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Facebook is all set to close down the operations of its ‘Facebook Gifts’ from 1 August, CNN reports.

This application was termed to be one of the earliest apps that was offered by the social networking giant and thus, helped send virtual gifts to friends and family with the help of Facebook Credits.

Jared Morgenstern through his blog post explained: “Closing the Gift Shop may disappoint many of the people who have given millions of gifts, but we made the decision after careful thought about where we need to focus our product development efforts."

Ashok Kumar, a research analyst at Rodman and Renshaw, hints that RIM might be in the process to release its tablet computer.

It supposedly be a 7-inch screen device, featuring a 1GHz processor and with two cameras which would allow video conferencing.

The device will focus on professional audience at the same time, is quick to add that Armada 618 will be the most likely processor that will come in handy for the RIM tablet. This indicates that the tablet will come with 3G compatibility, hardware acceleration and support for 1080p video playback.

A Boston University law student has been slapped with a $675,000 file by a judge in the US District Court of Boston who blames the pupil of illegally downloading 30 songs and sharing them online.

It was actually the Recording Industry Association of America who took, Joel Tenenbaum in custody for illegally downloading 30 copyrighted songs from a Peer to Peer network and was asked by the court to pay the fine for the harm done.

Google has put in $100-200 million in web-based games developer Zynga, to help bring out the Google Games.

TechCrunch reports that this supposedly is a small part of a month-old deal between Google and Zynga. This step will enable the game developer develop the Google Games platform.

Zynga, has hit success after delivering hits on the popular Facebook, with game such as Farmville, Mafia Wars and FrontierVille. These games supposedly have raised an approximate amount of half a billion dollars in capital funding, including $150 million from Softbank Capital.

The Thrissur-based South Indian Bank has placed a net profit of Rs 58.44 crore during the first quarter of FY'11, contrasted to Rs 60.11 crore for the consequent quarter of the preceding year.

The bank received a total income of Rs 581.78 crore throughout the quarter under assessed against Rs 521.24 crore for the parallel quarter of the preceding year, converting into a development of 11.61 per cent, a bank publish expressed here today.