20th Century Fox plans first Hindi film
20th Century Fox, Hollywood's leading film studio, has signed noted director Ram Gopal Verma to direct its maiden film venture in Bollywood.

The studio, the first big-time Hollywood distributor to set up base in India through its arm, Fox India, is set to hit the silver screens in India with a Hindi film, Ek Haseena Thee.

Urmila Matondkar,
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Virgin Atlantic To End India Service
Virgin Atlantic Airways Ltd will stop flying to India from August and end its code-share arrangement with flag carrier Air-India, a spokeswoman for the Indian airline told on Tuesday.

Virgin Atlantic, which launched operations in India in July 2000, operates a twice-weekly service to London, using Air-Indias unused flight entitlements on the India-UK route. Air-India uses only 11 of its 16 weekly entitlements on the sector.
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Deutsche Telekom CEO Sommer resigns
Ron Sommer became the third top European phone executive to lose his job after soaring debt, mounting losses and slumping shares spurred shareholder revolts, according to a Bloomberg report.

Sommer, 52, quit as chief executive officer of Deutsche Telekom AG, Europe's No. 1 phone company, after a two-week campaign by the government, the biggest shareholder, to oust him.
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WorldCom secures financing in case of bankruptcy
WorldCom, mired in a $3.85 billion accounting scandal, lined up $2 billion in funding on Tuesday that the telephone company can tap to keep operating if lenders force it into bankruptcy, sources familiar with the situation said.

Citigroup, JP Morgan Chase & Co. and General Electric's GE Capital financing arm will provide the so-called debtor-in-possession (DIP) funding, which will be backed by the value of WorldCom's high-speed Internet network and other assets, sources said.
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Microsoft to launch new MSN website
Microsoft is unveiling a new version of its MSN Internet service - a multimillion dollar redesign that it hopes will lure customers away from America Online.

MSN 8, which will launch this fall, includes new features designed to simplify and personalize how people use the Internet. For example, the new version allows users to easily send pictures in e-mail, pay bills electronically and, for parents, restrict what their children see on the Web and who they e-mail.
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US economy wounded but resilient, says Greenspan
The US economy is resilient but needs time to heal after a barrage of corporate scandals and stock market losses, Federal Reserve Chairman Alan Greenspan said on Tuesday, signalling that interest rates would stay at four-decade lows for now.

Greenspan's remarks for a while seemed to reassure Wall Street, with the Dow Jones Industrial Average at the close of his 2-1/2 hour Senate Banking Committee
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Philips Electronics posts net of 171m euros
Dutch group Philips Electronics said on Tuesday that it posted a Q2 net profit of 171m euros, excluding 1.6bn euros in impairment charges.

In the same period last year, the company reported a loss of 770m euros. Philips said it expected improvement in all sectors in the second half.
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