Category: Finance

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Satyam Scandal Shocks Indian IT Sector

The admission by Satyam Computer Services Ltd.’s chairman that he concocted key financial results sent shockwaves across the information-technology sector, raising questions about how the scandal will affect the company’s customers and rivals.

B. Ramalinga Raju, founder and chairman of one of India’s largest IT companies, resigned Wednesday after admitting to falsifying company accounts and inflating revenue and profit figures over several years, sending the company’s shares tumbling and triggering a probe by India’s capital market regulator.

Read the article: The $1bn black hole at heart of company’s finances

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US global dominance ‘set to wane’

US economic, military and political dominance is likely to decline over the next two decades, according to a new US intelligence report on global trends. The National Intelligence Council (NIC) predicts China, India and Russia will increasingly challenge US influence.

Read the article: US global dominance ‘set to wane’

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Citigroup weighs potential sale

Citgroup executives, faced with a plunging share price, began weighing the possibility of auctioning off pieces of the financial giant or even selling the company outright, the Wall Street Journal reported late Thursday, citing people familiar with the situation.

Read the article: Report: Citigroup weighs potential sale

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Citigroup to cut 75,000 jobs

US bank Citigroup has announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made this year.

Read the article: Citigroup job cull to hit 75,000

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Entrepreneurship is all in the mind

“Scientists have shown what many have always suspected – that entrepreneurs’ brains are different to those of managers.  A study at Cambridge university, published on Thursday in the journal Nature, found that entrepreneurs’ brains were more active in the region responsible for taking “risky or hot” decisions.

The researchers suggested that the type of risk-taking essential to the entrepreneurial process could be taught, or enhanced by drugs.” – FT

Read the article : Entrepreneurship is all in the mind  or, registration free link

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The future of energy

While many of the world’s best business brains are exercising themselves over the current global banking and equities crisis, there is another issue which has the potential to dominate our lives far more in the longer term — energy.

Read the article: The future of energy – CNN.com

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Merrill Lynch chief sees severe global slowdown

“The global economy is entering a slowdown of epic proportions, comparable to the Great Depression, John Thain, chairman and chief executive of Merrill Lynch, warned on Tuesday.” – FT.com

Read the article: Merrill chief sees severe global slowdown

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Finally, a lifeline for India’s poor

Nothing causes as much anxiety in a family as when someone falls sick. Nearly 65% of India’s poor get into debt and 1% fall below the poverty line each year because of illness, according to National Sample Survey Organisation (NSSO) 2004. The answer, of course, is health insurance, but only 6% of India’s workers have it.

Read the article: Finally, a lifeline for India’s poor

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iPhone and India

How Apple, Airtel and Vodafone are ripping off Indian iPhone users.

Read the article: How Apple, Airtel and Vodafone are ripping off Indian iPhone users

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An elegy for Singur

Mr. Ratan Tata has said in his press conference that, “Two years ago, I said if somebody puts a gun to my head, you would either have to remove the gun or pull the trigger. I would not move my head. I think Ms Banerjee pulled the trigger.”

Read the article: An elegy for Singur