The implementation of proposed export-parity pricing (EPP) for calculating subsidy will be disastrous for refiners, analysts believe.

Government-backed Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) sell refined products like diesel at controlled prices. Therefore, their profitability numbers are generally notional unless the government compensates them via subsidy.

Gross refining margins, which determine the refiners' profitability, will get completely wiped off in case the government implements the EPP for calculating subsidy.

On Tuesday, a Kickstarter crowd-funding campaign for the Agent smartwatch was launched, with the funding goal of $100,000 which has already been reached - in less than 12 hours - and exceeded by nearly
30-percent; with 29 days still to go.

Under the Kickstarter Agent smartwatch campaign, an amount of $149 or more has to be pledged by the backers of the device. While this amount will include free shipping of the smartwatch within the US, overseas backers have to pay an additional $15 for shipping.

The world's second largest mobile operator, Vodafone recorded a fall of 4.2 per cent in organic service revenue during the fourt quarter of the financial year 2012-2013.

The company has indicated that it will retain 2.1 billion pound dividend from tis US division due to weaker results in the quarter. The company is also planning to sell the US unit in a major financial deal in the sector. The drop of 4.2 per cent is the largest fall since the company began the measurement in 2003.

Officials have said that the Spain's King Juan Carlos wants to give his 21-million-Euro yacht to the government. The 41.5-metre yacht was named Fortuna and was donated to the king in 2000, but it left the king to receive flak during hard times in Spain.

According to the Spanish press, each refueling of the yacht costs more than 20,000 Euros. The luxury yacht is owned by the state including the royal places and managed by the national Heritage for the use of the 75-year-old king and his family.

Saskia Sassen's, a Professor at Columbia University, has been awarded with Spain's prestigious award for her contributions towards the field of globalization and urban sociology.

The Dutch sociologist, said the jury, has great contributions in the field for which she has earned the Spain's Prince of Asturias social sciences prize. They remarked that her greatest work was her concept of the global city.

The concept has been accepted and used worldwide. It sheds light on the cities that form the centers of the world economy.

As per recent reports, the Spain is facing financial crisis and people of the country are being hit by thefts. It recently emerged that sheep, rabbits and tools are being stolen from the farms of people in the northern town of Albeda in the province of Aragon.

The thefts are urging the people to take up nighttime patrols to safeguard their flocks and gear. One of the residents of the pace named José Bria has his chickens, tools and eight rabbits stolen in three different events.

Before the country sees a series of events across the country, the inaugural event for the Great Bull Run will be held in Northern Virginia this year.

The event is slightly dangerous but very enthusiastic. So far the figures and findings have remained in the favor of the participants. In the history of about 103 years on record, only 15 people have died; however, a hundreds of them have been injured.