Yahoo! News India

REUTERS - Yahoo Inc said it is acquiring blogging service Tumblr for $1.1 billion cash, a bold bet by Chief Executive Marissa Mayer to revitalize the struggling Internet pioneer by co-opting a Web property with strong visitor traffic but little revenue. The deal, which will use about a fifth of Yahoo's $5.4 billion in cash and marketable securities, is the largest by far since Mayer took the reins in July seeking to reverse a multi-year decline in Yahoo's business and Web traffic. ...

By Archana Narayanan MUMBAI (Reuters) - Foreign investors bid heavily in an auction for quotas to buy government bonds on Monday, even after Standard & Poor's reiterated its "negative" outlook for the country, as a cut in a key debt investment tax has contributed to a rally in markets. India attracted 101.46 billion rupees worth of orders for quotas to buy government debt from foreign institutional investors (FIIs), far more than the 55.33 billion rupees on offer, according to two dealers who participated in the auction but who declined to be identified. ...

By Swati Bhat MUMBAI (Reuters) - The rupee weakened to its lowest level in 2-1/2 months on Monday, weighed down by heavy demand for the greenback from gold and oil importers along with choppy domestic shares. Sentiment remained weak after Standard & Poor's reiterated its negative outlook on India's credit rating on Friday, which is one notch above "junk", warning of the need to follow through on reforms and dealing a blow to a government that had recently pitched for an upgrade. ...

(Corrects milestone for BSE to highest close since January 2011 from November 2010, paragraph 8) By Himank Sharma MUMBAI (Reuters) - The Sensex edged higher on Friday to new 2-1/2-year highs as continued hopes for rate cuts bolstered sentiment for blue chips such as ICICI Bank and Larsen & Toubro, although some analysts warned the recent rally could be running out of steam. ...

SINGAPORE (Reuters) - Reliance Industries, the world's largest refiner, has restarted a 330,000 barrels per day crude distillation unit (CDU) on Monday following a shutdown last week for maintenance, traders said. The privately-run refiner operates two refineries in Jamnagar on the Arabian Sea with a total capacity of 1.24 million barrels per day (bpd). The CDU which was shut last week was located in the older, 660,000 bpd refinery. "The shutdown should have taken place before it sold a June naphtha cargo last week," said a trader. ...

By Clara Denina and Jan Harvey LONDON (Reuters) - Silver hit a 2-1/2 year low on Monday, prompted by heavy fund liquidation in Asian trade, while gold was on track for its longest run of losses since March 2009 weighed by speculation that the U.S. Federal Reserve might rein in its economic stimulus programme. Investors have been dumping gold and silver, which are down 20 percent and 30 percent respectively this year, while stocks and the dollar have risen on an improving global economic outlook. ...

By Abhishek Vishnoi MUMBAI (Reuters) - The BSE Sensex snapped a four-day winning streak on Monday, retreating from near 2-1/2-year highs as investors booked profits in rate-sensitive stocks such as ICICI Bank, while drugmakers were hit by worries about the country's new drug pricing policy. Caution also prevailed after Standard & Poor's statement reiterating its "negative" outlook on India's sovereign ratings, which came out shortly before the close of markets on Friday. ...

ISLAMABAD (Reuters) - Pakistan has told civil servants not to wear socks as the country turns off air-conditioners amid a chronic power crisis and soaring temperatures. The government has turned off all air-conditioning in its offices as the country endures blackouts of up to 20 hours a day in some places. "There shall be no more use of air-conditioners in public offices till such time that substantial improvement in the energy situation takes place," a cabinet directive said. As part of a new dress code, moccasins or sandals must be worn without socks. ...

By Fiona Lau and Elzio Barreto HONG KONG (Reuters) - Goldman Sachs launched on Monday the sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China, offering to sell its entire remaining stake in the world's biggest bank by market value. The sale by Goldman would be the final chapter in the Wall Street bank's investment into China's ICBC. Prior to its 2006 IPO, ICBC was a technically insolvent state institution, reeling from the bad loans that saddled China's financial industry. ...

MUMBAI (Reuters) - Foreign investors will be able to buy inflation-linked bonds within the existing total investment limits of up to $25 billion for government debt, a senior official from the Reserve Bank of India (RBI) said on Monday. Inflation-linked bonds will be issued separately from the scheduled auction of government bonds, which are conducted weekly. The central bank had previously said it plans to sell inflation-indexed bonds on a monthly basis. Inflation bonds will also be eligible for short-selling and repo transactions, the official said in a teleconference. ...

By Frank Jack Daniel and Rajesh Kumar Singh NEW DELHI (Reuters) - India and China will study new ways to ease tensions along their ill-defined border, Chinese Premier Li Keqiang said on Monday in his first foreign trip since taking office, which comes just weeks after a military stand-off between the Asian giants in the Himalayas. The number two in the Chinese leadership offered New Delhi a "handshake across the Himalayas" and said the world's most populous nations could become a new engine for the global economy if they could avoid such irritants. ...

ISLAMABAD (Reuters) - A Pakistani court on Monday granted bail to former army chief and president Pervez Musharraf who has been under house arrest on charges of failing to provide adequate security for former prime minister Benazir Bhutto before her 2007 assassination. Musharraf, who took power in a 1999 coup, returned to Pakistan in March after nearly four years of self-imposed exile to contest a May 11 general election, but he was disqualified from standing because of pending court cases. ...

MUMBAI (Reuters) - Jewellers in India faced shortage of the yellow metal ahead of the key wedding season, keeping premiums supported at higher levels, despite meeting part of the demand through left over consignment stocks from banks. On May 13, the Reserve Bank of India restricted gold imports by banks on a consignment basis, except to meet genuine demand from jewellery exporters. "We have some left over consignment stocks ... So for the time being we are catering to jewellers," said an official with a foreign bank importing bullion. ...

Mumbai, May 20 (IANS) Veteran actor-producer Anupam Kher, whose play "Kuch Bhi Ho Sakta Hai", is based upon the ups and downs in his life, says it will inspire people and change their viewpoint about failures in life.

Washington, May 20 (IANS) A tech delegation of top women executives in the information and communication technology sector is visiting India this week to explore ideas to increase the number of women in ICT professions and academia.

Kathmandu, May 20 (IANS) A 58-year-old Chinese climber died Monday while attempting to climb the Lhotse peak, the world's fourth highest, officials said.

New Delhi, May 20 (IANS) India and China scripted a new chapter in their ties Monday as Premier Li Keqiang and Prime Minister Manmohan Singh candidly discussed their recent border row and decided to take steps for an early resolution of a dispute that triggered a war in 1962.

Bangalore, May 20 (IANS) Leading pharma and nutraceutical export player Sami Labs Monday unveiled a holistic strategy to increase its market share in India to 10 percent in the near future from two percent currently.

New Delhi, May 20 (IANS) Delhiites Monday had a harrowing time due to traffic restrictions put in place in the heart of the city during Chinese Premier Li Keqiang's visit. Some even slammed the practice of closing roads for the movement of dignitaries.

New Delhi, May 20 (IANS) Rajasthan Royals have lodged a written complaint in the spot fixing case here Monday, said a Delhi Police officer.

Dubai, May 20 (IANS) An Indian university lecturer who had come to the United Arab Emirates (UAE) on a short visit has been arrested by police here for blogging against a Dubai-based university.

Washington, May 20 (IANS) Ahead of US Secretary State John Kerry's June visit for the India-United States Strategic Dialogue, a senior American diplomat is travelling to New Delhi this week to exchange notes on the preparations.

New Delhi, May 20 (IANS) Domestic air passenger traffic decreased 0.27 percent in April and stood at 50.77 lakh from 50.91 lakh during the corresponding month of last year, the civil aviation ministry said Monday.

Beijing, May 20 (IANS) Scientists from China have obtained three ice cores from Mount Everest with the aim to understand more about climate change, an expedition leader said Monday.

Mumbai, May 20 (IANS) A benchmark index of Indian equities markets closed Monday's trade down 0.30 percent as there was heavy selling in healthcare, bank, consumer durables, oil and gas and capital goods stocks.

Baghdad, May 20 (IANS) At least 22 people were killed and more than 130 others injured in a string of nine car bombings Monday in the Iraqi capital and in the southern oil hub of Basra, police said.