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Tuesday, June 8, 2010

A new study by a professor at the University of Oxford has concluded that attending nursery school does not have harmful effects upon “the vast majority” of children under two years old. The research contrasts with the views of other writers in the field, who argue that pre-school children achieve the best results when cared for by their parents full-time.

Kathy Sylva, Professor of Educational Psychology at the university, has based her findings upon data from the Effective Provision of Pre-School Education Project. This has been running since 1996, tracking the development of 3,000 children to discover the effects upon their development of pre-school care and education.

Sylva told The Sunday Times that “[a] lot of parents worry unnecessarily about this issue but my research shows that the vast majority of children are not impaired on any measure by attending nursery under the age of two”, although she admits that there is an increased risk for children from deprived background, and for boys. Those attending better-quality nurseries go on to make better relationships when they start school, she says, and urges parents to check the standards of nurseries for themselves.

Her conclusions come in the wake of a vast expansion in nursery care provision in the United Kingdom in recent years, aimed at getting mothers of young children back to work. One study states that 5% of “middle-class” parents in Britain put their children in full-time nursery care.

According to others such as the child psychologist Oliver James, however, full-time care by parents gives the best results for children. James states that there is evidence that nursery care is “highly stressful and can be harmful”, since levels of the hormone cortisol double after one hour in day care, and raised levels can be detected for some months afterwards. Sylva agrees, though, that some children who attend nursery before they are two are slightly more aggressive at primary school – a finding in line with other research – but says that this aggression disappears by the time the child reaches eleven.

Sylva, a Professorial Fellow of Jesus College, Oxford, was awarded the OBE in 2008. She is a former special advisor to the UK House of Commons and the Scottish Parliament.

Monday, September 24, 2007

Russ Aegard is running for the Green Party of Ontario in the Ontario provincial election, in the Thunder Bay-Atikokan riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Monday, March 19, 2007

A methane gas explosion occurred at the Ulyanovskaya Mine near the city of Novokuznetsk in the Kemerovo region of Siberia. At least 106 people have been reported to be killed in the blast. Conflicting reports say that at least thirteen to forty-three miners are still trapped underground or missing, as well as 75 to 93 have been reported to have survived the blast.

The mine disaster is the deadliest accident in Russia’s mining industry in over a decade. The mine, which was opened in 2002, had around 200 miners inside at the time of the methane gas explosion.

The Kemerovo governor Aman Tuleyev said that when the blast occurred, the mine’s management was underground inspecting a newly installed safety system made by a British company. British experts and representatives of a management of the mine have gone down under the ground shortly before explosion. Tuleyev stated that on mine start-up, “the newest English system on a safety of conducting mountain works under the ground” should take place.

The operator of the mine is Yuzhkuzbassugol, Russia’s biggest producer of deep-mined coal. The spokeswoman of the Emergencies Ministry stated that the blast occurred at 08:00 GMT, and that eighty-three miners had been safely evacuated from the mine shaft.

Monday, January 12, 2009

Byrraju Ramalinga Raju, founder and chairman of Satyam Computer Services, and his brother, B. Rama Raju, the company’s managing director, were arrested late Friday by Andhra Pradesh police. The brothers were placed under judicial custody in a Hyderabad, India jail and will remain there until January 23. Facing charges of criminal breach of trust (Section 406 of IPC), criminal conspiracy (Section 120-B), cheating (Section 420), falsification of records and forgery (Section 468), and fraudulent cancellation of securities (Section 477-a), they face up to ten years imprisonment if convicted.

After 18 hours of interrogation by the Crime Investigation Department (CID) at the state police headquarters, the Raju brothers were sent to the Chanchalguda prison and slept Saturday night on the floor along with 26 other low-risk inmates.

S. Bharat Kumar, the Rajus’s lawyer, asked the magistrate to issue orders for health monitoring. “His blood pressure is fluctuating and he needs medical treatment,” said Bharat Kumar. Mr. Raju appeared before the court Saturday while a team of doctors visited him after he had complained of chest pain.

Raju has Hepatitis-C, and both brothers have high blood pressure, so health precautions are necessary while imprisoned. Prison rules mandate service of jail food thrice a day. The menu includes 650 gm of rice thrice a day with 250 gm of vegetable curry and 125 gm of ‘daal’ plus tea twice a day.

Satyam’s chief financial officer Vadlamani Srinivas, who was also arrested Saturday, had undergone preliminary investigation and appeared Sunday before a special court, according to A. Sivanarayana, Andhra Pradesh additional director general of police. Srinivas was remanded to judicial custody until January 23 by Mr. D. Ramakrishna, Sixth Chief Metropolitan Magistrate, and sent to the Chanchalguda jail with the Raju brothers after interrogation by CID’s Crime Branch (the CB-CID). During his Saturday night arrest and probe by CB-CID, Srinivas made revelations which are contained in his confession letter as submitted to Network 18. “According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management,” Srinivas stated.

The Hyderabad court on Monday postponed the bail hearings of the Raju brothers and Srinivas to January 16. To be defended by a battalion of 25 lawyers, the three accused will remain in Chanchalguda Central Jail until further court order. The Raju brothers were shifted Sunday to a mid-size Old Hospital Barrack cell shared with a bootlegger.

In 2008, the company struggled to purchase two infrastructure companies founded by family members of company founder and CEO Dr. Raju – Maytas Infrastructure and Maytas Properties – for $1.6 billion, despite concerns raised by independent board directors. Dr. Raju tendered his resignation on January 7 after due notice of falsified accounts to board members and the SEBI.

Since January 7 when two lawsuits were commenced, dozens of other class action law suits were filed against Satyam for hundreds of millions of dollars damages based on fraud in the United States District Court for the Southern District of New York in Manhattan, among others. The securities fraud class-action lawsuits have been filed on behalf of investors who bought Satyam American Depositary Receipts (ADRs) since 2004.

On Wednesday Dr. Raju admitted to falsifying and overstating Satyam’s cash reserves by $1B US dollars (£661m) or 94% of its cash and bank balances on books at the end of September.

The fraud was perpetrated several years ago to bridge “a marginal gap” between actual and accounting books operating profits, and continued for several years. “It was like riding a tiger, not knowing how to get off without being eaten,” B. Raju said.

In a letter to the board, Dr. Raju said that neither he nor the managing director had benefited financially from the inflated revenues. Further claiming that none of the board members had any knowledge of the dire company situation, he noted that Satyam’s balance sheet as of the September 30, 2008, carried inflated figures for cash and bank balances of INR 5,040 crore (as against INR 5,361 crore reflected in the books). He alleged it also carried an accrued interest of INR 376 crore which was non-existent. He confessed that he himself prepared an understated liability of INR 1,230 crore on account of funds amid an overstated debtors’ position of INR 490 crore (as against INR 2,651 crore in the books).

Indian analysts have compared the Satyam-Raju scandal to the infamous American Enron scandal. Immediately following the media expose, PricewaterhouseCoopers, auditor of Satyam’s accounts, was set to be probed for complicity in the controversy. Times Now has reported that the Andhra Pradesh CID arrested PricewaterhouseCoopers (PWC) representative Gopal Krishnan for investigation on Saturday night.

New York-listed Satyam Computer Services Ltd., India’s fourth-biggest software firm, is a consulting and information technology services company based in Hyderabad, India. Founded in 1987 by Dr. Byrraju Ramalinga Raju, Satyam’s network spans 67 countries on six continents. It employs 53,000 professionals in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. Its monthly salary outflow is estimated at six billion rupees ($125 million). Deriving more than half of its revenues from the United States, it serves 700 global companies, 185 of which are Fortune 500 corporations.

Satyam’s clients include Nestle, Ford, General Electric Co., General Motors Corp., Nissan Motor Co., Applied Materials Inc., Caterpillar Inc., Cisco Systems Inc. and Sony Corp., and brought in about $40bn last year.

In December 2008, a failed acquisition attempt involving the company Maytas led to a plunge in Satyam’s share price. After Wednesday’s confession, Satyam stocks fell further by more than 70%, while the BSE SENSEX dropped to 7.3% Wednesday, causing the removal of Satyam Computer Services from its indices on Thursday. The shares free fell to 11.50 rupees on Friday, their lowest level since March 1998, compared with around last year’s high of 544 rupees.

The New York Stock Exchange has terminated trading in Satyam stock as of January 7, while the National Stock Exchange of India said it will remove Satyam from its S&P CNX Nifty 50-share index from January 12.

India’s biggest-ever corporate fraud has seriously tainted India Inc.‘s strong corporate governance image. “The admission of fraud in financial affairs has created an adverse impression in the minds of trade, business and industry across the world,” the Indian government admitted. The government intervened on Friday night, dismissing Satyam’s board of directors, announcing it will appoint representatives to manage the affairs of the insolvent outsourcing giant. The board would meet within seven days. Dr Yeduguri Samuel Rajasekhara Reddy, chief Minister of State of Andhra Pradesh, India, on Sunday said that the main agenda is to protect the jobs of the software professionals. “We are taking all needful steps in coordination with the government of India to ensure that the jobs of 53,000 engineers are protected and the shareholders’ money is salvaged,” Reddy said.

“We are working on the names. The Satyam case is an aberration. The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.” Prem Chand Gupta, the Corporate Affairs Minister said. The Federal Government of India appointed a three-member independent board with full authority for Satyam on Sunday and was set to convene within 24 hours. “We have appointed Deepak Parekh, chairman of Housing Development Finance Corporation, Kiran Karnik, former president of IT industry body NASSCOM and C. Achutan, former member of Securities and Exchange Board (SEBI) of India,” Mr. Gupta said.

In early Monday trading (0535 GMT) after the creation of the three-member board, Satyam shares rocketed upwards 60% to 38.15 rupees, even though the main Mumbai market was down more than 2%. BBC reported that Satyam shares have jumped 51% to 36.05 rupees on Monday after the stock lost 87% last week. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” K.K. Mital, Globe Capital, New Delhi head of portfolio management services said. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he added.

The Company Law Board, however, has requested Satyam’s interim board not to implement its decisions. “We are asked by the Company Law Board not to implement the decisions of the board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work,” Satyam head global marketing and communications, Mr. Hari Thalapalli, said.

Lazard Ltd., who has a 7.4% stake in Satyam, sought representation on the new board and wrote as much to The Indian Ministry of Corporate Affairs. “As the largest shareholder in the company, we want to be consulted in whatever decisions are being taken by the Indian government. We have written to the Ministry of Corporate Affairs and are awaiting a reply from them,” Hitesh Jain, a partner at ALMT Legal, who claimed to represent Lazard, said. “It is a fair proposal and we will take a decision as and when we clear other issues. No decision on this has been taken yet,” P.C. Gupta replied.

Meanwhile, the Securities and Exchange Board of India (SEBI) also announced it will try to control the damage and take steps to boost investor confidence. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” a SEBI official statement said. A SEBI team is also investigating acting-CEO Ram Mynampati whose salary was greater than that of founder Dr. Raju and all the directors combined. Dr. Raju had just one fifth of Mynampati’s total package of over Rs 3.5 crore as of March 2008. All the directors comparably received only a total of Rs 2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.

Further, the Andhra Pradesh Police CID and teams assigned by the Economic Offences Wing of the CB-CID conducted searches Sunday of homes of the accused including the ex-CFO’s office to gather documentary evidence about the financial fraud.

Monday, July 19, 2010

As many as four leaks have been detected in the Deepwater Horizon well cap in the Gulf of Mexico, according to live footage shot by one of BP’s ROVs (Remote Operated Vehicles). The leaks were detected early this morning, just after 4:00 (EDT).

The HOS SUPER H ROV 1 made the discovery while performing an “integrity survey” of the well and well cap. It recorded what appears to be a thin metal pipe lining the outside of the oil cap. Four small leaks of what appear to oil bubbles were detected during this survey. The first appears just after the elbow connecting the pipe to the two green pipes. The second can be seen through the hole of the large metal ring. The third is seen just to the right of the metal ring.

It is not yet known what the pipe carries or what it connects to. It is also not yet clear if all leaks are from the pipe, or leaking from the well. BP confirmed the leaks and told Wikinews in a phone call to their Houston, Texas press office, there is a “small leak” releasing hydrates consisting of gases and oil. They are “studying the issue” and are prepared to fix the pipe if it becomes an issue. Live camera feeds show hydrocarbons building up as the oil and gas leak from the pipe.

On July 18, ROV cameras showed bubbles coming from the base of well. BP said it would test the bubbles to determine what they are and as of Sunday, COO of BP Doug Suttles says the bubbles are not methane, but further tests are being conducted. “If you can imagine, it is not an easy operation to collect those bubbles so that they can be tested to see what their make-up is.”

Yesterday an unnamed United States official told the Associated Press that there was “seepage” coming from the area at the bottom of the Deepwater well head. The official said the seepage and methane gas were discovered near the Deepwater well head, but did not specify an exact location. Admiral Thad Allen, a former US Coast Guard admiral who is overseeing the spill efforts for the US government said yesterday in a letter to BP that ROVs “detected seep a distance from the well and undetermined anomalies at the well head.” So far there is no word what those substances are, but BP says the bubbles detected on July 18 are not of a hydrocarbon nature.

“When seeps are detected, you are directed to marshal resources, quickly investigate, and report findings to the government in no more than four hours,” said Allen in his letter to BP. During a press conference today, Allen confirmed seepage about 3km from the well point. He could not specify whether the seep was related to the capping of the well or if it is naturally occurring.

On June 13 the Viking Poseidon ROV (Remote Operated Vehicle) 1 recorded oil and methane seeping from the seafloor at around 2:48 a.m.. The ROV monitors the seep for a minute and even gets covered in a plume of oil and sand before it moved on to the next spot. Smaller eruptions were seen as the ROV traveled. After an investigation, Wikinews determined that the seepage was located just over 50 feet from the Deepwater leak point. BP has denied that any oil or methane gas is leaking from the sea floor. On July 16, Kent Wells, the senior vice president of the company, said on their official Twitter page that “4 ROVs using sonar scanning [are] looking for anomalies in seabed floor. No indications any oil or gas escaping.”

BP issued a press release earlier this morning, but did not state information regarding any leaks or seepage from the well. BP did say that the well cap “measured at approximately 6,792 pounds per square inch and continues to rise slowly.”

The Deepwater Horizon oil spill started on April 20 after an explosion on the rig. Efforts to put out the fire failed and the rig subsequently sank to the bottom of the Gulf. On April 22, an oil slick appeared on the surface of the Gulf. BP capped the leaking well on July 13 which effectively stopped oil from leaking into the Gulf. The company has been running a pressure integrity test on the 150,000 pound cap since it stopped the flow of oil. BP hopes for the well’s pressure to rise to or above 7,500 PSI. As of Saturday morning the well’s pressure was just above 6,700 PSI. BP fears anything lower than the expected PSI could mean a leak in the cap or elsewhere, such as oil or methane seeping up from the seafloor.