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, December 3, 2016

Peng Chang-kuei, a Chinese-born chef credited with creating the internationally popular dish General Tso’s chicken, was yesterday announced to have died by his son.

Chuck Peng told The Associated Press his father died of pneumonia in Taipei, Taiwan on Wednesday. The chef fled China to Taiwan in 1949 and invented the dish shortly thereafter. In the 1970s Peng opened a New York restaurant, which he claimed was a regular haunt of Henry Kissinger. Peng credited Kissinger with the dish’s popularity.

Peng conceived the famed dish, which is unknown in China, as unfried. Garlic and soy sauce provided flavour, as did chillies. Today the chicken is served across the US as fried chicken in a sweet, sticky sauce. The chillies remain, with broccoli also appearing. Peng named it after Zuo Zongtang from his native Hunan Province; Zongtang assisted in suppressing the 19th-century Taiping Rebellion.

Peng said the meal was invented for a US admiral visiting Taiwan. Over three days, Peng was contracted to produce several banquets, with not one repeated dish. After exhausting traditional chicken dishes Peng said he created what became General Tso’s chicken as an experiment.

In later years he ran Peng’s, a chain of Taiwanese restaurants. General Tso’s chicken also remained popular across the US. His son claimed he remained working in the kitchen until a few months before his death, at 97. In a documentary two years ago, shown photos of General Tso’s chicken served in the US in modern times, he remarked “This is all crazy nonsense.”

Running away from his farming family in Changsha, Peng trained under Cao Jingchen. He fled communist rule that followed the 1930s Japanese invasion. He fathered seven children, six of whom remain alive, from three marriages. Chuck Peng described his father as “very good to other people, [but] very hard on his family.” Peng Jr. spoke of a “very demanding” man who “thought other people’s cooking was no good.”

Two years ago the Taipei City Government awarded Peng an Outstanding Citizen award. Peng, then 95 and unstable, collected the award in person and delivered a speech in Mandarin Chinese.

Sunday, December 2, 2007

American heavy metal performer Ozzy Osbourne, who became famous as the lead vocalist for Black Sabbath and later as a solo act, has raised more than US$800,000 for The Sharon Osbourne Colon Cancer Program, founded by his spouse Sharon Osbourne at the Cedars Sinai Hospital, by auctioning off personal items.

A number of the items that he auctioned off over the two day period have been seen on his reality TV show The Osbournes, which featured home life with Sharon, Ozzy and their two children. Amongst some of the higher-priced items were a carved walnut Victorian-style custom built pool table which raised $11,250, a painting from Edourad Drouot which fetched $10,500, a pair of Ozzy’s famous round glasses which raised $5,250 and a dog bed given to Sharon by Elton John which sold for $2,375.

Some more famous items were also amongst the 500 lots offered. Ozzy’s black satin coat, complete with bat-wing cape, raised $3,300 and a hand-painted floral cup used regularly on The Osbournes made $1,625. A bronze plaque of a demon’s head that was regularly seen in its position adorning the front door of their house had been expected to go for $800 to $1,200instead raised $8,750. A wire model of the Eiffel Tower from on the kitchen table sold for $10,000, while skull-covered trainers Ozzy had worn reached $2,625. Bidders came from as far away as Germany to buy what they could from his mansion in Beverly Hills, California.

However, three cars included in the auction failed to attract bidders and did not sell. They were a 2006 Bentley Continental Flying Spur, estimated at $160,000 to $180,000, a 2005 Cadillac CTS-V sedan estimated at $30,000 to $40,000 and a 1950 Oldsmobile Futuramic 88 Club Coupe previously owned by author Danielle Steel estimated at $40,000 to $50,000. Sharon had earlier said of the cars “We’re not great car people. They really don’t do a lot for us.

Darren Julien, president of Julien’s Auctions, which organised the two-day sale, said “It did very well. It raised some good money for a very worthy cause.”

“For a celebrity garage sale, it was pretty spectacular.,” he went on. He also commented on the fact that there was fierce competition for the many artworks included. “We had Ozzy fans bidding against these sophisticated fine art buyers, which you don’t see every day. For the most part the metalheads were outbidding the art crowd.”

Sunday, April 5, 2009

Adam is a robot developed by Welsh Aberystwyth University researchers which combines artificial intelligence (AI), robotics and automation to independently conduct and analyse biological laboratory research.

“What’s new and exciting about Adam is [it is] the first time we’ve managed to show that a computer can not only think up new scientific ideas, but experimentally test them and decide whether they’re true,” said Ross King, a computer science professor and lead researcher at Aberystwyth University, “Adam makes up its own mind what to do. It decides what experiments to do, what to test.” He says that for other lab experiments the hardware is already in place, the only step needed is to change the software.

The artificial intelligence alone spans three computers which holds the databases and analytical software to enable Adam to think. For the yeast experiment, Adam was loaded with databases which hold known information relating to yeasts and organisms. Adam compared all fields in the database to find the areas of missing information from which he devised 20 hypotheses.

Adam’s AI is connected to robotic arms, sensors, incubators and cameras which enable Adam to start over 1,000 individual experiments every day and follow their progress over a week.

A part of the process is that Adam’s AI can cycle and analyze the results of the experiments as well doing routine repetitious lab work. Following Adam’s testing, King’s team manually tested three of Adam’s hypotheses and found that the robot’s conclusions were correct, and each was a breakthrough to the scientific community.

Adam has spawned discussion amongst researchers. William Melek, an assistant professor of mechanical engineering at Ontario’s University of Waterloo, has noted that to set up the AI needed for subsequent experiments involving new biological variables and criteria, the human expertise would be time consuming to customize it. The usefulness would be limited therefore to the allotment of human input needed to set up Adam.

David Waltz of Columbia University and Bruce Buchanan of the University of Pittsburgh say that “For the foreseeable future, the prospect of using automated systems as assistants holds vast promise as these assistants are becoming not only faster but much broader in their capabilities — more knowledgeable, more creative, and more self-reflective,” They note the potential of such lab assistants which may more efficiently process the research data.

It was reported that Adam cost about $1million in production costs and this was weighed against the costs of hiring lab techs. King said, We made many mistakes and learned from Adam. Eve is a much cleaner design.”

Eve is the second AI computer under development by Professor King’s research team. Eve’s artificial intelligence will be enhanced to analyze compounds needed for medicinal drugs which may treat killer diseases such as malaria.

Saturday, February 10, 2007

Russian President Vladimir Putin heavily criticized the United States in a speech at the 43rd Munich Conference on Security Policy Saturday for what he called its “almost uncontained” use of force in the world.

Putin also criticized US plans for missile defense systems and NATO’s expansion.

Putin said that nations are witnessing an “almost uncontained hyper use of force” in international relations. The Russian President pointed out that only the UN, and not the EU or NATO, can sanction the legitimate use of force. “One state, the United States, has overstepped its national borders in every way.”

Putin stated that the “excessive use of force” showed a lack of capacity for “complex solutions”.

“This is very dangerous. Nobody feels secure anymore because nobody can hide behind international law,” he said, speaking through a translator. “This is nourishing an arms race with the desire of countries to get nuclear weapons,” he told the 250 officials, including more than 40 defense and foreign ministers.

Speaking about the US missile defense system, possibly to be deployed in Poland and the Czech Republic, he stated that Washington’s reasons for the system weren’t plausible. Even such problem states like North Korea would not be able to build any missile in a foreseeable time necessitating such a defensive measure, the President opined.

Vladimir Putin also stated his doubts about the United States’ willingness to really go ahead with disarmament. He said that Russia was strictly adhering to the agreement to destroy thousands of strategic nuclear weapons until the end of 2012. He also said, he hoped the partner was acting in an equally transparent manner and would not keep a few hundred warheads for “bad times”.

The Munich Conference on Security Policy, founded in 1962, is an international forum composed of more than 250 leading politicians, diplomats, military officials, members of the business community, academics and public figures from more than 40 countries. It has become an annual opportunity for world leaders to discuss the most pressing issues of the day.

The time is 20:00 (UTC) on August 13th, 2006, and this is Audio Wikinews News Briefs.

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Sunday, November 28, 2004

A more efficient way to produce useable hydrogen has been demonstrated by researchers. It uses very high-temperature electrolysis to separate hydrogen from water, so that hydrogen may be used for energy production.

Electrolysis is one method by which laboratories and factories produce hydrogen. An electrical current is passed through water, breaking it down into hydrogen and oxygen gas, which are then collected above the water reservoir.

Researchers in Salt Lake City, Utah, at Ceramtech Incorporated, in collaboration with workers at The Idaho National Engineering and Environmental Laboratory report that when water is superheated to 800 degrees Celsius, far less electricity is required to produce the same volume of hydrogen. The researchers envision that future nuclear fission plants could be used both to heat the water as part of their cooling system, and generate the needed electricity.

Concerns have been raised regarding the safety of such arrangements, however. Jeremy Desterhoft, an independent consultant on nuclear energy safety, warns the “elevated levels of radiation required to sufficiently lower the atomic separation point is beyond the current capabilities of any recent cooler.” He does not believe that economically viable cooling technology will be available for at least four to six more years.

Sunday, September 30, 2007

Evan Wolfson, the founder of the modern gay marriage movement, tells the waiter he would like an iced decaf and “the usual.” Wolfson, one of Time Magazine’s Most Influential People in the World, is a man who unflinchingly knows what he wants and stays his course, whether it be in his choice of restaurant or in his choice of battle. And others always know when they see Evan coming what it is that he wants.

Since his time at Harvard Law School when he wrote a paper on the topic, what Wolfson wants is the right for gay people to marry. The issue gained national prominence in 1993 when the Hawaii Supreme Court held in Baehr v. Lewin that the government had to show a reason for the denial of the freedom to marry, not just deny marriage licenses to the plaintiff gay couples. Wolfson was co-counsel in the historic 1996 Hawaii trial in which he argued that the government does not have a sufficient reason for excluding same-sex couples from marriage. In 1999, Wolfson contributed to Baker v. Vermont, the case that led to the creation of civil unions; advised the lead attorneys in Goodridge v. Department of Public Health, the case that led to same-sex marriage in Massachusetts; and since 2003, when he founded the primary umbrella organization coordinating the efforts to win marriage for gay people, Freedom to Marry, Wolfson has played a role in every marriage equality case in the United States. He is the movement’s founder and leader, and his focus remains square on winning that right. “For years,” said Matt Foreman, executive director of the National Gay and Lesbian Task Force, “many of us were saying to him, ‘We’re not ready. The country’s not ready. And, by the way, you’re crazy.'”

When I make a statement to him about his devoting his life to gay marriage, he corrects me: “I’ve played a part in cases that span the entire spectrum of eliminating gay people’s exclusions and limitations on who gay people are, and I’ve also written on immigration and economic justice, and I have worked on cases involving race discrimination in jury selection and women’s inequality. I don’t think one has to pick one of these things; they work together.”

Indeed, he has. Wolfson was lead counsel before the Supreme Court in Boy Scouts of America v. Dale, the case arguing against the expulsion of gay scoutmasters. As an intrepid young assistant district attorney in Brooklyn, Wolfson worked on People v. Liberta to end the exemption that allowed women to be raped by their husbands legally, a right in New York State as early as 1984. And he helped end the practice of choosing jurors based upon their race.

Wolfson’s entire career has been at the center of the most explosive legal and cultural issues of the last 30 years in the United States, and his influence has been profound. David Shankbone sat down with him to discuss some of the recent decisions affecting gay marriage, gender in marriage and reactions in the gay community to his fight for their rights.

Thursday, June 5, 2008

On June 3rd, 2008, two United States Internet service providers (ISPs) announced they would begin tests to slow web access for their most active customers and charge them for extra speed. Comcast and Time Warner Cable, two of the largest ISPs in North America, both made separate announcements of their plans. The actions come in the wake of an investigation by the Federal Communications Commission (FCC), over whether Comcast had restricted some customers from sharing videos, music, and similar files. The FCC investigation led to a US Congress debate over whether and how much control ISPs should have over the flow of customer data.

Public interest groups complained in November 2007 to the FCC that Comcast had specifically targeted customers using applications that made use of the BitTorrent system, a popular form of file sharing. Free Press, an advocacy group that pushes for better oversight of cable operators such as Comcast, stated that Comcast practices were discriminatory towards users of the legal technology. “The cable companies see a hammer hovering above their heads and are scrambling to find ways to reduce the appearance of wrongdoing,” said Ben Scott, head of the group.

According to Roger Entner, a senior vice president from Nielsen IAG, as little as 5 percent of all Internet users may consume as much as 50 percent of all the bandwidth on the Internet. “This is the politically correct version of doing what Comcast had been doing before, though it takes the occasional [peer-to-peer] user off the hook,” Entner said. Sena Fitzmaurice, a Comcast spokesperson, said, “This says we won’t be looking at what type of traffic that there is, even though we still need to manage the network.”

Comcast’s tests are expected to begin in Chambersburg, Pennsylvania and Warrenton, Virginia.

While Comcast will attempt to throttle the speed of all its high-volume users, Time Warner Cable intends to use a different method. They will meter and bill clients, charging more money for faster speeds and larger amounts of transmitted data, functioning more like a traditional public utility, such as an electric company or cell phone service. Their metered billing test will begin on June 5 in Beaumont, Texas for newly enrolled customers. “Instead of raising prices across the board, consumers who are excessive users would pay,” said Alex Dudley, a Time Warner Cable spokesman. “It is clearly the fairest way to fund the investment that is going to be required to support that use.”

An Associated Press report that Time Warner Cable will bill customers between $29.95 to $54.90USD per month has been confirmed by the cable operator, with clients charged an extra $1 for each gigabyte (GB) by which they exceed their purchased plan. Art Brodsky, communications director of Public Knowledge, a consumer advocacy group in Washington D.C., has expressed concerns about the Time Warner Cable plan. Time Warner Cable’s most expensive offering, $54.90, comes with 15 megabits-per-second of data transfer speed and a 40 gigabyte limit on total data transfer.

“An HD (high-definition) movie is 8GB or so, three movies is more than half your allowance for a month, and heaven knows what else you might want to watch,” Brodsky says. “This is not a relieving congestion scheme as much as it is a rationing scheme. All it does is protect an inadequate infrastructure from the cable company.”