atxhomeguide.com

Sunday, February 5, 2006

A BHP Billiton nickel mine at Leinster, 645Km northeast of Perth, Western Australia has halted operations after the death of a mine worker. WA Police say Mark Quinn, 32, an employee of mining contractor MacMahon’s, working about 900 metres underground, was killed in an explosion.

The cause of the explosion is not yet known. Department of Community and Employment Protection investigators have travelled to the site from Kalgoorlie to conduct an inquiry.

Global resources giant BHP Billiton Ltd./Plc, says employees are being briefed and counselled over the incident. The mine will remain closed until the investigation is complete. Police will prepare a report for the coroner.

According to media reports, no-one else was injured in the explosion – the cause of which is not yet known. The accident comes almost two years after a BHP Billiton worker died in a gas explosion at the Boodarie iron plant in Port Hedland, WA. The plant was then abandoned after the incident in May 2004.

In April 2004, a man was killed at BHP Billiton’s Nelson Point facility, also at Port Hedland in WA. In May 2000 a truck driver was killed at a BHP Pilbara iron ore operation in WA. BHP Billiton employ some 37,000 people at over 100 operations in 25 countries.

Coal mines in the United States’ West Virginia district were also suspended earlier this week, due to increased amounts of miners’ deaths.

Monday, January 25, 2010

Sales of previously owned homes in the US fell at the fastest rate ever recorded last December, according to data from the National Association of Realtors (NAR).

According to the association, existing home sales fell 16.7% last month, to an annual rate of 5.45 million, the largest crash since 1968. The figure was less than the 5.90 million units, or an eleven percent drop, predicted by most analysts.

Sales of homes went up for the entire of 2009 to 5.156 million units, or 4.9% for the year, and prices dropped from 2008 by 12.4%.

NAR chief economist Lawrence Yun described the figures as being “probably the largest annual drop since the Great Depression”. He said that “the market is going through a period of swings driven by the tax credit. We’re likely to have another surge in the spring. Job creation is the key to a continued recovery in the second half of the year.”

Pierre Ellis, a senior economist for Decision Economics in New York, commented on the figures, saying: “The drop in home sales is the payback for the acceleration of sales that occurred with the original first-time home buyers tax credit. […] There is an issue as to whether the decline represents a fundamental weakening.”

“The housing market continues to face significant headwinds, including high unemployment, record delinquencies and foreclosures, the specter of rising mortgage rates as the Fed’s [mortgage-backed securities] purchase programs comes to a close in late March, and tight credit,” Omair Sharif, an economist for RBS Securities, noted.

“Still, the resale market showed resilience in the second half of 2009, and the expansion and extension of the tax credit to April 30 could boost purchases during the spring selling season,” he said.

“We’ll see a pickup in existing home sales in the next couple of months as people take advantage of the tax-credit extension”, economist Adam York of Wells Fargo Securities LLC in Charlotte, North Carolina claimed. He fore-casted a pace of 5.4 million. He said that there were unlikely to be buyers of homes, despite the fact that the U.S. was “past the bottom.”

All four regions of the country saw a decline in sales. In the Northeast, sales fell 19.5 percent, in the Midwest, they plunged 25.8 percent. The South, the country’s largest region, saw a 16.3% decline, while in the West, sales waned by 4.8%.

US stocks fell slightly after the announcement, but went back up later in the day.

Thursday, December 24, 2009

The United States Senate has approved a hard-fought measure to overhaul the health care system. The vote will be followed by the difficult process of reconciling the Senate-passed bill with one approved by the House of Representatives, in order to get a final measure to President Barack Obama.

“The yeas are 60, the nays are 39. H.R. 3590 as amended, the Patient Protection and Affordable Care Act is passed,” Vice President Joe Biden announced. Senator Jim Bunning of Kentucky did not show up for the vote leading to the 39 nays. Mike Reynard, a spokesman for Bunning, said in an e-mail that “The senator had family commitments.”

The vice president presided over the Senate at the time of the vote in his role as President of the United States Senate.

As expected, Republicans voted against the bill while all Democrats and two Independents, Joe Lieberman of Connecticut and Bernie Sanders of Vermont, voted for it.

At an estimated $87 billion, the measure would expand health insurance coverage to about 30 million more Americans currently without it, and create new private insurance marketplaces, or exchanges, to expand choice.

And, like the slightly more expensive measure passed by the House of Representatives, the Affordable Health Care for America Act, it would end a practice by private insurance companies of denying coverage to individuals with existing health problems.

Both the Senate and House measures would require nearly all Americans to purchase some form of insurance, while lower-income Americans would receive help from federal government subsidies.

In remarks before the vote, Senate Majority Leader Harry Reid, Democrat from Nevada, said opponents had done everything they could to prevent the vote from taking place.

Speaking to reporters, Reid and others hailed the vote as a victory and a major step toward providing millions more Americans with access to health care. “This is a victory because we have affirmed that the ability to live a healthy life in our great country is a right and not merely a privilege for the select few,” Reid said.

Reid and others including Robert Byrd, the 92-year-old Democrat from West Virginia, paid tribute to Senator Edward Kennedy, who died this past August after spending decades of his career in the Senate pursuing health care reform.

When casting his vote Byrd said, “Mr. President, this is for my friend Ted Kennedy. Aye.”

Victoria Reggie Kennedy, the widow of Senator Kennedy, watched the proceedings from the Senate visitor’s gallery, as did Representative John Dingell, Democrat from Michigan, who has been a long time advocate of health care reform and who sponsored and introduced the House version of the health care reform bill.

In the final hours of debate on the Senate bill, Republicans asserted it would be ineffective and add sharply to the U.S. budget deficit.

Senator Jeff Sessions, Republican from Alabama said of the bill, “This legislation may have a great vision, it may have a great idea about trying to make the system work better. But it does not. These are huge costs [and] it’s not financially sound.”

Senate Minority Leader Mitch McConnell vowed to defeat the bill when the Senate reconvenes in January saying, “This fight is not over. This fight is long from over. My colleagues and I will work to stop this bill from becoming law.”

Senator Olympia Snowe, a moderate Republican from Maine who helped approved the Senate Finance Committee’s version of health care reform, the America’s Healthy Future Act, earlier in the year and who remarked she may not vote on the final bill, said, “I was extremely disappointed,” noting that when the Democrats reached their needed 60 votes to overcome a filibuster, “there was zero opportunity to amend the bill or modify it, and Democrats had no incentive to reach across the aisle.”

Ahead are difficult negotiations with the House of Representatives to craft a final bill President Obama would sign into law. These talks, which will formally get under way early in the new year, will take place amid anger among many liberal House Democrats the Senate bill failed to contain a government-run public health insurance option.

Members of the House Progressive Caucus have vowed to fight to keep this public option in any final legislation that emerges, along with other provisions they say are needed to protect lower and middle-income Americans and hold insurance companies accountable.

In a statement, the Democratic chairmen of three key House committees said while there are clear differences between House and Senate bills, both will bring fundamental health care coverage to millions who are currently uninsured.

Obama administration officials have been quoted as saying they anticipate negotiations on a final bill would not be complete until after the President’s State of the Union Address in January, and could slip even later into the new year.

President Obama issued a statement to the press in the State Dining Room in the White House saying that the vote is “legislation that brings us toward the end of a nearly century-long struggle to reform America’s health care system.”

He also pointed out the bill’s strengths, noting, “The reform bill that passed the Senate this morning, like the House bill, includes the toughest measures ever taken to hold the insurance industry accountable. Insurance companies will no longer be able to deny you coverage on the basis of a preexisting condition. They will no longer be able to drop your coverage when you get sick. No longer will you have to pay unlimited amounts out of your own pocket for the treatments you need. And you’ll be able to appeal unfair decisions by insurance companies to an independent party.”

He also noted how historic the bill is, saying, “If passed, this will be the most important piece of social policy since the Social Security Act in the 1930s, and the most important reform of our health care system since Medicare passed in the 1960s.”

Obama noted the potential social impact, saying, “It’s the impact reform will have on Americans who no longer have to go without a checkup or prescriptions that they need because they can’t afford them; on families who no longer have to worry that a single illness will send them into financial ruin; and on businesses that will no longer face exorbitant insurance rates that hamper their competitiveness.”

Obama afterwards made phone calls to various Senators and other people, including Victoria Kennedy and David Turner of Little Rock, Arkansas. Mr. Turner had his health insurance rescinded in January of last year, after his insurance company went back into his record and alleged that he failed to disclose his full medical record at the time he applied for coverage. Turner was First Lady Michelle Obama’s guest during her husband’s speech to a joint session of Congress on health care reform back in September.

See the discussion page for instructions on adding schools to this list.Tuesday, September 13, 2005

NAICU has created a list of colleges and universities accepting and/or offering assistance to displace faculty members. [1]Wednesday, September 7, 2005

This list is taken from Colleges offering admission to displaced New Orleans students, and is intended to make searching easier for faculty, graduate, and professional students.

In addition to the list below, the Association of American Law Schools has compiled a list of law schools offering assistance to displaced students. [2] As conditions vary by college, interested parties should contact the Office of Admissions at the school in question for specific requirements and up-to-date details.

The Association of American Medical Colleges is coordinating alternatives for medical students and residents displaced by Hurricane Katrina. [3]

ResCross.net is acting as a central interactive hub for establishing research support in times of emergency. With so many scientists affected by Hurricane Katrina, ResCross is currently focused on providing information to identify sources of emergency support as quickly as possible. [4]

With so many scientists affected by Hurricane Katrina, ResCross is currently focused on providing information to identify sources of emergency support as quickly as possible.

Physics undergraduates, grad students, faculty and high school teachers can be matched up with housing and jobs at universities, schools and industry. [5] From the American Association of Physics Teachers, the Society of Physics Students, the American Institute of Physics and the American Physical Society.

If you are seeking or providing assistance, please use this site to find information on research support, available lab space/supplies, resources, guidelines and most importantly to communicate with fellow researchers.

The following is a partial list, sorted by location.

Alabama |Alaska |Arizona |Arkansas |California |Colorado |Connecticut |Delaware |District of Columbia |Florida |Georgia |Hawaii |Idaho |Illinois |Indiana |Iowa |Kansas |Kentucky |Louisiana |Maine |Maryland |Massachusetts |Michigan |Minnesota |Mississippi |Missouri |Montana |Nebraska |Nevada |New Hampshire |New Jersey |New Mexico |New York |North Carolina |North Dakota |Ohio |Oklahoma |Oregon |Pennsylvania |Rhode Island |South Carolina |South Dakota |Tennessee |Texas |Utah |Vermont |Virginia |Washington |West Virginia |Wisconsin |Wyoming |Canada

Monday, May 21, 2012

The placement for first and second place at the 2012 Preakness Stakes could have been a replay of the Kentucky Derby earlier this month as I’ll Have Another came in first with Bodemeister behind in second. In this race, Creative Cause finished third.

By winning the Kentucky Derby and the 137th Preakness Stakes, I’ll Have Another has a chance at winning the US Triple Crown of thoroughbred horse racing. The final race I’ll Have Another would have to win is the Belmont Stakes, which will be held on June 9.

I’ll Have Another was not favored to win the Preakness Stakes and his odds were set at 3-1. Bodemeister, who was the favorite at 2-1 odds, was the speed horse again as he led the field for most of the race just as he did at the Kentucky Derby. This time, Creative Cause was following close behind in second by the time the field of horses reached the far turn. Just as in the Kentucky Derby, I’ll Have Another pushed faster in the final leg of the race. However, the Preakness Stakes finish was closer with I’ll Have Another squeezing by the pacesetter at the very end to win the race in 1:56.9.

Mexican jockey Mario Gutierrez has won his last four races with I’ll Have Another. He gave I’ll Have Another the credit for the finish, “No one put him in this race. He put himself into the race,” he said. Gutierrez said all he had to do was signal to the horse that it was time to challenge Bodemeister and the horse did the rest.

The winning horse is owned by financier J. Paul Reddam and trained by Doug O’Neill.

The Pimlico Race Course in Baltimore, Maryland was filled with a crowd of 121,309 to watch the Triple Crown hopeful. The last horse to win the Triple Crown was Affirmed in 1978.

THE HORSES

According to the official Pimlico website, the horses that competed this year in the Preakness Stakes by starting position include:

1. Tiger Walk is owned by Sagamore Farm, trained by Ignacio Correas IV, and was ridden by Ramon A. Dominguez.

2. Teeth of the Dog is owned by J.W. Singer. The thoroughbred is trained by Michael Matz and the jockey was Joe Bravo.

3. Pretension was the winner of the 2012 Canonero II Stakes. The horse is owned by Kidwells Petite Stable, trained by Christopher W. Grove, and was raced by Javier Santiago.

4. Zetterholm is owned by Winter Park Partners, trained by Richard E. Dutrow, Jr., and ridden by Junior Alvarado.

5. Went The Day Well is owned by Team Valor International and is trained by H. Graham Motion. His jockey was John Velazquez. This team won last year’s Kentucky Derby race with Animal Kingdom, and they took Went The Day Well to the 2012 Kentucky Derby.

6. Creative Cause is owned by Heinz Steinmann and trained by Mike Harrington. His jockey was be Joel Rosario. Creative Cause was part of the field at the Kentucky Derby, too.

7. Bodemeister, winner of the Arkansas Derby at Oaklawn Park, is trained by Bob Baffert. He is owned by Zayat Stables and his jockey was Mike Smith.

8. Daddy Nose Best was the winner of the Sunland Derby at Sunland Park and the El Camino Real Derby at Golden Gate and raced in the 2012 Kentucky Derby. He is owned by Cathy and Bob Zollars, trained by Steve Asmussen. His jockey was Julien Leparoux.

9. I’ll Have Another was the winner of the Kentucky Derby at Churchill Downs. He is owned by financier J. Paul Reddam, trained by Doug O’Neill and ridden by jockey Mario Gutierrez.

10. Optimizer is trained by D. Wayne Lukas, owned by tobacconist Brad Kelley of Bluegrass Hall LLC and ridden by Corey Nakatani. This horse raced also raced in the Kentucky Derby.

11. Cozzetti is trained by Dale Romans and was raced by Jose Lezcano The horse is owned by Albaugh Family Stables.

Friday, February 6, 2009

United States swimmer Michael Phelps has been banned from competition and his training stipend revoked for three months by USA Swimming after Phelps was photographed smoking from a glass pipe, often used for smoking cannabis. The picture was published last Sunday by British tabloid News of the World.

USA Swimming, which is the governing body of swimming in the United States, however said that no “anti-doping” rules had been violated.

“This is not a situation where any anti-doping rule was violated, but we decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming member kids who look up to him as a role model and a hero,” it stated. “Michael has voluntarily accepted this reprimand and has committed to earn back our trust.”

The suspension will end in time for Phelps to train for the US Championships, which are to be held on the 7th of July.

Phelps has also lost sponsor Kellogg, who said that it would not renew its deal with the swimmer next month.

Phelps won a record eight gold medals at the 2008 Olympic Games in Beijing last year, and has since become one of the world’s most famous athletes.

Thursday, November 19, 2009

In a third case of staggering sums billed for “unlimited” Internet access reported this week, a French emergency-room doctor from Fontainebleau beats all records with a €159,212 (US$237,417) bill. The telephone-number-sized bill covers one month’s use of an unlimited 3G dongle on Orange‘s network; the beleaguered Dr Jean Spadaro has been battling this for six months.

“To begin with I thought it was a joke”, said Spadaro, confirming a story from l’Observateur du Valenciennois; The same newspaper that revealed last week a similar case — Eric Gernez, a café owner in Petite-Forêt near to Valenciennes — who received a bill for €45,000. Christophe Aupy-Fargues, head of an insurance brokerage firm in Saint-Herblain, west of Nantes, and another unlimited 3G dongle user, confirmed to Ouest-France on Monday the blocking of payment on a bill for €39,500 demanded by Orange.

“I subscribed in November 2008 to a basic internet access by 3G dongle at €30 per month […] seeing my bills reach sums going up to €860 in April, I decided in May to subscribe to unlimited access by 3G dongle with Orange business at €50 per month. When I saw my bill for May, I couldn’t believe my eyes: €159,212, for one month’s connection, it’s impossible, especially as we don’t use it all of the time” added Spadaro, the father of two children, aged sixteen and nineteen.

On opening the envelope in June, he expected to read an amount neighbouring the cost of his subscription; but, to his horror, it was €159,212; a demand large enough to make an emergency-room doctor’s head spin.

Spadaro claims France Télécom (Orange’s parent company) never explained to him that the “unlimited” package only related to the time spent surfing on the Internet — not the volume of traffic — limited to one Gigabyte per month. The package’s quota corresponds to moderate usage (reception of simple emails for example). As normal Internet users, the members of the Spadaro family surfed Facebook, YouTube, sent emails with attachments, received same, &c. That volume of traffic proved to be costly. €0.17 per Megabyte, or €170 per Gigabyte. Until the bills arrived, the Spadaro family were using the Internet, ignorant of the cost being incurred.

The doctor’s bills, not listed in detail, are €53 for February, €346 for March, €860 for April before soaring to more than €159,000 in May. Spadaro also claims, with evidence of his letters in hand, he had increased the number of protest actions and received, in response, “warnings with threats of seizure”.

Battle-weary after six months of contacting his operator, Spadaro has lost all patience. “Since June, I’ve spent hours writing emails, letters or calling Orange to ask for an explanation. I’ve been passed from call centre to call centre, from customer services to debt collection. No one at Orange was able to give me the slightest clarification. A real wall”, he said. He has never contacted a consumer association, “due to lack of time and also because I trusted the people with whom I was speaking”.

At the end of last week he stumbled upon the article on the Observateur du Valenciennois internet site concerning the case of Eric Gernez. He then also threatened Orange with the press. “The result did not tardy”, he continues. “A customer services representative and a debt collector immediately contacted me by email November 16. And immediately afterwards I received a credit for €136,529”. A first credit having already been sent to him in June, Orange now considers the dossier as “definitively resolved”.

This resolution does not satisfy Jean Spadaro at all, who simply wishes that the bill be cancelled. “I have been a client with Orange for 17 years. I don’t want to attack their image, but here, enough is enough. It’s a question of principles”, he says, highlighting that “on forums, dozens of subscribers tell similar stories”. Furthermore, the two credits do not reimburse him for all of the additional fees he has incurred. “The following months, Orange tried to debit the sum from my account, causing rejection fees from my bank and unpaid fees from the operator. Around €35 each time”.

Exasperated by the whole affair, Spadaro awaits the end of his current contract with Orange in February next year. “I will cancel all of my subscriptions to Orange: 3G+ dongle, but also mobile telephone and internet”, he promises. He has been a client with the operator since 1997.

Orange has promised to work with each case of overbilling. Interviewed on France 2 on Wednesday, Jean-Paul Cottet, director of the business market for France, said that the number of problems were marginal. According to him, 4,000 professionals have opted for a package with a 3G key. It is “a 24/24 but not unlimited offer. Out of these 4,000 cases, there are 1% which are a problem” he explained, listing about thirty such “absurd bills”. “We will correct that”, he promised. “We will work with each client”.

Jean-Paul Cottet pointed out that the general public offers better protection to the client. Once the authorised download limit is reached, the service quality diminishes but there is no overbilling.

Asked about the information given to clients about the conditions of billing elements not included in the package, Elizabeth Alvez, communications representative for the regional department for the North of France, said that “all the tarification information is available at points-of-sale and on orange.fr. This information is given as part of the dialogue between the client and the vendor. We are obliged to communicate the prices.” Nevertheless, one must first of all take the time to read the entire contract with the salesperson before signing.

Wednesday, April 2, 2008

“Localization of ‘SEMI Safety Guideline'”, executed by Safety and Health Technology Center of Taiwan (SAHTECH) and supervised by Semiconductor Equipment and Materials International (SEMI), was announced today in Hsinchu, Taiwan.

This localization included several fields on health and safety of semiconductor manufacturing, certification testing on electrical devices, evaluations on fire or natural diseases, and environmental issues on semiconductor manufacturing devices, etc.. Companies and manufacturers from the semiconductor industry also paid more attentions on this guideline because issues on carbon-savings, earthquakes, fire diseases, and environment-efficiencies were included into this guideline.

On the other side of the incoming trade show of 2008 SecuTech Expo, scheduled after 2 weeks at Taipei World Trade Center, not only main fields on security devices, information security, and fire & disease preventions, the digital monitoring will be a hot topic in security industry. For applications on fire & disease preventions, because its issues contained industrial applications and ESH (Environmental, Safety & Health) managements, if a company want to decrease the ratio of fire disease or earthquake, companies from safety and related industries should pay more attentions on disease preventions.

Monday, January 12, 2009

Byrraju Ramalinga Raju, founder and chairman of Satyam Computer Services, and his brother, B. Rama Raju, the company’s managing director, were arrested late Friday by Andhra Pradesh police. The brothers were placed under judicial custody in a Hyderabad, India jail and will remain there until January 23. Facing charges of criminal breach of trust (Section 406 of IPC), criminal conspiracy (Section 120-B), cheating (Section 420), falsification of records and forgery (Section 468), and fraudulent cancellation of securities (Section 477-a), they face up to ten years imprisonment if convicted.

After 18 hours of interrogation by the Crime Investigation Department (CID) at the state police headquarters, the Raju brothers were sent to the Chanchalguda prison and slept Saturday night on the floor along with 26 other low-risk inmates.

S. Bharat Kumar, the Rajus’s lawyer, asked the magistrate to issue orders for health monitoring. “His blood pressure is fluctuating and he needs medical treatment,” said Bharat Kumar. Mr. Raju appeared before the court Saturday while a team of doctors visited him after he had complained of chest pain.

Raju has Hepatitis-C, and both brothers have high blood pressure, so health precautions are necessary while imprisoned. Prison rules mandate service of jail food thrice a day. The menu includes 650 gm of rice thrice a day with 250 gm of vegetable curry and 125 gm of ‘daal’ plus tea twice a day.

Satyam’s chief financial officer Vadlamani Srinivas, who was also arrested Saturday, had undergone preliminary investigation and appeared Sunday before a special court, according to A. Sivanarayana, Andhra Pradesh additional director general of police. Srinivas was remanded to judicial custody until January 23 by Mr. D. Ramakrishna, Sixth Chief Metropolitan Magistrate, and sent to the Chanchalguda jail with the Raju brothers after interrogation by CID’s Crime Branch (the CB-CID). During his Saturday night arrest and probe by CB-CID, Srinivas made revelations which are contained in his confession letter as submitted to Network 18. “According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management,” Srinivas stated.

The Hyderabad court on Monday postponed the bail hearings of the Raju brothers and Srinivas to January 16. To be defended by a battalion of 25 lawyers, the three accused will remain in Chanchalguda Central Jail until further court order. The Raju brothers were shifted Sunday to a mid-size Old Hospital Barrack cell shared with a bootlegger.

In 2008, the company struggled to purchase two infrastructure companies founded by family members of company founder and CEO Dr. Raju – Maytas Infrastructure and Maytas Properties – for $1.6 billion, despite concerns raised by independent board directors. Dr. Raju tendered his resignation on January 7 after due notice of falsified accounts to board members and the SEBI.

Since January 7 when two lawsuits were commenced, dozens of other class action law suits were filed against Satyam for hundreds of millions of dollars damages based on fraud in the United States District Court for the Southern District of New York in Manhattan, among others. The securities fraud class-action lawsuits have been filed on behalf of investors who bought Satyam American Depositary Receipts (ADRs) since 2004.

On Wednesday Dr. Raju admitted to falsifying and overstating Satyam’s cash reserves by $1B US dollars (£661m) or 94% of its cash and bank balances on books at the end of September.

The fraud was perpetrated several years ago to bridge “a marginal gap” between actual and accounting books operating profits, and continued for several years. “It was like riding a tiger, not knowing how to get off without being eaten,” B. Raju said.

In a letter to the board, Dr. Raju said that neither he nor the managing director had benefited financially from the inflated revenues. Further claiming that none of the board members had any knowledge of the dire company situation, he noted that Satyam’s balance sheet as of the September 30, 2008, carried inflated figures for cash and bank balances of INR 5,040 crore (as against INR 5,361 crore reflected in the books). He alleged it also carried an accrued interest of INR 376 crore which was non-existent. He confessed that he himself prepared an understated liability of INR 1,230 crore on account of funds amid an overstated debtors’ position of INR 490 crore (as against INR 2,651 crore in the books).

Indian analysts have compared the Satyam-Raju scandal to the infamous American Enron scandal. Immediately following the media expose, PricewaterhouseCoopers, auditor of Satyam’s accounts, was set to be probed for complicity in the controversy. Times Now has reported that the Andhra Pradesh CID arrested PricewaterhouseCoopers (PWC) representative Gopal Krishnan for investigation on Saturday night.

New York-listed Satyam Computer Services Ltd., India’s fourth-biggest software firm, is a consulting and information technology services company based in Hyderabad, India. Founded in 1987 by Dr. Byrraju Ramalinga Raju, Satyam’s network spans 67 countries on six continents. It employs 53,000 professionals in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. Its monthly salary outflow is estimated at six billion rupees ($125 million). Deriving more than half of its revenues from the United States, it serves 700 global companies, 185 of which are Fortune 500 corporations.

Satyam’s clients include Nestle, Ford, General Electric Co., General Motors Corp., Nissan Motor Co., Applied Materials Inc., Caterpillar Inc., Cisco Systems Inc. and Sony Corp., and brought in about $40bn last year.

In December 2008, a failed acquisition attempt involving the company Maytas led to a plunge in Satyam’s share price. After Wednesday’s confession, Satyam stocks fell further by more than 70%, while the BSE SENSEX dropped to 7.3% Wednesday, causing the removal of Satyam Computer Services from its indices on Thursday. The shares free fell to 11.50 rupees on Friday, their lowest level since March 1998, compared with around last year’s high of 544 rupees.

The New York Stock Exchange has terminated trading in Satyam stock as of January 7, while the National Stock Exchange of India said it will remove Satyam from its S&P CNX Nifty 50-share index from January 12.

India’s biggest-ever corporate fraud has seriously tainted India Inc.‘s strong corporate governance image. “The admission of fraud in financial affairs has created an adverse impression in the minds of trade, business and industry across the world,” the Indian government admitted. The government intervened on Friday night, dismissing Satyam’s board of directors, announcing it will appoint representatives to manage the affairs of the insolvent outsourcing giant. The board would meet within seven days. Dr Yeduguri Samuel Rajasekhara Reddy, chief Minister of State of Andhra Pradesh, India, on Sunday said that the main agenda is to protect the jobs of the software professionals. “We are taking all needful steps in coordination with the government of India to ensure that the jobs of 53,000 engineers are protected and the shareholders’ money is salvaged,” Reddy said.

“We are working on the names. The Satyam case is an aberration. The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.” Prem Chand Gupta, the Corporate Affairs Minister said. The Federal Government of India appointed a three-member independent board with full authority for Satyam on Sunday and was set to convene within 24 hours. “We have appointed Deepak Parekh, chairman of Housing Development Finance Corporation, Kiran Karnik, former president of IT industry body NASSCOM and C. Achutan, former member of Securities and Exchange Board (SEBI) of India,” Mr. Gupta said.

In early Monday trading (0535 GMT) after the creation of the three-member board, Satyam shares rocketed upwards 60% to 38.15 rupees, even though the main Mumbai market was down more than 2%. BBC reported that Satyam shares have jumped 51% to 36.05 rupees on Monday after the stock lost 87% last week. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” K.K. Mital, Globe Capital, New Delhi head of portfolio management services said. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he added.

The Company Law Board, however, has requested Satyam’s interim board not to implement its decisions. “We are asked by the Company Law Board not to implement the decisions of the board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work,” Satyam head global marketing and communications, Mr. Hari Thalapalli, said.

Lazard Ltd., who has a 7.4% stake in Satyam, sought representation on the new board and wrote as much to The Indian Ministry of Corporate Affairs. “As the largest shareholder in the company, we want to be consulted in whatever decisions are being taken by the Indian government. We have written to the Ministry of Corporate Affairs and are awaiting a reply from them,” Hitesh Jain, a partner at ALMT Legal, who claimed to represent Lazard, said. “It is a fair proposal and we will take a decision as and when we clear other issues. No decision on this has been taken yet,” P.C. Gupta replied.

Meanwhile, the Securities and Exchange Board of India (SEBI) also announced it will try to control the damage and take steps to boost investor confidence. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” a SEBI official statement said. A SEBI team is also investigating acting-CEO Ram Mynampati whose salary was greater than that of founder Dr. Raju and all the directors combined. Dr. Raju had just one fifth of Mynampati’s total package of over Rs 3.5 crore as of March 2008. All the directors comparably received only a total of Rs 2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.

Further, the Andhra Pradesh Police CID and teams assigned by the Economic Offences Wing of the CB-CID conducted searches Sunday of homes of the accused including the ex-CFO’s office to gather documentary evidence about the financial fraud.

Saturday, June 4, 2005

Overnight Friday a Southerly storm brought snow to both the Southern Alps and the central North Island mountains of New Zealand for the first time this year, closing major roads and stranding travellers at the start of the Queens Birthday holiday weekend. Police and the AA urged motorists to drive with extra care and to the conditions this weekend.

In the North Island, State Highway 1 between Waiouru and Rangipo, the Desert Road was closed by deep snow at 3 PM on Friday afternoon. Other roads in the area, including other parts of State Highway 1 between Bulls and Turangi, State Highway 4, via National Park, and 49, via Ohakune, were closed at 8 PM.

These road closures stopped all traffic through the centre of the North Island. About 200 travellers were reported to have spent the night at the Waiouru Army Camp, being accommodated in the Marae and the Barracks. Grit trucks and snow ploughs worked overnight to clear the snow and reopen roads, with the Desert Road finally being reopened about 12:30 PM Saturday.

Together with a slip threatening to close State Highway 3 in the Manawatu Gorge and damage to State Highway 2 after floods in the Bay of Plenty a couple of weeks ago, the only reliable alternative route for travellers around the North Island was via Wanganui and Taranaki.

In the South Island, Police and the AA advised that chains were essential when travelling over the mountain passes.

Yesterday, Mount Hutt skifield announced it would be opening Saturday morning. Early Saturday morning, skiers were reported to be queuing at the gates of Mount Hutt skifield, eager to get the first opportunity to hit the slopes in 2005. Other South Island ski fields were also indicating June opening dates.

The weather outlook is for cold southerly winds and rain over the Queens Birthday holiday weekend, with snow down to 400m in the South Island.