TAKE a look back at the misdeeds of the most infamous corporate fraudsters of the last decade.

Convicted swindler Bernard Madoff was sentenced to 150 years after he revealed his $US65bn investment fund was "one big lie". It turned out he'd been running a giant Ponzi scheme whereby investors would be paid returns from other investments. Not a single trade in sight, investigators found.

Publishing magnate Conrad Black was sentenced to six years in jail after being found guilty of mail fraud and obstruction of justice. The Canadian-born British lord, and one-time proprietor of Australia's Fairfax, Black was caught stealing papers from Hollinger, the company he was charged with running.

Home decor guru Martha Stewart spent five months in jail after being convicted in an insider trading case. She's now back serving an active role in her company, Martha Stewart Living Omnimedia, although because of an agreement she made with US regulators following her conviction, she's banned from running the company until 2011.

Prominent financier and cricket-lover Allen Stanford went on the run in June this year after US regulators alleged his $US8bn investment bank run out of Antigua was a giant Ponzi scheme. You may remember Mr Standford from such exploits as the Stanford Super Series, a $US20m cricket competition between England and an all-star team from the Caribbean .

French bank Societe Generale lost $9.6bn over three days thanks to rogue trader Jerome Kerviel.

Cardboard king Richard Pratt was facing criminal charges of lying to an ACCC inquiry into price fixing. All charges were dropped on account of his terminal cancer, which eventually claimed his life in April 2009.

Comedian and television personality Steve Vizard pleaded guilty in 2005 to a civil charge that he improperly used confidential information gleaned while a Telstra director. He was fined $390,000 and banned from holding directorships for 10 years.

Flamboyant businessman Rene Rivkin was sentenced to nine months periodic detention after being convicted for insider trading in 2003. Rivkin took his own life in May 2005

Enron founder Ken Lay was convicted for fraud and conspiracy in May 2006 after the energy giant spectacularly went bankrupt in late 2001. Lay died of a heart attack three months before sentencing, where he was expected to receive a 30-year jail term .

Rodney Adler and Ray Williams were jailed for their role in the collapse of what was Australia's second largest insurer HIH, with losses totalling more than $5 billion.

Special Thanks Goes To news.com.au

Read more »

Sony Ericsson has introduced the new MH907 Motion Activated Headphones. While these earbuds aren't quite as cool as the Kokoro device that tailors play lists to your activities, motion activated ear buds provide a new level of ease-of-use.
It is a headset that starts and stops music tracks, as well as answers and ends phone calls with its motion controls. Sony Ericsson recently unveiled MH907 which is said to be the world's first motion sensing headphones.

Powered with technology called SensMe, the MH907, starts the music automatically when one plugs in the pair.

While it may be only a slight technological advance, motion activated headphones should provide an excellent advantage to a variety of users.

Athletes like runners and cyclists could certainly benefit from being able to quickly pop out an
earbud and tune in to their surroundings. The average user at work or on the street could similarly benefit from the quick, pain-free pause function.
On the other hand, as described, these ear buds would be impossible to listen to with just one in.

When performing sports such as snowboarding or biking, it can pay to keep one headphone out to have an ear out for other people and hazards of the environment. It seems these would eliminate that possibility. And is hitting the pause button or missing part of your song really that big of a deal?

The headsets will work in a similar manner for answering and ending calls as well, said the company.

Since, the headphones are powered with a capacitive sensing technology, the headphones sense it when in the ear, and hence it won't accidentally answer calls or play music in a pocket or purse.

Other features include a built-in microphone, FM antenna, sound-blocking (the MH907'''''s are not noise-canceling headphones) and stereo sound.

"At Sony Ericsson we think it is very important to listen to what our customer needs and introducing the world's first ever motion complete communications entertainment experience," said Jacob Sten, senior VP at Sony Ericsson.

The MH907 will be compatible with Sony Ericsson phones that have the Fast Port connector and will be available in Yellow/White and Titan Chrome shades.

What do you think--cool new problem-solving technology or unnecessary, intrusive advance that we didn't really need?







Source:siol.com, inventorspot.com

Read more »

It took Facebook five years to get to 150 million active users, a lightning-fast growth rate by any measure. But like track phenom Usain Bolt, the world's No. 1 social networking website atomized its own speed record this year by going from 150 million users to 300 million users in a little over nine months.

Facebook today announced cracking 300 million users worldwide and becoming "cash-flow positive." The world's largest social network had set a goal of being cash-flow positive sometime in 2010. "I'm pleased to share that we achieved this milestone last quarter. This is important to us because it sets Facebook up to be a strong independent service for the long term," wrote Facebook co-founder and CEO Mark Zuckerberg in a blog post.

Facebook hit 250 million users precisely two months ago, and 200 million users just three months before that.

CEO Mark Zuckerberg also said today that the company had become cash-flow positive ahead of
schedule (he had originally guessed "sometime in 2010") and called the milestone important "because it sets Facebook up to be a strong independent service for the long term."

We're also succeeding at building Facebook in a sustainable way. Earlier this year, we said we expected to be cash flow positive sometime in 2010, and I'm pleased to share that we achieved this milestone last quarter. This is important to us because it sets Facebook up to be a strong independent service for the long term.-Said Zuckerberg

He also said Facebook is in the black as of the last fiscal quarter:Good for them. Too bad for
anyone who was hoping for an IPO.

Earlier this year, Zuckerberg also said the company expects to see 70% year-over-year revenue
growth in 2009. Facebook board member Mark Andreessen recently estimated the company would hit $500 million in revenue this year.

The site continues to expand its audience at a torrid pace, adding 50 million users just since July
and doubling in size since the start of 2009. About 70% of its users are outside the U.S.

CEO Mr.Zuckerberg said in an interview with Bloomberg last month that Facebook hoped to increase its work force by 50 percent by the end of the year, but stressed that "the thing I want to remind people of is we're way closer to the beginning than the end."

Read more »

1. Oprah Winfrey

Net worth: $2.7 billion

Source of wealth: Harpo Productions

Residence: Chicago

Age: 55

The Oprah brand continues to hold its value despite the recession, as viewers tune in for money-saving tips, celebrity interviews and relationship advice. Rural Mississippi native worked the television news circuit in Nashville, Tenn., and Baltimore, Md. Transformed faltering Chicago morning program into popular talk show. Launched The Oprah Winfrey Show nationally in 1986; now airs in 144 countries, brings in 44 million U.S. viewers each week. Her Harpo Productions helped create the Dr. Phil and Rachael Ray shows; Dr. Oz show due out this fall. Media matriarch planning to launch Oprah Winfrey Network early next year. Foundation recently donated to schools in Newark, N.J., and Atlanta.

2. Tiger Woods

Net worth: $600 million

Source of wealth: Golf, endorsements

Residence: Orlando, Fla.

Age: 33

Golf prodigy showed off his putting skills on The Mike Douglas Show at age 2, has dominated the links ever since. Left Stanford University after two years at age 20 in 1996 to turn pro. Has since won 66 PGA tournaments, including 14 major championships. Now hunting Jack Nicklaus' record of 18 major career wins. Named PGA Player of the Year nine times. Total career winnings: $84 million. Intensely marketable; annual on-course winnings represent less than 15% of his income. Lucrative sponsorship contracts from Nike, Gatorade, Gillette, Accenture, AT&T and others earn him at least $100 million each year. Returned to competitive golf in February after rehabbing knee injury for eight months. Dramatically won the Arnold Palmer Invitational by one shot a few weeks later. Rare comment in 1995 on his ethnic background: "The various media have portrayed me as African-American and Asian. I am both."

3. Robert Johnson

Net worth: $550 million

Source of wealth: BET, investments

Residence: West Palm Beach, Fla.

Age: 63

Former billionaire's fortune has fallen from peak as recession hammered media and hotel markets. Founded cable channel Black Entertainment Television in 1979 with $15,000 of his own money and a $500,000 investment by cable king John Malone's Tele-Communications Inc. Became the first African-American billionaire in 2000 by selling BET to Viacom for $3 billion in stock and assumed debt. Former wife and BET co-founder, Sheila Johnson, took big chunk of fortune in 2002 divorce. Shares of Viacom down 50% since last May, CBS off 70%. Formed RLJ Companies: hotels, casino games, banks, NBA's Charlotte Bobcats. Pledged to raise $30 million investment fund for Liberia; opening of $8 million Kendeja Resort slated for early summer.

4. Michael Jordan

Net worth: $525 million

Source of wealth: Basketball, Nike, endorsements

Residence: Chicago

Age: 46

Arguably the greatest basketball player ever. Led the NBA's Chicago Bulls to six world championships during the 1990s. Left basketball for stint as a minor league baseball player after third NBA championship in 1993; returned to the Bulls two years later. Retired again 1999; took ownership stake and executive job with the Washington Wizards. Returned to the court in 2001; signed 2-year contract with Wizards. Total points scored: 32,292, ranking him third all-time. Released Air Jordan basketball sneaker with Nike in 1984. The Jordan brand brings in hundreds of millions of dollars each year in sales for Nike; royalty checks from that provide the bulk of former star's income today. Other lucrative deals throughout career: Gatorade, Hanes, Upper Deck. Owns stake in Robert Johnson's Charlotte Bobcats; runs team's basketball operations. Son Jeffrey plays basketball at the University of Illinois, younger son Marcus recently signed letter of commitment to play for University of Central Florida next fall.

5. Earvin "Magic" Johnson, Jr.

Net worth: $500 million

Source of wealth: Restaurants, real estate, investments

Residence: Beverly Hills, Calif.

Age: 49

Grew up in Lansing, Mich., with nine brothers and sisters. Father worked at General Motors plant; mother was school custodian. Played at Michigan State; won national championship in 1979 in one of many legendary matchups against Larry Bird. Led Los Angeles Lakers to five world championships; 13-year career in NBA included three MVP awards, 12 NBA All-Star games, a gold medal at the 1992 Barcelona Olympics and induction into the Naismith Memorial Basketball Hall of Fame. Retired from NBA after announcing he had contracted HIV, became an entrepreneur. Introduced well-known brands to ethnically diverse neighborhoods via Magic Johnson Enterprises. Today has partnerships with Starbucks, 24 Hour Fitness, T.G.I. Fridays, AMC Theatres. Also invests in urban real estate and companies catering to America's underserved markets via his Canyon-Johnson and Yucaipa-Johnson funds. Has awarded more than $1.1 million to community-based organizations that focus on HIV/AIDS education and prevention.

6. William Henry Cosby, Jr.

Net worth: $450 million

Source of wealth: The Cosby Show, entertainment

Residence: Massachusetts

Age: 71

Legendary comedian born in Philadelphia. Left high school in 10th grade; finished via correspondence course while in the Navy. Broke a long-standing racial barrier when he was cast as an equal to a white actor on NBC's "I Spy" in the 1960s; role as Alexander Scott garnered him three Emmy Awards. Left TV for stand-up comedy. Returned to the small screen 1984; launched The Cosby Show on NBC, propelling the network to first place. Iconic show about an upper-middle-class black family living in New York has made him hundreds of millions in pay and syndication dollars. Best-selling book Fatherhood sold 4 million copies. Today spends time doing stand-up on the road. With wife, Camille, donated $20 million in 1988 to Spelman College in Atlanta. Continues to support education, various social service and civil rights organizations. Jazz enthusiast also built collection of 400 works of African-American art dating from the 18th through the 20th century. Awarded Presidential Medal of Freedom in 2002 in recognition of his contributions to American culture. Net worth probably higher.

7. Sheila Johnson

Net worth: $400 million

Source of wealth: BET, investments

Residence: The Plains, Va.

Age: 60

Doctor's daughter and violinist co-founded Black Entertainment Television with former husband Robert Johnson; couple met in college at University of Illinois. Duo sold network to Viacom for $3 billion in stock and assumed debt; split fortune in divorce in 2002 after 33-year marriage. Today she is chief executive of Salamander LLC, which controls a portfolio of luxury resorts. Through investment in Lincoln Holdings, owns stake in NHL's Washington Capitals, NBA's Washington Wizards, and WNBA's Washington Mystics. Johnson is the Mystics' president and managing partner.

8. R. Donahue Peebles

Net worth: $350 million

Source of wealth: Real estate

Residence: Coral Gables, Fla.

Age: 49

Grandson of a hotel doorman. Owns one of the country's largest African-American real estate development companies; Peebles Corporation's portfolio includes hotels, apartments and office space in Miami Beach and Washington, D.C. "Don" left Rutgers University in 1979 to become a real estate agent in the District of Columbia. Worked on Capitol Hill as a page and an intern for congressmen John Conyers and Ron Dellums while attending Capitol Page School. Today owns 13 acres of prime Las Vegas land behind Steve Wynn's Encore casino; slated for redevelopment. Also owns pricey land in Southern California. Authored two books, The Peebles Principles and The Peebles Path to Real Estate Wealth.

9. Berry Gordy, Jr.

Net worth: $325 million

Source of wealth: Motown, Jobete

Residence: Los Angeles

Age: 79

Music pioneer put away his boxing gloves for songwriting at age 20. Borrowed $800 from parents to build his own record label. Created Motown Records in Detroit. Wrote hit songs ("Lonely Teardrops," "I'll be Satisfied"), managed talent (Jackson 5, The Supremes, Smokey Robinson, Lionel Richie, Stevie Wonder). Known for running Motown's record production like an assembly line, emulating Detroit's Big Three car companies; fought numerous lawsuits brought by recording artists and songwriters alleging unpaid royalties throughout career. Sold Motown Records in 1988 for $61 million; later sold Jobete Music Corp. in installments to EMI Music Publishing for more than $300 million combined. Hit movie Dreamgirls said to be loosely based on Motown; Paramount Pictures and Dreamworks issued an apology to Gordy in 2007 for any confusion the fictional story might have caused regarding Motown's legacy.

10. Quintin Primo III

Net worth: $300 million

Source of wealth: Real estate

Residence: Chicago

Age: 55

Minister's son grew up in Chicago. Played keyboard, trumpet in college jam band. Harvard University MBA 1979. First finance gig in Citicorp's real estate lending division. Founded Capri Capital in 1992 with childhood friend Daryl Carter. Early successes extending mezzanine loans to small borrowers that larger firms didn't bother to serve. Today portfolio dominated by apartment complexes but projects are diverse: three years ago paid $136 million for Baldwin Hills Crenshaw Plaza shopping mall in southern Los Angeles. Carter left in 2007, Primo stayed on as chairman and chief executive. Assets under management are now $4.3 billion. Announced $2 billion Saudi venture last June; will build hotels, office towers, condos in one of King Abdullah's anointed "economic zones." Also plans to invest $1 billion in distressed assets, half-built construction projects in U.S. with financing from U.S. Treasury.

11. Don King

Net worth: $290 million

Source of wealth: Boxing promotion

Residence: Manalapan, Fla.

Age: 77

"Only in America." Loud-talking, flag-waving King ascended from a troubled past in Cleveland to become the biggest promoter in boxing. Accused of killing two men; 1954 case ruled a justifiable homicide, 1966 case ruled manslaughter. Spent nearly four years in prison. Entered boxing business while doing fundraising work in 1972 for a struggling Cleveland hospital. Asked Muhammad Ali to attend charity event. Later convinced Ali and George Foreman to let him promote their 1974 heavyweight championship bout. The "Rumble in the Jungle" in Zaire is remembered as one of the greatest fights of all time. Biggest success: boxing badboy Mike Tyson. Orchestrated heavyweight's comeback in 1995 after the former champ's three-year prison term for rape; landed Tyson a $70 million deal to fight six bouts at the MGM Grand in Las Vegas. King personally pocketed $15 million in MGM stock; shares quickly doubled in value, King sold. Promoted Tyson and Evander Holyfield's infamous 1997 bout; fight grossed $110 million. Tyson sued King a year later for $100 million accusing King of cheating him out of earnings; settled for $14 million. Can still be seen at fights donning his signature hairstyle while waving an American flag as he supports his fighters.

12. Janice Bryant Howroyd

Net worth: $250 million

Source of wealth: Staffing, investments

Residence: Palos Verdes, Calif.

Age: 56

Fourth of 11 children; father was a foreman at a dye factory, mother stayed home to raise the kids. Janice took job as an assistant at Billboard Magazine; left to start staffing firm Act-1 in 1978 with $967 in savings and $533 in loans from family. Built up client base via word of mouth, cold calls. Today the employment services agency generates annual revenues approaching $1 billion. Donated $10 million to her alma mater, North Carolina Agricultural & Technical State University, in 2004; gave another $10 million to University of Southern California in 2005.

13. Herman J. Russell

Net worth: $200 million

Source of wealth: Construction, real estate

Residence: Atlanta

Age: 78

Real estate and construction tycoon learned the building business at an early age; father was a plastering contractor on construction projects. Herman bought a vacant Atlanta lot at age 16; built first property, a duplex. Founded contractor H.J. Russell Plastering Co. in 1953; later renamed H.J. Russell & Co. Helped build Georgia Dome and Turner Field. Annual sales approach $300 million. Family business: son Michael is chief executive, son Jerome is president. Also owns Concessions International; outfit provides food and beverage services to airports. Daughter Donata Russell-Major is vice chair. Largest owner of HUD-related properties in Georgia. Once owned stakes in pro basketball's Atlanta Hawks and hockey's Atlanta Flames. Now retired from day-to-day management; focused on philanthropy.

14. Tracy Maitland

Net worth: $150 million

Source of wealth: Investments

Residence: New York City

Age: 48

Bronx native attended Columbia University, nabbed job in convertible securities department at Merrill Lynch in 1982. Spent more than a decade learning "convertibles" (bonds that can be converted into stock at the holder's discretion). Launched investment outfit Advent Capital in 1996. Today Advent manages $3.3 billion across hedge funds and mutual funds. Offices in New York and London. Firm's hedge funds have lost money in only two years since inception: 2005 and 2008. Jazz enthusiast owns 2,000 vintage records.

14. Tracy Maitland

Net worth: $150 million

Source of wealth: Investments

Residence: New York City

Age: 48

Bronx native attended Columbia University, nabbed job in convertible securities department at Merrill Lynch in 1982. Spent more than a decade learning "convertibles" (bonds that can be converted into stock at the holder's discretion). Launched investment outfit Advent Capital in 1996. Today Advent manages $3.3 billion across hedge funds and mutual funds. Offices in New York and London. Firm's hedge funds have lost money in only two years since inception: 2005 and 2008. Jazz enthusiast owns 2,000 vintage records.

Visit 13above For More Fun

Read more »

How will companies pay for the mountain of dodgy debt maturing soon?

Nearly $1 trillion in risky debt comes due from 2011 to 2015, and even if the credit crunch is long past, companies will likely struggle to refinance it says CreditSights. Expect to see more battles like the current one between General Motors and its creditors.

It’s not just the size of the looming maturities that poses a problem. The central issue is that many of the buyers who helped build the mountain of debt have disappeared. The shadow banking system, the mix of hedge funds and structured investment vehicles, has collapsed, writes Chris Taggert, analyst at the credit research company. Companies with junk debt will have to fight with sturdy, investment-grade companies for survival.

Part of the blame lies with private equity firms like the Blackstone Group and Apollo Management. During their heyday, they bought companies by loading them up with debt. Those bank loans and bonds were sold to other investors, such as hedge funds and collateralized loan obligations that often borrowed to buy them. The days are gone “when one real dollar could easily buy $5 or more dollars of leveraged finance debt,” Taggert writes. Many maturities will come from these companies whose capital structures were layered with debt in 2006, during “the peak of the credit craze.”

Some $936 billion in high-yield bonds and loans will come due from 2011 to 2015. That’s 96% of all leveraged loans and 59% of the entire junk-bond index, CreditSights says.

As a result, there will likely be a rise in fights between creditors and companies similar to the current battle over General Motors debts. Debt swaps, in which companies offer to buy back debt at a steep discount, are suddenly popular with companies trying to escape bankruptcy.

Another $176 billion in credit lines also fall due between 2010 and 2015. Banks are likely to cut credit lines further as long as the economy slumps, much as Bank of America and others have for their credit card holders. Smaller lines of credit can have a ripple effect, Taggert writes: companies push to extend their debt and shorten due dates on what’s owed them. 

Get In brief HERE

Visit 13above For More Info's

Read more »

The worse the economy gets, the faster the chip giant plans to move.

BURLINGAME, Calif. -- The economy is in the tank. PC sales are in a funk. And Intel shares have lost more than a third of their value over the past year. So why is Stacy Smith, the chip giant's chief financial officer, smiling?

Hey, you would too if you had $3.5 billion in cash, $4.2 billion in short-term securities, a business with a gross margin of 46% after getting hammered by a recession and a plan to spend billions to upgrade your factories to crank out better products. Sales, meanwhile, are better than they were. "The best sign is what's happening on our order desk," Smith says.

In short, we've now reached the moment the dudes at Intel live for : an opportunity to push forward as competitors are struggling to catch their breath.

Intel's management team will get a little bit of vindication, too, when they invite investors to Santa Clara, Calif., for the company's analyst day next month. Last year, Intel was selling skeptics on the need to begin selling radically cheaper processors. 

Twelve months and one stock-market collapse later, Intel's plan looks smart. Sales of PCs have nosedived, but consumers are snapping up the cheap, Web-friendly notebooks ASUS, Hewlett-Packard and Dell are building around Intel's Atom. "The netbook phenomenon even caught us a little by surprise," Smith says.

Still, after Intel successfully called its shot last year, investors will be paying close attention as Smith outlines this year's big bet--and it's a doozy. Intel plans to spend roughly $7 billion to upgrade its fabs this year, allowing it to crank out processors with features 32 nanometers wide. 

If demand is strong, that could allow Intel to command a premium price for chips built using a process technology its competitors can't match. If demand fades, Intel will take more fabs offline so they can upgrade them to the new process technology more quickly.

In other words: The tougher the economy gets, the tougher Intel gets. "We're going to move as fast as possible to get as much of our capacity as possible on 32 nanometers."

And that will only help Intel move more quickly to its next big opportunity. The plan: shrink the x86 processor design now powering servers and desktop computers enough to assault the market for mobile phones, unlocking a market for Intel many times the size of the netbook market it has conquered.

To be sure, Smith says Intel's push into the smart-phone market will look very different than its drive into netbooks. Intel was able to swallow most of the netbook market in a single gulp, since its Atom processor was able to deliver, almost immediately, the power and energy efficiency needed to run the scaled-down notebook computers.

With smart phones, by contrast, Intel's processors won't play in the entire market at the same time. Intel's strategy hinges on using its process technology to shrink its powerful chips down to a smaller size, making them cheaper and more energy efficient.

So while Intel will begin nibbling at the high end of that market by year-end, it will have to wait two years until it begins cranking out processors with features just 22 nanometers wide for more mainstream phones.

That will give Intel's competitors time. Shares of rival Advanced Micro Devices, for example, have rebounded sharply this year after it shed its capital-sucking chip fabs. Samsung, Texas Instruments and the pack of companies building processors for mobile phones based on ARM's mobile processor designs, meanwhile, are poking into the market for netbook computers.

The worse the economy gets, however, the faster Intel will shrink its processors, and the less money competitors will have to keep up. "Making those investments into the downturn is a huge competitive advantage, and it's one our competitors can't make," Smith says.

So, what can Intel's competitors do? Hope the economy gets better. Fast.

Visit 13above For More Fun

Read more »

The rotten economy may have broken Google's string of sequential sales gains, but the search giant's shares surged more than 5% in after-hours trading Thursday thanks to stronger than expected first quarter earnings and year-over-year sales gains.

Google ( GOOG - news - people ) also announced that its longtime sales chief, Omid Kordestani, will be moving to the position of senior advisor to the office of the chief executive and founder. Kordestani will be replaced by Nikesh Arora, now president of international operations, as president of global sales operations and business development.

The moves come after Tim Armstrong, Google's North America sales chief, jumped ship to take the CEO slot at struggling portal AOL in March. Since then Google has laid off 200 employees in its sales and marketing group.

Nevertheless, Google's advertising-driven results stand in stark contrast to those reported by sagging print media titles. The company's net income rose 8.4% in its first quarter to $1.42 billion, or $4.49 cents a share, from $1.31 billion, or $4.12, in the corresponding period a year earlier.

Excluding special items, Google reported earnings of $5.16 per share, beating the consensus estimate of $4.93 reported by Thomson Reuters. After subtracting traffic-acquisition costs, sales rose 10% to $4.07 billion from $3.70 billlion.

However, the results do mark the first sequential sales drop for the online powerhouse, with sales, when not adjusted for traffic-acquisition costs, down 3% from the previous quarter.

Google shares surged $19.52, or 5.02%, to $409.25 in after-hours trading.

Visit 13above For More Fun

Read more »

What is the Indian Premier League?

The Board of Control for Cricket in India (BCCI) launched the Indian Premier League (IPL) on September 14, 2007. Based on the lines of the English Premier League (EPL) and the National Basketball League (NBA), the IPL is said to be the brainchild of BCCI vice-president Lalit Modi. The idea was first floated in 1996 but was shot down as the board felt it would go against the zonal system of domestic cricket. The project moved into top gear when the Zee group launched a rival Indian Cricket League on similar lines in April 2007.

Who are the franchisees?

The franchisees will own the eight teams in the fray. They can run them in their own styles, bring their own sponsors and even name the team according to their choice. They will even be free to list their teams on the stock exchange.

How is it different from the football and hockey leagues in India?

The IPL, in a way, is not very different in its format vis-a-vis the PHL or the I-League in football. It is, however, totally different in its concept as the teams have been offered to franchisees (individuals or corporates) through a bidding process that culminated on Thursday. The BCCI has already signed up 80 international players who will also be put for auction soon.

When will the IPL matches be played and where?

Under lights, on a home and away basis, in the cities that have formed the teams. The league opens on April 18 and will see 59 matches spread over 44 days.

What kind of money is involved in IPL?

The overall prize money will be US $5 million, with the winners taking home $2 million. The remaining will be up for grabs in different forms, like man of the match awards and cash prizes. By contrast, the winners of the 2007 ICC World Cup in the Caribbean took home $1 million; the Indian team that won the World Twenty20 got half of that. TV rights have already gone for over $1 billion. Franchisees have already committed close to US $723 million. Top players are expected to earn minimum 1-2 crores per season.

What is already in place for IPL?

With the league scheduled for April 2008, the IPL has so far sold the eight teams to corporate houses and signed leading players. Indian stars like Sachin Tendulkar and Sourav Ganguly will be called “icon players” and can play only for their respective cities. They will be the highest paid players and will not be auctioned. The bidding will take place next month.

Who owns the IPL TV rights?

Sony Entertainment, a division of Japan’s Sony Corp, and the Asia-based World Sports Group (WSG) won the broadcast rights for ten years, worth more than a whopping US $1 billion. TV rights are worth $918 million, with $100 million set aside for promotion.

Who will run the IPL?

BCCI has formed an IPL council that comprises former BCCI president IS Bindra, vice-presidents Rajiv Shukla, Chirayu Amin, Lalit Modi and Arun Jaitley, and former cricketers Mansur Ali Khan Pataudi, Sunil Gavaskar and Ravi Shastri. While the BCCI officials are honorary members, Pataudi, Gavaskar and Shastri will be paid for their services. The IPL governing council will have a five-year term and will run, operate and manage the league independently of the BCCI.

Visit 13above For More Fun

Read more »

President Barack Obama spoke of seeing "glimmers of hope" in the economic outlook for the first time since the current downturn began, while Federal Reserve chairman Ben Bernanke said he was witnessing "tentative signs that the sharp decline in economic activity may be slowing".
But the pair's comments, coming on the same day as worse-than-expected retail sales and inflation figures, did little to revive investors. The Dow Jones Industrial Average index traded down 137.63 points at 7920.18 on Wall Street.

Barack Obama's words failed to boost Wall Street as the Dow Jones Industrial Average index traded down

The speeches came days after Larry Summers, the President's most senior economic adviser, suggested that America's economic "free-fall" is coming to an end.

Although the Fed remains independent of the Obama administration, the three speeches, coming in such quick succession, appear to be part of an orchestrated campaign by the White House to forge a positive attitude among the population.

Coming in a month when tens of millions of Americans will begin to receive several thousand dollars in tax rebate cheques, it appears that the White House is trying to kick-start the economy by encouraging consumers to return to spending, rather than continuing to hoard savings.

The need for such a strategy was highlighted in March's retail sales figures, which showed a 1.1pc decrease in total sales, a surprise to economists who had been forecasting a 0.3pc increase.

Goldman Sachs' chief US economist Jan Hatzius said the report puts "consumption on a weak path into the second quarter", noting that electronics sales were down by 5.9pc.

Retail sales are key as consumers account for two-thirds of the US economy.

Headline producer prices also fell, by 1.2pc month-on-month. The decline was concentrated in energy and food prices, due to weakening demand and, for energy, pipeline pressures.

But the negative economic data did not stop Mr Obama from appearing positive during a speech on the efforts taken to revive the American economy.

"There is no doubt that times are still tough" he said. "By no means are we out of the woods just yet. . . But from where we stand, for the very first time, we are beginning to see glimmers of hope."

Mr Bernanke based his assessment of the economy on recent positive data from the housing and other markets, but stressed that this is still the worst financial crisis since the Great Depression.

"A levelling out of economic activity is the first step toward recovery," Mr Bernanke said, adding that he is "fundamentally optimistic" about the US economy, the foundations of which he believes remain "strong".

But not everyone agrees. With reference to Mr Bernanke's comments last month about the "green shoots" of recovery, Ethan Harris, Barclays Capital's co-head of US economic research, said: "The green shoots are looking a little brown."

Source : http://www.telegraph.co.uk

Visit 13above For More Fun

Read more »

Interest rates have been cut to such an extent that you could be earning as little as 0.04 per cent after tax (0.05 per cent before tax) - or 40p interest a year on each £1,000.

But you can earn as much as 2 per cent (2.5 per cent) in some top-paying accounts used by banks to tempt in savers.

Now is the perfect time to switch, even if you are in an account that demands you give notice to get at your money. With interest rates this low, you will lose only a few pennies' interest if you move immediately without giving notice - and you can make that back in a couple of weeks.

David Black, from financial researcher Defaqto.com, says: 'If you have been in an easy access variablerate account for more than six months then check your rate. Best buy tables are full of newly launched accounts and those boosted by an introductory bonus.'

Nearly a quarter of the 460 easy access accounts on offer pay 0.08 per cent (0.1 per cent) or less on balances of £5,000, research from Defaqto shows.

But these figures only include accounts open to new savers. There are hundreds more among accounts closed to new savers where your money might have been languishing for years.

Switch and save: Banks are tempting customers to switch accounts

These appalling rates have come to light after banks and building societies adjusted the interest they pay to savers following the 0.5 percentage point cut in base rate to 0.5 per cent on March 5.

They tend to wait until the start of the following month after a base rate change to make adjustments to their savings rates.

Among larger providers, accounts where you earn a pitiful 0.04 per cent 0.05 per cent) are Barclays Savings Builder, six accounts from C& G - Cheltenham Gold, London, Direct Transfer, Instant Transfer, Young Saver and Cash Isa - First Direct Savings, HSBC Flexible Saver, Intelligent Finance Direct Access Savings and West Bromwich's Oak Account.

Branch-based accounts paying 0.08 per cent (0.1per cent) - or 80p a year on each £1,000 - include Abbey Flexible Saver, three accounts from Halifax (60 Day Gold, Instant Saver and Saver Reward) and three from Lloyds TSB (90 Day Notice, Flexible Saver and Instant Access Saver)

Notice accounts, such as Halifax 60 Day Gold, typically demand that you give 60 days' notice to take out money or pay a fine equivalent to 60 days' interest.

But with rates so low, the fine is tiny. The fine on £5,000 in a 60-day notice account earning 0.08 per cent (0.1per cent) works out at just 65p in lost interest. On a 90-day notice account it is £1.

You could also be earning appalling rates on tax-free cash Isas. Older versions of Alliance & Leicester Direct Isa pay just 0.1per cent, as does Abbey Postal Isa and Easy Isa to some savers and RBS Instant 60 Day Isa.

Both Halifax Isa Saver and Barclays Cash Isa pay 0.1per cent on balances up to £18,000.

A £10,000 sum earns you £10 interest a year against £300 in a top-paying account. And don't be fooled into thinking you earn a good rate on your internet account. Old Alliance Online Saver and Lloyds TSB Online Saver accounts, along with Abbey eSaver and Barclays e-savings, pay 0.08 per cent (0.1 per cent) once your introductory bonus has run out.

Read more »

Google is not only publishing headlines, but making them, for all the wrong reasons. The most powerful search engine on the World Wide Web is being asked to pay 49 million euros ($76 million) in damages to Belgian newspapers for publishing and storing their content without requesting permission.

In 2007 Google lost a lawsuit filed by a conglomerate of Belgian newspapers and it had to remove their news articles published on Google News and saved them in its search engine cache without the copyright holders’ approval.

The group representing the media conglomerate, Copiepresse, said it had summoned Google to appear before a Brussels court in September to decide on the claim. The newspaper copyright group called on the search engine to pay a provisional 4 million euros ($6 million).

Google, which has challenged that ruling, said that it had not received the new Copiepresse legal summons yet and still awaits the outcome of its appeal.

This is not the first time Google is accused of copyright infringement. In 2005 Agence France Presse demanded it removed all its headlines, intros and pictures from Google News and pay $17.5 million in damages.

A year later, Google signed a licensing deal with the Associated Press but denied doing so to avoid yet another lawsuit.

Some analysts, however, believe these court cases will not make Google lose its sleep. Hamilton Faber, an analyst with Atlantic Equities, told Forbes.com: “From Google’s point of view, the copyright case is important. But it generates about $1.0 billion in free cash flow every quarter. This amounts no particular material damage.”

“Service providers immediately try to reject any relationship with Google, but I think can benefit a lot from it,” Faber said.

source: www.forbes.com

Visit 13above For More Fun

Read more »

Forget werewolves and vampires. With markets melting and 401(k)s dwindling, people are much more afraid of going broke. This Halloween, give revelers a real shot of terror with a costume that reflects the tough times.

1. AIG Executive

You'll need a fluffy robe and a respectable manicure.

Accessories:

--Spa slippers
--Clay facial mask
--Fluffy slippers
--AIG "Hi My Name Is..." sticker badge

2. Cowboy Capitalism

Dress up in a business suit but with a cowboy hat and boots. Sport a black eye.

Accessories:

--Adult beverage in a brown bag

3. Dow Jones Industrial Average

Paint a large piece of cardboard with a downward plunging arrow and write "DJIA" across your chest.

Accessories:

--A teddy bear
--A case of the shakes

4. Fannie Mae and Freddie Mac

A guy and a gal dress up as drunken sailors in the style of Raggedy Ann and Andy.

Accessories:

--Bottles of booze
--Toy houses

5. Financial Bailout

Gear up in red and gold as the Hammer and Sickle Superhero. You'll need: a headband, tights and a cape.

Accessories:

--A bucket labeled $700 billion and stuffed with cash.

6. Golden Parachute

Put on a jumpsuit (preferably gold). Then spray-paint a trash bag gold and attach parachute strings.

Accessories:

--Affix giant dollar sign to chest
--Safety goggles or golden superhero mask, depending on taste
--Play money tucked into belt and pockets.

7. Lehman CEO Dick Fuld

Climb into your Skeletor costume. Put on a golden parachute.

Accessories:

--"Blame the Shorts" button
--Golden handcuffs

8. Mortgage-Backed Security

Strap a small, plastic child's play house on your back.

Accessories:

--Wrap two bike chains across your chest
--Makeup to turn face black and blue

9. Treasury Secretary Hank Paulson

Get a sharp looking suit, bald cap, rimless spectacles.

Accessories:

--Toy bazooka

--Assistant Secretary Neel Kashkari "mini me" doll.

10. Underwater Mortgage

Make a diorama of a house with a hole in the bottom for your head. Paint fish and furniture floating in the windows. Wear a snorkel and diving mask

Accessories:

--Life preserver labeled "foreclosure relief plan"

Visit 13above For More Fun

Read more »