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Insufficient laws to tackle terror-funding: FATFNew Delhi: A global task force which tracks money laundering and terrorist financing across national borders, has raised doubts about the efficacy of India’s laws in combating this dual menace. The multi-national Financial Action Task Force (FATF) is an inter-governmental organisation founded in 1989 by the G-7 (Group of seven industrialized nations) to develop policies to combat money laundering and terrorist financing. FATF, which admitted India as its the 34th member in June this year, has in its report identified fund transfers from foreign non-profit organisations (NPOs), counterfeiting of currency, drug trafficking and extortion as “major sources for terrorist financing” in the country. “India does not maintain a unified database for NPOs... statistics on the number of registered NPOs under the various statutes are not generally available in India. However, by government estimates, there are approximately two million foreign and domestic NPOs operating in India. “India has not yet undertaken a review of its NPO sector, as envisaged by the FATF standards. There has been no effective outreach to the NPO sector by the Government of India or by state governments in relation to risks and vulnerabilities of the sector to terrorist financing abuse,” the report says. In a scathing indictment of the effectiveness of the Indian laws to monitor and counter terror funds and money laundering, the report said, “except under the Income Tax Act and the Foreign Contribution (Regulation) Act, the NPO sector is subject to limited or no monitoring and supervision, but the NPOs registered under these Acts only account for a small number of entities within the sector.” The FATF also expressed doubts about the effectiveness of laws like the Narcotic Drugs and Psychotropic Substances Act (NDPS) in existence since 2001 and the Prevention of Money Laundering Act, in force from 2005 in the country but there being a “total absence” of any money laundering convictions in these cases till date. “In addition, given India’s vulnerability to terrorism and the large number of actual terrorist attacks per year, the number of terrorist related Suspicious Transaction Reports (STRs) also appears to be extremely low, raising further questions about the implementation and effectiveness of the STR reporting obligation,” the report added. Banks and financial institutions submit STRs to the finance ministry’s Financial Intelligence Unit (FIU) which forwards to other investigative agencies all reports suspected to involve terror funding and money laundering. Source: Home - Livemint.com | 18 Jul 2010 | 3:24 am UK recovery at risk if banks don't lend - govtLONDON (Reuters) - Britain's economic recovery is at risk of being undermined by the lack of bank lending to businesses, Business Minister Vince Cable said.Source: Reuters: Money News | 18 Jul 2010 | 3:05 am AIRSHOW - Boeing Dreamliner makes first o'seas landingFARNBOROUGH, England (Reuters) - Boeing's new 787 Dreamliner touched down in Britain on Sunday on its first trip outside the United States, thrilling hordes of eager planespotters who came out to see the breakthrough carbon-composite plane.Source: Reuters: Money News | 18 Jul 2010 | 3:00 am AIRSHOW - FACTBOX - Civil plane orders at Farnborough(Reuters) - Following is a summary of news on commercial plane orders at the Farnborough Airshow.Source: Reuters: Money News | 18 Jul 2010 | 2:59 am Report on Naxal-infested tribal districts soon: Montek - NDTV.com
Source: Business - Google News | 18 Jul 2010 | 2:53 am Sebi for simpler IPO formsMumbai: As part of efforts to attract more retail investors to the stock market, regulator Sebi is considering making applications forms simpler and shorter for public offers, including IPOs. Concerned over the lukewarm and ever-falling retail response to the primary market, Sebi is mulling over ways to win over small investors in this segment and one of the steps under consideration is a simpler investment process. According to sources, the application forms currently being used for bidding in initial and follow-on public offers are unnecessarily long and ask the investors to fill in some details that can be done away with. Besides, these forms run into 15-20 pages in most cases, although there are only 2-3 pages where particulars need to be filled in by the investors and the rest of the pages contain instructions, information about the company and the issue and details about bankers, registrars and bidding centres. The various proposals currently being discussed by Sebi’s Primary Market Advisory Committee include removing from these forms the details already available in the investors’ demat and bank accounts. These include the name of the investor’s father or husband (depending on whether the investor is male or female), addresses, fax number and other contact details. The move could cut down the columns needed to be filled by almost half, sources said. Besides regulation and development of the primary market, this committee also advises Sebi on changes required to make the systems and procedures simpler and transparent. To make the forms shorter and simpler, the committee is also considering dividing them into two parts -- one comprising the particulars needed to be filled in and the other with the details of the issue. Sources said that a proposal is also underway to make it mandatory in all public offers to give the investors the option to bid online, possibly through the stock exchanges themselves, where the forms could be much simpler and shorter. Sebi has already asked the bourses to make a simpler form available online for IPO bidding through the ASBA (Applications Supported by Blocked Amount) process. Under ASBA, bid money remains in the investor’s bank account during the bidding process and get released after share allotment. However, not all investors are required to bid through ASBA. Besides, this facility is not available for all issues and with all banks. Some changes can be expected on this front also, as Sebi is looking to expand the ASBA service further. The primary market used to be retail investors’ favourite investment avenue and an entry point for many of them till a few years ago, but their interest has been dwindling of late. This was reflected even in the recent offers from some public-sector firms, which have traditionally enjoyed a sound and safe investment image among public investors. Sources said the government has also been asking Sebi to revive public investors’ interest in primary market. Source: Home - Livemint.com | 18 Jul 2010 | 2:42 am Austerity hurts consumers in Europe, Asians upbeat - NielsenA drop in consumer confidence in Europe amid worries about the region's debt crisis is holding back a recovery in global consumer sentiment and weighing on the broader economic outlook, a survey showed today.Source: HindustanTimes.com - Top Business News Headlines | 18 Jul 2010 | 2:36 am As Tests Continue, BP Sees No Signs of Damage to Well - New York Times
Source: Business - Google News | 18 Jul 2010 | 2:21 am International traffic up in Jet AirwaysNew Delhi: Jet Airways has flown 365,000 passengers on its international routes in June, registering a 31% rise over the year-ago period. During the same month, the airline recorded a seat occupancy of over 82% in its international flights, according to the figures released by the Director-General of Civil Aviation. In June, the overall domestic passenger traffic stood at 45.04 lakh, the DGCA figures showed, out of which Jet and JetLite combine flew about 12 lakh and maintained their lead with a combined market share of 26.5%. The seat occupancy factor for Jet’s domestic operations stood at 80.5%, a marked improvement by over 13% during the the same period last year. JetLite, the no-frills carrier from the Jet stable, clocked a seat factor of 83.7% in the reporting month. “Nine consecutive months of robust growth underline the fact that Jet Airways, as a customer-centric organisation, has been able to comprehend and capitalise on the resurgent trend in domestic and global air traffic,” Jet Airways chief executive officer Nikos Kardassis said in a statement. Source: Home - Livemint.com | 18 Jul 2010 | 2:13 am International traffic up in Jet AirwaysNew Delhi: Jet Airways has flown 365,000 passengers on its international routes in June, registering a 31% rise over the year-ago period. During the same month, the airline recorded a seat occupancy of over 82% in its international flights, according to the figures released by the Director-General of Civil Aviation. In June, the overall domestic passenger traffic stood at 45.04 lakh, the DGCA figures showed, out of which Jet and JetLite combine flew about 12 lakh and maintained their lead with a combined market share of 26.5%. The seat occupancy factor for Jet’s domestic operations stood at 80.5%, a marked improvement by over 13% during the the same period last year. JetLite, the no-frills carrier from the Jet stable, clocked a seat factor of 83.7% in the reporting month. “Nine consecutive months of robust growth underline the fact that Jet Airways, as a customer-centric organisation, has been able to comprehend and capitalise on the resurgent trend in domestic and global air traffic,” Jet Airways chief executive officer Nikos Kardassis said in a statement. Source: LatestNews-Home - Livemint.com | 18 Jul 2010 | 2:13 am 11th Plan growth may exceed 8.1 pc: MontekBuoyed by the prospects of a robust economic recovery,the Planning Commission has expressed the optimism that the average economic growth during the 11th Plan (2007-12) could exceed 8.1 per cent against the 7.7 per cent recorded during the previous Plan.Source: HindustanTimes.com - Top Business News Headlines | 18 Jul 2010 | 2:02 am AIRSHOW - Airbus engine study in Sept - execFARNBOROUGH, England (Reuters) - Airbus is leaning towards a decision to upgrade its narrow-body aircraft, its main source of revenue, with new engines and expects Boeing will follow suit, according to sales chief John Leahy.Source: Reuters: Money News | 18 Jul 2010 | 1:36 am Ford, Jiangling break ground on $300 mln China plantSHANGHAI (Reuters) - Ford Motor and its partly-owned Jiangling Motors Corp broke ground on Sunday on a $300 million vehicle plant in central China as the partners speed expansion in the world's largest auto market.Source: Reuters: Money News | 18 Jul 2010 | 1:30 am China's CNPC seeks to contain oil spill after pipe blastBEIJING (Reuters) - China's largest oil company, China National Petroleum Corp (CNPC), sought to contain ocean pollution and other impacts from an explosion of two crude oil pipelines in the northeastern port of Dalian, state media reported on Sunday.Source: Reuters: Money News | 18 Jul 2010 | 1:29 am Twitter hopes to earn money with special dealsThe newest idea is special deals for Twitter users. The deals would be financed by companies that use the Twitter account @earlybird for advertising, reported Twitter on its website.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 1:18 am Mukesh Ambani in key UN groupNew Delhi: Reliance Industries chief Mukesh Ambani has been named by the UN to a key advocacy group on Millennium Development Goals, whose mandate includes finding ways to fight socio-economic evils such as poverty. Ambani is the only Indian to be a part of the MDG Advocacy Group that comprises eminent international personalities including Microsoft chairman Bill Gates, philanthropist Ted Turner and Nobel laureate Muhammad Yunus, among others. Ambani is expected to focus on a global partnership for development, that will include development of an open, rule-based, predictable, non-discriminatory trading and financial system. UN said the top Indian industrialist will also look at the special needs of the least developed countries (LDC), as well as landlocked developing countries and small island developing states. The MDGs are eight international development goals that all 192 UN member states and at least 23 global organisations have agreed to achieve by the year 2015. These include reducing extreme poverty, reducing child mortality rates, fighting disease epidemics such as AIDS and developing a global partnership for development. The MDG Advocacy Group will support the UN Secretary- General Ban Ki-moon in building political will and mobilising global action, says the world body. One of the first tasks of the Advocacy Group is the preparatory process for the MDG Summit in September this year. The MDG Summit is being seen as a turning point in the collective effort to achieve the goals by the 2015 target date. Ambani’s appointment to the advocacy group comes at a time when the 2010 Millennium Development Goals report card paints a dark picture for South Asia, including India. Source: Home - Livemint.com | 18 Jul 2010 | 1:14 am Mukesh Ambani in key UN groupNew Delhi: Reliance Industries chief Mukesh Ambani has been named by the UN to a key advocacy group on Millennium Development Goals, whose mandate includes finding ways to fight socio-economic evils such as poverty. Ambani is the only Indian to be a part of the MDG Advocacy Group that comprises eminent international personalities including Microsoft chairman Bill Gates, philanthropist Ted Turner and Nobel laureate Muhammad Yunus, among others. Ambani is expected to focus on a global partnership for development, that will include development of an open, rule-based, predictable, non-discriminatory trading and financial system. UN said the top Indian industrialist will also look at the special needs of the least developed countries (LDC), as well as landlocked developing countries and small island developing states. The MDGs are eight international development goals that all 192 UN member states and at least 23 global organisations have agreed to achieve by the year 2015. These include reducing extreme poverty, reducing child mortality rates, fighting disease epidemics such as AIDS and developing a global partnership for development. The MDG Advocacy Group will support the UN Secretary- General Ban Ki-moon in building political will and mobilising global action, says the world body. One of the first tasks of the Advocacy Group is the preparatory process for the MDG Summit in September this year. The MDG Summit is being seen as a turning point in the collective effort to achieve the goals by the 2015 target date. Ambani’s appointment to the advocacy group comes at a time when the 2010 Millennium Development Goals report card paints a dark picture for South Asia, including India. Source: LatestNews-Home - Livemint.com | 18 Jul 2010 | 1:14 am Takeovers: Sebi panel wants 100pc open offer - Economic Times
Source: Business - Google News | 18 Jul 2010 | 12:54 am Emirates Airlines to place $5 billion Boeing orderEmirates, the largest airline in the Arab world, placed an order for 32 Airbus A380s at the Berlin air show last month and said it was likely to order more aircraft soon.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 12:53 am Jet intl passenger traffic up 31 pc in JuneJet Airways has flown 3.65 lakh passengers on its international routes in June, registering a 31 per cent rise over the year-ago period.Source: HindustanTimes.com - Top Business News Headlines | 18 Jul 2010 | 12:52 am Barista to up number of outlets to 300 by 2012Currently, the company has around 225 Barista Lavazza Espresso Bars and Barista Lavazza Crèmes in over 30 cities across India.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 12:27 am MOIL stake sale in December, Cabinet nod expected in 2-3 weeks - Economic Times
Source: Business - Google News | 18 Jul 2010 | 12:16 am Truant monsoon may harm Kharif cropsNew Delhi: Vulnerability of rice, maize, oilseeds, cotton and other Kharif crops has increased on account of deficient rainfalls across most of the key producing states, an NCDEX report has said. The major states where Kharif crops are vulnerable are Uttar Pradesh, Madhya Pradesh, Gujarat, West Bengal, Karnataka and eastern Rajasthan. These states are major Kharif crops growing regions. Kharif crops like bajra, rice, urad, arhar, groundnuts, soyabean, castor, sugarcane, cotton and jute are sown with the onset of the southwest monsoon in June. The report quoting Indian Meteorological Department said that the country received rainfall of 254.5 mm against a normal of 292.5 mm, indicating a deficiency of 13% from 1 June to 14 July. It, however, said though there has been increase in vulnerability numbers, they seem to be quite low compared to that in initial weeks of the season last year and the overall situation does not look worrisome as it was last year. The deficiency in rainfall was 27% in the same time last year. The percentage of crop vulnerability for bajra in Rajasthan was 8%, while it was 8.5% in Uttar Pradesh and 5.1% in Gujarat on 14 July. For maize it was 4% in Karnataka, Bihar (2.3%), Uttar Pradesh (4.4%) and Madhya Pradesh (2.4%). Likewise for rice it was 5.4% in West Bengal and 8.4% in Uttar Pradesh. The percentage of vulnerability number for ragi was 15.9% in Karnataka, while for urad it was 12.2% in Uttar Pradesh, for arhar it was 8.4% in Uttar Pradesh, for groundnuts it was 17.3% in Gujarat, for sunflower it was 1.1% in Uttar Pradesh and for soyabean it was 17.9% in Madhya Pradesh. The report predicts better times in the coming week. Quoting the IMD it said the coming week is likely to experience a widespread rainfall activity over the northeastern states, sub-Himalayan West Bengal and Sikkim and northern Bihar, eastern Uttar Pradesh during first half of the week. Also a fairly widespread rainfall activity is likely to continue over the West Coast and south Gujarat during the first half of the week, it said adding there is a dim possibility of formation of low pressure system over the Bay of Bengal. Source: Home - Livemint.com | 18 Jul 2010 | 12:09 am Sebi against non-compete fee payment to promoters in M&AsAs part of a major overhaul of the takeover rules, market watchdog Sebi may consider abolishing payment of non-compete fees, which are paid by acquirers to the target company's promoters in lieu of a commitment for not entering the same business.Source: HindustanTimes.com - Top Business News Headlines | 18 Jul 2010 | 12:04 am Fertiliser industry wants subsidy paid to farmers directlyThe Fertiliser Association of India (FAI) has reiterated its demand for decontrol of fertiliser prices and device methods to pass on the subsidies directly to the eligible farmers rather than giving the sop to theSource: Business Line - Home Page | 18 Jul 2010 | 12:00 am Labour unrest ‘can hurt' foreign investmentsTrade unions, industry and the Government must talk on labour related issues in a ‘de-politicised' environment to address the unrest in major industrial centres, according to Mr J.N. Amrolia, Director, Ashok Leyland JohnSource: Business Line - Home Page | 18 Jul 2010 | 12:00 am Higher interest income buoys Canara Bank Q1 net 82%Aided by an increase in net interest income, Canara Bank posted 82.5 per cent growth in net profit for the first quarter of the current fiscal at Rs 1,013 crore. The net interest income stood at Rs 1,728 crore, up almost 34 per cent from Rs 1,291Source: Business Line - Home Page | 18 Jul 2010 | 12:00 am Car industry capacity speeds past 3 m unitsThe Indian passenger vehicle industry is on a roll. Thanks to fresh capacities that have gone on stream recently, the country's installed passenger vehicle manufacturing capacity that includes SUVs and MPVs has crossed a significant milestoneSource: Business Line - Home Page | 18 Jul 2010 | 12:00 am India is the flavour in Europe, Singapore; not in US, JapanRetail investors abroad are sending conflicting signals about the attractiveness of Indian stocks, if patterns in fund flows for India-specific exchange-traded funds (ETFs) are anything to goSource: Business Line - Home Page | 18 Jul 2010 | 12:00 am India's gold imports fall with rising pricesSoaring gold prices in the international market and reflected in the metal's domestic prices have had a ready casualty — fall in physical import of the yellowSource: Business Line - Home Page | 18 Jul 2010 | 12:00 am EADS frustrated by delay in WTO rulingFARNBOROUGH, England (Reuters) - EADS Chief Executive Louis Gallois said he was "enormously frustrated" about another delay by the World Trade Organization in ruling on the European Union's case against the United States over alleged illegal subsidies to the company's arch-rival, Boeing Co.Source: Reuters: Money News | 17 Jul 2010 | 11:53 pm Omnitech to set up 2 new centres in NCR, Bangalore by end-2011The company presently has two such centres at Hyderabad and Navi Mumbai.Source: Daily News & Analysis: Money News | 17 Jul 2010 | 11:25 pm INTERVIEW - IMF says focus will be on Hungary's 2011 budgetBUDAPEST (Reuters) - Hungary's 2011 budget will have to be based on durable fiscal measures that reduce the deficit further and the government must start implementing these steps this year, the IMF's mission chief told Reuters on Saturday.Source: Reuters: Money News | 17 Jul 2010 | 9:49 pm IMF/EU suspend talks with Hungary, warn on budgetBUDAPEST (Reuters) - The IMF and EU suspended on Saturday a review of Hungary's funding programme, set up in 2008 to save the country from financial meltdown, saying it must take tough action to meet targets for cutting its budget deficit.Source: Reuters: Money News | 17 Jul 2010 | 9:49 pm Austerity hurts consumers in Europe, Asians upbeat - NielsenLONDON (Reuters) - A drop in consumer confidence in Europe amid worries about the region's debt crisis is holding back a recovery in global consumer sentiment and weighing on the broader economic outlook, a survey showed on Sunday.Source: Reuters: Money News | 17 Jul 2010 | 9:23 pm Domestic air traffic surges 22% in Jan-June - Financial Express
Source: Business - Google News | 17 Jul 2010 | 8:40 pm New symbol to make rupee distinct - Financial Express
Source: Business - Google News | 17 Jul 2010 | 8:40 pm Credit demand boosts Canara Bank's Q1 by 82% - Economic Times
Source: Business - Google News | 17 Jul 2010 | 5:14 pm Tatas sue NGO over turtle gameThe Tatas filed a defamation suit against the international environmental NGO, Greenpeace, in the Delhi high court on Friday for promoting an online video game called Turtle vs Tata.Source: Daily News & Analysis: Money News | 17 Jul 2010 | 2:16 pm Want a BJP ticket? Pass an examination firstSyllabus and examination structure devised by top management consultant.Source: Business Standard | Front Page Headlines | 17 Jul 2010 | 12:50 pm Essar mulls IPO of stake in Vodafone EssarIndian steel-to-shipping conglomerate Essar Group has been in talks with banks to explore options, including an initial public offering (IPO), for its stake in its telecom venture with Britain's Vodafone, three people familiar with the development said.Source: Business Standard | Front Page Headlines | 17 Jul 2010 | 12:48 pm Drug dealers venture into productionOver 550,000 small drug retailers in the country are transforming into producers and marketers of pharmaceutical products, readying to compete with companies such as Ranbaxy, Cipla, Sun Pharma and Lupin whose produce they sell.Source: Business Standard | Front Page Headlines | 17 Jul 2010 | 12:46 pm Govt mulls import curbs on spywareSurveillance equipment to be moved from open to restricted list.Source: Business Standard | Front Page Headlines | 17 Jul 2010 | 12:44 pm What has changed with ULIPs - Hindu Business Line
Source: Business - Google News | 17 Jul 2010 | 12:20 pm Vinati Organics plans capex to the tune of Rs 120 crVinati Organics plans Capex to the tune of Rs. 120 crores. The total capex for the planned projects is approx Rs 120 crores and the Company plans to fund the same through a combination of internal accruals, debt and equity.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 11:00 am Suzlon receives 37.8 mw order from Serum InstituteSuzlon Energy Limited has won a order from Serum Institute of India Limited to set up, operate and maintain a 37.8 megawatt project at Jaibhim in DhuleNandurbar wind park in Maharashtra.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 10:58 am Diamond Power bags orders worth Rs 332 croreDiamond Power Infrastructure Limited (DPIL), Indias most diversified power transmission and distribution company, announced that the company has bagged orders worth Rs. 332 crore for the supply of Power cables, Transformers and Conductors.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 10:51 am Greece to seek advisors for possible bank salePiraeus, Greece's No 4 lender, this week offered 701 million ($909.6 million) to buy the government's controlling stakes in two smaller rivals ATEbank and Hellenic Postbank.Source: Daily News & Analysis: Money News | 17 Jul 2010 | 10:50 am Germany sees Q2 growth above 1.5%Internal government forecasts put second quarter growth at more than 1.5% -- up from a previous estimate for the quarter of 0.9%. If the trend continues, the government expects full year growth of well above 2%.Source: Daily News & Analysis: Money News | 17 Jul 2010 | 10:46 am CFM engine maker upbeat on commercial recoveryIn a key sign of recovery, the recently battered industry is seeing the first signs of return to service of planes mothballed during the financial crisis, Eric Bachelet, president of CFM International said.Source: Daily News & Analysis: Money News | 17 Jul 2010 | 10:42 am BPCL says govt more resolute on deregulation post bandhCNBCTV18\'s Senthil Chengalvarayan caught up with one of the most important men in this highly sensitive industryAshok Sinha is Chairman and Managing Director of BPCL wherein Sinha spoke about the oil sector and his outlook for the industry.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 9:00 am Find out: How to maintain harmony between biz ecosystem?It marks civilization earliest attempt at manufacturing and first example of property, but the clay pot also signifies mans contract with the environment that all human creation is based on the destruction of nature.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 8:42 am Move to simpler gadgets weigh on Best BuyConsumers are less frequently buying televisions and other big-ticket items that often require more research and assistance to install,flavoring notebook computers and electronic readers in a trend expected to continue in the latter half of the year.Source: Daily News & Analysis: Money News | 17 Jul 2010 | 7:15 am Boeing CEO confident on Dreamliner delivery by end-2010On Thursday, Boeing had said issues raised in its 787 Dreamliner flight tests could delay first delivery of the long-awaited carbon-composite aircraft into the first part of 2011.Source: Daily News & Analysis: Money News | 17 Jul 2010 | 7:00 am Find out: When should you start saving for your child?Our focus today is on investing for your child. When is a good time to start saving for your child? What are the best investment instruments for securing your childs financial future? In an exclusive interview with CNBCTV18, TR Ramachandran, CEO and MD, Aviva India and Financial Planner, Gaurav Mashruwala, discuss.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 6:43 am Is Africa the next frontier for Indian business?From an Indian standpoint, share of Africa in Indian cross border mergers was just 34% in 2005, 2006 and 2007. It rose to 7% in 2008 and to 11% in 2009. Is Africa the next frontier for Indian business? Experts discuss.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 5:11 am Apple CEO on antenna problem: ‘We aren’t perfect’Cupertino: A perfect iPhone? There’s no app for that. Apple Inc. will give free protective cases to buyers of its latest iPhone to prevent reception problems that occur when people cover a certain spot on the phone with a bare hand. CEO Steve Jobs apologized Friday to people who are less than satisfied with the iPhone 4, even as he denied it has an antenna problem that needs fixing. “We’re not perfect,” Jobs said at a news conference. “Phones aren’t perfect.” The more than 3 million people who have already bought an iPhone 4 can go to Apple’s website starting late next week and sign up for a free case, he said. Apple can’t make enough of its $29 “Bumper” cases for everyone, so the company will let people chose from several case styles. New buyers through 30 September will also be eligible. Apple will send refunds to people who already bought a Bumper. Jobs, expressing irritation with the critical coverage of the phone’s reception problems, echoed an earlier statement from Apple that no cell phone gets perfect reception. He played a video showing competing phones, including a BlackBerry from Research in Motion Ltd., losing signal strength when held in certain ways. He talked for 45 minutes and took 45 minutes of questions with Apple’s chief operating officer, Tim Cook, and Bob Mansfield, a senior Apple executive in charge of hardware engineering. Countering Jobs criticism of Blackberry’s signal strength, Mike Lazaridis, president and co-chief executive officer, RIM and Jim Balsillie, co-chief executive officer, RIM said: “Apple’s attempt to draw RIM into Apple’s self-made debacle is unacceptable. Apple’s claims about RIM products appear to be deliberate attempts to distort the public’s understanding of an antenna design issue and to deflect attention from Apple’s difficult situation. RIM is a global leader in antenna design and has been successfully designing industry-leading wireless data products with efficient and effective radio performance for over 20 years. “During that time, RIM has avoided designs like the one Apple used in the iPhone 4 and instead has used innovative designs, which reduce the risk for dropped calls, especially in areas of lower coverage. One thing is for certain, RIM’s customers don’t need to use a case for their BlackBerry smartphone to maintain proper connectivity. Apple clearly made certain design decisions and it should take responsibility for these decisions rather than trying to draw RIM and others into a situation that relates specifically to Apple.” Phones usually have an antenna inside the body. In designing the iPhone 4, Apple took a gamble on a new design, using parts of the phone’s outer casing as the antenna. That saved space inside the tightly packed body of the phone, but meant that covering a spot on the lower left edge blocked the wireless signal. Consumer Reports magazine said covering the spot with a case or even a piece of duct tape alleviates the problem. It refused to give the iPhone 4 its “recommended” stamp of approval for that reason, and on Monday it urged Apple to compensate buyers and fix the problem. The company had been criticized about spotty iPhone service in the US on AT&T Inc.’s network even before the newest model came out. On Friday, in the company’s first remarks following the magazine’s report, Jobs said Apple was “stunned and upset and embarrassed.” Jobs said the iPhone 4’s antenna issue isn’t widespread, with just over five out of every 1,000 complaining to Apple’s warranty service and less than 2% returning the device. Jobs also said that while the iPhone 4 is dropping calls slightly more frequently than its predecessor, the iPhone 3GS, it’s “less than one additional dropped call per 100.” “We’re not feeling right now that we have a giant problem we need to fix,” Jobs said. “This has been blown so out of proportion that it’s incredible.” Analysts have criticized Apple’s responses to reports of reception problems as dismissive, and cautioned that the company shouldn’t come across as arrogant. A curt note attributed to Jobs told one early iPhone buyer to either hold the phone a different way or buy a case. Apple has also said the main problem is actually with software, not antenna design. Apple said it recently discovered that iPhones display more cell phone signal “bars” than they should, leaving people who believed they had a strong signal frustrated by dropped calls. Apple issued a software update Thursday that it said would make the number of bars shown on the phone’s face more accurate. But Consumer Reports painted the problem as much broader. On Friday, the magazine said the free cases were “a good first step toward Apple identifying and finding a solution for the signal-loss problem of the iPhone 4.” No phone owner wants a gadget that doesn’t work. But many people who have bought an iPhone 4 or are considering one seem willing to forgive the antenna problem because they like its other features so much. “It’s not really my concern because I hardly make calls,” said Ross Beck, a 22-year-old student in Seattle. “Honestly, it doesn’t faze me. I know Apple and I know they fix their mistakes.” Helen Ferszt walked out of Apple’s flagship store in New York City on Thursday after ordering the iPhone 4, her third model, despite having heard of the reception problems. “I love the iPhone,” said the 78-year-old psychotherapist from New York. But she added that Apple needs to do better than giving away a free case. “No, I want it to be fixed,” she said. “They can’t just hang us out to dry.” Jobs apologized Friday to buyers who had less-than-perfect experiences with the new device. “We’re going to do whatever it takes to make them happy and if we can’t make them happy we’re going to give them a full refund and say we’re really sorry we inconvenienced you, and we’re going to do better next time,” he said. The refund applies even for those who have long-term contracts with AT&T Inc., the iPhone’s exclusive US wireless carrier. Apple shares slipped $1.55, less than 1%, to close Friday at $249.90. Source: Tech News - Livemint.com | 17 Jul 2010 | 3:06 am
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