Dental Implants Are You Ready For Them?

If you have missing teeth that you are currently using bridges or dentures to replace, you may be interested in upgrading your mouth to dental implants. Implants look just like your real teeth and unlike bridges or dentures that require special care and special diets, they wear in your mouth just like your natural teeth.Dental implants have two parts. The first part is the part visible above the surface of your gum line, just like your natural tooth. This part resembles your natural tooth, even down to the same shade of white of the surrounding teeth. The lower part of the dental implant is a titanium screw that is surgically implanted into your jaw bone. Just as your real tooth is anchored by roots in your gum, your implant is anchored into your jaw. The advantage to a dental implant over bridges or dentures is great. First, you dont have to remove your implant to clean it like you do with bridges or dentures. Because you can just brush and floss your implant like a real tooth, no one will ever know its not a real tooth. You cant do that with dentures or bridges. Another advantage with implants is the fact that they are just a strongly anchored in your mouth as your natural teeth. You can safely eat anything you want- even steak or caramel apples without the fear, worry and embarrassment that your teeth will come out. With dentures or bridge work not only do you have to restrict your diet to avoid these mishaps but sometimes it happens anyway with ill fitting prosthetics.Dentures and bridges both will wear down your jaw bone and as a result you will constantly need to have them refitted so they sit right. Poorly made or dentures that dont fit right can cause your mouth to develop painful sores and make wearing your teeth painful. If you are ready to consider dental implants you need to see your dentist and find out if you are a good candidate for them. You may need to have a CT scan done to make sure you have enough jaw bone density to surgically screw the dental implants into to. If youre a smoker you will have to stop smoking since smoking can cause your mouth to heal to slowly after your surgery and your dentist will want to make sure you have the best chance of success possible.The only other consideration is you need to be in good overall health and as with any surgical procedure have realistic expectations about the results.Most patients who have dental implants report that the implants wear and last like real teeth and with the proper care you should fully expect your implant to last twenty years or longer.

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Hydrogen fuel cell cars promoted in various states, but U.S. federal funding cut

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Hydrogen fuel cell cars promoted in various states, but U.S. federal funding cut

Tuesday, June 2, 2009

American Secretary of Energy Steven Chu is cutting US$100 million dollars from hydrogen fuel cell vehicle research and diverting the remaining $69 million to hydrogen fuel cell research for household current.

Former president George W. Bush advocated the zero-emission vehicles and launched $1.2 billion for hydrogen fuel cell research over a number of years.

President Barack Obama is proposing a “corporate average fuel economy,” or CAFÉ, placing standards for gas mileage at 39 miles per gallon for cars and light trucks at 30 mpg.

“The probability of deploying hydrogen-fuel-cell vehicles in the next 10 to 20 years is low.” said Tom Welch of the U.S. Department of Energy. “We asked ourselves, ‘Is it likely in the next 10 or 15, 20 years that we will convert to a hydrogen car economy?’ The answer, we felt, was ‘no,'” said Chu.

In response, the U.S. Fuel Cell Council and the National Hydrogen Association said, “The cuts proposed in the DOE hydrogen and fuel-cell program threaten to disrupt commercialization of a family of technologies that are showing exceptional promise and beginning to gain market traction. Fuel-cell vehicles are not a science experiment. These are real vehicles with real marketability and real benefits. Hundreds of fuel-cell vehicles have collectively logged millions of miles.”

“I just got the Clarity, which is a wonderful hydrogen vehicle,” said Governor Arnold Schwarzenegger. He lent his car to The Hydrogen Road Tour.

On Tuesday, The Hydrogen Road Tour began in Chula Vista, California. Twelve hydrogen fuel cell cars by seven auto makers will arrive in Vancouver, British Columbia June 3 for the Hydrogen + Fuel Cells 2009 conference, a global hydrogen and fuel cell event. “The point really is to raise awareness about fuel celled vehicles and hydrogen, their benefits both to energy efficiency and the environment as well as to consumers because we really believe these vehicles are going to be a market winner,” said Catherine Dunwoody, the Executive Director of the California Fuel Cell Partnership.

The Hydrogen Fuel Cells 2009 conference began June 1. “Our global environmental challenges, such as climate change, do not stop at the border,” ” said John Tak, conference Chair, “I am pleased that scientists, engineers, government representatives and businesspeople from more than 35 countries are coming to Vancouver, an active hub for hydrogen and fuel cell development, to help create solutions to these challenges.”

The Ohio Fuel Cell Symposium was held in North Canton, Ohio on Wednesday and Thursday. “The hydrogen and fuel cell industries are at a stage where they have the momentum and energy to accomplish some truly revolutionary things in terms of how they apply their technologies,” said William Whittenberger, president of Catacel Corp. These fuel cells produce electricity and exhaust carbon dioxide and water.

A hydrogen powered municipal street cleaning vehicle is currently being tested for the next year and half in Basel, Switzerland. “Our aim is to take fuel cell technology from the laboratory onto the street,” said Empa’s Internal Combustion Engines Laboratory Project Leader Christian Bach.

Dan Lutz, the fleet manager for the Beloit, Wisconsin public works department, experimented with retro-fitting his personal truck. The department now has a large pickup truck, a garbage truck, a recycling truck, a police squad car and a small pickup truck using hydrogen technology increasing gas mileage from 14 to 22 and 31 mpg. “We know the basic technology works, but the issue is, is it practical,” said City Manager Larry Arft, “Can it be used realistically?”

The drawback is that the technology may rely on platinum, a rare metal, or palladium. Infrastructure would need to be changed to supply hydrogen fueling stations. Critics are also concerned about hydrogen fuel storage and the costs of retro-fitting existing vehicles.

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Get In The Water With A Pair Of Water Shoes}

Get in the Water with a Pair of Water Shoes

by

Women’s water shoes can come in so many different styles. Depending on what a woman is looking for when it comes to water shoes, she will be able to wear something that is tough and durable or something that is pretty and sweet. If you are a woman who is looking for a pair of shoes to wear in the water or simply by it then you need a pair of these shoes that are specifically for your needs and of course your fashion taste!

The Born Crown Water Lily is what every fashionable woman needs when she is heading to the pool or the beach. These slide sandals are made out of leather with a cork sole and a steel shank to provide lasting comfort and support. There is a darling hand shaped bow along the upper to give this sandal a very feminine feel. These are the best sandals to wear when you want to be around the water while still looking flirtatious and stylish.

If you are someone who is looking for a shoe that will not only be a show stopper but also one that will take on any rough current that comes your way, then you need the North Face Padda II. These sneakers are designed for the thrill seekers in mind. They can be completely in water and function perfectly. In addition they have a compression mold with drainage ports to provide breathability and a quick dry. The synthetic and open mesh upper also helps allow these shoes to dry quickly while allowing you to be in the water without adding to much extra weight.

The Speedo Shore Cruiser II Aqua/Water Shoe is ideal for any woman who wants to go into the water but without worrying about crabs or rocks coming in her way. These shoes have a ‘360 degree Ventilation’ system to offer extensive breathability along with remaining flexible and durable. There is also the Speedo Hydro Tread rubber sole that will give you lasting traction even when you are completely submerged in water. Nothing will be able to stand in your way when you wear a pair these shoes.

The Teva Pretty Rugged Leather 2 is tough and comfortable. These leather upper sandals have a Velcro heel and forefoot to give you the right fit that will last even in the toughest conditions. There is also a Microban antibacterial feature that will keep any bacteria from forming and the River Rubber outsole will help keep your traction so you can stay focused while you are in the water. What other sandal can do all of that?

The Ahnu Trinity Water Sandals are sporty and stylish, making them ideal for just about any woman who is looking for an adventure in fashion and in the great outdoors. These sandals have a breathable polyester mesh with linings that are made out of bamboo to enforce the antimicrobial am moisture wicking properties. They are also very lightweight and comfortable and will never bog you down even when you are in the water. There are also nylon shock plates that can help protect your feet from any bruising from stones.

Water shoes for women can come in many styles so you will be able to find the right pair for your adventurous or stylish needs.

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Virginians melee at used Apple iBook sale

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Virginians melee at used Apple iBook sale

Thursday, August 18, 2005

“Total chaos” is how many described the melee that resulted from a sale of used Apple iBook laptop computers at the Richmond International Raceway (RIR) by the Henrico County, Virginia school system.

Officials estimated nearly 5,000 people thronged the sale for the $50, four-year-old computers. Among them were 17 injured, four requiring hospitalization – one for a leg injury, and three for heat-related illness, said Henrico County Police. Reports of trampling in the stampede were not uncommon, and one driver reportedly tried to drive through the throng of prospective buyers.

Alice Jemerson, an elderly customer said, “They bum rushed the gates and I was knocked over, fighting for my life. All these people were on top of me.”

Shortly after 7am EST officials opened the gates and many residents ran hysterically toward the building where the sale was to occur at 9am.

At a post sale press conference, Henrico County Police spokesman Lieutenant Doug Perry told reporters, “A few bad apples found their way inside. It looked worse than it was.”

Apple iBooks are the preferred computer for Henrico County schools, and Director of General Services of Henrico County Paul Proto, said changes were made to the event after tremendous interest was generated, some as far away as Europe and California. Officials closed and moved the sale from the Henrico county school warehouse to the RIR, after residents complained that their tax dollars were used to buy the computers, and they ought to have first right to repurchase them. The Henrico County Board of Supervisors voted to amend the County Code so that only residents could purchase the laptop computers.

Although officials had prohibited camping out and overnight parking, some in attendance reported that people began arriving at midnight.

Henrico Police Chief H.W. Stanley, Jr. said five patrol officers were originally planned for the event, a customary presence for an event the size authorities had estimated. But by 6 am, an enormous crowd was assembled at the front gate.

Officials present before opening told the crowd that automobiles would be allowed to enter first, which prompted many to run to their cars. But while some were running back to their cars, others rushed the gate. The resulting confusion created much anger, and guards closed the gates shortly thereafter.

Long lines encircling the sale building were commonplace, and one observer noted, “They’re going to see themselves on the news tonight, and see what fools they are.”

Some citizens, however, considered their wait worthwhile. Hairstylist and mother of two Sheress Blunt was one of the first hundred to buy one of the iBooks; she came with her mother and said they sneaked into the raceway through a side gate.

Tonya Vaughan arrived at 5:30 a.m., also bought one of the first iBooks and said three people offered to buy it from her for as much as $200. She declined however, saying, “I told them no way! I had worked too hard for it.”

Lt. Perry said many officers were complimented on the way they handled the crowd, adding that police were seen letting children who had been pushed aside, into the building.

Mr. Proto said, “There are no plans right now to have another iBook sale.”

Henrico County Battalion Police Chief Steve Wood said no arrests were made and the iBooks were sold out by 1pm EST.

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IMF head remains in New York prison; charged over alleged hotel sex attack

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IMF head remains in New York prison; charged over alleged hotel sex attack

Sunday, May 15, 2011

This sordid episode—no matter how it ultimately plays out—will spell the end of Strauss-Kahn as an effective leader of the IMF even if he retains his position, which is highly unlikely.

Dominique Strauss-Kahn, the head of the International Monetary Fund, remained in jail last night after being charged with sexually attacking a chambermaid at a New York City hotel. Strauss-Kahn has agreed to undergo forensic screening before he appears in court, and has vowed to “vigorously” defend himself against the charges, which are likely to create a leadership void at the IMF, disrupt emergency talks over the European debt crisis, and spell the end of his political career.

Strauss-Khan was the favourite candidate for the French presidency, and was expected to announce he would stand against Nicolas Sarkozy this month. But the allegations are expected to destroy the hopes of his supporters, increase infighting among the French left, and leave his political career in tatters. His arrest comes at a critical moment for the IMF, and will likely plunge efforts to stabilise the financial states of struggling eurozone countries into chaos. He was meant to discuss the bailouts of Greece and Portugal with European Union financial officials at a meeting in Brussels this week.

Eswar Shanker Prasad, a professor of international economics at Cornell University, said: “This sordid episode – no matter how it ultimately plays out – will spell the end of Strauss-Kahn as an effective leader of the IMF even if he retains his position, which is highly unlikely.” The IMF, however, insisted it remained “fully functioning and operational.”

Strauss-Kahn was to appear in court in Manhattan yesterday charged with three crimes, including attempted rape, but the hearing has been delayed so he can undergo forensic tests. He was taken into custody by officials while on an Air France passenger plane which was about to take off from John F. Kennedy International Airport for Paris; when detectives approached him in the first class cabin in the aircraft he reportedly asked: “What is this about?” Strauss-Kahn reportedly fled the hotel “in a hurry” after the attack, leaving a number of personal effects behind. “If our officers had been ten minutes later he would have been in the air and on their [sic] way to France,” a spokesperson for the New York Police Department said.

The chambermaid reported that she had been sexually assaulted by a man staying in a “luxury suite” at the Sofitel hotel near Times Square. “The maid described being forcibly attacked, locked in the room and sexually assaulted,” the police spokesperson said. Strauss-Kahn came out of the shower naked while the chambermaid was working in the room, tried to pull the woman onto the bed and locked the door, The New York Times reported, quoting police sources. She allegedly fought him off, but he sexually assaulted her again after dragging her to the bathroom, before he locked her in the room; she was reportedly hospitalized afterwards with trauma.

In 2008, a year after becoming the leader of the IMF, Strauss-Kahn was reprimanded by the organization’s board after being involved in an extramarital affair with another senior executive at the bank. More recently, he was pictured driving a luxury car in Paris, causing a media furore over whether his lifestyle fitted with the socialist attitude he claims to represent. But his wife, former television star Anne Sinclair, has dismissed the accusations. She said: “I do not believe for one second the accusations brought against my husband. I have no doubt his innocence will be established.”

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Posted: March 1st, 2022 by Admin

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Dairy cattle with names produce more milk, according to new study

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Dairy cattle with names produce more milk, according to new study

Thursday, January 29, 2009

Giving a cow a name and treating her as an individual with “more personal touch” can increase milk production, so says a scientific research published in the online “Anthrozoos,” which is described as a “multidisciplinary journal of the interactions of people and animals”.

The Newcastle University‘s School of Agriculture, Food and Rural Development’s (of the Newcastle University Faculty of Science, Agriculture and Engineering) researchers have found that farmers who named their dairy cattle Ermintrude, Daisy, La vache qui rit, Buttercup, Betsy, or Gertrude, improved their overall milk yield by almost 500 pints (284 liters) annually. It means therefore, an average-sized dairy farm’s production increases by an extra 6,800 gallons a year.

“Just as people respond better to the personal touch, cows also feel happier and more relaxed if they are given a bit more one-to-one attention,” said Dr Catherine Douglas, lead researcher of the university’s School of Agriculture, Food and Rural Development. “By placing more importance on the individual, such as calling a cow by her name or interacting with the animal more as it grows up, we can not only improve the animal’s welfare and her perception of humans, but also increase milk production,” she added.

Drs Douglas and Peter Rowlinson have submitted the paper’s conclusion: “What our study shows is what many good, caring farmers have long since believed. Our data suggests that, on the whole, UK dairy farmers regard their cows as intelligent beings capable of experiencing a range of emotions.” The scientific paper also finds that “if cows are slightly fearful of humans, they could produce [the hormone] cortisol, which suppresses milk production,” Douglas noted. “Farmers who have named their cows, probably have a better relationship with them. They’re less fearful, more relaxed and less stressed, so that could have an effect on milk yield,” she added.

South Norfolk goldtop-milk producer Su Mahon, one of the country’s top breeder of Jersey dairy herds, agreed with Newcastle’s findings. “We treat all our cows like one of the family and maybe that’s why we produce more milk,” said Mrs Mahon. “The Jersey has got a mind of its own and is very intelligent. We had a cow called Florence who opened all the gates and we had to get the welder to put catches on to stop her. One of our customers asked me the other day: ‘Do your cows really know their names?’ I said: I really haven’t a clue. We always call them by their names – Florence or whatever. But whether they really do, goodness knows,” she added.

The researchers’ comparative study of production from the country’s National Milk Records reveals that “dairy farmers who reported calling their cows by name got 2,105 gallons (7,938 liters) out of their cows, compared with 2,029 gallons (7,680 liters) per 10-month lactation cycle, and regardless of the farm size or how much the cows were fed. (Some 46 percent of the farmers named their cows.)”

The Newcastle University team which has interviewed 516 UK dairy farmers, has discovered that almost half – 48% – called the cows by name, thereby cutting stress levels and reported a higher milk yield, than the 54% that did not give their cattle names and treated as just one of a herd. The study also reveals cows were made more docile while being milked.

“We love our cows here at Eachwick, and every one of them has a name,” said Dennis Gibb, with his brother Richard who co-owns Eachwick Red House Farm outside of Newcastle. “Collectively, we refer to them as ‘our ladies,’ but we know every one of them and each one has her own personality. They aren’t just our livelihood, they’re part of the family,” Gibb explained.

“My brother-in-law Bobby milks the cows and nearly all of them have their own name, which is quite something when there are about 200 of them. He would be quite happy to talk about every one of them. I think this research is great but I am not at all surprised by it. When you are working with cows on a daily basis you do get to know them individually and give then names.” Jackie Maxwell noted. Jackie and her husband Neill jointly operate the award-winning Doddington Dairy at Wooler, Doddington, Northumberland, which makes organic ice cream and cheeses with milk from its own Friesian cows.

But Marcia Endres, a University of Minnesota associate professor of dairy science, has criticized the Newcastle finding. “Individual care is important and could make a difference in health and productivity. But I would not necessarily say that just giving cows a name would be a foolproof indicator of better care,” she noted. According to a 2007 The Scientist article, named or otherwise, dairy cattle make six times more milk today than they did in the 1990s. “One reason is growth hormone that many U.S. farmers now inject their cows with to increase their milk output; another is milking practices that extend farther into cows’ pregnancies, according to the article; selective breeding also makes for lots of lactation,” it states.

Critics claimed the research was flawed and confused a correlation with causation. “Basically they asked farmers how to get more milk and whatever half the farmers said was the conclusion,” said Hank Campbell, author of Scientific Blogging. In 1996, the Department for Environment, Food and Rural Affairs provided for a complex new cattle passport system where farmers were issued with passport identities. The first calf born under the new regime were given names like “UK121216100001.”

Dr Douglas, however, counters that England doesn’t permit dairy cattle to be injected hormones. The European Union and Canada have banned recombinant bovine growth hormone (rGBH), which increases mastitis infection, requiring antibiotics treatment of infected animals. According to the Center for Food Safety, rGBH-treated cows also have higher levels of the hormone insulin-like growth factor 1 (IGF1), which may be associated with cancer.

In August 2008, Live Science published a study which revealed that cows have strange sixth sense of magnetic direction and are not as prone to cow-tipping. It cited a study of Google Earth satellite images which shows that “herds of cattle tend to face in the north-south direction of Earth’s magnetic lines while grazing or resting.”

Newcastle University is a research intensive university in Newcastle upon Tyne in the north-east of England. It was established as a School of Medicine and Surgery in 1834 and became the “University of Newcastle upon Tyne” by an Act of Parliament in August 1963.

The School of Agriculture, Food and Rural Development is a school of the Newcastle University Faculty of Science, Agriculture and Engineering, a faculty of Newcastle University. It was established in the city of Newcastle upon Tyne as the College of Physical Science in 1871 for the teaching of physical sciences, and was part of Durham University. It existed until 1937 when it joined the College of Medicine to form King’s College, Durham.

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Posted: March 1st, 2022 by Admin

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Improving Healthcare Services

Is the future of mobile technology in healthcare bright? Why invest in healthcare? How to improve health services using technology? These are common questions that businesses looking to develop a healthcare app have. If you’re among them, read on to understand whether you should invest in healthcare solutions development.

In this article, we’re going to look at the mHealth market and its growth prospects, talk about the advantages of smartphones in healthcare, and sketch out some real-life examples.

Market outlook: Information technology in healthcare

Advances in mobile technology and the widespread use of smartphones and tablets are working to improve healthcare services at a rapid pace. These advances are increasing the success rate of patient outcomes, as well as the overall quality of care provided.

Mobile health, known as mHealth, is a growing IT sector that is working to transform how healthcare providers and centers are interacting with their patients. Statistics prove that mHealth is one of the fastest growing niches. According to the Market research report by MarketsAndMarkets, the global mHealth market is expected to reach $390.7 billion and grow at 15.8% CAGR by 2024. The key drivers for this are the increasing availability and adoption of digital technologies including personal health devices and the development of the healthcare industry.

Some more interesting statistics and predictions forhealthcare information technology marketvalue:

  • The medical provider solutions sector is anticipated to grow at the highest CAGR during 2019-2024. (Source:MarketsAndMarkets)
  • The Asia Pacific Market is expected to witness the highest growth from 2019-2024. (Source:MarketAndMarkets)
  • 64% of consumers say that virtual care offers convenience and improves accessibility to healthcare services. (Source:Deloitte)
  • The top mHealth players include Apple, Airstrip, AT&T, Boston Scientific, Athena health, CardioNet, Sanofi, Telcare, Fitbit, and Zephyr. (Source:MarketWatch)
  • The US and Canada hold the highest share of mobile technology (Source:MarketWatch). Additionally, as a leader in innovative technology, the United States passedthe Health Information Technology for Economic and Clinical Health (HITECH) Actin 2009 to promote the adoption and meaningful use of health information technology. The HITECH Act also established numerous grants aimed at training personnel in healthcare organisations, teaching them how to make use of advances and provide support for health IT infrastructure.
  • The main virtual healthcare market segments include video consultation, audion consultation, and kiosks. (Source:HIT Consultant)
  • The main drivers of digital health adoption are need for preventive and predictive care, demand for less invasive, cheaper, and precise therapies and treatments, and patient demand. (Source:Deloitte)
  • mHealth ecosystem consists of Internet of Medical Things (IoMT), Cloud computing solutions, artificial intelligence (AI), blockchain systems, natural language processing (NLP), Data as a Platform (DaaP), 5G technology, sensors, enterprise applications, robotics, radical interoperability and open platforms, big data analytics, and learning platforms. (Source:Deloitte)

Read more – Healthcare solutions development

Posted: February 28th, 2022 by Admin

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Chemical plant fire decimates Danvers, Massachusetts neighboorhood

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Chemical plant fire decimates Danvers, Massachusetts neighboorhood

Wednesday, November 22, 2006

According to outgoing Massachusetts governor Mitt Romney, an explosion that was “equivalent to a 2,000 lb. bomb” and registered 0.5 on the Richter scale decimated an area of Danvers and is also a “Thanksgiving miracle.”

The explosion occurred around 2:45 am EST, this morning in the Danversport area of Danvers, Massachusetts at the plant for solvent and ink manufacturer, CAI Inc. The explosion, which was caught on security camera and was heard up to over 25-50 miles away in southern Maine and New Hampshire.

The explosion damaged over 90 homes, blowing out windows and knocking some houses off their foundations. Officials believe that some of the more extensively damaged houses will have to be leveled and rebuilt. Some of the buildings damaged included a bakery, boats at a close by marina and the New England Home for the Deaf, an assisted-living facility for people who are deaf or deafblind and elderly residents requiring constant care. “These people are extremely fragile,” said state Rep. Ted Speliotis, D-Danvers, whose district includes the affected area. “Many of them have Alzheimer’s and other illnesses. It’s clear they can’t stay here long, but it’s clear they won’t be able to return for quite a while.”

Danvers Fire Chief James P. Tutko toured the area by helicopter and said many residents would be kept from their homes for the foreseeable future. “It looks like a war zone, that’s the only thing I can say,” Tutko said. When asked about the loss of no life at all, he responded “Somebody out there likes us.” Finally, he said that finding out the cause of the explosion would take days.

Outgoing governor Mitt Romney toured the area and said the explosion was a “Thanksgiving miracle” as the explosion was “equivalent to a 2,000 lb bomb going off in a residential neighborhood,” and that no one was killed and only about 10 people suffered only minor injuries in area that included over 300 residents. Residents of the area have been evacuated to the Danvers High School where temporary shelter has been set up by the American Red Cross of Massachusetts Bay. Donations are being taken for residents affected by the explosion. Residents are also being told to start filing insurance claims right away and to keep track of their expenses for items bought.

There were minor environmental concerns due to water runoff of chemicals. According the Environmental Protection Agency‘s on-scene coordinator Mike Nalipinski, preliminary tests showed low levels of toluene, a solvent, but said it was nothing of significance. Water runoff from the water used by firefighters left a purple sheen on the river and tests were being conducted. However, the water is not a local drinking water supply and the chemical evaporates quickly. Chief Tutko said there was no risk of toxic fumes getting into the air.

An Eastern Propane facility was also located near the area, however, it was not the source of the explosion. A spokesman for the company said that although the property suffered some minor damage, their tanks are secure.

According to WHDH television, a person who answered the telephone at CAI’s Georgetown, Massachusetts headquarters refused comment, and a telephone message left at the company president’s home was not immediately returned.

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Posted: February 27th, 2022 by Admin

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Former Satyam CEO Raju, his brother and CFO arrested and detained in profit-fraud scandal

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Former Satyam CEO Raju, his brother and CFO arrested and detained in profit-fraud scandal

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.

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Posted: February 26th, 2022 by Admin

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Service held in Nova Scotia on tenth anniversary of Swissair crash that killed 229

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Service held in Nova Scotia on tenth anniversary of Swissair crash that killed 229

Wednesday, September 3, 2008

A memorial service has been held in Nova Scotia, Canada to commemorate the tenth anniversary of the Swissair Flight 111 disaster. None of the 229 people on board survived the aircraft’s impact with the sea on September 2, 1998.

Hundreds of search and rescue personnel and local fishermen were mobilised after the crash in St. Margaret’s Bay near Halifax to recover fragments of both the aircraft and the victims. The state of the human remains was such that identifying them resulted in what would remain the largest DNA identification operation up until the World Trade Center collapse.

At the ceremony, attended by around 100 people, 229 heart-shaped stones crafted from beach rocks and simply decorated with painted stars flowers and hearts were available for the mourners to take and place at the foot of the memorial at Bayswater, one for each of the 229 names upon the granite monument. Many flowers were also laid there.

The aircraft was a wide-bodied jet which had departed John F. Kennedy International Airport in New York at 8:18 p.m. 53 minutes after takeoff pilot Urs Zimmerman and co-pilot Stephan Loew smelt smoke in the cockpit and within three more minutes smoke was visible. The plane, by then in Canadian airspace, tried to reach Halifax Airport but never made it, hitting the water at around 9:31 p.m. at 350 mph (563 kph).

The cause of the disaster was determined to be highly flammable insulating foam, which caught light after an arcing electrical wire triggered a small fire. The fire was ferocious enough to destroy critical power cables, leaving the aircraft uncontrollable.

The investigation was one of aviation’s costliest and most complicated, costing the Transportation Safety Bureau of Canada $60 million. The TSB produced 23 recommendations to prevent a recurrence of the disaster, but only five have been implemented in the decade since the crash, including some flammable material restrictions and electrical safety improvements.

Several people at the hour-long multi-faith ceremony complained at the perceived lack of action. “How come after 10 years we are hearing reports that only five of some 20 recommendations for airplanes have been carried out? What has gone wrong with the bureaucracy – the inertia for that?” asked Rabbi David Ellis. John Butt, who headed the identification effort as Nova Scotia’s chief medical examiner at the time, said it was ‘disappointing’ that action had not been taken and that it was “not very good to think about flying in an aircraft when you know recommendations have been made about the standards of safety and they haven’t been adopted.”

TSB member Jonathan Seymour was also critical of the lack of action, particularly on the US Federal Aviation Administration’s part. “It’s just that obviously after 10 years you would have hoped that things would have moved on quite significantly further than they have. It’s frustrating that we’re still that far away from where we might want to be after 10 years,” he said.

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Posted: February 25th, 2022 by Admin

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