Sunday, December 28, 2008
Sunday, December 21, 2008
latest news on Michael
Michael Jackson is suffering from a rare lung condition and needs to undergo an emergency transplant operation, according to a writer who is penning a new biography on the singer.
But the ailing star is too weak to be rushed into surgery and may even be fighting for his life, claims Ian Halperin, a former award-winning investigative journalist on America's respected Rolling Stone Magazine. Canadian Halperin says Jackson, 50, has been diagnosed with Alpha 1-antitrypsin deficiency, a genetic condition that can be fatal in severe cases. And he claims the singer is now so ill he can barely speak and has lost as much as 95 per cent of the vision in his left eye. Jackson was photographed in Los Angeles ten days ago visiting a doctor prior to shopping in several of his favourite stores with aides. The singer, who wore a Long Ranger style mask and Indiana Jones fedora to almost completely hide his face, was able to walk unaided, despite being seen in a wheelchair earlier this year near his home in Las Vegas.
But Halperin claims Jackson's lung condition has become more acute, causing the spin-off pulmonary disease emphysema often associated with heavy smokers – even though he has never touched cigarettes.
The writer added: "He has had Alpha 1-antitrypsin deficiency for years but it's gotten worse. He needs a lung transplant but may be too weak to go through with it.
"He also has emphysema and chronic gastrointestinal bleeding, which his doctors have had a lot of trouble stopping. It's the bleeding that's the most problematic part. It could kill him."
But the ailing star is too weak to be rushed into surgery and may even be fighting for his life, claims Ian Halperin, a former award-winning investigative journalist on America's respected Rolling Stone Magazine. Canadian Halperin says Jackson, 50, has been diagnosed with Alpha 1-antitrypsin deficiency, a genetic condition that can be fatal in severe cases. And he claims the singer is now so ill he can barely speak and has lost as much as 95 per cent of the vision in his left eye. Jackson was photographed in Los Angeles ten days ago visiting a doctor prior to shopping in several of his favourite stores with aides. The singer, who wore a Long Ranger style mask and Indiana Jones fedora to almost completely hide his face, was able to walk unaided, despite being seen in a wheelchair earlier this year near his home in Las Vegas.
But Halperin claims Jackson's lung condition has become more acute, causing the spin-off pulmonary disease emphysema often associated with heavy smokers – even though he has never touched cigarettes.
The writer added: "He has had Alpha 1-antitrypsin deficiency for years but it's gotten worse. He needs a lung transplant but may be too weak to go through with it.
"He also has emphysema and chronic gastrointestinal bleeding, which his doctors have had a lot of trouble stopping. It's the bleeding that's the most problematic part. It could kill him."
whats happening to Michael jackson
Michael Jackson is suffering from a rare lung condition and needs to undergo an emergency transplant operation, according to a writer who is penning a new biography on the singer.
But the ailing star is too weak to be rushed into surgery and may even be fighting for his life, claims Ian Halperin, a former award-winning investigative journalist on America's respected Rolling Stone Magazine. Canadian Halperin says Jackson, 50, has been diagnosed with Alpha 1-antitrypsin deficiency, a genetic condition that can be fatal in severe cases. And he claims the singer is now so ill he can barely speak and has lost as much as 95 per cent of the vision in his left eye. Jackson was photographed in Los Angeles ten days ago visiting a doctor prior to shopping in several of his favourite stores with aides. The singer, who wore a Long Ranger style mask and Indiana Jones fedora to almost completely hide his face, was able to walk unaided, despite being seen in a wheelchair earlier this year near his home in Las Vegas.
But Halperin claims Jackson's lung condition has become more acute, causing the spin-off pulmonary disease emphysema often associated with heavy smokers – even though he has never touched cigarettes.
The writer added: "He has had Alpha 1-antitrypsin deficiency for years but it's gotten worse. He needs a lung transplant but may be too weak to go through with it.
"He also has emphysema and chronic gastrointestinal bleeding, which his doctors have had a lot of trouble stopping. It's the bleeding that's the most problematic part. It could kill him."
But the ailing star is too weak to be rushed into surgery and may even be fighting for his life, claims Ian Halperin, a former award-winning investigative journalist on America's respected Rolling Stone Magazine. Canadian Halperin says Jackson, 50, has been diagnosed with Alpha 1-antitrypsin deficiency, a genetic condition that can be fatal in severe cases. And he claims the singer is now so ill he can barely speak and has lost as much as 95 per cent of the vision in his left eye. Jackson was photographed in Los Angeles ten days ago visiting a doctor prior to shopping in several of his favourite stores with aides. The singer, who wore a Long Ranger style mask and Indiana Jones fedora to almost completely hide his face, was able to walk unaided, despite being seen in a wheelchair earlier this year near his home in Las Vegas.
But Halperin claims Jackson's lung condition has become more acute, causing the spin-off pulmonary disease emphysema often associated with heavy smokers – even though he has never touched cigarettes.
The writer added: "He has had Alpha 1-antitrypsin deficiency for years but it's gotten worse. He needs a lung transplant but may be too weak to go through with it.
"He also has emphysema and chronic gastrointestinal bleeding, which his doctors have had a lot of trouble stopping. It's the bleeding that's the most problematic part. It could kill him."
MICHAEL JACKSON 'CLOSE TO DEATH'
Michael Jackson is suffering from a rare lung condition and needs to undergo an emergency transplant operation, according to a writer who is penning a new biography on the singer.
But the ailing star is too weak to be rushed into surgery and may even be fighting for his life, claims Ian Halperin, a former award-winning investigative journalist on America's respected Rolling Stone Magazine. Canadian Halperin says Jackson, 50, has been diagnosed with Alpha 1-antitrypsin deficiency, a genetic condition that can be fatal in severe cases. And he claims the singer is now so ill he can barely speak and has lost as much as 95 per cent of the vision in his left eye. Jackson was photographed in Los Angeles ten days ago visiting a doctor prior to shopping in several of his favourite stores with aides. The singer, who wore a Long Ranger style mask and Indiana Jones fedora to almost completely hide his face, was able to walk unaided, despite being seen in a wheelchair earlier this year near his home in Las Vegas.
But Halperin claims Jackson's lung condition has become more acute, causing the spin-off pulmonary disease emphysema often associated with heavy smokers – even though he has never touched cigarettes.
The writer added: "He has had Alpha 1-antitrypsin deficiency for years but it's gotten worse. He needs a lung transplant but may be too weak to go through with it.
"He also has emphysema and chronic gastrointestinal bleeding, which his doctors have had a lot of trouble stopping. It's the bleeding that's the most problematic part. It could kill him."
But the ailing star is too weak to be rushed into surgery and may even be fighting for his life, claims Ian Halperin, a former award-winning investigative journalist on America's respected Rolling Stone Magazine. Canadian Halperin says Jackson, 50, has been diagnosed with Alpha 1-antitrypsin deficiency, a genetic condition that can be fatal in severe cases. And he claims the singer is now so ill he can barely speak and has lost as much as 95 per cent of the vision in his left eye. Jackson was photographed in Los Angeles ten days ago visiting a doctor prior to shopping in several of his favourite stores with aides. The singer, who wore a Long Ranger style mask and Indiana Jones fedora to almost completely hide his face, was able to walk unaided, despite being seen in a wheelchair earlier this year near his home in Las Vegas.
But Halperin claims Jackson's lung condition has become more acute, causing the spin-off pulmonary disease emphysema often associated with heavy smokers – even though he has never touched cigarettes.
The writer added: "He has had Alpha 1-antitrypsin deficiency for years but it's gotten worse. He needs a lung transplant but may be too weak to go through with it.
"He also has emphysema and chronic gastrointestinal bleeding, which his doctors have had a lot of trouble stopping. It's the bleeding that's the most problematic part. It could kill him."
Newsweek review on Shah Rukh
Shah Rukh Khan have been ranked among the 50 most powerful people in the world by prestigious US-based mag- azine Newsweek in a list topped by US Pres- ident-elect Barack Obama. Pakistan army chief Ashfaq Parvez Kayani is placed 20th on the list of the glob- al “power elite” in the magazine’s January 2009 issue. Obama is followed by Chinese President Hu Jintao, French President Nicolas Sarkozy, British Prime Minister Gordon Brown, German Chancellor Angela Markel and Russia’s Vladimir Putin. Placing Sonia Gandhi at 17th spot, the magazine says, “In the world’s largest democracy, she is the queen.” The magazine describes Shah Rukh Khan, who occupies 41st spot, as the ‘King of Bollywood’. “It’s not just that his (Shah Rukh Khan’s) romantic flicks make gazil- lions it’s where those gazillions come from. Khan is huge in the Muslim world, even in Pakistan and Afghanistan, where the mul- lahs ban his films. (The movies thrive on the black market.)” “Their main appeal is certainly the song-and-dance numbers, but Khan makes devoutly secular films where love trounces bigotry,” the magazine says, adding that Sonia Gandhi gives Khan’s DVDs to visi- tors, especially Muslim. “Here’s hoping tolerance will leap from reel life to real life.”
Sonia, Shah Rukh Khan among world’s 50 most powerful people
CONGRESS PRESIDENT Sonia Gandhi and actor Shah Rukh Khan have been ranked among the 50 most powerful people in the world by prestigious US-based mag- azine Newsweek in a list topped by US Pres- ident-elect Barack Obama. Pakistan army chief Ashfaq Parvez Kayani is placed 20th on the list of the glob- al “power elite” in the magazine’s January 2009 issue. Obama is followed by Chinese President Hu Jintao, French President Nicolas Sarkozy, British Prime Minister Gordon Brown, German Chancellor Angela Markel and Russia’s Vladimir Putin. Placing Sonia Gandhi at 17th spot, the magazine says, “In the world’s largest democracy, she is the queen.” The magazine describes Shah Rukh Khan, who occupies 41st spot, as the ‘King of Bollywood’. “It’s not just that his (Shah Rukh Khan’s) romantic flicks make gazil- lions it’s where those gazillions come from. Khan is huge in the Muslim world, even in Pakistan and Afghanistan, where the mul- lahs ban his films. (The movies thrive on the black market.)” “Their main appeal is certainly the song-and-dance numbers, but Khan makes devoutly secular films where love trounces bigotry,” the magazine says, adding that Sonia Gandhi gives Khan’s DVDs to visi- tors, especially Muslim. “Here’s hoping tolerance will leap from reel life to real life.”
Steady Data Show Drop in Americans on Move
Despite the nation’s reputation as a rootless society, only about one in 10 Americans moved in the last year — roughly half the proportion that changed residences as recently as four decades ago, census data show.
Skip to next paragraph The monthly Current Population Survey found that fewer than 12 percent of Americans moved since 2007, a decline of nearly a full percentage point compared with the year before. In the 1950s and ’60s, the number of movers hovered near 20 percent.
The number has been declining steadily, and 12 percent is the lowest rate since the Census Bureau began counting people who move in 1940.
An analysis by the Pew Research Center attributes the decline to a number of factors, including the aging of the population (older people are less likely to change residences) and an increase in two-career couples.
The Pew analysis is drawn from census data and a survey, which found that 63 percent of Americans said they had moved to another community at least once in their lives, while 37 percent said they lived in the community where they were born.
According to the census’s American Community Survey, New York retained first place in the proportion of residents who were born in the state — more than 81 percent — with upstaters generally less mobile.
The top five also included Louisiana, Pennsylvania, Michigan and Ohio, generally Rust Belt states with older populations.
Skip to next paragraph The monthly Current Population Survey found that fewer than 12 percent of Americans moved since 2007, a decline of nearly a full percentage point compared with the year before. In the 1950s and ’60s, the number of movers hovered near 20 percent.
The number has been declining steadily, and 12 percent is the lowest rate since the Census Bureau began counting people who move in 1940.
An analysis by the Pew Research Center attributes the decline to a number of factors, including the aging of the population (older people are less likely to change residences) and an increase in two-career couples.
The Pew analysis is drawn from census data and a survey, which found that 63 percent of Americans said they had moved to another community at least once in their lives, while 37 percent said they lived in the community where they were born.
According to the census’s American Community Survey, New York retained first place in the proportion of residents who were born in the state — more than 81 percent — with upstaters generally less mobile.
The top five also included Louisiana, Pennsylvania, Michigan and Ohio, generally Rust Belt states with older populations.
Drop in Americans on Move
Despite the nation’s reputation as a rootless society, only about one in 10 Americans moved in the last year — roughly half the proportion that changed residences as recently as four decades ago, census data show.
Skip to next paragraph The monthly Current Population Survey found that fewer than 12 percent of Americans moved since 2007, a decline of nearly a full percentage point compared with the year before. In the 1950s and ’60s, the number of movers hovered near 20 percent.
The number has been declining steadily, and 12 percent is the lowest rate since the Census Bureau began counting people who move in 1940.
An analysis by the Pew Research Center attributes the decline to a number of factors, including the aging of the population (older people are less likely to change residences) and an increase in two-career couples.
The Pew analysis is drawn from census data and a survey, which found that 63 percent of Americans said they had moved to another community at least once in their lives, while 37 percent said they lived in the community where they were born.
According to the census’s American Community Survey, New York retained first place in the proportion of residents who were born in the state — more than 81 percent — with upstaters generally less mobile.
The top five also included Louisiana, Pennsylvania, Michigan and Ohio, generally Rust Belt states with older populations.
Skip to next paragraph The monthly Current Population Survey found that fewer than 12 percent of Americans moved since 2007, a decline of nearly a full percentage point compared with the year before. In the 1950s and ’60s, the number of movers hovered near 20 percent.
The number has been declining steadily, and 12 percent is the lowest rate since the Census Bureau began counting people who move in 1940.
An analysis by the Pew Research Center attributes the decline to a number of factors, including the aging of the population (older people are less likely to change residences) and an increase in two-career couples.
The Pew analysis is drawn from census data and a survey, which found that 63 percent of Americans said they had moved to another community at least once in their lives, while 37 percent said they lived in the community where they were born.
According to the census’s American Community Survey, New York retained first place in the proportion of residents who were born in the state — more than 81 percent — with upstaters generally less mobile.
The top five also included Louisiana, Pennsylvania, Michigan and Ohio, generally Rust Belt states with older populations.
Companies Cut 401(k) Match,In Need of Cash
Companies eager to conserve cash are trimming their contributions to their workers’ 401(k) retirement plans, putting a new strain on America’s tattered safety net at the very moment when many workers are watching their accounts plummet along with the stock market.
When the FedEx Corporation slimmed down its pension plan last year, it softened the blow by offering workers enriched 401(k) contributions to make up for the pension benefits some would lose. But last week, with Americans sending fewer parcels and FedEx’s revenue growth at a standstill, the company said it would suspend all of its contributions for at least a year.
“We will have to work more years and retire with less money,” said Lee Higham, a 44-year-old senior aircraft mechanic at FedEx, who has worked there for 20 years. “That’s what we are up against now.”
FedEx is not the only one. Eastman Kodak, Motorola, General Motors and Resorts International are among the companies that have cut matching contributions to their plans since September, when the credit markets froze and companies began looking urgently for cash. More companies are expected to suspend their matching contributions in 2009, according to Watson Wyatt, a benefits consulting firm.
When the FedEx Corporation slimmed down its pension plan last year, it softened the blow by offering workers enriched 401(k) contributions to make up for the pension benefits some would lose. But last week, with Americans sending fewer parcels and FedEx’s revenue growth at a standstill, the company said it would suspend all of its contributions for at least a year.
“We will have to work more years and retire with less money,” said Lee Higham, a 44-year-old senior aircraft mechanic at FedEx, who has worked there for 20 years. “That’s what we are up against now.”
FedEx is not the only one. Eastman Kodak, Motorola, General Motors and Resorts International are among the companies that have cut matching contributions to their plans since September, when the credit markets froze and companies began looking urgently for cash. More companies are expected to suspend their matching contributions in 2009, according to Watson Wyatt, a benefits consulting firm.
new nokia 6600
The 6600 Slide isn’t the brainiest Nokia we’ve seen. Like its sibling, the 6600 Fold, it’s a Series 40 handset, so lacks the IQ of the forthcoming N96. But it crams a lot into its tiny, gleaming steel case, including a very high-res screen and a 3.2MP camera.
Quality camerawork
The camera is proficient, as you’d expect from Nokia, and handily packs autofocus to improve image quality further. There are limited special effects and video recording too, but otherwise it’s a straightforward, point-and-shoot snapper.It’s also a quad-band phone with dual-band 3G and, like most high-end Nokia phones, packs an FM radio. Since this is a Nokia Series 40 operating system, everything is very speedy and responsive too.The banana-fingered may find the keys a little too diddy for comfort, but at least they’re regularly shaped, if not widely spaced. The 6600 Slide has a great, smooth sliding mechanism, and its size, though small, fits in the hand perfectly.
Friday, December 19, 2008
latest news on general motores
President Bush tossed General Motors and Chrysler a temporary lifeline from the taxpayers on Friday, announcing $13.4 billion in emergency loans to prevent the collapse of the companies, with another $4 billion to become available in February. The president’s plan gives carmakers until March 31 to restructure. G.M.'s Wagoner Discusses Bailout Related Stocks Jump, Then Slide Back, After Auto Bailout (December 20, 2008)
Members of the United Automobile Workers in Warren, Mich., learn about coming layoffs from General Motors. The White House is seeking concessions from workers and management.The loans, conditioned on G.M. and Chrysler undertaking sweeping reorganizations plans to show that they can return to profitability, are meant to keep the companies afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and thus will continue to receive government aid or must repay the loans and face bankruptcy. “These are not ordinary circumstances,” Mr. Bush said in televised remarks that quickly touched off a debate over the fairness of his plan. “In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action.”
Members of the United Automobile Workers in Warren, Mich., learn about coming layoffs from General Motors. The White House is seeking concessions from workers and management.The loans, conditioned on G.M. and Chrysler undertaking sweeping reorganizations plans to show that they can return to profitability, are meant to keep the companies afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and thus will continue to receive government aid or must repay the loans and face bankruptcy. “These are not ordinary circumstances,” Mr. Bush said in televised remarks that quickly touched off a debate over the fairness of his plan. “In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action.”
China in Economic Perils
The ruling Communist Party threw itself a big party on Thursday. The country’s leadership marked the 30th anniversary of the reform era that transformed China into a global economic power and, in doing so, changed the world.
At a triumphant ceremony at the Great Hall of the People in Beijing, President Hu Jintao invoked Deng Xiaoping, who consolidated power in 1978 and began “reform and opening.” Mr. Hu emphasized the party’s unwavering focus on economic development. “Only development makes sense,” said Mr. Hu, quoting Deng.
But beyond the oratory, Mr. Hu and other Chinese leaders are now facing a new era in which Deng’s export-led economic model, as well as his iron-fisted political control, face unprecedented challenges. Global demand for Chinese goods has slumped, unrest is on the rise in the industrial heartland, and China is scrambling for a new formula to preserve stability and ensure growth
rampant pollution and income inequality that posed environmental and social challenges to long-term development. Now, those priorities seem eclipsed.
Instead, leaders are restoring tax breaks for exporters and pushing down the value of China’s currency to encourage exports. At the same time, they are casting about for ways to spur domestic demand and wean China’s economy off its dependence on foreign markets swept up in the global financial crisis.
At a triumphant ceremony at the Great Hall of the People in Beijing, President Hu Jintao invoked Deng Xiaoping, who consolidated power in 1978 and began “reform and opening.” Mr. Hu emphasized the party’s unwavering focus on economic development. “Only development makes sense,” said Mr. Hu, quoting Deng.
But beyond the oratory, Mr. Hu and other Chinese leaders are now facing a new era in which Deng’s export-led economic model, as well as his iron-fisted political control, face unprecedented challenges. Global demand for Chinese goods has slumped, unrest is on the rise in the industrial heartland, and China is scrambling for a new formula to preserve stability and ensure growth
rampant pollution and income inequality that posed environmental and social challenges to long-term development. Now, those priorities seem eclipsed.
Instead, leaders are restoring tax breaks for exporters and pushing down the value of China’s currency to encourage exports. At the same time, they are casting about for ways to spur domestic demand and wean China’s economy off its dependence on foreign markets swept up in the global financial crisis.
Economic Perils on China’s Path
The ruling Communist Party threw itself a big party on Thursday. The country’s leadership marked the 30th anniversary of the reform era that transformed China into a global economic power and, in doing so, changed the world.
At a triumphant ceremony at the Great Hall of the People in Beijing, President Hu Jintao invoked Deng Xiaoping, who consolidated power in 1978 and began “reform and opening.” Mr. Hu emphasized the party’s unwavering focus on economic development. “Only development makes sense,” said Mr. Hu, quoting Deng.
But beyond the oratory, Mr. Hu and other Chinese leaders are now facing a new era in which Deng’s export-led economic model, as well as his iron-fisted political control, face unprecedented challenges. Global demand for Chinese goods has slumped, unrest is on the rise in the industrial heartland, and China is scrambling for a new formula to preserve stability and ensure growth
rampant pollution and income inequality that posed environmental and social challenges to long-term development. Now, those priorities seem eclipsed.
Instead, leaders are restoring tax breaks for exporters and pushing down the value of China’s currency to encourage exports. At the same time, they are casting about for ways to spur domestic demand and wean China’s economy off its dependence on foreign markets swept up in the global financial crisis.
At a triumphant ceremony at the Great Hall of the People in Beijing, President Hu Jintao invoked Deng Xiaoping, who consolidated power in 1978 and began “reform and opening.” Mr. Hu emphasized the party’s unwavering focus on economic development. “Only development makes sense,” said Mr. Hu, quoting Deng.
But beyond the oratory, Mr. Hu and other Chinese leaders are now facing a new era in which Deng’s export-led economic model, as well as his iron-fisted political control, face unprecedented challenges. Global demand for Chinese goods has slumped, unrest is on the rise in the industrial heartland, and China is scrambling for a new formula to preserve stability and ensure growth
rampant pollution and income inequality that posed environmental and social challenges to long-term development. Now, those priorities seem eclipsed.
Instead, leaders are restoring tax breaks for exporters and pushing down the value of China’s currency to encourage exports. At the same time, they are casting about for ways to spur domestic demand and wean China’s economy off its dependence on foreign markets swept up in the global financial crisis.
A $17.4 Billion, 3-Month Lifeline for Automakers
President Bush tossed General Motors and Chrysler a temporary lifeline from the taxpayers on Friday, announcing $13.4 billion in emergency loans to prevent the collapse of the companies, with another $4 billion to become available in February. The president’s plan gives carmakers until March 31 to restructure. G.M.'s Wagoner Discusses Bailout Related Stocks Jump, Then Slide Back, After Auto Bailout (December 20, 2008)
Members of the United Automobile Workers in Warren, Mich., learn about coming layoffs from General Motors. The White House is seeking concessions from workers and management.The loans, conditioned on G.M. and Chrysler undertaking sweeping reorganizations plans to show that they can return to profitability, are meant to keep the companies afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and thus will continue to receive government aid or must repay the loans and face bankruptcy. “These are not ordinary circumstances,” Mr. Bush said in televised remarks that quickly touched off a debate over the fairness of his plan. “In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action.”
SL to tour Pakistan after India pullout
Sri Lankan Cricket Board has confirmed on Friday that its team would tour Pakistan in the third week of January.
Director media Pakistan Cricket Board (PCB), Asif Sohail, said that Sri Lankan Cricket Board chairman Arjuna Ranatunga has confirmed that his team would tour Pakistan in January.
Asif Sohail said Sri Lanka would play three Tests, three One-Day matches and a Twenty20 match during the tour.
The spokesman said that the PCB is finalizing the schedule of Sri Lankan series, which would be announced likely within couple of days.
Earlier, PCB chief Ijaz Butt had said that Pakistan will try to move on from the shock of cancellation of Indo-Pak series, saying that he is personally leading efforts to fix Test and One-Dayers for his match-starved players.
India on Thursday refused to give the go-ahead to its cricket team’s tour to Pakistan from Jan 4-Feb 18 because of last month’s terror attacks in Mumbai.
The Indian government said that the terrorists involved in the attacks came and operated from Pakistan.
India was supposed to play three Tests, five One-day Internationals and a Twenty20 International during the tour.
Director media Pakistan Cricket Board (PCB), Asif Sohail, said that Sri Lankan Cricket Board chairman Arjuna Ranatunga has confirmed that his team would tour Pakistan in January.
Asif Sohail said Sri Lanka would play three Tests, three One-Day matches and a Twenty20 match during the tour.
The spokesman said that the PCB is finalizing the schedule of Sri Lankan series, which would be announced likely within couple of days.
Earlier, PCB chief Ijaz Butt had said that Pakistan will try to move on from the shock of cancellation of Indo-Pak series, saying that he is personally leading efforts to fix Test and One-Dayers for his match-starved players.
India on Thursday refused to give the go-ahead to its cricket team’s tour to Pakistan from Jan 4-Feb 18 because of last month’s terror attacks in Mumbai.
The Indian government said that the terrorists involved in the attacks came and operated from Pakistan.
India was supposed to play three Tests, five One-day Internationals and a Twenty20 International during the tour.
Thursday, December 18, 2008
Satyam on the news
Announced that it was calling off the deal to acquire 100 per cent of Maytas Properties and 51 per cent controlling stake in Maytas Infra Ltd.
The stocks of Satyam plunged by 30.22 per cent and closed at Rs. 158.05 on the BSE due to severe resistance from the shareholders. The deal had fallen through after the ADRs (American Depository Receipts) on the New York Stock Exchange plummeted nearly 55 per cent, though they recovered in the after hours by 28 per cent.
Even as Satyam's deal to buy Maytas had to be hastily annulled in the wee hours of Wednesday morning as the company lost 52% on its ADR listed on the New York Stock Exchange (NYSE), a credibility crisis has begun to grip India's fouth largest IT company. "How can we trust the management of this company and its board of directors after it tried to enter into a deal that prime facie would benefit only the promoters who just own 8% of Satyam ? We have to examine whether the management needs to be changed," cried analysts in a reflection of the deep anguish caused by the now stymied move.
"We have decided not to move ahead with the acquisition in deference to the investment community's views," said Satyam in a SMS sent out at 3-45 am on Wednesday clearly shaken by the reaction on the US bourse of its move anounced barely 10 hours ago.
But this was clearly not enough to save the company: Satyam's stock tanked on the Indian bourses by 30%, even after the company announced its decision to go back on the deal. "The deal was seen as Satyam buying into companies owned by its family members. Cash from a company where the Raju family owns 8% was being transferred to a company where they hold more than 35%. This is what investors are resenting. Its become a corporate governance question. Whether the company can be trusted in future to take a proper decision is the moot issue," pointed out another analyst. Satyam's scrip closed at Rs 158.05 which is a 52 week low.
"58% of Satyam is owned by FIIs and they had no inkling that such a deal was in the works. There were questions about the future of Satyam after acquiring these companies when it doesn't have any experience in these businesses. It makes more sense to deploy your funds in related businesses or pay your investors," said Sourav Mahajan, analyst with Karvy.
Moreover, what irked investors was as to how Satyam decided to pay Rs 6,500 crore ($1.3 billion), just for Maytas Properties' assets, a land bank of 6,800 acres valued at almost Rs 1 crore per acre. "It is not easy to value real estate in this falling market. So there are questions on the valuation of the acquisition," said Monotosh Sinha, executive director of Centrum Capital.
Later in the day as the company started a firefighting exercise Satyam's chief financial officer (CFO), Srinivasa Vadlamani told TOI: "We never anticipated this reaction. We underestimated it. We thought we could manage it." He also indicated that the deal had been on the table for the last few months claiming that for starters many other companies were looked at for being acquired. But the choice fell on Maytas Properties because it was zero debt unlike other companies that were in the consideration zone.
"As for Maytas, it had cash on its books. So, it was a judgement call and sometimes some judgements do not turn out to be good," Ram Mynampati, president of Satyam and a board member tried to impress.
The company’s announcement rescinding its decision came in early on Wednesday.
“In deference to the views expressed by many investors, we have decided to call off these acquisitions,” B. Ramalinga Raju, Chairman of Satyam Computer Services, said in a statement.
Investors rapped Chief Financial Officer Srinivas Vadlamani and Mr. Raju for the decision during a conference call late on Tuesday, soon after the company announced the acquisition. They questioned the intentions behind the move to acquire companies in which Mr. Raju and his family members held considerable stake — 36 per cent in Maytas Infra and 35 per cent in Maytas Properties.
An investor said that the company’s decision affected the corporate governance practice and sought to know if any foreign institutional investor would come forth to invest in India in the wake of the proposed acquisition. A few other shareholders made no bones about their apprehensions relating to the cash flow to Mr. Raju’s family following the deal.
The stocks of Satyam plunged by 30.22 per cent and closed at Rs. 158.05 on the BSE due to severe resistance from the shareholders. The deal had fallen through after the ADRs (American Depository Receipts) on the New York Stock Exchange plummeted nearly 55 per cent, though they recovered in the after hours by 28 per cent.
Even as Satyam's deal to buy Maytas had to be hastily annulled in the wee hours of Wednesday morning as the company lost 52% on its ADR listed on the New York Stock Exchange (NYSE), a credibility crisis has begun to grip India's fouth largest IT company. "How can we trust the management of this company and its board of directors after it tried to enter into a deal that prime facie would benefit only the promoters who just own 8% of Satyam ? We have to examine whether the management needs to be changed," cried analysts in a reflection of the deep anguish caused by the now stymied move.
"We have decided not to move ahead with the acquisition in deference to the investment community's views," said Satyam in a SMS sent out at 3-45 am on Wednesday clearly shaken by the reaction on the US bourse of its move anounced barely 10 hours ago.
But this was clearly not enough to save the company: Satyam's stock tanked on the Indian bourses by 30%, even after the company announced its decision to go back on the deal. "The deal was seen as Satyam buying into companies owned by its family members. Cash from a company where the Raju family owns 8% was being transferred to a company where they hold more than 35%. This is what investors are resenting. Its become a corporate governance question. Whether the company can be trusted in future to take a proper decision is the moot issue," pointed out another analyst. Satyam's scrip closed at Rs 158.05 which is a 52 week low.
"58% of Satyam is owned by FIIs and they had no inkling that such a deal was in the works. There were questions about the future of Satyam after acquiring these companies when it doesn't have any experience in these businesses. It makes more sense to deploy your funds in related businesses or pay your investors," said Sourav Mahajan, analyst with Karvy.
Moreover, what irked investors was as to how Satyam decided to pay Rs 6,500 crore ($1.3 billion), just for Maytas Properties' assets, a land bank of 6,800 acres valued at almost Rs 1 crore per acre. "It is not easy to value real estate in this falling market. So there are questions on the valuation of the acquisition," said Monotosh Sinha, executive director of Centrum Capital.
Later in the day as the company started a firefighting exercise Satyam's chief financial officer (CFO), Srinivasa Vadlamani told TOI: "We never anticipated this reaction. We underestimated it. We thought we could manage it." He also indicated that the deal had been on the table for the last few months claiming that for starters many other companies were looked at for being acquired. But the choice fell on Maytas Properties because it was zero debt unlike other companies that were in the consideration zone.
"As for Maytas, it had cash on its books. So, it was a judgement call and sometimes some judgements do not turn out to be good," Ram Mynampati, president of Satyam and a board member tried to impress.
The company’s announcement rescinding its decision came in early on Wednesday.
“In deference to the views expressed by many investors, we have decided to call off these acquisitions,” B. Ramalinga Raju, Chairman of Satyam Computer Services, said in a statement.
Investors rapped Chief Financial Officer Srinivas Vadlamani and Mr. Raju for the decision during a conference call late on Tuesday, soon after the company announced the acquisition. They questioned the intentions behind the move to acquire companies in which Mr. Raju and his family members held considerable stake — 36 per cent in Maytas Infra and 35 per cent in Maytas Properties.
An investor said that the company’s decision affected the corporate governance practice and sought to know if any foreign institutional investor would come forth to invest in India in the wake of the proposed acquisition. A few other shareholders made no bones about their apprehensions relating to the cash flow to Mr. Raju’s family following the deal.
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