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Google expresses concern about new internet rules in India that consider Internet providers such as Google responsible for all objectionable content, if it is not removed at the government's request. Google says it is difficult for Google to check the huge amount of content that it sends through its pipelines.

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The impact of HSBC's large deposit base on the banking operations. HSBC has $1.2 trillion in deposits and $1 trillion in assets, and $100 billion still there for lending before it hits the 90% loan to deposit ceiling set by the bank. Nixon says this large deposit base may have led HSBC into a badly planned international expansion and the disastrous acquisition of Household Finance leading to loss of $15 billion.

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HSBC CEO, Stuart Gulliver, says the bank will move away from its emphasis on retail banking. After completing a stategic review of the bank's businesses Gulliver says the global retail banking business has grown haphazardly, with HSBC trying "to be all things to all people in all markets." There are about 39 countries where the retail operations are smaller and less efficient than competitors. HSBC has 6000 plus retail outlets worldwide. And Gulliver says outside of the U.K. and Hong Kong retail has not added substantially to the bank's returns. This means capital will be allocated in a more disciplined way going forward.HSBC will pull back from retail operations in Russia and focus on key markets- Germany, Turkey, Brazil and Singapore. Cost cuts of $2.5 to $3.5 billion are planned by 2013. Costs went up after management was preoccupied with the disastrous acquisition of Household Finance in the U.S. Focus will be on growing business such as the Global Banking and Markets Business which Gulliver headed previously. ...

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Japan's three largest banks will see an impact in coming quarters of the valuation losses from Tepco after the nuclear plant disaster.

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Profits at Cisco for the third fiscal quarter declined by about 18%, with revenue going up by 5%. Cisco plans to cut operating costs by $1 billion. Cisco is facing stiff competition in switching systems. Revenue in switching declined 9%. Routing devices revenue went up by 7%.

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Toyota reported a 77% drop in earnings in the first quarter of 2011, with a large loss in the Japanese operations. The strong yen trading at 81 yen to the dollar is a significant factor. And for the first time Toyota's CFO Satoshi Ozawa said "we have reached the limits of profitable Japan based production at 80 yen to the dollar." Japanese operatios lost $2.4 billion. Honda reported a 38% drop in earnings for the 1st quarter.

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Raj Rajaratnam was convicted on 14 counts for insider trading violations. Prosecutors successfully used wiretap evidence for the first time in an insider trading case.

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Takeda Pharmaceutical is negotiating the acquisition of Swiss drugmaker Nycomed for about $14 billion. Takeda has cash reserves of $10.8 billion and will be using this to fund the acquisition, as well as loans from banks. The strong yen has made acquisitions easier for Japanese companies. Takeda's Prevacid ulcer treatment and the Actos diabetes treatment have both expired. A generic launch of Actos is expected in August 2011. Takeda bought the U.S. unit of Millenium Pharmaceutical in 2008 for $8.9 billion for a significant presence in the oncology field. Takeda projects a drop in net profit by April 2013 by 35%, and sales by 11%, for the fiscal year 2013. Takeda's president says it will make investments in China of about 20-30 billon yen and target a ten fold increase in sales in China to 30 billion yen by 2015.

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The Ethics Commission appointed by Chancellor Merkel following the nuclear disaster in Japan has recommended that the German government close all of its nuclear plants by 2021. Merkel said that Germany will end its dependence on nuclear energy and use nuclear as a bridge technology till other sorces are developed. Germany gets 22.6% of its electricity from nuclear energy, according to the Energy Ministry. It has 17 reactors, six of the boiling water type, a design used at Fukushima, and 11 using pressurized water. A former Environment minister, Klaus Topfer, heads the panel, with the other 22 panel members draw from the energy industry and nongovernmental organizations. While recommending closing the plants "to eliminate risks," the panel said it would also boost the German economy. It said "a withdrawal from nuclear power will spur growth, offer enormous technical, economic and social opportunities to position Germany even further as an exporter of sustainable products and services." Germany has already moved ahead in developing wind and solar energy sources, and is developing leading edge technologies and capabilities in the area of environment friendly alternative energies. Wind and solar energy and renewable sources already meet 16.5% of Germany's needs. Italy and Switzerland said they would not develop new reactors after the Fukushima nuclear reactor meltdown. Only Germany with its strong environmental consciousness across all parties is making a decisive break with nuclear energy. ...