Sensex trims losses after shaky start; Tata Steel down 4%

The BSE benchmark Sensex fell 1% in the opening trade on Friday, following sharp sell-off in Asian markets (on Thursday) and US equities on Wednesday. This was on the back of fears that Italy may seek a bailout after Italian bond yields hit 7.45%. (Indian markets were shut yesterday)However, the market managed to trim some of early trade losses as it has priced in all negatives.The 30-share BSE Sensex fell 109 points to 17,253.43 and the 50-share NSE Nifty lost 28 points to 5,192.90.Results Reaction: Tata Steel fell 4.5% on disappointing numbers in Q2. Company's net was down 89% to Rs 212 crore (YoY). DLF, Hindalco were down 1.5-2%.Infosys....

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Facebook finalizing settlement with FTC regarding privacy policies

Facebook is finalizing a settlement with federal regulators over changes to its privacy policies enacted two years ago, the Wall Street Journal reported. The proposed settlement with the U.S. Federal Trade Commission would resolve charges by privacy advocates that Facebook engaged in deceptive behavior. The settlement, which is awaiting final approval by commissioners, would require Facebook to obtain consent from its users for "material retroactive changes," according to the Journal report on Thursday citing anonymous sources. And it would subject Facebook to independent privacy audits for 20 years, the report said. Facebook and the FTC declined...

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Yousaf Raza Gillani assures full support to make SAARC more effective & vibrant organization

ADDU ATOLL: Highlighting the importance of making SAARC a more vibrant organization, Prime Minister Syed Yusuf Raza Gilani on Thursday emphasised the need for effective coordination among the member states. Addressing the 17th South Asian Association for Regional Cooperation (SAARC) Summit at the small island of Maldives in its northern part, the Prime Minister said there was a need to bridge the gap between the promise of SAARC and reality of its accomplishment needs. Referring to the theme of the 17th SAARC Summit, "Building Bridges", the Prime Minister said, "We should build on convergence, minimize divergences and most of all seek to...

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Berlusconi May Be Going but Italy's Problems Will Stay

Yields on Italian government bonds reached frightening heights on Nov. 9, the day after Silvio Berlusconi, Italy’s longest-serving Prime Minister, offered to resign as soon as Parliament passes an austerity package. The market’s refusal to be appeased by Berlusconi’s promised departure indicates that even more dramatic measures may be required to prevent a death spiral for Italy’s $2.6 trillion in sovereign debt. “Bond spreads don’t allow us to wait, not even one hour,” Dario Franceschini, leader of the opposition Democratic Party, wrote in a posting on his website. The increasingly dire situation in Italy—whose sovereign debt is the fourth-largest...

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Manmohan, Gilani vow 'new chapter' at future talks

ADDU: The prime ministers of India and Pakistan said Thursday they expected to open a "new chapter" at future talks between the rival nations after they met at a regional summit in the Maldives. India's Manmohan Singh and his Pakistani counterpart Syed Yousuf Raza Gilani said their often strained ties were improving, but they declined to give a date for their next meeting. "The time has come to write a new chapter in the history of our countries," Singh told reporters. "The next round of talks should be far more productive and far more practical-orientated in bringing the two countries closer." Gilani said that "all issues" had been discussed...

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