Microsoft sued over browser error, slapped with $731 million fine

Seattle: Microsoft Corp's board faces a lawsuit over the way it handled an error with its Internet Explorer browser that ended up costing the company a record-breaking $731 million fine by European antitrust regulators.

The lawsuit, brought by shareholder Kim Barovic in federal court in Seattle on Friday, charges that directors and executives, including founder Bill Gates and former Chief Executive Officer Steve Ballmer, failed to manage the company properly and that the board's investigation was insufficient into how the miscue occurred.

The legal action is the first to emerge from a humiliating episode for Microsoft, which the software company has never fully explained and has accounted foronly as a "technical error."

In March last year, the European Union levied its largest ever antitrust fine against Microsoft for breaking a legally binding commitment made in 2009 to ensure that consumers in Europe had a choice of how they access the internet, rather than defaulting to Microsoft's Internet Explorer browser.

Its investigation found that updated software issued between May 2011 and July 2012 meant that 15 million users were not given a choice. It was the first time the European Commission, the EU's antitrust authority, handed down a fine to a company for failing to meet its obligations.

In her lawsuit, Barovic says she asked Microsoft's board to fully investigate how that mistake occurred and to take action against any directors or executives that had not performed their duties. She says Microsoft replied that it found no evidence of a breach of fiduciary duty by any current or former executives or directors.

In a statement on Friday, Microsoft repeated that stance.
"Ms. Barovic asked the board to investigate her demand and bring a lawsuit against the board and company executives," said an emailed statement from Microsoft. "The board thoroughly considered her demand as she requested and found no basis for such a suit."

The problem on European computers prevented the so-called "ballot" screen from appearing. Sources close to the company have said it was connected to updated Windows 7 software.

Ballmer, who was CEO at the time, and Steven Sinofsky, then the head of the Windows unit, both had their bonuses cut in 2012 after the error came to light.

Tata Steel to sell NZ biz for NZ$ 27.5 million

Tata Steel said that New Zealand’s Steel and Tube would acquire Tata Steel International Australasia (TSIA) for a consideration of New Zealand $27.5 million (around Rs.143 crore).

A statement from the company said New Zealand-based Tata Steel International Australasia is a leading supplier of stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets. TSIA also sells colour coated and packaging steels, railway tracks and structural sections.

On the Bombay Stock Exchange on Monday, Tata Steel moved up by 1 per cent to close trading at Rs.405.95. — Special Correspondent

White House: 7 million signed up for health care

AP President Barack Obama, with Vice President Joe Biden, gestures as he speaks in the Rose Garden of the White House in Washington.

President Barack Obama celebrated a better-than-expected 7.1 million sign-ups for health coverage that he said should end the debate over whether his signature legislation should be repealed.

Mr. Obama announced the 7 million threshold that once was seen as unattainable, even as the number still could climb. People who started applying but couldn’t finish before the Monday midnight deadline can have extra time, as do potential enrolees whose special circumstances kept them from signing up in time.

“The Affordable Care Act is here to stay,” Mr. Obama declared in a feisty Rose Garden speech the day after the deadline for Americans to enrol.

The 2010 passage of the Affordable Care Act has been the No. 1 legislative achievement of Mr. Obama’s presidency.

Eager to deny Mr. Obama any kind of legislative legacy, Republicans have bitterly opposed the law which they say swells big government and represents an unprecedented federal intrusion in the U.S. economy.

It remains unclear how well the Affordable Care Act will work and whether its implementation will see Americans change their views on a law that remains unpopular and widely misunderstood.

About 50 million Americans lacked health care coverage as the law began taking effect, and supporters hope it will significantly reduce the ranks of the uninsured.

But the administration has not said how many of those who already have signed up closed the deal by paying their first month’s premiums. Also unknown is how many were previously uninsured, the real test of Mr. Obama’s health care overhaul.

In addition, the law expands coverage for low-income people through Medicaid, the government health care program for the poor, but only about half the states have agreed to implement that option.

The months ahead will show whether the Affordable Care Act will meet its mandate to provide affordable health care coverage or whether high deductibles, paperwork snags and narrow physician networks make it a bust.

After winning control of the House of Representatives in the 2010 elections, Republicans have voted more than 50 times to revoke or seriously undermine the program, widely known as “Obamacare.” Those bills have never made it to the floor in the Democratic-controlled Senate.

The law is at the centre of competitive congressional races across the country. Michael Steel, spokesman for Republican House Speaker John Boehner, argued that the law was harming the American people.

Deepika Padukone beats Amitabh Bachchan, invites 15 million Facebook fans for live chat

 

Deepika is currently gearing up for her Diwali release 'Happy New Year'.

Actress Deepika Padukone today invited her 15 million Facebook fans for a live web chat as a way to express her gratitude for their support and love.

Deepika, 28, also celebrated her more than 15 million fan following on Facebook beating superstars like Salman Khan (14,811,718 likes), Aamir Khan (11,597,563 likes) and Amitabh Bachchan (10,518,577) among others.

The ‘Chennai Express’ star even updated her cover photo one hour prior to the live chat with her fans.

“Celebrating 15 million crazens. Live Chat with Deepika now,” read the caption on the picture.

Deepika is currently gearing up for her Diwali release ‘Happy New Year’, which also stars Shah Rukh Khan, Abhishek Bachchan, Boman Irani and Sonu Sood. The action comedy-drama is being directed by Farah Khan.

US cuts Pak aid by $10 million to help Ukraine

WASHINGTON: The United States cut $10 million in aid given to Pakistan under the Kerry-Lugar-Berman bill and diverted it Ukraine.

Under the Kerry-Lugar-Berman bill Pakistan receives $1.5 billion in US aid.

Pakistan’s aid was cut when a key congressional committee passed a legislation of new financial assistance to Ukraine. The $10 million will be used to initiate radio programming in local languages used in Ukraine.

According to Congressman Alan Grayson, the aid cut will come from funds allocated towards broadcasting projects in Pakistan.

The bill now goes to the House of Representatives for further action.

500-year-old rare Chinese cup to fetch 38.6 million at auction

The 'chicken cup', one of the just four left in the world, is expected to set a new record for Chinese porcelain at auction, with estimates of between USD 25.7–38.6 million.

A 500-year-old extremely rare Chinese ‘chicken cup’ belonging to the Ming Dynasty is set to fetch a record-breaking 38.6 million at an auction.
The ‘chicken cup’, one of the just four left in the world, is expected to set a new record for Chinese porcelain at auction, with estimates of between USD 25.7–38.6 million.
The cup produced during the Chenghua reign (1465-87), will feature in Sotheby’s spring sale in Hong Kong next month, a news agency reported.
The Chenghua ‘chicken cups’ were produced in small numbers and now there are just four left in the hands of private owners around the world.
Only a handful of museums worldwide have the cups in their collection including the British Museum and the Victoria and Albert (V&A) Museum.
“Ever since the Ming Dynasty when they were produced, Chenghua period ‘chicken cups’ have been praised and treasured by emperors and connoisseurs alike,” said Nicolas Chow, international head of Sotheby’s Fine Chinese Ceramics and Works of Art.
“Given their extreme rarity, they are by definition the crowning glory of any collection of Chinese porcelain,” Chow said.
The creation of ‘chicken cups’ reached its peak during the Chenghua period, and they were celebrated for their tactile material, elegance of colour arrangement and distinctive painting style, the report said.