Saturday, January 10, 2009
atyam Computer's disgraced founder Ramalinga Raju and his brother Rama Raju were today remanded to judicial custody till January 23 and would be lodged in the Chanchalguda central jail. The Rajus, who were arrested last night and subjected to several hours of interrogation, were produced before the 6th Chief Metropolitan Magistrate at the judges' quarters at Marredpally in Secunderabad this evening.Raju's lawyer Bharat Kumar said his clients were remanded to judicial custody till January 23. He said the court has directed medical treatment to be given by a government doctor to Raju, whose BP was fluctuating abnormally.Raju's counsel said he will move a bail application on Monday. After the magistrate's order, the Rajus were whisked away in a van with tinted glasses while police kept the media away by barricading the area.The police had subjected the Rajus to a lengthy interrogation process after their arrest last night, but Ramalinga Raju, 54, the elder of the two, had in the morning complained of chest pain and uneasiness -- following which doctors from private Care Hospital and a government hospital conducted a medical check-up. A case has been filed against Raju under sections 120-b (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 468 (forgery for cheating) and 477-a (fraudulent cancellation of securities) of IPC. Raju had on Wednesday disclosed a financial fraud in the company to the tune of Rs 7,800 crore by inflating profits and showing fictitious assets where none existed.
The company's scrip has fallen nearly 80 per cent since the revelation was made.
Manchester United boss Sir Alex Ferguson has said that his club will always dominate Chelsea, because they have the best long-term strategy.The Old Trafford boss produced a list of four reasons why the Red Devils are stronger than the Blues, The Sun reports.Fergie says that, unlike Chelsea, Manchester United have faith in their manager, build teams from the bottom up, invest in youth and have a team that will last another five years.Chelsea owner Roman Abramovich has employed four full-time managers and spent hundred of millions at Stamford Bridge to get success.And while that brought two successive titles under Jose Mourinho, United were soon back on top after a period of patient rebuilding.Asked if that was good for football to prove money does not get you everything, Ferguson said: "You're right. You can go back in time and there are many examples of that. The Sunderland team from 50 years ago, they called them the Bank of England team and yet they got relegated."The great challenge for a manager and his coaching staff is to spend money the right way and still have a balance with the team. We tended to overload on younger players, with a view to the long-term picture. That required a bit of patience."We couldn't match Chelsea in spending power anyway, so the sensible thing was to go that way and identify younger players who, in the long term, would develop into top players," he added.Ferguson is now into his 23rd year at the helm of Old Trafford. In the same time Chelsea have had 12 bosses.
Russia Saturday gave its approval to a European Union (EU) proposal for international observers to monitor Russian gas deliveries via Ukraine.An agreement to this effect was signed as Russian Prime Minister Vladimir Putin and Czech Premier Mirek Topolanek - acting in his EU presidency capacity - looked on.The presence of independent observers to monitor Russian gas exports to Europe via Ukrainian pipelines was a key pre-condition set by Moscow for an end to a total embargo on such shipments, imposed last week.Topolanek had been in Moscow to push for the proposal, after gaining the approval of Ukraine's leaders to it in his talks the day before in Kiev.
Ten international banks, including British-based Lloyds laundered "billions of dollars" for Iran through New York banks, Manhattan District Attorney Robert Morgenthau announced Friday.According to a report in the New York Daily News, the scheme helped Iran turn its dirty money into greenbacks, which it could then use to buy goods prohibited by international sanctions.Some of the money went to fund terrorist groups like the Hamas and Hezbollah, and to help Iran get materials, including tungsten, for long-range missiles, sources said."This is one of the biggest investigations we've ever conducted," said Morgenthau.Lloyds admitted it laundered 300 million dollars and agreed to pay a 350 million dollar fine and open its books to investigators.If records show that the bank knew it was helping Iran break international law or foster terrorism, Lloyds could face criminal prosecution, authorities said.None of the other nine banks was identified because they are working out similar agreements with Morgenthau's investigators. he CIA will also review the bank records.Steven Weber, a terrorism expert and professor of political science at the University of California Berkeley, said it is unusual for a bank like Lloyds to admit wrongdoing on such a large scale.The laundering began more than 13 years ago and ran through 2007, according to the DA's probe. Lloyds also washed money for Sudanese banks, even though financial dealings with both governments are prohibited by international sanctions.In the scheme, first disclosed last March by The News, Iran would deposit huge sums in the international banks, which then converted it into dollars and parceled it out under altered names and routing codes. The money was moved through a series of smaller banks and ultimately drawn on for banned purposes.Because the origin of the funds was disguised, the money slipped through computerized filters at New York banks designed to stop any transfers to and from Iranian interests, Morgenthau said.Much of the money went to Iranian banks, which typically send money to terror groups in the West Bank, Gaza, Lebanon and Afghanistan through front organizations and so-called charities, according to the Treasury Department's Office of Foreign Assets Control.
Thursday, January 1, 2009
Continuing its weakness for the fourth straight day, the Indian rupee on Friday depreciated by another 28 paise to an one-week low against the greenback in early trade on increased dollar demand from refiners and a widening trade deficit.At the Interbank Foreign Exchange (Forex) market, the domestic currency traded lower at 49.04 against the US currency, a fall of 27 paise over the previous close of 48.76/78 a dollar amid absence of any cues from global markets due to new year holidays.Yesterday, the rupee moved in the range of 48.46 to 48.85 before finishing 7 paise lower at 48.76/78.Dealers said heavy dollar demand from refiners and importers and widening trade deficit mainly put pressure on the Indian currency.India's exports declined by 9.9 per cent in November 2008, posting a negative growth for the second month running under the impact of a slowdown in major global markets.Exports dropped to USD 11.5 billion in November this fiscal, from USD 12.7 billion a year ago while imports grew by 6.1 per cent to USD 21.5 billion, leaving a monthly trade deficit of USD 10 billion.
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