group's stake in their joint venture specializing in the manufacture of multimedia handsets, told Reuters on Friday a source with direct access to the file.

Thursday, the Wall Street Journal reported that Sony was close to buying from Ericsson in their joint venture.

Another source had told Reuters in July that talks about such a takeover was under way in anticipation of the expiry this month of the contract between the two companies.

According to many analysts, Sony needs to tighten its grip on Sony Ericsson to regain lost ground in the smartphone market, heavily congested.

Sony Ericsson was formed in 2001.The joint venture has failed to establish its presence with a market share of around 3% after peaking at 9%.

At the end of the meeting, as Sony lost nearly 4% while the Tokyo Stock Exchange advanced by almost 1%.

The name of the successor of François Chérèque is already known for three years, provides a blog linked to Figaro.fr. The handover could take place in mid-2012. The departure of François Chérèque of the post of secretary general of the CFDT could happen in mid-2012.

François Chérèque of the estate at the head of the CFDT is folded from "a long time," says the BBC journalist Mark Landre on his blog The Cartoon Network. According to him, Lawrence Berger, national secretary in charge of employment and organization, no doubt replace the current general secretary. The decision would even be fixed for three years. "The question is not whether Lawrence will take the place of Francis, but when," reportedly said a central part of Belleville. According to him, this could be done in an early departure of François Chérèque "in mid-2012."

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.

The French government is expected to announce Wednesday a ten billion euros in savings and additional revenue to meet its deficit reduction targets despite the slowdown in growth.

To do this, and again in "niche" tax and social security, a pool of tens of billions of euros of revenue and expenditure control will increase.

"In our sorrow, we have the advantage of having an incredible addition to expenses, opulent in some cases," said Finance Minister Baroin, mid-August, citing a total of 75 billion euros of tax loopholes and 45 billion euros of social niches.

The Court of Auditors, which certifies the accounts of the State, added 75 billion euros of tax loopholes unofficial, and estimated that at least 67 billion total social niches.

Preaching to balance fiscal consolidation and support for growth – which remains the most effective lever to reduce deficits – the government says it wants to spare the niches that it considers favorable to employment.

Emblematic example, the reduction in VAT in the catering sector has been confirmed, although it costs more than 3 billion euros per year for the results discussed.

The government could, however, agree to modify a key measure of the five-year period: the tax exemption of overtime, criticized by unions upon its adoption.

"The prime minister told me that this could be revised in part," said the leader of the CFDT union, François Chérèque, France 2 on Tuesday.

GROWTH WEAKER THAN EXPECTED

The cost of this niche, accused of hiring, while curbing the decline in unemployment is slow to materialize, is more than 3 billion euros per year for the accounts, plus $ 1.4 billion tax Income less.

"Measures on large enterprises, financial sector, overtime and taxation of the richest people are being investigated," wrote the CFDT Monday in a statement after a meeting between François Chérèque, and Prime Minister François Fillon.

At eight months of the presidential election, the government seeks in effect to send a political signal by setting a tax on higher incomes, to which many French bosses were in favor.

These emergency measures are intended both to compensate for the failure of growth recorded in the second quarter in France and around the world and explain how the deficit will be reduced in 2012.

The economy could indeed grow less than 2% forecast by the government this year, reducing revenues hoped.As for 2012, 2.25% growth it provides are considered too optimistic by economists, many now expect average growth limited to 1.4%.

This slowdown requires further action because France is committed to reducing the public deficit of 7.1% of GDP to 5.7% end 2010 end 2011 end 2012 4.6% and 3% end of 2013, which no matter the economic climate.

FRENCH FINANCE IN POOR CONDITION

This promise, back to their account by the main candidates for the Socialist presidential primary, is one of the springs of confidence in France by the lenders, in a context of very nervous about the finances of the major Western economies.

"France can not take the risk of missing its fiscal targets over the medium term, given the need to strengthen the implementation of the Stability Pact and keep borrowing costs at a low level by strengthening its AAA rating" wrote and the International Monetary Fund in July.

France shows indeed the worst fiscal ratios among the countries benefiting from the euro area as she noted the "triple A" (Germany, Netherlands, Austria, Finland and Luxembourg). This rating given by rating agencies allows states to borrow at low cost markets to finance its deficit and refinance debt.

Last for the deficit, France is also the only one of these countries to show a primary deficit (excluding debt service) important.The European Commission, the deficit would represent 3.1% of GDP in France in late 2011 against 1.6% in the Netherlands, Austria 0.9% and 0.5% in Luxembourg. Germany and Finland should end the year with a primary surplus of 0.4% and 0.2% respectively.

Key objective behind the path of deficit reduction on which France has committed itself to reverse the progress of the public debt / GDP in 2013 to put it on a downward path.

Paris is expected that this ratio will increase to 85.4% of GDP at end 2011 and 86.9% peak at the end of 2012 falling to 86.4% at end 2013 and 84.8% at end 2014.These forecasts will be updated to reflect the increase of some 15 billion euros (0.75 percent of GDP) by 2014 French financing needs, because the new plan to support countries in the euro area in difficulty to the European Council adopted on 21 July.

The measures announced Wednesday included in the draft budget in 2012 and those relating to 2011 may be incorporated in the draft amending budget in 2011 to be considered by Parliament from September 6.

Italy's Eni, which was the main foreign producer of oil in Libya, has returned to the country Monday as the entry of rebels in Tripoli Libyan suggests a possible resumption of exports of oil.

Tanks and snipers in the Libyan Army struggled Monday morning to withstand the assaults of the rebels in the capital, where thousands of opponents of Gaddafi celebrated the imminent end of a free reign began in 1969.

The fall of the Libyan regime would open the largest oil reserves in Africa to new players, as the national carrier of Qatar or the trading company Vitol, which will compete with European and American giants before the present insurrection.

Although the price of Brent fell by more than a dollar, securities of French Total, OMV of Austria, and Eni showed an increase between 3.3% and 5.87% by 1100 GMT, the market hopes a return to the situation prior to the insurgency.

The Stoxx Europe 600 index of oil and gas advanced on his side of 2.28%.

According to the Italian Foreign Minister Franco Frattini, employees of Eni arrived on the scene to oversee an upturn in oil installations in the east, although fighting continued in the capital.

"The facilities were built by the Italians, the (oil services company), Saipem, and therefore it is clear that play the leading role (in Libya) in the future," said Frattini at the micro Rai.

NEW PLAYERS

Before the outbreak of the uprising in Libya, the country, a member of OPEC produced about 1.6 million barrels per day (bpd), nearly 2% of world production.

For its part, Austria's OMV said no negotiations have begun to date with the rebels.

"We see the current situation and its evolution very closely.For now, we do not have bilateral discussions with the Council (National) transition, "said a spokesman.

The French and German Wintershall Total, other major players in the oil sector in Libya Qadhafi era, have declined comment.GDF Suez declined to comment about reports of negotiations with the insurgents on a recovery in output.

Analysts and industry experts estimate that Eni and Total may emerge as the winners in the reshuffling of the cards in Libya because of the strong support shown by Paris and Rome against the rebels.

The military support of Qatar and logistics company Vitol could also allow new players to gain a foothold in the country.

"Qatar will be a big player, could be a Vitol.Shell also wants to strengthen its role, "said one Western specialist risk consultant and the fact of negotiations.

Most of the world's oil giants, such as Marathon, ConocoPhillips and Hess, have taken a much more cautious about the Libya

"They are just waiting and trying to determine who runs this country," said the consultant, who advises several U.S. companies about Libya.

BP, which was not producing in the country, said he wanted to return to resume his explorations, but without giving a timetable.

The government wants to create by the end of a single file of beneficiaries of social allowances to better fight against fraud. This measure is called for by the right of the UMP. She is vilified by the left. Thierry Mariani, Minister of Transport, and founder of the Right People, right wing of the UMP, will create a file for benefit recipients. What is this file?

This weeek-end, the transport minister Thierry Mariani, founder of the Right People in the UMP, has called in the JDD creation of "a general file of recipients" to "fight against the profiteers of the lower and riders from the top of the social ladder. " The Minister of Labour and Health Xavier Bertrand was immediately declared "totally agree" with this project, especially since it had already announced in early March that a common national directory of social protection (RNCP ) would be "operational by the end of the year."But this project, presented among other measures against social fraud, then spent quite widely unnoticed.

What is the purpose of this file?

"The creation of a single directory for benefit recipients, which can be crossed with existing files is the best way to strengthen the fight against social fraud," said Sunday Xavier Bertrand told AFP. "We know exactly what that button. This will avoid duplication and it will be found inconsistencies in payment" of benefits, he added. Since the beginning of the quinquennium of Nicolas Sarkozy, the fight against social fraud has increased. Organisms multiply controls, overlapping by more and more of their information among themselves and also rely on the tax authorities. The RNCP or "single file" will be the result of this centralization of the fight against abuse.It will "afford a complete picture of the situation of an insured person," said Monday in a statement the Minister of Solidarity Roselyne Bachelot, recalling that the family allowance funds have been using their 2008 National Directory of Beneficiaries (GNI).

What is the extent of social security fraud?

Social security fraud can not be quantified precisely. In late June a parliamentary report of UMP deputy of the Bouches-du-Rhône Dominique Tian (also a member of the Right People), was estimated at 20 billion euros, choosing the upper range of different estimates. The report fraud to social security contributions (employer and employee contributions not paid because of the black), would be between 8 and 15.8 billion and benefit fraud (sick leave benefits, family allowances, RSA, etc.). 2 to 3 billion.

The left and center denounce stigma of the poor

The opposition noted that the fraud charges, the original employer, was significantly greater than that which affects the benefits. "Social benefit fraud 2 billion, fraud by employers to social security contributions, from 8 to 16 billion. The government's first record, ignore the latter," ruled the spokesman PS Benoît Hamon, a message on his Twitter account. The MP Marisol Touraine, in charge of social protection to the PS, said that the "Concours Lépine of the find the most anti-social is open to the government," recalling the proposals last spring by Laurent Wauquiez, Minister of Higher Education . Then in charge of European Affairs, founder of another group member (the law), Mr Wauquiez denounced the "cancer" of the "assistant" and suggested that volunteer beneficiaries of RSA.The President of the New Center, Hervé Morin, has joined those critics from the left. "File the poor for electoral purposes can not be a response to the plight of millions of honest people who want above all to break the spiral of exclusion," he said.

Prices rose 0.1% in June in France, including from food, bringing the inflation rate over one year to 2.1%. Prices rose 0.1% in June as in May, bringing the increase over one year to 2.1% (after 2% in May).

The consumer prices in France rose slightly in June, which should continue to weigh on the purchasing power, but inflation remains contained for now, say economists, who are more concerned about the slow growth wages.

Prices rose 0.1% in June as in May, bringing the increase over one year to 2.1% (after 2% in May), announced Tuesday the National Institute of Statistics and Economic Studies (INSEE).Excluding tobacco, the increase is the same.

"We can not really talk about slipping prices in France, inflation remains contained for the moment," said Alexander Law, at Xerfi. "There is no risk of hyper-inflation," added Marc Touati, Assya of Compagnie Financière. In June, increases and decreases were offset almost in France.

The food prices increased again (0.3%), after rising 1.0% in May Prices for services also increased in June (0.2%), with the beginning of the summer season which increases the prices of holiday accommodation (16.7%). In contrast, energy prices fell again (-0.5% after -1.3% in May), in the wake of lower crude oil prices.The prices of clothing, footwear also fell 1% in June (-0.1% YoY). As for the prices of manufactured goods, they remained stable in June.

If it remains contained, "inflation should continue to grow at a steady pace and continue to influence the purchasing power," Camille Williencourt concerned, an economist at Natixis. Especially since, according to analyst firms, to increase their profit margin, will "be tempted to make a profit sharing in their favor at the expense of employees." For Mr. Touati, "the real danger is not inflation but slow growth returning.""We sacrificed on the altar of growth of inflation and the problem today is that income does not progress enough to offset rising prices," he considers.

Thus the current level of inflation does not, in his view, higher interest rates, in terms of France.Un view shared by Alexander Law, for which the European Central Bank (ECB) " would do well to put a temporary end to its policy of monetary tightening. " The ECB raised interest rates as expected on Thursday and suggested that it could proceed with further monetary tightening despite the debt crisis that shakes the region. Or "now this crisis is far more troubling" that the price increase, said Mr. Law.

The evolution of inflation will depend very much on the future of commodity prices including oil."In the medium term, a drop in demand could reduce prices but in the longer term, it will take to the idea of ​​a sustainable energy more expensive," said he. Meanwhile, rising prices in France will benefit investors, the pay rate of the Livret A to increase to 2.25% as of August 1, against 2% previously.

The two main figures of the Belgian government of current affairs are to meet Monday with investors to encourage them not to put the country in the same category as members "peripheral" in the euro area.

Belgium is in a sort of between the two countries in the euro area, such as Greece, Ireland and Portugal which have received international support and the six countries of the euro zone, led by Germany, receiving Note 'AAA', the best possible.

The country's debt represents just under 100% of its gross domestic product (GDP) and n 'is still no new government corresponding to the results of parliamentary elections held in June 2010.

Prime Minister Yves Leterme and Finance Minister Didier Reynders will then Sunday in London to showcase the country's finances to investors.

"We have to show the difference with other countries," said a spokesman for Leterme.

A source said it was essential that issuers forged close ties with investors in the current market conditions, marked by high volatility.

Belgium anticipates a GDP growth of 2.6% this year, well above the average retention for the euro area as a whole, which varies between 1.5% and 2.3%, according to figures from the bank Central Belgium.

In addition to fears of contagion from a defect in Greek throughout the euro area, the cost of borrowing for Belgium has increased because of questions about the country's debt, which is expected to be 96 , 1% of GDP at end 2011, according to the Belgian central bank.

The yield spread between sovereign debt Belgian 10-year German Bunds and equivalent – reference in the bond market – rose to almost 150 basis points in November, its highest since the inception of the euro area.

Since it fell below 130 basis points and the spread remains significantly lower than that between Bunds and debt securities Italian and Spanish.

Fitch and Standard & Poor's both said they may downgrade the rating of AA + from Belgium if there was no establishment of a full government better able to them to achieve the deficit reduction targets.

S & P, however, said last month that he could not decide anything in this field by the end of next year.