Gold prices surged due to increases in overseas markets. Silver hit a record high near Rs 38,000 per kg due to buying by seasonal traders and strong industrial demand. Pure gold rose similarly to end at Rs 19,760 per kg. Funds run by Citigroup, Morgan Stanley, and Goldman Sachs often sell shares on the first day of listings to profit from IPOs, contrary to perceptions of long-term investing. Google removed an Android app that could secretly copy and forward text messages without the owner's consent, raising privacy and security concerns. Wal-Mart said it could open hundreds of stores in India if the government opened the retail sector to foreign investment.

1. Weekly

2. Gold surges on global cues, silver hits
record high
• Gold prices shot up further at the bullion market heavy buying
by stockists and speculators triggered by steep rise in the
overseas markets.
• Silver raced ahead to touch a new historic high and came
within a striking distance of yet another milestone of Rs
38,000 a kg due to frantic buying by seasonal traders and
stockists in tandem with strong industrial support.
• Pure gold (99.9 purity) also rose by a similar margin to end at
Rs 19,760 from yesterday's closing of Rs 19,545.

3. BIG REASON STEEP PRICING
FII biggies cashing out on listing gains
• FUNDS run by Citigroup, Morgan Stanley and Goldman Sachs
are among those that sell shares on the listing day to reap the
riches from initial public offerings (IPOs), contrary to popular
perception that top institutions are long-term investors.
• Most recent listings have plunged below their IPO sale prices,
partly due to these funds cashing out, and also because of the
unsustainable valuations at which they were sold compared with
their earnings and revenues.
• Although IPOs are drawing record subscriptions, many believe
that the sale of shares by institutions may be an indication that
they are not convinced about owning these shares for a long time,
given the valuations.

4. Google bans phone apps used in spying
• A controversial mobile phone application, which helps a
cell phone user read the text messages of others secretly,
has been removed from sale by internet search engine
Google.
• Once installed on a mobile phone, the Android phone
application automatically creates carbon copies of
incoming text messages and forwards them to a selected
number - prompting fears it could be used by jealous
lovers and even work colleagues to snoop on private
messages.

5. Wal-Mart urges India to open retail
sector
• The world's number one retailer Wal-Mart said on Thursday it
could open "hundreds of stores" in India if the government
opened up the country's giant retail sector to foreign investors.
• Foreign groups such as Wal-Mart can currently only be
wholesalers and must partner with domestic firms to sell in
India.
• India has recently kicked off a public debate on allowing
foreign supermarkets to open stores in India, a key reform
pushed for by economists seeking greater liberalisation in the
economy