Increase transparency to deal with crony capitalism: CII

CIIIndian can deal with crony capitalism by introducing transparency and reducing discretionary power, new CII President Ajay Shriram suggested.

Expressing his views about crony capitalism in a just published interview, Mr. Shriram admitted that India too, like other countries, has 'black sheeps'.

Speaking about the issue, he said, "We have to accept that there are humans all over the world. We have had black sheeps. It's not only in India; it's in America, in Europe, every country. We should have a balanced approach and look at what to do with rules and regulations."

Mobile device makers to get Microsoft’s updated Windows Phone software for free

MobileIn a bid to catch up with Apple and Google in the mobile devices space, Microsoft has come up with updated Windows Phone software, which will be offered to smartphones and tablet makers free of charge.

The Redmond-based software giant unveiled the updated version of Windows Phone software during a recently held event at its Build developers' conference in San Francisco; and announced that it would be available free for manufacturers of smartphones and tablets with screens of less than nine inches.

Previoulsy, the company charged smartphones and tablet manufacturers a licensing fee of $5-15 per device.

T-Mobile offers BlackBerry subscribers $100 credit towards new devices

T-MobileT-Mobile CEO John Legere has announced a $100 credit for BlackBerry subscribers if they switch to any other device available on the airwaves of the network provider.

The $100 credit provides BlackBerry subscribers with a rare chance to give a try to other smartphones or platforms. The can also utilize the money to obtain a Q10 or a Z10 handset. But, those who want to upgrade to a new BlackBerry handset will have to decide soon as BlackBerry is going to end its business ties with T-Mobile.

Government urged to ban fruit import from risky areas

Government urged to ban fruit import from risky areasThe labour is urging the UK government to ban the importation of fruit from high risk areas following the discovery of second Queensland fruit fly in Whangarei.

The fly was discovered in a Ministry for Primary Industriesroutine surveillance on 1 April. The fly was identified yesterday. The fly was trapped in the Parihaka area of Whangarei, which is only 400m from where a Queensland fruit fly was found during the month of January. The Ministry for Primary Industries has set up a 1.5 kilometre controlled area around Parihaka after the fruit fly was found/

Britain still has one of the highest qualities of life

Britain still has one of the highest qualities of lifeAccording to a new report, the UK now has one of the highest qualities of life among the advanced countries of the world.

The UK was ahead of Japan, the US, France and Italy and bit lower than Germany on the "Social Progress Index". The new Social Progress Index is an international measure that has been designed to determine the economic standards of nations. The index also showed that the UK is among the fattest countries in the world.

NAB head Clyneto retire on 31 July

NAB head Clyneto retire on 31 JulyCameron Clyne, the head of the Australia Bank has announced his decision to leave the bank and retire from executive life on July 31.

Clyne is leaving the multi-million dollar job at the bank in order to be with his family. The senior banker, which is now 46 year's old, has surprised the market with the announcement of his retirement. Mr Clyne has worked as the chief executive for a period of more than five and a half years.

Yamana Gold to bid for Osisko Mining

YamanaGold to bid for Osisko MiningYamana Gold Inc has said that it might be planning to bid for Osisko Mining Corp after rival Goldcorp Inc launched a C$2.76 billion or $2.5 billion hostile offer for Osisko Mining.

Boeing to cut 1000 jobs at Port Melbourne

Boeing to cut 1000 jobs at Port MelbourneUS aircraft maker, Boeing Aerostructures has said that it is planning to reduce itsat workforce Port Melbourne.

The Australian unit of the company said that it is panning cut jobs to 300 contract positions from a workforce of about 1,300 at its Port Melbourne within this year. The workers were employed on fixed-term contracts during the phase of the production of 787 and 777 composite structures. However, the company said that they will no longer require such workforce as the production of composite components for its commercial aircraft falls.

A Raja’s declared assets not even decimal fraction of 2G scam’s Rs 1.76 lakh crore figure

A Raja’s declared assets not even decimal fraction of 2G scam’s Rs 1.76 lakh crore figureA Raja, former union telecom minister who allegedly played the key role in the Rs 1.76 lakh crore 2G scam, claims to have a family asset value of just Rs 3.61 crore.

Filing his nomination on Wednesday, Raja declared along with other members of his family had inherited property under the Hindu Undivided Family worth only Rs 3,61,29,915. DMK has once again fielded Raja from the Nilgiris Parliamentary constituency.

Toyota Kirloskar workers demand govt. to intervene

Toyota KirloskarWorkers of Toyota Kirloskar Motor (TKM) went on an indefinite hunger strike outside the premises of the Bidadi-based manufacturing facilities on Wednesday and demanded the Karnataka government to take action against the company.

A group of workers led by Toyota Kirloskar Workers Union (TKWU) President Prasanna Kumar went on hunger strike yesterday after the company's management declined to unconditionally reinstate suspended workers.

SBI extends special home loan scheme for indefinite period

State Bank of IndiaState Bank of India (SBI), the country's largest lender, has extended the date of special home loan scheme, which offers special discounts, beyond 31st of March for an indefinite period.

The special home loan scheme was launched in December last year, when the lender slashed its home loan rates by up to 0.4 per cent for new customers. For women borrowers, it offered an additional concession of 0.05 per cent. The scheme was originally scheduled to end on March 31.

Tata-SIA JV gets NOC from aviation ministry

Singapore AirlinesCivil aviation ministry on Wednesday issued no objection certificate (NOC) to the Tata-Singapore Airlines (SIA) joint venture (JV), clearing the final hurdle for the proposed airline's take off.

Ajit Singh civil aviation ministry gave NOC to the Tata-SIA JV in less than a week after the Union home ministry gave its approved security clearances to the JV's three board members. Of the three directors, one will be a foreigner and two will be Indians.

IDFC gains banking licence; shares jump

IDFCStock in IDFC gained as much as 8.6 per cent in morning session trade on Thursday after the Mumbai-based company became one of the two entities to get a banking licence from the Reserve Bank of India (RBI).

The central bank granted a banking licence to IDFC for an initial period of 18 months, during which the company will have to meet all requirements laid down by the apex bank.

Kolkata-based microfinance company Bandhan Financial is another of the two entities to win a licence to create a network of bank branches across the country.

Verizon cuts prices of More Everything Edge smartphone 10GB+ plans

verizon wirelessVerizon Wireless, the biggest wireless carrier of the United States, on Wednesday slashed the price of its widely popular More Everything Edge smartphone 10GB plans.

Announcing a key strategic change to pricing of its service plan, Verizon said that the price for four smartphones using a 10GB data plan would be $160 for subscribers of the More Everything Edge plans.

COFCO to tie up with Noble Group to form joint venture

COFCO to tie up with Noble Group to form joint ventureChina's COFCO Corp has entered into a definitive agreement with Noble Group Limited to form a new joint venture in the agricultural services industry.

COFCO Corp is a leading  supplier of products and services in the agricultural products and food industry in China while Hong Kong's Noble Group Limited is a  global supply chain manager of agricultural and energy products, metals and minerals. The tow companies have entered into an agreement to form Noble Agri Limited joint venture.

Duvha power station loses 600MW unit

Duvha power station loses 600MW unitEskom has said that Duvha power station, which is located near Witbank, has lost a 600MW unit due to a boiler casing rupturing.

Andrew Etzinger, a spokesperson for the company said, "There was an incident on Sunday evening close to midnight, and on unit three of our Duvha power station near Witbank. No injures were reported. The incident resulted in extensive damage to the boiler. The incident is under investigation and the duration of the repair and the cost of the repair is not known at this time."

NZ dollar falls to 86.01 US cents

NZ dollar falls to 86.01 US centsAccording to the latest data released, the New Zealand dollar fell against the US dollar from 86.47 cents at 8am and 86.72 cents yesterday to the level of 86.01 US.

The trade-weighted index fell to the level of 80.38 from 80.94 yesterday. The national currency fellprices at the Fonterra Cooperative Group's online auction spread concerns that the Reserve Bank may not increase interest rates as much as expected. Many believe that the slowdown in the dairy sector may convince the central bank to increase its interest rates slowly.

Surge Energy to acquire remaining stake in Longview Oil

Surge Energy to acquire remaining stake in Longview OilSurge Energy has indicated that it is planning to acquire the remaining stake in Longview Oil Corp in order to have complete control on the company.

Surge Energy is already the largest shareholder in Longview Oil Corp has finally agreed to buy the rest of the company. Surge announced a unsolicited non-binding proposal to acquire all the remaining outstanding shares in the company.

BP closes refinery in Brisbane

BP closes refinery in BrisbaneBP has announced its decision to close its key oil refinery in Brisbane in Australia. The move will be a major set back for the country's oil supply security. Following the closure, the country will be able to meet only a third of its domestic petrol and diesel demand in Australia.

The company announced on Wednesday that it will close down its Bulwer Island refinery in Brisbane in 2015. The close will result in a loss of a total of more than 350 jobs. BP has decided to take the product from Caltex's Lytton refinery and will also keep its storage units at Bulwer Island on 'care and maintenance'.

British surgeons fix man’s face after he breaks all facial bones

British surgeons fix man’s face after he breaks all facial bonesAfter a frightening four-story fall, specialists were ready to assemble Jon Fenton back once more.

The 27-year-old from Nottingham, England, smashed every single bone in his face when he tumbled from an overhang while in the midst of some recreation in Barcelona, Spain.

He accepts he tripped over a seat, then fell over the gallery railing, arriving on a solid top.

Fenton broke both arms and both legs, crushed all his front teeth, and punctured a gap in the top of his mouth - around an exhibit of different wounds.

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