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Wednesday, February 6, 2008

Wikinews held an exclusive interview with Wayne Allyn Root, one of the candidates for the Libertarian Party nomination for the 2008 U.S. presidential election.

Root is the founder and chairman of Winning Edge International Inc., a sports handicapping company based in Las Vegas, Nevada. In addition, he is an author and a television producer, as well as an on-screen personality both as host and guest on several talk shows.

Root, a long-time Republican, declared his candidacy for the Libertarian Party on May 4, 2007.

He says he is concerned about the qualities of many who run for president, and fears that they do not know the needs of American citizens. He also says that they cater to big businesses instead of small ones.

He has goals of limiting the federal government and believes that the US went into Iraq for wrong reasons. A strong supporter of the War on Terror, he feels that it was mishandled. He has conservative values and came from a blue collar family in New York. He graduated from Columbia University with fellow presidential hopeful Barack Obama in 1983.

Root believes that America is in trouble and hopes to change that if elected.

Wednesday, June 29, 2011

In a 7-2 decision handed down on Monday, the US Supreme Court struck down California’s violent video game law and ruled that video games are protected speech covered by the First Amendment. The California law banned the sale and rental of violent video games to minors.

The underlying question was whether the violence in video games has the ability to affect children more than violence in other media, such as books, movies, plays and other forms of entertainment.

Justice Antonin Scalia, writing for the majority, said that depictions of violence have never been regulated by the US government. Thus violent videos are not to fall under government control as does pornography but is to be accorded the same First Amendment protections as other forms of entertainment. The sale of violent video games is not to be criminalized and California’s attempt to do so was “unprecedented and mistaken.” Scalia noted, referring to fairy tales, that “the books we give children to read—or read to them when they are younger—contain no shortage of gore.”

The beginning of the decision states, “Video games qualify for First Amendment protection. Like protected books, plays, and movies, they communicate ideas through familiar literary devices and features distinctive to the medium. And ‘the basic principles of freedom of speech…do not vary’ with a new and different communication medium.”

“The most basic principle—that government lacks the power to restrict expression because of its message, ideas, subject matter, or content, Ashcroft v. American Civil Liberties Union, 535 U. S. 564, 573—is subject to a few limited exceptions for historically unprotected speech, such as obscenity, incitement, and fighting words. But a legislature cannot create new categories of unprotected speech simply by weighing the value of a particular category against its social costs and then punishing it if it fails the test.”

The justices were not convinced by the existing research that the interactive nature of video games pose a greater risk to society because of their interactive nature. None of the results of the existing research put before the court showed that violent games cause violent behavior. “Psychological studies purporting to show a connection between exposure to violent video games and harmful effects on children do not prove that such exposure causes minors to act aggressively. Any demonstrated effects are both small and indistinguishable from effects produced by other media. Since California has declined to restrict those other media, e.g., Saturday morning cartoons, its video-game regulation is wildly under-inclusive, raising serious doubts about whether the State is pursuing the interest it invokes or is instead disfavoring a particular speaker or viewpoint.”

According to Nadine Kaslow, professor and chief psychologist at Emory University Department of Psychology and Grady Hospital, the evidence regarding the effects of violent video games is mixed. While there is evidence to suggest that exposure of children to violence results in more aggressive and less pro-social behavior, some studies show there is no negative effect, she said. She point out that toy guns were popular and parents monitored whether toy guns were allowed in the home.

This ruling does not prevent private retailers from placing restrictions on their sale of video games. The video game industry currently has its own rating system, much like that used for movies, and educates retailers in using the rating system to prevent minors from buying mature-rated games. According to PC World the industry’s compliance is better than that of other entertainment industries. Further, parental controls have been added to game consoles.

The view of the Entertainment Software Association that a better strategy is the education of parents rather than court battles.

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, January 12, 2006

The Hospitality Club became the first hospitality exchange network to pass the 100,000 members milestone on January 11, 2006. Its closest competitors, CouchSurfing and GlobalFreeLoaders, have 40,000 and 30,000 members.

Hospitality exchange organisations are dedicated to putting travellers in contact with locals offering to host them in their house for free, or simply offer them a tour of their city or share a meal with them. Besides the obvious financial advantage, the Hospitality Club believes that “bringing people together and fostering international friendships will increase intercultural understanding and strengthen peace.”

Servas Open Doors, the oldest network, in fact formally views itself as a peace initiative, and there are also a number of smaller hospitality exchange networks which focus on specialized audiences, such as Agritourism.

w:Veit Kühne from Dreseden, Germany, who founded the Hospitality Club in 2000 while he was still a student, believes that “one day, everyone will have the opportunity to visit any country knowing that someone will be waiting to receive them with open arms. People will travel in a different way, meet each other and build intercultural understanding through personal contact.”

“There will be many members in places like Israel and Palestine, Northern Ireland, the Balkans, Chechnya, Rwanda, or Timor who will exchange hospitality with each other, and in small steps the Hospitality Club will have helped making peace a lasting vision for our wonderful planet,” he adds.

Hospitality Club was the first online organisation to offer on a major scale the possibility for travellers to find and contact locals open to cultural exchange. The whole system is entirely free, and hosting fees are supported by Google advertisements. The safe and efficient operation of the 30+ languages website and its database, forum, and chatroom depends on the work of hundreds of volunteers from around the world.

Anybody can become a member, but they must provide their full name and address, for security reasons. All members have a profile they can fill with information about themselves and their preferences, to help prospective visitors contact the person most likely to welcome them.

The most often mentioned drawback of the system is lack of security. The main difference between hospitality exchange networks and other social networking platforms such as Orkut or LiveJournal is that the former’s ultimate objective is to allow for face-to-face meetings. Users should realise that there is a risk involved, although according to Frenchman Jean-Yves Hégron, main software developer of the Hospitality Club, “By using the Club you have the same level of risk as the one you face whenever you get out from your home.”

Discussion about strategic or security issues is not allowed on the website’s forum, hence critics often mention lack of transparency in how they perceive decisions are taken by volunteers in Hospitality Club. Another point of critique is the fact that there is no legal organisation behind Hospitality Club, and the domain name is registered to the founder of the Club himself. Messages containing links to other hospitality exchange networks were at some point deleted without further notice though this policy has since then been reverted. Exponential growth of the network has also caused server failures alike to those observed in Wikipedia until recently.

The idea of free hospitality exchange is not new. Servas was the first organisation to develop it, right after World War II. It still exists to this day, with over 15,000 members, and is represented as an NGO in the United Nations. Because democratic, paper-based Servas is perceived as bureaucratic by some, Hospex was created as the first online network in 1991.

Hospitality Club succeeded to Hospex in August 2000, introducing innovative security features ranging from spam protection to passport control and a sophisticated feedback system, thus making online hospitality exchange available to travellers with higher safety concerns. From 1000 members in July 2002 to 10,000 in February 2004, it quickly grew to 100,000 on 11 January 2006 and is expected to reach the million in about two years.

Wednesday, November 30, 2005File:Turing1.jpg

More than 50 programmers, scientists, students, hobbyists and fans of the A.L.I.C.E. chat robot gathered in Guildford, U.K. on Friday to celebrate the tenth birthday of the award winning A.I. On hand was the founder the Loebner Prize, an annual Turing Test, designed to pick out the world’s most human computer according to an experiment laid out by the famous British mathematician Alan Turing more then 50 years ago. Along with A.L.I.C.E.’s chief programmer Dr. Richard S. Wallace, two other Loebner prize winners, Robby Garner and this year’s winner, Rollo Carpenter, also gave presentations, as did other finalists.

The University of Surrey venue was chosen, according to Dr. Wallace, not only because it was outside the U.S. (A.L.I.C.E.’s birthday fell on the Thanksgiving Day weekend holiday there, so he expected few people would attend a conference in America), but also because of its recently erected statue of Alan Turing, who posed the famous A. I. experiment which inspired much of the work on bots like A.L.I.C.E. University of Surrey Digital World Research Centre organizers Lynn and David Hamill were pleased to host the event because it encourages multi-disciplinary interaction, and because of the Centre’s interest in interaction between humans and computers.File:ALICE Birthday Cake.jpg

Dr. Wallace gave a keynote address outlining the history of A.L.I.C.E. and AIML. Many people commented on the fact the he seemed to have moved around a lot in the last ten years, having lived in New York, Pennsylvania, San Francisco, Maine, Amsterdam and Philadelphia, while working on the Alicebot project. The A.L.I.C.E. and AIML software is popular among chat robot enthusiats primarily because of its distribution under the GNU free software license. One of Dr. Wallace’s PowerPoint slides asked the question, “How do you make money from free software?” His answer: memberships, subscriptions, books, directories, syndicated ads, consulting, teaching, and something called the Superbot.

Rollo Carpenter gave a fascinating presentation on his learning bot Jabberwacky, reading from several sample conversations wherein the bot seemed amazingly humanlike. Unlike the free A.L.I.C.E. software, Carpenter uses a proprietary learning approach so that the bot actually mimics the personality of each individual chatter. The more people who chat with Jabberwacky, the better it becomes at this kind of mimicry.

In another interesting presentation, Dr. Hamill related present-day research on chat robots to earlier work on dialog analysis in telephone conversations. Phone calls have many similarities to the one-on-one chats that bots encounter on the web and in IM. Dr. Hamill also related our social expectations of bots to social class structure and how servants were expected to behave in Victorian England. He cited the famous Microsoft paperclip as the most egregius example of a bot that violated all the rules of a good servant’s behavior.

Bots have advanced a long way since philanthropist Hugh Loebner launched his controversial contest 15 years ago. His Turing Test contest, which offers an award of $100,000 for the first program to pass an “audio-visual” version of the game, also awards a bronze medal and $2000 every year for the “most human computer” according to a panel of judges. Huma Shah of the University of Westminster presented examples of bots used by large corporations to help sell furniture, provide the latest information about automotive products, and help customers open bank accounts. Several companies in the U.S. and Europe offer customized bot personalities for corporate web sites.

Even though Turing’s Test remains controversial, this group of enthusiastic developers seems determined to carry on the tradition and try to develop more and more human like chat bots.Hugh Loebner is dedicated to carry on his contest for the rest of his life, in spite of his critics. He hopes that a large enough constituency of winners will exist to keep the competition going well beyond his own lifetime. Dr. Wallace says, “Nobody has gotten rich from chat robots yet, but that doesn’t stop people from trying. There is such a thing as ‘bot fever’. For some people who meet a bot for the first time, it can pass the Turing Test for them, and they get very excited.”

Monday, December 1, 2008

After windy and stormy conditions in Florida prevented its planned landing at Kennedy Space Center, the National Aeronautics and Space Administration (NASA) decided to redirect the space shuttle Endeavour to California. It touched down successfully at Edwards Air Force Base at 1:25 p.m. local time, or 21:25, November 30, 2008 (UTC).

NASA normally prefers to land space shuttles at its home base, Kennedy Space Center. In this case, NASA will have to transfer Endeavour atop a jumbo jet from California to Florida at an estimated cost of US$1.8 million.

NASA had launched mission STS-126 on November 14 with eight astronauts led by Commander Christopher J. Ferguson. The mission was intended to make improvements to the International Space Station, including a new bathroom, sleeping quarters, and urine recycling system. The crew also successfully cleared metal shavings from a jammed solar wing rotary joint, which had affected energy production.

Upon the landing, Mission Control radioed, “Welcome back. That was a great way to finish a fantastic flight.”

“And we’re happy to be here in California,” replied Ferguson.

Friday, October 2, 2009

Companies in the United States are shedding more jobs, pushing the country’s unemployment rate to a 26-year high of 9.8%.

The US Labor Department said on Friday that employers cut 263,000 jobs in September, with companies in the service industries — including banks, restaurants and retailers — hit especially hard. This is the 21st consecutive month of job losses in the country.

The United States has now lost 7.2 million jobs since the recession officially began in December 2007. The new data has sparked fears that unemployment could threaten an economic recovery. Top US officials have warned that any recovery would be slow and uneven, and some have predicted the unemployment rate will top 10% before the situation improves.

“Continued household deleveraging and rising unemployment may weigh more on consumption than forecast, and accelerating corporate and commercial property defaults could slow the improvement in financial conditions,” read a report by the International Monetary Fund’s World Economic Outlook, predicting that unemployment will average 10.1% by next year and not go back down to five percent until 2014.

Mark Zandi, chief economist at Moody’s Economy.com, said that “it’s a very fragile and tentative recovery. Policy makers need to do more.”

“The number came in weaker than expected. We saw a lot of artificial involvement by the government to prop up the markets, and now that that is starting to end, the private sector isn’t yet showing signs of life,” said Kevin Caron, a market strategist for Stifel, Nicolaus & Co.

Also on Thursday, the US Commerce Department said factory orders fell for the first time in five months, dropping eight-tenths of a percent in August. Orders for durable goods — items intended to last several years (including everything from appliances to airliners) — fell 2.6%, the largest drop since January of this year.

The US government has been spending billions of dollars — part of a $787 billion stimulus package — to help spark economic growth. There have been some signs the economy is improving.

The Commerce Department said on Thursday that spending on home construction jumped in August for its biggest increase in 16 years. A real estate trade group, the National Association of Realtors, said pending sales of previously owned homes rose more than 12 percent in August, compared to August 2008.

A separate Commerce Department report said that consumer spending, which accounts for more than two-thirds of US economic activity, rose at its fastest pace in nearly eight years, jumping 1.3 percent in August.

Other reports have provided cause for concern. A banking industry trade group said Thursday the number of US consumers making late payments, or failing to make payments, on loans and credit cards is on the rise. A survey by a business group, the Institute for Supply Management, Thursday showed US manufacturing grew in September, but at a slower pace than in August when manufacturing increased for the first time in a year and a half.

Stock markets reacted negatively to the reports. The Dow Jones Industrial Average fell 41 points in early trading, reaching a level of 9467. This follows a drop of 203 points on Thursday, its largest loss in a single day since July. The London FTSE index fell 55 points, or 1.1%, to reach 4993 points by 15.00 local time.

Sunday, April 25, 2010

Thailand’s prime minister, Abhisit Vejjajiva, has ruled out a compromise offer by anti-government protest leaders for parliament to be dissolved in thirty days, with elections to be held in 90 days.

In a televised address on Sunday, with army chief General Anupong Paochinda at his side, the prime minister dismissed the offer made by the National United Front of Democracy Against Dictatorship (UDD), saying such issues could not be resolved in such a short period of time, and “because they use violence and intimidation. I cannot accept this.”

Abhisit said the government stood by an offer made during earlier talks with the UDD for the house to be dissolved within the next nine months.

In reaction, the UDD, also called the Red Shirts, maintained an earlier call for parliament to be dissolved immediately. The UDD also withdrew from any further negotiations with the government. UDD leaders have repeatedly warned supporters rallying in central Bangkok’s retail and business areas of the threat of a new government crackdown.

There have been two large incidents of street violence in the past month or so, resulting in 26 deaths and injuries to hundreds of people. The Red Shirts primarily consist of supporters of former prime minister Thaksin Shinawatra, ousted in a 2006 coup. He was later given a two-year prison term on charges of corruption, although Shinawatra left the country in self-exile to avoid being jailed.

Sunday, February 13, 2011

With a fourth-quarter investment earnings of $3.9 Billion CAD, largely driven by stock market rises, the Canada Pension Plan’s (CPP) assets rose to $140.1 Billion reported the CPP Investment Board on Thursday.

Rate of return for the quarter netted three percent, bringing the first nine months of the fiscal year to 8.3%. The fund’s broad exposure to equities, in concert with a good quarter for stocks both in Canada and internationally, was largely to be credited according to CEO David Deneson.

The assets value rose from $127.6 Billion March 31st 2010, to $138.6 B on September 30th, to $140.1 B December 31st. The $3.9 B investment earnings, 3.58 of which came from the 54% of the portfolio in equities, was partially offset by seasonal outlays of $2.4 B to plan members.

The fund was very active throughout the calendar year, and particularly active in infrastructure, real estate, and private equity. As part of a consortium they completed the $4.8 B purchase of UK-based Tomkins plc, as well as purchasing Australian-based Intoll for $3.4 B thus acquiring a 30% stake in the 407 Express Toll Route (ETR) near Toronto — which they expanded purchasing a further 10% stake from Spain’s Concesiones de Infraestructuras de Transporte, S.A. (CINTRA). They acquired a 25% equity stake in Westfield Stratford City, a retail complex adjacent to London’s Olympics venue, among many real estate ventures.

The CPP fund covers every province except Quebec, whose Caisse de Depot et Placement du Quebec is the only larger pension fund in Canada. The five-year annualised investment rate of return for the CPP reserve fund was 3.5%, its 10-year rate of return was 5.6%, at the close of 2010. The fund was established in 1997.