Even after announcing 1,000 job cuts globally, Alcatel-Lucent is bullish on the Indian telecom market and plans to hire about 1,000 people by next year.
"The job cut was announced at a global level and we have not been told of any job losses in India (operations). We have about 70,000 employees globally and 1,000 jobs being cut are less than the attrition that one sees.
However, I would like to hire another 500-1,000 people in the next one year for India operations," Alcatel-Lucent India President Vivek Mohan told the media.
The company had recently announced its plans to reduce the number of managers by about 1,000 and the number of contractors by another 5,000 as a part of its restructuring initiatives.
The company is in discussion with other firms for deployment of low-cost WiMax devices in the country.
Source: Agencies
Tuesday, December 16, 2008
Over 65,000 jems and jewellery workers may be laid-off
The cgems and jewellery industry has already laid-off 65,000 workers and might be forced to lay-off a like number in the next two months, an industry official said on Tuesday.
"The Indian gems and jewellery sector was forced to lay-off 65,000 workers between August-October. Due to the ongoing economic slowdown and slump in demand, there could be a further lay-off of 65,000 workers in the next two months," Gems and Jewellery Export Promotion Council's (GJEPC) Chairman, Vasant Mehta, told reporters here.
The sector has also been afflicted by a significant dip of 34.25 per cent in exports in November, Mehta said.
There was a danger of many units shutting down, he warned, adding that by January, the exact number of units closing down would be known.
India's gems and jewellery sector contributes 55 per cent of the world's export in terms of value and over 75 per cent by carats and number of pieces.
In November, the sector witnessed a decline in exports by 34.25 per cent at USD 987.10 million from $1,501.27 million during the year-ago period, he said.
"At the manufacturing level, exports of cut and polished diamonds are down by 20.18 per cent as compared to the same period last year," he said.
The gems and jewellery industry witnessed a drop of over 20 per cent in its order books during April-October as compared to the same period last year.
The situation could be much worse in November and December, he said.
Source: Agencies
"The Indian gems and jewellery sector was forced to lay-off 65,000 workers between August-October. Due to the ongoing economic slowdown and slump in demand, there could be a further lay-off of 65,000 workers in the next two months," Gems and Jewellery Export Promotion Council's (GJEPC) Chairman, Vasant Mehta, told reporters here.
The sector has also been afflicted by a significant dip of 34.25 per cent in exports in November, Mehta said.
There was a danger of many units shutting down, he warned, adding that by January, the exact number of units closing down would be known.
India's gems and jewellery sector contributes 55 per cent of the world's export in terms of value and over 75 per cent by carats and number of pieces.
In November, the sector witnessed a decline in exports by 34.25 per cent at USD 987.10 million from $1,501.27 million during the year-ago period, he said.
"At the manufacturing level, exports of cut and polished diamonds are down by 20.18 per cent as compared to the same period last year," he said.
The gems and jewellery industry witnessed a drop of over 20 per cent in its order books during April-October as compared to the same period last year.
The situation could be much worse in November and December, he said.
Source: Agencies
Ten financial frauds that shook the world!
Madoff’s alleged fraud has apparently shook the world. More so because it is stated to the world’s biggest financial fraud till date.
However, it is interesting to know that despite increasingly stringent legislation aimed at combating fraud and increased enforcement efforts by government agencies, the world is hardly seeing any reduction in the number of financial frauds. Instead it is increasing by the day.
Here we take a look at some of the world’s top financial frauds:
1) Madoff fraud
New York hedge fund manager and Wall Street legend Bernard Madoff has been charged with what could be the largest Ponzi scheme in history. Madoff had apparently planned to carve up his last $३००m (थ्२००m) between friends, family and employees before making the shocking confession that his investment prowess was really the result of one of the world's biggest ever frauds.
But, according to the Federal Bureau of Investigation, the ७०-year-old could not implement his plan before his huge pyramid scheme - whose १०-१२% annual returns had attracted top-flight investors around the globe - collapsed with losses of at least $५०bn.
The alleged victims span from the super rich, to pensioners and powerful financial institutions, to local charities. Some investors claim they've been wiped out, while others are still likely to come forward. Among the world's biggest banking institutions, Britainङs HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Man Group PLC, Spainङs Grupo Santander SA, Franceङs BNP Paribas and Japanङs Nomura Holdings have reported to have fallen victim to Madoff's alleged $५० billion Ponzi scheme.
2) Enron
As a result of the massive fraud at Enron, an energy company based in Houston, Texas, shareholders lost tens of billions of dollars. Many Enron executives, Enronङs accounting firm and certain bank officials were indicted. Andrew Fastow, Enronङs former finance chief, testified that many of the banksङ transactions were contrived, deceptive deals done solely to create the false appearance of profits and cash flow.
Kenneth Lay, the founder of Enron whose spectacular implosion in २००१ lead to one of the biggest fraud cases in history, was convicted of fraud for duping investors over the health of Enronङs finances before it plummeted into bankruptcy. Prosecutors accused Lay of pocketing over थ्४० million of investors' money, and Lay was charged with ११ counts of securities fraud.
3) Charles Ponzi
It was one of the biggest swindlers in US history. In one of Charles Ponzi’s early scams around 1920, he offered investors a 50% return on their money in 45 days, or a doubling of their money in 90 days. By February 1920, Ponzi’s best-known scam had taken in $5,000, by March, he was up to $30,000.
At that time Ponzi began hiring agents to expand his swindle. By pushing his impressive high rate of return, he could often persuade would-be investors to send money. In May 1920, he was up to $420,000 and by July 1920, he was up to millions.
About 40,000 people invested about $15 million all together; in the end, only a third of that money was returned to them. Ponzi was indicted on 86 counts of mail fraud and sentenced to five years in prison in 1920.
4) Parmalat
A massive financial scandal involving Italy’s largest food company Parmalat underscored the fact that corporate fraud was not just an American problem. With the disappearance of about $10 billion in declared assets, the scandal was one of the largest in corporate history.
Parmalat collapsed in December 2003 under 14 billion euros ($27 billion) of debt, after uncovering a 4 billion euro hole in its accounts. Some dubbed the episode ‘Europe's Enron’. It is currently estimated that at least $17 billion of Parmalat funds have simply disappeared and cannot be accounted for.
5) Barings
A lethal mix of massive fraud and malfeasance led to the collapse of Barings PLC in February १९९५. In February, the oldest merchant bank in Britain collapsed because of massive trading losses run up by Nicholas Leeson, २८, a trader whose bosses believed was running a riskless yet highly profitable arbitrage operation in Singapore.
Rather than the large profits the management of Barings thought were being posted in Singapore, the Bank of England's report showed that Leeson's operation lost money almost from the beginning. By the end of १९९३, those losses totaled थ्२० million, rising to more than थ्२०० million by the end of १९९४ and escalating to थ्८२७ million ($१.३ billion) by the end of February.
6) Alves dos Reis
Alves dos Reis was a Portuguese criminal who perpetrated one of the largest frauds in history, against Banco de Portugal in १९२५, often called the Portuguese Bank Note Crisis. Reisङs fraud had enormous repercussions on the economy and politics of Portugal. By the end of १९२५, Reis had managed to introduce escudo banknotes worth थ्१,००७,९६३ at १९२५ exchange rates into the Portuguese economy, which was equivalent to ०.८८% of Portugalङs nominal GDP at the time.
The Portuguese currency, escudo, was fiscally disturbed and lost much of his credibility. After the scheme was found out, the Bank of Portugal ordered the withdrawal of all ५०० escudo banknotes. When Reis's fraud became public knowledge in December १९२५, it brought about a crisis of confidence in the Portuguese government. Reis was finally tried in May १९३०. He was convicted and sentenced to २० years in prison.
7) Hedge fund Amaranth
Branded as the biggest hedge fund collapse in history, Amaranth lost $6 billion of investor’s money in one week alone. Amaranth Advisors, the US-based hedge fund whose investments were hit by a misplaced bet on gas prices, saw its losses reach about $6bn in 2006. The firm sold its portfolio of energy trades and off-loaded other assets in a bid to stave off collapse. Amaranth invested most of its funds on trades that bet the longstanding trend in rising natural gas prices would continue.
However, natural gas prices dropped sharply. According to media reports, the firm and its former head trader Brian Hunter's poor bets on the price of natural gas triggered those losses. As Amaranth's losses mounted, the fund's bankers called in their loans, forcing the fund to sell more assets to avoid defaulting. The collapse in the fund's value raised major questions over the lack of adequate risk management controls at Amaranth, and wider concerns over lax control of hedge fund managers.
8) Jerome Kerviel
The French trader blew billions in catastrophic gambles on the stock market. Jerome Kerviel, ३१, began his reckless dealings after a succession of personal tragedies. The trader was left devastated by the sudden death of his father Charles a year ago and then, while still grieving, his wife of two years walked out on him.
The double heartbreak sparked the beginning of a chain of events which allegedly culminated in one of the worldङs largest frauds in the beginning of २००८, with monumental losses of थ्३.६ billion for Franceङs second largest bank Societe Generale.
9) Bernard Ebbers
Bernard Ebbers, the former CEO of WorldCom, was found guilty in March 2005 for his role in the huge accounting scandal that led to the largest bankruptcy in US history at that time. A federal jury in New York, on its eighth day of deliberations, convicted Ebbers on all nine counts that he helped mastermind a $11-billion accounting fraud at WorldCom, now known as MCI.
Ebbers, 63, had been charged with one count of conspiracy, one count of securities fraud and seven counts of filing false statements with securities regulators.
10) Long Term Capital Management
The brightest star in the financial world, it was a hedge fund that was too big to fail. Built by legends of Wall Street and two Nobel laureates, it spiralled to ever greater heights, commanding unimaginable wealth.
Therefore, when it fell to earth in September 1998, it shook the world. Long Term Capital Management lost more than 90% of its capital and cost loss of at least $4 billion.
Source: Economic Times
However, it is interesting to know that despite increasingly stringent legislation aimed at combating fraud and increased enforcement efforts by government agencies, the world is hardly seeing any reduction in the number of financial frauds. Instead it is increasing by the day.
Here we take a look at some of the world’s top financial frauds:
1) Madoff fraud
New York hedge fund manager and Wall Street legend Bernard Madoff has been charged with what could be the largest Ponzi scheme in history. Madoff had apparently planned to carve up his last $३००m (थ्२००m) between friends, family and employees before making the shocking confession that his investment prowess was really the result of one of the world's biggest ever frauds.
But, according to the Federal Bureau of Investigation, the ७०-year-old could not implement his plan before his huge pyramid scheme - whose १०-१२% annual returns had attracted top-flight investors around the globe - collapsed with losses of at least $५०bn.
The alleged victims span from the super rich, to pensioners and powerful financial institutions, to local charities. Some investors claim they've been wiped out, while others are still likely to come forward. Among the world's biggest banking institutions, Britainङs HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Man Group PLC, Spainङs Grupo Santander SA, Franceङs BNP Paribas and Japanङs Nomura Holdings have reported to have fallen victim to Madoff's alleged $५० billion Ponzi scheme.
2) Enron
As a result of the massive fraud at Enron, an energy company based in Houston, Texas, shareholders lost tens of billions of dollars. Many Enron executives, Enronङs accounting firm and certain bank officials were indicted. Andrew Fastow, Enronङs former finance chief, testified that many of the banksङ transactions were contrived, deceptive deals done solely to create the false appearance of profits and cash flow.
Kenneth Lay, the founder of Enron whose spectacular implosion in २००१ lead to one of the biggest fraud cases in history, was convicted of fraud for duping investors over the health of Enronङs finances before it plummeted into bankruptcy. Prosecutors accused Lay of pocketing over थ्४० million of investors' money, and Lay was charged with ११ counts of securities fraud.
3) Charles Ponzi
It was one of the biggest swindlers in US history. In one of Charles Ponzi’s early scams around 1920, he offered investors a 50% return on their money in 45 days, or a doubling of their money in 90 days. By February 1920, Ponzi’s best-known scam had taken in $5,000, by March, he was up to $30,000.
At that time Ponzi began hiring agents to expand his swindle. By pushing his impressive high rate of return, he could often persuade would-be investors to send money. In May 1920, he was up to $420,000 and by July 1920, he was up to millions.
About 40,000 people invested about $15 million all together; in the end, only a third of that money was returned to them. Ponzi was indicted on 86 counts of mail fraud and sentenced to five years in prison in 1920.
4) Parmalat
A massive financial scandal involving Italy’s largest food company Parmalat underscored the fact that corporate fraud was not just an American problem. With the disappearance of about $10 billion in declared assets, the scandal was one of the largest in corporate history.
Parmalat collapsed in December 2003 under 14 billion euros ($27 billion) of debt, after uncovering a 4 billion euro hole in its accounts. Some dubbed the episode ‘Europe's Enron’. It is currently estimated that at least $17 billion of Parmalat funds have simply disappeared and cannot be accounted for.
5) Barings
A lethal mix of massive fraud and malfeasance led to the collapse of Barings PLC in February १९९५. In February, the oldest merchant bank in Britain collapsed because of massive trading losses run up by Nicholas Leeson, २८, a trader whose bosses believed was running a riskless yet highly profitable arbitrage operation in Singapore.
Rather than the large profits the management of Barings thought were being posted in Singapore, the Bank of England's report showed that Leeson's operation lost money almost from the beginning. By the end of १९९३, those losses totaled थ्२० million, rising to more than थ्२०० million by the end of १९९४ and escalating to थ्८२७ million ($१.३ billion) by the end of February.
6) Alves dos Reis
Alves dos Reis was a Portuguese criminal who perpetrated one of the largest frauds in history, against Banco de Portugal in १९२५, often called the Portuguese Bank Note Crisis. Reisङs fraud had enormous repercussions on the economy and politics of Portugal. By the end of १९२५, Reis had managed to introduce escudo banknotes worth थ्१,००७,९६३ at १९२५ exchange rates into the Portuguese economy, which was equivalent to ०.८८% of Portugalङs nominal GDP at the time.
The Portuguese currency, escudo, was fiscally disturbed and lost much of his credibility. After the scheme was found out, the Bank of Portugal ordered the withdrawal of all ५०० escudo banknotes. When Reis's fraud became public knowledge in December १९२५, it brought about a crisis of confidence in the Portuguese government. Reis was finally tried in May १९३०. He was convicted and sentenced to २० years in prison.
7) Hedge fund Amaranth
Branded as the biggest hedge fund collapse in history, Amaranth lost $6 billion of investor’s money in one week alone. Amaranth Advisors, the US-based hedge fund whose investments were hit by a misplaced bet on gas prices, saw its losses reach about $6bn in 2006. The firm sold its portfolio of energy trades and off-loaded other assets in a bid to stave off collapse. Amaranth invested most of its funds on trades that bet the longstanding trend in rising natural gas prices would continue.
However, natural gas prices dropped sharply. According to media reports, the firm and its former head trader Brian Hunter's poor bets on the price of natural gas triggered those losses. As Amaranth's losses mounted, the fund's bankers called in their loans, forcing the fund to sell more assets to avoid defaulting. The collapse in the fund's value raised major questions over the lack of adequate risk management controls at Amaranth, and wider concerns over lax control of hedge fund managers.
8) Jerome Kerviel
The French trader blew billions in catastrophic gambles on the stock market. Jerome Kerviel, ३१, began his reckless dealings after a succession of personal tragedies. The trader was left devastated by the sudden death of his father Charles a year ago and then, while still grieving, his wife of two years walked out on him.
The double heartbreak sparked the beginning of a chain of events which allegedly culminated in one of the worldङs largest frauds in the beginning of २००८, with monumental losses of थ्३.६ billion for Franceङs second largest bank Societe Generale.
9) Bernard Ebbers
Bernard Ebbers, the former CEO of WorldCom, was found guilty in March 2005 for his role in the huge accounting scandal that led to the largest bankruptcy in US history at that time. A federal jury in New York, on its eighth day of deliberations, convicted Ebbers on all nine counts that he helped mastermind a $11-billion accounting fraud at WorldCom, now known as MCI.
Ebbers, 63, had been charged with one count of conspiracy, one count of securities fraud and seven counts of filing false statements with securities regulators.
10) Long Term Capital Management
The brightest star in the financial world, it was a hedge fund that was too big to fail. Built by legends of Wall Street and two Nobel laureates, it spiralled to ever greater heights, commanding unimaginable wealth.
Therefore, when it fell to earth in September 1998, it shook the world. Long Term Capital Management lost more than 90% of its capital and cost loss of at least $4 billion.
Source: Economic Times
More banks reveal exposure to Madoff
Banks and investment funds across the world lined up on Monday to admit investing billions of dollars in the companies of Bernard Madoff, whom US authorities accused of masterminding a massive fraud.
Britain’s HSBC was the latest bank to join the growing list, saying it had exposure of around $1 billion, making it one of the biggest victims of the alleged $50 billion fraud. Royal Bank of Scotland and Man Group in the UK, Japan’s Nomura and France’s Natixis also said they were hit by the worldwide scandal.
Financial companies, reeling after a year of enormous writedowns on bad credit assets, have so far tallied up more than $10 billion in direct and indirect exposure to the possible fraud by Madoff, the 70-year old trader who was arrested on Thursday. “There is a broader danger here for the industry,” an equity analyst said.
“This huge fraud, supposedly in blue-chip funds, is going to make people nervous, and you’ve already seen massive redemptions,” the analyst said. Shares in France’s Natixis were down 4.7% after it said it had as much as E450 million ($605 million) of exposure to the fiasco. The wider DJ Stoxx banking index was 0.9% lower.
US prosecutors and regulators have accused Madoff, a former chairman of the Nasdaq Stock Market, of running the fraud through his investment advisory business, which managed at least one hedge fund. Man Group, the world’s largest listed hedge fund manager, said it was exposed to Madoff through its fund of funds business RMF, which has $360 million invested in funds directly or indirectly sub-advised by Madoff. BNP Paribas and Santander detailed potential losses on Sunday, and others joined at the start of the trading week, with Italy’s UniCredit showing exposure of around E75 million.
RBS said its potential loss could amount to some £400 million ($595 million), if it assumed that the value of its assets in Madoff’s firm were nil.
Its exposure to the scandal was through trading and collateralised lending to funds of hedge funds invested in the group, the bank said in a statement.
Hedge funds are already struggling after a year that has badly damaged their boast that they can make money whichever way the market turns.
Source: Agencies
Britain’s HSBC was the latest bank to join the growing list, saying it had exposure of around $1 billion, making it one of the biggest victims of the alleged $50 billion fraud. Royal Bank of Scotland and Man Group in the UK, Japan’s Nomura and France’s Natixis also said they were hit by the worldwide scandal.
Financial companies, reeling after a year of enormous writedowns on bad credit assets, have so far tallied up more than $10 billion in direct and indirect exposure to the possible fraud by Madoff, the 70-year old trader who was arrested on Thursday. “There is a broader danger here for the industry,” an equity analyst said.
“This huge fraud, supposedly in blue-chip funds, is going to make people nervous, and you’ve already seen massive redemptions,” the analyst said. Shares in France’s Natixis were down 4.7% after it said it had as much as E450 million ($605 million) of exposure to the fiasco. The wider DJ Stoxx banking index was 0.9% lower.
US prosecutors and regulators have accused Madoff, a former chairman of the Nasdaq Stock Market, of running the fraud through his investment advisory business, which managed at least one hedge fund. Man Group, the world’s largest listed hedge fund manager, said it was exposed to Madoff through its fund of funds business RMF, which has $360 million invested in funds directly or indirectly sub-advised by Madoff. BNP Paribas and Santander detailed potential losses on Sunday, and others joined at the start of the trading week, with Italy’s UniCredit showing exposure of around E75 million.
RBS said its potential loss could amount to some £400 million ($595 million), if it assumed that the value of its assets in Madoff’s firm were nil.
Its exposure to the scandal was through trading and collateralised lending to funds of hedge funds invested in the group, the bank said in a statement.
Hedge funds are already struggling after a year that has badly damaged their boast that they can make money whichever way the market turns.
Source: Agencies
Google would not threaten net neutrality
Google Inc said on Monday it is committed to principles of equal network access, after a report said it approached Internet carriers with a proposal to create a "fast lane" for its content.
Google's telecom and media counsel in Washington said in a company blog that the search powerhouse offered to place its servers within the facilities of Internet service providers, making its data closer to consumers and therefore more easily accessed.
But the company's Richard Whitt said the offers did not violate so-called net neutrality -- the principle that phone and cable companies the operate data pipelines should treat all traffic equally.
Google was responding to a Wall Street Journal report on Monday that its practices would put at risk its stance on network neutrality.
The company said providers should be able to bolster access speeds through co-location and caching, both techniques that ease data traffic, as long as they do so without discrimination.
"However, they shouldn't be able to leverage their unilateral control over consumers' broadband connections to hamper user choice, competition, and innovation," he said.
The net neutrality debate has pitted Internet service providers such as AT&T Inc. against content companies such as Google and Microsoft.
The ISPs say they need flexibility to manage the ever-growing traffic on their networks without government interference, while content companies worry the ISPs hold the power to impede or slow traffic.
Many believe net neutrality will gain momentum under president-elect Barack Obama, who backs the principle.
Public interest defenders
Several prominent net neutrality backers came to Google's defense and cast doubt on the Wall Street Journal report.
"The practices described in the article, known as 'caching,' are commonplace and have been for many years," said Gigi Sohn, president of the advocacy group Public Knowledge.
"We in the public interest community are pleased to be working closely with our friends in industry, and those friends include Google," she added.
Josh Silver, executive director of advocacy group Free Press, said the group is "skeptical that Google is truly engaged in a nefarious plot to undermine the open Internet -- the company denies it, and we look forward to all of the facts coming to light."
He added that if any company was planning to "secretly violate" the principle of network neutrality, it would face strong opposition from the Internet community.
The Journal report had said one major cable operator in talks with Google said it has been reluctant to forge a deal because of concerns it might violate Federal Communications Commission guidelines on network neutrality.
Source: Agencies
Google's telecom and media counsel in Washington said in a company blog that the search powerhouse offered to place its servers within the facilities of Internet service providers, making its data closer to consumers and therefore more easily accessed.
But the company's Richard Whitt said the offers did not violate so-called net neutrality -- the principle that phone and cable companies the operate data pipelines should treat all traffic equally.
Google was responding to a Wall Street Journal report on Monday that its practices would put at risk its stance on network neutrality.
The company said providers should be able to bolster access speeds through co-location and caching, both techniques that ease data traffic, as long as they do so without discrimination.
"However, they shouldn't be able to leverage their unilateral control over consumers' broadband connections to hamper user choice, competition, and innovation," he said.
The net neutrality debate has pitted Internet service providers such as AT&T Inc. against content companies such as Google and Microsoft.
The ISPs say they need flexibility to manage the ever-growing traffic on their networks without government interference, while content companies worry the ISPs hold the power to impede or slow traffic.
Many believe net neutrality will gain momentum under president-elect Barack Obama, who backs the principle.
Public interest defenders
Several prominent net neutrality backers came to Google's defense and cast doubt on the Wall Street Journal report.
"The practices described in the article, known as 'caching,' are commonplace and have been for many years," said Gigi Sohn, president of the advocacy group Public Knowledge.
"We in the public interest community are pleased to be working closely with our friends in industry, and those friends include Google," she added.
Josh Silver, executive director of advocacy group Free Press, said the group is "skeptical that Google is truly engaged in a nefarious plot to undermine the open Internet -- the company denies it, and we look forward to all of the facts coming to light."
He added that if any company was planning to "secretly violate" the principle of network neutrality, it would face strong opposition from the Internet community.
The Journal report had said one major cable operator in talks with Google said it has been reluctant to forge a deal because of concerns it might violate Federal Communications Commission guidelines on network neutrality.
Source: Agencies
Monday, December 15, 2008
Qualcomm to launch Rs 10,000 laptop
San Diego-based wireless communications major Qualcomm will introduce its small laptop, Kayak, primarily used for accessing Internet services, in India priced at Rs 10,000 in the second half of next year.
"We will introduce Kayak Internet access platform in second half of next year and this device leverages 3G chipsets as well. The main USP is it can compute in low power scenario like India. It will cost about Rs 10, 000," Qualcomm Senior Vice-President and India head Kanwalinder Singh told reporters.
In Kayak prototype Qualcomm has designed a device capable of bringing the Internet over cell phone data networks to areas that may lack wired Internet service from cable and telephone providers.
The US-based firm, pioneer of CDMA technology, has already launched Kayak PC alternative globally.
Kayak is a reference design for building low-cost wireless-computing devices designed to fill the niche that exists between desktop PCs, which require landlines or separate accessories for connectivity and Internet-capable wireless devices.
Kayak uses Qualcomm's dual-core mobile station modem chipsets to provide both computing and connectivity, he said.
"We see developing markets like India seeking connectivity as inevitable and believe that concepts such as Kayak that leverage 3G wireless will be a key to success in helping these areas join the global online community, Singh added.
Qualcomm is pushing its phone processors into PC territories such as desktop computers after adding computing features like e-mail and web browsing onto cell phones.
Source: Economic Times
"We will introduce Kayak Internet access platform in second half of next year and this device leverages 3G chipsets as well. The main USP is it can compute in low power scenario like India. It will cost about Rs 10, 000," Qualcomm Senior Vice-President and India head Kanwalinder Singh told reporters.
In Kayak prototype Qualcomm has designed a device capable of bringing the Internet over cell phone data networks to areas that may lack wired Internet service from cable and telephone providers.
The US-based firm, pioneer of CDMA technology, has already launched Kayak PC alternative globally.
Kayak is a reference design for building low-cost wireless-computing devices designed to fill the niche that exists between desktop PCs, which require landlines or separate accessories for connectivity and Internet-capable wireless devices.
Kayak uses Qualcomm's dual-core mobile station modem chipsets to provide both computing and connectivity, he said.
"We see developing markets like India seeking connectivity as inevitable and believe that concepts such as Kayak that leverage 3G wireless will be a key to success in helping these areas join the global online community, Singh added.
Qualcomm is pushing its phone processors into PC territories such as desktop computers after adding computing features like e-mail and web browsing onto cell phones.
Source: Economic Times
$50 bn Madoff victims include super rich to charities
From a Jewish youth charity in Boston to major banks as far afield as Zurich, the list of investors who say they were duped in one of Bernard L Maddoff Wall Street's biggest Ponzi schemes is growing.
Around the world, investors who sunk cash into veteran Wall Street money manager Bernard Madoff's investment pool spent the weekend calculating how much exposure they might have. The 70-year-old Madoff, well respected in the investment community after serving as chairman of the Nasdaq Stock Market, was arrested Thursday in what prosecutors say was a $50 billion scheme to defraud investors.
One thing was clear in the fallout from his arrest: The alleged victims span from the super rich, to pensioners and powerful financial institutions, to local charities. Some investors claim they've been wiped out, while others are still likely to come forward.
"There were a lot of very sophisticated people who were duped, and that happens a great deal when you've had somebody decide to be unscrupulous," said Harvey Pitt, a former chairman of the Securities and Exchange Commission, a regulator in charge of monitoring investment funds like the one Madoff operated.
"It isn't just the big investors," he said. "There's a lot of charitable and foundation money involved in this, which is the real tragedy."
Charities across the country are expected to be directly affected by the collapse of Madoff's investment fund. The assets of Bernard L. Madoff Investment Securities LLC were frozen Friday in a deal with federal regulators and a receiver was appointed to manage the firm's financial affairs.
One of the largest financial scams to hit Wall Street has investors wondering if they'll ever get their money back.
In Boston, the Robert I. Lappin Charitable Foundation, a charity that financed trips for Jewish youth to Israel, said on its Web site Sunday that the money for its operations was invested with Madoff.
"The money needed to fund the programs of the Lappin Foundation is gone," it said. "The foundation staff has been terminated today."
New Jersey Sen. Frank Lautenberg, one of the wealthiest members of the Senate, entrusted his family's charitable foundation to Madoff. Lautenberg's attorney, Michael Griffinger, said they weren't yet sure the extent of the foundation's losses, but that the bulk of its investments had been handled by Madoff.
Lautenberg's foundation handed out more than $765,000 to at least 100 recipients in 2006, according to the most recent listing on Guidestar, which tracks charitable organization filings.
The foundation helps support a variety of religious, educational, civic and arts organizations in New Jersey and elsewhere, and its contributions range from a gift of than $300,000 to the United Jewish Communities of MetroWest New Jersey to a $2,000 donation to a children's program at the Hackensack Medical Center.
Source: Agencies
Around the world, investors who sunk cash into veteran Wall Street money manager Bernard Madoff's investment pool spent the weekend calculating how much exposure they might have. The 70-year-old Madoff, well respected in the investment community after serving as chairman of the Nasdaq Stock Market, was arrested Thursday in what prosecutors say was a $50 billion scheme to defraud investors.
One thing was clear in the fallout from his arrest: The alleged victims span from the super rich, to pensioners and powerful financial institutions, to local charities. Some investors claim they've been wiped out, while others are still likely to come forward.
"There were a lot of very sophisticated people who were duped, and that happens a great deal when you've had somebody decide to be unscrupulous," said Harvey Pitt, a former chairman of the Securities and Exchange Commission, a regulator in charge of monitoring investment funds like the one Madoff operated.
"It isn't just the big investors," he said. "There's a lot of charitable and foundation money involved in this, which is the real tragedy."
Charities across the country are expected to be directly affected by the collapse of Madoff's investment fund. The assets of Bernard L. Madoff Investment Securities LLC were frozen Friday in a deal with federal regulators and a receiver was appointed to manage the firm's financial affairs.
One of the largest financial scams to hit Wall Street has investors wondering if they'll ever get their money back.
In Boston, the Robert I. Lappin Charitable Foundation, a charity that financed trips for Jewish youth to Israel, said on its Web site Sunday that the money for its operations was invested with Madoff.
"The money needed to fund the programs of the Lappin Foundation is gone," it said. "The foundation staff has been terminated today."
New Jersey Sen. Frank Lautenberg, one of the wealthiest members of the Senate, entrusted his family's charitable foundation to Madoff. Lautenberg's attorney, Michael Griffinger, said they weren't yet sure the extent of the foundation's losses, but that the bulk of its investments had been handled by Madoff.
Lautenberg's foundation handed out more than $765,000 to at least 100 recipients in 2006, according to the most recent listing on Guidestar, which tracks charitable organization filings.
The foundation helps support a variety of religious, educational, civic and arts organizations in New Jersey and elsewhere, and its contributions range from a gift of than $300,000 to the United Jewish Communities of MetroWest New Jersey to a $2,000 donation to a children's program at the Hackensack Medical Center.
Source: Agencies
Subscribe to:
Posts (Atom)