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Greece: the banks will have to contribute more
Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country known to be substantially revised at the deterioration of the situation in the country, warned Saturday. At a meeting of central bankers on Friday night in the only euro area, "we agreed to say that we had to have a substantial increase in the contribution of the banks' rescue of Greece, as a impairment of their claims, said the leader of European finance ministers, Jean-Claude Juncker.
According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector.They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF). The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.
A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% of the private sector, the second program of public financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros at the time scheduled.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts online payday loans.
"It is also an effort by the private sector"
In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan in Greek and this new plan is true that there is a substantial effort to Greece again, there is an effort by European countries and will also require an effort of the private sector" said his Belgian counterpart Didier Reynders.
The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros.The subject was Saturday in the agenda of the ministerial meeting, before a meeting in the evening between French President Nicolas Sarkozy and German Chancellor Angela Merkel and the EU summit on Sunday.
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A subway project in the Channel
Do we take the subway to Calais soon the morning to work in 25 minutes on the other side of the Channel in Ashford, and go home at night by the same means? This is the project defended tooth and nail by an association of French entrepreneurs in southern England. The Union of French Citizens Abroad organized Thursday a day of employment and business in the region where the project was presented shuttle Channel.
Olivier Cadic, an entrepreneur of 49 years, Councillor elected to the Assembly of French abroad, moved to Ashford fifteen years ago "because it was the first stop on the Eurostar," to escape the French tax burden, creating a media outcry.It was followed by other entrepreneurs from ready to provide many jobs.
"It's hard to recruit because the high cost of real estate in Kent do not allow employees to set up small, explains Olivier Cadic. An electronics company came along with me, which now employs 1,500 people, would be willing to offer 100 jobs immediately. Or just on the other side of the Channel to Calais, there is 25% unemployment. The TER of the Pas de Calais stops at the entrance of the tunnel. It's absurd. "
For 2012 Olympics
For its proponents, the metro project under the English Channel would be easily achievable. Eight TER trains purchased by the Nord-Pas de Calais originally for a project linking Lille-Manchester, could very well use the tunnel to get to Ashford in less than half an hour cash advance now.Eurotunnel, used only 55% of its capacity, is all for this binding would increase its revenues. SNCF, partner Southeastern Railway on the other side of the Channel, did not object either.
Consul General of France in London, Edouard Braine, is optimistic. "It's a certainty it will happen. Just look at a map and see that there is full complementarity between the two regions. Cross-border workers are already doing this ride by carpooling Eurotunnel but that's not very practical. And this is not the business of Eurostar to the local service. "The high speed train between Paris and Ashford has phased out most of his stops at Calais and London to optimize speed between the two capitals.In addition, its prices are prohibitive for commuting.
The ball is in the camp of the Nord-Pas de Calais, which seems to drag to decide. One question: is there a sufficiently large market to recoup such an operation? The members of the association believe that the London Olympics in 2012 would be a great opportunity to launch the line.
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The newspaper editors united against Apple
The French press bristled. In a joint statement, the leading provider of daily newspapers and magazine announced Friday that it will not NewsStand titles in the digital kiosk that has just been launched by Apple with its new mobile operating system (IOS 5) . Digital versions of newspapers are accessible via the iPhone and iPad applications.
"The trading conditions imposed by Apple today are unacceptable," consider the union of the national daily press (SPQN), the Union of the regional daily press (SPQR), the SPM, which represents the magazine, and professional union the magazine of opinion (SPPMO)."They are undermining the economic model of the press and ultimately reduce the choices available to Internet users."
Newspaper publishers have stalled on several issues with Apple charges for the sale of newspapers imposed, failure to provide subscription multi-platform and commission rates, considered "excessive". It is 30% for any sale in the App Store – be it a press title, a video game or a piece of music. But more than the standard rate of commission is the loss of control over customer relationships that worries the press."Personal data readers are the property of Apple and are not systematically shared with publishers, yet anxious to establish a relationship of trust with their readers to better take into account their expectations, 'the publishers.
Call for government
These criticisms have emerged since the launch of the platform download App Store in 2008 and is shared by publishers around the world. Newspapers have tried to deal with the manufacturer in developing their own applications, offering subscriptions multi-platform on their websites and enlançant a common digital kiosk application in late June (e-Presse premium). But the very existence of the latter is now threatened by NewsStand."We have not intended to be distributed by a single booth, but we want to be distributed under normal conditions," said one editor.
French media owners could benefit from the organization of the conference "New World 2.0" by Minister Eric Besson, this weekend, to educate government and foreign players to their difficulties. The battle is not won. As with Condé Nast, some media groups have signed with Apple in the U.S. while their French subsidiary belongs to the anti-sling NewsStand.
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Ghosn's efforts to regain Renault
Came one week in Brazil to announce the expansion of the Renault plant in Curitiba (Parana State) and the creation of a site for Nissan in Resende (Rio de Janeiro), Carlos Ghosn, CEO of both companies, was welcomed as a head of state in his homeland.
Last Saturday, the President of the Republic, Dilma Roussef movement shifted to receive it. "We are very proud of you," she would have slipped to the one she considers the child in the country. He also had dinner in an atmosphere of "friendship" with the two governors of states where the group operates, before signing the agreements in their luxurious palaces. Finally, it was applauded by the workers of Curitiba, massed on the lawn of a sunny site, which he wrote a speech.
Relaxed as ever, we feel in his element."It's good to be true that in Brazil," said the globe-trotting owner, who was about to visit this weekend to his mother and two sisters, who live on site. For him, this country is a paradise full development. Here, as in China, "we prefer to see what will, while in Europe the focus is on what's wrong."
Yet it is this gloomy old continent – particularly in France, where he is idolized as far from Japan, China or Brazil – that he decided to spend more time, "pulling consequences "of the false espionage earlier this year.
For many, this fiasco was proof that the owner of two companies whose headquarters are located 10,000 kilometers away, was disconnected from the reality of Renault.Many employees, union representatives, but also members of the government, which accused him of favor at the expense of Renault Nissan, having sought to speed up the relocation.
"Today I am more present in France," he says, whereas previously the Hexagon was only 35% to 40% of its schedule. Nissan is going at full speed in China or the United States, Carlos Ghosn promised then to look at the head of Renault, less efficient no fax pay day loans. Japanese sales are expected to double according to him between 1999 and 2011, reaching 4.8 million units, while those of Renault have increased marginally over the period (2.6 million last year). Goal back on track in Europe, where sales of the group fell by 10.6% over the first 8 months of the year.But also boost the image of a registered design banal and lacking in high-end models.
One patron
"Pragmatic," Carlos Ghosn admits he made mistakes. "I was probably too delegate and I paid the consequences," he admits. "One of the problems at Renault, is that people felt that there were two bosses. There must be only one boss, and that's me, "he insists. As a result, the CEO, for whom the "management of Renault changed," "regained control of a number of operations" as the high end, human resources, communication or the ethics committee . He also concedes that the crisis has had under "to clean up relations" with the state (which holds 15% stake) and make the company "more mature".
Be present at the headquarters of Renault and be first in line, that is precisely what the CEO had promised, after the reorganization of the group in late May, which had weighed heavily on the government. Paying for his handling of the "case", Patrick Pelata, Renault's number two, had been set aside in favor of Carlos Tavares.
Mechanically, the scope of responsibility of Carlos Tavares, his number two has narrowed compared to that of his predecessor. "It has fewer powers," but of "autonomy in what remains," said Carlos Ghosn.
The question is whether the iconic CEO will honor its commitments over time. One thing is certain, it is restore the image of the diamond brand in Europe find it in France a strong credit started this winter.
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Sony wants full control of Sony Ericsson
The maneuvers in mobile telephony will continue. Less than two months after announcing the acquisition of Motorola by Google, it's time for Sony to come forward. The Japanese would be poised to buy out its partner in the joint venture Ericsson they hold a 50/50, according to the Wall Street Journal. Sony said "have made any announcements on this and have no comment."
Becoming once again sole master on board in the phone, Sony get back into the race, while its subsidiary is in full decline. In the latest Gartner, Sony Ericsson does not point only to the tenth place. Unbearable to cope with the rise of Samsung and other HTC.
The share of Swedish would be valued between 1.25 and 1.5 billion euros.Sony Ericsson reported a loss of 50 million euros in the last quarter (ended June 30), strongly impacted by the consequences of the tsunami in Japan. The group felt when the earthquake had prevented the production of 1, 5 million phones.
A very strategic move
A recovery of 100% Sony Ericsson, ten years after the creation of the joint venture fits perfectly with the new guideline from Sony. Since late August, the Japanese never ceases to present the virtues of a strategy "five screens" (TV, PC, tablet, game console and … smartphone). At each speaking orchestrated by Sony, its subsidiary in the phone is a little more present. A to obscure the fact that the group led by Howard Stringer holds only half! While in September, when questioned on the subject by the Figaro, a leader of the group responded, "Why buy expensive our participation? ".Admitting a hint that Sony already felt at home in their joint venture. An attitude that could just as tired Ericsson, which has every reason to feel more deprived.
In addition, Sony ensures highlight the synergies between the different divisions of the group. But the mobile phone is, at present, is a real focal point. The latest Sony Ericsson Xperia smartphones are a perfect summary. They are equipped with optical CyberShot inherited cameras from Sony and for the sound, the Walkman and entertainment, Sony Entertainment. The climax was reached with the Xperia Play, which includes all the features of a PlayStation.
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Wall Street should once again move
The U.S. stock market should open up again on Tuesday. Future of Standard & Poor's 500 and Nasdaq 100 advance at 1.35% to 1174 points and 2255 points to 1.33%. Monday, Wall Street had already finished in the green.
Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. "The beginning of the week is placed under the sign of hope. Investors have decided to give credit to European policy makers and international willingness to find ways to resolve the sovereign debt crisis, "economists observe in Paris broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," say experts on their side LBBW.Other analysts, however, want to caution. The strategists of the Crédit Mutuel-CIC believe that "the improvement should not last as rumors seem exaggerated. The expansion of EFSF does not solve the structural problems in Europe, while the challenge is there. "
The spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF.
Political leaders are still clearly divided on the responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.
The euro relapse
The euro was weakening on Tuesday to below $ 1.35. Mileu in the day, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.
As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil falls sharply higher this morning in Asian trade after having dropped more than eight dollars last week. A barrel of "light sweet crude" for delivery in November gained 1 high quality business cards.15 dollars to 81.39 dollars in early trade, having closed up 39 cents Monday.A barrel of Brent North Sea crude for November delivery, which ended virtually unchanged Monday (-3 cents), advances, meanwhile, 95 cents to 104.89 dollars.
On the macroeconomic front, investors will monitor the housing price index calculated by S & P / Case-Shiller in the 20 largest cities in the United States, the index of consumer confidence and the Conference Board index of manufacturing activity in the Richmond Fed.
As for values to be followed on Tuesday:
As for values, Goldman Sachs will intensify its restructuring efforts, after a disastrous third quarter, which could be one of the worst ever recorded by the U.S. investment bank since it went public 12 years ago, says the New York Times.Goldman Sachs will be 1.2 billion to $ 1.45 billion savings goal of operation by mid-2012, the paper said on its website, citing unnamed people familiar with the matter.
The mysterious tablet that the online retailer Amazon.com Wednesday could present promises to be a star among the products' high-tech "of the season, even though the Seattle group has not yet revealed existence.Amazon Wednesday invited reporters to an event which he kept secret the subject, organized in a video production and music in Hell's Kitchen neighborhood of Manhattan.
Motorola Solutions is within the scope of an investigation by U.S. authorities, according to the Wall Street Journal, concerning a possible corruption in the course of its business in Europe.
The Anglo-Australian mining giant Rio Tinto, listed on Wall Street, announced Tuesday it had increased to 49% its stake in Canada's Ivanhoe Mines, the upper limit is included in an agreement between the two groups that intend to operate an entire mine copper and gold in Mongolia.
ONEOK announced expect to achieve a net profit of between 355 and 400 million in 2012, against 325 to 345,000,000 dollars in 2011.For its part, ONEOK Partners expects a net 740 to $ 800 million for the year 2012 against 630 to 660,000,000 for the year 2011, while natural gas volumes processed are expected to increase more than expected.
Also note, Standard & Poor's is within the scope of an investigation by the SEC, the U.S. stock market regulator, who questioned its rating of an issue of structured securities in 2007 just before the market collapse real estate, announced its parent company McGraw-Hill.
Industry and households demoralized
Optimism has no place in French industry and households. According to the monthly survey published Friday by INSEE, the synthetic indicator of business climate in manufacturing industry fell by six points to 99 points in September, passing below the 100 that corresponds to the average long period for this indicator. "He finds his level of August 2010," INSEE said in a statement.
As for the index of business climate as a whole (including services, construction, wholesale and retail trade), it falls along eight points to 97 points. Clearly, "the economic climate deteriorated in all sectors except construction," says INSEE.
In detail, the entrepreneurs of the manufacturing industry believe that their past activity slows again.They are particularly concerned to see their order books, global and foreign, are down. The situation is similar in both food processing, electrical, electronic and computer in the car, where the activity is expected in sharp decline in the coming months.
Confirming this gloom, the turning point indicator of INSEE has clearly shifted in the red. If it is not necessarily synonymous with recession, "the index is in all cases the echo of a deceleration of growth in all sectors," explains Sandrine Duchêne, head of the department of economic INSEE.
The financial situation of the French deteriorates
Even pessimistic side of French households, whose confidence index has lost five points to 80 points in September, according to data from the institute poor credit personal loans. This is its lowest level since February 2009.This indicator had a slight gain in July (three points) after months of stability. But in September, households appear significantly higher than in July to anticipate an increase in unemployment (23 points).
To this must be added the concerns of their income: between July and September, the opinion of households on their personal financial situation has deteriorated further, the balance corresponding dropping six points. Thus, the French are less numerous than in July to consider appropriate to make major purchases (-5 points). About their nest egg, they also feel that the time is not conducive to spare, the balance being lost 8 points in its long-term average.
According to Sandrine Duchêne, growth forecasts of 0.5% set in June for the third and fourth quarters will soon be downgraded."Since mid-2009, we tablions on a scenario of sluggish growth," said she. But the accumulation of adverse factors, "as the sovereign debt crisis in Europe, or concerns about the economic situation in the United States and China," cloud the prospects for a real recovery in the Hexagon.
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Irene would cost tens of billions
The bill may be steep Irene. The governor of New Jersey, Chris Christie, has evaluated this Sunday on the NBC television network damage caused by Hurricane "billions of dollars, even tens of billions of dollars." According to an alternative estimate delivered by the consulting firm Kinetic analysis, the hardware cost of this storm is expected to rise between five and ten billion dollars, most likely around seven billion. Just to the North Carolina and South Carolina, two states already affected by the hurricane, the amount of losses expected to reach between 200 and 400 million.
Above all, this damage should be responsible in large measure to the State, businesses and individuals, when insurers should take on a lesser share of the burden, said Chuck Watson, one of the leaders of Kinetic Analysis told AFP."Most of the structural damage will be caused by the rising water because of rain and coastal flooding. Yet this type of damage is not covered by private insurance, "said he.
The same applies to losses caused by the cessation of activity in areas relevant to the coast, or the cost incurred by the evacuation of hundreds of thousands of people payday loan lenders. Thus, New York, usually hectic, has been transformed this weekend into a ghost town, most shops have closed up shop and residents have been urged to stay home. But there is no damage reported, insurance should not pay a dime to compensate their members.
Insurers expected to be down
Insurance companies, however, should see their value fall Monday at the New York Stock Exchange.On Friday, insurers Allstate and Travelers had fallen to the lowest levels for two years, investors anticipate the costs incurred by the hurricane for those companies.
The amount of the invoice should still be less than initially estimated. Thus, Kinetic analysis was planned on Friday that a tornado could generate over 12 billion euros of damage if it hit New York at the height of its intensity. Finally, she was demoted to a mere tropical storm, with winds still 100 km / hour. These amounts are in any case of a different order of magnitude as the colossal damage of about $ 100 billion registered during Hurricane Katrina in 2005.
La Bourse de Paris brings out the 3800 points
Rain of bad news and stock prices in free fall: markets reconnect with painful memories. Investors reacted badly because the new rescue plan for Greece: after being disturbed by an incident technique over an hour, the Cac 40 closed the session on a drop of 0.63% to 3799.66 points .
Featuring Dax index of the Frankfurt Stock Exchange was down 0.19% to 7150.21 points in closing. For its part, the London Stock Exchange lost 0.38% to 5693.39 points.
In Milan, the stock market fall of 2.01% at 19,692 points after the warning from the rating agency Moody's on Friday night. The agency said Friday it planned to lower the debt rating of Italy, currently set at "Aa2."The agency said the risks to growth, financial markets and the government's ability to reduce the deficit.
The plan does not relieve the Greek market
Despite a new rescue plan for Greece launched last night by finance ministers in Europe, markets remain worried and disappointed: "Investors continue to demand a quick solution is not the working time of European political authorities. The difficulties in finding compromises will continue to maintain the highest concern, "warns one at CM-CIC. After the reassuring words of French and German leaders who have displayed a welcome unity Friday, the firm tone adopted by the ministers said that the issue will be very long to resolve.The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of that plan remains to be defined.
In an interview with The Tri bune, the Belgian Finance Minister Didier Reynders compare failure of Greece to the bankruptcy of Lehman Brothers. He said the risk of contagion is real."If Greece was the first to default, then the looks would turn to other countries such as Ireland, Portugal, Spain, Italy, Belgium can be but also France."
On the currency side, the euro rises gently sloping against the dollar: the time of closing in Paris, the single European currency was worth 1.4315 dollars against 1.4301 dollars on Friday night. In addition, oil continues to fall sharply, quoting under $ 92 in New York.
The banking sector still suffering
The banking sector suffered the brunt of the growing concerns over the Greek debt and the risk of contagion to other countries in the euro area.Natixis lost 1.52% to 3.50 euros, Axa loose 1.32% to 15 euros, Crédit Agricole drops 0.99% to 10 euros, BNP Paribas was down 0.86% to 51.75 euros, Societe Generale de 0.83% to 38.76 euros, excluding CAC 40, Dexia yield 2.24% to 2.22 euros.
All eyes are turned to the Paris Air Show, which opens Monday. Bad news for Airbus (parent company: EADS: -0.84% to 21.26 euros) last night, an incident of a private Airbus A380 giant aircraft flight, the aircraft had struck the wing a building while it was towed to the taxiway of the airport. But a Korean company has agreed to lend one of its A380 for the demonstration. Boeing, he launches the new version of its popular 747 jetliner, highly anticipated. Both manufacturers have launched the traditional race for orders.
In addition, the CEO of EADS, Louis Welsh, said the sale of 22.5% stake held by French and German states could be done without exposing the group to a hostile takeover, note leFinancial Times. Louis Welsh evokes an existing structure "extremely hard" for the development of the company.
NYSE Euronext (0.11% to 23.28 euros) announced Monday in a statement the actual launch on July 11 of the first platform for bond trading companies in Europe, the project has given the go Green of the Financial Markets Authority (AMF).
Areva (-3.91% to 25.53 euros) / EDF (-0.84% to 25.96 euros). According to reports in The Tribune, Nicolas Sarkozy has warned a week ago the CEO of EDFHenri Proglio the departure of Anne Lauvergeon.He finds himself in a strong position.
Saint-Gobain (-0.77% to 41.42 euros) received a volume of orders representing 90% of the shares Verallia proposed under the IPO of its subsidiary in glass packaging, said Monday two Sources close to the operation. Saint-Gobain has set an indicative price between 29.50 and 36 euros per share for the IPO, and hopes to draw 958 million euros from the sale of 40% Verallia.
Sanofi (-0.71%, to 52 euros) An investigation into a corruption case involving employees of the pharmaceutical group in Germany was opened, said Sunday a spokesman for prosecutors in Verden. "Sanofi confirms that there is an ongoing investigation and that he will cooperate with the authorities related to this investigation," said his side a spokesman for the group.
PSA Peugeot Citroën (0.10% to 29.03 euros).The mayor of Aulnay-sous-Bois (Seine-Saint-Denis), Gerard Segura, announced Friday it had requested an appointment at Industry Minister Eric Besson for clarification on the future site of PSA Peugeot Citroën.
Publicis (0.01% to 38.29 euros). The French group bought the Chinese Genedigi, specializing in public relations, events and digital marketing, with about 400 employees, for an undisclosed amount, he said Monday.
"CONTEST: Estimate the Cac 40 in late June
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Facebook declined in North America
Endtime, accident or simple miscalculation? The latest results are already hearing from Facebook debate. Produced by the research department of the information website Inside Facebook – Facebook is independent of the company itself – these statistics indicate that the most famous social networks would decline among Internet users in North America. Facebook has lost 6 million users in the United States between April and May, and 1.52 million in Canada. The community site will now respectively 149.4 and 16.6 million active members.
Based on his own analysis tool, Inside Facebook has also found a small erosion of over 100,000 active users, markets UK, Norwegian and Russian. Box of 687 million active members worldwide, Facebook has however continued to rise over the period.Drawn by Brazil, Mexico and India, the social network has expanded by nearly 12 million Internet users.
Other alerts
Inside Facebook remains cautious about the meaning of these figures. "We're going supervision is closely to see what trends emerge over the long term, note the service. Bugs in the Facebook advertising tool and we get this information, seasonal changes, such as for studies, and other factors can influence short-term figures on a month and hide what is really happening. "
It is also not the first time that analysts observed a drop in speed at Facebook in the U.S.. Last March, the Institute of audience measurement Comscore noted a slowdown in the growth of Facebook in the United States. In April, Nielsen had warned about a decline in time spent by users on Facebook.Farther still, Nielsen had been a decline of 5% of Facebook users in the United Kingdom in early 2008! Explored by 8.5 million UK Internet users then, the social network now boasts over 29 million.
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