The European Commission fined ArcelorMittal and 16 other steel producers over 458 million euros for operating a price-fixing cartel for nearly two decades. ArcelorMittal received the largest individual fine of over 230 million euros. The Commission found that the steel producers had operated a price-fixing and market-sharing cartel in the EU (except the UK, Ireland and Greece) between 1984 and 2002.

1. ET NEWSBy AnkitaGoyalMBA 2B

2. Nirma to quit bourses, buy back sharesThe reason behind the move was to attain "flexibility to carry out its operations" and facilitate its foray into new capital intensive businesses. The promoters of the company are expected to come up with an open offer to acquire the balance 3.63 crore equity shares of the company from the public at Rs 235 per share. At this rate, Nirma's promoters will have to shell out Rs 853.66 crore to buy them out.

3. International organizations must carry out role of surveillance of the financial systems including sounding warnings about the countries that devaluate their currencies and make surplus.Excess reserve accumulation on a global scale is leading to serious distortions in the international monetary and financial system, and is inhibiting the international adjustment process." IMF should be tougher on exchange rate monitoring

4. Luxury car manufacturer Porsche has banned employees from using internet sites such as Facebook, Google Mail or Ebay during office hours, for fear of industrial spying.

5. The company feared information could be leaked via social networking site Facebook in particular.

6. The foreign intelligence agencies systematically used Facebook to contact company insiders and win their trust in order to obtain information. Porsche employees banned from social networking

7. Motorola has slapped lawsuits against Apple for violating 18 patents related to many key technologies used in iPhone and iPad.Motorola on Wednesday said that Apple's iPhone, iPad, iTouch and certain Mac computers violate as many as 18 of the company's patents.Motorola along with its handset division Motorola Mobility Inc has filed a complaint with the US International Trade Commission, in addition to filing lawsuits in the Northern District of Illinois and the SoutherMotorola sues Apple over patents

8. The European Commission has slapped a fine of over 458 million euros on the world's largest steelmaker ArcelorMittaland 16 others for operating a price-fixing cartel for nearly two decades. ArcelorMittalwas imposed the largest individual fine -- over 230 million euro. Besides, the Commission increased the fines for ArcelorMittalFontaine and ArcelorMittalWire France by 60 per cent because they had already been fined twice for cartels in the steel sector. The Commission has fined 17 pre-stressing steel producers a total of over 458 million euro for operating a price-fixing and market-sharing cartel between January 1984 and September 2002 in all the countries that then formed the EU except the United Kingdom, Ireland and Greece, the Commission said.EU fines ArcelorMittal, 16 others for cartelisation

9. Chinese Premier WenJiabao told EU on Wednesday to stop piling pressure on Beijing to revalue yuan, saying a rapid shift could unleash disastrous social turmoil.IMF said that a growing drive among nations to cap their currencies' strength could derail global economic recovery. When told an EU- China business forum in Brussels that China would implement a reform of its currency regime, making exchange rate more flexible, but rebuffed calls from EU for a rapid and substantial appreciation.'Don't put pressure to revalue yuan'

10. With the Australian cricket team touring India, VinodMishra and his colleague Russell Smyth at MonashUniversity have found that the "poor" performance of India, in one day matches mainly, can significantly impact on fortunes of the Indian stock market. "While a win by Indian cricket team has no statistically significant upward impact on stock returns , a loss generates a significant downward movement in the stock market." "India's main index, the CNX nifty shows that the nifty index was generally flat the day after a win, but the day following a loss the index dropped by an average of 0.231%. The drop following a loss was more than seven times greater than the movement following a win.'Indian cricket performance affects stocks'