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Finance Latest News: Why Oracle And Salesforce, Once Bitter Rivals, Are Now On Cloud Nine

Wochit 1:32 mins

Marc Benioff and Larry Ellison, the CEOs of two of the more powerful enterprise companies in the world -- and Oracle -- are not known to be the chummiest of execs. Before this week's sudden truce -- which will see the two companies integrate their cloud services -- the only clouds that connected the two were dark and foreboding ones, as the two pitted themselves and their companies against each other in brinkmanship-style competition, chasing similar acquisitions and similar strategies to stay within sight of each other. A report say that France will pursue 14 billion euros ($18.2 billion) in spending cuts next year as it attempts to reduce the public deficit to 3 percent of economic output by 2015. France's Socialist government aims to tame the deficit by trimming ministerial budgets, cutting state aid to companies and reducing local government funding. With the economy back in a shallow recession, jobless claims at an all-time high and his approval ratings around 30 percent, President Francois Hollande has been reluctant to accelerate the cuts. German Finance Minister Wolfgang Schaeuble slammed Irish bankers caught on tape joking about a bailout, calling them "aloof super humans" worthy of contempt. Schaeuble's remarks quoted by an edition of Frankfurter Allgemeine Sonntagszeitung to be published echoed comments by Chancellor Angela Merkel.

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