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Posted: 12:03 PM Updated: 6:15 PM

The Associated Press

The Nasdaq composite index briefly broke through 3,000 on Wednesday for the first time since the collapse in dot-com stocks more than a decade ago. Stocks ended lower, but it was still the best February on Wall Street in 14 years.

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Traders Thomas Donato, left, and James Lamb watch the action at the New York Stock Exchange.

AP

The milestone for the Nasdaq, heavy with technology stocks, came a day after the Dow Jones industrial average closed above 13,000 for the first time since May 2008.

Apple, the Nasdaq's biggest component, topped $500 billion in market value, the only company above the half-trillion mark and only the sixth in U.S. corporate history to grow so big. Apple might reveal its next iPad model next week.

The Nasdaq last hit 3,000 on Dec. 13, 2000. Its last close above 3,000 was two days earlier. It was only above 3,000 for seconds on Wednesday before closing down 19.87 points at 2,966.89.

The Dow lost 53.05 to close at 12,952.07. The Standard & Poor's 500 index fell 6.50 points to close at 1,365.68.

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Stocks finish off best February in 14 years

Kazuhiro Tsuga, the newly appointed president of Panasonic Corp., said Wednesday the electronics giant will pursue growth on multiple business fronts in a rational way to survive harsh global competition.

The day after Panasonic announced that the 55-year-old will replace current President Fumio Otsubo, 66, Tsuga told a news conference in Tokyo: "We need to focus on how we can realize growth and profitability in all domains.

"We can't post growth without achieving 'rational growth' by removing inefficiency."

Tsuga said the company's goal has been to take revolutionary steps in fields related to the environment business.

"But we cannot depend only on the environment business," he added.

The Osaka-based company said Tuesday that Otsubo will step down and become chairman. Tsuga is currently a senior managing director and president of the firm's audiovisual products unit.

The change is to be formally approved at a general shareholders' meeting scheduled for June 27.

The shakeup came weeks after Panasonic forecast a 780 billion net loss, its biggest ever, for this business year to March due to the strong yen and slowing demand for its TV and semiconductor businesses.

At the same news conference, Otsubo said Panasonic will place importance on fast-growing emerging markets.

AP

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New Delhi, Feb 29 : The government will consult the law ministry on the notice sent to it by the Russian conglomerate Sistema threatening international arbitration proceedings if the government failed to resolve the issue of revocation of its licences within six months.

"Obviously every party involved, including the government, has the right to look at whatever the legal options are available to them. We do seek the opinion of the law ministry," R. Chandrashekhar, secretary DoT, told reporters at an event here Wednesday.

Sistema, which holds 56.68 percent stake in Sistema Shyam Teleservices (SSTL), has invested $3.1 billion in the country and stands to lose 21 licences following the Supreme Court's verdict earlier this month quashing 122 licences issued in 2008 for 2G spectrum services.

The firm has sent a formal letter through its legal counsel to the Indian government proposing to settle the dispute in an amicable way within six months.

While the letter has been sent to three Indian ministries -- Ministry of External Affairs, Ministry of Finance and Ministry of Communication and Information Technology, a copy of it has also been sent to the Indian Embassy in Moscow.

According to Sistema, under the bilateral investment treaty, the Indian government is obliged to promote and protect foreign investments, including treating the investments in a fair and equitable way.

"We have always maintained that all our investors including Sistema JSFC and Rosimushestvo, the Russian Federal Agency for State Property Management, are being penalized for acting in good faith and in reliance on the appropriateness of the procedures established by Indias telecommunications authorities," Vsevolod Rozanov, president and chief executive officer, SSTL said in a statement Tuesday.

"To protect its business, the company also plans to contest the Supreme court order by filing a review petition within this week before the highest court of the land," he added.

SSTL has over 15 million customers and employs over 3,500 people. (IANS)

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DoT to consult law ministry on Sistema's notice

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