Global Report 12-01-2009

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Satyam board reconstituted

This is a vital stabilizing development for Satyam and it marks the beginning of a new chapter in the company's history. The reconstitution of the board will help ensure business continuity, build confidence and protect the interest of all stakeholders – employees, customers and investors. The decision to appoint HDFC Chairman Deepak Parekh, the former Nasscom President Kiran Karnik and the former SEBI member C. Achutan as a three-member board will restore confidence of global investors in India Inc. especially after this unprecedented financial fraud in India's corporate history. Having taken charge of the troubled company, the government's priority should be to ensure that the Satyam board immediately arranges financing to ensure that salaries and payrolls of the 50,000 plus employees are met without disruption.

Mexican drug cartels reach Europe

Violent Mexican cartels that have killed thousands in a drug war at home this year are increasingly smuggling drugs to Europe by way of Africa. A 15-month international drug sweep called "Project Reckoning" captured 500 Gulf cartel collaborators in the United States, Mexico and Italy. Given the pressure from the Calderon government, we are seeing some of the Mexican groups seeking alliances with Europeans. According to the United Nations, The poor and weak states of West Africa make an ideal base of operations for international drug traffickers. Interpol says Mexican drug cartels could be using Africa's Atlantic seaboard for transport or storage purposes.

Pakistan sectarian violence

It is more than ten years now that Hangu has been suffering from continual eruption of sectarian violence. Hundreds of people have been killed and injured from both sides Shia and Sunni during these clashes. Nauroz is celebrated on 21st March and Ashura that is observed on 10th of Muharram are particularly sensitive at these times in this regard. The main reason behind the recurrence of sectarian violence is the lack of negotiations for long term peace in the area military curfew is imposed each time violence erupts but soon after that tragedy people and the government forgets about improving the ties between the Shias and Sunnis communities. The fresh outbreak of sectarian violence reminds us of the need for honest and effective reconciliation between Shia and Sunni sect especially in such times when terrorist elements are there to take advantage of such tensions for their malign designs.


Starvation grips northern Kenya

Nearly two million Kenyans face imminent starvation following crop failure in parts of Eastern and Rift Valley provinces. In Eastern, maize and bean crops have withered due to a long dry spell, while in Rift Valley Province, the shortage has been attributed to the delayed effects of the post election violence, which caused delays in planting last year. About a quarter of the six million people in the region have been affected causing the demand for relief food to shoot up. Residents have been left with no option and are living on porridge and wild tubers after herdsmen migrated with their animals in search of pastures and water near the Uganda border. The government's recently launched subsidized maize flour has not yet reached most parts of the country heavily facing food shortage hence worsening the situation. Food prices continue to rise across the country and worse are expected since rift valley province the country's bread basket will not be able to produce enough to feed the nation since farmers in the region were heavily affected during the poll violence early last year.
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4. Added :12-Jan-09
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