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Indian state challenges ruling allowing higher power tariffs

An Indian state is challenging in court a decision by the federal power regulator to allow utility Adani Power Ltd to raise tariffs, dealing a potential blow to a key sector struggling with chronic losses and erratic fuel supplies. The case filed by the northern state of Haryana underscores the ability of local politics to derail a federal decision that was hailed by power companies as a step toward ending electricity shortages that sap the competitiveness of businesses in India, hobbling economic growth. Haryana is home to the business hub of Gurgaon, where companies rely on costly generators to avoid major and frequent blackouts. Microsoft Corp, Google Inc and agribusiness giant Cargill Inc are some of the multinational firms based there. State power minister Ajay Yadav told Reuters his government had filed a challenge against an April ruling by the Central Electricity Regulatory Commission (CERC) that paved the way for Adani Power to increase the price at which it sells electr

Amazon UK pays $3.7 mln tax on $6.5 bln sales

Amazon.com's main UK unit paid taxes of $3.7 million on its 2012 income, despite group UK sales of $6.5 billion (4 billion pounds), its accounts published on Wednesday showed. The company received 2.5 million pounds in government grants during the year. Amazon.co.uk Limited reported the miniscule corporate income tax bill because all sales to British customers are routed through a Luxembourg affiliate, which pays the UK unit fees to cover its costs.   Amazon was not immediately available for comment but has previously said it follows the tax rules in every country where it operates.

EU says ready to launch trade dispute over China telecoms

The European Commission said on Wednesday it was ready to launch an investigation into alleged dumping by and subsidies for Chinese producers of mobile telecommunications equipment, opening a new front in a trade offensive against China . _0"> EU Trade Commissioner Karel De Gucht said in a statement he and fellow commissioners had agreed in principle to open a case, although the Commission would first seek to negotiate an amicable solution with Chinese authorities.  

Dwight Howard report: Dwight Howard ‘intrigued’ by Rockets, Mavericks as free-agency destinations

Dwight Howard report: Dwight Howard ‘intrigued’ by Rockets, Mavericks as free-agency destinations. Will Dwight Howard take the court for his third team in three years once the 2013-14 season rolls around? CBSSports reports Sunday that Howard, set to become an unrestricted free agent in July, is “intrigued” by at least two teams other than the Lakers, who acquired him from the Magic in a four-team blockbuster trade in 2012. Though Howard is adamant his free agency not be marred by the circus-like environment that surrounded his departure from Orlando last summer, word already has spread to multiple levels of his support staff that Howard re-signing with the Lakers is far from a done deal. With six weeks to go before Howard becomes an unrestricted free agent, the team that is said to intrigue him the most is the Houston Rockets, according to multiple people briefed on internal conversations surrounding Howard’s free-agent decision. The Mavericks represent another franchise that intrigu

UPDATE 1-Tencent eyes revenue growth, triples chat app users in Q1

Tencent Holdings more than tripled the number of active users for its mobile chat application in the first quarter, a boon to China's largest online gaming and social networking firm as it tries to diversify its revenue stream. Tencent, which is hoping to monetize its Weixin, or WeChat, app, said on Wednesday active user numbers soared 228 percent to 194 million in the quarter that ended March 31. Weixin is similar to WhatsApp, Line or KakaoTalk, apps that allow users to swap messages, stickers, voice messages over a data connection.   Tencent has invested heavily in the app and e-commerce to stimulate revenue growth, as other Chinese Internet companies also try to broaden their business. In May, Alibaba Group bought stakes in Sina Corp's social-networking website Weibo and in navigation and maps firm AutoNavi. Strong sales of online advertising and gaming helped Tencent report a 37 percent rise in first-quarter profit to 4.0 billion yuan ($645 million), in line with analy

US STOCKS-Futures flat ahead of U.S. data flurry

U.S. stock index futures were little changed on Wednesday, indicating the S&P 500 may hold near its most recent record high, ahead of data on inflation and manufacturing.   * Both the Dow Jones Industrial Average and the S&P 500 rallied to a fresh record high on Tuesday, buoyed by gains in large-cap shares on investor expectations central bank stimulus measures will continue to support further gains. * The S&P 500 is up 15.7 percent for the year while the Dow has jumped 16.1 percent. * Economic data expected at 8:30 a.m. includes the producer price index for April. Economists in a Reuters survey forecast a 0.6 percent drop, a repeat of the drop in March. Excluding volatile food and energy items, PPI is expected to rise 0.1 percent versus with a 0.2 percent increase in March. * Also at 8:30 a.m. (1230 GMT) the New York Federal Reserve releases its Empire State Manufacturing Survey for May. Economists in a Reuters survey expect a reading of 4.00 compared with 3.05 in A

Justin Bieber booed: Booed At Billboard Music Awards, Claims I'm An Artist

Justin Bieber booed: Booed At Billboard Music Awards, Claims I'm An Artist. Justin Bieber was booed at the Billboard Music Awards, despite winning two awards and performing twice. The "Beauty and the Beat" singer was accepting the Milestone Award when the crowd seemed to erupt in boos. Looking a bit confused, Bieber went on to assert that he thinks only the "craft" and his music should be considered, arguing that "none of the other bull" mattered. While it's unclear what Bieber was referencing, he has had a number of bad public relations moments as of late, having lost his temper with the paparazzi in London and being caught smoking marijuana. "This is not a gimmick," Bieber said. "I’m an artist and I should be taken seriously.” Bieber beat out a number of other artists, including Bruno Mars and Taylor Swift for the award. The Milestone Award was actually Bieber’s second trophy of the night. He also took home “Top Male Artist.” It&#