A Chinese official in charge of regulating the Internet has said Beijing must strengthen Internet security because "overseas hostile forces" are using the Internet to "attack, slander and spread rumors", state media said on Sunday. Wang Xiujun, the deputy director of the China National Internet Information Office, said political security is fundamental, reported The People's Daily, the official newspaper of the ruling Chinese Communist Party.

A decision by P Chidambaram in his last days as finance minister has annoyed the revenue department. Before leaving, he asked the Central Board of Excise & Customs and the Central Board of Direct Taxes to return all Officers on Special Duty (OSDs) to their regular jobs.

There are 35-40 OSDs in various functions of the two boards. With a new government to come shortly and the Budget expected in late June or early July, the boards are worried. They are now waiting for the next minister to review the decision.

Sticking to his stand of not continuing as Bihar chief minister, Nitish Kumar on Sunday began consultations to find his successor, even as Janata Dal (United) President Sharad Yadav tried to distance himself from the allegations that he was attempting a coup in the state.

In what looked like an internal power crisis in JD(U), while the party's members of legislative Assembly (MLAs) urged Kumar to withdraw his resignation and sought time until Monday, slogans were raised against Sharad Yadav at the JD(U) legislature party meeting in Patna.

Consumer goods makers don’t expect a pick-up in demand soon despite the Narendra Modi-led Bharatiya Janata Party getting a simple majority in the Lok Sabha elections on Friday.

Chief executives at these companies say the slowdown in the Rs 1.2-lakh-crore sector is here to stay at least for three-four quarters.

Prime minister-designate Narendra Modi, looking to give a shape to his council of ministers, spent Sunday holding consultations with advisors, colleagues and leaders of the National Democratic Alliance (NDA) partners. He also kept a watch on the developments in Bihar, paid visits to party seniors L K Advani and Murli Manohar Joshi and, most significantly, spoke to Tamil Nadu Chief Minister J Jayalalithaa over phone.

Private carrier Jet Airways is re-working a comprehensive profitability plan sought by its foreign partner, Etihad Airways, which completed a 24 per cent stake purchase in the Naresh Goyal-led carrier recently. The development comes on the heels of the market regulator Securities and Exchange Board of India (Sebi) exempting the UAE carrier from making an open offer to the public shareholders of Jet. Had Sebi insisted on making an open offer, Etihad would have automatically become the controlling partner of Jet with 50 per cent stake, which would have been one per cent more than what the sectoral FDI norms permit. Reportedly, Etihad skirted the open offer scare following which both partners reworked some of their joint venture terms.

Chief executives and leading corporate lawyers say the new government should treat the vexing issue of retrospective taxation as top priority, to restore the confidence of investors in India.

Chanda Kochhar, managing director of ICICI Bank, says the new government must take quick and effective action on resolving this and bringing clarity around tax laws. These would be a major confidence-building measure for global investors.

New Delhi: Prime Minister Manmohan Singh resigned on Saturday, capping a 10-year tenure of two United Progressive Alliance (UPA) governments brought to an end by a shattering defeat in the Lok Sabha elections.

81-year-old Singh drove to the Rasthrapati Bhavan from his official residence 7, Race Course Road, to submit the resignation of his council of ministers. “The President has accepted the resignation of Manmohan Singh and has requested him and his colleagues to continue till the new government is formed,” a Rashtrapati Bhavan statement said.

Two persons died and at least 15 got injured when a Police vehicle overturned during a clash between the followers of the two mainstream political parties, the Peoples Democratic Party [PDP] and the Peoples Conference [PC], in Kupwara district of north Kashmir, on Friday evening.

With Narendra Modi set to hold a roadshow in the national capital on Saturday after scripting a historic win in the Lok Sabha polls, a multi-layer security cover has been put in place in the city with hundreds of policemen and NSG commandos deployed.

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