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| Forgotten Manifesto |
| ON May 17, 1962, the Reverend Dr Martin Luther King Jr delivered an extraordinary manifesto to the White House. Constructed as both a moral appeal and a legal brief, the 64-page document called on President John F Kennedy to issue a... |
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| A NEW REVOLUTION |
| ANDREW Ng is an associate professor of computer science at Stanford, and he has a rather charming way of explaining how the new interactive online education company that he cofounded... |
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 | Qatar's condensate output to top crude soon: Sada GAS-RICH Qatar expects its condensate production to exceed its crude output 'very soon', even while it produces its maximum OPEC quota of oil, Minister of Energy and Industry HE Dr Mohammad bin Saleh al Sada said on Friday.
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| | Facebook shares open 11% up | | FACEBOOK shares rose less than expected on their first day of trade on Friday and huge order volume caused technical problems that marred the coming out party of the No 1 online social network.
Its shares were up 8 percent in early afternoon trading on the Nasdaq, after opening 11 percent higher and then rapidly heading south to touch their initial public offering price of $38.
The gains were below market forecasts of as much as a 50 percent jump.
"We have got some unhappy guys out there," said Wayne Kaufman, chief market strategist at John Thomas Financial, a retail broker on Wall Street.
"They were hoping for Facebook to be considerably better. I bet there are a lot of disappointed people in the market." Facebook, which has about 900 million users globally, priced its IPO at the top end of its target range, becoming the first US company to go public with a valuation greater than $100 billion. If a greenshoe option to underwriters is exercised, Facebook will raise as much as $18.4 billion by selling an 18 percent stake, the secondbiggest IPO in US history after the one by Visa.
| | | Lower volumes, high costs hit Tata Steel's profit in Q4 | | TATA Steel posted a biggerthan- expected drop in its consolidated quarterly profit, as weak prices, lower volumes and high raw material costs depressed margins in its main European market.
"The continuing eurozone crisis kept European steel demand well below pre-crisis levels. In addition, operational difficulties caused the European operations to perform worse," Karl-Ulrich Kohler, head of its European operations, said in a statement.
The world's No 7 steelmaker, whose European operations account for twothirds of its global capacity of about 28 million tonnes, reported net profit after minority interest and share of associates, of Rs4.33 billion for its fiscal fourth quarter ended March.
A year earlier, it had posted profit of Rs41.76 billion, but this included a one-time gain of Rs22.8 billion due to sale of a plant in England.
A Reuters poll of brokerages had forecast quarterly net profit of Rs10.3 billion for the March quarter.
Net sales rose 1.2 percent to Rs338.6 billion.
Global crude output grew at a slower pace in 2011, and demand this year has been squeezed by the eurozone debt crisis and tight credit conditions in China, the world's biggest steel consumer and producer.
.... | | | Eurozone crisis to cut growth in transition nations: EBRD | | LONDON THE European Bank for Reconstruction and Development said on Friday that the eurozone debt crisis would slash growth this year across its current and future "transition" countries of operation.
The EBRD — which since 1991 has helped ex-communist countries develop a market economy — forecast growth of 3.1 percent this year across a region of operation that comprises 33 countries, including Hungary, Jordan and Russia.
"Growth in the transition region is expected to substantially slow from 4.6 percent in 2011 to 3.1 percent in 2012 before modestly picking up to 3.7 percent in 2013, as the eurozone debt crisis hurts the region," the EBRD said in its latest economic outlook.
"A further worsening of the eurozone crisis or an oil supply shock are both possible and pose significant downside risks for the region as a whole. In addition, domestic risks have risen in some countries," it added.
The EBRD published its outlook at the start of its annual meeting in London, where shareholders are also voting on who they think should lead the bank over the next four years.
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