Sunday, July 19, 2009

Indian Latest News

Fresh cases of assault on Indians in Oz

MELBOURNE: Two fresh cases of assault on Indians have been reported in Australia, with three students being injured in two separate incidents in Sydney and Adelaide despite serious efforts by the country to re-establish its image as a safe destination for international students.

Two students were injured outside a hotel in Sydney last week in what appeared to be a petty street crime, apart from a separate incident surfacing from Adelaide.

New South Wales Police official Brian Wyver said the two men in Sydney suffered minor injuries in a scuffle outside a hotel in Wollongong on Friday.

"When the police arrived they couldn't locate anyone there... They later found that two people had been taken to Wollongong Hospital by a friend," Wyver was quoted as saying by the 'Herald Sun'.

"They attended the hospital and there appears there has been some sort of fight outside the hotel. They didn't want any action in relation to that fight, they weren't badly injured so police have taken a report," he said.

Wyver said the students did not indicate that the fight had been racially-motivated, and they did not want to press charges. "We have asked for CCTV footage from outside the hotel to find out what happened," he added.

In another case, an Indian student was attacked in Adelaide after a group of four drunken localities attacked him.

We expect Mumbai attackers to meet day of reckoning: Hillary

Gurgaon: Noting that Pakistan houses a ‘syndicate of terrorism’, US Secretary of State Hillary Clinton said her country is watching the actions being taken by Islamabad against the scourge and expected that perpetrators of Mumbai attacks meet their ‘day of reckoning’.

She emphasised that terrorism is a threat to all, including those who have given haven to such elements, and every country should stand up to defeat the menace.

"We are certainly watching and expecting that there will be justice and those who launched the horrific attacks in Mumbai will meet their day of reckoning," she said at an interaction with press.

Clinton, who will meet Prime Minister Manmohan Singh and hold talks with External Affairs Minister S M Krishna on Monday, said she realises that the ‘syndicate’ of terrorism in Pakistan is ‘troubling’ India, besides the US.

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"I have also sent messages very directly to the Pakistani people that this (fight against terrorism) is in the interest of Pakistan, the future stability and security of Pakistan," said the Secretary of State, who is on a five-day visit to India.

She said the US had "seen an evolving commitment, not only by Pakistani Government but also Pakistani people and a recognition that terrorism within a country is a threat to that country".

'LeT operatives provided transport, funds to 26/11 attackers'

Islamabad: Five LeT operatives arrested in connection with the Mumbai terror strikes, including its operations chief Zakiur Rehman Lakhvi, provided transport, accommodation and financial support to the 26/11 attackers, according to an updated supplementary chargesheet filed before a Pakistani anti-terror court.

The second chargesheet against the five men -- Lakhvi, Lashkar-e-Toiba's communications expert Zarar Shah, Hamad Amin Sadiq, Shahid Jamil Riaz and Abu al-Qama -- was filed by the Special Investigation Group of Federal Investigation Agency (FIA), which probed the Mumbai attacks, in a Rawalpindi anti-terror court yesterday.

The chargesheet states the five suspects provided transport, boats, financial aid, accommodation and a computer network to attackers who killed more than 180 people in Mumbai, media reports said.

The FIA also submitted the confessional statement made by Ajmal Amir Kasab, the lone terrorist arrested for the attacks, to an Indian magistrate.

Dermatologist claims he fathered Jacko's two kids

London: In a new development to the custody battle of Michael Jackson's three children, his dermatologist has claimed that he is the biological father of the pop star's two elder children.

Dr Arnold Klein, Jackson's dermatologist for last 25 years, is reportedly planning to apply for the guardianship of Prince Michael, 12 and Paris, 11 and consulting his lawyers about his options.

"Arnie is planning to fight for custody of Prince Michael and Paris. He says he can prove he is their father with Debbie," a close friend of the doctor told Sunday Mirror.

Klein was Debbie Rowe's boss when she married Jackson in 1996 and he has never outrightly rejected claims about being the secret sperm donor for Prince and Paris, who many point out have a close physical resemblance to the doctor.

Jackson's mother Katherine, 79, was awarded temporary custody of Prince Michael, Paris and the singer's youngest child, son Blanket, after his death.

She is applying for the permanent custody of the three children, but her lawyers are now in talks with Rowe, who wants some access to Prince Michael and Paris. A custody hearing has been postponed till August 3.

Jackson left his estimated USD 500 million fortune to his three children and his 2002 will, which names Katherine and soul diva Diana Ross as children's guardian, provides for a substantial amount to the caretaker.

Klein's claim is likely to add more confusion to the custody battle.

The doctor, openly gay, lives alone in a 3-million-pound, 30-room Los Angeles mansion after splitting recently from his lover, the newspaper said.

Though he has alway given cryptic answers about the paternity of Jackson's three children, he has told close friends that he fathered the children through artificial insemination with Rowe after a secret deal with Jackson.

The source said Jackson singled out Klein as a sperm-donor because of his intelligence and high IQ.

"Arnie has told his close friends he is Prince Michael and Paris's father for years, while never giving a straight answer in public.

"He says he was paid nothing for the sperm but was paid for keeping the information confidential. The kids have grown up with 'Uncle Arnie' visiting the house and spending holidays with them. He has always said he loves Michael's children, and remarked on how they are the most amazing kids he has ever met," the source added.

Jackson's mother, brothers and sisters reportedly dislike Klein as they believe that he manipulated the pop star with his smooth-talking ways and prescribed strong painkillers, which reportedly played a role in his death.

Indian Business News

IT industry bucks recession to sustain growth

New Delhi: The Indian IT industry managed to limit the impact of global recession last fiscal and maintain the growth momentum, albeit lower than that in the boom times, says tech publisher Dataquest.

"Export firms did better in recession-hit developed markets than those whose business is limited to the Indian market," Dataquest editor Prasanto K Roy said.

Though the business of top 20 firms led by Indian IT bellwethers TCS, Infosys and Wipro, and multinationals such as HP and IBM, grew by an average 19 percent, seven of these posted single-digit revenue growth.

"Overall, the top 20 Indian software and hardware firms reported a combined revenue of Rs.183,621 crore (Rs.1.84 trillion/$39.52 billion) in 2009, compared to Rs.149,250 crore (Rs.1.49 trillion/$32.12 billion) in 2008," Roy said, citing findings of a survey.

Among the seven, four are multinational subsidiaries - Microsoft India, which grew a mere one percent year-on-year to Rs.32.98 billion (Rs.3,298 crore); HP India up two percent to Rs.157.63 billion (Rs.15,763 crore), Oracle three percent to Rs.59.62 billion (Rs.5,962 crore) and Cisco by four percent to Rs.60.84 billion (Rs.6,084 crore).

"One of the reasons for export-driven firms maintaining the growth is because of increasing IT outsourcing in a downturn to keep costs flexible. In the domestic market too, global firms such as IBM and Wipro fared very well," Roy averred.

Among the top 20 firms, eight firms grew fastest despite slowdown and negative sentiment in the market.

These include Mphasis, with revenues increasing 69 percent to Rs.31.73 billion (Rs.3,173 crore); HCL Infosystems, up 60 percent to Rs.80.89 billion (Rs.8,089 crore) and Cognizant Technologies, up 49 percent to Rs.94.10 billion (Rs.9,410 crore).

The IT bellwethers also posted healthy growth rates. TCS was up 22 percent to Rs.25,895 crore; Infosys, up 31 percent to Rs.20,392 crore, and Wipro up 41 percent to Rs.23,882 crore.

Multinationals such as SAP India grew 33 percent to Rs.4,320 crore, Dell India by 32 percent to Rs.4,266 crore, IBM India by 19 percent to Rs.12,048 crore and Accenture by 16 percent to Rs.4,400 crore.

With a decline of 18 percent in its growth, hardware firm Lenovo failed to make it to the top 20 club. Korean major Samsung also saw growth falling 40 percent to Rs,1,200 crore from Rs.2,014 crore.

Export revenues do not include that of business process outsourcing (BPO) services.

Scam-tainted Satyam Computer Services has been left out of the top 20, as its financial performance came under cloud following the Rs.78-billion (Rs.7,800-crore) accounting fraud by founder-chairman B. Ramalinga Raju.

The Dataquest survey findings are lower than the projections made by the IT industry's representative body -- National Association of Software and Services Companies (Nasscom) -- for 2009-10.

With the industry's annual growth rate dipping to 16-17 percent from about 30 percent in 2004-2008, the aggregate revenues was estimated to be $60 billion, including export revenue of $47 billion.

In view of the prevailing uncertainty, Nasscom has taken a two-year view to factor in the volatile environment and estimated that the IT industry would grow at 15 percent to achieve export revenue of $60-62 billion by 2010-11.

Rs 600 crore Satyam shocker for Anand Mahindra?

Sunday July 19, 2009: Industrialist Anand Mahindra is in for a major shock. Maytas Infra and Maytas Properties — companies run by the two sons of the jailed Ramalinga Raju — are soon likely to present him a bill of about Rs 600 crore. Reason: this is the sum that Satyam, the new Mahindra acquisition, owes the two Maytas companies. And since both the Maytas companies are now down in the dumps, there is no way that serving of the "bill' can be delayed any further. Ved Jain, a former president of the Institute of Chartered Accountants of India (ICAI) and now a government-appointed director on the boards of both the Maytas companies, is on record stating that the two companies have documents to demonstrate that money from their coffers reached the treasury of Satyam in the days that Ramalinga Raju ran the company. Rs 380 crore went from Maytas Infra and Rs 220 crore from Maytas Properties. Of course it was not a straight deal — the money was transferred in a two-shot operation. In the first shot, the money reached some privately owned companies spawned by the Rajus by way of intercorporate deposits. In the second transaction the money went from these companies to Satyam.

Undoubtedly, Anand Mahindra and his chosen man for Satyam, Vineet Nayyar, are going to dispute these transactions. They are not going to fork out anything more than they offered at the auction of Satyam and subsequently paid to acquire Satyam. After all they don't have a money plant at their corporate headquarters.

In fact, before Ved Jain went public with the claims, the new bosses at Satyam had said that they had found no evidence of any cash received by Satyam from Maytas. This was neither detected by the government-appointed directors on the Satyam board who ran the company for three months before it was handed over to the Mahindras. However, readers may recall that a day after Raju made his historic confession on January 7, Satyam received a letter from Raju's brother, Suryanarayana Raju. Suryanarayana, who runs hundreds of privately owned companies belonging to the Raju family, said that Satyam owed more than Rs 1200 crore to these companies and these dues should be paid back. At that time nobody took the claims seriously viewing it as a last-ditch attempt by the Rajus to make more money out Satyam — the cash cow that had just got out of their hand.

But with Ved Jain's assertions, the whole matter assumes a new dimension. Now it is a claim that cannot be dismissed out of hand. It is clear that a legal battle will ensue with Satyam and Maytas arraigned against each other. Expect a lot of dirty linen to be washed in public.

With this latest revelation, the whole Satyam scandal now looks far more wider than what it had seemed to be the day Raju confessed to inflating revenues and profits of Satyam. Raju's lawyers have been after that asserting that there was nothing more to the scandal than that. Raju was just inflating the financials of Satyam so that it could look impressive. The lawyers also denied that Raju ever siphoned funds out of Satyam, although now the CBI is investigating this. This is not an easy task, considering that the siphoning took place abroad (by not bringing back the entire proceeds of exports or public issue to India and diverting it elsewhere). Even as the CBI investigates the matter, it is now clear that money was siphoned out of Maytas too. This is a new dimension to the case. And if you want to know how Maytas had all the cash to spare, you might recall that in late 2007 Maytas Infra did a hugely successful public issue that was subscribed many times over.

My feeling is that we have not heard the last of the Satyam scam. There could be many other dimensions to the scam that may become public in the future. Ramalinga Raju had a brilliant mind, and he was capable of conceiving and implementing extremely complex operations. The investigative skills of the police are no match to his dexterity. Even now sitting in jail Raju must be plotting his exit route. After long, last fortnight, the courts have given permission to the cops to administer a lie detector test on Raju and his brother Ramu and also do their "brain mapping". The efficacy of these tests is doubtful but let's wait and see what comes of it. My hunch is that nothing substantial will emerge.

Indian Cricket News | Cricket News |Sports News

England amass huge lead with two days to play

London:England sensed history in the making on Saturday when they took an overall lead of 521 over Australia with two days' play left in the second Ashes test at Lord's. Rain prevented a planned declaration on Saturday evening with England on 311 for six in their second innings. But the home side are still poised for a final victory surge and their first win over Australia at Lord's since 1934. No side has scored more in their fourth innings to win a test than West Indies' 418 for seven to beat Australia at St John's, Antigua, in the 2003-3 season.

However, rain looks certain to play some part in the final six sessions and there were also six successive draws on the friendly Lord's pitch before England defeated West Indies in three days this year. Australia, reeling at 156 for eight overnight, took their first innings total to 215 in reply to England's 425 on Saturday morning.

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Andrew Strauss had the option of enforcing the follow-on or batting again in the hope of scoring enough runs as quickly as possible to give his bowlers maximum time to dismiss the Australians. He chose the latter option although wicketkeeper Matt Prior, whose 61 from 42 balls invigorated an England innings which had been in danger of stagnating, said the decision had been by no means clearcut. "There was a huge amount of discussion last night and this morning," he told a news conference. "I think the decision was only made three seconds before it was announced. We wanted to leave the decision open this morning, there was nothing set in stone. "I think it was the right decision, as it happened today was a great day for batting. The sun shone most of the day and the wicket played well."

Retirement frenzy will spur Flintoff: Warne

Melbourne: Andrew Flintoff's impending retirement after the Ashes has whipped England crowd into such a frenzy that he will become increasingly menacing during the series, feels spin legend Shane Warne. Flintoff's intimidating fast bowling spell in the second Test saw the rattling of Mike Hussey's stumps at Lord's here and Warne tipped the retiring Test star to thrive on the crowd frenzy which in turn would lift England morale to new levels. "He (Flintoff) enjoys the crowd getting behind him, it really seems to give him that motivation as well," Warne said. "He is bowling quick and hostile, and it is nice to see the crowd getting behind him," Warne was quoted as saying by 'Sunday Herald Sun'.

Like Warne, Hussey fears that Flintoff will only get better as the crowd get behind him on his farewell lap of England. "I'm sure that might spur him on a little bit. Flintoff ran in pretty hard and hit the bat nice and hard. He was going very, very hard for a wicket. It was a good spell and I was enjoying the battle," Hussey said. James Anderson, England's primary fast-bowling destroyer at Lord's, said Flintoff's hostile spell at the home of cricket had a major flow-on effect. "The way Fred bowled in his first six-over spell, he can take as much credit for our wickets as I can," Anderson said.

Vaas to quit Test cricket after Pak series

Colombo:Within a fortnight of dismissing his retirement 'rumours', Sri Lanka's most successful pacer Chaminda Vaas announced that he will quit Test cricket after the ongoing series against Pakistan.

"I'm officially retiring from Test cricket after the third Test against Pakistan but will continue playing one-day and Twenty20 matches till the 2011 World Cup," Vaas told reporters at the Sinhalese sports club.

Earlier this month, chief selector Asantha de Mel had revealed that Vaas had a discussion with him after the pacer had made up his mind to quit the longer version.

Vaas, however, went on to deny it and after being ignored for the first two Tests against Pakistan, the 35-year-old pacer was recalled in the Sri Lanka squad for the third and final match starting.

Sri Lanka captain Kumar Sangakkara, who had earlier announced that Vaas would get a farewell game, paid rich tribute to the pacer, who is the only third Sri Lankan after Sanath Jayasuriya and Muttiah Muralitharan to play more than 100 Tests.

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"Vaasy is a true champion and probably the only Sri Lankan fast bowler who can be called a true legend of the game," he said.

Roach rips through Bangladesh as Windies fight back

St. George's: West Indies pace bowler Kemar Roach took six wickets as Bangladesh were bowled out for 232 on the second day of the second test to give the makeshift Caribbean side a narrow first innings lead. West Indies lost opener Dale Richards during the final session but closed the day 61 runs ahead of Bangladesh with nine second innings wickets remaining.

With the leading West Indies players boycotting the series in a dispute over contracts and payments, Roach, playing in his second test, made his case for an extended spell in the side with an excellent spell of hostile bowling on a slow track. After West Indies were dismissed for 237 on the first day, Bangladesh must have fancied their chances of building a decent lead but they never got into a groove against some good bowling. Wicketkeeper Chadwick Walton, also in his second test match, claimed five catches in the innings as West Indies enjoyed much better fortune than in a largely poor batting display on Friday.

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The 21-year-old Roach claimed an early victim in night watchman Enamul Haque before fellow seamer Dave Bernard grabbed the crucial wicket of opener Tamim Iqbal, a centurion in the first innings, with a late swinging delivery that the left-hander edged to Walton. When off-spinner Ryan Austin bowled Junaid Siddique, Bangladesh were struggling on 77 for four. Raqibul Hasan's patient 44 was the best effort from a frontline Bangladesh batsman before Roach had him caught behind with the tourists 150 for six.

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