August 30: News in Pictures
August 30: News in Pictures
A man tries to hold on to his umbrella as he walks past a Blackberry advertisement billboard in Mumbai
Indian companies are mulling options that include leaving RIM for other smartphone makers as they face a threatened ban on BlackBerry services that could disrupt business.
RIM's rivals Apple Inc and Nokia would be among the biggest gainers if India blocks BlackBerry services. Both firms are waiting to gain share in a market that has been mostly dependent on BlackBerry.
BlackBerry, once a synonym for safe corporate communication faces an Aug 31 deadline for giving Indian security agencies access to its corporate email and messenger services, failing which the services would be blocked, the government has said.
GE, Infosys Technologies Ltd would look at using alternate services for communications to ensure that its business was not affected if some BlackBerry services were banned.
A view of the Parliament building is seen in New Delhi
Will government succeed in passing key pro-market bills that have been in limbo for years Not in the near future, say analysts.
With state elections around the corner, Congress government may have lost a political window to push through crucial economic reforms owing fears of a backlash to decisions from voters already reeling from high prices.
But while reforms may take longer to enact, the government is committed to making them happen, and investors, for now, are putting up with the slow pace to reap the dividends from a vast consumer market in third-biggest economy in Asia.
So far, the government's boldest pro-market move has been to ease state controls on fuel prices, but it has made little headway in opening up pension and insurance, or liberalising the retail and financial sectors because of opposition protests.
The general consensus is that there is a lack of mo
A supporter waves a Congress party flag as she celebrates in front of the residence of Congress Party chief Sonia Gandhi in New Delhi
Six of India's 28 states go to the polls in the next 12 months, narrowing the ruling Congress party-led government's window of opportunity to push through key economic reforms because of fears of a voter backlash.
The Congress party rules in one of these states and backs the government in another. A good performance in the remaining four states may boost its political fortunes in the next general election in 2014.
Two of these states, Tamil Nadu and West Bengal, currently hold the balance of power nationally as allies of the Congress party.
A woman walks past a sculpture of POSCO's logo at its headquarters in Seoul
POSCO is considering a takeover of Norway's Elkem, a maker of silicon for solar panels, the CEO of the South Korean group said, in a move that would give the world's No.3 steelmaker a presence in the fast growing renewable energy materials space.
Elkem, owned by pizza-to-aluminium conglomerate Orkla ASA, could cost POSCO around $1 billion, based on the company's financial figures and analyst research notes.
A deal with POSCO would allow the Norway-based conglomerate to shed the silicon unit and sharpen its business focus.
A POSCO-Elkem takeover would be the latest example of assertive overseas dealmaking by South Korean firms, with state oil company Korea National Oil Corp in a $2.6 billion hostile takeover bid for Britain's Dana Petroleum.
We are internally considering (the takeover), POSCO chief executive Chung Joon-yang told Reut
People are reflected on a stock board showing a graph of the US $/ Japanese Yen exchange rate outside a brokerage in Tokyo
The yen rose and Japanese shares gave up some of their strong early gains on Monday after the Bank of Japan made only minor tweaks in policy, disappointing markets looking for more aggressive action against deflation.
In an emergency meeting, Japanese central bank voted to expand its cheap fixed-rate loan programme for banks, but stopped short of bolder steps to stem a rise in the yen that has threatened its already fragile economic recovery.
Leading European shares rose for a third straight session, mirroring gains in Asia and on Wall Street on Friday after Federal Reserve Chairman Ben Bernanke downplayed concerns that the slowing US economy might slip back into recession.
S&P 500 futures rose 0.4 per cent, pointing to a stronger opening for US markets later in the day.
Nikkei ended up 1.8 per cent after
Employees enter Sanofi-Aventis headquarters in Paris
France's Sanofi-Aventis on Sunday publicly disclosed its $18.5 billion, $69-per-share cash offer for Genzyme Corp in a bid to rouse shareholders after failing to engage the US biotechnology company in merger talks.
Sanofi said it is considering all options to complete the transaction, hinting it would consider a hostile takeover bid.
The so-called \"bear hug\" letter aims to pressure Genzyme to respond to the offer or justify to its shareholders why it has not held negotiations.
\"It is our preference to work together with you and the Genzyme board to reach a mutually agreeable transaction,\" Sanofi Chief Executive Chris Viehbacher wrote to his counterpart at Genzyme, Henri Termeer.
\"Your continued refusal to enter into constructive discussions will serve only to further delay the ability of your shareholders to receive the substantial value represented by our all-cash
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