In a formal ceremony at the Old Theatre of the LSE attended by over 500 faculty and students, the Director of the LSE, Dr Judith Rees conferred the Honorary Degree to Professor Yunus after a formal oration by Prof Stuart Corbridge, Pro-Director of the School. In the oration, Prof Corbridge mentioned that the intuitions that Prof Yunus developed through creating Grameen Bank has helped to change the way we see the world. He invited Professor Yunus to give LSE the honor of coming and teaching at the LSE whenever he had the opportunity to do so.

In his acceptance speech, Prof Yunus said that the current global economic crisis is a wake up call to bring a new human civilization to the world, one where no one has to suffer the indignity of umemployment and poverty. He said that the young people, the most powerful generation in human history, have to take the lead to create the new civilization. In the long history of London School of Economics only 19 distinguished persons were given the honorary degree before Professor Yunus.

Earlier in the day, Prof Yunus addressed the Good Deals conference with social entrepreneurs and social investors. He delivered a lecture on Social Business as a way to solve society's pressing needs at Chatham House. The session was chaired by Paul Yaw Boateng, former Member of Parliament from the Labour Party.

During his two days in London, Professor Yunus participated in a meeting by Glasgow Caledonian University to discuss the set up of a Grameen style microcredit bank in Scotland also discussions on social business organized by Wavelength and Deloitte.

During this opening session Professor Yunus highlighted the failure of the present civilization to solve problems of poverty, unemployment, degradation of environment, healthcare. He called for creating the foundation of a new human civilization to build a world without these failures that can be led through social business. He proposed to give the leadership of this initiative to the young people.

José Manuel Durão Barroso, President of the European Commission stated that social business could be indeed a very powerful agenda for change, to deliver better outcomes for the common good. José Manuel Barroso underlined that action at EU level could be an accelerator for social business, by raising awareness of this sector and its huge potential. He added that social businesses could grow and become the dynamic part of the European social economy, which represented millions of employees.

The Social Business Initiative is a first step, but an important one.

The Commission's guiding objective is to create the right environment for social businesses in all their diversity of legal forms and status across our Member States. To foster their growth and development across Europe. To untap some of the massive potential that they represent for Europe's future prosperity.

All while ensuring that social enterprises can uphold their fundamental values of sustainability, inclusiveness and solidarity.

Social enterprises are, by definition, social in their ends and means: their primary objective is to achieve social impact rather than generate profits for owners and stakeholders.

Nevertheless, they operate in the market through the production of goods and services in an entrepreneurial and innovative way, and more often than not they make a profit which can be put back to use for social or other public interest goods.

Action at EU level can be an accelerator for social business, by raising awareness of this sector and its huge potential. Social businesses are a growing and dynamic part of the European social economy, which represent millions of employees.

The EU can help to foster the sector's further development by reducing the complexities of its regulatory environment, in particular, as regards funding and access to markets.

After all, let us not forget that social enterprises are businesses that are not only seeking to include people or to share profits more fairly, but that also create jobs. They are businesses whose very ethos is grounded in responsibility and long term shared benefits. Being a social enterprise can in itself be a competitive advantage. Consumers are increasingly willing to take social and environmental factors into account when choosing goods and services. And I believe that this is going to be a pattern in the future evolution of consumption trends. But there is more we can do to inform them of the wider benefits of social enterprises.

The Global Microcredit Summit 2011 concluded yesterday in Valladoid, Spain with the aim to alleviate poverty and reach the MDG goals through microcredit which has already proven to bear positive results around the world. The four-day summit began on Monday 14th November, 2011. Her Majesty Queen Sofia of Spain, and the founder of Grameen Bank, Nobel Peace Prize winner Professor Muhammad Yunus, opened the "Global Microcredit Summit" at a ceremony that also featured the participation of Soraya Rodríguez, Spanish Secretary of State for Development Cooperation; Trinidad Jiménez, Spanish Minister of Foreign Affairs; Sam Daley-Harris, Director of the World Microcredit Campaign; Juan Vicente Herrera, President of the Autonomous Government of Castilla y León; and Francisco Javier León de la Riva, Mayor of Valladolid.

Professor Yunus said that "microcredit is a way of helping future generations, because they are the future." Yunus expressed regret that the crisis had forced decisions to be made that affected microcredit. Against this backdrop of dark clouds, he argued that "microcredit is a shining hope, creating light at the end of the tunnel."

Queen of Spain, Sofia, who is also the honorary co-chair of the Microcredit Summit Campaign, stated at the inauguration that "the world of microfinance and this Summit are absolutely necessary" to achieve the United Nations' Millennium Development Goals and reduce by half the number of people living on less than one dollar a day. The Queen highlighted that "Spain has become the second largest donor [to the microfinance sector] in the world."

In her speech, the Spanish Minister for Foreign Affairs said that Spain contributes more than any other OECD country to development cooperation, the seventh highest amount in the world. "The crisis has forced us to make decisions, but that will not affect our convictions. We must continue making effective progress toward the eradication of poverty."

The Spanish Secretary of State for Development Cooperation highlighted that 1.4 billion people live on less than one euro a day and that among the poorest people; eight out of every ten are women. Soraya Rodríguez stressed the "courage, bravery and tenacity" of Professor Muhammad Yunus and emphasized that microfinance "opens up a window of opportunity," adding that "we need ideas and this Global Summit is a unique opportunity."

Under the motto "Pioneering for Results" the Global Social Business Summit 2011, taking place from 9th to 12th November, brings together more than 500 individuals from the worldwide Social Business movement coming from the corporate, political, civil society and academic world. The event offers a unique opportunity to network and to gain an in-depth understanding of Social Business as a way to address social problems faced by communities around the world.

At a time when the world is in the midst of an unprecedented financial crisis, Nobel Laureate Professor Muhammad Yunus in his speech at the ceremony said that, "When the crisis is at the deepest, the opportunity is the greatest." He said that we must place faith in the unlimited capacity for creativity inherent in human beings to recreate the world in such a way that is fairer to all and sustainable.

Other noted speakers were Boris Marta, Director on the Board of Erste Foundation, Thomas Stelzer, the Assistant Secretary-General for Policy Coordination and Inter Agency Affairs and Hans Reitz, founder and creative director of the Grameen Creative Lab. Dr. Fatima Al-Balooshi, the Minister of Social Development of Bahrain also attended the inauguration ceremony.

Thomas Stelzer read a message from the Secretary General of the United Nations, H.E. Ban Ki-Moon. The Secretary General, in his message, said that the private sector, including social business has a strong role to play to achieve the Millennium Development Goals and announced the UN would support the YY Social Business Millennium Tour through Africa in 2011.