Europe’s Bank Restructuring ‘positive’ For Sector

German company Fresenius Kabi produces almost the entire supply of propofol, but the European Union is considering possible export limits as part of its anti-capital punishment policies. Missouri has enough to carry out its next three executions, the first scheduled for later this month, but Nixon declined to say what the state would do if it is unable to get more propofol. The Missouri executions would be the first to use propofol, which made headlines in 2009 when pop star Michael Jackson died of an overdose. . Nixon said state and federal court systems, not European politicians, will decide death penalty policy in Missouri. “A number of courts have already had an opportunity to review this matter,” Nixon said, referring to broader legal challenges to the death penalty. “We’re going to continue to monitor it very closely. At this point, there’s no stay in effect.” On Friday, the American Civil Liberties Union filed a lawsuit against the Missouri Department of Corrections, alleging that the agency failed to comply with open records requests related to its planned use of propofol in executions. The Missouri Society of Anesthesiologists has also urged the state to reconsider using propofol, warning that Missouri “is on the verge of triggering a national drug shortage that will have a severe impact on the general welfare of the citizens of our state and our country.” The U.S. Food and Drug Administration has also expressed concern about any move that would limit access to the drug. Missouri turned to propofol for executions only after the drugs it and other states previously used for lethal injection could no longer be obtained by prisons and corrections departments because drug makers did not approve of such uses. Propofol is America’s most popular anesthetic, according to the American Society of Anesthesiologists. About 50 million vials are administered annually in some 15,000 U.S.

Thomas Bjorn drew that unlucky distinction, leaving both sides in need of five points for the victory. The singles went down to the final match, and as he did at the Ryder Cup in Medinah, Francesco Molinari anchored the winning side, securing a long-awaited Continental Europe victory with a 3 & 2 defeat of Chris Wood at Saint-Nom-La- Breteche. “Very emotional — it’s been a tough day,” said winning captain Jose Maria Olazabal. “Everything went to the last match. The boys really played well today and I’m very, very happy to have won the Seve Trophy this time.” GB&I struck first on Sunday when Tommy Fleetwood claimed his first point of the week with a 3 & 2 win over Joost Luiten, who was unbeaten entering the match. After Jamie Donaldson and Gonzalo Fernandez-Castano halved their match, Ryder Cup standout Nicolas Colsaerts drew Continental Europe even, draining a 5- footer for par at the last to secure a 1-up win over Paul Casey. Frenchman Gregory Bourdy then continued his stellar play and pushed Continental Europe in front with a 4 & 3 triumph over Scott Jamieson. Bourdy, who never trailed in the match, became the first player in the event’s history to win five points out of five. “I’m so happy to achieve that, and it was an amazing week for me,” said Bourdy. The jostling continued, however, as Marc Warren wrapped up a 4 & 3 ousting of Thorbjorn Olesen to again square the tournament, 12 – 12, with four matches left on the course. From there, Continental Europe took control. Jimenez put the finishing touches on his convincing win, which was aided in part by the ailing Lynn, who twice dropped his ball into the water.

Opinion: Europe must be open to refugees fleeing persecution

The massive restructuring of European banks will be positive in the end, the head of Italy’s main stock exchange told CNBC, on the day that Italian lender Banca Monte dei Paschi unveiled its new turnaround plan. However, Raffaele Jerusalmi, CEO of Borsa Italiana, also warned that the financial industry needed to strike the right balance between restructuring and regulation. “In general, what is happening in terms of the restructuring that we are seeing in the banking sector all over Europe is going to be positive in the end,” he told CNBC. “But there is still a risk of over-regulation we have to be careful. Last month, a report by the region’s banking regulator, the European Banking Authority, said Europe’s largest banks will need to find an extra 70.4 billion euros ($95 billion) of capital to comply with the rules. Monte Paschi announced plans to repay around 3 billion euros of its state bailout next year, with full payment by 2017, according to Reuters. The bank expects the EU Commission to approve the restructuring by mid-November, and hopes it will be enough to secure approval for much-needed state aid, after the euro zone crisis brought it close to collapse. Although Monte Paschi’s announcement came after the European market close, the news that its board was meeting to finalize the restructuring plan was enough to send shares rallying. Stock of Monte Paschi closed around 6.3 percent higher and was the top gainer on the Euro Stoxx 600 . Follow us on Twitter: @CNBCWorld

Europe stocks fall; luxury-goods firms hit

Difficult though it may be for us to comprehend, for refugees, paying smugglers and boarding these boats is a rational decision. The problem is compounded by the lack of safe, legal routes into Europe. The Refugee Convention — a legal framework which defines who refugees are, their rights and the legal obligations of countries — recognizes that people fleeing for their lives may have to resort to illegal entry. This drives refugees to take even greater risks to escape. European countries have a legal obligation to provide protection under the Refugee Convention but during the last decade the continent’s borders have become heavily securitized, with millions of pounds invested in Frontex, the agency established by the EU to strengthen Europe’s borders and protect the continent against unwanted illegal migrants. These measures should not apply to individuals escaping war and persecution — the theoretical beneficiaries of legally sanctioned protection and compassion — but refugees are often forced to resort to the same irregular channels to leave their country of origin and travel towards safety. Europe’s formidable migration control apparatus does not sufficiently differentiate between individuals who may be in need of international protection and other migrants. In the absence of safe, legal ways to reach European territories, refugees are forced into dangerous and abusive situations, and often obliged to embrace the perils of life-threatening journeys and the unscrupulous services of smugglers. Boarding an overcrowded boat bound for Italy would possibly have been the last stage in a long and dangerous journey for many of those on that voyage. Some of them possibly didn’t even know where they were headed. European governments must work in solidarity to ensure people fleeing human rights violations and persecution are given entry. When people are in need of our help, we must live up to our international obligations and offer it. Only then can we be sure we are doing all we can to prevent more deaths.

Continental Europe ends Seve Trophy drought

Photo: Getty Images. Among decliners, LVMH Moet Hennessy Louis Vuitton SA /quotes/zigman/165816 FR:MC -1.06% /quotes/zigman/165816 FR:MC -1.06% fell 1.1%. In a report published Sunday , Reuters said analysts are growing increasingly concerned about the luxury groups brands and are worried these wont be able to provide alternative growth now that cash cow Louis Vuitton has fallen on tough times. A warning from Treasury Secretary Jacob Lew that Congress is playing with fire if it doesnt increase the debt ceiling in time increased investors anxiety about the U.S. budget stalemate and looming deadline to raise the countrys debt ceiling. Government shutdown: Track the latest news out of Washington /conga/story/2013/10/governmentshutdownstream.html 282136 The news that U.S. politicians have again put self-interest ahead of the greater good of the country by failing to make any progress in sorting out the budget or tackling the debt ceiling will have surprised few, said Alastair McCaig, market analyst at IG. The U.S. debt markets have remained calm, but the closer we get to the mid-October deadline, the less likely that is to remain the case, he said. One bright spot for Europe was Italy, with the FTSE MIB Italy index /quotes/zigman/1482176 XX:FTSEMIB +0.66% rising 0.7% to close at 18,425.82. Toward the close of markets on Friday, Italian stocks rallied on news a Senate panel had voted to expel former Prime Minister Silvio Berlusconi. Banks in Italy were the biggest gainers in Europe, with UniCredit SpA /quotes/zigman/7909864 IT:UCG +2.68% up 2.5% and Banca Monte dei Paschi di Siena SpA /quotes/zigman/204677 IT:BMPS +6.26% up more than 6%. The French CAC 40 index /quotes/zigman/3173214 FR:PX1 +0.03% pared a loss of around 0.7% to finish with a marginal gain at 4,165.58. /quotes/zigman/11305704 JP:9201 -0.86% in Tokyo. Losses for LVMH weighed on the index.