• The purchase includes $12 billion in Facebook shares and $4 billion cash. It calls for an additional $3 billion in restricted stock units to be granted to WhatsApp founders and employees that will vest over four years

• The deal gives Facebook access to the 450 million people who use WhatsApp's service every month

We have carefully reviewed this proposed acquisition and come to the conclusion that it would not hamper competition in this dynamic and growing market. Consumers will continue to have a wide choice of consumer communications apps.

Joaquin Almunia, European Competition Commissioner

New Delhi, October 3
Markets should not be perturbed by the government's low-key approach towards reforms as it may have different priorities and timelines for reforms versus the market expectations, according to a research note by Kotak Institutional Equities.

“The government's recent policy announcements and actions appear anaemic. Reforms may take more time than D-Street’s expectations, but will be more sustainable. Investors may want to reconcile their expectations on reforms with the government’s different priorities and schedule,” the report said.

It said the government’s policy announcements and actions will benefit India in the medium term. Fiscal reforms are broadly on track even though there is no grand announcement. In the case of investment, the government's focus is on improving the investment climate through greater transparency, reducing bureaucracy and attracting foreign direct investment.

"Investment reforms will take time (the current system is broken anyway) and it would be unwise to expect immediate changes in land and labour laws, also, the government does not have a majority in Parliament (Upper House) to make major legislative changes," it added.

“We like the government's focus on transparency in government decisions and transactions. The government's hands-off approach to the recent cancellation of coal blocks allocated since 1993 is a case in point. This may seem as potentially damaging the economy and investment sentiment. However, a new transparent system is far better in the long term versus a corrupt opaque system", the report said.

It said impending elections in some states may have affected the government's plans to deregulate oil and gas prices.

"The government's need to consolidate its position in more states and the upper house of Parliament may have affected its reform plans. We will measure the government's ability and willingness to implement tough reforms post the state elections," the report added.

Zurich, October 3
Switzerland's largest bank UBS could face a fine of up to $6.3 billion if found guilty in an investigation in France into whether it helped wealthy customers there avoid tax, a Swiss newspaper reported on Friday.

A French court has already ordered UBS to deposit a 1.1 billion-euro ($1.4 billion) guarantee to cover a portion of potential fines in the case, but Swiss newspaper Le Temps said it had seen a legal document showing the bank could face a penalty of up to 5 billion euros.

The document, written by two judges, is dated July 23, the same day the bank was first ordered by French officials to pay the guarantee.

Le Temps quoted the document as saying "the business model of UBS Switzerland was to offer its clients bank secrecy in contradiction to (French) fiscal authorities".

UBS said the basis for any calculations of potential fines was artificial and speculative.

"We cannot control the irresponsible disclosure of confidential documents or their selective interpretation," UBS said in a statement.

"This matter is currently still in the stage of a formal investigation and we will continue to defend ourselves strongly."

Last month, the bank said it would again appeal against a French court ruling demanding the guarantee payment after an initial appeal was turned down.

On top of the French case, UBS is also dealing with allegations it was involved in rigging foreign exchange rates. The bank warned earlier this week it faced new fines after confirming it was holding talks to settle these allegations. — Reuters

New Delhi, October 3
The Ministry of Commerce and Industry has clarified that the joint statement issued by India and the United States on Intellectual Property Rights (IPR) issues during Prime Minister Narendra Modi’s visit to the US reiterates whatever has existed in the earlier trade policy forum.

In a statement, the ministry said IPR issues are critical for both countries and India has been repeatedly raising the issue of copy right piracy and misappropriation of traditional knowledge with the US.

The government said India has consistently pointed out that the IPR legal regime in India is fully TRIPS compliant and issues, if any, need to be discussed in bilateral forums such as Trade Policy Forum. India has refused to be subjected to unilateral action proposed by the US under the Special 301 report, an annual report on IPR under the US Trade Act.

The US- India joint statement issued by PM Modi and US President Barack Obama after the bilateral summit referred to IPR issues saying "Agreeing on the need to foster innovation in a manner that promotes economic growth and job creation, the leaders committed to establish an annual high-level intellectual property (IP) working group with appropriate decision making and technical-level meetings as a part of the Trade Policy Forum."

Mumbai, October 3
A former employee of Infosys Ltd responsible for starting a US investigation into the company's visa practices has filed another lawsuit demanding damages for alleged wrongful termination.

US national Jack Palmer, who was employed by Infosys in Alabama, said in the lawsuit filed on Thursday with a New Jersey court that he had been discriminated against because he flagged that the company was flouting US visa rules.

The lawsuit, seen by Reuters, did not specify how much damages Palmer was seeking. Infosys did not immediately respond to requests for comment.

Last year, Infosys paid up $34 million to end an investigation related to the widespread practice by Indian firms of flying workers to client sites in the United States on temporary visas. US authorities had been looking into Infosys' use of visas since 2011.

Palmer had previously tried to take Infosys to court, but his earlier case was dismissed in August 2012. Employment visas are a politically charged topic in the United States, especially those related to Indian IT services companies that are seen as taking jobs away from Americans. — Reuters

New Delhi, October 3
A research by the Adobe and CMO Council has shown that India is an emergent digital marketing performance leader in the Asia Pacific (APAC) region.

The study that measures digital marketing performance on four parameters - mindset, marketing readiness, marketing skills and organisational alignment - shows that India's digital marketing performance is almost at par with the APAC average across mindset, organisational alignment and marketing skills, but well ahead of it in marketing readiness.

However, while India is an emerging leader in digital marketing, its performance has dipped this year in comparison with last year. Last year, India scored much higher than the APAC average.

"This year, we are observing that the Indian marketers are reflecting on the efficacy of their campaigns and shifting from a tactical campaign-specific and KPI-driven approach to demonstrating the business impact and value of digital as a strategy to engage customers," Umang Bedi, Managing Director - South Asia, Adobe, said.

"India is going through the same stage of advancement that was noticed in mature markets such as Australia and North America a while ago. We expect that India's involvement in digital marketing will only get stronger from here and will enter the next phase of digital advancement," he said.

The report said 96% of the Indian marketers have high confidence in the ability of digital marketing to drive competitive advantage. This is amongst the highest in APAC with only Australia ahead with 97%.

However, they believe that the key driver to adopting digital is the ever-growing internet population (70% in India vs. 59% in APAC). Their belief that customer preference and digital dependence drive the adoption of digital and digital can engage and activate the audience is lower than the APAC averages.

"Customer preference and digital dependence would increase along with the increase in penetration of internet in the Indian market. Therefore, what would matter is how the Indian marketers are able to increase engagement and activate audience through digital marketing. This presents challenges in programme planning, execution and measurement," said Bedi.

BRIEFLY

Anti-dumping duty imposed on Phenol from US, Taipei
New Delhi: India has imposed anti-dumping duty on Phenol imported from the US and Chinese Taipei to safeguard the interest of domestic manufacturers. The duty, ranging from $47.29-$196.24 per tonne, has been levied for five years, a circular of the Central Board of Excise and Customs (CBEC) said. PTI

Ahlcon case: SEBI fines Rs 20 lakh on 17 entities
Mumbai: Capital market regulator SEBI has fined 17 entities Rs 20 lakh for not making a public announcement with respect to acquisition of additional shares of Ahlcon Parenterals (India) Ltd. The case relates to a 5.45% stake acquisition by Ahlcon Parenterals' promoters together with persons acting in concert (PACs) in the firm during 2009-10. PTI

Motorola to sell smartwatch for Rs 17,999 in India
New Delhi: Handset maker Motorola said its smartwatch, Moto 360, will go on sale in India for Rs 17,999 from Friday onwards. The smartwatch will be available exclusively on Flipkart, Motorola said. The Moto 360 features a round design. It has a feature called 'voice control' which allows users to send texts, set a reminder, check the weather, and ask for directions. PTI

Panel set up to probe delay in ONGC’s gas discovery
New Delhi: The Petroleum Ministry has set up a committee headed by DGH to inquire into the reasons for delay in developing gas discoveries in ONGC's Krishna Godavari basin KG-D5 block. The three-member panel will be headed by B N Talukar, Director General, Directorate General of Hydrocarbons, and will have the financial adviser and a director from the ministry. PTI

General Motors to invest $14 billion in China
Beijing: US auto giant General Motors (GM) will invest a whopping $14 billion in China over the next five years and open five new plants to increase sales to nearly five million vehicles in the world's largest car market, its top executive said. The firm's plans for China also includes introducing 60 models or refreshed vehicles, GM CEO Mary Barra said. PTI