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Monday, March 12, 2007

A CSX freight train traveling from Buffalo to Selkirk derailed in Oneida, New York.

No injuries have yet been reported as a result of the accident. It is not yet known what caused the accident; CSX and NTSB officials are investigating.

Twenty six of the train’s 79 cars derailed around 7:00 a.m. local time; the derailment led to the explosion of at least one tank car carrying propane. Two other cars are known to contain hazardous materials. As many as seven cars have been reported as burning.

As a precaution, 23 miles (37 kilometers) of the adjacent Thruway have been closed between Syracuse and Verona. Authorities have ordered a complete evacuation for a one-mile radius around the derailment site, including a jail and two elementary schools. Amtrak‘s Empire Service between Albany and Syracuse is suspended and Lake Shore Limited between Syracuse and Chicago is also affected; passengers on these routes are being bused around the affected area.

At the time of the accident the train had a two-man crew and was traversing a section of track that has a 60 mile per hour (MPH) speed limit. The train crew were not injured; it is not yet known what speed the train was traveling when the accident occurred.

Saturday, May 21, 2005

In an effort to ease complaints by the U.S. and Europe about a heavy influx of low priced Chinese goods, China will raise export tariffs on 74 categories of textile products in June. This follows plans from the U.S. to impose quotas on Chinese textiles and clothing.

Products likely to see an increase from the Chinese move include synthetic fiber shirts, trousers, knit shirts and blouses, cotton shirts, and combined cotton yarn. Last week, similar restrictions were imposed by the U.S. on cotton trousers, knit shirts, and underwear. Currently, a 2.5 cent charge per item is imposed; the new tariff will raise this to the equivalent of 12 cents per piece now. While this is a fourfold increase, it is not expected to affect consumer prices. Because of this, some doubt the tariff will have any effect on correcting the trade imbalance.

This move is in response to U.S. trade quotas imposed due to concerns that increased Chinese goods would put U.S. textile manufacturers out of business. According to Auggie Tantillo, executive director of the American Manufacturing Trade Action Coalition, a textile industry group in the U.S., the move will preserve 10,000 U.S. jobs. The new U.S. trade quota will limit the growth of Chinese textile imports to 7.5 percent compared with shipments over the past year.

Prior to January 1, a global quota system helped regulate the trade. With the quota system gone, fears have arisen that a flood of Chinese goods could undercut U.S. competitiveness in the market. China is able to market its goods cheaply due to an artificially weak yuan. The U.S. Treasury criticized the China yuan policy as “highly distortionary”, posing a major risk to China’s economy itself and to global economic growth. They challenged China to revalue its currency to bring it to a level they believe will allow fairer competition between global manufacturers.

China has disputed the charges of the U.S. Treasury. Chinese Commerce Minister Bo Xilai said, “I believe they are not reasonable”.

Laura Jones, a representative of large retailers, also criticized the move, saying “These restrictions on imports from China will do absolutely nothing to help the U.S. textile industry — and the government knows it.”

China has seen a boom in economic growth in recent years due to growing trade surpluses with the West, but economists worry that the trade gap will cause longer term global economic problems. China’s textile and apparel exports are the most noteworthy example, with exports up over 1,000 percent in some categories this year and the rapid loss of marketshare and jobs by U.S. textile manufacturers.

Beginning in 1978, the Chinese economy has been transforming from a Soviet-style centrally planned economy to more of a free market style system, under the rigid political control of Communist Party of China.

To this end, the government has leveraged foreign trade to stimulate economic growth. The result has been a fourfold increase in GDP, making China the sixth largest economy in the world. By 2012 the People’s Republic of China may have the highest GDP in the world.

According to U.S. statistics, from 1999 to 2004 China’s trade surplus with the U.S. doubled to $170 billion. Wal-Mart is China’s seventh largest export partner, just ahead of the United Kingdom.

However, the gains from their “socialist market economy” have not been without problems. The Chinese leadership has often experienced the worst results of socialism and capitalism: bureaucracy, lassitude, corruption, and inflation. Inflation rates have been an on-going challenge, reaching as high as 17% in 1995.

Environmental deterioration is a longer-term threat to economic growth. In 1998, the World Health Organization reported that China had seven of the 10 most-polluted cities on Earth. Another concern among some economists is that China’s economy is over-heating, and due to its global economic expansion this could have major repercussions among other nations.

Typically, wages have been low and working conditions poor, with workers living in restrictive dormitories and working at boring factory jobs. However, recent labor shortages have started improving conditions, and raising the minimum wage towards the equivalent of 100-150 US dollars per month. The labor shortages are in part a result of a demographic trend caused by strict family planning.

• “Economy of the People’s Republic of China” — Wikipedia, May 22, 2005
• “China raises tariffs on textile exports. Beijing hoping to counter criticism from U.S., Europe.” — CNN, May 21, 2005
• “China to increase export tariffs” — CNN, May 19, 2005

Friday, September 26, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. New Democratic Party candidate Max Lombardi is standing for election in the riding of Cambridge. Lombardi is an information technology specialist who has lived in Cambridge for 25 years.

Held since 2004 by Conservative Gary Goodyear, the riding of Cambridge includes the city of Cambridge, Ontario and the Township of North Dumfries, Ontario. Also running in the riding are Gord Zeilstra (Liberal) and Scott Cosman (Green).

Wikinews contacted Max Lombardi, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

For more information, visit the campaign’s official website, listed below.

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.

Wednesday, September 8, 2010

Daybreak, a new breakfast show on ITV in the United Kingdom, launched on Monday at 0600 BST (0500 UTC). The show was hosted by Christine Bleakley and Adrian Chiles, both of whom previously presented The One Show on BBC One.

Opening the broadcast, Bleakley commented: “Dawn is happening, day is breaking behind us here, it’s a beautiful thing here behind us in the studio.” Chiles then commented: “The sun is up and thank goodness. We spent good money bringing you this view […] at least you can see it. Thank goodness for that.” On the website for The Guardian, Stuart Heritage stated that “[a]lthough it does seem like a continuation of GMTV rather than a bold reinvention, some of the new aspects of Daybreak have worked. Adrian and Christine have done reasonably well and the other new faces all seem like good additions.” The set for the programme features two purple sofas with a large round desk in between the sofas and a skyline of London in a backdrop.

The new programme was followed at 0830 BST (0730 UTC) by another new programme, entitled Lorraine — hosted by Lorraine Kelly — which was broadcast until 0925 BST (0825 UTC). Kelly stressed: “I’ve really missed you. I hope you like our new look and we’ve got a packed show for you today.” The Lorraine set contains a pink sofa, a pink armchair and a large round white desk. The two new programmes are the successors to GMTV — which had its last broadcast on Friday.

Previously, Alison Sharman, ITV Director of Factual and Daytime, explained: “Daybreak plays a key part in ITV’s ongoing transformation and reflects the fact that creative renewal lies at the heart of our schedule, which is being modernised and improved under Peter Fincham. We want to ensure that the core audience of housewives with children keep watching but are also determined to attract new viewers to our revitalised breakfast show. As we approach the next stage of this transformational journey our newly confirmed anchors — Christine and Adrian — will be the lynchpins of Daybreak with their unique and brilliant partnership.”

A compilation of brief news reports for Saturday, December 20, 2008.

The United States government has announced that it will give US$17.4 billion in loans to help three of the nation’s automobile makers – Chrysler, General Motors, and Ford – avoid bankruptcy.

The money will be taken from the $700 billion bailout package originally intended to rescue US banks. General Motors will get $9.4 billion and Chrysler $4 billion before next year. Ford stated that it wants to get by without government aid.

President George Bush said that it would not be “a responsible course of action” to allow the companies to collapse.

Sources

• “Bush unveils $17.4bn car bail-out” — BBC News, December 19, 2008
• “U.S. Throws Lifeline to Detroit” — WSJ.com, December 20, 2008

Telephone and Internet communications between Asia and Europe have been disrupted after some submarine cables were severed.

The cables FLAG FEA, SMW4 and SMW3 near Alexandria, Egypt, were damaged, and the GO cable 130 kilometres off the coast of Sicily has also been reported as broken. France Telecom will repair the damage, and the company announced that it was dispatching a ship to repair the line between Egypt and Italy.

Experts warn that it could be several days before the problems are fixed.

Sources

• “Severed cable disrupts web access” — BBC News, December 19, 2008
• “New undersea cable cuts lead to Internet outages” — ars technica, December 20, 2008

Yann Elies, a French yachtsman participating in the Vendee Globe round-the-world solo yacht race, was rescued on Saturday by the Australian navy after the former was paralysed by a wave that struck his boat in the Southern Ocean.

Elies broke his left thighbone and perhaps several ribs after the wave slammed into his boat 200 kilometres southwest of Perth.

The Australian frigate dispatched the HMAS Arunta to rescue Elies. The ship left Fremantle early on Friday morning and reached Elies by evening.

Sources

• “Injured yachtsman rescued by navy” — BBC News, December 20, 2008
• “Navy reaches stricken solo sailor Yann Elies” — news.com.au, December 20, 2008

Wednesday, September 14, 2016

Wikinews on Sunday interviewed Deepa Malik, India’s first female Paralympic medalist, who won the silver medal in the Women’s Shot Put F53 event finals, at the 2016 Summer Paralympics being held in Rio de Janeiro, Brazil.

Malik lost the gold medal to Bahrain’s Fatema Nedham, who had the best throw 4.76 metres, setting a new regional record in paralympic women’s shot put.

Arriving in Rio, Malik had initial trouble due to the airline losing her luggage; it didn’t all arrive until three days later: clothes, opening ceremony outfit and equipment including competition belts.

In early August there was a possibly that Malik might lose her spot on the Indian team going to Rio, with fellow female para athlete Karam Jyoti challenging Malik’s selection and the Sport’s Authority of Indian’s selection process at the High Court of Delhi. The high court ruled against the plaintiff.

Both of these events occurred against the wider backdrop of the Paralympic Committee of India being suspended by the International Paralympic Committee. The Sports Authority of India took final authority over the Paralympic Committee of India for sending a team to Rio, with agreement from the International Paralympic Committee; this arrangement allowed India to compete under their own flag at the 2016 Summer Paralympics.

((Wikinews)) Congratulations on your result.

Deepa Malik: Thank you so much.

((WN)) Even though you are currently waiting in terms of the end result of the protest.

DM: Absolutely, but I’m happy with my performance, I’m happy that I could improve and I could prove myself, there were a lot of questions back home on my selection and on my hard work. My single-minded focus that I had put into this journey of being a Paralympian. Well, I am just so anxious about the results.

((WN)) So how much did the court case and KLM losing your luggage impact on your preparations and your result today?

DM: Yes, but I’m happy that my husband was my coach here, and, so, I had huge moral support in terms of keeping my mind and everything in peace. Most of the equipment was available in the gym, we had to alter the training a bit like the throw days couldn’t happen, so we instead exercised. No, I think that is what sports teaches you, you can’t live on excuses, I never lived on excuses.

((WN)) You work around things.

DM: Yes, that’s what we do, that’s what a sportsman is suppose to do, rise again, and then fall and rise, and run, and I did exactly that.

((WN)) What message should other Indian women take away from your participation and result in Rio?

DM: This is going to be the first female medal that India would have ever won in Paralympics and as it is I’m working aggressively towards transforming this entire concept of empowerment for the women, especially the women in disabilities in my country. So I’m really happy that this medal give my voice more value, more strength, and I’ll be able to impact even more, though on the ninth of September the Prime Minister’s jury has awarded me with the award of Women Transforming India, I’m so happy that within three days of getting that award, I have added another feather to it and proved that yes this journey of ability beyond disability. And not just disability, this is a universal message that if women put their minds to their dreams they can balance it; age, gender, disability, is all a state of mind. If you put your passion and hard work, you can get it, and in the Indian scenario were they say infrastructure is a challenge, women participation that are taboo, religiously and psychologically, disabilities taken as a curse, dependability[?] increases because of lack of infrastructure, well, time to get rid of the excuses. We have to start erasing the excuses and believe your own self and that’s the message I’m carrying with all the activities that I do whether it is car rallying, motorbiking or swimming across a river, every record or every unique activity that I’ve undertaken and just below paralysis has been aimed at changing the stereotypical image of a women and also a women in disability. ?

((WN)) Will you and your daughter both be trying to represent India at the 2020 Games in Tokyo?

DM: I’m very sure about myself, but my daughter, though, she’s a Paralympian, yes, which again was considered a huge taboo in my society that oh my god both the mother and the daughter both have a physical disability, what is going to happen to these two, but we did good and she is working as a youth council representative in the Commonwealth countries, for the Paralympics specially, and her work though her foundation called Wheeling Happiness has earned her the young leader award from the Queen of England, so I guess her focus is now shifting to more on community service and empowering others and not just herself. And she is leaving on first of October to Loughborough to do her PhD doctorate programme in disability sports psychology, I’m very sure Loughborough is going to give her a huge amount of sports [inaudible] but how much time she going to decide to devote to sports and studies is her decision entirely. That’s her dream, her journey. 

((WN)) How helpful was the Sports Authority of India in preparing and supporting your Rio ambitions??

DM: I think 100 per cent, because the biggest challenge we have back home is a customised training, or the infrastructure for that matter, so we were given the ability and the funds to train the way we wanted to train, and the funds were huge which were given to us, out accommodation, food, diet, physical therapist, psychologist, trainer, gym, everything was paid for, and customised, you want it and they give it. So I guess this was easy financially this time, because every expenses was taken care of, my husband could also take a sabbatical from his job and join my journey, and having him twenty-four seven and coaching me because he himself is an athlete, and have the best diet and counselling. I think it’s worked wonders, so I give shout out and a huge applaud.

((WN)) How important was it for you to have a carer in Rio?

DM: Yes, again we really have to appreciate the sports authority of India and also Paralympic Committee of India, which is going to start to function post-Rio in India. They were very very quick, they were very very adamant in giving the wheelchair people escorts. And I need help twenty four seven, I’m just below paralysed so it was really huge, emotionally, mentally, psychically training-wise, every way I think the situation was perfect.

((WN)) Thank you for your time.

DM: Thank you.