Saturday, December 20, 2008

Is Google earth Map giving geography lessons to terrorists?

Google Earth is the seventh popular Internet application tool but it is being growingly misused by terror groups to have the first glimpse of sensitive places to plot attacks without moving an inch.

Lashkar-e-Taiba terrorist Fahim Ahmed Ansari, arrested by Uttar Pradesh Police in Feburuary this year with maps and details of the spots hit during the recent terror attacks, in his statement had conceded that his masters showed him the maps on Google Earth to pin-point the specific targets.

The interrogation report of Fahim, who was trained at the Baitul Mujahideen camp in Pakistan in his statement said that a top Lashker commander 'Kahasa' asked him to show the spots in Mumbai on the Google Earth. "I was shown the map of Mumbai in Googleearth.com. Kahasa asked me to point out places in Mumbai he noted down and marked those places in the map," he told interrogators, adding, "I was first asked about my residence location and in-laws location in Mumbai."

Sensitive places like offices of Commissioner of Police and DGP, Gateway of India, Navy Nagar, Colaba, Taj Mahal Hotel, Mantralaya, Wankhede Stadium, Race Course, Church Gate Railway Station, Stock Exchange Building, BARC, Kalina Army Gate and other such spots were located and marked on the Google Earth Map.

Fahim, along with Sabauddin, were brought to Mumbai and remanded to police custody till December 31. They are being questioned to ascertain whether they had provided the minute details to Lashkar terrorists to help them plan the terror strike here on November 26.

Source; Agencies

Friday, December 19, 2008

Consolidation, BC, Virtualization Top the CIO List

A survey commissioned by HP said that majority of technology decision makers are currently implementing or planning to implement in 2009 consolidation (95 percent), business continuity (93 percent) and virtualization (91 percent) projects.

Today s CIOs are challenged to control costs and achieve returns on technology investments. According to the study, respondents named reducing operational costs (31 percent) as their top driver for 2009 DCT spending. Enhancing security (29 percent) followed as a close second.

However, in both cases decision makers said that technology needs, more than business needs, are prompting the investments. This may limit their ability to achieve both short-term and long-term business benefits such as reduced costs, mitigated risks and accelerated growth.

CIOs who approach DCT initiatives with a focus on business needs can significantly reduce time to value for today s technology investments while laying the foundation for future growth, said John Bennett, worldwide director, Data Center Transformation Solutions, HP.

Most organizations are transforming their data centers through independent projects instead of taking a broad, integrated approach. The new research indicates that 20 percent of technology decision makers are initiating a complete transformation, while the remaining 80 percent are implementing individual transformation projects without an overall DCT strategy.

When asked to indicate what projects they would implement independently to achieve specific technology goals, respondents named the following:

# Automation 64 percent
# Green IT 60 percent
# Operations management 59 percent
# Virtualization 59 percent
# Business continuity 58 percent


All of these projects have the potential to also achieve business goals. By taking a comprehensive approach and aligning these autonomous projects to an overall DCT strategy, an opportunity exists for CIOs to maximize the value of their transformation initiatives, the survey said.

Thursday, December 18, 2008

Motorola bosses take 25% pay cut

Motorola Inc, the second-biggest US seller of mobile phones, will freeze US pension plans and reduce executive salaries to help cope with the economic slump.

Co-Chief Executive Officers Greg Brown and Sanjay Jha are taking a 25 per cent cut in base salary in 2009, Motorola said in a statement. Employees in many markets won’t get a raise, and the company will temporarily stop making matching contributions to US workers’ retirement investment accounts.

Jha, hired in August to lead the wireless device division, seeks to turn around a unit that has posted operating losses of $2.8 billion since the start of 2007. He tapped Google Inc to supply software for phones after losing market share to Samsung Electronics Inc and Apple Inc, whose iPhone 3G topped Motorola’s Razr in the third quarter as the most popular US phone.

“Turnarounds are always hard to execute on, and a bad economy makes them tougher,” said Tavis McCourt, an analyst at Morgan Keegan & Co in Nashville. “I’d be shocked if this is all they do in 2009.”

The pay cuts and pension freeze will help Motorola add to the $800 million in annual costs savings it announced in October, including 3,000 job cuts, the company said.

Worldwide mobile-phone sales will drop 13 per cent next year, the first decline since 2001, as economic growth slows, analysts at Citigroup Inc said in a research note.

Motorola, based in Schaumburg, Illinois, rose 5 cents, or 1.1 per cent, to $4.46 at 12:07 pm in New York Stock Exchange composite trading. The shares had dropped 73 per cent this year before today.

Source: Agencies

Indians to experience low salary hikes likely in 2009

Anticipating a decline in its business performance in 2009, India Inc is likely to cut back on the planned salary increase in the coming year, while most firms want to avoid huge job cuts, a latest survey says.

Majority of companies in the country are trying to be selective in planning the workforce, compensation and benefit cuts for 2009, while they anticipate a decline in their company's business performance next year, according to global HR consultancy Mercer.

The survey revealed that as much as 83 per cent of companies expect salary increases in the coming year to be lower than originally planned by them. The responses indicate that the companies are planning to look closely at holding down the level of compensation increases in 2009.

However, only 19 per cent of survey respondents are considering the more drastic step of freezing 2009 salaries at 2008 figures.

The results for companies in India generally match survey findings from other parts of the world. In China, Australia, the United Kingdom and the United States as well between 20 and 30 per cent respondents believe that the 2009 bonus payout would be reduced from those originally planned.

"India grew on the back of her knowledge and people -centric industries such as financial services, information technology and retail, among others. However, primarily due to employee costs having risen in India at double-digit rates since 2003, cost structures have been coming under severe strain," Mercer Consulting (India) country leader Padma Ravichandar said.

Most companies in India plan to avoid significant workforce reductions, but they do not plan significant hiring either, the survey revealed.

Nearly two-thirds (63 per cent) of companies surveyed revealed that a significant reduction in workforce was unlikely even as only one in four firms expect to continue their hiring activities at or above replacement levels.

This current situation should be perceived as a cooling-down period in terms of talent costs. This is a levelling act which may help India remain cost competitive in the long run. In the near term, the adverse impact of business sentiment seems all pervasive, Ravichandar added.

Over 80 per cent of respondents expect their company's business performance to decline in 2009, the Mercer survey noticed.

Further, corporate India expects mergers and acquisitions to be severely affected in the next year, with fewer than seven per cent of survey respondents expecting increased M&A activity.

Mercer's survey, conducted in early November, collected responses from over 100 human resource and finance professionals in India, as part of more than 1,000 responses from around the world.

Source: Agencies

TCS to tie up with Ferrari for Formula One

Tata Consultancy Services announced on Thursday that it has entered into a partnership with Ferrari F1 car for the 2009 Formula One season.

The clarification from TCS came following reports that Tata branding would appear for the first time on the scarlet Ferraris of Felippe Massa and Kimi Raikkonen fighting for world championship honours in 2009.

"Building on our existing long-term relationship of over 3 years, Tata Consultancy Services has entered into a historic agreement with Ferrari for an enhanced technology and marketing partnership. As part of the deal, the Tata logo will be displayed on Ferrari FI car for the 2009 Formula One season," a TCS spokesperson said in a statement.

Tata Consultancy Services was the first Indian company to enter the Formula One arena in 2005 when it became the technology partner of Ferrari, the spokesperson added.

Ferrari head honcho Luca di Montezemolo, who had declared brand the Tata will appear on the Ferrari for the first time, had not mentioned which of the Tata brand would appear - the Tata group, or the Tata Motors.

It is in the backdrop this report that TCS has made the official announcement regarding its Formula One Tie up. TCS has supplied many major programmes and solution in the design, manufacture and operation of many sports cars including F1.

Fiscal year 2010 to be more challenging, says RBI chief

Next year will be a more challenging year than this has been but the Reserve Bank of India (RBI) will continue to do everything possible to lessen the domestic effects of the global financial crisis, its chief said.

In speech released on Thursday, RBI Governor Duvvuri Subbarao said the outlook for India and the world remained uncertain and the path of the global crisis and its resolution remained unclear.

While the central bank had a roadmap, it was not possible to deploy it all in one go.

"It would be our endeavour to adapt this roadmap to the evolving global developments and implement it flexibly and pragmatically," he said.

"Our approach, as indeed of every prudent central banker around the world, has been to 'cross the river by feeling the stones'."

Subbarao said India's economic fundamentals remained strong, but developments in the real economy, financial markets and global commodity prices pointed to a period of moderating growth and declining inflation.

"The year 2009-10 will be more challenging than the current one," he said.

"The RBI will continue to be on vigil and do everything possible within its mandate to mitigate the impact of the crisis on the Indian economy."

Since mid-October, the central bank has lowered its key lending rate by 250 basis points to 6.5 percent to shield the economy from the spillover of the global credit crisis.

It has also aggressively slashed banks' reserve requirements to shore up growth, which many expect to slow to 7 percent in the fiscal year which ends in March from 9 percent in 2007/08.

The government bond market is widely expecting interest rates to fall again soon, with the benchmark 10-year bond yield dropping 30 basis points on Thursday to 5.50 percent.

Subbarao noted inflation had been declining for the four weeks before he spoke, pointing to a faster-than-expected reduction in the pace of rising prices, while a recent cut in state-set fuel prices should further ease inflation pressures.

Data on Thursday showed India's wholesale price index, its most widely watched inflation measure, rose 6.84 percent in the 12 months to Dec. 6, sharply below the previous week's 8 percent and lower than a Reuters estimate of 7.49 percent.

Source: Agencies

Wednesday, December 17, 2008

Madoff crambles out to find friends following scam

Bernard Madoff, the longtime Wall Street executive accused of cheating investors around the world out of $50 billion, scrambled to find friends or relatives to guarantee his bond on Tuesday and keep him out of jail.

In Massachusetts, where the disgraced investor long cultivated a loyal group of wealthy individuals, the state's chief securities regulator subpoenaed Bernard L. Madoff Investment Securities and Cohmad Securities Corp, a firm that marketed Madoff investment products.

The two firms must hand over the names and addresses of all local residents who let Madoff invest their money by December 29. They must also deliver notes, emails, meeting agendas related to investments made since 2000, William Galvin, the state's Secretary of the Commonwealth, said on Tuesday.

In New York, Madoff, who was arrested last week, has not yet fully met the conditions of his $10 million bond, according to court papers. He must find three co-signers to guarantee the bond.

If he fails to meet all the conditions, prosecutors could seek to have the 70-year-old Madoff jailed, pending trial. A court hearing was set for Wednesday on bail matters after a Tuesday hearing was postponed.

Madoff, a former chairman of the Nasdaq Stock Market, faces up to 20 years in prison and a maximum fine of $5 million if convicted.

The U.S. Securities and Exchange Commission, which has been accused of missing red flags about Madoff's investment business, is asking its internal watchdog to probe the agency's conduct in the case.

SEC Chairman Christopher Cox said he was "gravely concerned" by the agency's "apparent multiple failures over at least a decade" to thoroughly investigate allegations or seek formal authority to pursue them.

As more banks, hedge funds and wealthy investors around the world realize they fell victim to a man long respected on Wall Street for the steady returns that his funds produced year after year, their outrage has grown.

LAW SCHOOL LAWSUIT

"The names and sizes of those exposed to Bernard Madoff keep growing and most remarkable of all is the concentration of investments made by funds of hedge funds which promise their clients a diversified portfolio," said Philippe Bonnefoy, chairman of the asset allocation committee at Cedar Partners, an investment adviser.

A fund of hedge funds is a basket of funds selected by the manager to spread around risk.

New York Law School sued Ascot Partners LP, an investment firm, general partner J. Ezra Merkin and auditor BDO Seidman LLP on Tuesday over investments with Madoff.

Massachusetts Mutual Life Insurance Co acknowledged its exposure to Madoff after a hedge fund unit invested heavily with him. Tremont Holdings Inc's Rye Investment Management unit lost roughly $3 billion, nearly all of the money the unit managed, people familiar with the matter said.

Madoff is also closely tied to Carl Shapiro, a 95-year-old Boston philanthropist who gave much of his fortune to the city's Beth Israel Deaconess Medical Center and the city's Museum of Fine Arts.

Austria's Bank Medici, a closely held bank serving wealthy clients, also said it was affected by Madoff's scheme, but declined to give a total for its losses.

At the same time, prosecutors and regulators asked people who suspect they lost money to Madoff to come forward.

The U.S. Attorney's Office in New York, which is prosecuting the Madoff case, set up a website for investors who may have been victimized. It also posted an FBI hotline number, 212-384-2359, for investors to call.

SIFTING THROUGH THE PAPERS

Investors were asked to gather any documents related to their Madoff investments and to check the website and others set up by the SEC, the trustee of Madoff's brokerage business and the court-appointed receiver in the case.

Lawyers worried that many of the financial statements that Madoff's firm mailed to clients were not accurate, and that it will take months to sift through the papers.

"This is a mess and it will take much longer than normal," said Douglas Hirsch, a partner at law firm Sadis & Goldberg, describing the work facing the trustee appointed to oversee the liquidation of Madoff's firm.

The Securities Investor Protection Corp, a nonprofit organization that provides limited insurance on investors' accounts, was named as trustee on Monday.

Madoff, who was well-known on the charity ball circuit and supported cancer and diabetes research, also gave about $238,200 to political candidates, parties and committees, mostly Democratic, since 1991, according to the Center for Responsive Politics, which tracks political giving.

U.S. Senator Charles Schumer, a New York Democrat, received $12,000, while U.S. Rep. Edward Markey, a Massachusetts Democrat, received $10,000 over the years, the Center found.

The impact of Madoff's alleged fraud may be felt most severely among hedge funds. For example, the Credit Suisse/Tremont Hedge Fund Index fell 4.15 percent in November, far more than the preliminary 0.7 percent decline reported last week.

Standard & Poor's said it will review public sector entities, such as universities, that invested with Madoff, to see whether their ratings should be cut as a result of their likely investment losses.

Source: Agencies

Total Pageviews