Morning trades: Asian indices rally
The Nikkei has rallied 1.3% to 15,893. The Kospi Index has surged 1.7% to 1,318. The Phillipines PSE index is up 3% to 2,297. The ASX All Ordinaires and the KLSE Composite indices are up 1.2% each at 4,997 and 2,436, respectively.
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Wall Street rallies - Indian ADRs zoom
The Wall Street ended higher yesterday perking up with a fresh wave of corporate deals being announced as well as with the robust reception received by the IPO of MasterCard.

The Dow Jones industrial average rallied 97 points to 11,214. The Nasdaq surged 29 points to 2,199.

The Indian ADRs shot up as well. MTNL and Tata Motors soared around 7% each to $7.56 and $17.65, respectively. Infosys, Satyam, Wipro, ICICI Bank, HDFC Bank and VSNL gained 3-5% each. Patni Computers was the sole loser.
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The London Times daily edition to launch in U.S. from June 6
London: The Times of London said Thursday that it plans to publish a United States edition for general distribution in the New York area and Washington. According to the paper, the US edition aims to attract American readers with a global outlook, as well as global citizens who are based in America.

The Times, owned by Rupert Murdoch's international media conglomerate, News Corp., said the first American edition would appear June 6, with a print run of close to 10,000 copies. The papers will be printed and distributed by the New York Post, another News Corp. publication, and sold at about 2,000 sites, primarily in New York and New Jersey.

Officials from The Times said that they saw an opportunity for growth in the United States because of the cuts that many American news organizations have made in their overseas reporting staffs, and also in the space they devote to international events.

The newspaper's Web site attracts roughly 8 million unique visitors per month, of which more than 3 million are based in America. The American edition of the Times will be a repackaged version of an international edition published since last summer, mostly for distribution in Continental Europe.
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Yahoo! and eBay join forces
Yahoo! and eBay have joined forces in an advertising, payment and communications alliance aimed chiefly at battling Microsoft and Google. The "multi-year" deal consists of four components: bolstering advertising revenue; integration of eBay's online payment system PayPal across Yahoo!; a co-branded eBay toolbar; and the development of "click-to-call" advertising through Skype and Yahoo! Messenger.

According to the deal, search engine Yahoo! will become the exclusive provider of all advertising across the eBay.com site as well as providing ads to some sponsored search results. This development will extend Yahoo!'s ability to offer advertising space to brands, a significant source of revenue.

Online auctioneer eBay's payment system PayPal will become Yahoo!'s exclusive online wallet provider. This will allow customers to pay for Yahoo! services from bank accounts, credit cards or balances associated with their PayPal accounts. PayPal has 73m accounts in the US and as part of the new deal it will be promoted to all of Yahoo!'s partners, including retailers and publishers.

The eBay toolbar will be rebranded jointly with Yahoo!'s search engine to allow users to click through to Yahoo!'s home page and mail service.

The "click-to-call" component links Skype - the internet telephony company bought by eBay for $2.6bn, with the Yahoo! Messenger with Voice service.
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Arcelor in bear hug with Severstal
Luxembourg: In a desperate attempt to escape Mittal's bid for its assets, Arcelor has stepped into a bear hug with Russian steel maker, Severstal. If the merger goes ahead, Severstal's controlling shareholder, Alexey Mordashov, ends up with a 32 per cent stake in the combined operation, rising to nearly 40 per cent after the promised €5bn ( 3.4bn) Arcelor buyback is enacted.

Interestingly, Arcelor's protestations that the Mittal's offer smelled of 'eau de cologne' is now fully applicable to its attempted merger with Severstal. The Russian deal combines low cost, commodity production of steel with Arcelor's more value-added output and access to developed markets.

According to analysts, the primary difference between the two deals lies in that with Severstal, the Arcelor board remains intact in their position, whereas with Mittal, they would have been history. They also point out that with Severstal, Arcelor surrenders strategic control. All key decisions are to approved by a new "strategic committee" consisting of two representatives from Severstal and two independent directors.

Mordashov, is a close ally of Russian president Vladimir Putin.
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Enron chiefs face life in jail
Houston: Enron founder Ken Lay and former chief executive Jeffrey Skilling were found guilty yesterday of conspiracy, lying, bank fraud and insider training after overseeing the demise of America's seventh largest company.

Lay, 64, faces up to 45 years in jail after being convicted of six counts of conspiracy and fraud while Skilling, 52, faces up to 185 years in prison after being found guilty of 19 counts of fraud, insider trading and making false statements.

Both men have been freed on a $6.5 million bond ahead of sentencing on September 11 and are set to appeal the verdict.

Prosecutor Sean Berkowitz said yesterday's verdict "sent an unmistakable message. "You can't lie to shareholders, no matter how rich and powerful, you must play by the rules," he said.

Enron collapsed in December 2001 under crippling debts in one of the biggest bankruptcies in U.S history. The collapse wiped out more than $78 billion in Enron's market value, $2.7 billion in employees' pension plans was lost and 5600 employees lost their jobs. Prosecutors alleged Lay and Skilling covered up the companies woeful financial position and propped up its share price by overseeing fictional reports of booming profits.

It is estimated that Lay pocketed $289 million and Skilling made $197 million by selling shares at prices they had inflated using false financial statements. It took less than six days for the eight women and four men of the jury to reach a verdict in the trial which started on January 26. Jurors said yesterday they wanted their verdict to send a message. Foreman Deborah Smith, who works in human relations for a large oilfield service company, said the government should look at tightening the rules.

"I also hope . . . all companies . . . that this decision will make them more conscientious," Ms Thomas said.

"Those in charge have a responsibility. There's a lot of losers in this. There's too much hurt here."

The enron case, one of the most complex corporate crime cases in U.S. legal history, represents the most high-profile test for the Government's crackdown on corporate wrongdoing.
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Edouard Michelin dies in shipwreck
New York: Edouard Michelin, the co-chief executive of the auto accoutrement firm died Friday with his fishing boat wrecking of the northwest French coast.

The firm Edouard Michelin took over in 1999, was founded in 1889 by the brothers André and Edouard Michelin. The auto supplier grew under decades of secretive management style. It was run virtually as a family fiefdom, until the youngest Edouard Michelin--great-grandson of his namesake co-founder--changed the course to shape a truly global brand.

Apart form auto supplies the French company had made a second cultural niche with its impeccable Michelin maps and travel guides. It also gave restaurants the world over its famed star rating system.

The company said its other co-CEO, Michel Rollier, will continue in that post to ensure that management stays its course. Michelin was 43.
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