Google to buy Metaweb for improving search biz
18 Jul 2010, 1117 hrs IST,PTI
NEW YORK: In a bid to improve its search operation feature, online search giant Google Inc has said that it will buy Metaweb Technologies, an Internet information database start-up, for an undisclosed amount.
In a blog posted on Google’s website, it said, “We have acquired Metaweb, a company that maintains an open database of things in the world. Working together, we want to improve the search and make the web richer and more meaningful for everyone,” it added.
However, the company has not disclosed the terms of the deal.
San Francisco-based Metaweb had a free and open database of 12 million things, such as movies, books, TV shows, locations, celebrities and companies, that would help Google’s users get fast replies to search queries.
“Google and Metaweb plan to maintain Freebase as a free and open database for the world,” Google Director (Product Management) Jack Menzel said, adding, “We plan to contribute to and further develop Freebase, and would be delighted if other web companies use and contribute to the data.”
Metaweb, which was founded in 2005, helps site owners, bloggers, and developers make their sites richer and more engaging.
Earlier this month, Google had announced that it would buy ITA Software, a flight information software company, for $700 mn in cash.
Oil prices open higher in Asian trade on profit hunting
Singapore, Jul 5 (AFP) Oil was up in Asian trade today as traders cashed in on cheap crude following a slump in prices last week, analysts said.
New York’s main contract, light sweet crude for delivery in August, gained 38 cents to USD 72.52 a barrel.
Brent North Sea crude for August delivery advanced 38 cents to USD 72.03.
Traders were investing in cheap crude following a plunge in oil prices last week, said Serene Lim, a Singapore- based oil and gas analyst with Australia’s ANZ bank.
“I think because oil prices have already been falling so much, there would be a rebound as longer-term investors buy into the market,” she said.
She added that the rise was also “due to a consolidation of oil prices at 72 to 73 dollars”.
Rupee weakens by 6 paise against dollar in early trade
Mumbai, July 5 (PTI) The Indian rupee depreciated by 6 paise to 46.82 a dollar in early trade at the Interbank Foreign Exchange today on dollar’s strength versus major currencies overseas.
The rupee had closed 18 paise lower at 46.76/77 in the previous session.
Forex dealers said dollar’s gains against other currencies and demand from importers for the US currency weighed on the domestic unit. Weak opening on the stock markets also dampened the sentiment.
The Bombay Stock Exchange index, Sensex, fell by 20.86 points to 17,440.09 points in the opening trade today.
RNRL plunges 28 pc; Rpower climbs 8 pc post deal
Mumbai, July 5 (PTI) Anil Ambani-led Reliance Natural Resources (RNRL) today tanked over 28 per cent in the early trade, a day after its board approved the company’s merger with sister firm Reliance Power, whose shares climbed above 8 per cent.
In a volatile market, shares of ADAG firm RNRL slipped as much as 28.51 per cent to touch a-month low of Rs 45.50 on Bombay Stock Exchange. Later, the scrip was trading at Rs 47.05, down 26.08 per cent at 0945 hrs.
Yesterday, in a Rs 50,000-crore all-stock merger deal, the boards of R-Power and RNRL approved an exchange ratio of one equity share of R-Power for every 4 equity shares of RNRL.
In a sharp contrast to RNRL, shares of Reliance Power zoomed 8.36 per cent to touch a high of Rs 189.80 on BSE.
The 30-share BSE benchmark Sensex was trading at 17,457.14 points, down 0.
35 billion hotmoney brought to China, says official
K J M Varma
Beijing, Jul 5 (PTI) An investigation into this year’s speculative “hot money” inflows uncovered 190 cases involving 7.35 billion US dollars of funds, a senior official of the State Administration of Foreign Exchange (SAFE) has said.
Deng Xianhong, deputy director of the SAFE, said the foreign exchange regulator did not find evidence of large amounts of hot money flowing into China.
The SAFE investigation began in February and the latest figure was unchanged from the May 25 figure.
Most of the speculative and arbitrage capital from overseas wound up in the equity and property markets, Deng told ‘Peoples Daily’, the official newspaper of China’s ruling Communist Party.
Disguised as funds for trade and investment, an unknown amount of hot money enters China every year.
The capital is betting on an appreciation of the yuan, China’s currency, and a hike in asset prices.
Troubled Toyota recalls some 92,000 cars in Japan
Tokyo, Jul 5 (AP) Toyota started recalling more than 90,000 luxury Lexus and Crown vehicles today in Japan over defective engines, the latest setback for the automaker beset with quality problems.
Toyota Motor Corp said recalls in overseas markets will follow soon.
Toyota told the Japanese government today it was recalling 91,903 vehicles for flaws in the valve springs, a crucial engine component, that could make the automobile stall while in motion.
The quality problem affecting top-of-the-line products comes as Toyota struggles to move on from massive global recalls that started in October.
It already has recalled more than 8.5 million vehicles for various problems, including sticking gas pedals, braking software glitches and defective floor mats.
The world’s top automaker was fined a record USD 16.4 million in the United States for responding too slowly when the recall crisis erupted.
Bandh disrupts manufacturing, movement of cargo
New Delhi, July 5 (PTI) Commercial activities in BJP and the Left ruled states came to a standstill and road transport was thrown out of gear by the nation-wide bandh called by the opposition against the hike in fuel prices, industry said.
“Commercial and economic activities in major parts of the country have come to a halt,” industry body Assocham said, adding manufacturing activities have also been affected in several states, including Gujarat, Maharashtra, West Bengal, Kerala, Karnataka, Madhya Pradesh, Punjab, Uttrakhand and Himachal Pradesh.
“Attendance in commercial organisations is very thin,” Assocham Secretary General D S Rawat said.
A spokesperson of an export promotion council said that the strike affected normal business activities and also impeded movement of export cargo.
Artson Engineering bags Rs 25 cr order from Cairn
* Artson Engineering Ltd today said it has received an order worth Rs 25 crore from Cairn Energy India for construction related work in Rajasthan.
The scope of work includes fabrication and installation of piping and equipment at Mangala Processing Terminal (MPT), Rajasthan, Artson Engineering said in a filing to the Bombay Stock Exchange.
The total time period for completion of project is one year, it added.
**** Scott Bayman resigns from Punj Lloyd * Engineering major Punj Lloyd today said that Scott R Bayman has resigned from the directorship of the company.
However, the company did not disclose the details of the resignation in its filing to the BSE. .
Airtel makes FB mobile site free for subscribers
New Delhi, July 5 (PTI) Telecom operator Bharti Airtel today said that its subscribers can access social networking site Facebook on their mobiles free of cost for two months till August 31.
Airtel has entered into a partnership with Facebook to enable its 130 million subscribers to log on to Facebook’s full mobile site at no data cost through their mobile, Airtel said in a statement.
The offer will be available for two months till August 31.
Facebook’s mobile site will be initially available in English and Hindi, with five other languages–Punjabi, Bengali, Telugu, Tamil, and Malayalam–to follow by July 15, 2010.
“Our mobile customers will also be the first in the world to enjoy Facebook on their Airtel mobile in five vernacular languages,” Bharti Airtel Chief Marketing Officer- Mobile Services Shireesh Joshi said.
BSE Sensex down by 20.86 points in early trade
Mumbai, July 5 (PTI) The Bombay Stock Exchange benchmark Sensex dipped by 20.86 points in early trade today on fresh selling in banking sector stocks after a hike in interest rates.
The Sensex, which had lost 48.38 points in the previous session, fell by 20.86 points to 17,440.09 points in the first five minutes of trading as some of the leading banking stocks declined.
Similarly, the wide-based National Stock Exchange Nifty declined by 11.25 points to 5,225.85 points.
On Friday, the RBI raised short-term lending and borrowing rates by 25 basis points to 5.50 per cent and 4 per cent, respectively.
Volatile trade in Anil Dhirubhai Ambani Group stocks after the merger of Reliance Natural Resources Ltd with Reliance Power influenced the trading sentiment as well. While Reliance Natural Resources’ scrip fell by 25.92 per cent to Rs 47.15, Reliance Power gained 4.68 per cent to Rs 183.35.
