It may not even suspect load the boat because 10

How can we (still) be Swiss banker For too long circumvented the spirit of the laws by living in part of tax evasion, the former Swiss banking paradise has been brutally reduced to purgatory by Uncle Sam. And if the Confederation remains convinced that the existence of its banks and their major international continue to be justified, even if their legendary discretion is severely bruised, this is apparently more cases of their clients. 15 Billion euros of net funds that they have operated in UBS since the beginning of the year, after the 41 removed billion in the last quarter of 2008, likely sign a turning point in the importance of the offshore banking activity across Lake Geneva. The safes are the champion of the wealth management been emptied almost as much in 15 months that they had filled throughout the year 2007. The evaporation of that heap of gold, added to the Berezina for the Investment Bank, in any case led the new Director General, Oswald Grübel, to see more small. It may not even suspect load the boat because 10.300 deletions of jobs in the next two years bring them costs than 16 below their level of 2005, when earnings were 20 higher than they should be in 2010.

Sense failure

In some cases, the letters are not enough, it also figures. Paul Otellini, Intel pattern, had the opportunity to notice that fog is not more hunting is with words of comfort with a range. That the supplier of chips for 80 of the computers on the planet is even not in condition to advance forecast figures for the end of the year is all that has kept the market. Given the legendary caution of the Group of Santa Clara, investors would rather look at the glass half full: still, Otellini said he considered income time of normal cycles and that, for him, computer sales had reached their floor in the first quarter. They have also seen that when gross margin of Intel collapses, it stabilizes still comfortable level of 45 of its sales. Drastic reduction of the days of stocks and vigorous actions on costs by the Californian, Goldman Sachs analysts claim even that should find its usual altitude, around 50 by the end of the year. But they believe not necessarily that it provide the oxygen required for an action already paid 14 times profits, as long as the market will not better marked route have.

Count per minute

The time lost by others is not easier to catch than that allowed to spin yourself. Million eight hundred and fifty thousand four hundred minutes (three years and dust) developed by the eBay online auction site to realize that Skype does brought him no particular has represent only 0.08 of the daily volume of the operator on the Internet, they are going to be very expensive. The current CEO of eBay, John Donahoe, is certainly nothing in this acquisition of $ 3.1 billion in 2005 by his predecessor, the dilemma is not less painful. Despite the tempting prospect to double its revenues by 2011, Skype cannot stand the 50 times the turnover that eBay had paid at the time. Between resell the company to its two founders at a price discounted relative to where they had sold it and the launch on the stock market, the electronic dealer could not preferred the second solution, although it will take at least a year. But to recoup its investment, it must convince investors of the Telecom used to pay France Telecom 0.8 times its turnover expected for 2009 and Iliad twice, to get a little more than three times for an activity whose margins are much lower. The appeal will likely sound in a vacuum.