Facebook Announces Its Own App Store
In a move that should surprise no one but make many developers happy, Facebook today announced a marketplace for finding apps called the App Center. "The App Center will become the new, central place to find great apps like Draw Something, Pinterest, Spotify, Battle Pirates, Viddy, and Bubble Witch Saga," writes Facebook engineer Aaron Brady on the company's Developer Blog. The Center will also include a mobile version, which Brady says is designed to increase the number of mobile apps that use the social network.
The new hub, which will open in the next few weeks, will organize apps by user ratings, an important change from the current "like" system which can favor apps with huge marketing budgets. App makers will also get a dashboard for tracking how people are rating their apps.
Paid apps are also on the way. Until now, Facebook apps have been free, and developers who wanted to make money did so through in-app purchases. The new App Center will feature all apps that meet its guidelines, and developers can sign up for the beta test program from the announcement page.
Google+ Releases Mobile App
In a move that should surprise no one but make many developers happy, Facebook today announced a marketplace for finding apps called the App Center. "The App Center will become the new, central place to find great apps like Draw Something, Pinterest, Spotify, Battle Pirates, Viddy, and Bubble Witch Saga," writes Facebook engineer Aaron Brady on the company's Developer Blog. The Center will also include a mobile version, which Brady says is designed to increase the number of mobile apps that use the social network.
The new hub, which will open in the next few weeks, will organize apps by user ratings, an important change from the current "like" system which can favor apps with huge marketing budgets. App makers will also get a dashboard for tracking how people are rating their apps.
Paid apps are also on the way. Until now, Facebook apps have been free, and developers who wanted to make money did so through in-app purchases. The new App Center will feature all apps that meet its guidelines, and developers can sign up for the beta test program from the announcement page.
Google+ Releases Mobile App
Google is announcing today that it is releasing a mobile app for Google +. The iPhone version is available today, and the Android version will be available "in a few weeks." Writing on the Google blog, Google+ lead Vic Gundotra says the new app doesn't just provide a smaller version of the desktop service. Instead, they're trying to create an app "with sense and soul." The app, he says, includes crisper fonts, larger profile pics, and a friendlier home screen. "We're embracing the sensor-rich smartphone (with its touchable screen and high-density display), and transforming Google+ into something more intimate, and more expressive," Gundotra writes. The app arrives less than a year (11 months) after Google+ first launched.
Etsy Closes $40 Million Funding Round, Plans International Offices
Via the New York Times: Building on sites in French and German, Etsy is pushing forward with its expantion into international territory, with their eye on Canada and Australia among others. The site closed a Series F funding round at $40 million, following the $51 million it collected already. Etsy currently has 15 million members users, and hopes to use offices on the ground to boost its presence in countries where it wants to grow.
PayPal And SoftBank Announce Digital Payments Joint Venture In Japan
Via The Verge, Wall Street Journal: eBay's e-payments arm PayPal is teaming up with Japanese telecom company SoftBank for a new mobile payments venture. Each corporation will invest 1 billion Yen ($12.45 million)in the 50-50 venture called Japan JV. As a side project, SoftBank is planning to hoist cellular base stations on balloons. That'll keep their customers connected even if towers are knocked over during natural disasters.
FBI: Hotel Internet Connections Unsafe
The government agency known as the Internet Crime Complaint Center (IC3) just went public with the news that the FBI is investigating multiple cases of malware installed via hotel internet connections.
According to the IC3, travelers' laptops have been infected with malware after using hotel internet connections--guests logging in to hotel networks were given prompts to update "a widely-used software product." The IC3 did not specify at what hotels or in what countries the attacks took place, but warned that government, private industry, and academic personnel traveling abroad pay special attention to any anomalies on their hotel internet connection.
Anonymous Hits U.K. ISP For Pirate Bay Censorship
Anonymous has hit one of the main U.K. ISPs, Virgin Media, after it became the first ISP in the country to react to a court-ordered censorship of The Pirate Bay, singled out by the legal system for a role in pirating copyright-protected content. The denial-of-service attack successfully took down the company's website for about an hour and Anonymous claimed responsibility in a tweet that ended with the hashtag "OpTPB," a clear indication it was intended as retaliation for Virgin's censorship. But The Pirate Bay itself has reacted angrily to the DDoS attack, noting that this itself amounts to censoring the internet and instead urged supporters to "join or start a pirate party, teach your friends the art of BitTorrent, set up a proxy, write [to] your political representatives, develop a new p2p protocol" or other acts to promote its version of a free Net.
Foursquare CEO and cofounder Dennis Crowley has revealed that his company has serious monetization plans that center on personalized local offers--a transformation for the company from its usual "check-in" game model. Merchants will be able to buy promotions the give users access to coupons--which they can only redeem if they actually check into the location. The service will be able from July, and is an additional attempt to monetize the social sharing actions of its twenty million users. It means Foursquare is competing more directly with Groupon and Yelp, but with a business model that is different from either service, and perhaps better orientated to offering local offers at point of sale when the mobile payment revolution kicks in.
In his tv debut show Satyamev Jayate, Aamir Khan has gained a wide support from different class of people from India. His show may be a big hit and conveyed the message in a right way to the respected authorities of different depart. The show has touched a problem of real lives that still exist in India and No one get bothered, not even victims.
But it might get changed soon as its message was effectively communicated and might push authorities to show action against it.
It has been three days after actor Aamir Khan's TV show Satyamev Jayate on female foeticide was aired, the Madhya Pradesh Health Department has suspended the licences of 65 Medical Termination of Pregnancy centres for not submitting their reports on the prescribed form.
The suspension will be revoked if the centres submit their updated forms by Monday.
Meanwhile, Aamir Khan will meet Rajasthan Chief Minister Ashok Gehlot on Wednesday. He is likely to appeal to him to take action in old cases of female foeticide in his stateIn his TV show, the actor had highlighted a seven-year-old sting operation that had exposed cases of female foeticide in Rajashthan.
The suspension will be revoked if the centres submit their updated forms by Monday.
Meanwhile, Aamir Khan will meet Rajasthan Chief Minister Ashok Gehlot on Wednesday. He is likely to appeal to him to take action in old cases of female foeticide in his stateIn his TV show, the actor had highlighted a seven-year-old sting operation that had exposed cases of female foeticide in Rajashthan.
Stay Tuned for More
While it seems RBI has put a lot of thought since the September 2011 guidelines theFinal Guidelines may just leave the market cold
The much awaited and talked about securitisation guidelines have been published by the Reserve Bank of India (RBI) on 7 May, 2012 (Final Guidelines). The world has been spitting venom on the structured finance instrument and calling it names for causing the recent financial crisis the world has witnessed. Taking cues from the changes in the regulations globally, the RBI also introduced changes to the existing guidelines. The first draft of the securitisation guidelines were released in April 2010, two years back and the next draft in September 2011 causing brouhaha amongst the market players.
The September 2011 draft guidelines made the market sceptic that the guidelines will bring an end to direct assignments ushering an era of 'structured' finance in essence and spirit. The guidelines have considered the causes of financial crisis and have attempted to take early action in India-streamline the markets. However, while attempting to tighten the noose on the market, more often than the regulations backfire and the intent gets lost completely.
The takeaways from the Final Guidelines are the following:
Minimum Risk Retention requirement and Minimum Holding Period requirement:
The current guidelines have tried to address the problems of originate-to-distribute model by requiring originating banks to ensure seasoning of loans in their books before they are being securitised. This would ensure that the banks adhere to firm underwriting standards while originating the loans in their books. Another popular jargon, which is also is a by-product of the recent global meltdown; "skin in the game" also ensures that banks retain some risk in the securitised portfolio by way of minimum risk retention requirement. As is the trend globally, the originators are required to have their skin in the securitisation transactions to ensure that the investors' interests are protected throughout the term of the instrument by having originators equity in the transaction. While the earlier draft guidelines asked for the minimum risk retention (MRR) requirement and minimum holding period (MHP) requirement based on the term of the underlying, the Final Guidelines factor the repayment frequency and the tenor. This may seem like a breather in case of microfinance loans as otherwise if the earlier drafts were making it difficult for microfinance loan receivables to be securitised, shunning this mode of refinancing for the industry completely.
However the Final Guidelines state the criteria for determining the minimum holding period as the loan pool demonstrating minimum recovery performance to ensure good underwriting standards and that it should not pass the project implementation risk to the investors. The purpose of securitisation is to diversify the risk. Risk in securitisation is passed to the investors, but the criteria laid down above are ambiguous. The RBI does not explain what 'minimum' recovery performance it is looking at, this would leave market to have its own norms for minimum recovery performance of the pool before securitising. The MRR requirements are similar to the earlier draft with an addition that in case of bullet repayment loans/ receivables, the risk retained would be 10%.
Booking profits upfront:
While the February 2006 guidelines required profits to be amortised over the life of the securities issued, the Final Guidelines allow the recognition of cash profits arising out of securitisation profits adjusted against the marked-to-market losses suffered by the originator due the exposure in the securitisation transaction. Booking of upfront profits, that is the sale consideration exceeding the carrying value of the assets, is in line with international practices and is favorable.
Are direct assignments going to dry out?
The February 2006 guidelines did not cover direct assignments and led to market moving from PTC structure to bilateral sales. The September 2011 draft guidelines almost strangulated the existence of direct sales, however in our view, the final guidelines seem to have provided a breather here. As per the 2011 draft guidelines in case of direct assignments, banks were not allowed to offer credit enhancements and liquidity facilities and the risk retention was pari passu with that of the transferee making direct assignments impossible.
In the Final Guidelines, the MRR requirements are not explicitly stated to be pari passu to the transferee's investment and RBI has left ambiguity here. In the Final Guidelines, RBI required banks to obtain a legal opinion which would indicate the "legal validity" of the interest retained and the opinion would confirm that the arrangement is not interfering with the risks and rewards associated with the loans to the extent transferred to the assignee and that the originator is not retaining any risk and reward associated with the loan transferred.
The Final Guidelines however require the banks to retain some skin in the game. The risk retention requirement is a percentage of the transferred asset. If by way of a legal opinion, the originator needs to confirm that the transferee's risks are protected, it is nothing but a credit enhancement provided in the garb of MRR requirement. Where risk is protected, rewards automatically get protected.
True Sale Criteria
While the guidelines have explicitly provided for ring fencing of the assets from the creditors even in the event of bankruptcy of the originator; the substance of the transaction will only be put to test before the judiciary to determine the claw-back. As we have witnessed in the past most securitisation transactions have not fulfilled the true sale criteria before the courts of law and have faced the re-characterisation risk , so while the concern is well addressed, the remedies are not.
Securitisation exposures not permitted:
The earlier guidelines had outrightly rejected securitisation in case of 1) re-securitisation of assets, 2) synthetic structures and 3) revolving structures. However in the Final Guidelines it seems RBI has expressed intent to revisit their appropriateness in due course. In our view, there is no rationale behind barring synthetic structures and it may take quite a while, before RBI revisits these guidelines.
Further, we have been holding the view that though revolving structures have not been permitted, the intent of RBI is to ensure that where the borrower is under a line of credit, such as credit card receivables and cash credit facilities, such receivables should not be securitised. However, in case where there are loans with repayments by way of EMIs (equated monthly instalments) and loans are sold on regular basis and the exposure limits do not vary such as in case of microfinance loan pools, the intent may not be to prohibit revolving structures. There seems to be ambiguity here as well, but for the benefit of the market progressing we assume that RBI'd stance on this would be more supportive than restrictive.
Lastly, the Final Guidelines explicitly prohibit clean-up call options as in the RBI's views it tantamounts to repurchase of assets. However the need for clean-up call options is commercial viability of the transaction more than re-purchase of assets and is more of a commercial call than a regulatory dictate. This in our view is totally irrational and unthoughtful.
On the whole, while it seems RBI has put a lot of thought since the September 2011 guidelines, neither are the Final Guidelines benign nor malignant. The Final Guidelines may just leave the market very neutral for acceptance.
Guidelines on Securitisation of Standard Assets Feb 2006.pdf
Revised Guidelines on Securitisation of Standard Assets May 2012.pdf
WE live in a technological universe in which we are always communicating. And yet we have sacrificed conversation for mere connection.
At home, families sit together, texting and reading e-mail. At work executives text during board meetings. We text (and shop and go on Facebook) during classes and when we're on dates. My students tell me about an important new skill: it involves maintaining eye contact with someone while you text someone else; it's hard, but it can be done.
Over the past 15 years, I've studied technologies of mobile connection and talked to hundreds of people of all ages and circumstances about their plugged-in lives. I've learned that the little devices most of us carry around are so powerful that they change not only what we do, but also who we are.
We've become accustomed to a new way of being "alone together." Technology-enabled, we are able to be with one another, and also elsewhere, connected to wherever we want to be. We want to customize our lives. We want to move in and out of where we are because the thing we value most is control over where we focus our attention. We have gotten used to the idea of being in a tribe of one, loyal to our own party.
Our colleagues want to go to that board meeting but pay attention only to what interests them. To some this seems like a good idea, but we can end up hiding from one another, even as we are constantly connected to one another.
A businessman laments that he no longer has colleagues at work. He doesn't stop by to talk; he doesn't call. He says that he doesn't want to interrupt them. He says they're "too busy on their e-mail." But then he pauses and corrects himself. "I'm not telling the truth. I'm the one who doesn't want to be interrupted. I think I should. But I'd rather just do things on my BlackBerry."
A 16-year-old boy who relies on texting for almost everything says almost wistfully, "Someday, someday, but certainly not now, I'd like to learn how to have a conversation."
In today's workplace, young people who have grown up fearing conversation show up on the job wearing earphones. Walking through a college library or the campus of a high-tech start-up, one sees the same thing: we are together, but each of us is in our own bubble, furiously connected to keyboards and tiny touch screens. A senior partner at a Boston law firm describes a scene in his office. Young associates lay out their suite of technologies: laptops, iPods and multiple phones. And then they put their earphones on. "Big ones. Like pilots. They turn their desks into cockpits." With the young lawyers in their cockpits, the office is quiet, a quiet that does not ask to be broken.
In the silence of connection, people are comforted by being in touch with a lot of people — carefully kept at bay. We can't get enough of one another if we can use technology to keep one another at distances we can control: not too close, not too far, just right. I think of it as a Goldilocks effect.
Texting and e-mail and posting let us present the self we want to be. This means we can edit. And if we wish to, we can delete. Or retouch: the voice, the flesh, the face, the body. Not too much, not too little — just right.
Human relationships are rich; they're messy and demanding. We have learned the habit of cleaning them up with technology. And the move from conversation to connection is part of this. But it's a process in which we shortchange ourselves. Worse, it seems that over time we stop caring, we forget that there is a difference.
We are tempted to think that our little "sips" of online connection add up to a big gulp of real conversation. But they don't. E-mail, Twitter, Facebook, all of these have their places — in politics, commerce, romance and friendship. But no matter how valuable, they do not substitute for conversation.
Connecting in sips may work for gathering discrete bits of information or for saying, "I am thinking about you." Or even for saying, "I love you." But connecting in sips doesn't work as well when it comes to understanding and knowing one another. In conversation we tend to one another. (The word itself is kinetic; it's derived from words that mean to move, together.) We can attend to tone and nuance. In conversation, we are called upon to see things from another's point of view.
FACE-TO-FACE conversation unfolds slowly. It teaches patience. When we communicate on our digital devices, we learn different habits. As we ramp up the volume and velocity of online connections, we start to expect faster answers. To get these, we ask one another simpler questions; we dumb down our communications, even on the most important matters. It is as though we have all put ourselves on cable news. Shakespeare might have said, "We are consum'd with that which we were nourish'd by."
And we use conversation with others to learn to converse with ourselves. So our flight from conversation can mean diminished chances to learn skills of self-reflection. These days, social media continually asks us what's "on our mind," but we have little motivation to say something truly self-reflective. Self-reflection in conversation requires trust. It's hard to do anything with 3,000 Facebook friends except connect.
As we get used to being shortchanged on conversation and to getting by with less, we seem almost willing to dispense with people altogether. Serious people muse about the future of computer programs as psychiatrists. A high school sophomore confides to me that he wishes he could talk to an artificial intelligence program instead of his dad about dating; he says the A.I. would have so much more in its database. Indeed, many people tell me they hope that as Siri, the digital assistant on Apple's iPhone, becomes more advanced, "she" will be more and more like a best friend — one who will listen when others won't.
During the years I have spent researching people and their relationships with technology, I have often heard the sentiment "No one is listening to me." I believe this feeling helps explain why it is so appealing to have a Facebook page or a Twitter feed — each provides so many automatic listeners. And it helps explain why — against all reason — so many of us are willing to talk to machines that seem to care about us. Researchers around the world are busy inventing sociable robots, designed to be companions to the elderly, to children, to all of us.
One of the most haunting experiences during my research came when I brought one of these robots, designed in the shape of a baby seal, to an elder-care facility, and an older woman began to talk to it about the loss of her child. The robot seemed to be looking into her eyes. It seemed to be following the conversation. The woman was comforted.
And so many people found this amazing. Like the sophomore who wants advice about dating from artificial intelligence and those who look forward to computer psychiatry, this enthusiasm speaks to how much we have confused conversation with connection and collectively seem to have embraced a new kind of delusion that accepts the simulation of compassion as sufficient unto the day. And why would we want to talk about love and loss with a machine that has no experience of the arc of human life? Have we so lost confidence that we will be there for one another?
WE expect more from technology and less from one another and seem increasingly drawn to technologies that provide the illusion of companionship without the demands of relationship. Always-on/always-on-you devices provide three powerful fantasies: that we will always be heard; that we can put our attention wherever we want it to be; and that we never have to be alone. Indeed our new devices have turned being alone into a problem that can be solved.
When people are alone, even for a few moments, they fidget and reach for a device. Here connection works like a symptom, not a cure, and our constant, reflexive impulse to connect shapes a new way of being.
Think of it as "I share, therefore I am." We use technology to define ourselves by sharing our thoughts and feelings as we're having them. We used to think, "I have a feeling; I want to make a call." Now our impulse is, "I want to have a feeling; I need to send a text."
So, in order to feel more, and to feel more like ourselves, we connect. But in our rush to connect, we flee from solitude, our ability to be separate and gather ourselves. Lacking the capacity for solitude, we turn to other people but don't experience them as they are. It is as though we use them, need them as spare parts to support our increasingly fragile selves.
We think constant connection will make us feel less lonely. The opposite is true. If we are unable to be alone, we are far more likely to be lonely. If we don't teach our children to be alone, they will know only how to be lonely.
I am a partisan for conversation. To make room for it, I see some first, deliberate steps. At home, we can create sacred spaces: the kitchen, the dining room. We can make our cars "device-free zones." We can demonstrate the value of conversation to our children. And we can do the same thing at work. There we are so busy communicating that we often don't have time to talk to one another about what really matters. Employees asked for casual Fridays; perhaps managers should introduce conversational Thursdays. Most of all, we need to remember — in between texts and e-mails and Facebook posts — to listen to one another, even to the boring bits, because it is often in unedited moments, moments in which we hesitate and stutter and go silent, that we reveal ourselves to one another.
I spend the summers at a cottage on Cape Cod, and for decades I walked the same dunes that Thoreau once walked. Not too long ago, people walked with their heads up, looking at the water, the sky, the sand and at one another, talking. Now they often walk with their heads down, typing. Even when they are with friends, partners, children, everyone is on their own devices.
So I say, look up, look at one another, and let's start the conversation.
Sherry Turkle is a psychologist and professor at M.I.T. and the author, most recently, of "Alone Together: Why We Expect More From Technology and Less From Each Other."
• Along with the Great Recession of 2007, in our working lifetime we have seen other examples of misguided extrapolative thinking that ended in the severe mis-pricing of assets ahead of a crash technology stocks at the end of the 1990s, the emerging Asia miracle in 1997 and Japan in 1989 are all examples where there were clear bubbles about to burst. In each case, any attempt to warn clients was met with a steaming dollop of derision.
The charts and tables are rather instructive
Worlds Most Expensive Cities
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Housing Affordability Ratings by Nation
Source: The 2012 Demographia International Housing Affordability Survey
(See also the US National City affordability table after the jump)
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Note that in the US, Florida is often used as an example if where prices have fallen so greatly as to produce enormous bargains. The data suggests otherwise. Miami for example has still yet to revert to pre credit bubble levels:
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Rumors of Affordability in Florida have Been greatly Exaggerated
Source: The 2012 Demographia International Housing Affordability Survey
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Source:
The biggest bubble in recent history is heading for the mother of all hard landings
Albert Edwards
Société Générale, May 3 2012
>
Note that in the US, Florida is often used as an example if where prices have fallen so greatly as to produce enormous bargains. The data suggests otherwise. Miami for example has still yet to revert to pre credit bubble levels:
>
Rumors of Affordability in Florida have Been greatly Exaggerated
Source: The 2012 Demographia International Housing Affordability Survey
>
Source:
The biggest bubble in recent history is heading for the mother of all hard landings
Albert Edwards
Société Générale, May 3 2012
National US City affordability
Source: The 2012 Demographia International Housing Affordability Survey
Telefonica SA (TEF), Spain’s dominant telecommunications company, is offering a free mobile communications application for users of Apple Inc. (AAPL)’s iPhone as it tries to stop customers switching to cheaper rivals.
The TU Me app allows free calls and stores data for users online. It will be offered worldwide to users of Apple’s iOS software from today at no cost regardless of the phone operator, Telefonica Digital Chief Commercial Officer Stephen Shurrock said in an interview. The TU Me app will offer communication services including text messages, calls, sharing photos and voice-mail, he said.
Phone companies such as Deutsche Telekom AG (DTE), Vodafone Group Plc and Madrid-based Telefonica are struggling to adapt as customers increasingly use calling software such as Skype or the WhatsApp messaging technology on smartphones. Telefonica is also losing market share and suffering from declining profitability as clients switch to cheaper rivals including Jazztel Plc. (JAZ)
“We certainly see ways to monetize this app with a business model along the lines of Skype,” Shurrock said, declining to say how much revenue it could generate or how many customers may attract this year.
Microsoft Corp.’s Skype is the world’s most popular Internet-calling service, enabling free voice calls over the Web.
The TU Me app allows free calls and stores data for users online. It will be offered worldwide to users of Apple’s iOS software from today at no cost regardless of the phone operator, Telefonica Digital Chief Commercial Officer Stephen Shurrock said in an interview. The TU Me app will offer communication services including text messages, calls, sharing photos and voice-mail, he said.
Telefonica SA |
“We certainly see ways to monetize this app with a business model along the lines of Skype,” Shurrock said, declining to say how much revenue it could generate or how many customers may attract this year.
Microsoft Corp.’s Skype is the world’s most popular Internet-calling service, enabling free voice calls over the Web.
Digital Unit
Telefonica fell 0.7 percent to 11.11 euros at 9:15 a.m. in Madrid trading, valuing the company at 50.7 billion euros ($66 billion). Spain’s benchmark IBEX 35 Index dropped 0.8 percent.
TU Me is available for download from the Apple App Store and a version for phones using Google Inc. (GOOG)’s Android will be available in coming weeks, Shurrock said. With TU Me, data is kept online in the so-called cloud, and “interactions are stored in a timeline format, making it easy to view, scroll through and keep a history of conversations,” the company said in a statement.
Last September, Telefonica created a digital unit, with offices in London, Silicon Valley, Tel Aviv,Sao Paulo and Madrid, in order to pull together digital assets including Jajah, the Mountain View, California-based Internet-phone company acquired in 2010.
Telefonica fell 0.7 percent to 11.11 euros at 9:15 a.m. in Madrid trading, valuing the company at 50.7 billion euros ($66 billion). Spain’s benchmark IBEX 35 Index dropped 0.8 percent.
TU Me is available for download from the Apple App Store and a version for phones using Google Inc. (GOOG)’s Android will be available in coming weeks, Shurrock said. With TU Me, data is kept online in the so-called cloud, and “interactions are stored in a timeline format, making it easy to view, scroll through and keep a history of conversations,” the company said in a statement.
Last September, Telefonica created a digital unit, with offices in London, Silicon Valley, Tel Aviv,Sao Paulo and Madrid, in order to pull together digital assets including Jajah, the Mountain View, California-based Internet-phone company acquired in 2010.
India: In a shocking incident, Jharkhand CM Arjun Munda's helicopter crashed. It's a breaking news just flashed.
A helicopter with Jharkhand Chief Minister Arjun Munda onboard crashed upon landing at Ranchi airport on Wednesday afternoon.
As per initial reports, the pilot of the chopper carrying Munda and a few others had sought emergency landing at the airport after it developed a technical glitch.
The chopper did land but it was not a controlled descent and the chopper turned turtle upon landing, reports said. Luckily, the chopper did not catch fire.
The Chief Minister is said to be injured and is being rushed to Ranchi Institute of Medical Sciences (RIMS).
A new s channel said that the entire area has been cordoned off.
GlaxoSmithKline Plc (GSK) will begin a hostile $2.6 billion tender offer this week for Human Genome Sciences Inc. (HGSI) after the U.S. company, its partner on the Benlysta drug for lupus, rebuffed a takeover approach.
Human Genome Sciences Inc |
Glaxo will offer $13 a share in cash, or 81 percent above Human Genome’s closing price on April 18, the London-based drugmaker said in a statement today. Rockville, Maryland-based Human Genome announced April 19 that Glaxo had offered to buy the company for that price. Human Genome said the offer was too low, and the company said it would begin a review of strategic alternatives.
“GSK values the long relationship it has with HGS and has clearly stated its preference to complete a transaction on a friendly basis in a timely fashion,” Glaxo said in today’s statement. “GSK remains willing to meet and review its offer with HGS at any time.”
The bid became public last month after Human Genome shares slid 76 percent from their 2011 peak. Sales growth for Benlysta, Human Genome’s first drug on the market, has disappointed investors, and the company may not become profitable for years.
Glaxo won’t participate in Human Genome’s review in part because the U.K. company wants Human Genome shareholders to know that it’s committed to proceeding with the offer, Glaxo said.
The four weeks that have passed since Glaxo made its offer on April 11, together with the 20 business days that the tender offer must remain open, gives Human Genome enough time to complete its review of alternatives, Glaxo said.
Human Genome hired Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC as financial advisers and Skadden Arps Slate Meagher & Flom LLP and DLA Piper LLP as legal counsel, the company said last month.
Lazard Ltd. (LAZ) and Morgan Stanley (MS) are acting as financial advisers to Glaxo, and Cleary Gottlieb Steen & Hamilton and Wachtell, Lipton, Rosen & Katz are providing legal advice, Glaxo said in April.
If a report is to be believed, Cupertino giant Apple is mulling over launching a $799 MacBook Air model in the third quarter of this year.
According to a report from Digitimes, Apple is "considering responding to the upcoming second-generation ultrabooks by launching a $799 MacBook Air."
Currently, Apple's MacBook Air series starts at $999 for the 11-inch 64GB model and goes up to $1599.
But such a move from Apple seems to be unlikely as ultrabooks have not posed any threat to Apple's MacBook Air.
According to a report from Digitimes, Apple is "considering responding to the upcoming second-generation ultrabooks by launching a $799 MacBook Air."
Currently, Apple's MacBook Air series starts at $999 for the 11-inch 64GB model and goes up to $1599.
But such a move from Apple seems to be unlikely as ultrabooks have not posed any threat to Apple's MacBook Air.