Bizbits

Microsoft buys 5 bn ATamp;T stakeNEW YORK: Microsoft Corp agreed to buy 5 billion in ATamp;T Corp convertible securities as part of a...

Microsoft buys 5 bn ATamp;T stake

NEW YORK: Microsoft Corp agreed to buy 5 billion in ATamp;T Corp convertible securities as part of a deal to expand Microsoft8217;s role in the phone and cable giant8217;s rollout of new Internet services. Under the deal, ATamp;T 8211; which recently purchased Tele-Communications Inc and has agreed to buy MediaOne Group 8211; will increase its use of Microsoft8217;s TV software platform in set-top cable boxes, and both companies will work together to showcase new digital cable services in two US cities. The companies said ATamp;T will increase its use of Microsoft8217;s Windows CE-based operating system software in its digital set-top devices, through which companies deliver communications, entertainment and information services to cable subscribers. ATamp;T, Basking Ridge, NJ, has a commitment to use the Windows CE-based system in five million set-top devices. The agreement announced Thursday expands the licence to cover an additional 2.5 million to five million devices.

LML bike to hit roads inSeptember

NEW DELHI: LML Limited8217;s first motorcycle model, being produced in collaboration with Daelim Motor Corporation of South Korea, would hit the streets in September this year, a top company official said. The bikes are in the final stages of development and the first of the four bikes would roll out by September, the official said here today. The four bikes are being produced by LML under a technical collaboration with Daelim and the partners have no plans for venture into equity sharing. The motorcycles would carry a price tag ranging between Rs 37,500 and Rs 45,000 ex-showroom Delhi.

Indo-Mauritius Chamber formed

MUMBAI: The Indo-Mauritius Chamber of Commerce has been launched to facilitate trade, investment and joint ventures between India and Mauritius. The chamber will create a strong networking between Indian and Mauritian industrialists and businessmen to promote linkages and joint ventures in trade and investment. Mauritius Minister for Industry Sathiamurthy Sunasseelaunched the chamber here on Wednesday. All India Association of Industries AIAI president Vijay Kalantri there was vast potential to improve trade ties with the launching of the chamber.

Stanchart appoints Indian ED

MUMBAI: Standard Chartered Plc of the UK has appointed Kai Nargolwala, an Indian, as one of the two new executive directors of the group. Nargolwala, who joined Stanchart in 1998 after 19 years with Bank of America, will be responsible for corporate and institutional banking worldwide and governance responsibility for Latin America and the United States, a bank statement said here today.

Chris Keljik, the other executive director to be appointed, will be responsible for audit, risk and special asset management.