International News

Danone is on all fronts. While some emit can see the group sell its dairy division waters – which could fetch about 7 billion dollars (5.1 billion euros) – Danone wants to continue to diversify outside of yogurt, including products from fruit, as stated in the economy Figaro, the head of Danone, Franck Riboud, last July. Last August, the group has bought Immédia, smoothies number three in France.

According to the boss Materne, Michael Larroche, Danone would also be interested in the manufacturer of sauces. "In the perspective of a future buyout, I can only rejoice in the interest of Danone sauce, but the Coca-Cola," he says in an interview with the daily La Tribune, this Friday.Danone has launched a stewed with sweetener brand Taillefine, "The Garden Gourmet," in January.

Materne brand has been bought by the investment fund, LBO France for 187 million euros Activa shareholder for seven years the manufacturer of sauces, whose sales amounted to 175 million euros free credit score.

"Lactalis still has a chance" to redeem Yoplait

Asked about the departure of national champions abroad as Yoplait, which could be sold to the American General Mills, even though the Swiss Nestlé favors Yoplait, Michel Larroche hopes that "Lactalis has still a chance" and regrets " lack of competitiveness of our agriculture. " Danone could also sell its polar waters for Japanese brewers, although the group has made laititer lie.

In 2009, the water division has completed 17% of the total turnover of 15 billion euros made by Danone, the world of mineral waters with a market share of 11.7% in 2009. The turnover of the pole "mineral waters" of Danone rose 18% in the third quarter of 2010.

For many commentators, the eighth day of mobilization against pension reform scheduled for today, Saturday, akin to a "symbolic gesture". For the eighth time in two months, the unions called for a new day of event: 241 marches are planned in the area.

At midday, the Interior Ministry accounted 142,000 and 132 protesters rallies in France, he said surTwitter. Mobilization "No sharp decline compared to October 28. In Toulouse, the numbers game had already started this morning. Police estimated that the parades were attended by 13,000 people, while unions have identified 110,000.

The secretary general of the CGT, Bernard Thibault, said before the start of the procession in Paris that participation in Saturday's demonstrations against pension reform promised to "lower" than previous ones, but "probably beyond the million . "It is normal that there is a mobilization slightly lower, given the fact that the law was passed, for his part said Francois Chereque, secretary general of the CFDT, shortly before the start of the Paris demonstration, Republic Square.

Skepticism weighs in effect on the magnitude of the movement, now that the law was passed by parliament. The first six days of mobilization, including two held on a Saturday, have collected each time millions of people, according to unions, and around one million, according to police.But last October 28, following the vote marked a sharp reflux, with a peak split in half – 560,000 according to police, nearly two million according to the CGT-stop background of strikes, particularly in refineries.

In addition, differences on the effect of movement seem to appear between the unions. The CFDT, pessimistic, appears to outline a crisis while the CGT promises to go through. The number one of the CFDT, Francois Chereque, ruled Friday that the mobilization could now be "back" Nicolas Sarkozy, left to temper the enthusiasm of protesters. "On the subject of pensions, we will now move away slowly," he said on Canal +. "If I say today" we will roll back the president, "I do not think anyone would believe me. We say this, he dreams, "he added."We talked a lot about pensions because the government has accelerated the reform because of the crisis, now we return to the elements of the crisis: massive unemployment, youth unemployment, older, working conditions, the hardship, these are topics that will express in the coming months, "he said.

CGT: "A sequence that can not be that of renunciation"

The determination of the CGT remains rather intact. The organization will continue to mobilize, including whether the bargaining unit cracks, said its general secretary Bernard Thibault, Saturday, in L'Humanité. "Today represents a new high. There will be others. CGT will end up, "warned Bernard Thibault, who said" the movement is deeply installed in the country. " The secretary general of the CGT said that "laws are constantly subject to revision.""The social movement is entering a new sequence that can not be that of denial," he says, criticizing the fact that "some push for alternatives that are either, to give appointments to presidential elections, or to take for granted the rendezvous of 2013 set by the government to overhaul the pension system. "

The scope of the mobilization of Saturday will be scrutinized by the unions. It had reached agreement Thursday on a new "appointment" to mobilize between 22 and 26 November, the details of which will be set Monday. Government and unions have also staring at the Constitutional Council, by the PS, which must approve the reform by December 2.The President of the Republic may promulgate the law, which rejects 60 to 62 years the age of retirement and 65 to 67 years of age for a start at full rate, within 15 days of the downstream of Wise.

(With AFP)

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"SPECIAL REPORT: The challenges of pension reform

The CAC 40 moves upward slowly but surely the psychological threshold of 3800 points. Today, the trend is in effect an opening in decline, despite the close up on Wall Street, supported by good results from Citigroup, Apple or IBM. But industrial output unexpectedly fell and Asian stock markets move in a disorganized Tuesday morning.

On the macroeconomic front, the number of start-ups in September will be announced at 8:45 by the National Institute of Statistics and Economic Studies. The European Central Bank will present the balance of payments Euro area (10 hours). Around 14 o'clock, the European Commission in Brussels will present proposals on reforming the EU budget.The idea of a European tax could be revived.

In the U.S., one indicator is on the agenda this Tuesday: the housing starts and building permits in September (1430).

On the currency markets, the euro remains below the $ 1.40 to precisely 1.3903 (-0.44%).

Computers and power supervision

As for values, investors will follow especially energy companies, after France began to dip into its oil stocks to compensate for disruptions in fuel supplies caused by strikes at refineries, including those of Total.

The markets will also be attentive to the values computer, after the publication of results from Apple and IBM.

PSA and BMW are expanding their cooperation in hybrids

PSA Peugeot Citroën and BMW announced Monday night that they would extend their cooperation in hybrid vehicles but did not disclose financial details.

Havas reported Monday in an acceleration of its business in the third quarter thanks to a rebound in France and a return to positive growth in the Asia Pacific for the good performance of China and India.

Aeroports de Paris said Monday it posted a 5.2% increase in passenger traffic in September, driven mainly by flights in association with the Middle East and Africa make quick cash.

Soitec said Monday expect a net operating profit on the entire first half of 2010-2011, following a sustained demand in the second quarter from the automakers and manufacturers of mobile phones.

Steria has revised its annual goals down on Monday night, relying on organic growth in sales of around 1% in 2010 against an earlier indication of 1.4%. Services company in computer engineering is now targeting an operating margin of around 7% this year, against 7.3% previously.

Compagnie des Alpes announced Monday that it would take an approximate 45% stake in the Futuroscope, for 63 million euros, becoming the largest shareholder in the third largest leisure park in France.

April Group on Monday issued a revenue decline in the first nine months of the year, hit by weakness in the segment of insurance. Sales of the insurer are listed down 9.8% to 556.5 million euros.

Results: the turn of Radiall Edenred and Pierre et Vacances

Guyenne et Gascogne reported Monday in a persistently sluggish consumption for the third quarter, although its network of French supermarkets pulled the pin of the game franchise of Carrefour believes that its Spanish subsidiary will release for its "no problem majority "of the recent crisis.

Transgene Monday issued a turnover in nine months by 11.1 million euros.The biotechnology company, which states have a cash of about 194 million euros at end September, confirming it was on track to bring to market its first product in 2015.

Cellectis has signed, through its subsidiary Cellectis Plant Sciences, a license agreement with Midwest Oliseeds for the plant transformation technology of the American.

Radiall, before trading, and Edenred, after market, will publish their turnover for the third quarter. Pierre et Vacances will present the fourth quarter after-hours trading.

This Friday, the CAC 40 index continued to decline in early trade, following the close of the day in Paris and on Wall Street and Asian stocks on Friday morning. Midway, Paris does not yield more than 0.20% at 3703.24 points, while the U.S. futures index pointing upwards.

Free business publications, the meeting was facilitated by the numerous macroeconomic figures.

INSEE has unveiled details of national accounts for the second quarter. The gross domestic product (GDP) grew 0.7% in the second quarter, according to detailed figures from INSEE published Friday.The previous and first estimate, which already was a nice surprise, was counting on 0.6% growth, after 0.2% in the first quarter.

At 10 hours, the business climate in Germany, against all expectations, increased slightly in recent weeks show the results of Friday's monthly survey of the Ifo Institute. Its business climate index rose to 106.8 in September against 106.7 in August (as confirmed) while economists and analysts polled by Reuters had forecast decline to 106.2.

The next installment will take place early in the afternoon at 14:30, with orders for durable goods in August in the U.S., followed 16 hours by the promise of home sales for that month.Finally at 18 o'clock Back in France, with the employment numbers in August (Dares and job center).

Early this morning, Asian markets have surged briefly thanks to a sudden drop in the yen at 6:22 am. According to Japanese media, the Japanese government would again intervened to bring down the currency. In addition, traders explain this slip by rumors – denied – of a resignation of the governor of the Bank of Japan (BoJ), Masaaki Shirawaka.

The euro, he, continues beyond 1.33 dollars on Friday.Analysts from Exane BNP Paribas have revised their estimate of the euro against the dollar at $ 1.35 over the next 12 months on average.

Gold has chained a new record of 1296.25 dollars overnight.

Technip a contract with Algerian Sonatrach

Algerian state company Sonatrach announced that it has awarded a 682 million euros in the oil services group Technip French (-0.90% to 57.39 euros) to rehabilitate and modernize a refinery guaranteed unsecured personal loan Algiers.

L'Oreal (1.23% to 83.01 euros) inaugurated its first plant in Russia. The group will produce cosmetics, shampoos, one product that sells best in this promising market that has suffered the crisis but increased 10% per year on average.CM-CIC has brought the value in its list of preferred companies.

In addition, Nestle said Thursday it would hold a press conference Monday morning in Lausanne, which has revived speculation that the Swiss group could make an announcement on its shareholdings in L'Oréal.

Behind, EADS (2.99% to 19.1 euros). JPMorgan raised its recommendation from "neutral" from "overweight" with a target price of 23.73 euros.

Analysts at Morgan Stanley lowered its recommendation on shares of French bank Natixis (+0.35% to 4.25 euros) and BNP Paribas (-0.48% to 53.64 euros). They went from "neutral weight" from "underweight" on the title Natixis, which has made its entry in the CAC 40 Monday, and "overweight" from "neutral weight" on the BNP Paribas.

PSA Peugeot Citroen (-1.01% to 24.12 euros) and Renault (-0.37% to 36.60 euros).Sales of commercial vehicles rose 5.4% in July and 10.1% in August in the European Union, giving up 5% over the first eight months of the year.

Vallourec (-0.32% to 72.21 euros) held today its investor day in New York.

Beneteau (4.89% to 13.08 euros) issued a turnover up 18.2% in 2009-2010 to 659.2 million euros, exceeding its own expectations.

Remy Cointreau (2.04% to 48.5 euros, one of the largest increases). JPMorgan raised its recommendation to "underweight" from "neutral."

The chemical group Arkema (-1.64% to 35.9 euros) to build a new plant in China will be manufactured acrylic latexes for the market of coatings and adhesives, according to a statement received Friday.

It is the traditional story of the small company became larger and that annoys the industry giants. In sportswear, the role of the small company is held by Under Armour. He is played by giants Nike and Adidas. In 2009, Under Armour has become, with 10.8% market share, the second most important sector in the United States at the expense of Adidas. His goal now is to approach the leader Nike, which holds 23% market share.

For this, the company headed by Kevin Plank, a former player of the football team at the University of Maryland, has arguments to spare. Positioned high-end T-shirt with $ 60 on average, the brand offers clothing intelligent, concocted by scientists in his laboratory studies.Among them, the "moisture transport" which limits the transpiration under high stress, the "UPF" which protects the skin against ultraviolet rays, or the "Wind Resistant" that regulates body temperature in case of large cold.

These arguments have already convinced several overseas stars, Jonathan Vilma (player of American football team the New Orleans Saints) to the skier Lindsey Vonn, through one of the rising stars of the NBA basketball player Brandon Jennings. Known for its media outlets, it has also recently told the media that had he not been called to the national team to contest the world championships because he was not under contract with Nike, "If you look carefully, half of the team is under contract with Nike. This brand has a lot of influence.They do not advertise at Under Armour extrovert with a player like me "

Other media star to have signed Michael Phelps. The swimming champion in 16 Olympic medals has signed a three-year contract in February estimated at $ 5 million. It appears in the latest advertising campaign for the brand:

The popularity of sports has also prompted a quick reaction from the competition. Nike has launched the collection in 2006 Nike Pro apparel offering in line with those of Under Armour.

B ouche to ear

But the popularity of some sports stars for this brand is very discreet about as recent as the corporation. Kevin Plank got the idea in 1995. At that time, he makes his prototype t-shirts in the Bronx with his $ 17,000 savings and a loan of $ 40,000.Hiding out in locker rooms, it distributes its jerseys to players university for testing and waiting for word of mouth to take effect. The bet is a winner: the célèbbre football team of "Giants" New York is seduced. Other teams followed internationally, particularly in Asia and Australia. Amateur athletes are discovering that mark in turn through a half-page ad bought $ 25,000 in ESPN Magazine. In 1999, the brand has a different ad campaign with a presence in the movies Any Given Sunday (Oliver Stone) and Alternates (Howard Dutsh).

The business is growing very rapidly: sales increased from $ 17,000 in 1996 to 837 million in 2010. IPO in 2005, Under Armour is now valued at over $ 2 billion.The brand, which employs 3,000 employees, with locations in Amsterdam and Hong Kong, and has signed contracts with 20,000 distributors.

At only 37 years, Kevin Plank is the fifteenth in the standings of the forty most promising employers at CNN. "I threw the best t-shirt in the world," says the young boss in an interview with Newsweek. Had I not done that immediately after completing my studies, I worked in industry for five or seven years and I have been intimidated by others. "

Conquering Europe

Today the brand enjoys an innovative image. But Kevin Plank does not stop there. Under Armour, which makes 80% of its sales on clothing, wants to diversify into the shoe, a market that weighs 35 billion dollars worldwide.Hence the annoyance of Nike, who wishes to retain his undisputed leadership in this niche with Under Armour that only captures the moment that 136 million dollars.

More worrying for major brands, Under Armour wished to make a breakthrough on the European market today is lacking. The group is only present in Britain, Germany, Italy and the Benelux. In France, the brand has been distributed since 2006 at Foot Locker, Go Sport and some independent shops. Under Armour's ambition to expand in France and gain more visibility. A first step in this direction was made with the signing of a contract in July with the champions of France, rugby 2010, the ASM Clermont. Now remains to convince the other stars of Europe's favorite sport: football.

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The Attali commission for the release of growth has reached an agreement after a final meeting which ended yesterday evening, and it expected to report in coming weeks, Les Echos said on Thursday. The Committee advocates and the realization of 75 billion euros in savings by 2013 to meet commitments to the European Commission to reduce the deficit to 3%, reports the Economic Daily.

Experts estimate that 50 billion would be earned in three years due to reduced spending, and another 25 billion euros through a reduction of tax and social niches where the Government seeks a saving of 10 billion.

In addition to reforming the tax loopholes, the committee recommends the establishment of exceptional measures, to achieve 10 billion in savings.The experts say, including the freezing of the index point for staff and expanding the principle of non-replacement of staff on two retiring to local and social security. Furthermore, control of expenditure in public service should enable savings to 40 billion.

Consolidation of the tax system in order

In addition, the committee "does not advocate new taxes or raising rates, but a broader base of social and tax," said one member to Les Echos. Renowned economists aimed at reducing tax loopholes and particularly those adverse to the environment or dependent status.

Half-word, the committee recommended the end of the tax shield: the collective effort that is taking shape, "the Committee would like the contribution of the most favored is not diminished by the tax shield," Les Echos said, citing a Participants at the meeting.

And if growth is less than 2% on average, economists have advocated the introduction of targeted tax increases. An overhaul of the tax system together with a lower labor cost is considered in the medium term.

On the Asian stock markets on Friday rhymes with caution. In low trading volumes, market oscillate between green and red since. The fence fall on Wall Street Thursday despite a sharper drop than expected enrollment in weekly unemployment, let consider such a scenario. U.S. investors remained on guard, waiting for the publication of two key indicators of this weekend: the index of consumer sentiment and particularly the second estimate of U.S. GDP in the second quarter.

Moreover, investors are holding their breath before a speech highly anticipated Ben Bernanke, chairman of the U.S. central bank (Fed) on Friday. Alongside major world central bankers meeting in Jackson Hole, Wyoming, it will review the global economy.

The suspicion is required.The second revision of GDP is expected to decline while the speech of Fed chairman should confirm the fragility of the global economic recovery.

The yen spotlight

In Japan, the Nikkei started the session on a drop of 1.04% before gradually erase their losses. At midday, he won 0.33% to 8935 points. The Topix ahead at the same rate to 814 points. However, the key index in Tokyo had a difficult start to the day, falling again to its lowest in 16 months. This volatility is explained by the expectation surrounding the much anticipated speech of the Prime Minister of Japan, Naoto Kan. According to the entourage of the latter, the government will introduce today the actions it wishes to implement to counter the effects of the high price of the yen.

The strong yen just accelerates deflation, which remains very debilitating to the economic recovery of the archipelago.On Friday again, the Ministry of Internal Affairs announced that consumer prices had fallen by 1.1% yoy in July. This is their 17th consecutive monthly decline. Moreover, Japan's unemployment rate fell to 5.2% in July against 5.3% in June after previously recorded four consecutive months of increases.

The rest of the region patient

In China, stock markets are more expectant. In Hong Kong, the Hang Seng 0.10% to loose 20590 points while in Shanghai, the key index lost 0.34% to 2594 points.

The Korean Stock Exchange drops 0.95%, the S & P Australian takes 0.43%, and the Indian Sensex is at equilibrium to -0.03%.

Oil down

Oil prices fall below $ 73 Friday in Asia.In morning trading, a barrel of light sweet crude for October delivery lost 37 cents to 72.99 dollars, while that of Brent North Sea crude for October delivery lost 33 cents to 74.69 dollars.

On Thursday, oil prices had rebounded in New York, supported by an indicator on the job better than expected and a weakening dollar. But oil markets also fear bad news on Friday.

Optimism is hard to make a comeback in the minds of Asian investors. On Tuesday too, they are unsure about what to do, juggling between red, green and balance since the market opening. The closing down of Wall Street Monday is only exacerbating the fears of operators in Asia to the cause of recession. Caution dominates so before a new round of macroeconomic indicators that will allow this week to get a clearer picture. On Tuesday, the U.S. will unveil the existing home sales for the month of July, while Europe will publish new orders in industry in June

In Japan, the Nikkei suffered the consequences of this pessimism. The key index of Japan, which had hit its highest level last year at the close, opened down 0.98%. He then widened its losses to fall below 9000 points at closing. A first since May 18, 2009.The index drops 1.33% to 8995.14 points while the broader TOPIX, yielded 0.86% to 817.73 points.

Markets are very disappointed by Monday's meeting between Prime Minister Naoto Kan and the President of the country's Central Bank Masaaki Shirakawa. They have not made any concrete announcements to fight against deflation and particularly to stem the rising yen leaden document. This morning, the dollar was hovering around 85 yen and the euro currency to 107.50 yen, just around, even falling in the morning at 107.21 yen, its lowest level in nearly nine years. This situation continues to penalize export values. Sony Corp., Canon and Tokyo Electron yield respectively 3.72%, 0.85% and 3.76% at closing.

The region follows the movement

In China, the doubts are even greater.At the Stock Exchange of Hong Kong, the Hang Seng is at equilibrium (-0.02% to 20,824 points) while in Shanghai, the Shanghai Composite is 0.94% to 2664 points.

The Korea Stock Exchange was steady at 1275 points. In Australia, the S & P lost 0.93%, still affected by the decline of BHP Billiton who drops 1.2%. Scholarships India and Pakistan were down 0.18% and 0.14%.

The CAC 40 will reach there to stay above the psychological threshold of 3,500 points on Thursday? The answer has been given to opening. The leading index starts from Paris on a gain of 0.94% to 3516.13 points. A mid-term it moves from 1.21% to 3525.42 points. The goal now is to maintain this threshold, which had not been reached Wednesday.

The Paris stock exchange following the pulse of Wall Street on Wednesday, finished on a second consecutive increase of almost 3%, driven by the banking sector. This morning, Asian markets were also all in green.

Other European stock markets followed the same route: the London FTSE gains 1.42% to 5086.04 points in early trade.

The German Dax, meanwhile, gained 0.54% to 6025.32 points.In Germany, the operators were a bit chilled by the announcement, before opening a trade surplus in weaker growth than expected in May. Exports accounted for, adjusted for seasonal variations, 80.8 billion euros (+9.2%), while imports rose 14.8% to 70.3 billion euros. The trade surplus stood at 10.6 billion euros against 12.8 billion in April and 13.5 billion expected. The current account surplus has, for its part, in May represented 2.2 billion euros against 11.3 billion the previous month.

Investors now await the publication Thursday in the U.S., inscriptions weekly unemployment. Before that, the ECB should communicate their rates in the euro area.

The banking sector monitored

The banks have managed to bring the key index in Paris on Wednesday.On Thursday, they stay the course and top the charts. BNP Paribas (2.87%), Societe Generale (2.77%), Credit Agricole (+0.55%) are among the 91 banks submitted to stress tests (stress tests) whose European list been notified Wednesday by regulators. Investors are also relieved that tests the strength of the European banks will not include sovereign debt discount on German and French loans that could also potentially be delisted.

Faurecia (3.57% to 14.95 euros) announced Wednesday it had signed a strategic alliance with China Geely and Limin to develop, produce and deliver systems within the body and the marks of Geely.

More generally, the industry is likely to move throughout the session.After Peugeot (1.13% to 22.45 euros) is the turn of Renault (1.39% to 32.79 euros) to publish its first half trading results this Thursday. Given the success of the Dacia its competitor, Peugeot would also consider launching a low cost car in Europe.

GDF Suez (+0.08% at 24.61 euros) Wednesday reported a rebound of 10% of gas demand in Europe since early 2010, after a decline of 5% in 2009.

Carrefour (1.07% to 34.56 euros) announced Wednesday that he did not buy certain products in paper group in Indonesia Asia Pulp and Paper (APP), for environmental issues.

CGG Veritas (1.63% to 15.63 euros) announced Thursday that the overall availability of its vessels was 92% in the second quarter 2010, against 90% in the first and 89% in the second quarter of 2009.

Total (1.87% to 37.90 euros) enjoys a higher recommendation by UBS.The broker passes the purchase cons "neutral" before.

Since one week, the controversy raged in Britain about treatment against multiple sclerosis. The British health authority had signed an agreement in 2002 stipulating that if the drugs did not provide patients with the expected effects, manufacturers undertook to lower its price. Seven years later, the products are much less effective announced … but no reduction in tariff has been applied.

This type of program has nonetheless increased in the UK, Italy and in many other countries. In the case of the cancer drug Velcade, marketed by Janssen-Cilag Laboratory, the contract goes to the reimbursement of drugs to the UK for each patient whose health is not improving.

In the U.S., Sanofi-Aventis has proposed another novel mechanism to health insurers.If patients who use the drug cons Actonel osteoporosis fracture a bone, the laboratory shall reimburse the costs of fracture care insurers.

France is rather "timid face systems of risk sharing," said Vincent Genet, director of health business of the firm Alcimed. The Economic Committee for Health Products (CEPS) has played the game two or three times. He then granted a high price for drugs, hoping they would be more effective than was thought studies. One program, designed for type 2 diabetes, resulted in failure. Under the agreements, the laboratory (whose name is a closely held secret) then had to repay Social Security.Anyway, "the use of this method should not be necessary if the drugs have been developed properly," says Noel Renaudin, president of CEPS.

Reluctant to bet on the effectiveness of treatment, health authorities prefer to play the Hexagon on the terms of dosage and volumes online pay day loans. In hypertension, where the proper dosage may be unknown initially, and agreements set out in advance the cost of treatment … and provide for rate adjustments if it appears that the doses required are higher is believed ."More than sharing, this is to remove the risk", welcomes Christmas Renaudin.

250 million euros returned by the labs

For highly innovative products that provide a real therapeutic progress, pharmaceutical companies get selling prices relatively high, generally calibrated on prices in Britain and Germany, under certain conditions. They should be consistent with volume commitments. It follows that, if the number of boxes of medicines sold is higher than expected, laboratories pay rebates to Social Security. On average, 250 million euros and are returned annually by laboratories to Social Security.A little more even if we take into account the penalty (53 million last year) that all pharmaceutical companies must pay back if the growth in drug spending is higher than expected validated each year by Parliament.

Practices are changing slowly but surely. Laboratories justify increasingly high prices of their new products by the care savings generated. "These arguments are valid for medical devices, but rarely based on medicines," grade Christmas Renaudin. The CEPS boss finds that "if the antiulcer emptied gastrochirurgie services, they did not generate savings, by dint of being prescribed en masse. CEPS ready yet to give a high price for a drug that has demonstrated, once will not hurt, it reduces significantly the number of hospital days.