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Sunday, November 6, 2016

The following is the sixth and final edition of a monthly series chronicling the U.S. 2016 presidential election. It features original material compiled throughout the previous month after an overview of the month’s biggest stories.

In this month’s edition on the campaign trail: the Free & Equal Foundation holds a presidential debate with three little-known candidates; three additional candidates give their final pleas to voters; and past Wikinews interviewees provide their electoral predictions ahead of the November 8 election.

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.

Thursday, March 10, 2011

The Space Shuttle Discovery successfully landed Wednesday at the Kennedy Space Center in Florida at 11:57 AM EST (16:57 UTC) for what is scheduled to be the final time in its operational career.

Upon landing, the shuttle and its six-person crew wrapped up the STS-133 mission, the Discovery’s 39th and final flight into space. STS-133 launched on February 24, after several launch delays since last November due to numerous technical issues. During the twelve-day mission, the crew transported supplies and parts to the International Space Station (ISS) including Robonaut2, the first dexterous humanoid robot in space, the Permanent Multipurpose Module, and ExPRESS Logistics Carrier-4.

During the mission, two spacewalks were performed by astronauts Stephen Bowen and Alvin Drew to install parts and perform maintenance on the exterior of the orbiting laboratory.

Six astronauts and cosmonauts, members of the Expedition 26 crew, remain aboard the ISS to carry out a long-duration mission aboard the outpost.

STS-133 is Discovery’s 39th and final mission into space, the 35th shuttle mission to the ISS, and the 133rd flight in the entire shuttle program. Discovery has docked with two different space stations, Mir and the ISS, and was the first shuttle to fly after both the Challenger and Columbia disasters. Discovery made its maiden flight on STS-41-D in 1984, having since become the most experienced and oldest surviving space shuttle, and delivering payloads to orbit such as the Hubble Space Telescope and becoming the first shuttle to fly a Russian cosmonaut into space.

Discovery, having completed its final flight, has been offered by NASA to the National Air and Space Museum of the Smithsonian Institution in Washington, D.C., to display to the public. The museum, however, is in the process of determining how to obtain the funds necessary to transfer the shuttle. A decision regarding this possibility is expected to be made in April.

A NASA commentator describes Wednesday’s landing as “the end of a historic journey. To a ship that has led the way, time and time again, we bid farewell to Discovery.”

Two remaining shuttle flights are scheduled later this year, STS-134 and STS-135, before the retirement of the space shuttle fleet.

Tuesday, August 1, 2006

Extreme heat alerts have been issued in Hamilton and in Toronto.

Temperatures are expected to go into the mid 30s C (80-90s F) with the humidex expected to reach into the high 40s C (117-120 F).

Smoggy air is expected to move into the Toronto-area on Tuesday from the Windsor to London corridor, where a smog alert was also in place on Monday.

The heat has been compounded by severe storms over the weekend in southwestern Ontario and the Peterborough area.

Almost 31,000 residences were without power for a couple of hours in Peterborough County after a storm was in the area, uprooting trees and knocking down hydro poles. It also tore a roof off a house.

The City of Toronto opens public cooling stations at the East York Civic Centre, Etobicoke Civic Centre, North York Civic Centre and Metro Hall.

Toronto set a new record for any date when the overnight temperature did not go lower than 27 C (aprox. 84 F) overnight, besting the record of 26.5 set in 1999. The daytime humidex hit 47 C (aprox. 117 F) by mid-day and was expected to go slightly higher in the afternoon.

A compilation of brief news reports for Wednesday, November 26, 2008.

Nick Clegg, the leader of the Liberal Democrats, a British political party, has expressed his concern over the lack of men in childcare. In a speech to the Daycare Trust, Clegg commented on the issue. “There is still a huge stigma attached to men wanting to work in childcare,” he said. “Even just for men who want to take a more hands-on role in providing care for their own children.”

“The Daycare Trust’s own research shows that one in four men would consider working in childcare,” he continued. “Sadly some worry that their motives would be viewed with suspicion.”

Sources

• “Concern on lack of men in childcare” — The Press Association, November 25, 2008
• Press Release: “Clegg: Lack of men in childcare denies young children role models” — Liberal Democrats, November 25, 2008

A Pakistani hacker group named the Pakistan Cyber Army has reportedly attacked the official website of an Indian public sector petroleum company called Oil and Natural Gas Corporation. The attack was in response to the attacking of the official website of Pakistan state corporation Oil and Gas Regulatory Authority by Indian hackers named HMG, who attacked the OGRA’s website on November 17, and left a message on front page of the website that they would hack any Pakistani website with poor security controls. However, OGRA’s spokesman said he has no information on the incident.

Sources

• “Pakistani hackers hack Indian website” — The News International, November 25, 2008
• Muhammad Ali Raza. “A Message from PCA (Pakistan Cyber Army)” — propakistani.com, November 24, 2008

Apple Inc. has been told by the British Advertising Standards Authority (ASA) to stop showing its advertisement, which describes the internet connection on the iPhone 3G as “really fast,” while pictures on the screen showed pages loading in less than a second.

ASA stated that the ad is likely to “lead viewers to believe that the device actually operated at or near to the speeds shown in the ad,” which, according to the organisation, it does not. As a result, the ASA ruled that the ad “must not appear again in its current form.”

Sources

• “Apple made to drop iPhone advert” — BBC News Online, November 26, 2008
• Press Release: “ASA Adjudications” — Advertising Standards Authority, November 26, 2008

1903 UTC According to local reports, 10 people were left dead and others injured in the Indian city of Mumbai after gunmen opened fire there.

The police say that it appears to be a terrorist attack.

Gunmen started shooting at seven locations, including a crowded restaurant and a train station. There were also reports of shooting at a hospital and two hotels, as well as two explosions, which are believed to be grenade attacks.

Sources

• “Mumbai rocked by deadly shootings” — BBC News Online, November 26, 2008
• “Terror attacks in Mumbai; 10 dead, several injured” — The Times of India, November 26, 2008

Nigeria’s food and drug agency has said that 25 children, aged from 3 months to 4 years, have died after consuming a contaminated teething syrup. Ten others are reported to have been hospitalised.

The National Agency for Food, Drug Administration and Control said that the syrup, which goes under the name of “My Pikin”, had been tainted with diethylene glycol, a substance that is usually used in antifreeze and engine coolant.

The agency added that it has shut down Barewa Pharmaceuticals, the Lagos-based manufacturer of the syrup.

Sources

• “‘Bad syrup’ kills Nigerian babies” — BBC News Online, November 26, 2008
• “Nigeria bans teething drug after 25 children die” — guardian.co.uk, November 26, 2008

Sunday, November 25, 2007

Despite the hopes of many University of Wisconsin-Madison (UW) students, The Onion was not named after their student center. “People always ask questions about where the name The Onion came from,” said President Sean Mills in an interview with David Shankbone, “and when I recently asked Tim Keck, who was one of the founders, he told me the name—I’ve never heard this story about ‘see you at the un-yun’—he said it was literally that his Uncle said he should call it The Onion when he saw him and Chris Johnson eating an onion sandwich. They had literally just cut up the onion and put it on bread.” According to Editorial Manager Chet Clem, their food budget was so low when they started the paper that they were down to white bread and onions.

Long before The Daily Show and The Colbert Report, Heck and Johnson envisioned a publication that would parody the news—and news reporting—when they were students at UW in 1988. Since its inception, The Onion has become a veritable news parody empire, with a print edition, a website that drew 5,000,000 unique visitors in the month of October, personal ads, a 24 hour news network, podcasts, and a recently launched world atlas called Our Dumb World. Al Gore and General Tommy Franks casually rattle off their favorite headlines (Gore’s was when The Onion reported he and Tipper were having the best sex of their lives after his 2000 Electoral College defeat). Many of their writers have gone on to wield great influence on Jon Stewart and Stephen Colbert‘s news parody shows.

And we are sorry to break the news to all you amateur headline writers: your submissions do not even get read.

Below is David Shankbone’s interview with Chet Clem and Sean Mills about the news empire that has become The Onion.

Friday, December 23, 2005

The Conservative Party of Canada leader Stephen Harper today made bold claims about the Canadian Arctic region at a campaign stop in Winnipeg, “The single most important duty of the federal government is to protect and defend our national sovereignty.” . The prime minister-hopeful stated, “There are new and disturbing reports of American nuclear submarines passing though Canadian waters without obtaining the permission of —or even notifying — the Canadian government.”

Harper promised a significant increase in military presence in the Canadian region, which has had notable soveriegnty disputes with the United States, Russia, Denmark and Norway.”You don’t defend national sovereignty with flags,” Harper said. “You need forces on the ground, ships in the sea, and proper surveillance.”

Among other promises, Harper stated he would station three armed naval heavy ice breakers in the area of Iqaluit with 500 regular force personnel, recruit 500 more Canadian rangers, and build a new army training center in the area of Cambridge Bay on the Northwest Passage.File:Stephen Harper voa.jpg

“As prime minister, I will make it clear to foreign governments — including the United States — that naval vessels traveling in Canadian territorial waters will require the consent of the government of Canada,” Harper stated.

The Conservative Party Website states this ““Canada First” Northern Strategy will increase surveillance, navy, army and air force presence”.

The Liberal Party of Canada, the Conservatives’ most powerful rival in the election, quickly posted a rebuttal on their website. They claim Stephen Harpers stated defense budget of $5.3(CAD) billion over 5 years is not enough to afford the two polar icebreakers, which the Liberal party claims will cost $3(CAD) billion with the party estimating an upkeep of $150(CAD) million per year. “Where does Mr. Harper plan to find another $1 billion?” the party asked in their rebuttal.

The Arctic may be an important issue in the future for Canadians, as scientists expect the fabled Northwest Passage of the Arctic to open up for year round shipping by 2050 as a result of global warming. According to the online encyclopedia Wikipedia, trade routes from Europe to the Far East could save 4000 km through the passage, as compared to the current routes through the Panama Canal.

Canada last flexed its muscle in the Arctic in 2004 in its most massive Arctic exercise ever, with six hundred personnel from the three services (army, air force, navy) involved in a large exercise in the Baffin Islands.

Canadians are scheduled to go to the polls on January 23, 2006 in an early election as a result of a non-confidence motion in parliament against the former ruling Liberal party.

The time is 22:00 (UTC) on January 4, 2007, and this is Audio Wikinews News Briefs.

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Wednesday, March 16, 2005

The United Kingdom Chancellor of the Exchequer, the Right Honourable Gordon Brown PC MP, in a speech to the British House of Commons today presented his ninth Budget, what is very likely to be his last Budget before the next UK General Election. This opened the parliamentary debate on the 2005 Finance Bill, and was followed by responses from the opposition parties.

In a 48 minute long speech, the Chancellor presented a Budget of “tax cuts that are reasonable, spending that is affordable, and [economic] stability that is paramount”, that was “the prudent course for Britain”. There were few surprises that had not already been indicated in his 2004 pre-Budget report. The increase in the threshold on stamp duty was greater than that forecast by commentators, as was the amount of the Council Tax rebate to households with pensioners.