Microsoft warns of flaws in its Explorer 

Microsoft has warned that its Internet Explorer software contains six flaws, some of which could give hackers access to - and even potentially change - personal information about computer users. Microsoft, which called the severity of some of the flaws "critical", advised users of Explorer versions 5.01, 5.5 and 6.0 to download a patch for the software from the Microsoft website. The security bulletin issued late on Wednesday marks the fourth time this year that Microsoft has issued a fix for Explorer. Among other things, the flaws could allow hackers to view files on a user's computer hard drive. Other flaws exploit vulnerabilities in Internet Explorer's "cross-site scripting" capabilities - which allow script from one web page to legitimately manipulate another - and may permit the same access by a rogue site. Another flaw attacks the software's handling of 'cookies', which are data files deposited by websites that users frequent. The flaw may allow hackers to view and even change information on cookies.

-- Agencies

Swiss fight for banking secrecy

Swiss officials are digging in to defend secrecy laws synonymous with the country's huge banking industry before talks with the European Union expected in June. The latest volley has come after Swiss Economics Minister Pascal Couchepin angrily rejected comments on Thursday by British officials that secrecy laws let the huge Swiss banking industry shelter money that can be used to fund terror. The exchange followed rejection of a motion Switzerland proposed at a two-day meeting of the OECD (Organisation for Economic Cooperation and Development). The Swiss side wanted to include a line in a final communique and which would have required identification of owners of financial vehicles called trusts, common under British law. One source said the Swiss had wanted to amend a paragraph referring to the OECD's Financial Action Task Force, to encourage "rigorous application of the know your customer principle".

US optimistic as trade deficit shrinks

US exports grew faster than the country's imports in March, causing its trade gap to narrow, according to the latest official figures. Separately, an influential survey shows that US consumer confidence improved during early May. The University of Michigan preliminary consumer sentiment index rose to 96.0 in May, indicating a rise in consumers' optimism. The rise from 93.0 in the final April reading took economists by surprise; they had forecast a fall to 92.7.

-- BBC

NIIT to set up software centre in China

NIIT has firmed up its plans to set up a software developement centre in China within the next one year. "We have decided to set a software development centre in China. Besides taking advantage of the huge number of local developers, we would be able to serve neighbouring markets of Japan, Hong Kong and Korea which are currently catered to from India", Arvind Thakur, head of software operations, NIIT said. Thakur was recently on a China visit to study the market and opportunities before deciding to set up a centre there. NIIT alreday has a presence in the Pudong Software Park where the company has a WoFE (wholly-owned foreign enterprise) status allowing it to be operational in education, software and multimedia segments. The company is currently studying the cost of setting up the centre, Thakur said adding the manpower cost there was higher than India while the local billing rates were lower to India's. "Our China operations — NIIT China — which has been looking after the education and training businesses so far, will also be responsible for the software development centre", he said. The Chinese centre will be NIIT's second development centre in South East Asia after Singapore and the fifth one after Atlanta, US, Seattle and Singapore.

-- PTI

BBC wants ITV Digital licence

The BBC has confirmed its interest in the broadcasting licence previously held by the collapsed broadcaster ITV Digital, according to an article in the Corporation's in-house magazine Ariel. The licence has been divided into three licences which are up for grabs. "The Corporation has submitted a letter of interest in the three digital terrestrial television licences to the Independent Television Commission," the Ariel article said. "ITV, Channel 4, Channel 5 and SDN (which already holds a digital terrestrial spectrum licence) are also understood to have submitted separate expressions of interest."

-- BBC

Cable & Wireless bids for Global

Cable & Wireless is bidding for the UK operations of Global Crossing, the bankrupt network operator, according to The Sunday Telegraph. The newspaper said the UK business, formerly known as Racal Telecom, is worth about 250 million pounds. It said the unit has been put up for sale by its parent, which filed for bankruptcy in January. The report said C&W is bidding against a number of private equity firms, including Apax Partners, and other trade buyers.

-- Reuters

FDI up by 19pc during 10 months

Pakistan’s Board of Investment on Saturday said the flow of Foreign Direct Investment (FDI) during July-April 2001-2002, had increased by 19 per cent as compared to the corresponding period last year. During the last year from July-April, the FDI inflow was $259 million while this year it rose to $307.6 million. This shows that despite all odds the foreign investors have started reposing confidence in Pakistan and business-friendly policies of the government. The leading sectors, which attracted FDI during this period are oil and gas sector (129.2 million dollars), power (33.6 million dollars), trade (29.1 million dollars), electronics (15.2 million dollars), transport (17.5 million dollars), financial business (4.3 million dollars), and IT & telecom (9.9 million dollars).
The major investing countries are US (179.9 million dollars), United Kingdom (24.1 million dollars), United Arab Emirates (17.8 million dollars), Switzerland (6.8 million dollars), Germany (9.4 million dollars) and Japan (4.8 million dollars).

-- The Dawn