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EU parliament rejects IT patenting proposal
Brussels: The European Parliament overwhelmingly rejected the European Union's controversial IT patenting proposal on Wednesday. The European patent efforts had been intended to standardize the EU member states' laws on the patentability of IT-related inventions, especially software.

As originally drafted, the law would have put in a system, which would have brought the EU into harmony with patent practices in the United States and Japan. Critics, however, said that it would legitimize software and business-practice patents. Currently, patents on pure software and business processes are not enforceable in the EU.

The Foundation for a Free Information Infrastructure, the main coordinator of European opposition to software patents, said the result was a victory for democracy over the "free ice-cream, boatloads of hired lobbyists and outsourcing threats" wielded by large IT businesses.

For now, though, the arguments over European patent law are over. Only time will tell if a lack of patents will help or hinder EU IT-based businesses.
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CI bids to be fund king of Canada
Toronto: CI Fund Management Inc. will become Canada's largest mutual fund company if it succeeds with its audacious plan to buy troubled British investment giant Amvescap PLC.

The purchase would cap a string of acquisitions by CI President and Chief Executive officer Bill Holland, who has long coveted Amvescap's assets, especially successful Toronto-based AIM Funds Management Inc.

If CI's estimated $7-billion bid wins, the company's assets under management in Canada would swell to about $90-billion, surpassing No. 1 rival IGM Financial Inc.'s $87-billion.

In a brief statement Wednesday, London-based Amvescap confirmed an "unsolicited indicative approach" from CI that it said is not in the best interests of shareholders. Amvescap said its board of directors doubts CI has the ability to make a firm offer for the entire company.

Holland, the fund industry's most acquisitive CEO, has concluded about eight deals over the past 10 years, including the 2003 purchase of Assante Corp. of Winnipeg for $887-million.
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