BUSINESS IMPHAL TUESDAY 21 OCTOBER 2014 Techy Facebook may overtake You Tube NEW YORK, Oct 20 : When you think videos on Facebook, the first impression is still of something shared from YouTube, seeing how its the go-to space for video content, but that might be changing soon as analysis reveals Facebook is fast catching up to YouTube in the number of shares videos get and may soon overtake the service on its user feeds. Research from Socialbakers, a media analytics firm analysed 20,000 Facebook pages and a total of 180,000 Facebook posts over a period of one year and found that Facebook poses a real threat to YouTube in terms of video consumption patterns. The impact stems from the fact that content sharers are using Facebook's in-built video platform to upload their videos and then sharing them increasingly, retaining traffic to Facebook itself instead of it being redirected to YouTube like earlier. Jan Rezab, CEO Socialbakers feels that this could be a "big deal for YouTube" since they could be looking at big chunk of their distribution network being cut-off by Facebook with users on Facebook staying within the website's ecosystem instead of leaving it for an external source for video content. Facebook has also been ramping up efforts to maintain its user base and engage them further to alleviate stagnation. In September, Facebook Inc announced that it was serving users up to one billion videos every single day. The Socialbakers report estimates that the trend is not going to see a reversal from its current path with marketeers driving growth towards platforms which see more user engagement. –– Agencies Dead battery gets charged in two minutes SINGAPORE, Oct 20 : Imagine a dead smartphone battery getting charged up to 70 percent in flat two minutes? By using a common ingredient found in sunscreen, researchers from the Nanyang Technological University in Singapore have developed a smart battery that uses a gelbased material to speed up the charging process. To do so, researchers replaced graphite in the battery's anode with a gel made from titanium dioxide a cheap ingredient found in sunscreen. The substance speeds up the chemical reactions in the battery, the Huffington Post reported. The battery can be recharged 10,000 times. It can last nearly 20 years before it needs to be replaced. The new batteries could enter the market within two years, researchers added. Microsoft ready to launch smartwatch NEW YORK, Oct 20 : Microsoft feels the time is right to enter the smartwatch sector, according to a report. The tech giant is expected to launch a smartwatch in the next couple of weeks that will have health-tracking capabilities, including a heart-rate monitor, according to the report, which cited unidentified sources. The device will reportedly be capable of working across multiple mobile platforms such as Apple's iOS and Google's Android operating systems and sport battery charges that last more than two days with regular use. The gadget is expected to be available to consumers in time for the holiday shopping season. Microsoft has been linked to current smartwatch efforts as far back as April 2013, when the company was reportedly shopping around suppliers in Asia for components to build a potential touch-enabled watch device. –– Agencies 4 Early bird results falter in 2nd quarter MUMBAI, Oct 20 The second-quarter results of companies that have declared results so far seem to confirm the current fragility on Dalal Street. Reason: An unsatisfactory show by information technology services companies and Reliance Industries. The early birds indicate a sharp slowdown in revenue growth and tepid profit growth despite gains from lower raw material costs, employee and depreciation allowances. The combined revenues of 108 companies were up 3.2 per cent year-on-year in the second quarter, growing at the slowest pace in at least two years. The net profit growth (adjusted for exceptional items) slowed to 16.9 per cent y-o-y in the second quarter, growing at the slowest pace in the last four quarters (see chart on Page 6). The analysis is based on the September 2014 results of companies across sectors whose comparative numbers were available for the last 12 quarters. Analysts attribute this to an erosion of the year-on-year gains from rupee depreciation available in the previous four quarters due to a sharp depreciation in rupee in May-June 2013. "Currency depreciation had boosted rupee revenues for exporters and manufacturers who compete with imports in the domestic market. This is now wearing off, as the rupee has been rangebound for nearly a year and results now reflect volume growth that has been tepid," says Dhananjay Sinha, head, institutional equity at Emkay Global Financial Services. Besides a general slowdown, he says top line growth was also impacted by the end of the pre-election fiscal stimulus, as the central government is striving to bring down the fiscal deficit despite stagnant tax revenues. A poor show on the top line front has surprised many analysts who were expecting an uptick in demand. "This is a negative surprise and I am keeping my fingers crossed as most of the large manufacturing companies are still to declare their second-quarter results," says G Chokkalingam, founder and CEO Equinomics Research & Advisory. He, however, sees red at the decline in central excise duty collection in the month of September after growth in the July-August period and the dip in the index of industrial production. The bottom line was boosted by a 7.3 per cent yo-y fall in raw material costs as companies gained from a fall in international commodity prices -everything from energy, ore, metals to agricultural commodities. Profits also got a boost from a sharp rise in other income which was up 46 per cent y-o-y in the second quarter, growing at the fastest pace in the last two years. That resulted in a 50-basis point improvement in operating profit margins on a sequential basis. These improved to 23.2 per cent of revenues in the second quarter against 22.7 per cent in the first quarter and 21.1 per cent during the corresponding quarter a year ago. IT exporters such as TCS, Infosys, HCL Tech and Mindtree, which have declared their results, reported a dip in margins on a sequential basis as the effect of rupee depreciation wore off, though it was up on a y-o-y basis. Their combined operating margin declined to 31.7 per cent of revenues in the second quarter against 33.1 per cent in the first quarter and 29.9 per cent during the second quarter of last fiscal. IT exporters have been among the biggest growth drivers of corporate earnings, accounting for 43.7 per cent of the combined net profit of the sample in the second quarter, up from around a third three years ago. The results also indicate a slowdown in capex and expansion by companies as their existing capacity remains underutilised. Depreciation allowance was down 0.7 per cent y-o-y for the entire sample against growth in the previous two quarters. The trend was even sharper for manufacturing companies (excluding IT, financials and Reliance Industries) with their combined depreciation allowance contracting 11.4 per cent y-o-y in the second quarter, the first such dip in at least two years. On the brighter side, companies such as Hero MotoCorp, UltraTech Cement, Infosys, Sintex Industries and GSFC, among others, reported high doubledigit growth in revenues and profits, compensating for a poor show by biggies such as TCS, Reliance Industries, Bajaj Auto and Crompton Greaves. All eyes are now on mainline companies in sectors such as automobiles, consumer goods, pharma, metals, power, construction & infrastructure, capital goods and public sector banks that are still to declare their results. –– Agencies Brent holds on to gains above $86 NEW YORK, Oct 20 Brent crude futures edged higher on Monday, holding on to gains scored in the previous session that took it above $86 a barrel after robust U.S. data buoyed global financial markets, with a cut in Saudi-Kuwait oil output providing further support. Abundant global oil supplies coupled with a gloomy economic outlook from Europe to China had pushed Brent to its lowest since 2010 last week, consolidating a loss of more than 25 percent since June. Prices recovered late last week as some investors covered short positions and Brent had risen another 8 cents to $86.24 by 0332 GMT. On Friday the price had risen 2 percent, its biggest gain in more than a month. U.S. crude gained 38 cents Agency cut its demand dashed by comments and sigto $83.13 a barrel. A positive U.S. consumer growth forecast for oil in nals from Saudi Arabia, sentiment index brought cheer 2015 as the global economic Kuwait and Iran. However, production has to Asia's equity markets on outlook remains weak, indibeen halted Monday, altemporarily though the at the Saudiimpact on oil K u w a i t may be Khafji oilshort-lived. field, which "Oil marhas a prokets are duction of following the 280,000positive sen300,000 timent from barrels per equity marday (bpd), kets," said just over 2 Ric Spooner, percent of chief analyst Saudi Araat CMC bia's total Markets in Oil tanker railcars are parked at a filling rack at sunrise with the output capacSydney. Denver downtown skyline in the background October 14, 2014 ity. "But it is "I don't a short-term think it will have a huge imreaction and the upside is lim- cating lower oil demand. Investors' hopes that pact by changing any overall ited as, barring any balance, geopolitical risks, nothing OPEC producers would cut supply-demand much has changed in terms output to support prices amid which is still a weak outan unrelenting shale oil boom look," Spooner said. of fundamentals." "But it does get people The International Energy in North America have been RBI allows Repco to raise foreign shareholding MUMBAI, Oct 20 : Housing finance company, Repco Home Finance has been allowed to raise its foreign shareholding to 49 per cent, after getting approval from the Reserve Bank. The foreign shareholding limit by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) had gone below the threshold limit in the company. Since the threshold limit fell, the RBI removed the restrictions placed on the company on the purchase of shares by foreign investors. "FIIs/RFPIs can now invest upto 49 per cent of the paid up capital of Repco Home Finance Limited under the Portfolio Investment Scheme," RBI said in a notification. Repco had passed resolutions at its Board of Directors' level as well as a special resolution by shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. FIIs held 40.45 per cent shares in the bank as of June 30, 2014, according to data on BSE. Shares of the company had closed 4.23 per cent higher at Rs 469.75 apiece on the exchange. FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through Portfolio Investment Scheme (PIS). The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. To effectively monitor the limit, RBI has fixed cut-off points two percentage points lower than the actual ceiling. –– PTI 'Tax sops key to success of real estate, trusts' MUMBAI, Oct 20 : Tax incentives are key to the success of Real Estate Investment Trusts (Reits) and Infrastructure Investment Trusts (InvITs), a senior Sebi official has said. In September, market watchdog Sebi had notified the norms for listing of business trust structures, Reits and InvITs, that would help attract more funds in a transparent manner into realty and infrastructure sectors. Both the structures, norms of which were approved by the regulator in August, would get tax incentives. "Countries like Singapore and Hong Kong had launched Reits but did not give any tax incentives because of which they did not kick off well. The whole Reits structure is motivated by tax benefit. If it is given, then it will work or else it will not," Sebi executive director Ananta Barua said here over the weekend. Realty players and investors have been seeking more clarity on the taxation structure for newly-created Reits and InvITs. Barua said there are four levels of taxation involved in both Reits and InvITs, which need to be addressed. "Taxation is involved at four stages--first while structuring and transferring assets to Reits or InvITs, second when they distribute income to its investors, third when they are traded and fourth time when there is an exit. These are heavy stages so tax issues have to be addressed," he stated. For both trusts, the minimum initial offer size should be Rs 250 crore with a public float of at least 25%. The minimum asset base for these trusts to get listed is Rs 500 crore. To ensure transparency, these trusts would be subject to stringent norms on disclosure as well as related party transactions, Sebi has said. Reits and InvITs are required to make investments either directly or through special purpose vehicles (SPV). In case of publi-private-partnership projects, money can be put in only through SPV. –– Agencies talking about Saudi and Kuwait - about not being unhappy to take some barrels off." Still, investors are keeping an eye on any disruption to oil supply from geopolitical developments. "The market is at a level where it is vulnerable to anything that is of a real threat to production," Spooner said. Elsewhere in the Middle East, tension mounted as Islamic State's fight against Kurdish defenders further destabilised the Syrian border town of Kobani. Traders are also concerned about the uncertainty over who is in charge of Libya's vast oil reserves, after a selfstyled government controlling Tripoli announced its oil policies. Libya is currently producing 800,000 bpd of oil, down more than 40 percent from its peak of 1.4 million bpd in mid-2013. –– Agencies Sensex gains 320 points cheering diesel deregulation, election results MUMBAI, Oct 20 Indian shares were trading 1.4% higher on Monday after the government took its first reform steps after it came to power, followed by state election results which favoured the ruling Bharatiya Janata Party (BJP) at the Centre. At 11am, the 30-share Sensex was up 1.44%, or 379.21 points, at 26,487.74 points, while the National Stock Exchange’s 50-share Nifty traded 1.54% or 119.45 points higher at 7,899.15 points. “Markets are euphoric in light of the election results and the much-expected action from Delhi on reforms. It now gives hope that more reforms are underway,” said Raamdeo Agrawal, joint managing director of Motilal Oswal Financial Services Ltd. In Haryana, the BJP scored an outright win, while it came in just short of the half-way mark in Maharashtra -- opening up the option of reuniting with the Shiv Sena, its erstwhile ally of 25 years. “The fact that there were no negative surprises in election results comes as a big relief,” added Agrawal of Motilal Oswal. On Saturday, the new government decontrolled diesel price, making it market-linked and came out with a new gas pricing formula that will price the commodity at a much lesser rate than the one suggested by the Rangarajan committee under the previous Congressled United Progressive Alliance (UPA) government. As an immediate fallout of decontrol, diesel price in New Delhi came down by Rs.3.37 due to persistent softening of global crude oil prices. The Indian crude oil basket has fallen below $90 per barrel due to a decline in demand on the back of concerns over global economic recovery. On Sunday, Bloomberg reported rating agency Moody’s as saying that India’s rating and outlook includes such policy changes and the diesel decontrol reduces exposure of government finances to oil. “Deregulation of diesel prices and gas pricing are going to have a meaningful impact on the market. The biggest positive is that we are seeing government getting into action on deliveries. In my view, market seems to have factored in election results,” said Vaibhav Sanghavi, managing director of Ambit Investment Advisors Pvt. Ltd. BSE’s oil and gas index was the top gainer among sectoral indices, up 2.4% followed by BSE capital goods, auto and Bankex which were up 2.2%, 2.1% and 2%, respectively. –– Agencies HEALTH 'Rare pathogen can infect even the healthiest one' LONDON, Oct 20 : A recent study showed that a rare pathogen known as Cryptococcus gattii poses the potential to infect even the healthiest person. This is due to a unique evolutionary trait of this pathogen that infects the host through one that neutralises the body’s immune response against it. Scientists at the University of Birmingham have explained how this pathogen responds to the human immune response and triggers a ‘division of labour’ in its invading cells, which can lead to life-threatening infections. The pathogen, once inhaled, can spread through the body to cause pneumonia or meningitis, the study showed. ‘By understanding how this particular lineage behaves once in the body, we have provided an insight into the key mystery of why it is virulent in immunocompetent people – that is those with a strong immune system,’ said professor Robin May from the University of Birmingham. When invaded by an outbreak strain, the host body creates reactive oxygen species (ROS) which form an essential part of the antimicrobial defence in mammals. ROS works to prevent the spread of harmful pathogens by cleansing the body of invasive cells. A strong ROS reaction usually makes people less susceptible to infections, but in the case of Cryptococcus gattii just the opposite is true as the fungus uses this reaction to its own benefit. The pathogen uses the release of ROS as a signal to trigger a ‘division of labour’ in the intracellular fungal population, showed the study. ‘Cryptococcus gattii displays unique traits and has adapted to new environments in such a way that it presents us with a chance to make huge strides in understanding how these pathogens operate and, hopefully, make sure we are a well prepared to deal with future outbreaks,’ concluded May. The study appeared in the journal Nature Communications. Change in gene linked to depression and ageing NEW YORK, Oct 20 : Scientists have found that both ageing and depression are associated with a biochemical change in a particular gene. The change in the FKBP5 gene is also associated with increases in markers of inflammation and cardiovascular risk, researchers said. The finding may explain why risk for ageing-related diseases, such as cardiovascular diseases and neuropsychiatric disorders, are worse in chronically stressed and depressed individuals. Genes can be regulated by the addition or removal of methyl (CH3) groups to an area of the gene. The researchers from Germany and the US found that ageing can decrease this methylation process, causing the FKBP5 gene to be overexpressed. They also found that when someone is depressed, this demethylation process is accelerated even further. Researchers also found that this increased FKBP5 expression is associated with increases in biochemical markers of inflammation and cardiovascular risk. "We found that both ageing and depression seem to lead to changes in how DNA is processed, and that this can control the expression of genes that regulate how we respond to stress," said lead researcher, Dr Anthony Zannas from Max Planck Institute of Psychiatry, Munich. "These changes are associated with increased inflammation, and we believe that this may lead to the increased risk for several aging-related diseases, such as cardiovascular diseases and neuropsychiatric disorders, that has been observed in chronically stressed and depressed individuals," Zannas said. "Our work shows that risk for ageing-related diseases could be conferred by epigenetic changes of stress-related genes and resultant increases in the expression of inflammation markers. "It's too early to say that we are seeing a cause and effect, so we need to confirm the findings by using larger samples and uncover the mechanisms using animal models," Zannas said. The FKBP5 gene is found on chromosome 6 in humans. It codes the FK506 binding protein 5, also known as FKBP5. This protein is known to play a role in stress responses, immune regulation and basic cellular processes involving protein folding. 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IN THE COURT OF THE CIVIL JUDGE (SENIOR DIVISION) NO.I, MANIPUR EAST, AT LAMPHELPAT ORIGINAL (MONEY) SUIT NO. 18 OF 2013 To Central Bank of India, a body corporate incorporated under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its registered Central Office at Chander Mukhi, Nariman Point, Mumbai-400021 and carrying on Banking business at Paona Bazar, Imphal, P.O. Imphal & P.S. City, Imphal West District, Manipur, represented by the Branch Manager, Central Bank of India, Paona Bazar Branch. - PLAINTIFF: Yumlembam Lata Devi, aged about 39 years, wife of Yumnam Thoiba Singh, by profession business, resident of Pukhao Naharup Mayai Leikai, P.O. Pangei and P.S. Lamlai, Imphal East District, Manipur. -DEFENDANT: Yumlembam Lata Devi, aged about 39 years, wife of Yumnam Thoiba Singh, by profession business, resident of Pukhao Naharup Mayai Leikai, P.O. Pangei and P.S. Lamlai, Imphal East District, Manipur. WHEREAS, the above named plaintiff has instituted a suit against you for recovery of money and whereas, you are not available in your address and it appears to the satisfaction of the court that the summons cannot be served in the ordinary way and registered post. You are hereby summoned to appear before this Court in person, or through a pleader duly instructed and able to answer all material question on 27-10-2014 at 10.30 A.M. Take Notice that in default of your appearance on the day and time aforementioned, the suit, will be heard and determined in your absence and the Court shall pronounce Judgment against you and decree shall be drawn up in your absence. Given under my hand and seal of the Court, this the 17th day of Sept, 2014. By:- Sd/Sd/- DR. CH. SHANTIBALA DEVI Advocate Civil Judge Sr. Division, No. I, Tse/22823-20,21 Manipur East.