BP says “hopeful” well can stay shut indefinitely

(Reuters) – BP Plc is “hopeful” that its blown-out well in the Gulf of Mexico can remain sealed until a pair of relief wells permanently stop the flow, a company executive said on Sunday.

BP is more than two days into a pressure test on its crippled Macondo well, which had been described as a temporary measure to stop oil from gushing into the Gulf while engineers study pressure within the well.

Now, BP officials say they want to keep the well sealed in until they finish a pair of relief wells that are eventually meant to permanently seal the well, or “kill” it, with heavy mud and cement. BP says the relief wells will likely be complete by mid-August.

“We’re hopeful that if the encouraging signs continue that we’ll be able to continue the integrity test all the way to the point that we get the well killed,” Doug Suttles, BP’s chief operating officer, told reporters on a conference call.

“Right now there is no target set to open the well back up to flow,” Suttles said. “Clearly we don’t want to re-initiate flow into the Gulf if we don’t have to.”

The U.S. government has yet to approve BP’s plan. On Saturday, the top U.S. oil spill official said the pressure test was temporary and meant to clarify options for sealing off the well in the event of a hurricane.

After completing the test, BP would open valves on the containment cap to allow oil to temporarily flow into the sea while it repositioned vessels on the surface which would siphon up the oil, retired Coast Guard Admiral Thad Allen said in a statement on Saturday.

(Editing by Doina Chiacu)

BP says ‘hopeful’ well can stay shut indefinitely

HOUSTON, July 18 (Reuters) – BP Plc (BP.L) (BP.N) is “hopeful” that its blown-out well in the Gulf of Mexico can remain sealed until a pair of relief wells permanently stop the flow, a company executive said on Sunday.

BP is more than two days into a pressure test on its crippled Macondo well, which had been described as a temporary measure to stop oil from gushing into the Gulf while engineers study pressure within the well.

Now, BP officials say they want to keep the well sealed in until they finish a pair of relief wells that are eventually meant to permanently seal the well, or “kill” it, with heavy mud and cement. BP says the relief wells will likely be complete by mid-August.

“We’re hopeful that if the encouraging signs continue that we’ll be able to continue the integrity test all the way to the point that we get the well killed,” Doug Suttles, BP’s chief operating officer, told reporters on a conference call.

“Right now there is no target set to open the well back up to flow,” Suttles said. “Clearly we don’t want to re-initiate flow into the Gulf if we don’t have to.”

The U.S. government has yet to approve BP’s plan. On Saturday, the top U.S. oil spill official said the pressure test was temporary and meant to clarify options for sealing off the well in the event of a hurricane.

After completing the test, BP would open valves on the containment cap to allow oil to temporarily flow into the sea while it repositioned vessels on the surface which would siphon up the oil, retired Coast Guard Admiral Thad Allen said in a statement on Saturday.

(Editing by Doina Chiacu)

UPDATE 1-BP says ‘hopeful’ well can stay shut indefinitely

HOUSTON, July 18 (Reuters) – BP Plc (BP.L) (BP.N) is “hopeful” that its blown-out well in the Gulf of Mexico can remain sealed until a pair of relief wells permanently stop the flow, a company executive said on Sunday.

BP is more than two days into a pressure test on its crippled Macondo well, which had been described as a temporary measure to stop oil from gushing into the Gulf while engineers study pressure within the well.

Now, BP officials say they want to keep the well sealed in until they finish a pair of relief wells that are eventually meant to permanently seal the well, or “kill” it, with heavy mud and cement. BP says the relief wells will likely be complete by mid-August.

“We’re hopeful that if the encouraging signs continue that we’ll be able to continue the integrity test all the way to the point that we get the well killed,” Doug Suttles, BP’s chief operating officer, told reporters on a conference call.

“Right now there is no target set to open the well back up to flow,” Suttles said. “Clearly we don’t want to re-initiate flow into the Gulf if we don’t have to.”

The U.S. government has yet to approve BP’s plan. On Saturday, the top U.S. oil spill official said the pressure test was temporary and meant to clarify options for sealing off the well in the event of a hurricane.

After completing the test, BP would open valves on the containment cap to allow oil to temporarily flow into the sea while it repositioned vessels on the surface which would siphon up the oil, retired Coast Guard Admiral Thad Allen said in a statement on Saturday.

(Editing by Doina Chiacu)

BP says ‘hopeful’ well can stay shut indefinitely

July 18 (Reuters) – BP Plc (BP.L) (BP.N) is “hopeful” that its blown-out Macondo well in the Gulf of Mexico can remain sealed until a pair of relief wells can permanently stop the flow, a company executive said on Sunday.

“Clearly we don’t want to re-initiate flow into the Gulf if we don’t have to,” said Doug Suttles, BP’s chief operating officer, speaking with reporters on a conference call.

Taiwan’s China Steel to cut prices for Sept

July 13 (Reuters) – China Steel (2002.TW), Taiwan’s top steel maker, will cut domestic prices by an average of about 4 percent for September over July-August because of reduced demand for home construction materials in China, a company executive said on Tuesday.

Bigger rival Baosteel Group said in June that China’s steel industry will face its toughest time of the year during the third quarter, as iron ore contract prices will peak in the quarter while steel consumption by the auto and housing sectors will be sluggish. [ID:nTOE65703O]

(Reporting by Lin Miao-jung; Editing by Ken Wills)

Abu Dhabi’s TAQA not planning bond issue in 2010-exec

June 20 (Reuters) – Abu Dhabi National Energy Co (TAQA.AD) (TAQA) has no plans to issue a bond this year, after reported meetings with investors since early June in the United States, Asia and Europe, a company executive said on Sunday.

Utilities

TAQA, majority owned by the government of Abu Dhabi, held a series of presentations throughout June to update investors, with each leg organised by different banks, IFR, a unit of Thomson Reuters, reported.

“It was a non-deal road show to provide investors updates of the company,” Mohamed Mubaideen, manager for investor relations at TAQA told Reuters by telephone.

“This year we don’t expect a bond issuance. The company does not require any financing at the moment.”

Investor meetings are scheduled in the United Arab Emirates on June 22 in Abu Dhabi and June 23 in Dubai, organised by the National Bank of Abu Dhabi (NBAD.AD) (NBAD), IFR reported.

In September, TAQA issued a $1.5 billion bond in two tranches. Last month, the company said it has refinanced a C$1.33 billion credit facility of one of its units. [ID:nLDE64M01U] TAQA operates in 13 countries, including Canada, Britain and India and its interests include power generation, desalination, upstream oil and gas and structured finance, according to the company’s website.

In May, TAQA reported a more than sevenfold surge in first-quarter profit, attributing the increase to rising oil prices year-on-year. [ID:nLDE64B03A] (Reporting by Stanley Carvalho; Additional reporting by David French in London; Writing by Rachna Uppal; Editing by Jon Loades-Carter)

Journalists escape injury after emergency landing

(Reuters) – A small plane carrying 16 Al Jazeera broadcast staff to a World Cup game had to make an emergency landing near Johannesburg on Sunday after the aircraft’s landing gear jammed, a company executive said.

Sports

The wheels failed to come down as the plane approached the northern city of Polokwane, where Algeria were playing Slovenia, and the pilot turned back to an airport in the Johannesburg area to make an emergency landing.

“No one was hurt but they were shocked,” said Nasser G. Al Khelaifi, managing director of Al Jazeera Sport.

“They came back here because the facilities in the airport they left from are better.

“We had to cancel everything, but luckily our reporter left yesterday by car,” he said, adding that the pilot had to keep the plane in the air for three hours to run down its fuel supplies before landing.

A spokesman for Lanseria airport, which lies about 30 kilometers (19 miles) from Johannesburg, said the plane landed at about 11 a.m. (5 a.m. EDT).

Lanseria International Airport is privately owned and used mainly by executive travelers and for chartered flights.

(Additional reporting by Helen Popper; Editing by Jon Bramley)

SE Asia to start LNG imports in next 3 yrs

SINGAPORE, June 2 (Reuters) – Three Southeast Asian countries will start imports of liquefied natural gas (LNG) in the next three years once their gasification terminals are completed.

Singapore, Vietnam and Thailand are part of a growing group of new LNG buyers in Asia as imports of the clean fuel allows nations to diversify energy resources away from oil and coal.

State-owned PetroVietnam Gas Corp plans to select by the end of this year an aggregator to buy LNG in the spot market for three years before committing to long-term supplies, a company executive said on Wednesday.

The supplies will be received at a floating storage and regasification unit (FSRU) to be completed in mid-2012, Nguyen Thanh Binh, director of LNG import department, told Reuters on the sidelines of an industry conference.

“This is a fast-track option in case we need gas earlier,” he said.

PetroVietnam is finalising the location of a proposed gasification terminal in the south of the country near Vung Tau province, Nguyen said.

The 1 million tonne-per-year (tpy) terminal is scheduled to be ready in 2015, he said.

Its capacity will be increased to 3 million and 6 million tpy in 2020 and 2025 respectively to meet rapidly growing demand, Nguyen said at the LNG Outlook Asia 2010 conference.

THAI TERMINAL DUE Q4 2011

In Thailand, an LNG terminal at the eastern seaboard is slated for completion in the fourth quarter of 2011, said Gumpanart Bumroonggit, senior vice president for corporate planning at Electricity Generating Public Co EGCO.BK.

Initial imports of 1 million tpy of LNG will be fed into the country’s gas system, he said.

Thailand’s natural gas consumption is expected to grow by 5-6 percent a year to 4,820 million cubic feet per day (mmcfd) in 2014 as several new gas-fired power plants are due to start operations, Gumpanart said.

Last week, a senior executive with PTT Exploration and Production (PTTEP) (PTTE.BK) told Reuters that domestic gas demand this year is projected to rise 10 percent from 3,597 mmcfd in 2009 because of the economic recovery plus hot weather and a low base effect. [ID:nSGE64Q0A0]

Gumpanart said that power plants account for 70 percent of Thailand’s natural gas demand.

Up to six power plants with a total capacity of 5,500 megawatts will require 900 million cubic metres per day of natural gas if they are operated at baseload, he added.

To meet the demand, Thai energy major PTT PTT.BK will bring 650 million cubic metres per day of gas from the Gulf of Thailand and 240 million cubic metres per day from Myanmar, he said.

Natural gas demand will also grow in the transportation sector as the Thai government has started promoting its use in buses and cars, installing gas stations, Gumpanart said.

SINGAPORE LNG SUPPLIES TO START MID-2013

Singapore’s LNG terminal is expected to send out its first gas by mid-2013, Rod Duke, director of LNG projects at Energy Market Authority said.

Six power companies signed in March to buy at least 1.5 million tpy of LNG from the terminal, he said.

The $1.05 billion project has an initial capacity of 3.5 million tpy. [ID:nSGE6170DA]

“There’s scope for internal demand to reach 6 million tpy by the end of next decade,” Duke said. (Editing by Ramthan Hussain) (florence.tan@thomsonreuters.com; + 65 6870 3497; Reuters messaging: florence.tan.thomsonreuters.com@reuters.net))

BP’s “top kill” on leaking well could be delayed

BP Plc will begin a process to plug a leaking undersea oil well on Wednesday at the earliest, but it could be delayed or even abandoned if tests show it would not work, a company executive said on Tuesday.

“In terms of when the actual kill might go forward, the earliest would be tomorrow and it could extend on from there,” BP senior vice president Kent Wells told reporters on a conference call, referring to the “top kill” procedure.

Under intense pressure from the Obama administration to plug the five-week-old gushing leak in the Gulf of Mexico, BP sought to manage expectations of its latest effort.

The company has failed to plug or completely corral the leak that burst after a rig drilling the well a mile beneath the water’s surface exploded and sank, killing 11 workers.

President Barack Obama and U.S. Interior Secretary Ken Salazar have publicly scolded BP for a breakdown of responsibility and missing deadlines in sealing the well.

BP officials had said the top kill, which involves injecting heavy drilling fluids twice as dense as water into the well to stop the oil flow, would begin last Sunday at the earliest.

They subsequently pushed its start to Tuesday, then Wednesday, and Wells said it might start later as scientists finish tests to gauge its chances of success.

“In terms of timing, the pace at which we’re doing this — subsea construction — we usually spend months to do what we’ve done in days and weeks,” Wells said. “We have to be careful in terms of setting expectations.”

MAY ABANDON KILL ATTEMPT

Wells said the tests may prompt BP to abandon the top kill altogether if scientists determine it can’t be done safely or will worsen the leak.

“What we learn during this diagnostic phase will be crucial to us,” he said.

Russell Hoshman, a petroleum engineer with the Interior Department’s Minerals Management Service, said the agency is reviewing procedures to ensure they are technically sound so as to “not make this situation worse.”

Wells said the 12- to 24-hour diagnostic phase would take place “over the next day or so.” If given the go-ahead, the top kill could take half a day to two days to show results, he said.

The top kill involves injecting drilling fluids, which are heavier than oil, into the failed five-story blowout preventer at the seabed, at the rate of 50 barrels (2,100 gallons) per minute. The tests are supposed to show which of the five points of entry into the blowout preventer can be used.

The biggest risk in the procedure is that the upward pressure of the oil and gas rushing from the well would overcome the downward pressure from the mud and blow it out the top of the blowout preventer, BP executives have said.

Wells said some oil could get past the fluids and escape, but the concept is to pump them fast enough to overcome the oil and kill the well.

“JUNK SHOT” OPTION

If the fluids aren’t enough, BP could employ a “junk shot,” or pump solid materials like shredded rubber golf balls as a “bridging agent” to slow the oil flow and allow more fluids down the well.

If those options don’t work, BP can remove the bent pipe coming out of a piece of equipment on top of the blowout preventer and place a containment dome with a seal on top of it to corral the oil. The oil would be transported by pipe to a drilling ship at the surface.

BP tried such a containment dome over the leak before. Too much seawater inside mixed with natural gas coming from the leak and formed ice, known as hydrates, which blocked oil from flowing to the drillship. Wells said the seal should reduce seawater to cut potential for hydrates to form.

(Reporting by Kristen Hays and Chris Baltimore; Editing by David Storey)

Brit girl risks Dubai jail by telling cops she was raped after boozy night out

London, April 19 (ANI): A British girl is said to have risked being jailed in Dubai by telling cops that she was raped after a boozy night out.

The 24-year-old trading company executive, who has been identified only as Lucy, said that the 30-year-old Arab man insisted on giving her a lift home after a night out drinking with pals at the Dubai Marina.

And then he allegedly drove her to the remote area and attacked her, before taking her back to her flat and raping her again on her bed.

The accused man told police that she agreed to sleep with him, and now if her account of what happened is not believed, she could face prison for drinking and having sex outside marriage in the strict Muslim state.

“She told police she screamed and cried out begging him to stop during both attacks which were entirely against her will,” the Sun quoted a Dubai court source as saying.

“She went straight to the nearest police station and reported the sex attack at 3.20am the same day,” the source said.

Cops were immediately able to find the alleged attacker, named only as Saif, as the woman had saved his mobile number when they were introduced earlier in the night.

“The case will be heard in full before a judge who will decide who is telling the truth, but the girl may face difficulties if her story is not believed,” the source revealed.

“She is still regarded as the victim at this stage, though she has already admitted being drunk, which is itself an offence in Dubai.

“And if the court finds in the man”s favour, she could face a charge of having unlawful sex as well which might land her in jail for a year followed by deportation,” the source added.

The alleged rape in January is the latest to spark anxiety among ex-pats in Dubai.

A date for the rape trial will be set later this year. (ANI)

Brit girl risks Dubai jail by telling cops she was raped after boozy night out

London, April 19 (ANI): A British girl is said to have risked being jailed in Dubai by telling cops that she was raped after a boozy night out.

The 24-year-old trading company executive, who has been identified only as Lucy, said that the 30-year-old Arab man insisted on giving her a lift home after a night out drinking with pals at the Dubai Marina.

And then he allegedly drove her to the remote area and attacked her, before taking her back to her flat and raping her again on her bed.

The accused man told police that she agreed to sleep with him, and now if her account of what happened is not believed, she could face prison for drinking and having sex outside marriage in the strict Muslim state.

“She told police she screamed and cried out begging him to stop during both attacks which were entirely against her will,” the Sun quoted a Dubai court source as saying.

“She went straight to the nearest police station and reported the sex attack at 3.20am the same day,” the source said.

Cops were immediately able to find the alleged attacker, named only as Saif, as the woman had saved his mobile number when they were introduced earlier in the night.

“The case will be heard in full before a judge who will decide who is telling the truth, but the girl may face difficulties if her story is not believed,” the source revealed.

“She is still regarded as the victim at this stage, though she has already admitted being drunk, which is itself an offence in Dubai.

“And if the court finds in the man”s favour, she could face a charge of having unlawful sex as well which might land her in jail for a year followed by deportation,” the source added.

The alleged rape in January is the latest to spark anxiety among ex-pats in Dubai.

A date for the rape trial will be set later this year. (ANI)

UC RUSAL sees Asia sales rising to 30 pct of total this year

HONG KONG, April 12 (Reuters) – Russia’s UC RUSAL (0486.HK) (RUAL.PA), the world’s biggest aluminium producer, sees improvements in the global alumunium market and expects sales in Asia to reach 30 percent of its total this year, up from 20 percent last year, a company executive said on Monday.

That rise would be helped by China’s growing aluminium consumption, which would likely rise 20 percent in 2010, said Artem Volynets, deputy chief executive for strategy and business development, speaking to reporters in Hong Kong.

Rusal also expected to complete project financing worth $700 million in the next six months, said Chief Executive Oleg Deripaska.

UPDATE 1-Occidental to boost Oman crude production in 2012

MUSCAT, April 11 (Reuters) – Occidental Petroleum Corp (OXY.N) will boost its crude production in Oman by 50 percent to 150,000 barrels per day (bpd) in 2012, senior company executive Bill Albrecht said on Sunday.

Stocks | Energy

The fourth-largest U.S. oil and gas company currently produces from the Mukhaizna field in Oman.

The start-up of production in Bahrain and increased output from its development in Oman helped increase fourth-quarter sales volume by nearly 5 percent from the previous year.

In January, Occidental announced during its fourth-quarter financial report, that overall 2009 oil output rose 7 percent from 2008, and the company expects 2010 output to grow by 5 percent to 8 percent.

Occidental’s fourth quarter realized oil price was $69.39 per barrel, up from $53.52 a year earlier. U.S. natural gas prices however, slipped to $4.37 per thousand cubic feet from $4.67.

The company is targeting $4.3 billion in 2010 capital expenditure, up from $3.6 billion last year. A quarter of the increase will go to California, and another quarter to Iraq, where Oxy has just signed a partnership deal. [ID:nLDE60L1EJ] (Reporting by Saleh Al-Shaibany; Editing by Mike Nesbit)

79.5-kms-long Ganesha Chathurthi convoy sets record in Malaysia

Kuala Lumpur, Aug. 24 (ANI): Malaysia’s longest convoy of 213 lorries participated in Vinayagar Chathurthi celebrations on Sunday, marking the birthday of Hindu Lord Ganesha.

The 79.5 kilometres long convoy, which included an elephant to signify the deity, achieved a new feat in the Malaysia Book of Records.

Hundreds of devotees walked beside the lorries, which had been decorated with portraits of the elephant-headed Hindu god, in a procession that began from the Sri Maha Mariamman temple in Kampung Sungai Kayu Ara, the Star Online reports.

The procession stopped briefly at various places, including the Kottu Malai Pillaiyar temple in Jalan Pudu Lama.

Among the devotees at the Kottu Malai temple was J.K. Vassanthi, a school teacher, who has been taking a fast of silence in homage to Lord Ganesha’s birthday for the past 28 years.

Another devotee who came to offer her prayers there was a Chinese woman, who embraced Hinduism three years ago.

“I feel calm and serene in this temple,” said the woman, who only wanted to be known as Adeline.

The 32-year-old fitness trainer said she often prayed at a nearby temple but decided to drop by Kottu Malai after finding out about the festival.

Clerk C. Minatchi, 31, said she had been going to the temple every week for six years since her prayers had been answered.

“My brother had gone into coma after an accident. I prayed to Lord Ganesha and 10 days later, my brother recovered,” she said.

Port company executive C. Kaleappan, 51, said he had been travelling all the way from Penang with his family to celebrate the occasion at Kottu Malai for the past 18 years.

“I feel a special bond with this temple and with the blessings of the Lord, my family is prosperous and healthy,” he said, who came with his wife and three daughters. (ANI)

CA Inc. to hire 1000 professional for its Hyderabad R and D Centre

US-based CA Inc, the IT management software company, has decided to hire 1,000 professionals in India over the next 3-5 years.

According to reports, the company will employ an additional 1,000 people for its Hyderabad R and D centre, taking the total strength to 2,600 over the next 3-5 years.

The Hyderabad facility currently houses about 30 per cent of the company’s global R and D headcount.

It should be noted that the company had announced an investment plan of $30 million in 2007, to set up an R and D facility in Hyderabad.

When asked about the projects which the company wants to bid for, a senior company executive said, the company would focus more on service provisioning as well as e-governance projects.

In addition, the company has also reported to be bullish on the Asia Pacific (APAC) region. The firm expects the contribution of the region to global revenues to increase over the timeframe of next 3-5 years.

Currently, the APAC and Japan markets contribute 11-12 per cent of the global revenues and the company expects it to go up to 15 per cent in the next 3-5 years.

Apart from R and D facility in Hyderabad, CA has offices in Mumbai, Bangalore and New Delhi.

Shanghai port delays Belgium terminal stake buy

SHANGHAI, April 13 (Reuters) – Shanghai International Port (Group) Co (600018.SS) has postponed its stake purchase in a Belgium terminal from A.P. Moeller-Maersk Group (MAERSKb.CO) and expects slower container throughput growth this year as a slowdown hits global trade, a company executive said on Monday.

Shanghai port, China’s biggest port operator, signed a framework agreement in September 2006 to buy 40 percent of a container terminal in Zeebrugge, which was built by APM Terminals, part of A.P. Moeller-Maersk.

“We have decided to put the project on hold as the outlook in global container traffic is very different from two years ago,” Jiang Haitao, the company’s board secretary, told Reuters.

“But we have not shelved the project.”

Jiang clarified a report by the China Securities Journal which said the Chinese port operator had completed the stake purchase in 2006 but was only delaying cooperation in running the terminal.

“It’s not accurate. If we had bought the stake, we should have been jointly running the Belgium port already,” he said.

Container throughput at Shanghai port is expected to grow to 29 million twenty-foot equivalent units (TEUs) in 2009, up 3.6 percent from a year earlier, slowing from a 7 percent increase in 2008, Jiang added.

Last year, the port’s net profit jumped 26.9 percent to 4.62 billion yuan ($676 million) on a 13.8 percent rise in revenue.

($1=6.832 Yuan)

Hong Kong regulators seek to block $2B PCCW deal, AS

HONG KONG (AP) Hong Kong’s securities watchdog sought to block Thursday a controversial plan to privatize the territory’s leading phone company, saying the deal was marred by vote-rigging. A lawyer for the Securities and Futures Commission told a court reviewing the $2 billion buyout of fixed-line provider PCCW Ltd.

that February’s shareholder vote was unfairly manipulated so the deal would win passage. The deal led by PCCW Chairman Richard Li, son of Hong Kong billionaire tycoon Li Ka-shing has drawn fierce criticism from opponents who accuse Li of dramatically undervaluing the company.

The regulator’s attorney, Winston Poon, said an executive at Fortis Insurance Company (Asia) Ltd. doled out about half a million PCCW shares to Fortis employees as a way to sway votes in favor of the deal.

“It is a manipulative device to amplify the number of people voting,” he told a Hong Kong judge Thursday. He said the employees would never have been registered to back the deal if the company executive had not supplied their shares in the days before the vote.

PCCW and its partners have denied any involvement, with their attorneys criticizing the SFC probe as biased and incomplete. A ruling in the case could come this week.

Hong Kong regulators seek to block $2B PCCW deal, AS

HONG KONG (AP) Hong Kong’s securities watchdog sought to block Thursday a controversial plan to privatize the territory’s leading phone company, saying the deal was marred by vote-rigging. A lawyer for the Securities and Futures Commission told a court reviewing the $2 billion buyout of fixed-line provider PCCW Ltd.

that February’s shareholder vote was unfairly manipulated so the deal would win passage. The deal led by PCCW Chairman Richard Li, son of Hong Kong billionaire tycoon Li Ka-shing has drawn fierce criticism from opponents who accuse Li of dramatically undervaluing the company.

The regulator’s attorney, Winston Poon, said an executive at Fortis Insurance Company (Asia) Ltd. doled out about half a million PCCW shares to Fortis employees as a way to sway votes in favor of the deal.

“It is a manipulative device to amplify the number of people voting,” he told a Hong Kong judge Thursday. He said the employees would never have been registered to back the deal if the company executive had not supplied their shares in the days before the vote.

PCCW and its partners have denied any involvement, with their attorneys criticizing the SFC probe as biased and incomplete. A ruling in the case could come this week.

Satyam Board meet to discuss operational issues today

Mumbai, Feb 12 (ANI): The board of directors of Satyam Computer Services will meet here today to discuss the company’s operational issues.

The newly elected Satyam Chairman Kiran Karnik will chair the board meeting.

After receiving a Rs. 600 crore loan from banks, the company directors are aiming to restore the investor’s confidence.

The meeting is also likely to discuss issues relating to companies manifesting interest in acquiring a controlling stake in Satyam.

Meanwhile, the designated auditors are working on the restatement of accounts.

A senior company executive has stated that the company board could use KPMG services for quick restatement of accounts along with Deloitte, the international accounting and consulting firm.

Although the Institute of Chartered Accountants of India (ICAI) has already clarified that the KPMG could not participate in the restatement of accounts, none of the board members has been open in discussing the vital legal issue till yet.

Also, it is suspected that only Deloitte might sign the accounts as a licensed auditor.

In a bid to instill confidence in the customers, Chief Executive Officer A. S. Murty after the meeting, would be traveling abroad for two weeks to discuss with some medium-size customers about Satyam’s continued good performance post the scam.

The fraud- hit Satyam, on February 9, was ranked eighth in ‘Training Top 125 Awards 2009′ among 1,000 IT companies across the globe.

This has tremendously helped the company regain a part of its goodwill.

Factors that influenced the rankings included employee turnover and retention, corporate university and percentage of payroll. (ANI)

Satyam Board meet to discuss operational issues on Thursday

Mumbai, Feb 11 (ANI): The board of directors of Satyam Computer Services will meet in Mumbai on Thursday to discuss the company’s operational issues.

The newly elected Satyam Chairman Kiran Karnik will chair the board meeting.

After receiving a Rs. 600 crore loan from banks, the company directors are aiming to restore the investor’s confidence.

The meeting is also likely to discuss issues relating to companies manifesting interest in acquiring a controlling stake in Satyam.

Meanwhile, the designated auditors are working on the restatement of accounts.

A senior company executive has stated that the company board could use KPMG services for quick restatement of accounts along with Deloitte, the international accounting and consulting firm.

Although the Institute of Chartered Accountants of India (ICAI) has already clarified that the KPMG could not participate in the restatement of accounts, none of the board members has been open in discussing the vital legal issue till yet.

Also, it is suspected that only Deloitte might sign the accounts as a licensed auditor.

In a bid to instill confidence in the customers, Chief Executive Officer A. S. Murty after the meeting, would be traveling abroad for two weeks to discuss with some medium-size customers about Satyam’s continued good performance post the scam.

The fraud- hit Satyam, on February 9, was ranked eighth in ‘Training Top 125 Awards 2009′ among 1,000 IT companies across the globe.

This has tremendously helped the company regain a part of its goodwill.

Factors that influenced the rankings included employee turnover and retention, corporate university and percentage of payroll. (ANI)