Friday, March 30, 2007

Dell Inc., a global leader in computer hardware manufacturing and sales, announced yesterday that it will delay filing of its annual performance report, the Form 10-K, required for compliance with U.S. Securities and Exchange Commission (SEC) and Nasdaq listing rules.

In a press release, Dell explained that an audit committee of the company’s board of directors is carrying out an investigation into accounting and financial reporting issues. The company stated that it would delay filing of the 10-K since the investigation had not been completed.

The internal investigation has found evidence of accounting errors, misconduct, and deficiencies in areas of financial control.

The chairman of Dell’s audit committee, Thomas Luce III, indicated that the delay in filing would extend past the April 3, 2007 deadline as well as an April 18, 2007 extension date. “As we move toward the conclusion of our investigation, we are committing the time and resources required to ensure a thorough and comprehensive review and resolution of all identified issues and the implementation of appropriate remedial measures,” said Luce.

The investigation is to determine whether the restatement of any financial disclosures are warranted, based on the accounting errors identified. The probe will also assess whether there are deficiencies in Dell’s internal control over financial reporting.

Friday, January 12, 2007

The U.S. armed forces detained five Iranians working at a “liaison office” located in Erbil, Iraq before dawn on Friday. Sources said that the U.S. forces first landed their helicopters around the building, then broke through the office’s gate, disarmed the guards, confiscated some documents and certain objects, arrested five suspected terrorists, and then left for an undisclosed location.

However, there was no raid on the Iranian Consulate General as earlier reported. Pentagon spokesman Bryan Whitman told Agence France-Presse that the building raided was “not a consulate or a government building”, which appears to be confirmed by the Iraqi foreign minister, Hoshyar Zebari, who said the Iranians were working at an office that had government approval and was in the process of being approved as a consulate, but was not a Consulate nor the Iranian Consulate General. The US is strategically insisting that they raided a “liaison office” instead of a Consulate to avoid being found in violation of Article 36 of the Vienna Convention on Consular Relations.

Russian Ministry of Foreign Affairs Mikhail Kamynin said that the raid was absolutely unacceptable and was a violation of the Vienna Convention on Consular Relations. The Kurdistan Regional Government also expressed their shock and disapproval of the raid.

On Thursday’s hearing on Iraq, Senator Joseph Biden (D-Delware), chairman of the Senate Foreign Relations Committee, told Secretary of State Condoleezza Rice that the Bush Administration did not have the authority to send U.S. troops on cross-border raids. Biden said, “I believe the present authorization granted the president to use force in Iraq does not cover that, and he does need congressional authority to do that. I just want to set that marker.” After the meeting, Biden sent a follow-up letter to the White House asking for an explanation from the Bush Administration on the matter.

On Thursday morning, Iran’s foreign ministry official sent a letter to Iraq’s foreign ministry asking Iraq to stop the Bush Administration from interfering with Iraq-Iran relations, and has protested the raid on its liaison office. The official said, “We expect the Iraqi government to take immediate measures to set the aforesaid individuals free and to condemn the U.S. troopers for the measure. Following up on the case and releasing the arrestees is a responsibility of primarily the Iraqi government and then the local government and officials of the Iraqi Kurdistan.”

Saturday, March 6, 2010

At least twelve civilians have died and over 25 wounded in a suicide bombing in the Hangu District of north-west Pakistan, Thursday night. A convoy of 140 vehicles running from Tall, in Hangu District to the town of Parachinar in Kurram Agency, FATA was targeted.

The victims, some of them women, were at a petrol station in Hangu. The wounded were taken to adjoining hospitals.

According to police, the attacker detonated a bomb near a fully loaded bus. The convoy carried several people, vehicles filled with provisions and commodities for trading. A majority of the people in the group were Shia Muslims.

No one has yet claimed responsibility for the attack. Several insurgents have attacked the country’s North West Frontier Province in the last year. Earlier, three died in another suicide attack on a police station in Karak, located in the same area.

Many Shi’as dwell in the Parachinar and Orakzai area which has been home to violence in the past. The Tall-Parachinar road was closed to the public in 2008 and 2009 due to Taliban activity. The latter targeted Shia Muslims, sources say. The road was re-opened about two months ago, with convoys guarded by security forces forming the bulk of the traffic.

Hangu borders Pakistan’s tribal regions, where several militant groups are believed to be operating. However, security forces say that arrangements have improved from the past.

Tuesday, April 12, 2005

As Tom DeLay’s (Republican member of the U.S. House of Representatives from Texas), alleged ethical lapses began to dominate American political news stories and the Sunday talk shows, have led some Republican members of the Majority Leader’s own party to question the reasoning for his refusal to account for his actions or resign.

Last year, in a glimpse of problems yet to surface, the Republican head of the U.S. House Committee on Standards of Official Conduct, or “House Ethics Committee”, presided over three admonitions that included offering to endorse the candidacy of a political lawmaker’s son in exchange for votes on legislation. The ethics complaints were originally filed by Democratic Rep. Chris Bell of Texas on June 15, 2004, and began to heat up in the months prior to last year’s elections.

A Texas grand jury is taking a hard look at Delay’s fund raising practices, and has already indicted three of his close associates. Last week the Washington Post reported that Mr. DeLay took a trip to Moscow in 1997, financed by lobbyists of the Russian Government.

Delay’s representative, Dan Allen, told reporters “Congressman DeLay’s effective leadership to build and strengthen the House majority is exactly the reason he is being targeted by liberal groups funded by George Soros.”

But Christopher Shays, a Republican from Connecticut, a Republican moderate, told the Associated Press that DeLay’s “conduct is hurting the Republican Party” and “hurting any Republican who is up for re-election [in 2006].”

The news agency reported that DeLay would look forward to meeting the charges with the ethics committee in a sit-down and blamed all of his problems on House Democrats.

Senator Chris Dodd, a Democrat from Connecticut, advised his Republican colleagues strongly to “Be careful about how closely you embrace Mr. DeLay, as long as he’s there, he’s going to become a pretty good target.” His remarks were nationally televised on ABC TV.

Those Republicans working with the Majority Leader said his ethics are only a problem to Democrats trying to regain power in the House. But the Ethics Committee’s membership is equally divided between Republicans and Democrats.

Other Republicans are starting to get jittery about their reelection hopes if DeLay is allowed to retain power.

“Tom’s conduct is hurting the Republican Party, is hurting this Republican majority and it is hurting any Republican who is up for re-election,” Rep. Christopher Shays, R-Conn., told the Associated Press after making similar comments at community meetings in his home district this weekend.

He told reporters he thinks DeLay should step down.

The third-ranking Republican in the Senate, Rick Santorum of Pennsylvania, said DeLay needs to “clear the air.” But he thinks everything done by DeLay was “according to the law.”

“I think he has to come forward and lay out what he did and why he did it and let the people then judge for themselves,” he said on ABC’s This Week, a Sunday political talk program. “Now you may not like some of the things he’s done, that’s for the people of his district to decide, whether they want to approve that kind of behavior.”

Santorum faces reelection in 2006.

DeLay is under investigation by the Travis County (Texas) district attorney, Democrat Ronnie Earle, who has already indicted three members of DeLay’s organization, Texans for a Republican Majority Political Action Committee (TRMPAC), on charges of money laundering and accepting illegal campaign contributions.

DeLay and his associates are alleged to have created a front group to launder money obtained through this illegal method. The District attorney believes he is enforcing the law enacted by the Texas lawmakers.

DeLay and his supporters contended that this investigation and the indictments were politically motivated maneuvers by the Democratic Travis County, Texas District Attorney Ronnie Earle. Earle has been characterized as a controversial and colorful political figure with a history of pursuing unconventional indictments against elected officials including Sen. Kay Bailey Hutchison. However, his record shows that he has indicted more Democrats than Republicans.

Federal investigators are probing a lobbyist, Jack Abramoff, another DeLay associate, for bilking millions of dollars from Native American casino operators for promises of congressional action to support their businesses. Abramoff and others may have underwritten overseas travel for the Majority Leader, which is a violation of law.

DeLay has taken on the nation’s independent judiciary, particularly those who disagreed with him on the reinsertion of the feeding tube for Terri Schiavo, a brain damaged Florida woman who died on March 31. Reports that he pulled the life support from his own father, when he was fatally injured in the 1980’s, didn’t deter him.

“The time will come for the men responsible for this to answer for their behavior,” DeLay said of the judges.

Asked what his associates think of DeLay’s latest slew of bad news, spokesman Dan Allen replied, “Members were very supportive through the week last week and going into the weekend.”

The Bush administration said that DeLay has not become the political liability that Senate Majority Leader Trent Lott, R-Mississippi, became in 2002.

Both Chris Shays and Joel Hefley, a Republican from Colorado, the past chairman of the House ethics committee who sanctioned DeLay three times, have signed a resolution, crafted by Democrats, that would end some of the rules changes that their own party pushed through to help DeLay only three months ago. DeLay voted for the changes to cover his actions as well.

Hefley said “A lot of folks mention quietly that they are concerned about it. On the other hand, you have a lot of members standing up and pledging their undying support for Mr. DeLay,”

Eleven years after the Republicans swept power in the Congress from the Democrats, they seem more intent on protecting DeLay than keeping the “Contract with America,” according to critics. They say “that is the corrupting influence of power.”

DeWayne Wickham of USA Today asks, “How will voters respond to this breach of the Contract?” The next federal elections will take place in November of 2006.

Sunday, January 10, 2010

Chinese officials have said that their country’s exports surged last December to edge out Germany as the world’s biggest exporter.

The official Xinhua news agency reported today that figures from the General Administration for Customs showed that exports jumped 17.7% in December from a year earlier. Over the whole of 2009 total Chinese exports reached US$1.2 trillion, above Germany’s forecast $1.17 trillion.

Huang Guohua, a statistics official with the customs administration, said the December exports rebound was an important turning point for China’s export sector. He commented that the jump was an indication that exporters have emerged from their downslide.

“We can say that China’s export enterprises have completely emerged from their all-time low in exports,” he said.

However, although China overtook Germany in exports, China’s total foreign trade — both exports and imports — fell 13.9% last year.

Friday, December 14, 2007

Nigerian police arrested former Delta State governor James Ibori Wednesday on charges of abuse of office, corruption, and money laundering.

According to a statement by Nigeria’s Economic and Financial Crimes Commission, Ibori was picked up at a private residence in the Asokoro District of Nigeria’s capital city, Abuja. Ibori was to be arraigned yesterday at the Federal High Court in Kaduna. He is facing a total of 103 charges.

James Ibori had been governor of Delta for the past eight years, until leaving office in May, 2007. Although he earned a modest US$25,000 per year as governor, he had reportedly accumulated more than $35 million in foreign accounts. Ibori’s UK assets have been frozen while the Metropolitan police investigate further. Should the money be deemed the proceeds of crime, it could be transferred back to the Nigerian government.

Nigerian President Umaru Yar’Adua was elected in May on a platform of battling corruption in the government. Since taking office, Yar’Adua has overseen the arrest of five other former governors on corruption offences. James Ibori had supported the president in his election bid.

Law enforcement officials and anti-corruption advocates in the UK and Nigeria have complained that the Nigerian attorney-general was interfering and slowing down investigations. The attorney-general, Michael Aondoakaa, has denied the allegations.

In a December, 2007 paper by the global corruption watchdog Transparency International, entitled Report on the Transparency International Global Corruption Barometer 2007, Nigeria was determined to have one of the highest rates of corruption, evaluated as a percentage of citizens reporting they paid a bribe to obtain a service.

Friday, December 1, 2006

The U.S. government warned private financial services that al Qaeda is planning a cyber attack on the U.S. stock and bank accounts, officials said on Thursday.

Homeland Security spokesman Russ Knocke says: “There is no information to corroborate this aspirational threat. As a routine matter and out of an abundance of caution, US-CERT issued the situational awareness report to industry stakeholders.”

The officials said that the attacks are aimed at destroying the databases of U.S. banking and stock market web sites. The Homeland Security group claims that the threat was for all of December.

A U.S. official said that the threat was posted on an website and called for the attack to avenge the imprisonment of Muslims in the Guantanamo detention camp.