New Delhi, September 24
The government appears to have developed cold feet on increasing diesel and cooking gas (LPG) prices, with Oil Minister M Veerappa Moily today saying there was no proposal to hike rates as of now.

Moily insisted that no proposal has been moved to the Cabinet for raising diesel rates beyond the 40-50 paise a litre monthly increase, which has been implemented since January this year.

"We have to take decision objectively and in the interest of the consumer... As on today, there is no proposal to increase price of diesel except for what the Cabinet had authorised in January," he told reporters here.

With rupee depreciating sharply this fiscal, the difference between the cost of producing fuel and the retail selling price has widened. Diesel is currently being sold at a loss of Rs 14.50 per litre.

Besides, state-owned oil firms are also losing Rs 36.83 per litre on kerosene sold through ration shops and Rs 470.38 per 14.2-kg cooking gas (LPG) cylinder.

The ministry had been mulling hiking diesel price by Rs 3-5 per litre, kerosene by Rs 2 and LPG by Rs 50 per cylinder to cut losses by Rs 20,000 crore.

New York, September 24
Following months of speculation of a buyout, BlackBerry today said it has signed a letter of intent with a consortium led by Fairfax Financial Holdings Limited to buy the struggling Canadian smartphone maker for $4.7 billion.

Fairfax already owns about 10 per cent of BlackBerry's common shares.

BlackBerry said the letter of intent contemplates a transaction in which BlackBerry shareholders would receive $9 in cash for each share they hold, in a transaction valued at approximately $4.7 billion, it added.

Once a dominant player in the handset market, BlackBerry has lost its market share to rivals like Apple (iPhone) and Google's Android-powered devices.

There were also reports which said the company was cutting workforce by 40 per cent to stem losses.

Earlier in the year, the company had launched its new operating system - BB10 - and rebranded itself as BlackBerry from the previous Research in Motion.

It had also launched two new devices - Z10 and Q5 - based on the new platform, which however failed to elicit much response from the users and did not do much to improve the performance of the company.

The Fairfax-led consortium would acquire for cash all of the outstanding shares of BlackBerry not held by Fairfax.

The BlackBerry Board of Directors, acting on the recommendation of a special committee of the board of directors, have approved the terms of the LOI.

The consortium is seeking financing from BofA Merrill Lynch and BMO Capital Markets and would acquire BlackBerry and take the company private subject to a number of conditions, including due diligence, negotiation and execution of a definitive agreement and customary regulatory approvals.

Diligence is expected to be complete by November 4, 2013.

In this period, BlackBerry is free to scout for other opportunities but will have to pay a termination fee. — PTI

New Delhi, September 24
The Cabinet Committee on Economic Affairs has approved the proposal of the Ministry of Petroleum and Natural Gas on the policy on exploration and exploitation of shale gas and oil by PSU oil companies on acreages under the nomination regime. This policy will allow oil companies to carry out exploration and exploitation of unconventional hydro-carbon resources particularly shale gas and oil in their already awarded onland petroleum exploration licence.

The terms and conditions for guiding these activities are laid down in this policy. Oil companies shall apply for grant of shale gas and oil rights in their interested acreages and are required to undertake a mandatory minimum work programme. The company is permitted three assessment phases of a maximum period of three years each. Royalty, cess and taxes would be payable at par with conventional oil and gas being produced from the respective areas.

It is acknowledged that production requirements and profile for shale oil and gas is different from conventional gas and oil. In view of this and the fact that the technologies required for production have been developed in the recent past, it was felt that a policy be put in place to achieve early development of these resources and to address issues arising out of exploration and production activities in shale gas and oil.

New Delhi, September 24
Pakistan will showcase its export merchandise at Expo Pakistan, the country’s biggest trade fair which kicks off in Karachi on September 26.

The fair showcases the largest collection of Pakistan's export merchandise and services. Foreign exhibitors from neighbouring countries also use this platform to launch their products.

The 8th Expo Pakistan will showcase products from sectors such as textiles, leather, pharma, food processing, engineering, auto, sports goods, IT, financial services, construction, tourism, minerals and metals, home décor, gems and jewellery, among others.

The four-day Expo Pakistan from September 26-29 to be held at the Karachi Expo Centre has become the primary sourcing point for a large number of businesses worldwide, giving them a head start on the buying and ordering for coming seasons, according to its organisers, the Trade Development Authority of Pakistan (TDAP). Delegates from 56 countries are expected to attend the fair.

First held in 2005, the success of last Expo Pakistan in 2012 was manifested by the participation of a large number of local and foreign buyers who settled business deals estimated at $518 million as compared to the deals estimated at $80 million, the year before.

As many as 70 MoUs were signed between counterpart associations and chambers in 2012 expo. It was attended by over 600 buyers from more than 52 countries. More than 15,000 business visitors attended the exhibition.

New Delhi, September 24
The US Food and Drug Administration (USFDA) is increasing its inspections of facilities of drug makers in India, the second largest provider of finished dose products to the US, to ensure compliance of approved manufacturing norms.

The US health regulators, which has been cracking the whip against many Indian pharmaceutical firms, including Ranbaxy Laboratories and Wockhardt, is also recruiting and training additional drugs investigators in India.

In order to meet requirements of the new Food and Drug Administration Safety and Innovation Act (FDASIA) - Generic Drug User Fee Amendments (GDUFA), the USFDA said it is stepping up the inspections in India.

"In March 2013, the (US) FDA received approval from the Indian government to add seven additional drugs investigators in India. We are currently recruiting and training staff for these positions...," a spokesperson for USFDA Christopher C Kelly said.

The USFDA’s presence in India is being increased to 19 from 12 American staff based in-country, including 10 dedicated specifically to medical products. Other staff include foods and devices inspectors, and policy analysts.

"Having these additional inspectors in-country will assist the agency in meeting our legislative mandates. So we are increasing our rates of inspection," Kelly added.

Under the FDASIA, the USFDA is required to achieve the same inspectional schedule for foreign facilities as domestic manufacturers, and to clear the backlog of applications by the end of the first five-year user fee authorisation period.

Stressing on the importance for good compliance, Kelly said: "(US)FDA seeks to ensure that Indian manufacturing facilities importing to the United States understand the risks associated with their product's processes and assure they remain compliant to (US)FDA's regulations." India, as the second largest provider of finished dose products to the US with almost 10 per cent of that market, has, for many years, been a consistent provider of low-cost and quality medical products for many countries of the world. — PTI

New York, September 24
Apple yesterday said it sold a record 9 million iPhone 5s and iPhone 5c models three days after they were launched on September 20.

"In addition, more than 200 million iOS devices are now running the completely redesigned iOS 7, making it the fastest software upgrade in history," Apple said in a statement, referring to its latest mobile operating system.

Demand for the iPhone 5s has exceeded the initial supply and many online orders are scheduled to be shipped in the coming weeks, it said.

"This is our best iPhone launch yet. More than 9 million new iPhones sold — a new record for first weekend sales," Apple CEO Tim Cook said.

The iPhone 5, the earlier model, sold over 5 million units in the first three days after its release last September. Also, more than 100 million iOS devices had been updated with iOS 6 during the period.

Shares of Apple jumped over 4 per cent following the sales numbers.

iPhone 5s comes in gold, silver or space gray, and is available in the US for a retail price of $199 for the 16GB model and $299 for the 32GB model. The higher end 64 GB model comes at $399 under contract. — PTI

New York, September 24
Tech giant Microsoft yesterday launched revamped Surface tablets at a price starting from $449 in a bid to take on bigger rival Apple's iPad.

"Surface 2 and Surface Pro 2 each benefit from significant updates, including improvements to processing power and battery life, to display and camera resolution," Microsoft said.

The two new Surface models will be available at Microsoft retail stores, and select third-party retailers in 22 initial markets, including Canada, France, Germany, Hong Kong, the US and the UK, from October 22.

The tablets would be available in China from early November while additional markets will be announced in the coming months, the statement said. However, customers can pre-order the two tablets from tomorrow.

The 10.6-inch Surface 2 will ship with Windows RT 8.1, bringing improvements in key areas such as personalization, search, multitasking, built-in apps, the Windows Store experience and cloud connectivity, it said.

The tablet offers up to 10 hours for video playback, full-size USB port and a 3.5-megapixel front camera and 5-megapixel rear camera. It is available in 32GB and 64GB configurations with price starting from $429. — PTI