USA unemployment rate falls

The nation's unemployment rate fell to 7.8 percent in September, the first time it has fallen below 8 percent since February 2009 and raising hopes that the pace of U.S. job-creation is picking up. The U.S. Department of Labor said today that total nonfarm payroll employmentincreased by 114,000 in September, lowering unemployment 0.3 percentage points, from 8.1 percent in August. That brought the number of unemployed Americans down by 456,000 last month,to 12.1 million. After three straight disappointing months, total employment as measured bythe government's householdsurvey rose 873,000 in September. The employment-to-population ratio, a closely watched measure of the overall healthof the labor market, rose 0.4 percentage points to 58.7 percent, its highest level since May 2010. The numberof hours employees on private nonfarm payrolls work per week also ticked up, a sign that the employersmay soon plan to boost hiring. In another positive sign, the Labor Department revised upward the number of jobs created over the previous two months. The economy added 181,000 jobs in July, initially estimated at 141,000, and 142,000 in August, up from 96,000. The improved performance was evident across several sectors of the economy. Health care, transportation and warehousing, and financial services businesses all added jobs. The manufacturing industry, which had been a bright spot earlier in the year, shed 16,000 jobs amid a broader slowdown in the global economy. The latest jobs data represents a significant improvement over recent months, when slowing economic growth caused tepid hiring. The economy has added an average of 146,000 jobs a month since January. By comparison, 153,000 jobs a month were created on average in 2011. Although estimates vary, the economy needs to produce 90,000 to 125,000 jobs per month to match the number of people entering the labor force. Job-creation would have to rise well beyond those numbers to return the economy to full employment.

USA unemployment rate falls

The nation's unemployment rate fell to 7.8 percent in September, the first time it has fallen below 8 percent since February 2009 and raising hopes that the pace of U.S. job-creation is picking up. The U.S. Department of Labor said today that total nonfarm payroll employmentincreased by 114,000 in September, lowering unemployment 0.3 percentage points, from 8.1 percent in August. That brought the number of unemployed Americans down by 456,000 last month,to 12.1 million. After three straight disappointing months, total employment as measured bythe government's householdsurvey rose 873,000 in September. The employment-to-population ratio, a closely watched measure of the overall healthof the labor market, rose 0.4 percentage points to 58.7 percent, its highest level since May 2010. The numberof hours employees on private nonfarm payrolls work per week also ticked up, a sign that the employersmay soon plan to boost hiring. In another positive sign, the Labor Department revised upward the number of jobs created over the previous two months. The economy added 181,000 jobs in July, initially estimated at 141,000, and 142,000 in August, up from 96,000. The improved performance was evident across several sectors of the economy. Health care, transportation and warehousing, and financial services businesses all added jobs. The manufacturing industry, which had been a bright spot earlier in the year, shed 16,000 jobs amid a broader slowdown in the global economy. The latest jobs data represents a significant improvement over recent months, when slowing economic growth caused tepid hiring. The economy has added an average of 146,000 jobs a month since January. By comparison, 153,000 jobs a month were created on average in 2011. Although estimates vary, the economy needs to produce 90,000 to 125,000 jobs per month to match the number of people entering the labor force. Job-creation would have to rise well beyond those numbers to return the economy to full employment.

France enterprenuers do not agree with tax proposal

Campaigning for President of France earlier this year, François Hollande made no secret that he planned to raise taxes on large corporations. But he promised the taxman would go easy on startups and other small to midsized companies. Now, though, entrepreneurs and investors are in an uproar after discovering that the new Socialist Presidentplans a big increase in taxes on capital gains generated from the sale of businesses, to asmuch as 64 percent. “No country comparable to ours has such a punitive scheme,” the French Private Equity Association said in a statement after the plan was unveiled on Sept. 28 in Hollande’s 2013 budget proposal. Opponents have wasted no time mobilizing. A group ofbusiness people callingthemselves—”Les Pigeons,” which translates in French slang as “The Suckers”—has gathered more than 30,000 supporterson a Facebook page that accuses the government of “crushing entrepreneurial spirits and exposing France to a big risk.” Leaders of the group include the founders of France’s three biggest Internet companies: Web retailer Vente Privée, online dating site Meetic, and Internet-access and mobile-phone operator Iliad. “We should push entrepreneurs to createcompanies, products, services, jobs, rather than push them to protest,” Vente Privée founder Jacques-Antoine Granjon told Bloomberg News. “If you want economic growth, you need a stable backdrop and a just reward for risk andhard work.” His company, founded in 2001, now has annual revenues of 1.1 billion euros and employs more than 1,500 people. The Hollande budget would abolish an existing 30 percent capital gains tax rate—already higher than in most surrounding countries—and replace it with ascheme based on regular income tax rates. That would produce an effective rate as high as 64 percent, the private-equity association says,compared to an average rate of less than 25 percent elsewhere in Europe. Business owners who are retiring or who immediately reinvest their gains in another enterprise would be exempted from the tax. Hollande’s budget planis already under attackfor a proposed new 75percent tax rate on incomes over 1 millioneuros. Several French soccer organizations said last week that the tax would have a “disastrous effect” on their recruiting. Jean-Paul Agon, chief executive of Paris-based beauty group L’Oréal, has warned the tax would make it harder for French companies to attract and keep top talent. Overall, Hollande’s budget plan calls for 20 billion euros in higher taxes and 10 billion in spending cuts. Opponents warn that heavier taxes harm France’s competitiveness and dampen growth, at a time when the economy is stagnant and unemployment is at a 13-year high. The capital gains tax couldbe the coup de grace , Jean-David Chamboredon, who heads French investment fund ISAI, told Bloomberg News. “It’s going to push young entrepreneurs away, to London or elsewhere,” he said. “A 60 percent tax rate practically means yourcompany is being nationalized.”

Europen Central Bank help to ease the economic crisis

The president of the European Central Bankgave a guardedly upbeat assessment of the situation in the euro zone Thursday, saying that troubled countries had made"significant progress" remaking their economies and that the banking system was healthier. "So, not bad," Mario Draghi said, with an airof distinct satisfaction, at a press conference in the Slovenian capital of Ljubljana following a meeting ofthe bank's governing council. But, perhaps wary of seeming too optimisticand encouraging complacency by elected officials, he added that the state ofthe euro zone remained tenuous. Early this year, Mr. Draghi also called a turning point in the crisis, only to see tensions return with a vengeance later on.After a period of intense activity to calm the euro zone crisis, the E.C.B. had not been expected toannounce major newpolicy actions Thursday. And, as expected, the bank left its benchmark interest rate at a record-low 0.75 percent. Instead, the focus hasbeen on elected leaders, and particularly whether Spain will meet conditions for the E.C.B. to start buying its bonds as a way of restarting bank lending in the country. Mr. Draghi asserted that the E.C.B.'s promise to buy bonds in so-called Outright Monetary Transactions had"helped to alleviate tensions" in the markets. He added that the bond purchases, oncethey begin, "will enable us to provide, under appropriate conditions, a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area."

Google and Apple maps

Apple and Google have collided in a heated battle for the smartphone market. Apple has been takinga lot of heat for launching a maps appthat critics complain doesn't feel complete. Apple dropped Google Maps from iOS6 in favor of its own Apple Maps app. Google Maps had been a default on the iPhone since its initial release in 2007. The company faces overwhelming criticism and even ridicule for the imperfections of AppleMaps. Following the update, users complained of getting lost, not seeinglandmarks and the lack of directions on public transportation. Apple's chief executive officer Tim Cook released an apology to customers that are frustrated withApple Maps. "With the launch of our new Maps last week, we fell short on this commitment. We are extremely sorry forthe frustration this has caused our customers and we are doing everything we can to make Maps better," Cook said in the letter published Friday on Apple's website. Google, on the other hand, may be benefiting from the rare Apple flub by launching several updates to Google Maps. The search giantannounced Friday thatit improved aerial andsatellite imagery for 17 cities and 112 countries or regions. On Tuesday, Google took street view underwater and unveiled stunning images of the Great Barrier Reef. Speculation persists that Google is workingon an iOS 6 app, although Google executive chairman Eric Schmidt has said the company is not working on a Google Maps app for iOS 6. If Google chooses to keep Google Maps as an exclusive feature on Android phones, it could give the company an edge over Apple. Forbes contributor Chunka Mui posits that by depriving Apple fans of Google Maps, it would push users to Android devices. "Upping the bet to make Google Maps exclusive to Android would increase Google's chances in the escalating war for mobile device dominance," Mui writes. The competition between Apple and Google is nothing new. Google launchedits mobile operating system Android in 2008, heating up the competition between the two companies. Apple's late co-founder Steve Jobsfamously said to his biographer, "I'm going to destroy Android, because it's astolen product. I'm willing to go thermonuclear war onthis." Although the move tolaunch an imperfect version of Apple Maps has irked critics, the company has bounced back from mistakes in the past. Apple has faced widespread complaintsfollowing a new product release. Soon after the iPhone 4 waslaunched in 2010, users complained of frequent dropped calls. The incident wascoined "antennagate" and the computer giant's late CEO Steve Jobs held an event explaining the issue and offered a solution in the form of free cases. This time around, Cook has instructed users to download other map apps while Apple works to improve Apple Maps. While the solution is puzzling to many, the company is at the very least attempting to make amends with frustrated fans. Two years after"antennagate" the iPhone is still breakingrecords. The iPhone 5 was sold out over its first weekend, raking in 5 million in sales. History suggests that Apple will recover from what people are calling "mapplegate." As Forrester Research analyst Sarah Rotman Epps said in a blog post: "consumers and journalists seem to expect perfection from Apple. But like any company attempting to innovate in this highlycompetitive consumertech market, Apple is not infallible - there's a map for that."

Google and Apple maps

Apple and Google have collided in a heated battle for the smartphone market. Apple has been takinga lot of heat for launching a maps appthat critics complain doesn't feel complete. Apple dropped Google Maps from iOS6 in favor of its own Apple Maps app. Google Maps had been a default on the iPhone since its initial release in 2007. The company faces overwhelming criticism and even ridicule for the imperfections of AppleMaps. Following the update, users complained of getting lost, not seeinglandmarks and the lack of directions on public transportation. Apple's chief executive officer Tim Cook released an apology to customers that are frustrated withApple Maps. "With the launch of our new Maps last week, we fell short on this commitment. We are extremely sorry forthe frustration this has caused our customers and we are doing everything we can to make Maps better," Cook said in the letter published Friday on Apple's website. Google, on the other hand, may be benefiting from the rare Apple flub by launching several updates to Google Maps. The search giantannounced Friday thatit improved aerial andsatellite imagery for 17 cities and 112 countries or regions. On Tuesday, Google took street view underwater and unveiled stunning images of the Great Barrier Reef. Speculation persists that Google is workingon an iOS 6 app, although Google executive chairman Eric Schmidt has said the company is not working on a Google Maps app for iOS 6. If Google chooses to keep Google Maps as an exclusive feature on Android phones, it could give the company an edge over Apple. Forbes contributor Chunka Mui posits that by depriving Apple fans of Google Maps, it would push users to Android devices. "Upping the bet to make Google Maps exclusive to Android would increase Google's chances in the escalating war for mobile device dominance," Mui writes. The competition between Apple and Google is nothing new. Google launchedits mobile operating system Android in 2008, heating up the competition between the two companies. Apple's late co-founder Steve Jobsfamously said to his biographer, "I'm going to destroy Android, because it's astolen product. I'm willing to go thermonuclear war onthis." Although the move tolaunch an imperfect version of Apple Maps has irked critics, the company has bounced back from mistakes in the past. Apple has faced widespread complaintsfollowing a new product release. Soon after the iPhone 4 waslaunched in 2010, users complained of frequent dropped calls. The incident wascoined "antennagate" and the computer giant's late CEO Steve Jobs held an event explaining the issue and offered a solution in the form of free cases. This time around, Cook has instructed users to download other map apps while Apple works to improve Apple Maps. While the solution is puzzling to many, the company is at the very least attempting to make amends with frustrated fans. Two years after"antennagate" the iPhone is still breakingrecords. The iPhone 5 was sold out over its first weekend, raking in 5 million in sales. History suggests that Apple will recover from what people are calling "mapplegate." As Forrester Research analyst Sarah Rotman Epps said in a blog post: "consumers and journalists seem to expect perfection from Apple. But like any company attempting to innovate in this highlycompetitive consumertech market, Apple is not infallible - there's a map for that."

South Korea’s SamsungElectronics said on Friday it was considering adding Apple’s new iPhone 5 to a patent infringement case as part of a long-running global legal battle between the rival smartphone giants. Samsung officials said the company would look into amending itsside of an ongoing patent lawsuit in a US court to include the latest Apple gadget, which went on sale across Asia on Friday and is due to hit US stores later in the day. “Our company considers adding Apple’s iPhone 5 to the(patent infringement) case... but we cannot say when,” a Samsung spokesman told AFP. “Our decision will be made after our company has analysedthe iPhone 5 to see what aspects of its device constitutes patent infringement.” South Korea’s Yonhap News agency quoted market watchers as saying Samsung may use its long-term evolution (LTE) patent portfolio to attack the iPhone 5 — the first Apple phone to use the fourth-generation telecom network. Samsung and Apple —respectively the world’snumber one and two smartphone makers — have been at loggerheads over dozens of patent lawsuits in 10 nations, accusing each other ofcopying technologies and designs. Limit competition Last month, a California court ordered Samsung to pay $1.05 billion for patent infringement. The South Korean firmhas appealed the decision

South Korea’s SamsungElectronics said on Friday it was considering adding Apple’s new iPhone 5 to a patent infringement case as part of a long-running global legal battle between the rival smartphone giants. Samsung officials said the company would look into amending itsside of an ongoing patent lawsuit in a US court to include the latest Apple gadget, which went on sale across Asia on Friday and is due to hit US stores later in the day. “Our company considers adding Apple’s iPhone 5 to the(patent infringement) case... but we cannot say when,” a Samsung spokesman told AFP. “Our decision will be made after our company has analysedthe iPhone 5 to see what aspects of its device constitutes patent infringement.” South Korea’s Yonhap News agency quoted market watchers as saying Samsung may use its long-term evolution (LTE) patent portfolio to attack the iPhone 5 — the first Apple phone to use the fourth-generation telecom network. Samsung and Apple —respectively the world’snumber one and two smartphone makers — have been at loggerheads over dozens of patent lawsuits in 10 nations, accusing each other ofcopying technologies and designs. Limit competition Last month, a California court ordered Samsung to pay $1.05 billion for patent infringement. The South Korean firmhas appealed the decision

World biggest gold mines

Chinese and Venezuelan officials have signed an agreement to jointly develop one of the world's biggest gold mines. The agreement to develop Las Cristinas gold mine was signed by officials of the Venezuelan government and the Chinese company China International Trust and Investment Corp, or Citic. The mine in southern Bolivar state has been estimated to hold about 17 million ounces of gold. Venezuelan President Hugo Chavez called it an agreement to begin exploiting both gold and copper deposits at the mine. He called Las Cristinas 'one of the biggest reservoirs of gold that exists - not only in Venezuela, not only inLatin America, but in the world'. Officials didn't discuss financial details of theagreement but said it specifies engineering, construction and processing of the goldand copper. Chavez said officials also signed an agreement to produce a map of mineral deposits in theSouth American country. He announced the deals after a meeting with Chinese officials at the presidential palace. Chavez said they also agreed to deepen cooperation inVenezuela's oil industry. China's ties with Venezuela have grownrapidly in recent years.China also has become the country's biggest creditor, offering Chavez's government more than $36 billion in loans, which are beingpaid off largely with increasing oil shipments. Last year, Toronto-based Crystallex International Corp said it sought international arbitration after Venezuela rescinded its contract to developLas Cristinas mine.

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