🌍 Global political & economic developments
The 2011 G20 Cannes Summit began in Cannes, France, where leaders of the world’s major economies gathered to focus on the european sovereign debt crisis — especially the situation in Greece.
At the summit, the agenda also included global growth projections and financial stability concerns.
In the United States, a study released revealed that large publicly traded companies were paying on average just 18% of their profits in federal income taxes — significantly lower than the official rate of 35%.
Also in the US, new census data showed that more than 20 million Americans were living at least 50% below the official poverty line — a record high at that time.
📉 Corporate & business news
The semiconductor company AMD announced a major restructuring plan on that day, including large job cuts, as it responded to challenges in the global chip market.
🧮 Social movements & protests
The Occupy Wall Street movement continued to gain momentum: in New York City, dozens of US military veterans marched to show solidarity with the movement, demanding economic justice and highlighting veteran unemployment and healthcare issues. In Philadelphia and Tulsa, protesters associated with the movement were arrested for sit-ins and refusing to vacate parks.
📰 Why the date is significant
November 3, 2011 stands out because it showcases a convergence of major themes: the global economic crisis (especially Europe’s debt challenges), corporate restructuring in a tech-driven industry, and socio-political activism (via the Occupy movement). It reflects a moment when both the macro-economy and grassroots movements were under pressure, and when large corporations and governments were reacting to new realities.
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