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Indian IT Giant Satyam Computer stock crashes – One of the biggest frauds of Indian capital market

The shareholders of the Satyam Computers have become from Kings to paupers. Although the meaning of the Satyam in Sankrit means “Truth”, but the company has now admitted that they showed inflated profits from the last several years.

What caused it?

The Balance sheet of the Satyam Computers was brimming with non-existent cash and fictitious assets worth around $1 billion, which the company was not able to conceal from the public.

Satyam Chairman B. Ramalinga Raju himself admitted in the letter to the Board of Directors,

Every attempt made to eliminate the gap failed

..and

It was like riding a tiger, not knowing how to get off without being eaten

The shares of the Satyam computers in the Indian Stock market went down from $3.76 (Rs 177) to mind-boggling $0.70 (Rs 33).

All the major stock exchanges throughout the world have already or are going to de-list this stock. All we can say that deepest condolences to the investors of the Satyam Computer stock. Most probably, the company would be taken over by some other giant as it is ripe for the takeover.

In case, you don’t know about the Satyam Computers, it is the company which has more than 53,000 employees and it operates in 65 countries.

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Apple Introduces iLife ’09

Apple® today introduced iLife® ’09, which features major upgrades to iPhoto®, iMovie® and GarageBand®, and includes iDVD® and an updated version of iWeb™. iPhoto ’09 builds on the ability to automatically organize photos into Events by adding Faces and Places as breakthrough new ways to easily organize and manage your photos. iMovie ’09 expands on the revolutionary super fast movie creation introduced in iMovie ’08 by adding the depth users want through powerful easy-to-use new features such as the incredible new Precision Editor, video stabilization, advanced drag and drop, and animated travel maps.

Apple.com/ilife/

Continue reading “Apple Introduces iLife ’09”

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Songs DRM-free on Apple iTunes very soon!

Beginning today, all four major music labels—Universal Music Group, Sony BMG, Warner Music Group and EMI, along with thousands of independent labels, are now offering their music in iTunes Plus, Apple’s DRM-free format with higher-quality 256 kbps AAC encoding for audio quality virtually indistinguishable from the original recordings. iTunes customers can also choose to download their favorite songs from the world’s largest music catalog directly onto their iPhone 3G over their 3G network just as they do with Wi-Fi today, for the same price as downloading to their computer

Distributing DRM-free music is the way to go. With DRM-free music, the trouble of copying music to non-DRM compatible hardware is a big plus. There is one more great news. Most of the songs on iTunes are now priced at $0.69 rather than $1.29.

But, wait! What about the songs that are already in not DRM-free? For that, the Apple is charging a modest 30 cents per song or 30% of the album price. This means that you will still end up paying a lot in the end to make your existing music collection DRM-free.

Visit iTunes.com

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ASUS P565 unboxed or shall I say "World's fastest PDA-phone unboxed"

I received the ASUS P565 yesterday and I could not wait for a single second to rip open the box. Here are few pictures that I took of the box and have given brief information about what is there in the box.

..and here is what you get in the box

  • ASUS P565
  • AC adapter
  • A really sleek leather case
  • Battery (1300mAh)
  • Getting started CD and Bonus CD
  • mini-USB cable
  • Wired headset

Continue reading “ASUS P565 unboxed or shall I say "World's fastest PDA-phone unboxed"”

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The red hot Exper Style Netbook of Turkey

NO, this is not sport car. It’s the Exper Style Netbook. It looks incredibly great in the red hot color . Although the specifications of the Exper Style Netbook are not very different from the netbooks that are currently available in the market, it’s style is enough to give you the feel of owning a red ferrari. Although the price of it is not ferrari-ish. It is priced for ~$470 in Turkey.

The red hot Exper Style Netbook of Turkey

Features:-

8.9-inch display
1GB RAM
Windowx XP
Intel Atom Processor
SSD storage
Webcam

Remember the sports ASUS EEE 1000H that we posted few days back? Well, it looks like folks at Exper Style took some inspiration from that guy and painted their own netbook in red. Yellow Corvette versus Red Ferrari anyone?

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It is official – UIQ is history now

Software Company, UIQ which was jointly owned by Sony Ericsson and Motorola has filed in the court of Sweden for bankruptcy. The company’s official say that there is no market and no consumer for the UIQ platform. For those who don’t know about UIQ, it is the mobile OS that powered the Sony Ericsson’s Pxxx series so far, which includes P800, P900, P910, P990 and P1i. It also powered the Motorola A1000.

Last year, with the announcement by Sony Ericsson to use Windows Mobile for their Smartphone range, it was a clear signal that the Sony Ericsson has lost faith in the UIQ platform. To add salt to the wound, Motorola too left the poor UIQ all alone in the game by switching to Android.

It is a known fact that the UIQ had been cutting staff from the past 6 months. Right now, the company is down to just 200 employees. Living and surviving in a competitive phone market is not an easy job. The UIQ, without the support from Sony Ericsson and Nokia, was left crippled to face the likes of iPhone, Windows Mobile, Blackberry and Symbian. The employees of the UIQ are blaming the poor management for the bankruptcy, which is actually not true considering the fact that we saw very less or no development in the UIQ field.

UIQ website