Sunday, August 15, 2010

15th August: Homage or a holiday?

India completes its 63 years of Independence on August 15, 2010. The country may admire its revolutionaries after watching a patriotic flick in a multiplex, but does it really hold to heart the freedom struggle and the day of our independence, or is it just another 'national holiday'? With rising corruption, honour killings, red-tapism, and increasing crime rates, a lot still needs to be done before we rest on our laurels. Do you think that rather than celebrating history, we should be concentrating on our present and future? Do we really feel empowered by our republic? Or is it just another holiday for us?

Wednesday, August 11, 2010

Mumbai oil spill



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Tuesday, August 10, 2010

How to Make Apple Cider Mixed Drinks

"The drink we are about to make is called an Apple Cider Slider. It's got a nice ring to it doesn't it, tastes great too. There we go let's put some ice in here. It's going to be a shot o'kay. We are going to make two shots for your friends that love the taste of apple cider It is going to have a nice kick to it though. Do one shot of Spiced Rum and let's do a half a shot of Apple Schnapps and also a half a shot of Cinnamon Schnapps. There we go and we are just going to do a splash of lemon lime soda. There we go and let's mix it up good here Be careful with the lemon lime soda there, it might get all over. In that case we did alright. Now let's get a couple of shot glasses ready and our strainer and we are going to serve up and you can smell that apple cinnamon, an Apple Cider Slider, two shots. Bottoms up."

54 days to go, is Delhi ready?

Incomplete stadiums, living quarters far from finished and debris strewn all over the city - Delhi looks far from being ready for the Commonwealth Games.


The Jawarharlal Nehru Stadium (JNS), which was inaugurated on July 27, was meant to be a symbol to showcase the Games. But it looks nothing more than a construction site despite its ` 961 crore makeover.



The Central Public Works Department (CPWD) began construction over two years ago. The deadline is September 1 after which the stadium will be locked down. But will it be ready by that date?


No one is allowed inside. But according to sources, the main lights and main announcement systems are in place at the stadium. The field and stadium seats are also ready. But underground cabling for electricity and water supply, water connections, painting and welding of the boundary are still not complete.




Clean-up deadline missed?

Delhi Chief Minister Sheila Dikshit had last Month set August 10 as the deadline for removing all construction and demolition waste from the city and ordered all civic agencies to strictly comply with the time-frame.


She had also reiterated that there would be no deviation in the deadline to halt digging work and to remove the malba. But with tonnes and tonnes of rubble still strewn around across the city, this does not seem possible.





Wednesday, July 14, 2010

Satyam - Ford Recognitions : Recognitions.zip

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Wednesday, April 21, 2010

Thursday, April 15, 2010

Mongoose Bat..


 
 


What is Mongoose Bat?
 
THE MONGOOSE MMI3 CRICKET BAT is a cricket bat specifically designed for Twenty 20 cricket and is the first major redesign for over 200 years. The design is unusual in that the blade is 33% shorter than a conventional bat and the handle is 43% longer. The manufacturer claims that this provides 20% more power and 15% more bat speed and gives the batsman an advantage.
 
www.RiteMail.Blogspot.com
 
This kind of a bat is especially useful and lighter than the traditional cricket bat. Its blade is 33 per cent shorter than a conventional bat and the handle is 43 per cent longer. The decreased length of the blade helps to reduce the bat's weight while the long handle allows optimum reach to the batsman. The lightness of the bat helps in increasing the bat speed and allows the batsmen to hit the ball harder while batting. The change in the length of the blade does not affect the performance of the batsman in any way since it is the middle of the bat(the part which is located on the backside of the thick scoop of the bat)that is required for hitting the ball.

On 11 March 2010, Mongoose launched its range in India with the announcement of MATTHEW HAYDEN as an ambassador.
 
 
www.RiteMail.Blogspot.com
 
 
www.RiteMail.Blogspot.com
 
 
THE MONGOOSE MMI3 CRICKET BAT

is a cricket bat specifically designed for Twenty 20 cricket and is the first major redesign for over 200 years. The design is unusual in that the blade is 33% shorter than a conventional bat and the handle is 43% longer. The manufacturer claims that this provides 20% more power and 15% more bat speed and gives the batsman an advantage.

This kind of a bat is especially useful and lighter than the traditional cricket bat. Its blade is 33 per cent shorter than a conventional bat and the handle is 43 per cent longer. The decreased length of the blade helps to reduce the bat's weight while the long handle allows optimum reach to the batsman. The lightness of the bat helps in increasing the bat speed and allows the batsmen to hit the ball harder while batting. The change in the length of the blade does not affect the performance of the batsman in any way since it is the middle of the bat(the part which is located on the backside of the thick scoop of the bat)that is required for hitting the ball.

On 11 March 2010, Mongoose launched its range in India with the announcement of MATTHEW HAYDEN as an ambassador.

Hayden debuts the Mongoose Bat in Chennai Superkings match against the Delhi Daredevils on March 19th 2010.He scored 93 runs out of 43 balls ( 9 fours & 7 Sixes).
 

 

 

 

 

 







Honeywell to hire more in India


Honeywell International plans to increase its headcount in India to meet growing demand for aeroplanes and green fuel, which are the two key areas for the company. The automation and technology major, which has designed the cockpit for all U.S. space shuttles, had recently elevated Krishna Mikkilineni, President of Honeywell Technology, to its Global Executive Management Team, a move that signalled the American company's confidence on India


Over the past eight years, Honeywell India has grown from being a $50- million company with about 50 people, to more than $500 million in revenue and 11,000 employees. The company's area of operations include aerospace, automation, transportation and speciality materials, including the recently-developed green fuel that doesn't require cars to change their engines.

Ramalinga Raju's trial story looks bigger than scam

It seems that Satyam Computer Services' Founder B Ramalinga Raju is unlikely to come out of custody in the years to come. The CBI has presented 800 witnesses and submitted 160,000 pages of documents in the court.

It will take at least 800 days to examine 800 witnesses. The court has to record the chief examination of the witnesses, who would be later cross-examined by the advocates of the accused. With 10 accused in the Satyam case being represented by an equal number of advocates and if each of them wants to cross-examine every witness produced by the CBI, it will take at least one working day to complete the cross examination of one witness.

If we go through the court procedure, we get to know that Court works for five days in a week, and if we take public holidays into consideration, there will be not more than 225 working days in a year. This means that it will take nearly four years just to cross-examine the witnesses. Also Raju, who is currently hospitalized at the Nizam's Institute of Medical Sciences, is expected to read the 160,000 pages of documents if he has to defend himself effectively in the court.





It will take at least five minutes to go through a document page, understand it and instruct the advocates about it. At this rate, it will take 13,333 hours for Raju to go through the documents. Even if he manages to read for a minimum of 10 hours a day, it will take 1,333 days or over three-and-a-half years to complete the reading.


The government has set up a special court to expedite Satyam case proceedings. But if we take all these things discussed above into notice, it seems that the trial will not be completed in less than four years. Till now, it is not clear when the CBI is going to complete its investigation.

If we compare this case with Harshad Mehta and Ketan Parekh, who were involved in securities scams involving scores of companies, it seems that Raju is also not getting needed support from lawyers. Harshad Mehta and Ketan Parekh came out on bail in 107 and 53 days, respectively.





Thursday, April 8, 2010

F1 News - Singapore F1 Press Release - Singapore Grand Prix

F1 News - Singapore F1 Press Release - Singapore Grand Prix

Nokia N97 Mini - Features, specs & reviews - 3 Shop Australia

Nokia N97 Mini - Features, specs & reviews - 3 Shop Australia


The sleek Nokia N97 mini integrates the web into your life and seamlessly connects you to your friends and favourite online services like Facebook and Twitter.

National Instruments expands R&D centre

National Instruments (NI) has expanded their Research and Development (R&D) facility in Bangalore. The center is expected to provide strategic and operational support and services for clients.



The new centre for innovation is equipped with product development infrastructure and employee workspace to provide the tools and environment required for efficient product innovation, said the company statement. In addition the new center will also focus on filing patents in the field of Motion Control algorithms and software development. As part of the strategic growth, NI will hire new talent and take on more work in the areas of product development.











Wednesday, April 7, 2010

Fry defends Schumacher's form

Mercedes CEO Nick Fry has defended Michael Schumacher after a slow start to the season.

Ipl <-->4's


Ipl Pace-wkts


Satyam's board selection was a careless act: ICAI to Govt

ICAI's probe panel has hit out at bank for not doing due diligence on Satyam Computer Services before giving loans, and government for appointing Deepak Parkeh on its board despite his HDFC group being a major creditor to Ramalinga Raju's company.



The banks which gave loan to Satyam that time were HDFC Bank (Rs.530 crore), Citibank (Rs.223.87 crore) Citicorp Finance (Rs.222.28 crore), ICICI Bank (Rs.40 crore) and BNP Paribas (Rs.20 crore), totaling Rs.1221.16 crore.
 
In its final report, ICAI panel headed by Former President Uttam Prakash Agarwal stated, "There is no explanation as to why the banks, while sanctioning short-term loans did not seem to have posed any question as to why the company (Satyam) which was supposedly cash rich as per its financial statement was taking loans from them."



 

Solve network problems with mini-towers

Do you face the network problem at home or workplace? Here is good news. You can resolve this problem with putting a miniature cell tower in your living room. These mini-towers act and look like Wi-Fi hot spots at cafes, and redirect cellphones calls from congested cell towers to home Web connections.


Christina Zachariades, 28, of Manhattan who already pays $130 a month for iPhone service but cannot receive or make calls in her fifth-floor apartment on the Upper East Side, said, "It's a fabulous idea, especially if you can't get service, but to charge for it is insulting. How much more do I have to pay to get the service required for me to use my phone?"


But although AT&T says its mini-towers will help in that kind of situation, it also says that it wants to help iPhone users who cannot get consistent signals. The company, which has been testing such devices in a few markets, plans to officially start selling this month what it calls 'MicroCells' in a few places for $150, reports New York Times.




Industry analysts feel that mini-towers, known as femtocells, are poised for spectacular growth. Shipments should grow from 571,000 this year, to 1.9 million next year, to 40 million by 2013, according to iSuppli, a market research firm.

IDBI Bank to offer online payment gateway services

IDBI Bank announced that it has tied up with Venture Infotek, a transaction management firm, to unveil its internet payment gateway services.




IDBI Bank announced that it has tied up with Venture Infotek, a transaction management firm, to unveil its internet payment gateway services.Venture Infotek's 'Eazy2Pay' secures all transactions using Triple Data Encryption Standard (3DES) keys to encrypt cardholders' information and Merchant Plug-In (MPI) to facilitate 3D-secure verifications.

CEO of Yureekah bats for KKR

Vishal Sharma,Founder & CEO,Yureekah,believes that his favorite Kolkata Knight riders have the grit and spirit.

Rising frauds in corporate India to be dealt firmly: KPMG

The overall incidence of fraud is rising in corporate India in the last two years and there is a need for Indian firms to deal with fraud risks firmly, according to the KPMG Fraud Survey Report 2010. The report also states that the financial services and consumer markets industry segments specifically, see a higher level of fraudulent activities within their industry.

Financial statement fraud emerges as a major issue for investors. An overwhelming 81 percent of the respondents of the survey perceive financial statement fraud as a major issue in India.

Monday, April 5, 2010

Iplwatcher


Iplwatcher


Key points to know before investing in FDs

Over the past one year, it is witnessed that fixed deposit interest rates from nationalized banks have gone down from 8-9 percent to around 6-6.5 percent now for a period of 1-3 years.

Aseem Dhru, Managing Director and CEO of HDFC Securities, which has recently started distributing company fixed deposits, said, "With fixed deposit rates from banks coming down, investors seeking higher returns from fixed income products are investing in company fixed deposits."

Here are some key points one needs to know while investing in company fixed deposits: 







Security

Company fixed deposits are unsecured. In case of bank fixed deposits, the Deposit Insurance and Credit Guarantee Corporation of India guarantees repayment of Rs.1 lakh in case of default. There is no such guarantee offered in company deposits and the safety of your deposit depends on the financial position of the company.

This means, as a depositor, you have no lien on any asset of the company, in case it goes into financial difficulties and is wound up. Your turn to get your money back would come only when secured lenders have been paid. So do not invest in unknown companies.  





Risk v/s return



Today, investors could expect around 5-8 percent from income funds, depending upon whether it's an ultra liquid fund or a long-dated income fund. Schemes like the post office NSC and PPF give you a eight percent return, but are locked in for six years and 15 years, respectively.







You can check with distributors or with friends about the credentials of the promoters and their past track record. Opt for companies that pay dividends and are profit making. Avoid loss-making companies or those who do not pay dividends. If a company has made a one-off exceptional loss in a particular year, but has a good parentage and past track record, you could consider it.


Liquidity







Most companies accept fixed deposits for a period ranging from 1-5 years. Compared to mutual funds or bank fixed deposits, company fixed deposits are rather illiquid. In most cases, premature withdrawal is not allowed before completion of three months. If one wishes you wish to withdraw between the third and the sixth month, you get zero interest income.






If one wishes to withdraw between the sixth and the 12th month, he/she gets three percent less than the guaranteed return
 







Fujifilm launches series of digital cameras in India

FUJIFILM India has announced the launch and availability of 14 digital camera models into the Indian market. FUJIFILM has launched four new models of its 'A series' compacts (AV100, AV150, AX200 & AX250) featuring high definition (HD) image and video capture for the first time on entry-level cameras.


These are easy-to-use and are ideal for people who are investing in their first digital camera. Offering a combination of various mega pixel resolutions, Fujinon zoom lenses and LCD screen sizes, consumers will be able to choose a camera that perfectly suits their needs and budget, one that features all of FUJIFILM's advanced technologies such as Automatic Scene Recognition, Face Detection, Digital Image Stabilization, high ISO sensitivity levels, Picture Search (as per the scene mode), and Panorama Shooting Mode which allows users to stitch three photos together to create a panoramic image (perfect for wide landscapes, tall buildings or large groups of people).



FUJIFILM has also launched four sleek models of its 'J series' family cameras (JV100, JV150, JX200 & JX250) that come with sculpted and sophisticated looks, and enable users to shoot images in HD. These cameras are loaded with advanced features like razor sharp Fujinon zoom lenses, Scene Recognition Auto, Panorama Shooting Mode, Movie Mode with Sound, Picture Search etc. The Smile & Shoot Mode works with FUJIFILM's highly-acclaimed Face Detection technology to detect smiles on faces. It will not take a picture until it detects a smile. Another new feature is Blink Detection which warns users if they have captured an image with people blinking, so that they can re-shoot if necessary. The newly launched JV and JX models have a new feature - Targeting AF - which is perfect in case users need to take a picture of a moving subject and can't keep the subject in the frame. As and when Targeting AF is switched on, it tracks the subject and ensures pictures with the subject in the centre of the frame in perfect focus.

Thursday, March 25, 2010

37 U.S. banks closed in 2010

Even though the global economy is said to be on the recovery path, 37 American banks shut their door in 2010, an average of 12 entities going bust every month.



It is witnessed that high unemployment levels are resulting in increased defaults, in turn severely hitting the small and medium banks. The seven banks that collapsed on March 19, 2010 are State Bank of Aurora, First Lowndes Bank, Bank of Hiawassee, Appalachian Community Bank, Advanta Bank Corp, Century Security Bank and American National Bank.



According to Federal Deposit Insurance, the failure of seven banks would cost the agency as much as $1.28 billion. The FDIC insures deposits at more than 8,000 banks and also acts as a caretaker of failed entities. Indicating the severity of the financial crisis, a whopping 191 banks have been closed down by the authorities since the fall of Wall Street major Lehman Brothers in September 2008.

Monday, March 22, 2010

'Spy in sky' can pinpoint car even in busy traffic

Military scientists in the US are developing what they claim is a "spy in the sky" — a remote-controlled airborne detection system which can bounce radar off buildings to follow a vehicle through a city.

Pentagon's Defence Advanced Research Projects Agency is developing the new radar system which sees around corners and down into "urban canyons" — in fact, it can track vehicles across an entire city using just a few uncrewed aircraft.

Pentagon's Defence Advanced Research Projects Agency is developing the new radar system which sees around corners and down into "urban canyons" — in fact, it can track vehicles across an entire city using just a few uncrewed aircraft.

The agency is exploring how Multipath Exploitation Radar (MER) might work by driving vehicles around a simulated urban area and collecting returns from an overhead radar.

The scientists are aiming to combine the radar data with a three-dimensional map of the test environment to calculate how the radar reflects off and between vehicles and buildings. This process should highlight which signals in the returning radar data can be used to plot the target vehicle's path.

Auto edit: DVD player to censor movies at home

American scientists have developed a new technology that can censor all potentially offensive scenes of a movie, making it watchable with children at home.

The patented technology — an electronic film filter called the ClearPlay system — can be integrated into the next generation of DVD players to skip and mute content based on seven categories that can be set to meet viewing preferences. These included violence, blood, nudity, sex, swearing, blasphemy and offensive content, the Daily Mail reported.

Many films, especially those that are rated 15, lend themselves to such treatment because their rating is based on only one or two brief scenes which can be edited without spoiling the rest of the movie.

Andrew Duncan, the head of ClearPlay International, said: "We know from our research that parents are concerned about inappropriate content but don't like conflicts around censorship at home. Our system effectively ends the important but tiresome debates."

DVD players with ClearPlay technology will be on sale in the UK in July, but households can now download it online for a cost of about £1 a week. Filters will be available for hundreds of films already out and will be ready for new films within 48 hours of their DVD release. Players that can use the new technology will be about the same price as current machines.

The company says the sort of films the system will work with include 'Love Actually', 'Atonement', 'The Matrix and Sweeney Todd'. All contain scenes which ClearPlay bosses say can be edited without ruining the whole film.

The system has been developed by a team of American scientists which had earlier invented VideoPlus, the system which simplified recording of television programmes.

ClearPlay director Skip Riddle said: "Clearly there are some films that don't lend themselves to filtering but the vast majority do. Often the aspects of a film that give it a 15 certificate are connected with a few very short sequences."

Wednesday, March 10, 2010

Vineet Nayyar donates Rs. 30 Crore to charity

Vineet Nayyar, Managing Director of IT services firm Tech Mahindra has donated a third of shares in the company, converted from employee stock option plan (ESOP) in the past, worth over Rs. 30 crore to a Delhi-based charitable organization run by his wife.


He has gifted 3.5 lakh shares, which is worth Rs. 31.78 crore as per the closing price of Tech Mahindra shares on Wednesday at NSE, to Essel Social Welfare Foundation. Essel Social Welfare Foundation, an umbrella organization to many other NGOs, supports education of underprivileged children, including the girl child and the visually handicapped. It is run by Reva Nayyar, a retired bureaucrat who has in the recent past been involved with ministry of woman and child development and has been instrumental in enactment of policies and legislation pertaining to women and child welfare.

Sunday, March 7, 2010

Google to insert automated captions on YouTube

Google is to add automatic captions to the tens of millions of English-language videos it hosts on YouTube, the web search giant said Friday.

The move will make the videos more accessible to deaf viewers but will also help Google index the content and supply relevant ads.

Google has been experimenting with the automated captions for several months with a handful of high profile partners like the University of California, Berkeley, Yale University and National Geographic. All other captions on YouTube videos were provided by the videos' producers.

Google has been working on speech recognition technology for some five years, and uses the technology to transcribe audio voice mails through its Google Voice service, and to provide spoken Web searches from smart phones.

However, engineers warned that the technology is far from perfect and that the machine translations are sure to contain mistakes.

Friday, March 5, 2010

கதவை திற .......... வரட்டும்....











PBrush

சன் பிக்சர்சின் தீராத விளையாட்டு பிள்ளை எதிர்பார்த்த அளவு வெற்றி நடை போடாத நிலையில் செவ்வாய் மாலை சன் நியூஸ் ரிலீஸ் செய்திருக்கும் "தியான பீட விளையாட்டு பிள்ளை" வெளியிட்ட சில மணித்துளிகளிலேயே உலகெங்கும் சூப்பர் டூப்பர் ஹிட் ஆகி இருக்கிறது.
புன்னகை தளபதி 'நித்தி' இதுவரை பார்த்திராத புதிய கோலத்தில் நடித்திருப்பதே இந்த படத்தின் வெற்றிக்கு காரணம் என கூறப்படுகிறது. மேலும் படத்தில் நடித்திருக்கும் கதாநாயகி யார் என சஸ்பென்சாக வைத்திருந்ததும் தமிழ் ரசிகர்களிடையே பெரும் பரபரப்பை ஏற்படுத்தியது .
வழக்கமாக ஒரு நாளுக்கு நான்கு ஷோ மட்டுமே படங்கள் திரையிடப்படும் நிலையில் இந்த திரைக்காவியம் அரை மணிக்கொரு முறை சன் நியூஸ் சேனலில் ஒளிபரப்பட்டது அனைத்து ரசிகர்களிடேயும் வரவேற்பு பெற்றது.
குப்பென்று பத்திகொள்ளும் என எதிர்பார்க்கப்பட்ட அஜித் ரஜினி பிரச்சனை பொசுக்கென்று முடிந்து விட்டது. அடுத்த படம் வேறு வெள்ளி கிழமைதான் வரும். அதுவரை பதிவு போட என்ன செய்வது என பதறி கொண்டிருந்த பதிவுலகிற்கு " நித்தியின் சித்து விளையாட்டு " ஸ்டான்ட் காட்சிகள் பெரும் டாபிக் ஆக அமைந்ததால் எல்லோரும் சேனலுக்கு நன்றி தெரிவித்து யூடூப் லிங்க் கொடுத்த வண்ணம் உள்ளனர்.
தங்களது ஆன்மீக குரு இதுவரை எவ்வளவோ தியான முறைகளை சொல்லி தந்துள்ளார். ஆனால் இத்தைகைய புதிய தியான ஆசனங்களை எங்களுக்கு இவ்வளவு நாட்களாய் சொல்லி தராமல் ஏமாற்றி வந்தது ஏன் என படத்தை பார்த்த சீடர்கள் அதிர்ச்சி அடைந்து வருத்தம் தெரிவித்தனர்.
தங்களது எல்லா படங்களுக்கும் இடைவிடாத விளம்பரம் போடுவது போல இந்த படத்திற்கும் சன் டி.வி.யில் "அடுத்த காட்சி 9 மணிக்கு... 9.30 மணிக்கு... 10 மணிக்கு " என இடைவிடாத ப்ளாஷ் நியூஸ் ஓடிய வண்ணம் இருந்தது குறிப்பிடதக்கது.
அதே போல் ஊர் ஊராய் சென்று படத்தின் ரிசல்ட்டை பாலோ அப் செய்யும் தங்களது பாரம்பரிய முறைப்படி, இந்த படத்திற்கும், திருவண்ணமலையில் ஆசிரமம் முற்றுகை, புதுவையில் படம் எரிப்பு, கடலூரில் பறந்தது செருப்பு என விடாது பாலோ செய்து சூடாக ரிசல்ட் சொன்ன சன் நியூஸ் சேனலின் கடமை உணர்வை தமிழ் குடிமகன்கள் மெய் சிலிர்த்து பாராட்டி புளகாங்கிதம் அடைந்தனர்.
படத்தின் பின்னணி இசை நன்றாக வந்திருக்கிறது. குறைவான நேரமே கொடுக்கப்பட்டாலும் டெர்ரராக இசை அமைத்த இசை அமைப்பாளருக்கு நல்ல எதிர்காலம் உள்ளது.
எங்கே படத்தின் காட்சிகள் மக்களுக்கு புரியாமல் போய் விடுமோ என அஞ்சி க்ரியேடிவ் டீம் அமைத்துள்ள வர்ணனை வசனங்கள் அடுத்த வருடத்திற்கான விருது பெரும் சாத்திய கூறுகள் உள்ளது.
படத்தில் ஏகப்பட்ட கவர்ச்சி காட்சிகள் இருந்ததால் அதை தாங்களே சென்சார் போர்டாக செயல்பட்டு அனைவரும் பார்க்கும் விதத்தில் U செர்டிபிகேட்டுடன் வெளியிட உதவிய எடிட்டரின் பணி பாராட்டுக்குரியது

"தியான பீட விளையாட்டு பிள்ளை" - சன் பிக்சர்சின் முதல் சூப்பர் டூப்பர் ஹிட்


Thursday, February 25, 2010

HSBC MF plans to unveil Brazil Equity Fund

Mutual Fund is set to launch an open-ended fund of fund scheme called HSBC Brazil Equity Fund. The fund has filed an offer document with the market regulator, the Securities and Exchange Board of India. The fund's performance will be benchmarked to the MSCI Brazil 10/40 Index. The minimum application amount is Rs 10,000.

Last week, Benchmark Mutual Fund launched its first international exchange-traded fund, the Hang Seng BeES, based on the Hong Kong stock exchange's Hang Seng index. In July 2009, JPMorgan Asset Management had launched Greater China Equity Offshore Fund, while in September, Mirae Asset Global Investment launched its Mirae Asset China Advantage Fund.

Wednesday, February 24, 2010

Wipro employee commits $4 Million fraud


IT major Wipro has tightened internal control in the finance division after it was noticed that one of its employees embezzled crores of rupees in the last three years. The employee, who was working in the 'controllership' division within the finance department in the last three years, stole a password and transferred funds from Wipro's account at a bank.


Suresh C Senapaty, Wipro's CFO has also confirmed the incident. "This has been a case of embezzlement, which we discovered in December, and it's very unfortunate that this person succumbed to this," he said. According to him, the company has carried out an investigation and is undertaking actions with respect to stricter adherence to processes.Following this, Wipro has disbanded the controllership unit. Wipro officials have succeeded in recovering about half the money, but will still face a loss of about $2 million. The CFO said the incident did not involve more than one Wipro employee. "Our investigations have revealed that only this employee was involved, and nobody else in the team had any clue," Senapaty said.

Apart from setting up an internal investigation team, Wipro has also taken help from external auditors and investigation experts who will vet its processes and certify the soundness of its controls. Wipro has always taken pride in the sound work ethics of its employees and in the strictness of its controls. "We have to be more alert in monitoring, and we need to tighten the processes for ensuring an early warning system and make it tougher," Senapaty said.Now, Wipro plans to make it compulsory for its employees to sign an undertaking about sharing of passwords and any unauthorized transactions.

The company is also planning to frequently rotate its employees, who are working in sensitive functions within the finance department. Currently, employees in such functions spend around three years before a transfer.

Monday, February 1, 2010

Wipro inks pact with GE for $1 Billion deal


Wipro has signed a master services agreement (MSA) with General electric to bid for nearly $1 billion worth of outsourcing projects fleshed out by different business units of GE every year. This step may help Wipro to stand firmly against rivals Tata Consultancy Services (TCS) and Genpact.
A senior executive at one of the tech firms currently serving GE said, "While it does not in any way guarantee assured contracts, GE is a good account to have for long-term, annuity-based revenues because even if the micro environment is bad, one of the GE units would have something to outsource, offshore." He requested anonymity because he is not authorized to comment about his company's customers. It would be incorrect to say that GE a new customer for Wipro. Even two decades ago, when Jack Welch visited India, Wipro Chairman Azim Premji was one of the first partners to sell Welch's healthcare products. A person familiar with this agreement said, "Both the companies started healthcare business and an outsourcing alliance later, however, since 2000 Wipro has not been doing any significant outsourcing work for GE - in many ways, this is a great comeback."However, some experts feel that GE can't become a large account for Wipro anytime soon. "They may start at around $10-20 million annually, but with so much of competition for the GE business, I am not sure if Wipro would also like it to become big," said a senior executive at one of the rival firms on conditions of anonymity

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