Posts Tagged ‘online’

The BBC could eliminate 3000 jobs

July 10, 2011 - 7:04 pm Comments Off

BBC slashing its workforce. The Sunday Times, the group British public broadcasting might delete jobs by 3000 to five years, as part of a plan to reduce costs. This plan applies this fall, would provide a lower budget of around 20%.

The purpose of such savings is to deal with new budget information inherited from the British austerity plan: last October, the government has indeed frozen Cameron 2017 license fee received by the BBC, and forced the group to Broadcast new charges. It will include finance its broadcast services outside Great Britain, the BBC "World Service", formerly under the Ministry of Foreign Affairs, or the installation of broadband lines in rural areas.In total, the amount of the bill amounted to 340 million pounds (385 million) for the BBC, 16% of its budget.

"Pure Speculation"

While 8,000 jobs were cut in the group since 2005, the BBC had already announced in January the elimination of 650 positions in the "world service", with the closure of some offices abroad. This time, the British group would separate about 20% of its 17,000 employees. A spokesman for the BBC, however, denied the claims of the Sunday Times on Sunday, calling it "pure speculation" the figure put forward by the newspaper.

According to the Sunday Times, the group should also make public this week a reduction in costs generated by management.For example, members of its board of directors were paid 2.7 million pounds last year (3 million), against 4.8 million the year before, said Sunday Times. A reminder that ordinary employees are not the only ones to bear the painful consequences of rigor.

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Wall Street sign a great week in the green

July 2, 2011 - 12:04 pm Comments Off

The NYSE has ended sharply higher Friday, boosted by a surprisingly strong industrial indicator in the U.S., allowing the Dow to gain 1.36% and the Nasdaq 1.53% on Friday before a weekend of three day – Monday, the stock market is closed due to national holiday in the United States.

According to final figures, the Dow Jones Industrial Average rose 168.43 points to 12,582.77 in points and the Nasdaq, dominated by technology, from 42.51 points to 2816.03 points.The broader index Standard & Poor's 500 rose 1.44% (19.03 points) to 1339.67 points.

The Dow Jones ended in green all sessions of the week on which it jumped 5.4%, its best performance since July 2009

The day before, now, Wall Street had closed on an open rise, encouraged in this direction by the Chicago PMI – and the relief felt on both sides of the Atlantic after the second vote in Parliament in Greece. Voting allows the application of the austerity plan as expected, and the release of 12 billion euros in aid to Athens.However, the agreement of the Eurogroup surl second aid plan, expected this weekend, take a little longer than expected, according to diplomatic sources.

U.S. Policy and Debt

Another current, more American and more uncertain, however, could be followed by operators, mindful of the political context, while U.S. debt back on the front of the stage: the Secretary of the Treasury of the United States Timothy Geithner, in fact, consider soon resign from his post.Information reported yesterday by the Bloomberg financial news agency and other U.S. media, but qualified this morning.

Consumption, construction and industrial activity

In terms of macroeconomic indicators, the activity of manufacturing accelerated in June in the United States, according to an index released Friday by the professional association ISM, which stood at 55.3% as against 53 3% month précédent.Cet index, analysts expected a decline to 51.1%, is above 50%, the line between expansion and contraction, for the twenty-third consecutive month.

Consumer confidence fell in June in the United States, according to the index of U.S. consumer confidence released Friday by the University of Michigan, who finally stood at 71.5, lower than analysts had thought .A first estimate, released in mid-June, the index stood at 71.8 and analysts expected that this figure does not change pas.Après two months of increases, this index declined 2.8 percentage points at the end of May, and falling to its lowest level since April.

$ 4.5 billion for Nortel patents

On the corporate side, the maker of BlackBerry phones Research In Motion (RIM), is 0.28% to 28.93 dollars after the announcement yesterday of an agreement avoiding, at the General Meeting of July 12, vote on a motion challenging the operation of its management.Turbulent in recent times, the action RIM has tumbled almost 41% in one year, closing at 28.85 dollars Thursday on the Nasdaq, while the S & P 500 gained at the same time 28.55%.

Apple (2.26% to 343.26 dollars) Research in Motion and Microsoft (0.08% to 26.02 dollars), however, are part of a group of six companies that got their hands on the latest patents The telecoms equipment maker Nortel (1.82% to 29.14 dollars). The acquisition represents $ 4.5 billion (3.10 billion euros), after an auction that Google has removed (2.89%) and Intel (1.67% at 22, $ 53)

EMC Corp., and Sony Ericsson are the other members of the winning consortium, Nortel said in a statement released Thursday night.Telecommunications giant to the Internet bubble burst, Nortel filed for bankruptcy in January 2009 and has since liquidated most of its assets, raising about $ 3.2 billion.

In any other industry, General Mills (0.35% to 37.35 dollars) announced Friday the completion of the acquisition of half of the yogurt maker Yoplait, which he was the franchise in the United States. General Mills bought for about $ 1.2 billion (830 million), with the investment fund PAI Partners and the cooperative Sodiaal, 51% stake in Yoplait SAS and 50% of the entity holding world Yoplait brands.

Price: supermarkets denounced

June 28, 2011 - 12:56 am Comments Off

Monitor prices and margins on agricultural products launched in September 2010 will make its findings on Monday. According quotidienLes Echos, the 250-page report, commissioned by the Ministry of Agriculture in collaboration with INSEE and Agrimer, the responsibility of leading retail chains in maintaining the sales price to consumers despite lower commodity prices.

Cherries five times more expensive

The experts, headed by Philippe Chalmin, an economics professor at the University of Paris Dauphine, studied agricultural production subject to the most serious crises in the last ten years such as milk, beef and pork, and fruits and vegetables. According to their findings the distribution has made such an important and constant gross margin of red meat even though the farmers of this category recorded the lowest incomes.

The situation is similar with regard to pork. In ten years from the final price going to farmers has increased from 45% in 2000 to 36% in 2010. At the same time, one devoted to retailers jumped 39% to 55%. The long-life milk, gross margin was doubled when the signs that producers declined. Distributors also apply high margins on fruits and vegetables. Cherry cherry has been charged five times more expensive to consumers that it was paid by the distributor free credit score. Only segment where margins have been reduced signs: the yoghurt.The report provides no explanation but Les Echos believe that the power companies such as Danone, which reach more to negotiate prices is one reason.

Annual Report

The report, which should help parliamentarians better navigate the debate between producers, manufacturers and distributors for years, however, said it is difficult to track the price of a product from production to its exposure on the shelf. Investigators also complain that the distributors did not provide all the necessary elements to determine the composition of the margins.Information they hope to meet next year, the Observatory should indeed provide an overview of the situation every year.

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Greece: the United States urged Europe to act

June 21, 2011 - 6:44 pm Comments Off

Greek in the storm, the galley of the euro features a 18th passenger. It is not a secret, he even want to take orders. The United States is also concerned about a shipwreck in Greece that the Old Continent. They have continued to print their tempo in recent days to force the European crew to recover.

In Luxembourg, held since Sunday in yet another ballet departmental emergency, the American effort has found a leader: John Lipsky, the IMF acting boss since the resignation of Dominique Strauss-Kahn. Monday, early morning, we have even seen take the pen and help correct what would become the final declaration of the Euro, according to several witnesses. Gender confusion? Among the Europeans at least, there is no doubt about the role vested in this native of Iowa, former chief economist at Salomon Brothers and JPMorgan."Lipsky is the U.S. Treasury and defending U.S. interests in Luxembourg, 'says one diplomat. The CEO can afford. Age 62, he announced his retirement before the arrest of DSK.

Under his leadership temporary, the IMF has taken a much more demanding vis-à-vis the financially troubled countries of the European Union. The turning point came during a visit to three with Angela Merkel and Wolfgang Schäuble, on the sidelines of the G8 summit in Deauville, said a European official. Prior to the rescue of countries such as Greece, Ireland and Portugal, the fund was content with a European political commitment. Since then, he stands still as his balls timelines, detailed austerity plans and supports encrypted.This partly explains the surprise decision of the Eurogroup, on Monday, to condition the release of the fifth tranche of the loan to Greece promised a vote by Parliament in Athens, new austerity measures and to a credible plan for privatization.

"Germany, a key country"

There is no mystery no longer on Washington's annoyance at the failure of the seventeen countries to overcome their susceptibilities to seriously address the problem payday loans guaranteed no fax. "Over the past year, the euro will fall into relapse and we see only bandages to stop the bleeding, said a U.S. official. The problem consumes time and energy of the Europeans. The world turns and do not wait. "It is also the best interests of the United States. A weak euro would threaten the sustained U.S. recovery, not to mention a rise in interest rates.More seriously, a European banking meltdown could spread to the other side of the Atlantic, reflecting the collapse of Lehman Brothers in 2008. For the second time in less than a year, Barack Obama is telling the Chancellor that it needs to hand the wallet in favor of Athens. "Germany is the key country," stressed the president.

Christine Lagarde, a candidate for the succession of DSK, is more eager to place the main shareholder of the IMF. On the night of Sunday to Monday, the French minister took it upon herself to keep closely informed Treasury Secretary Timothy Geithner. It was not a "phone G7" as improperly submitted.But a conversation to explain that two vital partner why 17 had once again decided not to decide on Greece.

Appointment is made Sunday, July 3 for a new conclave of the Eurogroup dedicated to the Greek debt. With the cap of the IMF, but also speaking on behalf of Washington, John Lipsky has not concealed his impatience Monday. He commanded the Europeans to "immediately put an end" to their debate on the restructuring of debt and start a new fund to rescue the euro. And he clearly put in danger the balance, "This is to prevent the crisis spreading from the periphery of Europe to the center and from there to the rest of the world."

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"The resistance against privatization is organized

Fillon wants to tax companies that pay too bosses

June 18, 2011 - 12:20 pm Comments Off

Overtax businesses too generous with their leaders. The idea was launched by Prime Minister Francois Fillon in an interview published Saturday in Nice Matin: "With the government, I think about a device that is to overtax the companies issuing exorbitant fees."

The head of government is responding to the proposal of Xavier Bertrand, Minister of Labour and Employment, to "tax" or "frame" the "extravagant salaries." It lampooned in an interview published Thursday by Les Echos code of conduct drawn up on the subject of big salaries. "Write a code of conduct is good. The enforcement is better, "he said. Considering that some large companies did not comply with these principles, the Minister has threatened to legislate on the issue.

Shocked by some earnings

In Nice Matin, François Fillon rejects such an approach in trying to punish companies through a tax rather than the bosses through a ceiling unsurpassable. If it says "shocked" by some remuneration of senior executives, the Prime Minister "not [believe] not the regulation of wages for some totally disconnected from economic reality of the business and wage negotiations." However, he called the companies to regulate themselves. If they do not, the government will make decisions, he added.

The salaries of officers of the CAC 40 rose 19% in 2010 compared to 2011 according to a study of the expansion. Their average salary was 4.2 million.And increases do not always correspond to performance industrial markets.

No revaluation of the minimum wage

François Fillon said in the same interview in Nice morning that there would be no boost given to the minimum wage at its next revaluation. "Today, it would be an economic mistake. This will overwrite the hierarchy of wages and would drive up labor costs and thus unemployment, "he justified.

François Fillon has argued that "before 2000, the labor cost of products manufactured in France was on average 15% cheaper than in Germany."However, "since the 35 hours, this advantage was lost in some sectors such as agriculture and services, we are overtaking Germany," he said.

According to the Ministry of Labour and Employment, the next automatic adjustment of minimum wage-price inflation when the achieved 2% since the previous revaluation, "could take place" in August.

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Wall Street remains frozen in negative territory

May 13, 2011 - 11:20 pm Comments Off

After a session in the green Thursday, the NYSE should end on the last day of the week in the red. After an opening balance, the losses have increased for the Dow Jones was down 0.97% at 12,574 points. The Nasdaq also lost 1.02% to 2834 points while the S & P coward 0.82% to 13,438 points.

Oil heckled

The tensions are still very vivid in the markets for raw materials and oil. The U.S. House of Representatives Thursday passed a bill to increase oil production in the United States to respond to soaring gasoline prices, despite opposition from the Obama administration to new drilling WedFor its part, China has announced to suspend its exports of diesel and severely restrict its exports of refined products to ensure adequate domestic supply and fight against inflation in fuel prices.

Oil prices have also played a roller coaster, unsettling investors. After opening up in New York, a barrel fell sharply in mid-day, the barrel of light sweet crude (WTI) crude for June delivery yielding 84 cents to 98.13 dollars. Finally, the barrel ends up on redemptions of short positions after previously mounted on reports that Libyan leader Muammar Gaddafi had been injured. On the New York Mercantile Exchange, the barrel finished at 99.65 dollars, up 68 cents, or 0.69%, after hovering between 97.09 and 100.70 dollars.

The course followed the evolution of currencies.During the session, the sudden inflation of the dollar made it less attractive dollar-denominated assets such as oil, while the volatility of trade was exacerbated as we approach the weekend. The euro initially lost ground Friday against the dollar after the announcement of accelerated economic growth in the first quarter in the euro area, but eventually succumbed to concerns still living on the Greek budget crisis .

Around 18:30 in Paris, the European single currency was worth 1.4091 dollars against 1.4316 at the opening of U.S. markets and U.S. dollar against 1.4244 on Thursday. Yesterday, she already had fallen in session at 1.4124 dollars, its lowest level since April 1.

Consumer confidence rises

Fluctuating oil prices have pushed into the plan's announcement contained inflation.The consumer prices in the U.S. rose as expected by 0.4% in April compared to March because of rising food prices and gasoline, according to statistics released Friday by the Labor Department.

Moreover, consumer sentiment recorded a rise to 72.4 in May unexpected vision against 69.8 in April, the index of the University of Michigan. Analysts were waiting to 70.

Yahoo! penalized

The side of values, the Nasdaq Composite is sealed by the fall of Title Yahoo (-5.18% to 16.28 dollars) after the Internet portal said Alibaba Group has reorganized the capital structure of Alipay, one of the leading online payment systems in China, without being notified when it is a shareholder of Alipay.

The earthquake in Japan, which has disrupted production car in the Japanese archipelago, has claimed its place as world number one sector to Toyota, doubled in the first quarter and probably for the year by the American General Motors ( 0.06% to 31.44 dollars) and Germany's Volkswagen. Toyota sold 1.79 million vehicles worldwide between January and March, down 12% year on year.Meanwhile, GM sold 2.22 million cars, and returning, at least for this quarter, the world number one spot he had sold to Toyota in 2008.

For his part, Nvidia (-6.65% to U.S. $ 19.14) reported after the close of Wall Street, for the first quarter of 2011 from a profit down 0.2% to 135 million. The gross margin was 50.4%, a record level. Sales reached $ 962 million against 948 million and 1 billion expected a year ago.For specialists Aurel BGC, "the group is clearly affected by the downturn in PC sales and growth opportunities on the shelf is far from certain … For the current quarter, the Group expects a growth of 4 to 6% of its sales. "

SunPower (-0.89% to 21.19 dollars) achieved during the first quarter 2011 revenues of $ 451 million against 347 million last year and a loss of $ 0.02 per share against a BPA from $ 0.13 a year earlier. For the current quarter, SunPower expects a turnover of 500 to 550 million.

CA Inc. (-8.86% to 22.84 dollars), formerly Computer Associates International) in the fourth quarter of financial year 2010/2011 a turnover of 1.13 billion dollars against 1.17 billion expected and earnings per share of $ 0.48 against $ 0.5 expected.About its prospects, the group expects a growth in turnover of 6% to 8% at constant exchange rates for the year 2011/2012, and GAAP EPS in the range of 1.79 to 1.86 dollar. In addition, the Board of Directors approved a quarterly dividend of 0.05 dollars per share and a stock repurchase plan of $ 500 million. Last night, losing the title

Nordstrom (-1.64% to 48.37 dollars) for the first quarter sales of 2.32 billion dollars, in line with expectations, and earnings per share of $ 0.65 against $ 0.67 and expected $ 0.52 last year. The board of directors also voted a share repurchase plan of $ 750 million.

The wave of mergers and acquisitions continues. Yum! Brands (+0.28% to 54.88 dollars) has announced the launch of a tender on the Asian restaurant chain Little Sheep at a price of 6.50 Hong Kong dollars per share.

The Manager Finance DNCA soon under the American flag

April 30, 2011 - 3:36 pm Comments Off

A shareholder in American control will succeed one Italian: according to our information, the management company DNCA Finance is about to be bought by private equity firm TA Associates. The transaction values ​​between 300 and 400 million euros the French firm high of 5.5 billion euros of assets under management.

Banca Leonardo, the bank's business Gerardo Braggiotti owns nearly 70% of DNCA Finance which he had joined in 2006, continues its focus. The Italian bank will remain the capital of the management company, up to 10%. Jean-Charles Mériaux, patron management DNCA Finance, and Joseph Chatel, president, will remain second and third respectively shareholders of the firm.A share capital will also be reserved for employees, present and future of the management company established in 2000.

DNCA Finance, which manages a range of 10 French and Luxembourg UCITS, has based its development especially in the booming wealth management advisors. His new shareholder is an investment fund Boston, which already owns British fund manager Jupiter Asset Management. TA Associates, the head of funds totaling $ 16 billion of capital, fired on all cylinders. He just announced this week its entry into the capital of a management firm Stadion American Money Management, but also an investment in Bigpoint, the German tenor of online games.

Shale gas: defense industrial

April 16, 2011 - 10:32 pm Comments Off

If the state seems determined to bury the projects to exploit gas and oil shale, it is not the same industry. Total and after the oil is now up to CEO of GDF Suez, Gerard Mestrallet, to speak on the subject. Voices in the columns, the leader regretted that "France turns the page on shale gas before opening it."

The government has indeed done an about-face on the subject. Faced with a growing mobilization against the exploitation of these deposits to potentially harmful to the environment, the prime minister on Wednesday urged the cancellation of the exploration license. In March 2010, Jean-Louis Borloo, Minister of Ecology, had authorized the search of these gases "unconventional" in the basement French Three licenses were awarded, one in Total and two other group Texas Schuepbach associated with GDF Suez.

Impact on prices

It is not certain that there are industrial. They surf on rising fuel prices to justify further research in this area. The CEO of GDF Suez and in Les Echos argues that "France will freeze gas prices on one side and the other refuses to produce shale gas. I recall that if natural gas is cheap in the U.S., thanks to unconventional gas. "

Same story at Total. In a recent interview in Le Parisien, Aujourd'hui en France, oil group's CEO, Christophe de Margerie said that gasoline prices will continue to blaze to 2 euros lellitre super and that this development necessitates the search other energy sources.It specifically targets the shale gas, "We can not defend one side of the security of supply in France, and the other, prohibit the exploration of these famous shale gas. How can we make a final decision without even knowing if this gas is present in the French soil and if it is usable? "

"An operation" clean "is possible"

Similarly, Gerard Mestrallet advocates a continuation of research, also on methods of extracting these gases. "To conclude that we will never be able to develop clean technologies to exploit shale gas, there is not as scientific as I would not cross," said the officer saving account payday loan. Total goes further. Courmes Bruno, director of Total Shale Gas in Europe, the Group subsidiary dedicated to oil shale gas, is "sure to offer a holding" clean "of shale gas."

Cleaner technology and less controversial, would bring the Prime Minister, currently opposed to the exploitation of shale gas, to review its position: "There is no question of closing the door to technological advances that allow for future access to new energy resources ", has underlined Francois Fillon during his speech in favor of cancellation of licenses already granted. A scientific research mission on the possibilities of exploiting these deposits with other technologies is ongoing.

No credible alternative for the moment

Except that it may take time. Asked by lefigaro.fr, Total acknowledges that, at present, there is no alternative to the hydraulic fracturing technique implemented by the Texas Haliburton. An efficient method known but the effects are harmful to the environment.This method aims to create small earthquakes over 2000 meters before injecting large amounts of water and chemicals to extract the fuel. The film Gasland shock, the Oscar-nominated 2011 – which had a significant effect on protest movements – really demonstrates what can be the impact on drinking water, air quality and public health of this method extraction.

Cap on foreign

And France, a "National Day of Action" against the shale gas to take place this weekend. It might then be that manufacturers are turning abroad. Total has also finalized an agreement with CNPC-PetroChina to operate an unconventional gas field in Inner Mongolia and the group has two exploration permits for shale gas in Denmark and six in Argentina.Remains whether the environmental impact of the same technique is different from one country to another.

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Vinci: a supplement to Tours-Bordeaux

April 13, 2011 - 1:20 pm Comments Off

Certainly, the financing of high-speed rail line between Tours and Bordeaux is a story full of twists. Latest episode, Vinci, selected in March 2010 to build and operate this path, calling for several weeks an extension to the original contract of 7.2 billion. Reportedly, the largest group of French construction and concessions asks his client RFF (Réseau Ferré de France) to pay a supplement of more than 60 million. He argues in particular the rising cost of raw materials.

Vinci does not speak on the subject, but if it goes in this direction is that it can hope to have the right for him. Last year it was agreed with RFF its price of $ 7.2 billion would remain the same until February 28, 2011. The final concession contract between the two parties should be signed before that date.But today, the famous agreement is still not signed. Obviously, RFF is not willing to pay that amount. Negotiations between the two parties are therefore likely to be rough.

These discussions inevitably evoke why preliminary steps essential for the signing of the contract were not completed. First, Vinci had to find loans to the tune of three billion. However, it has not yet achieved this financial closure. "It's complicated given the large number of bankers around the table," said Xavier Huillard mid-February, the group's CEO. The record is, indeed, complicated given the very high amounts of this operation, unprecedented in France.

Communities left behind

The state, meanwhile, was to finalize the contribution of local authorities to round. It was anticipated that 57 communities contribute $ 1.5 billion.Again, this agreement was expected in late February. But the diversity of local contexts has hampered this movement. Especially in the context of district elections. In addition, some communities (General Council of the Landes region of Poitou-Charentes …) have long refused to put their hands in the pocket for this project. Recognizing this, the Minister of Ecology and Transportation, Nathalie Kosciusko-Morizet, left a deadline until April 15 to gather the latest signatures. This has raised the contribution of some as the General Council of Pyrénées-Atlantiques.

But a few days before the deadline, a final tally shows that 200 million missed the $ 1.5 billion. The main recalcitrant? Poitou-Charentes headed by Ségolène Royal, who has just committed to a loan repayable to the state 102 million. Suddenly, everyone wonders who will fill the hole.All eyes turn to the state. But experts say if the state could consider to supplement community failing to 100 million, nothing says it is ready to settle without flinching a note of 200 million.

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To a tax increase for wealthy households

April 4, 2011 - 12:12 pm Comments Off

It is an upheaval of the income tax system proposed by the PS in trying to merge the CSG with the Income Tax (IR). The goal? Make the tax more progressive, plain heavier on high incomes. The idea of ​​merging IR and CSG is not new to the SP. It has even been raised right by Jean-Francois Cope last year! But the work of economist Thomas Piketty gave new vigor. In his book published in January showed that the French Piketty modest pay more taxes as a proportion of their income than the wealthy. A demonstration challenged on the right but the left back.

Why the fusion of IR and the CSG system would make it more redistributive? Because for the Socialists, the new tax scheme would work with the "progressive" of IR, not with the system "proportional" to the CSG.The scale of the IR is called progressive because the more money a household earns, the higher its tax rate is high. Thus, a household with annual earnings per share are € 10,000 is taxed at 5.5%. One whose annual income per share is EUR 100,000 pay 41% of IR's revenue above 70,830 euros. Conversely, the CSG is Proportional: whatever his income, a taxpayer pays 7.5% of his salary in CSG.

But today, the couple CSG and CRDS weighs much heavier than IR: EUR 88 billion against $ 47 billion. Explanation: While the CSG hits all incomes, IR is paid by only half of the homes and is being limited by tax loopholes. Direct taxes paid by households are no longer quite progressive, as the PS. Hence the radical proposal to merge IR and CSG.A proposal which would be consistent with a direct levy of tax on the pay slip and a continuation of benefits for family of IR today guaranteed approval cash advance loans.

A strong political choice

It is therefore a strong political choice, that of increased taxation of the wealthy. Similarly, the PS wants capital gains, dividends, stock options, now taxed at 19%, are taxed at the scale of the new tax. That is up to 41% or more if a new slice is created, what is envisaged. "We need capital income are taxed as labor income," argues Michel Sapin. Furthermore, the SP wants to remove more than 10 billion niche, adding another all taxes. And nothing says that the purchasing power of middle class will be preserved. The end of the reduced VAT in restaurants is not going in that direction. Above all, the socialists want to cancel the tax measures passed in August 2007.Now it appears the exemption IR overtime, which benefits lower income households!

Finally, the SP wants to adjust the VAT on the basis of green products. A priori, this VAT reform should not cause tax increases … This is true also that the proposed corporate tax rate (20% if profits are reinvested, and 40% s 'they are redistributed to shareholders, against 33.33% today). But overall, the proposed tax bill increases the PS business. Particularly because it is 7 billion tax replacing the business tax.

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