International Monetary Fund Slashes 2014 Global Growth Forecast

China asks IMF to grant more power to emerging market economiesReuters

The International Monetary Fund slashed its global economic growth forecast for 2014 after the world's two biggest economies showed weakness in the early part of the year.

The US and China have suffered from weak growth and slowing domestic demand respectively.

While some of the factors behind the reduction were temporary, some richer nations face prolonged economic stagnation if they do not act to boost growth through deeper reforms, the IMF warned.

Updating its World Economic Outlook, the IMF said the global economy should grow at 3.4% this year, down 0.3% on its April prediction. Yet, the Fund's prediction for global growth in 2015 remains at 4%.

"Robust demand momentum has not yet emerged despite continued very low interest rates and easing of brakes to the recovery, including from fiscal consolidation or tight financial conditions," the IMF said.

Developed economies should keep interest rates low, the Washington-based Fund said.

Central banks across developed countries slashed interest rates in the wake of the 2008-09 financial crisis and have maintained low rates in a bid to stimulate the economic recovery.

While the IMF pointed to Japan, Germany and the UK as the year's best performers, weakness in the US and China convinced it to lower its global outlook.

Gaza Strip 'Massacre' at UN School: Powerful Photos of Israeli Tank Shell Attack on Palestinian Civilians

Israeli tank shells hit a compound housing a UN school in the Gaza Strip, killing at least 15 people and wounding dozens who were seeking shelter.

A Palestinian man carries a baby after being evacuated from a UN-run school that was hit by Israeli shellingReuters

Dozens of people, including children were wheeled into a nearby hospital as sirens wailed. "Such a massacre requires more than one hospital to deal with it," said Ayman Hamdan, director of the Beit Hanoun hospital.

The director said that various medical centres were receiving the wounded after the blast hit the school in Beit Hanoun, holding about 1,500 Palestinian refugees.

A man holds a girl, whom medics said was injured in the Israeli shelling of the schoolReuters

A relative mourns at a hospital in Jabaliya in the northern Gaza StripReuters

Worried Palestinians wait outside a hospital ward where a wounded girl is being treatedReuters

Women mourn outside a hospital morgueReuters

A relative of Palestinians whom medics said were killed in Israeli shelling at a UN-run school, reacts at a hospital in the northern Gaza StripReuters

A boy who was wounded in an Israeli strike on a compound housing a UN school in Beit Hanoun arrives at the al-Shifa hospitalAFP

Medics treat a wounded Palestinian child in an emergency room at the al-Shifa hospital in Gaza CityAFP

Pools of blood stain the school courtyard in Beit Hanoun, and a large scorch mark in the courtyard marks the place where one of the tank shells hit.

Israel insists it does its utmost to prevent civilian casualties but says Hamas puts Palestinians in danger by hiding arms and fighters in civilian areas.

A trail of blood is seen in the courtyard of a UN School in Beit Hanoun after it was hit by an Israeli tank shellAFP

Blood runs down the stairs at the United Nations-run school in Beit HanounReuters

A crater is seen in a courtyard after a United Nations-run school sheltering Palestinians was hit by an Israeli shellReuters

The deaths raised the overall Palestinian death toll in the conflict that began on July 8 to at least 751. Israel has lost 32 soldiers, all since July 17, when it widened its air campaign into a full-scale ground operation.

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Turkey: Family Reduced to Walking on All Fours by Rare Disorder

The Family That Walks On All Fours Documentary.Documentary Films (YouTube)

Five siblings in Turkey are forced to walk on all fours due to a rare physical disorder.

The siblings, first discovered in 2005, also have a vocabulary of just 100 words and communicate with each other in a language that they developed, according to the Documentary, The Family that walks on all fours.

The siblings can travel for miles on all fours, with the skin on the heels of their hands as thick as it is on the soles of their feet.

American researchers have confirmed that the condition, previously thought to be a rare example of 'reverse evolution', it is in fact caused by a weak sense of balance, and has no relation to any primitive genetics.

"I was determined to set the record straight because these erroneous claims about the nature and cause of quadrupedalism have been published over and over again, without any actual analysis of the biomechanics of their gait, and by researchers who are not experts in primate locomotion," said lead researcher Liza Shapiro from the University of Texas in the documentary.

Turkish psychologist Stefany Arabella says the siblings' father worries about their wellbeing after he passes away.

"They are occasionally beaten up by the village children and [are not] socially accepted," said Arabella.

Gaza Striptease: Israeli Women Flash Flesh to Boost Morale of IDF Soldiers

Women across have been sharing racy images in hopes of cheering up the IDF soldiers engaged in combat.Facebook

As the Gaza conflict continues to claim lives, scores of Israeli women are doing their part to boast the morale of Israel Defence Forces (IDF) soldiers in combat.

Scores of scantily -clad and often naked women have started posting racy images of themselves on a Facebook page entitled "Standing With the IDF – Maintaining a Protective Edge."

The group, created by Gavriel Beyo, hopes to raise the spirits of the troops fighting with messages of support as well as some eye candy.

Within hours of launch the page has gained over 4000 likes and been flooded with images.

From naked selfies to snaps of bottoms inscribed with the letters 'IDF', the sultry campaign proves how imaginative some women can be.

One unidentified poser is seen lying on the floor with her knickers hanging suggestively around her knees.

Beyo explained that he was motivated to create the unusual page after becoming increasingly worried about the morale of the Israeli soldiers caught up in the Israeli-Palestine crisis.

"We have two bountiful resources in Israel that are impossible to compete with, Israeli minds and the most beautiful women in the world," Beyo explained in a Facebook post.

"We also have a military front so... why not combine the two?" he added.

"Besides, what chance does Hamas have in the face of our women?"

Although he admits that the page has sparked controversy, Beyo insists it is all worth it when troops express how much joy the images have brought them.

"Think of these pictures any time it gets hard (in any way...)," Beyo writes. "Remember what you're fighting for and what is waiting for you back home."

Israel the 'Pariah State'? UK Foreign Minister Warns Western Support is Waning as Gaza School Shelled

Britain's Foreign Secretary Philip Hammond speaks during a joint news conference with Israel's Prime Minister Benjamin Netanyahu(Reuters)

Britain's Foreign Secretary Philip Hammond has warned Israel that it was losing support in Western countries over its Gaza offensive.

Israel launched air strikes against militants in the tiny coastal strip 17 days ago in a bid to halt rockets being fired into Israel from Gaza. The aerial assault was reinforced seven days later by a ground offensive.

"As this campaign goes on and the civilian casualties in Gaza mount, Western public opinion is becoming more and more concerned and less and less sympathetic to Israel," Hammond told Sky News.

"I am appealing to my Israeli counterparts, to their Western values, to do everything they can in exercising their legitimate right to self-defence to minimize the casualties that are caused," he added.

The comments came amid reports that a United Nations-run school in Gaza had been shelled by Israeli forces.

AFP news agency reported a UN official confirming "multiple dead and injured" at the school, while officials from the Gaza ministry of health said at least 15 people had been killed and 200 injured in the shelling.

Robert Turner, the UNRWA director in Gaza, said there was no warning from the Israelis about the attack on the school in Beit Hanoun, according to a report on Al Jazeera.

School officials were were in contact with Israeli forces about arranging a window to evacuate the school before the attack.

"This is a designated emergency shelter," he said. "The location was conveyed to the Israelis" he added.

"This was an installation we were managing, that monitored [to ensure] that our neutrality was maintained. We always call on all parties to ensure that civilians are not harmed," he said, as quoted by Al Jazeera.

The confirmed Palestinian death toll reached 729 on Thursday, the majority were civilians, Palestinian officials said. 32 Israeli soldiers have been killed in the 17-day campaign, while three civilians have died in Israel.

The Palestinian death toll rose to 729 on Thursday, most of them civilians, Gazan authorities said. At least 32 Israeli soldiers have been killed along with three civilians since the campaign opened.

Smokes rises during an Israeli ground offensive in the east of Gaza CityReuters

Hamburg and Seoul to Join Berlin and Brussels By Banning Uber

The global success of driver service app Uber has caused backlash from local jurisdictions and transport unions.Uber

The German city of Hamburg has become the latest city to order ride-sharing service Uber to stop operating within its jurisdiction, adding to growing opposition from local regulators around the world against the US-based app.

Uber has already been outlawed in Brussels and Berlin and is facing a ban in Seoul, the capital of South Korea. The action follows global protests by taxi drivers last month against a lack of regulation for Uber drivers.

An injunction was sent to Uber from Hamburg's transport office on 21 July, according to German publication Manager Magazin. It stated that drivers needed a license in order to transport paying passengers, and that if unlicensed drivers continued to operate through the platform they would face a fine of 1,000€ (£790).

"We're in constant open dialogue with all policy-makers and will appeal any initial decision made that seeks to restrict Uber's ability to provide its technology platform and app to Hamburg's citizens," Uber said in response to the development.

"We call on the Hamburg authorities to update their policies, creating smarter policies fit for the smartphone era. In the meantime, Uber will continue to support our partner-drivers and serve our riders in Hamburg."

Uber claims that Hamburg's decision is not binding and that its services will continue to be offered while an appeal is made.

'An American Monster'

Uber currently operates in over 150 cities across 42 countries, including London and Manchester in the UK.

Taxi drivers in London have complained that the app's ability to calculate fares is illegal, as it is against the law for private vehicles to have taximeters.

"Transport for London (TfL) not enforcing the Private Hire Vehicles Act is dangerous for Londoners," said Steve McNamara, general secretary of the Licensed Taxi Drivers Association, ahead of last month's protests.

"(Uber) is an American monster that has no qualms about breaching any and all laws in the pursuit of profit."

TfL has applied to the High Court for a legal ruling on the situation but that decision is not expected before the end of the year.

London Cabbies Stage anti-Uber ProtestIBTimes UK

London's Grosvenor House Hotel Will Be Sold to Bail Sahara Group's Subrata Roy

A file photograph of Sahara Group chairman Subrata Roy.Reuters

The Sultan of Brunei, an investment arm of the Qatari royal family and Indian billionaire Cyrus Poonawalla are reportedly vying to acquire London's Grosvenor House Hotel and a deal will help its owner, jailed Indian businessman Subrata Roy, raise funds to post a $1.7bn bail in Delhi.

Indian pharma billionaire Poonawalla has reportedly tabled a £550m ($935m, €694m) bid for the British property, which is located in the Mayfair area and managed by J W Marriott, valuing it at 19 times EBITDA multiple, The Economic Times reported.

However, Poonawalla said he does not want to enter a bidding war with the Sultan and the Qataris, the report added.

Roy, who runs the troubled financial services group Sahara India Pariwar, has also put two other hotels on sale – New York's Plaza Hotel and Dreams Downtown Hotel -- in a bid to raise the $1.7bn needed to pay market regulator Securities and Exchange Board of India (Sebi) to get out of Delhi's Tihar jail, Asia's largest prison complex.

The three hotels could be valued at $2bn, an unnamed source told the Indian newspaper.

Earlier in the week, India's Supreme Court gave Roy permission to leave prison for a few hours a day, under police escort, to negotiate the sale of his hotels.

Forbes magazine, in March, pegged Poonawalla's net worth at $5.2bn.

Roy has been in jail since 4 March after two group companies — Sahara Housing and Sahara Real Estate — failed to comply with the Supreme Court's order to refund $3.9bn to 30 million investors.

Roy acquired the New York hotels for close to $800m in 2012 and had purchased the Grosvenor for $725m in 2010. The acquisitions were financed through borrowings from the Bank of China.

BREAKING: Missing Air Algerie Flight AH5017 was 'Rerouted to Avoid Collision with Another Plane'

An Air Algerie flight loses contact 50 minutes after takeoffReuters file photo

Air Algerie flight AH5017 from Ouagadougou to Algiers, which has disappeared from the radar screens, is said to have changed course to avoid collision with another jet before losing contact.

The flight lost contact with the ground control while it was cruising above Malian airspace and was said to be an hour away from the Algerian border.

"The plane was not far from the Algerian frontier when the crew was asked to make a detour because of poor visibility and to prevent the risk of collision with another aircraft on the Algiers-Bamako route," an Algerian aviation source, who did not wish to be identified, told AFP.

"Contact was lost after the change of course."

The aircraft was chartered from Spanish airline Swiftair. There were 110 passengers of different nationalities and six crew members on board the jet.

The flight was scheduled to land at the destination at about 05:10 local time but has not landed six hours post arrival time.

China to Extend Tibet Railway Line to India, Nepal and Bhutan borders

Two workers walk along the Qinghai-Tibet Railway as they check the railway track in Dangxiong county, Tibet(Reuters)

China has made plans to extend a railway line to link it to the borders of India, Bhutan and Nepal, according to a report in a state newspaper.

The proposal would see the existing line between Tibet and the rest of the country extended by 2020, once a different extension to a cultural site in Tibetan Buddhism opens.

Beijing launched a railway line to the Tibetan capital of Lhasa in 2006 in a bid to boost development in the disputed region.

Exiled Tibetans and human rights groups have criticised the railway, which they say has caused an influx of Chinese migrants whose presence poses a threat to Tibetans' cultural identity and heritage.

A report in the state-owned Global Times newspaper said the already-planned extension to the Tibetan cultural site of Shigatse, the traditional seat of Tibetan Buddhism's second-highest figure, the Panchen Lama, would open in August.

The line to Shigatse would then be extended between 2016 and 2020 to two destinations, one reaching the Nepalese border and one reaching the border with India and Bhutan, the newspaper reported.

Tibet has long been a sensitive region amid widespread resentment to Chinese control of the region and its strategic importance, on the borders of India, Nepal and Myanmar.

China's Communist army occupied Tibet in 1950. Tibet's spiritual leader, the Dalai Lama, fled to India in 1959. Tens of thousands of Tibetans also fled to India at the time, forming communities that continue to live in exile.

Husi Food's US Parent Apologises For China Food Scandal As Regulator Expands Probe

A security personnel stands guard in front of an OSI's food processing plants in Langfang, Hebei provinceReuters

Sheldon Lavin, chairman and chief executive of US-based OSI Group, which owns Shanghai Husi Food that is at the centre of a recent China food scandal, has apologised to Chinese customers.

"What happened at Husi Shanghai is completely unacceptable. I will not try to defend it or explain it," Lavin said in a statement.

"I sincerely apologise to all of our customers in China. We will bear the responsibility of these missteps, and will make sure they never happen again."

He added that the company is sending its food experts to work with the staff in China.

Shanghai's Food and Drug Administration earlier said it seized more than 5,000 boxes of expired meat from warehouses of Shanghai Husi Food after a raid, and police detained five employees at the firm, including its quality manager.

The Chinese local media earlier reported that Shanghai Husi Food sold chicken and beef past their expiry dates to international food chains including McDonald's, KFC and Pizza Hut. KFC and Pizza Hut are owned by US-based Yum Brands.

Earlier, operations at Shanghai Husi were suspended and all of its meat products were ordered to be taken off the shelves.

Nine companies including KFC, McDonald's, Burger King and Papa John's have used products from Shanghai Husi.

Following the outbreak of the scandal, the companies apologised to Chinese customers and said they were taking the products concerned off the shelves.

The Shanghai Municipal Food and Drug Administration said that it had questioned 581 food-related facilities that are suspected of using expired meat from Shanghai Husi.

It also demanded production, quality control and sales records from OSI and ordered McDonald's to seal over 4,500 boxes of suspected meat products and Yum's Pizza Hut to seal over 500 boxes of beef.

Meanwhile, China's food watchdog said it would inspect all of parent OSI's sites around China to see if enough has been done to ensure food safety, which has been a serious issue in China ever since the 2008 milk scandal when infants fell ill or died after consuming tainted milk powder.

Nigeria: Twin Blasts Rip Through Kaduna State Killing 82 as Former Ruler Escapes Unhurt

Workers pick items at the scene of a bombing in KadunaReuters

In what is believed to be an assassination attempt on former Nigerian military ruler General Muhaammadu Buhari, at least 82 people have been killed in twin blasts that ripped through Kaduna State in north-western Nigeria.

Buhari was accompanied by a well-known Islamic cleric, Sheikh Dahiru Bauchi, who also escaped unhurt in the attack. The cleric is a known critic of the Islamist extremist outfit Boko Haram.

The Kaduna State governor has announced a 24-hour curfew following the explosions that targeted busy squares.

It is yet to be ascertained who was behind the bomb blasts that also left scores of people injured and wrecked vehicles in the vicinity.

The second bomb went off two hours after the first explosion.

Buhari said in a short statement: "I was personally involved in a clearly targeted bomb attack today along Ali Akilu Road, Kawo-Kaduna at about 2:30pm on my way to Daura. The unfortunate event, clearly an assassination attempt, came from a fast moving vehicle that made many attempts to overtake my security car but was blocked by my escort vehicle."

State Police Commissioner Umar Shehu told reporters: "All I can say is that the Kaduna State Emergency Management Agency, SEMA, and Road Safety Corps have told me that they recovered 25 corpses from this place. But you can see that we still have some human remains here. I cannot tell you the number of those injured at this point. That is all I can say."

Condemning the killings, Nigerian President Goodluck Jonathan said in a statement: "The president denounces the dastardly targeting of the prominent political and religious leaders by terrorists and enemies of the nation. This is an odious attempt to inflame passions and exacerbate disquiet, fear, insecurity and sectional divisions in the country."

China's Antitrust Watchdog Sees Qualcomm as Having Monopoly

A file photograph of Qualcomm CEO Steve Mollenkopf.Reuters

China's antitrust regulator believes US chipmaker Qualcomm enjoys a monopoly in the world's second largest economy, according to a report in China's Securities Times newspaper.

The regulator, the National Development and Reform Commission (NDRC), is probing Qualcomm's Chinese subsidiary for allegedly overcharging and abusing its market position in wireless communication standards.

However, the Securities Times report did not clarify whether the NDRC had determined that Qualcomm had abused its monopolistic position.

Under China's anti-monopoly law, the NDRC can impose fines of between 1% and 10% of a company's revenues for the preceding year.

Qualcomm, among the world's biggest maker of cellphone chips, could have to cough up more than $1bn (£587m, €743m) in fines. It raked in $12.3bn in China for its financial year ended 29 September 2013, or about half of its global sales.

Lawyers have said the fine could be very high if the US chipmaker fails to make concessions in its negotiations with the NDRC.

Allegations

The state-run newspaper said Qualcomm was charging lower royalties for patents to destabilise competitors, who have similar technology, and maintain market share. The report also said that Qualcomm, as the only provider of chips for high-end phones, can control patent licensing fees.

Qualcomm Chief Executive Steven Mollenkopf, who rolled out a $150m "strategic venture fund" in China on 24 July, did not comment on the matter.

Pursued by Reuters, a Qualcomm spokeswoman travelling with Mollenkopf refused to comment.

The NDRC also refused to comment when contacted.

Qualcomm President Derek Aberle has been in touch with the NDRC over issues relating to the anti-monopoly probe.

4G Bonanza

Qualcomm had expected additional royalty revenue in the wake of Chinese telecom firms, including the nation's largest cellphone carrier China Mobile, upgrading to high-speed networks in 2014 using Qualcomm technology.

But Qualcomm has struggled to collect licensing revenue from some device makers in China, including an increasing number of local manufacturers it has done little or no business with in the past, Reuters reported.

While the bulk of Qualcomm's revenue comes from selling chips that allow phones to communicate with carrier networks, most of its profit comes from licensing patents for its prevalent CDMA mobile phone technology.

"There was some impact in the quarter that we just reported in Q3 and we expect the impact will be larger in the next quarter and potentially for a number of quarters until we can get these things resolved," Aberle told the news agency.

Anti-Trust Probe

Analysts have said China's antitrust investigation could be an attempt to influence royalty negotiations with Qualcomm, ahead of the expected rollout of 4G wireless infrastructure by China Mobile.

Shipments of 4G-enabled smartphones, many of which will use Qualcomm technology, are expected to jump some 30% to exceed half a billion units in Greater China in 2015, according to analyst data, as against the 385 million units shipped in 2013.

Analysts have said the probe could be Beijing's way of supporting domestic competitors.

Earlier in 2013, organisations linked to the Chinese government invested about $3bn to acquire local mobile chipmakers Spreadtrum Communications and RDA Microelectronics.

NDRC Scrutiny

In 2013, the NDRC began probing US firm InterDigital to examine antitrust complaints by Huawei Technologies over technologies for wireless devices and networks.

In 2011, the regulator imposed a $300,000 fine on Unilever for infringement of the pricing law.

In 2009, South Korea's Fair Trade Commission fined Qualcomm 273bn won ($265m) for exploiting its dominant position in CDMA modem chips that were later used in handsets made by Samsung and LG Electronics.

China: Nursing Home Worker Detained for Castrating Residents

An employee of a nursing home in northeastern China allegedly removed the testicles of three bedridden or mentally handicapped residents.Reuters

A nursing home worker in China has been detained by police for allegedly castrating three residents.

Police in the northeastern Qinggang County in Heilongjang province say the man is accused of cutting off the testicles of the patients, two of which are bedridden and the third is mentally handicapped.

The official Xinhua News Agency reported that the man tied them up and used a dull razor to castrate them.

Reports conflicted over whether the man is a member of staff. Xinhua, the state press agency of the People's Republic of China, said the accused is an employee of the home but a staff member told The Associated Press that he is actually a patient.

One victim lost both testicles and the other two lost one each, said local police.

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ISS Astronaut Alexander Gerst Photo Shows Rocket Fire and Explosions Over Gaza and Israel

Alexander Gerst shared an image believed to show rocket fire between Israel and Gaza.Alexander Gerst/Twitter

An astronaut on board the International Space Station has shared his "saddest" ever image from space – a photo showing rockets and explosions in Israel and Gaza.

Alexander Gerst posted the picture on Twitter with the caption: "My saddest photo yet. From ISS we can actually see explosions and rockets flying over Gaza & Israel."

The ISS was stationed about 200 miles above the Earth as it passed over Israel and Gaza.

Rockets can apparently be seen shooting between the two areas – although Nasa told Mashable it needs to verify what is shown in the photo.

Gerst, from Germany, was assigned to join the ISS in September 2011. He set off from the Baikonur Cosmodrome in Kazakhstan on a Soyuz spacecraft in May 2014. He will return to Earth in November.

His photo comes as the UN warned that Israel may have committed war crimes in its attack against Hamas in Gaza. "There seems to be a strong possibility that international law has been violated, in a manner that could amount to war crimes," Navi Pillay, the UN high commissioner for human rights, said.

The conflict has been going on for over two weeks and so far over 700 people have been killed – more than 690 Palestinians, including at least 160 children, and 34 Israelis.

Taiwan Plane Crash: Typhoon Matmo led to TransAsia Airways Flight GE222 Crash, Killing 48

Stormy weather created by Typhoon Matmo was the most probable cause of a plane crash on a Taiwanese island that killed 48 people.

The TransAsia Airways turboprop passenger plane crashed after an aborted landing during stormy weatherAFP

The ATR-72 turboprop passenger plane operated by Taiwan's TransAsia Airways was carrying 58 passengers and crew when it crashed while landing on the Penghu island chain in the Taiwan Strait between Taiwan and China.

The victims included 46 Taiwanese and two French medical students. The airline said one of the injured 10 survivors had gone home and five local residents who were hurt on the ground were treated and released. The crash damaged eight houses.

In the village of Xixi, where the plane came down, disaster crews are picking through the remains of the aircraft cabin, demolished houses and a smashed car.

A local resident walks past the tail section of TransAsia Airways flight GE222 that crashed near the airport on the Penghu island chain, TaiwanAFP

Plane wreckage and demolished houses are seen in the village of XixiReuters

Emergency workers sort through the wreckage of the plane and a houseReuters

Rescue personnel sort through belongings found in the wreckageReuters

Rescue workers and firefighters search through the wreckage of TransAsia Airways flight GE222AFP

The plane's captain had 22 years of flying experience and the co-pilot had more than two years, according to the Central News Agency.

The crash came hours after Matmo passed over Taiwan. About 200 airline flights had been cancelled earlier in the day due to rain and high winds.

Penghu, a scenic chain of 64 islets, is a popular tourist site about 150 kilometres southwest of the Taiwanese capital, Taipei.

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TCS Becomes First Indian Company to Cross 50tn-Rupee Market Cap

Tata Consultancy Services (TCS) Chief Executive N. Chandrasekaran speaks during a news conference in MumbaiReuters

Indian outsourcing giant, Tata Consultancy Services (TCS), has become the second most valuable IT services provider after IBM, following a surge in its market capitalisation.

The company's market capitalisation rose to 50.3tn rupees ($83.8bn, £49.1bn, €62.2bn) on 23 July – the highest valuation since its listing 10 years ago. In contrast, market leader IBM has a market capitalisation of $193.7bn, while the third largest player Ireland's Accenture is valued at $51bn.

TCS has also become the most valued company in India, leapfrogging state-owned oil giant ONGC, billionaire Mukesh Ambani's Reliance Industries and consumer goods giant ITC, which are currently valued at 35tn rupees, 33tn rupees and 28tn rupees, respectively.

It is the first company to achieve 50tn-rupee market capitalisation.

In addition, TCS's market value is more than the combined value of the second and third largest India IT services firms. The second largest player, Infosys, is currently valued at 19tn rupees, while the third largest Wipro is valued at 14tn rupees.

Earlier, the company announced robust first-quarter results, with $845m of net profits on $3.69bn of revenue. Shares in the company have since risen about 9%, and several analysts tagged the stock with a "buy".

TCS has surged nearly 20% so far in the year 2014 and almost 48% in the last one year.

The company won several large clients in the first quarter of fiscal year 2014-15, and several brokerages have raised their target price for the stock up to 3,100 rupees. TCS is currently trading at 2,578 rupees.

Indian IT services firms largely depend on clients from the US and Europe for their business. Following a slowdown after the financial crisis in 2008, the US and European economies are recovering and companies have started spending again.

Analysts expect TCS to gain significantly from the favourable business climate.

Israel Snubs UNHRC 'Kangaroo Court' as Ban Ki-Moon Outraged over Hamas Rockets in Schools

A Palestinian man, in clothes stained with the blood of his father, who medics said was killed by Israeli shelling, mourns at a hospital in Khan Younis in the southern Gaza StripReuters

Israel has snubbed the United Nations Human Rights Council (UNHRC) calling its remarks as those of a "kangaroo court" even as UN Secretary-General Ban Ki-moon expressed outrage over the discovery of rockets stashed by Hamas in schools.

Shortly after the chief of the UN rights body, Navi Pillay, commented that the Israeli aggression in the ongoing battle with Hamas in Gaza could be tantamount to war crimes, the office of Israeli Prime Minister Benjamin Netanyahu denounced the observation in a statement, saying: "This investigation by a kangaroo court is a foregone conclusion."

"Rather than investigate Hamas, which is committing a double war crime by firing rockets at Israeli civilians while hiding behind Palestinian civilians, the UNHRC calls for an investigation of Israel."

It added that Pillay's comments would embolden Hamas and other outfits to increasingly use civilians as human shields in war.

Pillai earlier said: "There seems to be a strong possibility that international law has been violated, in a manner that could amount to war crimes."

Meanwhile, Ban has expressed serious concern after it was found that Hamas had hidden rockets and other weapons in schools and UN shelters in Palestine.

The United Nations Relief and Works Agency (UNRWA) had previously reported: "Today, in the course of the regular inspection of its premises, UNRWA discovered rockets hidden in a vacant school in the Gaza Strip.

"As soon as the rockets were discovered, UNRWA staff were withdrawn from the premises, and so we are unable to confirm the precise number of rockets."

A statement from the UN chief's spokesperson said Ban "expresses his outrage and regret at the placing of weapons in an UN-administered school".

"By doing so, those responsible are turning schools into potential military targets, and endangering the lives of innocent children, UN employees working in such facilities and anyone using the UN schools as shelter."

India: 26 Schoolchildren Feared Killed as Bus Rams Speeding Train

As many as 26 children are feared killed and 10 seriously injured after a school bus carrying 40 students collided with a speeding train bound for Secunderabad, the twin city of Hyderabad, at a level-crossing gate in Medak district in the newly-formed south Indian state of Telangana.

According to reports, the bus was completely damaged.

The injured, some of them seriously, have been admitted to a local hospital. Police sources say the death toll could rise.

Such was the impact of the collision that the bus is reported to have been dragged for at least 1km by the train.

Schoolbags and water-bottles are said to be lying scattered around the wreckage of the bus.

There are conflicting reports about the cause of the accident. Some reports say the driver of the bus, who was among those killed, failed to heed a warning about the gate being left open.

Other reports indicate that due to technical lapses, the signal at the level-crossing failed.

India's railway crossings have turned into virtual death traps with about 15,000 people being killed every year at the gates.

Numerous safety panels have recommended bridges and overpasses to avoid accidents, but these have only remained on paper.