Google and Twitter ask court to lift ban on 'hot news'

Companies defend immediate reporting on banks.

Google and Twitter have asked a US court to reverse a lower court's decision banning from issuing "hot news" which comprises immediate reports on analysts' research from several Wall Street banks.

A court had earlier ruled that the financial news site was resorting to "systematic misappropriation" while reporting on research reports of big banks, often before the bank's clients saw the reports.

The search engine company and the mircroblogging site argued that in the age of the internet and instant communication, where anyone with a cell phone may disseminate news even as it occurs, the ban on the website was outdated.