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Twenty-four years after the first world held in New Zealand, rugby world last week signed a homecoming, celebrating the opening ceremony of the 7th edition of the World Cup. Certainly, in the meantime, the world of rugby has changed profoundly, from many countries in an amateur status to a professional model. However, the edition that has just begun in the land of long white cloud, earth history of the discipline, will not be remembered in terms of costs and economic benefits. New Zealand, a small country of 4.2 million inhabitants, has in fact not the same financial resources than previous organizers. Plunged into an economic crisis, it was also affected in February by an earthquake that devastated the city and the stage of Christchurch, the second largest city.What add to the bill related to the organization, and limit the financial benefits expected from the competition.

More limited carrying capacity

Estimates of the study Mastercard "Report on the economic impact of Rugby World: 2011 World Cup," the economic activity generated by the event is expected to reach $ 654 million (479 million), 18 % less than the 2007 edition in France. Main reason: the carrying capacity, especially in the stages are not the same. In New Zealand, the largest chamber (the Eden Park in Auckland) can accommodate 60,000 rugby fans. This figure drops to 40,000 for the second largest stadium. In total, only five of the twelve speakers in the competition beyond the 30,000 seats. In France in 2007, all exceeded the 32,000 seats.Enough to blow up the number of tickets sold in the Hexagon at 2.25 million, against 1.35 million sold in 2011 according to MasterCard. Next visitors, a double standard as well, since 95,000 fans are expected in the country of Blacks against more than 325,000 in 2007.

Overall, the economic impact of the sixth edition of Rugby World Cup in 2007 was estimated at 540 million euros, of which over 85% from the tourism (spending by spectators, lodging, drinks, souvenirs …). A record that does not beat New Zealand in terms of direct benefits. It remains to know the net financial gain from the competition.Those of this edition will not be known precisely until a few weeks, but we know already that they will be affected by 550 million euros spent on building or renovating stadiums, where France had limited its expenses (most stadiums were renovated for the World Cup soccer in 1998). The catastrophe of Christchurch should also weigh on the accounts. In 2007, net income of the competition had reached about 113 million euros, while New Zealand could lose money on this event.

The hearing will be at the rendezvous

The only consolation for the organizers of New Zealand against the semi-economic success: the increasing popularity of the rugby world should not be questioned. About 4 billion viewers (cumulative audience) should follow the matches of the competition.Almost as much as 4 years ago (4.2 billion according to URS Finance and Economics and the International Rugby Board). More than 220 million euros in marketing and TV rights for the event have been sold by the IRB, against only 190 million for the French edition of 2007. The fact is that New Zealand will not see the color of money, revenue from TV rights and advertising contracts falling directly into the pocket of the Board, to fund the global development of rugby.

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The U.S. stock markets resist panic that has driven down European shares on Monday. At the close, the Dow gained 0.63% to 10,061.12 points, the Nasdaq climbed 1.10% to 2495.09 points and the S & P is 0.70% to 1162.27 points.

Very hesitant, the indices increased to rise at the very end of the session after the Financial Times announced that Italy has asked China to perform major purchases of its sovereign debt. Senior Italian officials told the FT that Lou Jiwei, the chairman of China Investment Corp (CIC), was the head of a delegation that went to Rome last week to meet with Finance Minister Giulio Tremonti and as responsible for the Cassa Dspositi e Prestiti.

In addition, investors seemed anxious not to pass down the technical threshold of 1140 points on the S & P 500 (he flirted with during the day)."If we can not maintain this level, the next support is around 1120 points," said Marc Pado, an analyst at Cantor Fitzgerald.

U.S. operators, such as Europe and Asia, however, remain very concerned about Greece. They fear it will not be able to meet these budget commitments, which threaten to bankrupt the country and aggravate the crisis in Europe. The German Minister of Economy Philipp Rösler has also not ruled out a bankruptcy ordered Greece to save the euro.

These uncertainties have weighed heavily on European banking stocks, weighed down by their exposure to sovereign debt but also by fears about their solvency and funding.

Busy schedule for

United States, Barack Obama will submit to Congress today plan to revive the economy and employment announced Thursday.The president renewed his call "to Congress to adopt this bill, which contains the kind of proposals to grow the economy and create jobs."

Week is low in business results – the retailer Best Buy and diverse manufacturing Pall is the only component of the S & P 500 to publish figures – investors will focus primarily on a series of macroeconomic indicators.The latter include retail sales, the producer prices and consumption as well as statistics on the manufacturing sector.

Note, however, leading indicators of the Organization for Economic Cooperation and Development (OECD) published this morning, reporting a "slowdown" of the world's major economies.

Oil climbs the slope

In the wake of renewed tensions, the euro remained sharply lower against the greenback Monday, falling below $ 1.35 even briefly, due to another bout of market panic response to the crisis in Europe. End of the session in Paris, the single European currency was worth 1.3645 dollars against 1.3649 dollars on Friday night. Earlier, the euro fell to 1.3495 dollars, its lowest level since Feb. 16. The euro also fell to its lowest level in a decade against the yen. The euro bought 104.64 yen against 105.91 yen Friday.In the early morning, the euro fell to 103.90 yen, its lowest level since June 2001.

Oil prices have them finished up in New York Monday, bouncing after suffered early in the day of the depressed European stock markets. On the New York Mercantile Exchange, a barrel of "light sweet crude" for October delivery ended at 88.19 dollars, up 95 cents from Friday. "All the elements seemed to fall together in oil prices. I do not know why they are up now. I talked to brokers in the trading room, everyone is scratching their heads, "said Rich Ilczyszyn, broker at MF Global. As equity markets, it evokes a technical reason "because of coverage positions."

Broadcom target NetLogic

The side of values, Bank of America (0.86% to 7.04 dollars) on Monday announced it would cut about 30,000 jobs "in the coming years", or just over 10% of its workforce, in As part of the first phase of a major restructuring.

The chip maker Broadcom (-1.11% to 33.07 dollars) plans to buy NetLogic Microsystems (50.80% to 48.01 dollars) to $ 3.7 billion (2.7 billion euros) to develop its line of chips for wireless networks. The announcement helped to bring the technology sector.

The French group Technip Engineering said Monday the acquisition of the entire capital of the U.S. Global Industries (51.07% to 7.78 dollars), a specialist oil services submarines, based on a valuation of $ 1.07 billion (770 million).Technip will pay $ 8 cash per share, Global Industries, a premium of 55% over the closing price of its prey Friday night on Wall Street.

For its part, the online retailer Amazon (2.45% to 216.56 dollars) would be in discussions with publishers to launch a book rental service digital subscription, said Sunday the Wall Street Journal in its edition line.

After the unexpected departure of the patron saint of Internet giant Yahoo!, Carol Bartz, rumors of a union between Yahoo! (-1.48% To 14.27 million) and AOL (0.14% to 14.74 dollars) have resurfaced. The CEO of the Internet service provider America, Tim Armstrong, have consulted with investment companies to test investor appetite for a reconciliation between the two groups advance Bloomberg.Tim Armstrong become the leader of the group.

For his part, Hertz Global (-1.73% to 9.66 dollars) has extended the date of its offer for Dollar Thrifty (0.05% to 64.92 euros) Automotive Group (DTG) until November 1 .

Wynn Resorts (2.19% to 151.68 dollars) through its subsidiary, Wynn Macau has announced the acquisition of land over 20 hectares to the government of Macau for approximately $ 193 million. The plot, located on the Cotai area, should allow the development of a resort and recreation.

FNSEA (National Federation of Farmers' Unions) is back in service Tuesday Space in Rennes, the second largest European exhibition of livestock. Beyond the hot topics of the moment, like the crisis in the hog sector, the Central Agricultural eyes on May 2012. It intends to be present in the debate of the presidential election. It prepares a summary document together its proposals for meeting the challenges of French agriculture during the next five years.

This platform will be closed in mid-November. "The French agriculture is a key sector and must be present in the Presidential debate, said Xavier Beulin, a number of FNSEA. We will ask the candidates to express themselves and engage in relation to our proposals. "

Important themes, four stand out.On the top of the stack, that of improving the competitiveness of French agriculture. It has been deteriorating over the past five years. So much so that France, land of all agricultural production has shifted from first to third place behind Germany and the Netherlands in the field of agri-food trade. Fills a gourmet meal while the French end of 2010 was listed as World Heritage Heritage of Unesco, the Hexagon now imports many of its fruits and vegetables, cheaper to produce outside our borders.

To make France more competitive firm, offers FNSEA implementation of VAT "social antidélocalisation." Its goal: to reduce by at least 30% of the hourly cost of agricultural workers to align with that of its European competitors.A key position when you know that 60% of the cost in this sector, employing 200,000 people, from the cost of labor. Such a measure would cost $ 300 to 350 million euros to the state budget.

To finance it, the future tax soft drinks would not be sufficient. "This requires an increase in VAT terms to be defined. In addition this measure would also apply to imported products as opposed to an increase in the CSG, which again would penalize French farms, "says Xavier Beulin.

Second major issue, increased efforts in research and development in agriculture on G20.With, for example, the introduction of new varieties of animal and plant more to meet consumer expectations.

For a new irrigation policy

The third point concerns the inclusion of the entrepreneurial dimension of the French farm, including the creation of new legal status and accounting standards with the possibility of bankruptcy without affecting personal property.

Finally the fourth theme relates to the environment. FNSEA advocates a new irrigation policy to create water reservoirs to store winter and summer re-use rather than let her go to the sea This implies a reduction of administrative .

FNSEA does not give instructions to vote.The responses of presidential candidates will help farmers, who are no longer systematically acquired the right to guide their choice.

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After one was missed, France Televisions has returned an offensive with hundreds of new programs. Taking risks assumed by Rémy Pflimlin, the CEO of the past year. It provides time to install new brands and develop its digital strategy.

The FIGARO. – What are your ambitions in terms of audiences for the group?

Remy PFLIMLIN. – The introduction of DTT has weakened the historic three channels and we have two. But France Television is not only judged on the hearings, as specified in the law. However, we must be the first French broadcasting group with our channel France 2, France 3, France 4, France 5 and France Ô. All must remain above the 30% audience share.

How do you explain the hearings erratic France 2?

For economic reasons, summer programs in France two were very different from those of the season. We have spent reruns and a program, "Five tourists" who have gone wrong. We dropped during the day and have paid cash. But with the return, the big appointment with Sophie Davant, Laurent and Stephane Bern Ruquier back.

France Televisions will invest 420 million euros in creation. Where do you get the money?

This amount represents an increase of twenty million euros a year. This is affordable in a cost grid for all channels 2 billion. To finance it, we will make arbitration on purchases and program flow.

You run one hundred new programs.Is it ambitious?

We offer 50 new programs on our five channels and 50 new regional programs of France 3. It is necessary to take risks because we absolutely need to innovate to install in the new period of strong brands as are a French village and more beautiful life.

Where's the advertising revenue?

We have budgeted 425 million euros in advertising revenue for the year 2011 against 440 million last year. In late August, we are still OK and I think we will hold the budget for the year.

You signed a contract with the State and sustain the revenue for five years. All can be challenged after the presidential elections?

We signed a contract objectives and resources with state ownership for five years on the basis of the strategic plan that we presented.For five years, the resources paid by the state are sustained and grow by 2 no teletrack payday loan.2% per year. In addition, our commercial revenues, advertising and diversification, we will be acquired. France Televisions thus acquires the necessary stability to build the company unique and long-term work with the world of creation. The company, the creators, the State and Parliament have an interest in maintaining that stability.

What is the social aspect?

We should sign in the coming days a collective agreement with the 2520 group of journalists and then we will negotiate the provisions concerning the technical and administrative staff, which represents 7,900 people. Over time, wages, hours and qualifications will be harmonized. This will have a cost but an investment that will pay off in productivity and simplified structure.In terms of attrition, which runs until 2012 and on 900 stations, we should see 550 starts, some of which permit and enable the recruitment of new skills including digital.

That represent the digital in five years?

The digital will be involved in the group. We will develop an information platform in November and another sports in spring 2012. Our role is to be an editor own content (information, drama, sport, culture …) that will become a commodity that we will provide all the screens. With the spread of television connected, it will be essential to have strong brands belong to us. Thus, we will not be dependent on American series to be broadcast directly by U.S. companies.

What is your position on the chains bonus?

On principle, I support the diversity of supply. On the economic front, although this is less about France Televisions, I note that many players call for a pause to allow to "digest" the introduction of DTT. With regard to the broadcast standard DVBT2, I have no principled position. But it is certainly worth, at this pivotal time, to ask any questions. For there is the issue of bonus channels, there are new channels announced, there is also the arrival of HD channels available. All this requires a resource that is often valuable, and called a real strategic choice. I look forward to the report of Michel Boyon.

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Money does not replace the sun. Companies still have made the bet offer insurance against bad weather, which compensates tourists disappointed by the weather. The concept was born three years ago and now sold by some tour operators – Pierre & Vacances, Maeva, Marmara or campsites Sunêlia has unsurprisingly met with greater success this year, boosted by the greyness of July.

"It has exceeded 20,000 subscribers in July 31. It's more than double last year, "says one at Aon, which launched the concept. The insurer does not expect to have to make as many checks: among the 200 French destinations covered by these offers, 50 have now opened right to compensation, according to data Metnext, a subsidiary of Météo France.

In previous years, about 5% of subscribers had received a refund due to bad weather.This year, this share has already increased by 20%, excluding the month of August, which promises but under better auspices. Tourists who spent their holidays on the Atlantic coast, especially in the northern half of France, will be the first question online payday loans.

Two hours of sunshine per day

All however, are not reimbursed the same amount, or under the same conditions. It depends on the tour operator with which the offer was contracted. If insurance is included in the delivery Sunelia home, it costs 12 euros extra in Marmara, and 69 euros at Pierre & Vacances, who included it in his pack "casualty".

For example, Marmara guarantees four days of sunshine a week of seven days, or reverse 300 euros to its customers. A little less generous, Pierre & Vacances is no guarantee that three days of sun, otherwise 150 Euros will be paid to unlucky.A "sunny day" is one day with at least "two hours of hot sun and cloudless" between ten and eighteen hours.

Weather assuming a more capricious, insurers have much increase in the future their number of subscribers. The year 2011, no sun, they will have made good publicity.

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The Asian market does not yield to panic. After closing up slightly Wednesday, several Asian stock markets are divided down Thursday, but less pronounced than Wall Street and in Europe the day before. In Tokyo, the Nikkei 225 is again in the red, falling 1.04% to 8945.12 points after finishing up 1.05% yesterday.

Of the places in China, Hong Kong the Hang Seng 1.45% yield while the composite index of Shanghai Stock Exchange rose 0.68% to 1134.65 points. In Seoul, the Kospi index is left in the green, up 0.71% to 1819.14 points after plunging by 4% in early trade.

Investors remain concerned, however, fearing another recession in the United States and a spillover of the crisis of debt in the eurozone payday loan lenders. The gold and reached new records, crossing first the maximum 1800 dollars.It was worth 1814.50 dollars in the morning before going down to 1785 dollars. Another safe haven, the yen appreciates, and is worth 76.63 dollars, against 76.83 the previous day.

Oil also set off again down in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

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Find a solution to the debt crisis before the holidays. This is the roadmap of finance ministers of the euro zone next week. The European Council President, Herman van Rompuy, do not let them choose by calling Thursday for a summit. In the meantime, they must agree on the terms of a new plan of aid to Greece, the key to stability in the euro area.

"Our agenda will be the financial stability of the euro area as a whole and the future funding of the program (help) Greek," said Herman van Rompuy in a statement released Friday night. A summit should be held this week, but the disagreements were apparently still too large to meet the ministers of the euro area.

Friday, the German government still insisted on the need to reach a solution on this point before considering a meeting at the highest level."It's not a meeting in itself will help Greece, is a new program," said Berlin spokesman of German Chancellor Angela Merkel, Steffen Seibert. A meeting will take place only if "it makes sense and is necessary," he added.

"Practicalities"

The fact that the president of the EU sets a date for the meeting means that the countries of the region are close to an agreement to overcome their differences on the plan must shelter Greece until 2014. The difficulties relate to the private sector. While States have agreed on this principle, "the element that continues to be discussed is the scope and practical arrangements," said the Belgian Minister of Finance Didier Reynders.

This question, seemingly technical, is the more political aspects.Specifically, Germany would like the creditor banks of Greece their hands to the portfolio. German Chancellor Angela Merkel does not want to antagonize the public, tired of paying for its European neighbors. The German solution has the potential to place Athens in de facto default. An option rejected by the European Central Bank (ECB), France and Madrid. "We made good progress" in discussions of the issues that upset "but there is still work to do," said a source close to the talks.

"Treat the Greek problem '

These dissensions troubled financial markets in the euro area. The crisis reached a new level this week, the contagion affecting Italy's third largest economy in the euro area. Rome, however, managed to extinguish the fire in the markets by adopting an emergency in the austerity plan of 48 billion euros.Publication of the results of stress tests of European banks on Friday could also help calm the fears of investors.

If the finance ministers do not want to disturb the relative calm, they will present next Thursday, practical solutions. "It should address the problem of Greece, as a starting point of an overall therapy," say economists at Credit Agricole. The recipe that will be applied to Greece as an example. "

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While the EBA is preparing to issue health bulletins today of 91 European banks, not this year – the third of its kind – had emerged as perilous. These stress tests are designed to reassure the strength of the European banking system, ensuring that they are adequately capitalized to deal with simulations of shocks on growth, equity markets or real estate.

So far, the main risk was to fail to convince, as was the case a year ago.With markets abusing European banks in turmoil on sovereign debt, the danger is now adding fuel to the fire …

The Institute of International Finance, which includes 400 credit institutions in the world, concerned that the emphasis of the supervisor to publish banks' exposures to the sovereign debt would aggravate tensions in the markets.For if the stress tests are unwilling to consider the hypothesis of a failure, even partial, state of the euro area, even though the scenario is not ruled by some European finance ministers, analysts will not go without applying the discount corresponding to their own calculations.

In fact, stress tests, vintage 2011, were built partly in response to criticism of the 2010 vintage: his credibility was undermined when the Irish banks were left to the mat a few months after passing their check-up! Hence the idea that the number of "recalibrated" should be higher than last year: in July 2010, seven banks have been stigmatized with a lack of capital combined 3 billion euros only .

Confusion

From this perspective, the tension went crescendo in recent days.Adding to the sense of confusion at the moment that sticks to all European decision-making, many countries or institutions have formally or informally, started to spill the beans. The German regional bank Helaba was denounced by itself, Wednesday, accusing the same time the EBA does not take into account the 'silent participation' 10% owned by the state of Hesse in his capital is not regarded as capital drives. In Spain, two savings banks, suspected to be among the victims of stress tests, have healthy self-proclaimed as yesterday, stating that their criteria are not exactly the same as those used in Europe! The Spanish authorities have also criticized the method of Constable European banking.

Although it was heavily judging, fiscal 2010 proved useful over time.A study by Morgan Stanley, 19 of the 22 listed banks passing the bar set by the supervisor by a margin of 2.25%, have increased since their capital. Thus, if the EBA requires a minimum of 5% capital ratio, "we believe that investors will scrutinize those who pass with a margin of less than 1%," warned analysts at Morgan Stanley.

Still, by nature, the exercise is not enough to reassure the markets. It focuses, in fact, on the solvency of banks when the rising concern about the cost and availability of the resources they need to find on the market. In the current climate of mistrust, the market assess the health of banks, primarily through the quality of the signing of their country of origin.For financial institutions of Europe device, each day that passes makes access to capital more expensive and more difficult and more involved when a deterioration in the sovereign rating by any rating agency.

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The European Union (EU) comes to the rescue of its farmers. The Agriculture Ministers of the EU meeting in Luxembourg this afternoon, should decide to unfreeze 150 million euros in aid proposed by Brussels on Tuesday morning. This is to cope with the losses suffered by the fruit and vegetables after the psychosis to EHEC bacteria has killed 23 people in Europe.

"We will propose a $ 150 million" financial aid to cover losses of farmers, whose products are shunned by consumers, concerned as salads, tomatoes, cucumbers and others may be carrying the potentially deadly bacterium , told the press the Agriculture Commissioner, Ciolos. The exact amount of aid will however be adjusted estimates by country."We will take the period from late May, marking the beginning of the crisis at the end of June" to calculate the amount of compensation, "said the European official.

Already, the 150 million mentioned seem insufficient, as the amount of losses made by European farmers. The only Spaniards consider that the bill because of the boycott of their products by European consumers has cost them 200 million euros. In France, the bill, according to professionals, is approaching 5 million.

Berlin slammed

Germany on the other hand was roundly criticized for his handling of the crisis by European Commissioner for Health in the European Parliament meeting in Strasbourg on Tuesday. She had made allegations, soon withdrawn, cons of cucumber Spanish after the demonstration of the first cases of contamination."It is critical that national authorities are not lining up to give alerts unproven, because it creates problems and psychosis," warned John Dalli. "It is important to trigger alerts when certain scientific data," he said.

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Monday night, Steve Jobs must have Apple's service icloud. Using a deal with record companies, the Cupertino company will upgrade its online music service iTunes. Customers can purchase their music from Apple's online store and listen to their wishes, where they are. The service called "cloud computing, or cloud computing, grow fast. This is a new revolution in computing. It is to connect to the Internet to access data and applications. Individuals no longer need to store on their PC or hard drive at home, and businesses no longer need to invest in high-performance computers.

The computer then used to open the application as a water faucet or turn on a light.Apple already offers a first service "cloud" to synchronize the network, contacts, emails and diary, from an iPhone or an iPad. The MobileMe service is very expensive (99 dollars or 79 euros per year from France).

Click on the thumbnail to enlarge the graphic.

Amazon has shown the way

Google will launch this summer the free operating system for PCs, Chrome OS, designed and filmed for the cloud. "The biggest users of cloud services are already without knowing it, individuals using tools such as Gmail or Google pay services data storage from Amazon," said Lew Tucker, Director Technical cloud at Cisco.With his offensive, Apple created a new front against Google, Amazon and Microsoft.

One of the largest global provider of cloud services Amazon is the world leader in cultural services in line with an estimated turnover in this area at one billion dollars in 2010. The original idea of ​​the champion of e-commerce, which has expanded its services to music storage for individuals, was to lease excess capacity of its own "farms" of computers. "It comes down to your apartment when it is empty during the workday and when you go on vacation," says one expert. All the giants of the Web follow the lead of Amazon. In economic terms, the marginal cost is low for providers of computing power and storage capacity. The additional revenue generated almost as much profit.For ten years, computer manufacturers, software publishers and computer services companies dream of a paradigm shift.

56 billion market

With the development of the Internet and especially because of the economic crisis, companies have converted to cloud computing. "After years of germination, cloud computing takes off. Partly for macroeconomic reasons. The crisis led all organizations to scrutinize their spending. In this context, a solution which can offer more for less is difficult to ignore, "says Ben Pring, vice president of research firm Gartner. For now, most of the market is done by software. The turnover of the software on demand is estimated around $ 11.7 billion in 2010 by Forrester Research. Today, 60% of worldwide turnover is made in the United States.But the phenomenon should spread to other countries. By 2020, the worldwide market will reach $ 56 billion, says Forrester Research.

With about 3 million business customers worldwide including one million in Europe, Google makes between 500 million and $ 1 billion in sales in the cloud. Finally, Microsoft will invest 90% of its budget on R & D in the cloud this year, said Jean-Philippe Courtois, senior vice president of Microsoft. But its sales in the area is estimated at "several hundred million dollars a year," admits a group leader. Each offers its solution. IBM, HP, Dell, Microsoft and Oracle want to use huge "farms" of servers to store and rent computing power to their customers. To this end, HP and Dell have acquired companies in the storage and data virtualization, in order to compete with VMware, a subsidiary of EMC.The market also attracts telecom giants like Cisco, Ericsson and Huawei, and specific actors, such as Akamai, Rackspace Hosting or Salesforce.

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