The United Arab Emirates cabinet on Tuesday approved the 2013 federal budget, which projects a rise in both spending and revenue and without any shortfall.

Spending is projected at 44.6 billion dirhams ($12.1 billion) up 6.7 percent on the 2012 expenditure of 41.8 billion dirhams ($11.4 billion), according to the official WAM news agency.

Swiss banking giant UBS announced nearly 10,000 job cuts worldwide on Tuesday, saying that the costs of restructuring its hard-hit investment bank had pushed it deep into loss in the third quarter.

The costs switched the Swiss bank's third-quarter results into a 2.2-billion Swiss franc net loss compared to the 1.0 billion net profit it had reported during the July-September period last year.

The European Commission rejected on Tuesday a suggested 50-billion-euro cut in its fiercely contested 2014-20 EU budget as member states jostle for advantage ahead of a difficult summit next month.

Cyprus, the current rotating president of the EU, put up a revised version of the budget containing savings of "at least 50 billion euros," which it described as "a starting point" for member states.

Deutsche Bank, Germany's biggest bank, said Tuesday improved market conditions boosted underlying profits in the third quarter, even if net profit was down due to a much bigger tax bill.

Deutsche Bank said in a statement its net profit amounted to 755 million euros ($980 million) in the period from July to September, compared with 777 million euros a year earlier.

Bayer, the German maker of Aspirin, said Tuesday bottom-line earnings were hit by litigation costs connected with its Yasmin oral contraceptive in the third quarter, but it remained confident for the full year.

Bayer said in a statement its net profit fell by 17.8 percent to 528 million euros ($688 million) in the period from July to September.

A Greek investigative journalist was sent for trial on Monday charged with breach of privacy after publishing names from an alleged list of Swiss bank accounts that the Athens government has been accused of trying to cover up.

Costas Vaxevanis, a veteran television journalist who is editor of the "Hot Doc" magazine, appeared in court in Athens after the list was published in its Saturday issue.

French President Francois Hollande was under new pressure on Monday to ramp up the competitive position of lagging French industry after top business leaders demanded a 30-billion-euro cut in welfare charges paid by employers and big cuts in state spending.

Hollande, who is grappling with pre-election pledges to create jobs and spur growth while being forced to embrace austerity to plug a 37-billion-euro ($47 billion) hole in public finances, was set to discuss the issue with the heads of the World Bank, IMF and other top financial institutions in Paris.

The world's markets may believe that the worst of the financial crisis in Europe is over after three turbulent years, but those people who control the purse strings of the world's businesses are not breathing any easier.

An annual survey of finance directors from global business consultancy BDO finds that the crisis over too much government debt in Europe remains one of their key concerns — so much so that Greece is considered a riskier place to invest and set up business in than war-torn Syria.

Japan's Honda Motor said Monday that first-half net profit more than doubled to $2.7 billion, but its shares dived as the automaker warned full-year results would be much weaker than forecast.

Investors pushed the stock down more than 5.0 percent to 2,390 yen in Tokyo as they reacted to news that the maker of the Accord and Civic would report a profit that was 20 percent lower than previously expected.

The New York Stock Exchange and Nasdaq will be closed completely Monday and possibly even Tuesday due to the imminent arrival of Hurricane Sandy, its operator said.

"In consultation with other exchanges and market participants, NYSE Euronext (NYX) will close its markets on Monday, October 29, 2012 and pending confirmation on Tuesday, October 30, 2012," the operator said in a statement.