Satyam Computer Services and its former auditor PricewaterCoopers (PwC) have agreed to pay a combined $17.5m (£10.7m) in fines in the US after one of India's biggest corporate scandals. Satyam, an outsourcing company, will pay $10m for falsely reporting more than $1bn in profits over five years. The company's chairman Ramalinga Raju admitted to the fraud in 2009. Satyam's shares were indirectly traded on the New York Stock Exchange (NYSE) as well as...
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Saving traditional medicines from ‘bio-piracy’ patents the goal of UN forum
Dozens of countries are taking part in a United Nations-sponsored effort to protect potentially life-saving centuries-old traditional medicines from bio-piracy by learning from India how to halt their misappropriation through international patents granted on non-original innovations. Representatives from more than 35 countries wrapped up a three-day meeting in New Delhi today that discussed emulating India’s Traditional Knowledge Digital Library (TKDL), a database documenting traditional medicinal treatment, concluding that such a mechanism...
More »Recent oil price surge adds to concerns over high food prices
Global food prices increased for the eighth consecutive month in February, with prices of all commodity groups monitored rising again, except for sugar, FAO said today. FAO expects a tightening of the global cereal supply and demand balance in 2010/11. In the face of a growing demand and a decline in world cereal production in 2010, global cereal stocks this year are expected to fall sharply because of a decline in...
More »NAC undermined by Praful Bidwai
By stubbornly overruling the National Advisory Council, the government risks defeating its purpose as a body that speaks for the poor and the disadvantaged. HAS the Manmohan Singh government begun to regard the National Advisory Council (NAC) as an adversary who should be undermined? Going by their exchanges on key issues such as food security, wages under the National Rural Employment Guarantee Act (NREGA), and the implementation of the Scheduled Tribes...
More »How realpolitik got in way of Ramesh's all-out green zeal by Kunal Bose
To many, ecology clearances coming in quick succession first for the 12-million-tonne steel project, including a captive power complex and a minor port that the South Korean Posco is diligently pursuing for close to six years and then for SAIL’s three mining leases at Chiria in Jharkhand appear as history bending revolutions. This is because the ministry of environment and forests, led by environment zealot Jairam Ramesh was till the...
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