World Business Quick Take

Agencies

Mon, Feb 04, 2013 - Page 15

UNITED STATES

Wind-farm case dismissed

A Chinese-owned company’s lawsuit over an Oregon wind-farm transaction that was blocked by US President Barack Obama’s administration was dismissed by a judge in Washington, who said he lacks the authority to hear the case. “The parties to this transaction are not located in the district, they did not negotiate their transaction in the district, nor are any of the assets at issue located in the district,” US District Judge Royce Lamberth wrote in dismissing the complaint brought by Ralls Corp (羅爾斯). Tim Xia, an attorney for Ralls, said the company is disappointed by the ruling and will file a new complaint in a New York federal court.

INDIA

Shock stock dives explained

A Mumbai brokerage on Saturday blamed technical problems for “unintended” stock market transactions, a day after there was an unexpected dive in the values of the shares of two major companies. The statement came after the National Stock Exchange said on Friday that it would investigate what had prompted the surprise 10 percent plunge in the shares of Tata Motors and UltraTech Cement. “Due to some technical issues in the software, unintended transactions got executed. There was no broker error and no loss to any clients,” Religare Capital Markets said in a statement. Shares of both Tata Motors and UltraTech Cement slid suddenly about half an hour before the market closed, but they clawed back most of their losses within one to two minutes, dealers said.

FRANCE

Google to help news outlets

Google Inc will help the nation’s news organizations increase their online advertising revenue and also set up a 60 million euro (US$82 million) fund to finance digital publishing innovation, settling a dispute over whether the Internet giant should pay to display news content in its search results. European publishers bleeding money and readers had asked governments in France, Germany and Italy to make Google pay. The company threatened to stop indexing European news sites if it was charged for the content. The company says the settlement means it does not have to pay for “snippets” of news content that appear on a Google search page. The government appointed a mediator to lead negotiations with the nation’s publishers and said they’d come to a “happy conclusion” on Friday.

GERMANY

HP to close software unit

US computer giant Hewlett-Packard (HP) said on Friday it was closing its enterprise software operation in Ruesselsheim in a move eliminating at least 850 jobs. The facility employs about 1,100 people, but HP said 250 “will have the opportunity to transfer to HP partners or clients.” The California firm, the largest PC maker in the world, said 850 positions will be eliminated “due to efficiency gains, local partner outsourcing and consolidation with other HP global service delivery hubs.” The company said it submitted its plan to the German Supervisory Board, and expects to close the site by the end of October.

TOYS

Maker of iconic toy passes

Andre Cassagnes, the inventor of the Etch A Sketch toy that generations of children drew on, shook up and started over, has died in France, the toy’s maker said. He was 86. Cassagnes died on Jan. 16 in a Paris suburb, said Ohio Art Co, based in Bryan in northwest Ohio. The cause of death was not disclosed on Saturday.