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LATEST BUSINESS, FINANCE AND MARKET NEWS

  • China Resources chairman sacked amid corruption investigation

    China Resources chairman sacked amid corruption investigation

    A Chinese executive under investigation for suspected corruption has been sacked as chairman of powerful state-owned conglomerate China Resources Holdings Co. Ltd., the official Xinhua news agency said on Saturday. Citing an official with the Organization Department of the ruling Communist Party's … More »

    Reuters - 2 hours 23 minutes ago
  • Exchanges, brokerages hit with high-speed trading class action

    Dozens of the largest U.S. stock exchanges, brokerages and high-frequency trading firms were hit with a class action lawsuit by the capital of the state of Rhode Island, accusing them of manipulating the U.S. securities markets. The lawsuit was filed on Friday in Manhattan federal district court, … More »

    Reuters - 7 hours ago
  • Tour Miami Beach's Burdines Department Store in 1953

    Click here to view the full photogallery.Photos via "Library of Congress Today we take take a break from the regularly scheduled residential fare to have a look at the interiors of a department store in the 1950s. Burdines, the... … More »

    Curbed - 7 hours ago
  • Rajaratnam's brother loses bid to dismiss insider trading charges

    Rajaratnam's brother loses bid to dismiss insider trading charges

    Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Friday lost a bid to dismiss some of the insider trading charges leveled against him last year. U.S. District Judge Naomi Reice Buchwald in Manhattan ruled that the indictment adequately alleged the … More »

    Reuters - 8 hours ago
  • Break the Mold With a Brutalist 'Tree House' on the Chesapeake

    Click here to view the full photogallery. Up for $1.29M on Maryland's Gibson Island is this atypical Chesapeake cottage, a 2,826-square-foot fortress designed by blocky brutalism extraordinaire, Ulrich Franzen. Known as the Glass Tree House, the 1962 three-bedroom was... … More »

    Curbed - 8 hours ago
  • Colorful Fabrics Restore a 'Dilapidated Concrete Bungalow'

    Click here to view the full photogallery.Photos by Simon Upton/Elle Decor Enchanted by the "wild dogs and unrestored, decaying palazzos" of Lecce, a historic city in Puglia, Italy, fashion designer Liza Bruce and her husband, artist Nicholas Alvis Vega,... … More »

    Curbed - 9 hours ago
  • Inside Karim Rashid's Magical, Hot Pink 'Sparkle Krib'

    Click here to view the full photogallery. Give designer Karim Rashid pretty much anything—a condo tower, a food court, a record album, a Twitter account—and he'll be sure to make it fruit-punch colored and amorphous, the princess castle of... … More »

    Curbed - 10 hours ago
  • 1835 Textile Mill With Labor Rights History is Now Housing

    Here now, Past Lives, in which Curbed explores what some of the country's most interesting residential buildings used to be before they became livable homes. Care to suggest a building with a fascinating past life? Do drop us a line.... … More »

    Curbed - 10 hours ago
  • Brazilian tycoon Batista investigated for financial crimes - reports

    Brazil´s federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering, Brazilian media reported on Friday. If the police probe leads to criminal charges against Batista, it would be … More »

    11 hours ago
  • Gigantic SoCal Equestrian Estate 'Rancho Latigo' Asks $45M

    Have a nomination for a jaw-dropping listing that would make a mighty fine House of the Day? Get thee to the tipline and send us your suggestions. We'd love to see what you've got. Click here to view the full... … More »

    Curbed - 11 hours ago
  • Reliance Industries sees net profit of Rs.21,984 crore in 2013-14

    Chennai, April 18 (IANS) The Mukesh Ambani-led Reliance Industries Ltd (RIL) Friday said it closed fiscal 2013-14 with a net profit of Rs.21.984 crore on a turnover of Rs.401,302 crore, up from a net profit of Rs.21,003 crore on a turnover of Rs.371,119 crore earned during the previous fiscal. … More »

    IANS - 13 hours ago
  • How a 25-Year-Old Decorated a Ballerina's Dakota Apartment

    Photo via Domaine Decorated by the insanely talented, 25-year-old Sasha Bikoff—an up-and-coming new interior designer with a self-professed talent for reading her client's personalities—this 4,700-square-foot apartment in NYC's legendary Dakota building is meant to channel equal parts "Scarface and … More »

    Curbed - 13 hours ago
  • Eight-Foot King Neptune Guards This 'Castle-Like Chateau'

    Click here to view the full photogallery. If it's true that there's nothing more American, architecturally speaking, than a complete disregard for context, then it could be said that this four-bedroom "castle-like chateau' in California is just doing its... … More »

    Curbed - 13 hours ago
  • Modi for Team India, says won't divide country in name of secularism

    New Delhi, April 18 (IANS) Pitching for a "Team India", BJP prime ministerial candidate Narendra Modi said Friday his appeal would not be to Hindus and Muslims but to the entire people of the country. Holding that the country has been divided in the name of secularism, Modi said: "I cannot accept … More »

    IANS - 14 hours ago
  • Modi open to pan-India retail tax, pushes for jobs, infrastructure

    New Delhi, April 18 (IANS) A pan-India goods and services tax with the support of state governments, a push for infrastructure and privatisation of state units without politics are among the assurances of BJP's prime ministerial candidate Narendra Modi if voted to power. In an interview to a TV … More »

    IANS - 15 hours ago
  • Trade, commerce to drive India-US ties: Modi

    New Delhi, April 18 (IANS) BJP prime ministerial candidate Narendra Modi Friday said that trade, commerce and technology would be the driving factors in Indo-US diplomatic relations if the BJP came to power at the centre. "It is in India's interest to promote trade, commerce and technology. … More »

    IANS - 15 hours ago
  • Reliance Q4 sales rise, refining margin narrows

    Reliance Q4 sales rise, refining margin narrows

    Energy company Reliance Industries Ltd (RELI.NS) posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oil refining business offset higher revenue. Reliance, which operates the world's biggest refining complex in western India, reported net profit of 56.31 … More »

    Reuters - 15 hours ago
  • 'Media ignored Manmohan Singh's development pitch'

    New Delhi, April 18 (IANS) With Prime Minister Manmohan Singh set to lay down office in about a month, his communication adviser made a belated attempt to redeem his battered image, suggesting that even that the media, especially television, did not take enough note about the all-round progress of … More »

    IANS - 17 hours ago
  • Reliance Industries posts flat Q4 profit, meets estimates

    Reliance Industries posts flat Q4 profit, meets estimates

    Energy conglomerate Reliance Industries Ltd posted a flat quarterly profit, in line with estimates, hurt by a slimmer margin in its oil refining business. Reliance, which operates the world's biggest refining ... … More »

    Reuters - 17 hours ago
  • Levitating Homes; Nightclubs for Children; More!

    Photo via Design Boom · Adorable 3BR cape near Sandwich Village wants $323K. · How the modern office shapes American life. · Here's how an eight-story addition to an old embassy looks. · Buyers of new homes want these features,... … More »

    Curbed - 17 hours ago
  • NHRC seeks report on artificial ripening of fruit

    Bhubaneswar, April 18 (IANS) The National Human Rights Commission (NHRC) has sought a report from the health ministry on the action taken to stop the use of calcium carbide for the artificial ripening of fruit, a petitioner said Friday. In response to a petition filed by Odisha-based human rights … More »

    IANS - 18 hours ago
  • India's forex reserves rise to $309.44 bln as of April 11 - RBI

    India's foreign exchange reserves rose to $309.44 billion as of April 11 from $306.65 billion in the week earlier, the Reserve Bank of India said on Friday. Changes in foreign currency assets, expressed ... … More »

    Reuters - 18 hours ago
  • GM could benefit, too, from an ignition-switch victims fund

    By setting up a fund, GM could avert years of civil litigation and limit its financial and reputational harm. GM has retained Kenneth Feinberg, a Washington lawyer who has overseen compensation funds for victims of high-profile catastrophes like the BP Plc oil spill and the Sept. 11, 2001, … More »

    Reuters - 19 hours ago
  • Facebook’s Existential Crisis

    Is Facebook’s main service still relevant? An argument for why it feels fusty, and why Mark Zuckerberg seems to know it. … More »

    The New York Times - 19 hours ago
  • India's first double-decker flyover opens in Mumbai

    Mumbai, April 18 (IANS) India's first double-decker flyover was opened for public use in this west coast megapolis and the country's commercial capital Friday. The project - Santacruz-Chembur Link Road (SCLR) - will provide a critical east-west suburban link in the city and has slashed travel time … More »

    IANS - 20 hours ago
  • Bajaj Auto says union at Chakan plant plans work stoppage

    Bajaj Auto, India's second-largest motorcycle maker, said on Friday the union at its Chakan factory in Maharashtra had proposed a work stoppage from April 28. The union's proposal to stop work comes less ... … More »

    Reuters - 20 hours ago
  • Glass half empty for Germany's proud beer industry

    Behind the pale yellow walls of a former Benedictine monastery on a wooded hill near Munich, the master brewers of Weihenstephan are still perfecting their art after nearly 1,000 years of making beer. Weihenstephan's cosy brew house, dominated by four steel vats of foamy brown liquid and infused … More »

    Reuters - 21 hours ago
  • The robot is ready - so when will deep sea mining start?

    The robot is ready - so when will deep sea mining start?

    NEWCASTLE England/LONDON (Reuters) - The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea (PNG) - when a wrangle over terms is solved. The world waits for the judgement of a United Nations … More »

    Reuters - 21 hours ago
  • Japan investment in Southeast Asia surges amid China slump

    Japanese companies' investments in Southeast Asia surged last year to almost three times the amount invested in China, after relations between Beijing and Tokyo soured in 2012 and Chinese labour costs rose, a government agency of Japan said on Friday. Japanese companies invested 2.33 trillion yen … More »

    Reuters - 21 hours ago
  • India: Non vegetarian majority with a vegetarian ruling class?

    The Hindu newspaper, which has its main office in Chennai, has asked its employees not to bring non vegetarian food to the dining room because the smell offends vegetarian members of the staff. In a country as varied as India, generalizations too must be resisted. Chennai's plentiful fish may no … More »

    IANS - 21 hours ago
  • Reliance Industries, HPCL Mittal plan refinery expansions

    Reliance Industries (RELI.NS), owner of the world's biggest refining complex, and HPCL-Mittal Energy Ltd (HMEL), part owned by steel tycoon L N Mittal, have sought environment ministry approval for raising capacity of their plants. Billionaire Mukesh Ambani's Reliance seeks to add a fifth crude … More »

    Reuters - 22 hours ago
  • China issues banking rules to strengthen online payment security

    China will limit the amount of money consumers can transfer to third-party online payment platforms, aiming to protect banks and consumers from fraud amid an explosion of online and mobile payment transactions. Banks will be obliged to limit how much money an individual can transfer to platforms … More »

    Reuters - 23 hours ago
  • Nikkei hits 10-day closing high on upbeat U.S. earnings, data

    REUTERS - Japan's Nikkei stock average rose 0.7 percent on Friday to its highest close in 10 days, buoyed by upbeat U.S. economic data and corporate earnings, though trading volume hit its lowest in almost ... … More »

    Reuters - 23 hours ago
  • Glenmark pulls 2,900 bottles of ulcer drug in U.S.

    Glenmark Pharmaceuticals Ltd is recalling some 2,900 bottles of its stomach ulcer drug ranitidine in the United States after a foreign tablet was found in one of the bottles. Medicines produced in India, which supplies about 40 percent of generic and over-the-counter drugs sold in the United … More »

    Reuters - 23 hours ago
  • 'Gujarat model: It is about economic freedom, innovation, pride'

    New Delhi , April 18 (IANS) Is the Gujarat model of development - one of the central themes of this year's Lok Sabha election - a hype or a success built around concepts pioneered by Narendra Modi? Experts at a book release function agreed that the Gujarat or 'Modi model' was about economic … More »

    IANS - Fri 18 Apr, 2014 11:28 AM IST
  • China shoe factory strike shows welfare Achilles' heel

    Zhou Hujun, one of thousands of shoe factory workers on strike in southern China, drove his motorbike to the local government's Social Security Department seeking answers. Zhou and other striking workers believe Yue Yuen Industrial Holdings Ltd, which owns the factory making footwear for Nike, … More »

    Reuters - Fri 18 Apr, 2014 9:02 AM IST
  • Ford, IBM to face renewed U.S. lawsuit over apartheid-era abuses

    Ford Motor Co and IBM Corp will again have to face a U.S. lawsuit claiming they encouraged race-based human rights abuses in apartheid-era South Africa, despite a series of recent court decisions limiting the right to pursue such cases. Reviving a 12-year-old lawsuit, U.S. District Judge Shira … More »

    Reuters - Fri 18 Apr, 2014 8:57 AM IST
  • China's cooling property market a risk to economic growth

    China's property market could threaten Beijing's plan to manage a slowdown in growth, as evidence mounts of a rapid cooling in what had been one of the few strong spots in the world's second-largest economy. But marked decelerations in property investment and sales, and a contraction in housing … More »

    Reuters - Fri 18 Apr, 2014 8:51 AM IST
  • Nikkei gains on upbeat U.S. corporate earnings, data

    Japan's Nikkei share average advanced on Friday after upbeat U.S. economic data and corporate earnings bolstered investors' risk appetite. The Nikkei was up 0.4 percent at 14,474.83 in midmorning trade after ending flat at 14,417.53 the previous day. … More »

    Reuters - Fri 18 Apr, 2014 7:27 AM IST
  • For Morgan Stanley, playing it safe pays off

    On Thursday, Gorman proved himself right, by showing that his plan to lighten up trading risk and focus on wealth management is paying off. Morgan Stanley posted a 55 percent gain in first-quarter profit. Morgan Stanley also showed steady progress in using deposits from the wealth business to … More »

    Reuters - Fri 18 Apr, 2014 5:36 AM IST
  • Wall Street Weekahead - Spring fever brings hope for U.S. earnings

    Several behemoths, including Apple, the largest U.S. company by market value, as well as Microsoft, McDonald's (MCD.N) and AT&T (T.N), are due to report earnings. They'll be accompanied by highfliers like Netflix and Facebook, giving the first real cross-section of the state of corporate America … More »

    Reuters - Fri 18 Apr, 2014 5:24 AM IST
  • Pay $1.3M For an Incredible Amount of Folk Music History

    Click here to view the full photogallery. In a bit of real estate news sure to delight history and music buffs alike, The Little House in Orangetown, N.Y.—a former gathering place for folk music elite like Woody Guthrie, Pete... … More »

    Curbed - Fri 18 Apr, 2014 4:30 AM IST
  • EXCLUSIVE - GM says recalled cars safe, but has not tested for knee-bump danger

    EXCLUSIVE - GM says recalled cars safe, but has not tested for knee-bump danger

    General Motors says that cars being recalled because of faulty ignition switches can be driven safely before repairs, based on more than 80 tests, but the automaker has not addressed a problem long known to potentially shut off the engine: a simple bump from a driver's knee. Safety advocates and … More »

    Reuters - Fri 18 Apr, 2014 4:13 AM IST
  • Ex-Goldman director Gupta starts prison term on June 17

    Ex-Goldman director Gupta starts prison term on June 17

    Former Goldman Sachs Group Inc director Rajat Gupta is expected to begin his two-year prison term on June 17 for insider trading. U.S. District Judge Jed Rakoff in Manhattan directed Gupta to surrender by 2:00 p.m. EDT (1800 GMT) on that date to start serving his sentence, according to an order … More »

    Reuters - Fri 18 Apr, 2014 4:04 AM IST
  • This Charming Country Cabin is Maine's First Passive House

    In It's Not Easy Being Green, Curbed pulls back the curtain on cutting-edge, environmentally friendly design, from urban passive houses to green tweaks on suburban living. Have a suggestion for an upcoming column? Pass it along. Photo via Go Logic... … More »

    Curbed - Fri 18 Apr, 2014 3:30 AM IST
  • China's new breed of whistleblowers takes on big business

    Chinese lawyer Hao Junbo wants to make you rich if you're a whistleblower after a bounty. The U.S. Securities and Exchange Commission received a tip-off a week from China last year, double the year before and five times more than in 2011. The SEC is just one of many channels for this new breed of … More »

    Reuters - Fri 18 Apr, 2014 3:01 AM IST
  • Hotel magnate Sant Singh Chatwal pleads guilty to U.S. campaign contribution scheme

    Prominent New York hotel executive Sant Singh Chatwal pleaded guilty on Thursday to conspiring to make $188,000 of illegal campaign contributions to three U.S. candidates via straw donors. Chatwal, chairman of Hampshire Hotels Management, pleaded guilty in federal court in Brooklyn, New York, to … More »

    Reuters - Fri 18 Apr, 2014 2:49 AM IST
  • Earnings lift S&P 500, Nasdaq; S&P's best week since July

    U.S. stocks ended a holiday-shortened week with mostly modest gains on Thursday, though the S&P 500 notched its biggest weekly advance since July as Morgan Stanley and General Electric rallied after strong results. The two were the latest to post earnings that topped expectations, helping to lift … More »

    Reuters - Fri 18 Apr, 2014 2:32 AM IST
  • Mapping the 11 Most Expensive Houses Ever Sold in America

    Nine-figure listings have been (relatively speaking) flying off the proverbial shelves lately, what with Connecticut's Copper Beech Farm selling for $120M last week and L.A.'s long-unsold Fleur de Lys going for $102M cash in late March. Both of these... … More »

    Curbed - Fri 18 Apr, 2014 2:30 AM IST
  • Get a Janitor's View of Versailles in These Unprettied Photos

    Photo via Messy Nessy Chic The Palace of Versailles looms so large in humanity's understanding of unrestrained splendor that it has inspired a whole host of sorry knockoffs. And while all that's been seen of the most famous American Versailles... … More »

    Curbed - Fri 18 Apr, 2014 2:30 AM IST
  • Proposed NYC Transit Hub Looks Like a Giant Sea Monster

    Rendering via Curbed NY Designed by NYC-based architects Chad kellogg and Matt Bowles of AMLGM, this tubular sea monster of transit hub could someday terrorize the people of Queens, N.Y.—at least according to the team's proposed plans. Called the Urban... … More »

    Curbed - Fri 18 Apr, 2014 2:00 AM IST
  • Le Corbusier's Villa Savoye Gets Irreverently Suburbanized

    Image via Architizer The landmarked and preserved architectural masterpieces of the world would undoubtedly look very different if they were subject to actual inhabitants. Taking the dissonance between aesthetic temples and lived-in homes and prying it wide open, the runner... … More »

    Curbed - Fri 18 Apr, 2014 1:30 AM IST
  • For Goldman Sachs and Morgan Stanley, boring is beautiful

    For Goldman Sachs and Morgan Stanley, boring is beautiful

    The results underscored how businesses viewed as stodgy before the financial crisis are becoming critical drivers of earnings for investment banks now. Goldman’s investment management, stock underwriting and merger advisory businesses logged big gains. Morgan Stanley did well in those areas, as … More »

    Reuters - Fri 18 Apr, 2014 1:23 AM IST
  • Über-Lavish, Highly Gilded Miami Penthouse Asks $8.9M

    Have a nomination for a jaw-dropping listing that would make a mighty fine House of the Day? Get thee to the tipline and send us your suggestions. We'd love to see what you've got. Click here to view the full... … More »

    Curbed - Fri 18 Apr, 2014 12:30 AM IST
  • Ex-BP employee settles SEC insider-trading oil spill case

    A former 20-year veteran of BP plc (BP.L) who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges alleging he used non-public information about the disaster to commit insider-trading, U.S. regulators said on Thursday. The … More »

    Reuters - Thu 17 Apr, 2014 11:32 PM IST
  • Wall St edges higher during earnings flurry

    U.S. stocks advanced slightly in choppy trading on Thursday after three days of gains, as underwhelming results from tech bellwethers Google and IBM were offset by upbeat quarterly numbers, including those ... … More »

    Reuters - Thu 17 Apr, 2014 11:15 PM IST
  • Avoid central Delhi Friday, advises police

    New Delhi, April 17 (IANS) Delhi Police have advised people to avoid routes going towards central part of the city due to processions expected on the occasion of Good Friday. According to advisory, there will be substantial gathering of people and vehicles in and around of the vicinity of the … More »

    IANS - Thu 17 Apr, 2014 11:10 PM IST
  • With Rentals Atop Stores, Walmart Really Does Have Everything

    Rendering via Architectural Record It's easy to fault Walmart for disrupting "mainstreet" America by pricing out small retailers, but thing get a bit more complicated when the corporate giant engages in what looks like urban renewal. Coming soon to D.C.'s... … More »

    Curbed - Thu 17 Apr, 2014 10:30 PM IST
  • Sensex jumps 351 points, snaps 3-day losing streak

    Sensex jumps 351 points, snaps 3-day losing streak

    The BSE Sensex rose more than 1.5 percent on Thursday to snap a three-day losing streak as lenders such as ICICI Bank surged on value buying, earnings expectations and hopes of gains in bond portfolios ... … More »

    Reuters - Thu 17 Apr, 2014 10:21 PM IST
  • Wipro upbeat on growth prospects; profit beats f'cast

    Wipro upbeat on growth prospects; profit beats f'cast

    BANGALORE/MUMBAI (Reuters) - Wipro (WIPR.NS), India's third-biggest IT services exporter, posted forecast-beating quarterly profit on Thursday and said it expects a stronger year ahead on increased spending by overseas clients. The company is part of a $100 billion-plus Indian outsourcing sector … More »

    Reuters - Thu 17 Apr, 2014 10:15 PM IST
  • Wall St little changed amid earnings flurry

    U.S. stocks were little changed in choppy trading on Thursday following three days of gains, as underwhelming results from tech giants Google and IBM were offset by upbeat quarterly numbers including those ... … More »

    Reuters - Thu 17 Apr, 2014 10:12 PM IST
  • Global shares edge higher on U.S. data; dollar falls

    Global equity markets rose slightly on Thursday, boosted by data indicating strength in the U.S. economy and by upbeat results from some major U.S. companies, while the dollar trended lower following dovish U.S. Federal Reserve comments. Quarterly results from Morgan Stanley, Goldman Sachs and … More »

    Reuters - Thu 17 Apr, 2014 10:07 PM IST
  • CAG can audit telecom operators: SC

    New Delhi, April 17 (IANS) The Supreme Court Thursday said the national auditor CAG can audit telecom operators' account books to ascertain whether the government was getting its due share from service providers to whom it given the scarce natural resource that belongs to the people. A bench of … More »

    IANS - Thu 17 Apr, 2014 10:06 PM IST
  • Subrata Roy makes fresh offer for his release

    New Delhi, April 17 (IANS) Sahara Group chief Subrata Roy Thursday made an another fresh offer to comply with Supreme Court's direction to deposit Rs.10,000 crore as a part payment of the investors' Rs.24,000 crore as a condition for his release from judicial custody. Roy, in a fresh proposal, … More »

    IANS - Thu 17 Apr, 2014 9:12 PM IST
  • Free Associate in Style in These Chic Psychoanalysts' Offices

    Photo via Co.Design According to Mark Gerald, the intersection between interior design and psychoanalysis goes way beyond the rug-draped chaise longue depicted in innumerable New Yorker cartoons. "In some cases, the analyst creates a space consciously and intentionally," the therapist... … More »

    Curbed - Thu 17 Apr, 2014 8:30 PM IST
  • Midcentury 'Urban Tree House' in Cali Wants $1.225M

    Click here to view the full photogallery. While this bohemian, midcentury modern listing might lack the qualifications needed to actually count as the bona fide "urban tree house" the brokerbabble insists it is—really it's more surrounded by trees than... … More »

    Curbed - Thu 17 Apr, 2014 8:30 PM IST
  • S&P: India ratings to depend on next govt's policies

    S&P: India ratings to depend on next govt's policies

    Standard and Poor's may upgrade India's outlook if the government that is elected next month addresses some of the country's fiscal and economic challenges through steps such as passing a goods and services tax. "If in the future they implement policies that effectively addresses some of the … More »

    Reuters - Thu 17 Apr, 2014 7:56 PM IST
  • Telecom firms see opening of Pandora's box with SC order

    New Delhi, April 17 (IANS) The Supreme Court order Thursday that the national auditor CAG can audit telecom operators could open a Pandora's box and lead to similar demand in other industries, unhappy service providers said. "Yes, whatever judgment Supreme Court has given to us we will abide by … More »

    IANS - Thu 17 Apr, 2014 7:56 PM IST
  • U.S. jobless claims hover near pre-recession levels

    U.S. jobless claims hover near pre-recession levels

    New applications for unemployment benefits held near their pre-recession levels last week, offering further evidence of the economy's underlying strength. Initial claims for state unemployment benefits ticked up 2,000 to a seasonally adjusted 304,000 for the week ended April 12, the Labor … More »

    Reuters - Thu 17 Apr, 2014 7:34 PM IST
  • Karnataka directed to build wall across controversial canal

    Panaji, April 17 (IANS) Bringing relief to Goa, the Karnaraka government was Thursday told by a specially designated tribunal, to erect a brick wall to stop diversion of water from the Mhadei river basin to the Malaprabha river basin, until the water dispute between both states is resolved. The … More »

    IANS - Thu 17 Apr, 2014 7:30 PM IST
  • Haryana to frame policy on toll rates

    Chandigarh, April 17 (IANS) After having worked out an agreement with the National Highway Authority of India (NHAI) on the troublesome Delhi-Gurgaon toll plaza, the Haryana government has now proposed framing of a policy for other toll plazas in the state. Chief Minister Bhupinder Singh Hooda … More »

    IANS - Thu 17 Apr, 2014 7:12 PM IST
  • Wall St opens flat on mixed earnings

    Wall Street opened flat on Thursday, following three days of gains, as underwhelming results from tech giants Google and IBM were offset by upbeat quarterly numbers from the likes of Morgan Stanley, Goldman ... … More »

    Reuters - Thu 17 Apr, 2014 7:05 PM IST
  • Wipro ups IT revenue forecast for first quarter

    Bangalore, April 17 (IANS) India's third largest software exporter Wipro Thursday projected higher average revenue of $1,735 million ($1.74 billion) from its flagship IT services business for first quarter ... … More »

    IANS - Thu 17 Apr, 2014 7:04 PM IST
  • Twitter Goes After a Facebook Cash Cow

    The social network will begin offering “app install ads,” which prompt smartphone users to try new games and other apps. The category has been a lucrative franchise for Facebook. … More »

    The New York Times - Thu 17 Apr, 2014 6:31 PM IST
  • Germany's SCHOTT cleared of anti-competition charges

    New Delhi, April 17 (IANS) The Competition Appellate Tribunal has cleared the India unit of Germany-based firm SCHOTT of anti-competition charges. The company in a statement said the tribunal has acquitted it from all charges and it would not be required to make any penalties as imposed by the … More »

    IANS - Thu 17 Apr, 2014 6:30 PM IST
  • Architecture in Fashion; The World's 50 Coolest Tree Houses

    Photo via My Modern Met · When architecture meets fashion. · That Tommy Hilfiger Raleigh hotel mashup is happening. · Former AmEx CEO wants $10.5M for house with cabaret. · How facets are changing the face of architecture. · From... … More »

    Curbed - Thu 17 Apr, 2014 6:30 PM IST
  • Goldman Sachs profit falls 11 pct but beats estimates

    Goldman said net income fell to $1.95 billion, or $4.02 per share, in the first three months of the year from $2.19 billion, or $4.29 per share, in the same period of 2013. "Investment Banking and Investment Management generated solid results, while market sentiment shifted throughout the quarter, … More »

    Reuters - Thu 17 Apr, 2014 6:20 PM IST
  • Saradha kingpin's wife, son sent to ED's custody

    Kolkata, April 17 (IANS) A city court Thursday sent Saradha chit fund scam kingpin Sudipto Sen's wife Piyali and son Subhojit to five days custody of the Enforcement Directorate. The agency had arrested the duo Wednesday night from the city under the Prevention of Money Laundering Act. Claiming … More »

    IANS - Thu 17 Apr, 2014 6:20 PM IST
  • Gold steadies as lower dollar offsets China worries

    Gold steadied around $1,300 an ounce on Thursday as a lower dollar and accommodative U.S. Federal Reserve monetary policy counterbalanced worries over the strength of Chinese demand and sales from gold-backed funds. Holdings in the world's biggest exchange-traded fund, SPDR Gold Trust, fell 8.39 … More »

    Reuters - Thu 17 Apr, 2014 5:58 PM IST
  • Wipro net up 41 percent in Q4

    Bangalore, April 17 (IANS) India's third largest software exporter Wipro Ltd has reported net profit of Rs.2,230 crore for fourth quarter (January-March) of fiscal 2013-14, registering an increase of 41 ... … More »

    IANS - Thu 17 Apr, 2014 5:56 PM IST
  • Rupee snaps three-day fall; share gains help

    Rupee snaps three-day fall; share gains help

    The rupee recovered in late trade on Thursday, boosted by gains in the domestic sharemarket while some dealers also cited dollar selling by large state-run banks which could be on behalf of the central bank. In late trade there was good selling seen from state-run banks," said Vikas Babu … More »

    Reuters - Thu 17 Apr, 2014 5:41 PM IST
  • Sensex up 352 points; IT, bank stocks gain

    Mumbai, April 17 (IANS) A benchmark index of Indian equities markets closed 352 points or 1.58 percent up Thursday, breaking a three-day losing streak. All the sectors ended trade in green. The rally was ... … More »

    IANS - Thu 17 Apr, 2014 5:32 PM IST
  • Oil slips towards $109 after six-week high on Ukraine

    Brent crude oil slipped towards $109 a barrel on Thursday, after hitting a six-week high in the previous session, as traders assessed whether rising tensions in Ukraine could disrupt supplies from Russia. With Russian troops massing on the border with Ukraine and three separatists killed overnight … More »

    Reuters - Thu 17 Apr, 2014 5:19 PM IST
  • U.S. shares seen opening lower as tech giants stumble

    U.S. shares seen opening lower as tech giants stumble

    European shares fell and U.S. futures pointed to a weaker open on Wall Street on Thursday after disappointing results from tech heavyweights Google and IBM, while the dollar fell on dovish U.S. Federal Reserve comments. Futures prices suggested U.S. stocks will open 0.2 percent lower. Google … More »

    Reuters - Thu 17 Apr, 2014 5:18 PM IST
  • Gold slips below $1,300 on fund outflows, China worries

    Gold fell below $1,300 an ounce on Thursday as investors cut exposure to gold-backed funds and weighed the impact of Ukraine tensions, while worries over the strength of Chinese demand continued to weigh. Holdings in the world's biggest exchange-traded fund, SPDR Gold Trust, fell 8.39 tonnes to … More »

    Reuters - Thu 17 Apr, 2014 4:28 PM IST
  • 100 companies to take part in India Show in Hong Kong

    New Delhi, April 17 (IANS) Over a hundred companies and 200 dcelegates led by Commerce Secretary Rajeev Kher will take part in the "India Show" at the Hong Kong Spring Fair, aimed at networking and forging business relationships with Chinese buyers, the Confederation of Indian Industry (CII) said … More »

    IANS - Thu 17 Apr, 2014 4:18 PM IST
  • Sensex surges 352 points; IT, banks jump

    Mumbai, April 17 (IANS) India's stock markets benchmark index Sensex surged 1.6 percent Thursday, snapping the losing streak of the past three days, on the back of strong buying support in IT and banking ... … More »

    IANS - Thu 17 Apr, 2014 4:12 PM IST
  • Delhi policemen learning how to tackle cyber crime

    New Delhi, April 17 (IANS) As many as 65 Delhi Police officials are being trained to tackle the growing menace of cyber crime, officials said Thursday. All the 65 officials of the ranks between additional deputy commissioner to sub-inspector will be trained through the awareness programme … More »

    IANS - Thu 17 Apr, 2014 4:08 PM IST
  • Japan government cuts economy view after sales tax; no need for fresh stimulus

    Japan government cuts economy view after sales tax; no need for fresh stimulus

    Japan's government slightly cut its overall view on the economy, its first downgrade in a year and a half, but officials shrugged off the need for more stimulus to support the economy. The government said the economy was on track for a moderate recovery, in keeping with its main overview at its … More »

    Reuters - Thu 17 Apr, 2014 3:57 PM IST
  • Weekahead - Foreign flows, earnings loom over shares

    Weekahead - Foreign flows, earnings loom over shares

    Reuters Market Eye - Foreign flows and January-March earnings will continue to set direction for markets, as India's five-week long election continues, including voting in Mumbai scheduled for April 24. ... … More »

    Reuters - Thu 17 Apr, 2014 3:29 PM IST
  • Piramal buys 20 percent stake in Shriram Capital

    Mumbai, April 17 (IANS) Ajay Piramal-led Piramal Enterprises Thursday said it has agreed to buy 20 percent equity stake in Shriram Capital, the financial services arm of the Chennai-based Shriram Group, ... … More »

    IANS - Thu 17 Apr, 2014 3:16 PM IST
  • Bonds rally; RBI raises $3.3 billion in record auction

    Bonds rally; RBI raises $3.3 billion in record auction

    Government bonds jumped on Thursday, recovering from two sessions of falls, after the RBI fully sold the 200 billion rupees ($3.31 billion) worth of debt on offer, accomplishing the country's biggest-ever auction. Concerns about how India would accomplish the debt sale had hit bonds this week, … More »

    Reuters - Thu 17 Apr, 2014 3:10 PM IST
  • 'Four-year undergrad programmes need of the hour'

    New Delhi, April 17 (IANS) Ashoka University, a philanthropic higher-education initiative of a group of entrepreneurs and business leaders, is set to open its doors in August with four-year undergraduate programmes in the liberal arts. Similar term courses in Delhi University have led to … More »

    IANS - Thu 17 Apr, 2014 3:00 PM IST
  • Rupee falls to 60.50 against dollar on oil demands

    Mumbai, April 17 (IANS) The Indian rupee fell to 60.50 against a US dollar Thursday, registering decline for the fourth straight session on high demands for the greenback from oil importers. The partially convertible rupee opened on a positive note and strengthened to 60.26 against a dollar in … More »

    IANS - Thu 17 Apr, 2014 2:30 PM IST
  • A star abroad, RBI boss riles bond traders at home

    Since taking the helm of the Reserve Bank of India, Raghuram Rajan's agenda to reform markets has put the noses of Mumbai bond traders firmly out of joint by upending practices that provided them with a relatively secure rate of return. Benchmark 10-year bond yields have risen more than half a … More »

    Reuters - Thu 17 Apr, 2014 2:12 PM IST
  • European stocks dip, dollar weakens

    European stocks dipped on Thursday as disappointing earnings from U.S. tech heavyweights Google and IBM dampened the previous session's upbeat tone on Wall Street, and the dollar weakened on dovish remarks from the Federal Reserve. European stocks fell 0.14 percent, with upcoming Easter holidays, … More »

    Reuters - Thu 17 Apr, 2014 1:57 PM IST
  • Sensex jumps around 300 points as IT shares recover

    Sensex jumps around 300 points as IT shares recover

    Reuters Market Eye - The BSE Sensex and the Nifty rise more than 1 percent each. IT outsourcers recover from steep falls on Wednesday after Tata Consultancy Services Ltd and HCL Technologies Ltd post better-than-expected ... … More »

    Reuters - Thu 17 Apr, 2014 1:51 PM IST
  • Nikkei ends flat as profit-taking tempers Fed optimism

    Japan's Nikkei share average ended flat in choppy trade on Thursday as profit-taking from the previous day's large gains offset optimism that the U.S. Federal Reserve will keep interest rates low for an ... … More »

    Reuters - Thu 17 Apr, 2014 1:26 PM IST
  • Tata Global Beverages gains; Deutsche starts with "buy"

    Tata Global Beverages gains; Deutsche starts with "buy"

    Reuters Market Eye - Shares in Tata Global Beverages Ltd gain after Deutsche Bank starts coverage on the company with a "buy" rating and a target price of 200 rupees. Deutsche touts Tata Global ... … More »

    Reuters - Thu 17 Apr, 2014 1:23 PM IST
  • Rupee trading lower on oil demand

    Rupee trading lower on oil demand

    Reuters Market Eye - The rupee is trading at 60.45/46 versus its previous close of 60.37/38, retreating sharply from the day's high of 60.26 on heavy buying of the greenback by state-run oil companies. ... … More »

    Reuters - Thu 17 Apr, 2014 1:20 PM IST
  • China Resources chairman sacked amid corruption investigation
    China Resources chairman sacked amid corruption investigation Reuters - 2 hours 23 minutes ago

    A Chinese executive under investigation for suspected corruption has been sacked as chairman of powerful state-owned conglomerate China Resources Holdings Co. Ltd., the official Xinhua news agency said on Saturday. Citing an official with the Organization Department of the ruling Communist Party's Central Committee, Xinhua said Song Lin was fired because he was suspected of "serious discipline and law violations" - party shorthand for corruption. Song appears to be the latest official to fall in President Xi Jinping's campaign against corruption. China Resources is a holding company for a group of energy, land and consumer businesses in mainland China and Hong Kong. More »

  • Exchanges, brokerages hit with high-speed trading class action Reuters - 7 hours ago

    Dozens of the largest U.S. stock exchanges, brokerages and high-frequency trading firms were hit with a class action lawsuit by the capital of the state of Rhode Island, accusing them of manipulating the U.S. securities markets. The lawsuit was filed on Friday in Manhattan federal district court, as the high-speed trading industry came under greater scrutiny following the publication last month of author Michael Lewis' book "Flash Boys: A Wall Street Revolt." A number of regulators have said they are probing the industry, including the Justice Department, Securities and Exchange Commission and Commodities Futures Exchange Commission. The proposed securities class action was brought by the city of Providence, Rhode Island, on behalf of investors who bought stock in the United States from April 2009 to present. More »

  • Tour Miami Beach's Burdines Department Store in 1953 Curbed - 7 hours ago

    Click here to view the full photogallery.Photos via "Library of Congress Today we take take a break from the regularly scheduled residential fare to have a look at the interiors of a department store in the 1950s. Burdines, the... More »

  • Rajaratnam's brother loses bid to dismiss insider trading charges
    Rajaratnam's brother loses bid to dismiss insider trading charges Reuters - 8 hours ago

    Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Friday lost a bid to dismiss some of the insider trading charges leveled against him last year. U.S. District Judge Naomi Reice Buchwald in Manhattan ruled that the indictment adequately alleged the essential elements of the crimes charged. A lawyer for Rajaratnam did not respond to a request for comment. A spokeswoman for Manhattan U.S. Attorney Preet Bharara declined to comment. More »

  • Break the Mold With a Brutalist 'Tree House' on the Chesapeake Curbed - 8 hours ago

    Click here to view the full photogallery. Up for $1.29M on Maryland's Gibson Island is this atypical Chesapeake cottage, a 2,826-square-foot fortress designed by blocky brutalism extraordinaire, Ulrich Franzen. Known as the Glass Tree House, the 1962 three-bedroom was... More »

  • Colorful Fabrics Restore a 'Dilapidated Concrete Bungalow' Curbed - 9 hours ago

    Click here to view the full photogallery.Photos by Simon Upton/Elle Decor Enchanted by the "wild dogs and unrestored, decaying palazzos" of Lecce, a historic city in Puglia, Italy, fashion designer Liza Bruce and her husband, artist Nicholas Alvis Vega,... More »

  • Inside Karim Rashid's Magical, Hot Pink 'Sparkle Krib' Curbed - 10 hours ago

    Click here to view the full photogallery. Give designer Karim Rashid pretty much anything—a condo tower, a food court, a record album, a Twitter account—and he'll be sure to make it fruit-punch colored and amorphous, the princess castle of... More »

  • 1835 Textile Mill With Labor Rights History is Now Housing Curbed - 10 hours ago

    Here now, Past Lives, in which Curbed explores what some of the country's most interesting residential buildings used to be before they became livable homes. Care to suggest a building with a fascinating past life? Do drop us a line.... More »

  • Brazilian tycoon Batista investigated for financial crimes - reports 11 hours ago

    Brazil´s federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering, Brazilian media reported on Friday. If the police probe leads to criminal charges against Batista, it would be yet another major blow for a businessman once hailed as Brazil's model entrepreneur and symbol of its economic success. Batista´s EBX oil, mining and logistics empire, which two years ago was valued at $60 billion, collapsed last year in a mountain of debt and massive filings for bankruptcy protection. A week ago, Brazil's securities commission, CVM, announced that Batista was under investigation for insider trading as chairman of his now-bankrupt oil-producing company Óleo and Gás Participações SA, formerly known as OGX, and its sister company, shipbuilder OSX Brasil SA. More »

  • Gigantic SoCal Equestrian Estate 'Rancho Latigo' Asks $45M Curbed - 11 hours ago

    Have a nomination for a jaw-dropping listing that would make a mighty fine House of the Day? Get thee to the tipline and send us your suggestions. We'd love to see what you've got. Click here to view the full... More »

  • Reliance Industries sees net profit of Rs.21,984 crore in 2013-14 IANS - 13 hours ago

    Chennai, April 18 (IANS) The Mukesh Ambani-led Reliance Industries Ltd (RIL) Friday said it closed fiscal 2013-14 with a net profit of Rs.21.984 crore on a turnover of Rs.401,302 crore, up from a net profit of Rs.21,003 crore on a turnover of Rs.371,119 crore earned during the previous fiscal. Exports were higher by 15.3 percent at Rs.275,825 crore ($ 46.0 billion) as against Rs.239,226 crore in 2012-13, it said. More »

  • How a 25-Year-Old Decorated a Ballerina's Dakota Apartment Curbed - 13 hours ago

    Photo via Domaine Decorated by the insanely talented, 25-year-old Sasha Bikoff—an up-and-coming new interior designer with a self-professed talent for reading her client's personalities—this 4,700-square-foot apartment in NYC's legendary Dakota building is meant to channel equal parts "Scarface and French... More »

  • Eight-Foot King Neptune Guards This 'Castle-Like Chateau' Curbed - 13 hours ago

    Click here to view the full photogallery. If it's true that there's nothing more American, architecturally speaking, than a complete disregard for context, then it could be said that this four-bedroom "castle-like chateau' in California is just doing its... More »

  • Modi for Team India, says won't divide country in name of secularism IANS - 14 hours ago

    New Delhi, April 18 (IANS) Pitching for a "Team India", BJP prime ministerial candidate Narendra Modi said Friday his appeal would not be to Hindus and Muslims but to the entire people of the country. Holding that the country has been divided in the name of secularism, Modi said: "I cannot accept a divide between brothers of the country in the name of secularism. The Gujarat chief minister said he wanted to create a "Team India" which would include the prime minister and all chief ministers. Referring to a just-released book by Sanjaya Baru, Minister Manmohan Singh's former media advisor, Modi said it "reveals that one family has been running the country. More »

  • Modi open to pan-India retail tax, pushes for jobs, infrastructure IANS - 15 hours ago

    New Delhi, April 18 (IANS) A pan-India goods and services tax with the support of state governments, a push for infrastructure and privatisation of state units without politics are among the assurances of BJP's prime ministerial candidate Narendra Modi if voted to power. In an interview to a TV channel, with remarks in tune with his party's election manifesto, Modi also said the entire gamut of foreign equity needed re-evaluation, even as his pro-people, pro-jobs government will not cut subsidies but shun crony capitalism. "We have always been on the side of the goods and services tax. But its success lies on a proper information technology network across the country. More »

  • Trade, commerce to drive India-US ties: Modi IANS - 15 hours ago

    New Delhi, April 18 (IANS) BJP prime ministerial candidate Narendra Modi Friday said that trade, commerce and technology would be the driving factors in Indo-US diplomatic relations if the BJP came to power at the centre. "It is in India's interest to promote trade, commerce and technology. More »

  • Reliance Q4 sales rise, refining margin narrows
    Reliance Q4 sales rise, refining margin narrows Reuters - 15 hours ago

    Energy company Reliance Industries Ltd (RELI.NS) posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oil refining business offset higher revenue. Reliance, which operates the world's biggest refining complex in western India, reported net profit of 56.31 billion rupees for the quarter to end-March, compared with analysts' expectations of 56.62 billion rupees. Investors have focussed, however, on the oil and gas production business at Reliance, India's second most valuable company which is controlled by its richest man, Mukesh Ambani. The upstream business, which is small relative to refining, has several concessions including the Krishna Godavari D6 block off India's east cost. More »

  • 'Media ignored Manmohan Singh's development pitch' IANS - 17 hours ago

    New Delhi, April 18 (IANS) With Prime Minister Manmohan Singh set to lay down office in about a month, his communication adviser made a belated attempt to redeem his battered image, suggesting that even that the media, especially television, did not take enough note about the all-round progress of the country and the prime minister's thrust on development. The UPA-II government has not not been as successful as UPA-I because of the global economic slowdown, the prime minister's communications adviser, Pankaj Pachauri said Friday, even as he rolled out statistics about "unprecedented" development over the last 10 years which he said were not being picked up by the media "as its priorities are different". Pachauri said the prime minister has always preferred to talk about politics on the floor of the House but in the last two years "parliament has not given him enough Referring to a study by the Centre for Media Studies, Pachauri said media coverage of prime minister's messages on development issues has been "2.1 percent in More »

  • Reliance Industries posts flat Q4 profit, meets estimates
    Reliance Industries posts flat Q4 profit, meets estimates Reuters - 17 hours ago

    Energy conglomerate Reliance Industries Ltd posted a flat quarterly profit, in line with estimates, hurt by a slimmer margin in its oil refining business. Reliance, which operates the world's biggest refining ... More »

  • Levitating Homes; Nightclubs for Children; More! Curbed - 17 hours ago

    Photo via Design Boom · Adorable 3BR cape near Sandwich Village wants $323K. · How the modern office shapes American life. · Here's how an eight-story addition to an old embassy looks. · Buyers of new homes want these features,... More »

  • NHRC seeks report on artificial ripening of fruit IANS - 18 hours ago

    Bhubaneswar, April 18 (IANS) The National Human Rights Commission (NHRC) has sought a report from the health ministry on the action taken to stop the use of calcium carbide for the artificial ripening of fruit, a petitioner said Friday. In response to a petition filed by Odisha-based human rights campaigner Akhand, the commission has ordered the secretary of the health ministry to file a report within eight weeks. "You are required to submit the requisite information report within eight weeks," said the commission in its notice to the ministry, which IANS has seen. The petitioner alleged that many traders continue to use calcium carbide to ripen fruit such as mangoes, bananas, oranges and watermelons despite a ban by the government. More »

  • India's forex reserves rise to $309.44 bln as of April 11 - RBI Reuters - 18 hours ago

    India's foreign exchange reserves rose to $309.44 billion as of April 11 from $306.65 billion in the week earlier, the Reserve Bank of India said on Friday. Changes in foreign currency assets, expressed ... More »

  • GM could benefit, too, from an ignition-switch victims fund Reuters - 19 hours ago

    By setting up a fund, GM could avert years of civil litigation and limit its financial and reputational harm. GM has retained Kenneth Feinberg, a Washington lawyer who has overseen compensation funds for victims of high-profile catastrophes like the BP Plc oil spill and the Sept. 11, 2001, attacks. Feinberg told CNBC on Wednesday that GM is "asking me to help develop some sort of program that might be used to compensate eligible claimants." A spokesman for GM, Jim Cain, said Feinberg is "highly respected for his handling of compensation issues, and we've hired him to explore and evaluate all options." That work is ongoing, and no decisions have been made, Cain said. More »

  • Facebook’s Existential Crisis The New York Times - 19 hours ago

    Is Facebook’s main service still relevant? An argument for why it feels fusty, and why Mark Zuckerberg seems to know it. More »

  • India's first double-decker flyover opens in Mumbai IANS - 20 hours ago

    Mumbai, April 18 (IANS) India's first double-decker flyover was opened for public use in this west coast megapolis and the country's commercial capital Friday. The project - Santacruz-Chembur Link Road (SCLR) - will provide a critical east-west suburban link in the city and has slashed travel time from the earlier 90 minutes to barely 20 minutes now, entailing huge savings in time and fuel costs for commuters. The main flyover spans a total length of 3.45 km, and one 1.8 km long double-decker flyover also crosses above the Central Railway and Harbour Line tracks, giving a speedy access from the Western Express Highway to Kurla, Tilak Nagar, Chembur and Eastern Express Highway. Planned in 2002 and under construction since 2006, the Santacruz-Chembur Link Road missed around a dozen completion deadlines and cost around Rs.4.54 billion before it finally became operational Friday. More »

  • Bajaj Auto says union at Chakan plant plans work stoppage Reuters - 20 hours ago

    Bajaj Auto, India's second-largest motorcycle maker, said on Friday the union at its Chakan factory in Maharashtra had proposed a work stoppage from April 28. The union's proposal to stop work comes less ... More »

  • Glass half empty for Germany's proud beer industry Reuters - 21 hours ago

    Behind the pale yellow walls of a former Benedictine monastery on a wooded hill near Munich, the master brewers of Weihenstephan are still perfecting their art after nearly 1,000 years of making beer. Weihenstephan's cosy brew house, dominated by four steel vats of foamy brown liquid and infused with the sweet smell of malt, embodies a proud beer culture that culminates every year in Munich's Oktoberfest folk festival - a 16-day homage to beer. Yet for many German brewers, the good times are over. A slump in consumption of more than a third in the last 25 years has hit Germany, Europe's biggest beer producer, triggering intense competition and price discounting. More »

  • The robot is ready - so when will deep sea mining start?
    The robot is ready - so when will deep sea mining start? Reuters - 21 hours ago

    NEWCASTLE England/LONDON (Reuters) - The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea (PNG) - when a wrangle over terms is solved. The world waits for the judgement of a United Nations agency based in Jamaica. The marine area beyond national jurisdiction is 50 percent of the Ocean," said Nii Odunton, secretary general of the U.N.'s International Seabed Authority (ISA). "I believe the grades look good, the abundance looks good, I believe that money will be made," Odunton said from the ISA offices in Kingston. More »

  • Japan investment in Southeast Asia surges amid China slump Reuters - 21 hours ago

    Japanese companies' investments in Southeast Asia surged last year to almost three times the amount invested in China, after relations between Beijing and Tokyo soured in 2012 and Chinese labour costs rose, a government agency of Japan said on Friday. Japanese companies invested 2.33 trillion yen ($22.8 billion) in Singapore, Thailand, Indonesia, Malaysia, the Philippines and Vietnam last year, compared with 887 billion yen in China, Japan's largest trading partner, the Japan External Trade Organization (JETRO), said. More »

  • India: Non vegetarian majority with a vegetarian ruling class? IANS - 21 hours ago

    The Hindu newspaper, which has its main office in Chennai, has asked its employees not to bring non vegetarian food to the dining room because the smell offends vegetarian members of the staff. In a country as varied as India, generalizations too must be resisted. Chennai's plentiful fish may no longer be allowed in The Hindu dining hall but its consumption in this the most non vegetarian of states will continue unabated. Was it reckless non vegetarianism of the new employees or their squeamishness which resulted in the notice? More »

  • Reliance Industries, HPCL Mittal plan refinery expansions Reuters - 22 hours ago

    Reliance Industries (RELI.NS), owner of the world's biggest refining complex, and HPCL-Mittal Energy Ltd (HMEL), part owned by steel tycoon L N Mittal, have sought environment ministry approval for raising capacity of their plants. Billionaire Mukesh Ambani's Reliance seeks to add a fifth crude train of 400,000 bpd, some polymer units and changing the fuel for 450 megawatt of an already approved 2100 MW power plant from gas to coal, a note on the ministry's website said. More »

  • China issues banking rules to strengthen online payment security Reuters - 23 hours ago

    China will limit the amount of money consumers can transfer to third-party online payment platforms, aiming to protect banks and consumers from fraud amid an explosion of online and mobile payment transactions. Banks will be obliged to limit how much money an individual can transfer to platforms such as Alibaba Group Holding's Alipay per transaction or on a single day, based on the person's financial status, showed a document issued by the central bank and banking regulator. Lenders such as the Industrial and Commercial Bank of China Ltd already limit transfers to Alipay to 50,000 yuan ($8,000) per month, in part to slow deposits leaving for high-yielding money-market funds such as Alibaba's Yu'e Bao. But by June 30, all banks must be prepared to implement transaction limits and also establish a means of verifying consumers' identities when they link their accounts at third-party payment platforms to their bank accounts. More »

  • Nikkei hits 10-day closing high on upbeat U.S. earnings, data Reuters - 23 hours ago

    REUTERS - Japan's Nikkei stock average rose 0.7 percent on Friday to its highest close in 10 days, buoyed by upbeat U.S. economic data and corporate earnings, though trading volume hit its lowest in almost ... More »

  • Glenmark pulls 2,900 bottles of ulcer drug in U.S. Reuters - 23 hours ago

    Glenmark Pharmaceuticals Ltd is recalling some 2,900 bottles of its stomach ulcer drug ranitidine in the United States after a foreign tablet was found in one of the bottles. Medicines produced in India, which supplies about 40 percent of generic and over-the-counter drugs sold in the United States, have come under increased scrutiny by the Food and Drug Administration over the past year. In the last six months alone, products made by some of India's largest drugmakers, including Ranbaxy Laboratories Ltd, Sun Pharmaceutical Industries Ltd and Dr. Reddy's Laboratories Ltd have been recalled from the United States. More »

  • 'Gujarat model: It is about economic freedom, innovation, pride' IANS - Fri 18 Apr, 2014 11:28 AM IST

    New Delhi , April 18 (IANS) Is the Gujarat model of development - one of the central themes of this year's Lok Sabha election - a hype or a success built around concepts pioneered by Narendra Modi? Experts at a book release function agreed that the Gujarat or 'Modi model' was about economic freedom, innovation and creating a sense of pride among people. The book, `Centrestage - Inside the Modi Model of Governance' , authored by Uday Mahurkar, was released Thursday evening by Aroon Purie, editor-in-chief of India Today group. Economist Bibek Debroy said that the Gujarat model was not merely about GDP growth numbers but "about certain principles" such as public-private partnership concerning the corporate as well as the social sector. More »

  • China shoe factory strike shows welfare Achilles' heel Reuters - Fri 18 Apr, 2014 9:02 AM IST

    Zhou Hujun, one of thousands of shoe factory workers on strike in southern China, drove his motorbike to the local government's Social Security Department seeking answers. Zhou and other striking workers believe Yue Yuen Industrial Holdings Ltd, which owns the factory making footwear for Nike, Adidas and others, has for years underpaid into workers' social insurance accounts - government-mandated nest eggs for disability, unemployment and retirement. The issue goes far beyond the shoe plant, and highlights a looming problem for China: the workforce that has transformed the country into a global manufacturing powerhouse over the past 35 years is coming up to retirement age. And, as these millions of blue collar workers begin claiming retirement benefits from local social security funds, they may find there's less in the pot than they thought. More »

  • Ford, IBM to face renewed U.S. lawsuit over apartheid-era abuses Reuters - Fri 18 Apr, 2014 8:57 AM IST

    Ford Motor Co and IBM Corp will again have to face a U.S. lawsuit claiming they encouraged race-based human rights abuses in apartheid-era South Africa, despite a series of recent court decisions limiting the right to pursue such cases. Reviving a 12-year-old lawsuit, U.S. District Judge Shira Scheindlin in Manhattan accepted an argument from a group of plaintiffs that corporations may be held liable under a 1789 law, the Alien Tort Statute (ATS), that lets non-U.S. citizens pursue some cases in U.S. courts over alleged violations of international law. More »

  • China's cooling property market a risk to economic growth Reuters - Fri 18 Apr, 2014 8:51 AM IST

    China's property market could threaten Beijing's plan to manage a slowdown in growth, as evidence mounts of a rapid cooling in what had been one of the few strong spots in the world's second-largest economy. But marked decelerations in property investment and sales, and a contraction in housing starts in the first quarter, point to weakness in a sector that supports some 40 other industries, ranging from cement to furniture, and plays an important role in underpinning consumer confidence. "We think weaker property activity poses a key downside risk to GDP growth this year," Tao Wang, economist at UBS said in a note to clients. Property investment generated about 12 percent of China's GDP in the first quarter, down from a 15 percent contribution in 2013, Reuters calculations based on official figures showed. More »

  • Nikkei gains on upbeat U.S. corporate earnings, data Reuters - Fri 18 Apr, 2014 7:27 AM IST

    Japan's Nikkei share average advanced on Friday after upbeat U.S. economic data and corporate earnings bolstered investors' risk appetite. The Nikkei was up 0.4 percent at 14,474.83 in midmorning trade after ending flat at 14,417.53 the previous day. More »

  • For Morgan Stanley, playing it safe pays off Reuters - Fri 18 Apr, 2014 5:36 AM IST

    On Thursday, Gorman proved himself right, by showing that his plan to lighten up trading risk and focus on wealth management is paying off. Morgan Stanley posted a 55 percent gain in first-quarter profit. Morgan Stanley also showed steady progress in using deposits from the wealth business to lend more. Gorman is working to give Morgan Stanley steadier earnings growth through increasing its reliance on businesses such as wealth management and underwriting, whose revenues are less likely to plunge. More »

  • Wall Street Weekahead - Spring fever brings hope for U.S. earnings Reuters - Fri 18 Apr, 2014 5:24 AM IST

    Several behemoths, including Apple, the largest U.S. company by market value, as well as Microsoft, McDonald's (MCD.N) and AT&T (T.N), are due to report earnings. They'll be accompanied by highfliers like Netflix and Facebook, giving the first real cross-section of the state of corporate America as temperatures rise across the country and investors hope to put the cold weather behind them. Strategists will also be looking for clues on how badly China's slowdown hits U.S. corporate results. The first batch of earnings came out as equities were working their way through a selloff led by trading-crowd favorites like Netflix and the biotech stocks. More »

  • Pay $1.3M For an Incredible Amount of Folk Music History Curbed - Fri 18 Apr, 2014 4:30 AM IST

    Click here to view the full photogallery. In a bit of real estate news sure to delight history and music buffs alike, The Little House in Orangetown, N.Y.—a former gathering place for folk music elite like Woody Guthrie, Pete... More »

  • EXCLUSIVE - GM says recalled cars safe, but has not tested for knee-bump danger
    EXCLUSIVE - GM says recalled cars safe, but has not tested for knee-bump danger Reuters - Fri 18 Apr, 2014 4:13 AM IST

    General Motors says that cars being recalled because of faulty ignition switches can be driven safely before repairs, based on more than 80 tests, but the automaker has not addressed a problem long known to potentially shut off the engine: a simple bump from a driver's knee. Safety advocates and engineers say the lack of testing for this factor undermines GM's claims that the cars are safe. As early as 2004, GM engineers complained that the ignition switch could be turned off if the key was bumped by a knee. A Texas judge on Thursday allowed the unrepaired cars to stay on the road, over the objection of safety advocates and plaintiffs lawyers who said there is no way, short of repairs, to ensure the ignition switch would not slip out of the run position, turning off the motor and disabling power steering, power brakes and airbags. More »

  • Ex-Goldman director Gupta starts prison term on June 17
    Ex-Goldman director Gupta starts prison term on June 17 Reuters - Fri 18 Apr, 2014 4:04 AM IST

    Former Goldman Sachs Group Inc director Rajat Gupta is expected to begin his two-year prison term on June 17 for insider trading. U.S. District Judge Jed Rakoff in Manhattan directed Gupta to surrender by 2:00 p.m. EDT (1800 GMT) on that date to start serving his sentence, according to an order issued on Thursday. Gupta, 65, was convicted in June 2012 on securities fraud and conspiracy charges for having fed tips, from Goldman board meetings in the second half of 2008, to longtime friend Raj Rajaratnam, founder of the Galleon Group hedge fund firm. Gupta is also a former global managing director of the consulting firm McKinsey & Co. He is the top corporate official convicted in a broad federal insider trading probe unveiled in October 2009, when charges against Rajaratnam were announced. More »

  • This Charming Country Cabin is Maine's First Passive House Curbed - Fri 18 Apr, 2014 3:30 AM IST

    In It's Not Easy Being Green, Curbed pulls back the curtain on cutting-edge, environmentally friendly design, from urban passive houses to green tweaks on suburban living. Have a suggestion for an upcoming column? Pass it along. Photo via Go Logic... More »

  • China's new breed of whistleblowers takes on big business Reuters - Fri 18 Apr, 2014 3:01 AM IST

    Chinese lawyer Hao Junbo wants to make you rich if you're a whistleblower after a bounty. The U.S. Securities and Exchange Commission received a tip-off a week from China last year, double the year before and five times more than in 2011. The SEC is just one of many channels for this new breed of Chinese whistleblowers whose information has helped lead to investigations in China of firms including British drugmaker GlaxoSmithKline Plc and French dairy Danone SA. "It can't be denied that the financial benefits are an important incentive," said Hao, a Beijing-based whistleblower lawyer. More »

  • Hotel magnate Sant Singh Chatwal pleads guilty to U.S. campaign contribution scheme Reuters - Fri 18 Apr, 2014 2:49 AM IST

    Prominent New York hotel executive Sant Singh Chatwal pleaded guilty on Thursday to conspiring to make $188,000 of illegal campaign contributions to three U.S. candidates via straw donors. Chatwal, chairman of Hampshire Hotels Management, pleaded guilty in federal court in Brooklyn, New York, to criminal charges of conspiring to violate the Federal Election Campaign Act and witness tampering. A straw donor is someone who illegally uses someone else's money to make campaign contributions in his or her own name. More »

  • Earnings lift S&P 500, Nasdaq; S&P's best week since July Reuters - Fri 18 Apr, 2014 2:32 AM IST

    U.S. stocks ended a holiday-shortened week with mostly modest gains on Thursday, though the S&P 500 notched its biggest weekly advance since July as Morgan Stanley and General Electric rallied after strong results. The two were the latest to post earnings that topped expectations, helping to lift the S&P 500 and the Nasdaq to their fourth straight daily advance. Tech bellwethers Google and IBM fell on disappointing figures and limited the broader market's gain. IBM's slide pushed the Dow into slightly negative territory at the close. More »

  • Mapping the 11 Most Expensive Houses Ever Sold in America Curbed - Fri 18 Apr, 2014 2:30 AM IST

    Nine-figure listings have been (relatively speaking) flying off the proverbial shelves lately, what with Connecticut's Copper Beech Farm selling for $120M last week and L.A.'s long-unsold Fleur de Lys going for $102M cash in late March. Both of these... More »

  • Get a Janitor's View of Versailles in These Unprettied Photos Curbed - Fri 18 Apr, 2014 2:30 AM IST

    Photo via Messy Nessy Chic The Palace of Versailles looms so large in humanity's understanding of unrestrained splendor that it has inspired a whole host of sorry knockoffs. And while all that's been seen of the most famous American Versailles... More »

  • Proposed NYC Transit Hub Looks Like a Giant Sea Monster Curbed - Fri 18 Apr, 2014 2:00 AM IST

    Rendering via Curbed NY Designed by NYC-based architects Chad kellogg and Matt Bowles of AMLGM, this tubular sea monster of transit hub could someday terrorize the people of Queens, N.Y.—at least according to the team's proposed plans. Called the Urban... More »

  • Le Corbusier's Villa Savoye Gets Irreverently Suburbanized Curbed - Fri 18 Apr, 2014 1:30 AM IST

    Image via Architizer The landmarked and preserved architectural masterpieces of the world would undoubtedly look very different if they were subject to actual inhabitants. Taking the dissonance between aesthetic temples and lived-in homes and prying it wide open, the runner... More »

  • For Goldman Sachs and Morgan Stanley, boring is beautiful
    For Goldman Sachs and Morgan Stanley, boring is beautiful Reuters - Fri 18 Apr, 2014 1:23 AM IST

    The results underscored how businesses viewed as stodgy before the financial crisis are becoming critical drivers of earnings for investment banks now. Goldman’s investment management, stock underwriting and merger advisory businesses logged big gains. Morgan Stanley did well in those areas, as well as in wealth management and bond underwriting. Morgan Stanley was the biggest stock underwriter globally in the first quarter, while Goldman earned the most fees from merger advisory, Thomson Reuters data show. More »

  • Über-Lavish, Highly Gilded Miami Penthouse Asks $8.9M Curbed - Fri 18 Apr, 2014 12:30 AM IST

    Have a nomination for a jaw-dropping listing that would make a mighty fine House of the Day? Get thee to the tipline and send us your suggestions. We'd love to see what you've got. Click here to view the full... More »

  • Ex-BP employee settles SEC insider-trading oil spill case Reuters - Thu 17 Apr, 2014 11:32 PM IST

    A former 20-year veteran of BP plc (BP.L) who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges alleging he used non-public information about the disaster to commit insider-trading, U.S. regulators said on Thursday. The Securities and Exchange Commission said that Keith A. Seilhan, 47, will settle the case without admitting or denying the charges. Mary McNamara, an attorney for Seilhan, said four years had passed since the spill, and her client wanted to "avoid further distraction and protracted litigation" by settling the matter. "Mr. Seilhan is widely respected for his work helping to lead the cleanup and containment efforts in the Gulf of Mexico in 2010," McNamara added. More »

  • Wall St edges higher during earnings flurry Reuters - Thu 17 Apr, 2014 11:15 PM IST

    U.S. stocks advanced slightly in choppy trading on Thursday after three days of gains, as underwhelming results from tech bellwethers Google and IBM were offset by upbeat quarterly numbers, including those ... More »

  • Avoid central Delhi Friday, advises police IANS - Thu 17 Apr, 2014 11:10 PM IST

    New Delhi, April 17 (IANS) Delhi Police have advised people to avoid routes going towards central part of the city due to processions expected on the occasion of Good Friday. According to advisory, there will be substantial gathering of people and vehicles in and around of the vicinity of the churches in new Delhi. More »

  • With Rentals Atop Stores, Walmart Really Does Have Everything Curbed - Thu 17 Apr, 2014 10:30 PM IST

    Rendering via Architectural Record It's easy to fault Walmart for disrupting "mainstreet" America by pricing out small retailers, but thing get a bit more complicated when the corporate giant engages in what looks like urban renewal. Coming soon to D.C.'s... More »

  • Sensex jumps 351 points, snaps 3-day losing streak
    Sensex jumps 351 points, snaps 3-day losing streak Reuters - Thu 17 Apr, 2014 10:21 PM IST

    The BSE Sensex rose more than 1.5 percent on Thursday to snap a three-day losing streak as lenders such as ICICI Bank surged on value buying, earnings expectations and hopes of gains in bond portfolios ... More »

  • Wipro upbeat on growth prospects; profit beats f'cast
    Wipro upbeat on growth prospects; profit beats f'cast Reuters - Thu 17 Apr, 2014 10:15 PM IST

    BANGALORE/MUMBAI (Reuters) - Wipro (WIPR.NS), India's third-biggest IT services exporter, posted forecast-beating quarterly profit on Thursday and said it expects a stronger year ahead on increased spending by overseas clients. The company is part of a $100 billion-plus Indian outsourcing sector that generates about 90 percent of its sales from providing services such as IT network installation and the development of software applications for overseas clients that are finally beginning to loosen their purse strings. Rivals Tata Consultancy Services (TCS.NS), Infosys (INFY.NS) and HCL Technologies (HCLT.NS) have already signalled a pick-up in client spending this month, and Wipro says it will also benefit. "The way our trends are ... growth in full-year 2015 will be better than growth in full-year 2014," Chief Executive T.K. Kurien said on Thursday after Wipro reported a 29 percent rise in fourth-quarter net profit. More »

  • Wall St little changed amid earnings flurry Reuters - Thu 17 Apr, 2014 10:12 PM IST

    U.S. stocks were little changed in choppy trading on Thursday following three days of gains, as underwhelming results from tech giants Google and IBM were offset by upbeat quarterly numbers including those ... More »

  • Global shares edge higher on U.S. data; dollar falls Reuters - Thu 17 Apr, 2014 10:07 PM IST

    Global equity markets rose slightly on Thursday, boosted by data indicating strength in the U.S. economy and by upbeat results from some major U.S. companies, while the dollar trended lower following dovish U.S. Federal Reserve comments. Quarterly results from Morgan Stanley, Goldman Sachs and General Electric improved risk sentiment, though results from tech heavyweights Google (GOOGL.O) and IBM Corp (IBM.N) were disappointing. Morgan Stanley (MS.N) reported a 55 percent jump in first-quarter earnings, General Electric (GE.N) posted a 12 percent rise in overall industrial profits, and both earnings and revenue of Goldman Sachs (GS.N) beat market estimates. “The trend in the jobless claims is a positive for the economy, and certainly keeps the recovery on track for the U.S.," said Greg Michalowski, chief currency analyst at FXDD. More »

  • CAG can audit telecom operators: SC IANS - Thu 17 Apr, 2014 10:06 PM IST

    New Delhi, April 17 (IANS) The Supreme Court Thursday said the national auditor CAG can audit telecom operators' account books to ascertain whether the government was getting its due share from service providers to whom it given the scarce natural resource that belongs to the people. A bench of Justice K.S. Radhakrishnan and Justice Vikramajit Sen said: "CAG's function is only to ascertain whether the Union of India is getting its due share, while parting with the right to deal with its exclusive privilege to the service providers, who are dealing with a national wealth." Justice Radhakrishnan, speaking for the bench, said: "The service providers are bound to make available all the books of accounts and other documents maintained by them under Rule 3, so as to ascertain whether the Union of India is getting its full share of revenue." The court said while upholding the Delhi High Court order that CAG could audit the account books of service providers and dismissing a appeal by the service providers challenging it. More »

  • Subrata Roy makes fresh offer for his release IANS - Thu 17 Apr, 2014 9:12 PM IST

    New Delhi, April 17 (IANS) Sahara Group chief Subrata Roy Thursday made an another fresh offer to comply with Supreme Court's direction to deposit Rs.10,000 crore as a part payment of the investors' Rs.24,000 crore as a condition for his release from judicial custody. Roy, in a fresh proposal, said that Rs.2,500 crore will be paid within three working days and a the balance of Rs.2,500 crore and the bank guarantee of Rs.5,000 crore will be given in next 60 days. The court by its Aug 31, 2012 and subsequently Dec 5, 2012, order had asked Sahara Group's two companies SIRECL and SHICL to return investors Rs.24,000 crores by routing it through market regulator SEBI. The apex court had March 26 asked Roy to deposit Rs.10,000 crore with the court's registry for his release on interim bail from judicial custody. More »

  • Free Associate in Style in These Chic Psychoanalysts' Offices Curbed - Thu 17 Apr, 2014 8:30 PM IST

    Photo via Co.Design According to Mark Gerald, the intersection between interior design and psychoanalysis goes way beyond the rug-draped chaise longue depicted in innumerable New Yorker cartoons. "In some cases, the analyst creates a space consciously and intentionally," the therapist... More »

  • Midcentury 'Urban Tree House' in Cali Wants $1.225M Curbed - Thu 17 Apr, 2014 8:30 PM IST

    Click here to view the full photogallery. While this bohemian, midcentury modern listing might lack the qualifications needed to actually count as the bona fide "urban tree house" the brokerbabble insists it is—really it's more surrounded by trees than... More »

  • S&P: India ratings to depend on next govt's policies
    S&P: India ratings to depend on next govt's policies Reuters - Thu 17 Apr, 2014 7:56 PM IST

    Standard and Poor's may upgrade India's outlook if the government that is elected next month addresses some of the country's fiscal and economic challenges through steps such as passing a goods and services tax. "If in the future they implement policies that effectively addresses some of the credit weaknesses that I have highlighted, we could revise the outlook to stable again," said S&P senior director Kim Eng Tan in a webcast. S&P rates India at "BBB-minus" and is the only of the three major credit agencies to have a "negative" outlook. More »

  • Telecom firms see opening of Pandora's box with SC order IANS - Thu 17 Apr, 2014 7:56 PM IST

    New Delhi, April 17 (IANS) The Supreme Court order Thursday that the national auditor CAG can audit telecom operators could open a Pandora's box and lead to similar demand in other industries, unhappy service providers said. "Yes, whatever judgment Supreme Court has given to us we will abide by it. This judgment has no precedence and any company that contributes to the Consolidated Fund of India is liable to audit by the CAG. This is opening of Pandora's box," Ashok Sud, secretary general, Association of Unified Telecom Service Providers of India (AUSPI) - the CDMA operators association - told IANS. More »

  • U.S. jobless claims hover near pre-recession levels
    U.S. jobless claims hover near pre-recession levels Reuters - Thu 17 Apr, 2014 7:34 PM IST

    New applications for unemployment benefits held near their pre-recession levels last week, offering further evidence of the economy's underlying strength. Initial claims for state unemployment benefits ticked up 2,000 to a seasonally adjusted 304,000 for the week ended April 12, the Labor Department said on Thursday. A Labor Department analyst said no states were estimated and there were no special factors influencing the state level data. The claims data covered the survey week for April nonfarm payrolls. More »

  • Karnataka directed to build wall across controversial canal IANS - Thu 17 Apr, 2014 7:30 PM IST

    Panaji, April 17 (IANS) Bringing relief to Goa, the Karnaraka government was Thursday told by a specially designated tribunal, to erect a brick wall to stop diversion of water from the Mhadei river basin to the Malaprabha river basin, until the water dispute between both states is resolved. The decision could come as a temporary setback to Karnataka government's plans to divert water from the Mhadei river basin and come as relief for Goa, for whom the Mhadei, also known as the Mandovi river, is known as a lifeline in the northern parts of the state. The direction to build a brick wall was issued by Mhadei Water Disputes Tribunal (MWDT) chairman J. M. Panchal who is hearing the dispute between Karnataka and Goa over the Mhadei water. More »

  • Haryana to frame policy on toll rates IANS - Thu 17 Apr, 2014 7:12 PM IST

    Chandigarh, April 17 (IANS) After having worked out an agreement with the National Highway Authority of India (NHAI) on the troublesome Delhi-Gurgaon toll plaza, the Haryana government has now proposed framing of a policy for other toll plazas in the state. Chief Minister Bhupinder Singh Hooda Thursday directed officers to frame a policy to provide relief to people in the rates of toll plazas. He also directed officers to discontinue charging increased rates at toll plazas till the time the policy for giving relaxation in the toll rates is framed. Presiding over a meeting with officers of public works (building and roads department and NHAI here on the issue of providing relaxation in toll rates, Hooda admitted that toll rates were high in Haryana and had to be reduced to make it affordable for people to pay. More »

  • Wall St opens flat on mixed earnings Reuters - Thu 17 Apr, 2014 7:05 PM IST

    Wall Street opened flat on Thursday, following three days of gains, as underwhelming results from tech giants Google and IBM were offset by upbeat quarterly numbers from the likes of Morgan Stanley, Goldman ... More »

  • Wipro ups IT revenue forecast for first quarter IANS - Thu 17 Apr, 2014 7:04 PM IST

    Bangalore, April 17 (IANS) India's third largest software exporter Wipro Thursday projected higher average revenue of $1,735 million ($1.74 billion) from its flagship IT services business for first quarter ... More »

  • Twitter Goes After a Facebook Cash Cow The New York Times - Thu 17 Apr, 2014 6:31 PM IST

    The social network will begin offering “app install ads,” which prompt smartphone users to try new games and other apps. The category has been a lucrative franchise for Facebook. More »

  • Germany's SCHOTT cleared of anti-competition charges IANS - Thu 17 Apr, 2014 6:30 PM IST

    New Delhi, April 17 (IANS) The Competition Appellate Tribunal has cleared the India unit of Germany-based firm SCHOTT of anti-competition charges. The company in a statement said the tribunal has acquitted it from all charges and it would not be required to make any penalties as imposed by the Competition Commission of India (CCI). The Competition Commission had charged SCHOTT India of anti-competition activities on complaints filed by Kapoor Glass Private Limited. SCHOTT India was accused of abusing its strong position in the glass tubes market and granting discriminatory pricing and other favourable terms to its affiliated entity, SCHOTT KAISHA, as compared to other converters in the market. More »

  • Architecture in Fashion; The World's 50 Coolest Tree Houses Curbed - Thu 17 Apr, 2014 6:30 PM IST

    Photo via My Modern Met · When architecture meets fashion. · That Tommy Hilfiger Raleigh hotel mashup is happening. · Former AmEx CEO wants $10.5M for house with cabaret. · How facets are changing the face of architecture. · From... More »

  • Goldman Sachs profit falls 11 pct but beats estimates Reuters - Thu 17 Apr, 2014 6:20 PM IST

    Goldman said net income fell to $1.95 billion, or $4.02 per share, in the first three months of the year from $2.19 billion, or $4.29 per share, in the same period of 2013. "Investment Banking and Investment Management generated solid results, while market sentiment shifted throughout the quarter, constraining client activity in various parts of our franchise," Chairman and Chief Executive Lloyd Blankfein said in a statement. Most of Goldman's rivals also reported a drop in revenue from fixed-income trading in the quarter, but Goldman has more at stake than others because it has a less diverse business mix. Goldman's revenue from fixed income, currency and commodities (FICC) trading fell 11 percent from a year earlier to $2.85 billion in the quarter ended March 31. More »

  • Saradha kingpin's wife, son sent to ED's custody IANS - Thu 17 Apr, 2014 6:20 PM IST

    Kolkata, April 17 (IANS) A city court Thursday sent Saradha chit fund scam kingpin Sudipto Sen's wife Piyali and son Subhojit to five days custody of the Enforcement Directorate. The agency had arrested the duo Wednesday night from the city under the Prevention of Money Laundering Act. Claiming that the arrested duo have made illegal transactions worth crores of rupees, the ED counsel sought their custody which the court allowed. However, their counsel Naresh Balotia argued that a case under the money laundering act cannot be made against the accused and the agency was yet to give any concrete evidence to suggest the money transacted by the mother-son duo was ill-gotten. More »

  • Gold steadies as lower dollar offsets China worries Reuters - Thu 17 Apr, 2014 5:58 PM IST

    Gold steadied around $1,300 an ounce on Thursday as a lower dollar and accommodative U.S. Federal Reserve monetary policy counterbalanced worries over the strength of Chinese demand and sales from gold-backed funds. Holdings in the world's biggest exchange-traded fund, SPDR Gold Trust, fell 8.39 tonnes to 798.43 tonnes on Wednesday, the biggest outflow since late December. Spot gold was unchanged at $1,302.20 an ounce by 1212 GMT, while gold futures for June delivery were down 0.1 percent to $1,302.70 an ounce. "What is rattling gold is talks of how much is being financed with gold in China, which for me is quite bearish because it means that the China's physical demand story is not as strong as it was thought," Societe Generale analyst Robin Bhar said. More »

  • Wipro net up 41 percent in Q4 IANS - Thu 17 Apr, 2014 5:56 PM IST

    Bangalore, April 17 (IANS) India's third largest software exporter Wipro Ltd has reported net profit of Rs.2,230 crore for fourth quarter (January-March) of fiscal 2013-14, registering an increase of 41 ... More »

  • Rupee snaps three-day fall; share gains help
    Rupee snaps three-day fall; share gains help Reuters - Thu 17 Apr, 2014 5:41 PM IST

    The rupee recovered in late trade on Thursday, boosted by gains in the domestic sharemarket while some dealers also cited dollar selling by large state-run banks which could be on behalf of the central bank. In late trade there was good selling seen from state-run banks," said Vikas Babu Chittiprolu, a senior foreign exchange dealer with the state-run Andhra Bank. More »

  • Sensex up 352 points; IT, bank stocks gain IANS - Thu 17 Apr, 2014 5:32 PM IST

    Mumbai, April 17 (IANS) A benchmark index of Indian equities markets closed 352 points or 1.58 percent up Thursday, breaking a three-day losing streak. All the sectors ended trade in green. The rally was ... More »

  • Oil slips towards $109 after six-week high on Ukraine Reuters - Thu 17 Apr, 2014 5:19 PM IST

    Brent crude oil slipped towards $109 a barrel on Thursday, after hitting a six-week high in the previous session, as traders assessed whether rising tensions in Ukraine could disrupt supplies from Russia. With Russian troops massing on the border with Ukraine and three separatists killed overnight in eastern Ukraine, the prospects of defusing the crisis at talks in Geneva appeared slim. Brent crude for June delivery was down 43 cents at $109.17 a barrel by 1137 GMT, after hitting $110.36 on Wednesday, the highest since March 4. "Oil prices remain supported by the Ukrainian risk premium ahead of the long Easter weekend," said Abhishek Deshpande, a commodities analyst at Natixis in London. More »

  • U.S. shares seen opening lower as tech giants stumble
    U.S. shares seen opening lower as tech giants stumble Reuters - Thu 17 Apr, 2014 5:18 PM IST

    European shares fell and U.S. futures pointed to a weaker open on Wall Street on Thursday after disappointing results from tech heavyweights Google and IBM, while the dollar fell on dovish U.S. Federal Reserve comments. Futures prices suggested U.S. stocks will open 0.2 percent lower. Google released earnings data after U.S. markets shut on Wednesday, showing that first-quarter revenue fell short of Wall Street targets and that margins narrowed. U.S. stocks had ended Wednesday with gains of 1 percent. More »

  • Gold slips below $1,300 on fund outflows, China worries Reuters - Thu 17 Apr, 2014 4:28 PM IST

    Gold fell below $1,300 an ounce on Thursday as investors cut exposure to gold-backed funds and weighed the impact of Ukraine tensions, while worries over the strength of Chinese demand continued to weigh. Holdings in the world's biggest exchange-traded fund, SPDR Gold Trust, fell 8.39 tonnes to 798.43 tonnes on Wednesday, the biggest outflow since late December. Spot gold slipped 0.4 percent to $1,298.10 an ounce by 1012 GMT, while gold futures for June delivery fell by the same margin to $1,298.20 an ounce. Thursday's decline extended a nearly 2 percent fall on Tuesday on fears over slowing demand in top consumer China, after bullion steadied on Wednesday. More »

  • 100 companies to take part in India Show in Hong Kong IANS - Thu 17 Apr, 2014 4:18 PM IST

    New Delhi, April 17 (IANS) Over a hundred companies and 200 dcelegates led by Commerce Secretary Rajeev Kher will take part in the "India Show" at the Hong Kong Spring Fair, aimed at networking and forging business relationships with Chinese buyers, the Confederation of Indian Industry (CII) said here Thursday. India Show, being held April 27-30 concurrently with Hong Kong Spring Fair, is being organised in association with the commerce ministry and the consulate general of India in Hong Kong. "Hong Kong Spring Fair 2014, Asia's Largest Spring Fair, is organised by the Global Sources and held at the Asia World Expo", CII said. Hong Kong being an established bridgehead for business in China, the sourcing fair will provide Indian exporters with an opportunity to forge relationship with Chinese buyers, CII said. More »

  • Sensex surges 352 points; IT, banks jump IANS - Thu 17 Apr, 2014 4:12 PM IST

    Mumbai, April 17 (IANS) India's stock markets benchmark index Sensex surged 1.6 percent Thursday, snapping the losing streak of the past three days, on the back of strong buying support in IT and banking ... More »

  • Delhi policemen learning how to tackle cyber crime IANS - Thu 17 Apr, 2014 4:08 PM IST

    New Delhi, April 17 (IANS) As many as 65 Delhi Police officials are being trained to tackle the growing menace of cyber crime, officials said Thursday. All the 65 officials of the ranks between additional deputy commissioner to sub-inspector will be trained through the awareness programme conducted by HDFC Bank in partnership with Mahindra Special Services Group, said Additional Commissioner of Police V.V. Chaudhary. The officials will be trained in northeast Delhi's Seemapuri police station, he said. HDFC is conducting the programme as part of an endeavour to educate and create awareness on security in various banking channels, from ATMs to online across key stakeholders, including law enforcement officers, HDFC Bank's senior vice president Vijay Kamath told IANS. More »

  • Japan government cuts economy view after sales tax; no need for fresh stimulus
    Japan government cuts economy view after sales tax; no need for fresh stimulus Reuters - Thu 17 Apr, 2014 3:57 PM IST

    Japan's government slightly cut its overall view on the economy, its first downgrade in a year and a half, but officials shrugged off the need for more stimulus to support the economy. The government said the economy was on track for a moderate recovery, in keeping with its main overview at its March assessment, but noted there was some weakness in demand after a sales tax increase went into effect on April 1. The government's first downgrade since November 2012 comes a week after the Bank of Japan kept its rosy view that the economy was recovering moderately. But government officials see no gap in the economic view of the government and the central bank. More »

  • Weekahead - Foreign flows, earnings loom over shares
    Weekahead - Foreign flows, earnings loom over shares Reuters - Thu 17 Apr, 2014 3:29 PM IST

    Reuters Market Eye - Foreign flows and January-March earnings will continue to set direction for markets, as India's five-week long election continues, including voting in Mumbai scheduled for April 24. ... More »

  • Piramal buys 20 percent stake in Shriram Capital IANS - Thu 17 Apr, 2014 3:16 PM IST

    Mumbai, April 17 (IANS) Ajay Piramal-led Piramal Enterprises Thursday said it has agreed to buy 20 percent equity stake in Shriram Capital, the financial services arm of the Chennai-based Shriram Group, ... More »

  • Bonds rally; RBI raises $3.3 billion in record auction
    Bonds rally; RBI raises $3.3 billion in record auction Reuters - Thu 17 Apr, 2014 3:10 PM IST

    Government bonds jumped on Thursday, recovering from two sessions of falls, after the RBI fully sold the 200 billion rupees ($3.31 billion) worth of debt on offer, accomplishing the country's biggest-ever auction. Concerns about how India would accomplish the debt sale had hit bonds this week, while holidays on Monday and Friday left only three trading sessions. These two factors will likely remain key in the markets as the Reserve Bank of India will not set policy until early June. More »

  • 'Four-year undergrad programmes need of the hour' IANS - Thu 17 Apr, 2014 3:00 PM IST

    New Delhi, April 17 (IANS) Ashoka University, a philanthropic higher-education initiative of a group of entrepreneurs and business leaders, is set to open its doors in August with four-year undergraduate programmes in the liberal arts. Similar term courses in Delhi University have led to widespread resentment and criticism. According to founders of the new institution, the undergraduate programmes of Ashoka University are broadly based on the US liberal education system and would be of the same standard as the top global universities like Harvard, Oxford, Yale and Cornell. A founder and trustee of Ashoka University and founding dean of the Indian School of Business (ISB), Pramath Raj Sinha, said a four-year programme in liberal arts is the "need of the hour" as students are not able to get the required breadth and depth of the subject under the current three-year system prelevant in most Indian universities. More »

  • Rupee falls to 60.50 against dollar on oil demands IANS - Thu 17 Apr, 2014 2:30 PM IST

    Mumbai, April 17 (IANS) The Indian rupee fell to 60.50 against a US dollar Thursday, registering decline for the fourth straight session on high demands for the greenback from oil importers. The partially convertible rupee opened on a positive note and strengthened to 60.26 against a dollar in early trade after US Federal Reserve chair Janet Yellen signalled continuance of economic stimulus. The rupee was quoted at 60.40 against a dollar at the Interbank Foreign Exchange Markets here at 1.42 p.m. More »

  • A star abroad, RBI boss riles bond traders at home Reuters - Thu 17 Apr, 2014 2:12 PM IST

    Since taking the helm of the Reserve Bank of India, Raghuram Rajan's agenda to reform markets has put the noses of Mumbai bond traders firmly out of joint by upending practices that provided them with a relatively secure rate of return. Benchmark 10-year bond yields have risen more than half a percentage point since Rajan took office on Sept. 4, as the RBI has sharply restricted bond purchases and announced an unexpected shift in the focus of monetary policy to consumer inflation from wholesale prices. While the dealing community in India's financial capital concedes that Rajan's reforms are necessary for the longer term, many traders complain that he has gone too far too quickly, and without consulting the markets. Their gripes stand in contrast with the high-profile central bank chief's glowing global reputation as a capable technocrat who has been instrumental in guiding the rupee through its worst turmoil since India's balance of payments crisis in 1991. More »

  • European stocks dip, dollar weakens Reuters - Thu 17 Apr, 2014 1:57 PM IST

    European stocks dipped on Thursday as disappointing earnings from U.S. tech heavyweights Google and IBM dampened the previous session's upbeat tone on Wall Street, and the dollar weakened on dovish remarks from the Federal Reserve. European stocks fell 0.14 percent, with upcoming Easter holidays, profit warnings from French spirits maker Remy Cointreau and German business software maker SAP and tensions over Ukraine also weighing. Wall Street had ended Wednesday with more vigour. Still, investors were cheered by the Fed's Beige Book of anecdotal information on business activity which showed activity picked up in recent weeks as weather-related drag eased. More »

  • Sensex jumps around 300 points as IT shares recover
    Sensex jumps around 300 points as IT shares recover Reuters - Thu 17 Apr, 2014 1:51 PM IST

    Reuters Market Eye - The BSE Sensex and the Nifty rise more than 1 percent each. IT outsourcers recover from steep falls on Wednesday after Tata Consultancy Services Ltd and HCL Technologies Ltd post better-than-expected ... More »

  • Nikkei ends flat as profit-taking tempers Fed optimism Reuters - Thu 17 Apr, 2014 1:26 PM IST

    Japan's Nikkei share average ended flat in choppy trade on Thursday as profit-taking from the previous day's large gains offset optimism that the U.S. Federal Reserve will keep interest rates low for an ... More »

  • Tata Global Beverages gains; Deutsche starts with "buy"
    Tata Global Beverages gains; Deutsche starts with "buy" Reuters - Thu 17 Apr, 2014 1:23 PM IST

    Reuters Market Eye - Shares in Tata Global Beverages Ltd gain after Deutsche Bank starts coverage on the company with a "buy" rating and a target price of 200 rupees. Deutsche touts Tata Global ... More »

  • Rupee trading lower on oil demand
    Rupee trading lower on oil demand Reuters - Thu 17 Apr, 2014 1:20 PM IST

    Reuters Market Eye - The rupee is trading at 60.45/46 versus its previous close of 60.37/38, retreating sharply from the day's high of 60.26 on heavy buying of the greenback by state-run oil companies. ... More »

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