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Microsoft
warns of new security flaws
New York: Microsoft has warned users of three new security
flaws in its software, including one critical defect that could be
exploited to allow a hacker to gain control of a computer running
its Windows operating system software.
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Adobe
profits down, outlook disappoints
New York: Publishing software maker Adobe Systems has
posted an 11 per cent drop in fiscal second-quarter net earnings
and warned current quarter revenues would fall short of Wall
Street expectations
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Lucent
warns of lower revenue
New York: Lucent Technologies, the worlds largest
telecommunications equipment maker, has issued a new revenue
warning, saying telephone companies were keeping a tight grip on
their purse strings.
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G7
concerned over US economy
New York: US Treasury Secretary Paul O'Neill joins finance
chiefs from other rich industrial nations in Halifax this weekend
to mull a global economy whose mightiest engine is not firing on
all cylinders.
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Consensus
eludes food summit
Rome: The Second World Food Summit, aimed at resolving the
problem of worlds hungry, hosted by the FAO and currently
ending in Rome, has adopted a declaration that no country is happy
with but has been accepted as a compromise document by all
participating governments.
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Thomas
Horton is AT&T CFO
New York: Telecommunications giant AT&T has named
former AMR executive Thomas Horton Chief Financial Officer,
replacing Charles Noski, who became Vice-Chairman in February.
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Motorola
to record growth in Q3
New York: Motorola, the No 2 maker of wireless telephones,
said it will meet or beat its second-quarter guidance, citing
growth in all its businesses, and affirmed its forecast for a
profitable third quarter.
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Fashion
designer Bill Blass dies
Geneva: Bill Blass, the fashion designer whose signature
designs broke fashion molds and set standards for casual American
style, is dead. He was 79.
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Scandals
a risk to global finance: IMF
New York: The International Monetary Fund has warned that
the recent corporate scandals in the US pose the "greatest
risk" to global financial stability.
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Exxon
for reduced fine in Valdez case
New York: Exxon Mobil Corp. asked a federal district court
in Anchorage to reduce a $5 billion punitive damage award levied
against it resulting from the Exxon Valdez oil spill to no more
than $40 million.
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Japan
steelmakers to merge biz
Tokyo: Two major Japanese steelmakers, Nippon Steel
Corp.and Sumitomo Metal Industries Ltd., agreed Thursday to merge
their stainless steel businesses to strengthen competitiveness.
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Plan
to demerge VSNL surplus land cleared
New Delhi: The Telecom Commission has cleared the proposal
to demerge the surplus real estate of 773.13 acres owned by Videsh
Sanchar Nigam Ltd and spin it off into a separate company.
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Thomas Cook
not hike stake in Indian subsidiary
Mumbai: The foreign parent of Thomas Cook (India) Ltd, has
no plans to increase its stake further in the Indian subsidiary.
Currently, Thomas Cook Overseas holds a 60 per cent stake.
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Digital
has no plans for near-term buyback
Mumbai: Software
services firm Digital Globalsoft Ltd has no plans to go in for a
buyback of its equity shares in the near future, according to
company sources.
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MTNL
wants more time to sort out BSNL dues
New Delhi: BSNL has stated that all future interconnect
agreements with MTNL would depend on the speedy settlement of
pending dues, but MTNL has said that it need more time to sort out
BSNL dues.
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CESC
defaults on FRN interest payment
Mumbai: CESC Ltd, the RPG-controlled power utility, has
defaulted on the interest payment on its $70-million floating rate
notes (FRN), which are due in 2007. The interest payment had
become due on May 8.
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TVS
Motor foresees rich SAP dividends
Chennai: TVS Motor Company has said it has implemented ERP
solution SAP to integrate its business applications and processes
across the company. The company has invested close to Rs 15 crore
as part of the Phase I of the ERP implementation.
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ONGC,
Talisman close to Sudan oil deal
Mumbai: ONGC appears close to a deal to buy Talisman Energys
stake in a controversial Sudanese oil project, but Union Petroleum
Minister Ram Naik cautioned on Thursday that the investment still
required government approval.
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Q4
net
profit of 591 major companies rises 29.9%
Mumbai: The
fourth quarter results of 591 major companies that have announced
their performance for the quarter-ended March 2002 so far, showed
an upward trend in their profit front.
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Binny
seeks BIFR nod to float realty JV
Chennai: Promoters
of the Chennai-based Binny Ltd has written to the Board for
Industrial and Financial Reconstruction seeking its permission to
float a joint venture for developing real estate.
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Buyback
sees promoters stake in GCPL at 72.8%
Mumbai: The
promoters holding in Godrej Consumer Products Ltd has gone up
to 72.83 per cent from 71.05 per cent, after the closure of the
buyback of shares on 31 May 2002.
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Ayurvedic
massage on board AI from December
New Delhi: Air India will offer ayurvedic massage service
to its executive class passengers from December 2002 as part of
efforts to spruce up its image, Civil Aviation Minister Syed
Shahnawaz Hussain said.
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Suitors
doubt viability of Daewoo India buyout
Mumbai: Even as domestic financial institutions intensify
their hunt for a buyer for the assets of Daewoo Motors India (DMIL)
the local arm of South Koreas bankrupt car maker most
potential buyers seem to be sceptical of the financial viability
of such a buyout.
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Pidilite
to expand portfolio
Mumbai: Pidilite Industries, the maker of Fevicol, is
expanding its presence in fabric care, car care and stationary
segments as part of a strategy to broadbase its product portfolio.
The move will trim its dependence on adhesives and sealants, which
are its core businesses.
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Veuve
Cliquot to close its India operations
Mumbai: Veuve Cliquot, the champagne and wine arm of French
lifestyle products major LVMH group, has decided to close its
India operations from June.
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Baskin
to repack its ice-cream strategy
Mumbai: Baskin Robbins, the international ice-cream chain,
has embarked on a restructuring exercise, covering distribution,
marketing, pricing and operations, aimed at making the business
viable in India.
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Saikia
of Euro RSCG to join Publicis as COO
Mumbai: Param Saikia, director at Euro RSCG Delhi and
general manager of its Bangalore office, will be joining the Rs
150-crore Publicis India as COO from 1 July, according to TN
Ravindran, director and co-founder of the agency.
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CMS
Energy is not leaving Tamil Nadu
Chennai: US power major CMS Energy, which last year
announced plans to exit India, has now decided to continue its
participation in the ST-CMS Electric Power, which is all set to
fire its 250 MW, lignite-based project in Neyveli (Tamil Nadu) by
the end of 2002.
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TV
companies take a break from tax
Chennai: In a ruling that will have a bearing on most TV
companies in India, the Income-tax Appellate Tribunal, Chennai,
held that payment made for signals beamed from satellites would
not create tax liability in India and hence tax need not be
deducted at source while making payments abroad for transponder
and uplinking facilities.
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Mercator
plans to double fleet
Mumbai: Mercator Lines is planning to acquire tankers,
either of the Aframax or Suezmax variety, to double the size of
its fleet.
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Vickers
recast bears fruit as it clocks operating profit
New Delhi: The
restructuring exercise at Vickers Systems International Ltd is
bringing the company back on rails. Vickers has posted operating
profits since June 2001.
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