Yahoo! News India

By Mike Collett LONDON (Reuters) - The Europa League, long regarded as the impoverished relation of the glitzy Champions League, was boosted on Friday by UEFA's announcement that the winners would qualify for the elite competition from 2015. In an attempt to increase the prestige of its secondary competition, UEFA also said 16 teams rather than the current six would qualify directly for the group stages. ...

By Alan Baldwin MONACO, May 24 (Reuters) - Tailenders Caterham could have been one of Formula One's midfield teams by now had they not tried to be too clever last season, owner Tony Fernandes said on Friday. Speaking to reporters at the Monaco Grand Prix, social highlight of the calendar and sixth race of the year, the Malaysian described 2012 as "a blip, a disappointment' for a team still seeking their first point in more than three seasons. ...

By Steve Slater and Matt Scuffham LONDON (Reuters) - HSBC called on regulators to speed up industry reform as its shareholders urged Europe's biggest bank to take a lead in cutting pay and criticised it for compliance failings and aiding tax avoidance. HSBC Chairman Douglas Flint told around 400 shareholders at the bank's annual meeting that the fallout from recent scandals had created a "once-in-a-generation" opportunity to reform banking and the broader financial industry. "As a first priority we need to speed up the reform process. ...

REUTERS - Canadian oil and natural gas producer Niko Resources Ltd said on Friday it made a significant gas discovery, along with its partners, in the KG-D6 block off India's east coast, sending its shares up 26 percent. Niko, which partners Reliance Industries Ltd and BP Plc , said the discovery is expected to add to the gas resources in the block, without revealing potential reserves. "Formation evaluation indicates a gross gas and condensate column in the well of about 155 meters in the Mesozoic reservoirs," the companies said in a statement. ...

By Alan Baldwin MONACO (Reuters) - Tony Fernandes pleaded guilty to naivety on Friday and said he had let his heart rule his head with Queens Park Rangers in the Premier League last season and paid the price with relegation. Recognising that he had messed up - only in stronger language - the Malaysian aviation entrepreneur and club chairman accepted it could be years before the west Londoners returned to the top flight. ...

By Karolos Grohmann LONDON (Reuters) - World rowing federation (FISA) boss Denis Oswald became the fifth candidate for the International Olympic Committee (IOC) presidency on Friday, with the Swiss sports administrator citing his long experience as an asset. Oswald, an IOC member since 1991 and member of the powerful executive board for 12 years until 2012, joins the race which already includes Germany's Thomas Bach, Singapore's Ng Ser Miang, Puerto Rican banker Richard Carrion and world boxing (AIBA) chief CK Wu from Taiwan. ...

LISBON (Reuters) - Porto have sold midfielders Joao Moutinho and James Rodriguez to Monaco for 70 million Euros, the Portuguese champions said on Friday. "We have reached a deal to sell Rodriguez and Moutinho to Monaco," Porto said in a statement to Portuguese market regulator CMVM. Porto, who beat Monaco in the 2004 Champions League final, will receive 45 million euros for Colombian Rodriguez and 25 million for Portuguese international Moutinho. Both players have signed five-year contracts. ...

LEEDS, England (Reuters) - Play was abandoned without a ball being bowled on the opening day of the second and final test between England and New Zealand at Headingley due to persistent rain. The downpours left the outfield saturated on a chilly day. A better forecast is in prospect for the weekend with sunny spells and warmer temperatures. England won the first test by 170 runs at Lord's. (Reporting by Justin Palmer; Editing by Ed Osmond)

By Tony Jimenez VIRGINIA WATER, England (Reuters) - Luke Donald, the PGA Championship winner in 2011 and 2012, is almost certain to miss the cut after returning a level-par 72 for a six-over total of 150 at Wentworth on Friday. The real damage was done in Thursday's opening round when the world number six collapsed to a six-over 78 in cold, damp conditions at the European Tour's flagship event. The weather was no better for the second round and Donald suffered an early blow when he took a double-bogey five at the second. ...

NEW DELHI (Reuters) - Jet Airways and its smaller rival SpiceJet reported quarterly losses on Friday as fare increases were not sufficient to cover high costs of operations. Jet, which has agreed to sell a 24 percent stake to Gulf carrier Etihad in a $370 million deal, was optimistic of demand growth and said airlines were regaining their pricing power. Airlines in India have increased fares in recent months after Kingfisher Airlines, once the country's No.2 carrier, stopped flying last October, burdened by its high debt and as its flying licence was suspended. ...

By Rhys Jones and Peter Griffiths LONDON (Reuters) - British fighter jets escorted a Pakistan International Airlines passenger plane to Stansted Airport near London on Friday, where police went on board and arrested two men on suspicion of endangering an aircraft. Passengers were leaving the plane and no one was hurt in the incident, a spokesman for the airport said. Flight PK709 from Lahore in Pakistan had been due to land at Manchester in northern England with 297 passengers on board, but was diverted shortly before arrival. ...

By Khaled Yacoub Oweis ISTANBUL (Reuters) - Syria's fractious opposition scrambled to agree a new leadership on Friday in a bid to present a coherent front at peace talks which the United States and Russia are convening to seek an end to more than two years of civil war. A major assault by President Bashar al-Assad's forces on a rebel held town over the past week is shaping into a pivotal battle. It has drawn in fighters from Assad's Lebanese allies Hezbollah, justifying worry that a war that has killed 80,000 people would cross borders at the heart of the Middle East. ...

By Julien Pretot PARIS (Reuters) - Despite the popularity of social media and the widespread presence of traditional media, Novak Djokovic appeared to believe he could be spared the unbearable truth of discovering who his second-round opponent at the French Open might be. Just before his pre-tournament conference at Roland Garros on Friday, the moderator announced: "Novak has requested he would like to answer only questions about his first-round opponent, nothing else to do with the draw at all, top half, bottom half, and he's asked his team not to mention anything about the draw, either. ...

Kannur (Kerala), May 24 (IANS) Defence Minister A.K. Antony Friday expressed confidence that leaders of the Congress' Kerala unit would themselves resolve any issue facing them.

Kozhikode, May 24 ( IANS) Thirty top executive directors and CEOs of leading nationalised banks in the country will attend a classroom training at IIM Kozhikode for three days starting Monday.

Panaji, May 24 (IANS) One of the world's biggest cruise liners, Royal Caribbean International's Mariner of the Seas, Friday arrived at Mormugao port in Goa, which has plans of promoting the state as a destination for lucrative ocean cruise market.

Hyderabad, May 24 (IANS) Industry body, Associated Chambers of Commerce and Industry of India (Assocham), has called for a comprehensive port development strategy and for providing level playing field to private players.

Mumbai, May 24 (IANS) Reliance Industries Ltd. (RIL) Friday announced a large natural gas discovery in the consortium's KG-D6 block offshore in Andhra Pradesh.

Panaji, May 24 (IANS) A slew of illegal land deals involving its nationals was one of the reasons why Russia decided to start a consular office in Goa, which hosted 1.5 lakh Russian tourists this season, Ambassador Alexander Kadakin said Friday.

New Delhi, May 24 (IANS) Two Bachelor in Computer Application (BCA) students were killed after the car they were travelling in collided against an electric pole here, police said here Friday.

Darjeeling, May 24 (IANS) The Gorkha Janmukti Morcha (GJM) Friday called an indefinite shutdown in north Bengal's Darjeeling hills from Sunday to protest the arrest of an elected member of the hill development body for alleged involvement in arson and violence.

Hyderabad/Mumbai/New Delhi, May 24 (IANS) The clamour for Indian cricket board president Narayanswamy Srinivasan's resignation got louder after his son-in-law Gurunath Meiyappan, Chennai Super Kings chief executive, Friday was taken away by Mumbai police for interrogation in the IPL spot fixing scandal.

Kolkata, May 24 (IANS) Move over Psy's 'Gangnam Style'. Mumbai Indians (MI) fans were awestruck with Bhajji's 'Bangnam Style' as the Mumbaikars took on the Rajasthan Royals in the Indian Premier League play-off at the Eden Gardens here Friday.

Kolkata, May 24 (IANS) Praising Rajasthan Royals'(RR) effort at "getting everybody gell together" after the side was rocked by the spot fixing scam, cricketing legend Sunil Gavaskar feels the developments have further boosted the bonding between the squad.

Kolkata, May 24 (IANS) The absence of home team Kolkata Knight Riders, wet weather and perhaps the spot fixing scandal played a part as the otherwise boisterous Eden Gardens was low on the "cheer quotient" for the second IPL qualifier between Mumbai Indians and the Rajasthan Royals Friday.

London, May 24 (IANS) A study of future human missions has indicated corporate researchers could be living on the moon by the time NASA astronauts head off to visit an asteroid in the 2020s.