Six Sri Lankan cricket players wounded in bus attack in Pakistan

Six members of the Sri Lankan cricket squad were wounded when around a dozen gunmen attacked their bus as it drove under police escort on Tuesday to a stadium in the Pakistani city of Lahore, witnesses and officials said.

Lahore Police chief Habib-ur-Rehman said five people were killed in the attack by the unidentified gunmen, who fired AK 47s and rockets and hurled grenades as the team bus drove to the 60,000-seater Gaddafi stadium in the eastern city.

Sri Lanka's sports minister said five players and an assistant coach were wounded, two of whom were being treated in hospital.

"Police are chasing the terrorists," police chief Habib-ur-Rehman said. "They appeared to be trained men."

The attack had echoes with one on the Indian city of Mumbai in November which led to the Indian cricket team cancelling its planned tour of Pakistan.

India blamed that attack on Pakistan-trained militants and the incident sharply raised tension between the two nuclear-armed neighbours.

Sri Lanka, which had been invited to Pakistan after India pulled out, immediately cancelled the rest of the tour.

"We are trying to bring the team back as quickly as possible," a Sri Lankan cricket official said.

Pakistan TV showed footage of gunmen with rifles and backpacks running through the streets and firing on unidentified vehicles.

The driver of the Sri Lankan team coach said one of the attackers had thrown a grenade under the bus, but it did not detonate.

A witness told Reuters he believed two police commandos were killed along with a regular policeman and a traffic warden.

Shopkeeper Ahmed Ali said the two police commandos had been driving behind the team bus when they were hit.

"It was a very heavy firing and I heard at least two explosions at the time," said a Reuters witness who had been on his way to cover the test match between Pakistan and Sri Lanka.

Cricketer Thilan Samaraweera seemed to be the worst hit, suffering a thigh injury, a player on the team bus who did not wish to be identified told Reuters by phone.

It was unclear whether injuries were caused by bullets, shrapnel or flying shards of glass.

Google Launched Knol --- Unit Of Knowladge

Knol Is Open To Every One


A few months ago we announced that we were testing a new product called Knol. Knols are authoritative articles about specific topics, written by people who know about those subjects. Today, we're making Knol available to everyone.

The web contains vast amounts of information, but not everything worth knowing is on the web. An enormous amount of information resides in people's heads: millions of people know useful things and billions more could benefit from that knowledge. Knol will encourage these people to contribute their knowledge online and make it accessible to everyone.

The key principle behind Knol is authorship. Every knol will have an author (or group of authors) who put their name behind their content. It's their knol, their voice, their opinion. We expect that there will be multiple knols on the same subject, and we think that is good.

With Knol, we are introducing a new method for authors to work together that we call "moderated collaboration." With this feature, any reader can make suggested edits to a knol which the author may then choose to accept, reject, or modify before these contributions become visible to the public. This allows authors to accept suggestions from everyone in the world while remaining in control of their content. After all, their name is associated with it!

Knols include strong community tools which allow for many modes of interaction between readers and authors. People can submit comments, rate, or write a review of a knol. At the discretion of the author, a knol may include ads from our AdSense program. If an author chooses to include ads, Google will provide the author with a revenue share from the proceeds of those ad placements.

We are happy to announce an agreement with the New Yorker magazine which allows any author to add one cartoon per knol from the New Yorker's extensive cartoon repository. Cartoons are an effective (and fun) way to make your point, even on the most serious topics.

Everyone knows something. See what people are writing about, then tell the world what you know: knol.google.com

Satyam Chairman Ramalinga Raju Arrested, Board scrapped

The chairman of Satyam Computer Services was arrested on Friday on charges of cheating and forgery, and the government dissolved the outsourcer's board as authorities moved to limit fallout from India's biggest corporate scandal.

Chairman Ramalinga Raju, who resigned on Wednesday after revealing years of accounting fraud, was expected to appear before the market regulator on Saturday. The events have called into question the future of the outsourcing company,

In a late night development, Raju and his brother B. Rama Raju, Satyam co-founder and managing director, were arrested on charges of criminal breach of trust, criminal conspiracy, cheating, falsification of record and forgery, Reuters was told by S.S.P. Yadav, police chief of Andhra Pradesh, whose capital Hyderabad is home to Satyam.

Earlier in the day, Corporate Affairs Minister Prem Chand Gupta said the government would appoint 10 new members to the Satyam board, which would meet within seven days. There was no move to take over Satyam's management at this time, he said.

"The government is considering appointment of suitable persons as directors of Satyam," Gupta told a news conference in New Delhi. "We are determined to reach the truth but are equally concerned with the fate of employees and other stakeholders."

A Satyam spokeswoman said the company welcomed the government's decision, which would restore the confidence of all employees, customers and shareholders. However, she said Satyam had no comment on the arrests.

In a bid to ease the worries of rattled investors, the Securities and Exchange Board of India said auditors' certification of corporate results from the December quarter would be peer reviewed.

The government barred Satyam's board from holding its scheduled meeting on Saturday, which was called to consider options such as inviting a takeover or strategic investor and appointing an investment banker.

Analysts said Satyam's very existence was threatened by the scandal, which stand-in Chief Executive Ram Mynampati said has pushed the company into a crisis of unimaginable proportions.

Satyam shares slumped to 11.50 rupees (24 U.S. cents), their lowest since March 1998 and a far cry from a 2008 high of 544 rupees, before ending down 40 percent at 23.85 rupees ahead of the board's dissolution.

The company's market value has shriveled to $330 million, from more than $7 billion six months ago.

NONEXISTENT CASH

The chief financial officer offered to resign after Raju's admission that profit had been overstated for years and that about $1 billion, or 94 percent of the cash and bank balances on Satyam's books at end-September, did not exist.

"There's a big question mark over everything. We don't know what kind of business model they have now," said Amar Ambani, vice-president of research at broker India Infoline.

"Raju's declaration says that at the operating level the margin was 3 percent, so at the net level it must have been a loss, which makes it extremely unviable. They have been borrowing to pay salaries, which means they have no cash at all," Ambani said.

The stock has fallen 87 percent in two trading days, pulling the broader market down. Shares in Satyam's main rivals, Infosys, Tata Consultancy Services and Wipro rose on expectations they would benefit from Satyam's circumstances.

Satyam will be cut from India's benchmark stock index, the Bombay Stock Exchange's 30-share Sensex from Monday.

Analysts said recent hopes that Satyam could survive by being taken over had been dashed, given the scope of the scandal and potential for big legal losses.

"The largest scandal in India's corporate history calls into question the viability of the company as an independent entity," consultancy Forrester said in a Jan. 8 research note.

"As a result, sourcing and IT executives need to actively review their exposure to the company and their options as a cloud of uncertainty hangs over the company.

"Both clients and employees will desert Satyam as a result of competitive wooing," it said.

Satyam specialises in business software and back-office services for clients including General Electric and Nestle.

National Australia Bank Ltd, Australia's top lender, said it was reviewing a contract with Satyam for system development and support to 2011.

L&T SITTING PAT

The chairman of Larsen & Toubro, India's top engineering and construction firm, said the uncertainty around Satyam meant L&T had no plans to alter its near 4 percent stake in the outsourcer, which it built up in early January.

"When we invested, our idea was to strike some sort of go-to-market strategy, some sort of strategic alliance, if it was possible," A.M. Naik told CNBC TV18. He noted that Satyam's share price was about 188 rupees before Raju's resignation bombshell, far higher than the price at which L&T had bought it.

Naik did not rule out an alliance with Satyam once there was clarity on its losses and liabilities, including any from law suits. L&T runs a mid-sized outsourcing unit called L&T Infotech.

Several securities fraud class action lawsuits have already been filed in the U.S. on behalf of investors who bought Satyam American Depository Receipts (ADRs) in the last five years.

Satyam Computers founder and chairman Ramalinga Raju has resigned from the Satyam Board.

Raju has written a letter to the board giving details of the balance sheet. Balance Sheet has inflated cash balances of Rs 5040 crore and accrued interest of Rs 376 crore is non-existent. Rs 1230 crore was arranged to Satyam and is not reflected in the books

While Ram Mynampati will act as Interim CEO, Merrill Lynch can be entrusted to explore.

As per the revelations, second Quarter numbers were inflated to Rs 2700 crore vs Rs 2112 crore actual numbers. No board member had any knowledge of the real situation of the books.

Shares in Satyam Computer shed all gains to turn negative after the embattled Indian outsourcer said its chairman has resigned from the Board. Shares were down 16.81% at 149 rupees. (11.22 am)

According to analysts, Raju's resignation wouldn't make much of a difference to investors.

"He is not to be blamed alone...the responsibility lies with the entire board. It was a unanimous decision and this board is in no place to decide on the issue," said Prabhudas Leeladhar analyst Apurva Shah.