Understanding Business Financing And Commercial Loans}

Understanding Business financing and commercial loans

by

Tim Kelly

The profession of business is becoming popular day by day. With consistency and well planned strategy, anybody can mark his or her presence in business. Now business could be of different types. And every business is different from other having its own sets of problems. This is where business financing and commercial loans come. Equipped with important features, these loans help business person to solve problem relating to their business.

With business financing and commercial loans, one can obtain a good amount of money to fulfill his needs. There could be variety of reasons for which a business person needs business financing and commercial loans such as:To start or launch a new business. To expand an existing business.To buy machinery or row materials for business.To meet any kind of unexpected situation in business.Business financing and commercial loans are available in to two distinct forms namely secured loans and unsecured loans. To avail secured loans, you need to place collateral for the loaned amount. Now if you are not willing to place any collateral for the loaned amount or if you do not own any property, go for unsecured loans. Both of these forms of loans have their own merits and are beneficial for a businessperson in many ways.You can access business financing and commercial loans from banks, financial institutions and lending organizations. In this regard, you can also go for online method. It is well known for providing quick service to its borrowers. And most importantly, here you the chance to select a loan with flexible loan terms and favourable loan conditions.

Tim Kelly is an expert in finance having completed his LLM in Finance (Master of Laws in Finance) from Institute for Law and Finance at To find

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Newspaper refuses to utilize leaked documents in article

Sunday, July 10, 2005

On Saturday, Doug Clifton, editor of the Cleveland Plain Dealer, said that the newspaper is trying to find a way to publish two “profoundly important” news stories, without the use of documents he states were illegally leaked to staff reporters. On legal advice, the newspaper was withholding the stories out of fear that reporters might be jailed. Clifton did not further characterize the subject of the investigative stories.

“Basically, we have come by material leaked to us that would be problematical for the person who leaked it,” Mr. Clifton said in a New York Times telephone interview. “The material was under seal or something along those lines.”

A newspaper industry trade journal quoted Mr. Clifton saying, “The reporters say, ‘Well, we’re willing to go to jail, and I’m willing to go to jail if it gets laid on me,'” he said, “but the newspaper isn’t willing to go to jail. That’s what the lawyers have told us. So this is a TIME Inc. sort of situation,” according to Editor & Publisher.

The TIME Inc. reporter Matt Cooper, who along with New York Times correspondent Judith Miller, both long held out against a contempt of court order to name their sources in the outing of Valerie Plame. Cooper agreed Wednesday to testify, but it is unclear if he has the consent of his source, and Miller was sentenced to jail for refusing to cooperate.

Although Time Inc. was not specifically pursued by special prosecutor Patrick J. Fitzgerald in the case, they agreed to release Cooper’s reporting notes.

The Plain Dealer has the highest circulation in Ohio and was listed last year as the nation’s 21st largest daily paper.

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Death sentences in 2008 Chinese tainted milk scandal

Monday, January 26, 2009

On Thursday, the municipal intermediate people’s court in Shijiazhuang, Hebei province, China pronounced sentences for 21 defendants implicated in the 2008 Chinese milk scandal which killed at least six infants and sickened nearly 300,000 others.

In the local court’s decision, 17 accused were indicted for the crimes of “producing, adding melamine-laced ‘protein powder’ to infant milk or selling tainted, fake and substandard milk to Sanlu Group or 21 other dairy companies, including six who were charged with the crime of endangering public security by dangerous means.” Four other courts in Wuji County, in Hebei, China had also tried cases on the milk scandal.

Zhang Yujun, age 40, of Quzhou County (Hebei), who produced and sold melamine-laced “protein powder” in the milk scandal, was convicted of endangering public security and sentenced to death by the Shijiazhuang intermediate people’s court.

The court also imposed the penalty of death upon Geng Jinping, who added 434 kg of melamine-laced powder to about 900 tons of fresh milk to artificially increase the protein content. He sold the tainted milk to Sanlu and some other dairy companies. His brother Geng Jinzhu was sentenced to eight years imprisonment for assisting in adding the melamine.

A suspended capital punishment sentence, pending a review, with two years probation, was handed down to Gao Junjie. Under the law, a suspended death sentence is equivalent to life imprisonment with good behavior. The court ruled that Gao designed more than 70 tons of melamine-tainted “protein powder” in a Zhengding County underground factory near Shijiazhuang. His wife Xiao Yu who assisted him, was also sentenced to five years imprisonment.

Sanlu Group General Manager Tian Wenhua, 66, a native of Nangang Village in Zhengding County, who was charged under Articles 144 and 150 of the criminal code, was sentenced to life imprisonment for producing and selling fake or substandard products. She was also fined 20 million yuan (US$2.92 million) while Sanlu, which has been declared bankrupt, was fined 49.37 million yuan ($7.3 million).

Tian Wenhua plans to appeal the guilty verdict on grounds of lack of evidence, said her lawyer Liang Zikai on Saturday. Tian testified last month during her trial that she decided not to stop production of the tainted milk products because a Fonterra designated board member handed her a document which states that a maximum of 20 mg of melamine was allowed in every kg of milk in the European Union. Liang opined that Tian should instead be charged with “liability in a major accident,” which is punishable by up to seven years imprisonment, instead of manufacturing and selling fake or substandard products.

According to Zhang Deli, chief procurator of the Hebei Provincial People’s Procuratorate, Chinese police have arrested another 39 people in connection with the scandal. Authorities last year also arrested 12 milk dealers and suppliers who allegedly sold contaminated milk to Sanlu, and six people were charged with selling melamine.

In late December, 17 people involved in producing, selling, buying and adding melamine to raw milk went on trial. Tian Wenhua and three other Sanlu executives appeared in court in Shijiazhuang, charged with producing and selling fake or substandard milk contaminated with melamine. Tian pleaded guilty, and told the court during her 14-hour December 31 trial that she learned about the tainted milk complaints and problems with her company’s BeiBei milk powder from consumer complaints in mid-May.

She then apparently led a working team to handle the case, but her company did not stop producing and selling formula until about September 11. She also did not report to the Shijiazhuang city government until August 2.

The court also sentenced Zhang Yanzhang, 20, to the lesser penalty of life imprisonment. Yanzhang worked with Zhang Yujun, buying and reselling the protein powder. The convicts were deprived of their political rights for life.

Xue Jianzhong, owner of an industrial chemical shop, and Zhang Yanjun were punished with life imprisonment and 15 years jail sentence respectively. The court found them responsible for employment of workers to produce about 200 tons of the tainted infant milk formula, and selling supplies to Sanlu, earning more than one million yuan.

“From October 2007 to August 2008, Zhang Yujun produced 775.6 tons of ‘protein powder’ that contained the toxic chemical of melamine, and sold more than 600 tons of it with a total value of 6.83 million yuan [$998,000]. He sold 230 tons of the “protein powder” to Zhang Yanzhang, who will stay behind bars for the rest of his life under the same charge. Both Zhangs were ‘fully aware of the harm of melamine’ while they produced and sold the chemical, and should be charged for endangering the public security,” the Court ruled.

Geng Jinping, a suspect charged with producing and selling poisonous food in the tainted milk scandal, knelt before the court, begging for victims’ forgiveness

The local court also imposed jail sentences of between five years and 15 years upon three top Sanlu executives. Wang Yuliang and Hang Zhiqi, both former deputy general managers, and Wu Jusheng, a former raw milk department manager, were respectively sentenced to 15 years, eight years and five years imprisonment. In addition, the court directed Wang to pay multi-million dollar fines. In December, Wang Yuliang had appeared at the Shijiazhuang local court in a wheelchair, after what the Chinese state-controlled media said was a failed suicide attempt.

The judgment also states “the infant milk powder was then resold to private milk collectors in Shijiazhuang, Tangsan, Xingtai and Zhangjiakou in Hebei.” Some collectors added it to raw milk to elevate apparent protein levels, and the milk was then resold to Sanlu Group.

“The Chinese government authorities have been paying great attention to food safety and product quality,” Yu Jiang Yu, spokesperson for the Ministry of Foreign Affairs, said. “After the case broke out, the Chinese government strengthened rules and regulations and took a lot of other measures to strengthen regulations and monitor food safety,” she added.

In the People’s Republic of China, the intermediate people’s court is the second lowest local people’s court. Under the Organic Law of the People’s Courts of the People’s Republic of China, it has jurisdiction over important local cases in the first instance and hear appeal cases from the basic people’s court.

The 2008 Chinese milk scandal was a food safety incident in China involving milk and infant formula, and other food materials and components, which had been adulterated with melamine. In November 2008, the Chinese government reported an estimated 300,000 victims have suffered; six infants have died from kidney stones and other acute renal infections, while 860 babies were hospitalized.

Melamine is normally used to make plastics, fertilizer, coatings and laminates, wood adhesives, fabric coatings, ceiling tiles and flame retardants. It was added by the accused to infant milk powder, making it appear to have a higher protein content. In 2004, a watered-down milk resulted in 13 Chinese infant deaths from malnutrition.

The tainted milk scandal hit the headlines on 16 July, after sixteen babies in Gansu Province who had been fed on milk powder produced by Shijiazhuang-based Sanlu Group were diagnosed with kidney stones. Sanlu is 43% owned by New Zealand’s Fonterra. After the initial probe on Sanlu, government authorities confirmed the health problem existed to a lesser degree in products from 21 other companies, including Mengniu, Yili, and Yashili.

From August 2 to September 12 last year Sanlu produced 904 tonnes of melamine-tainted infant milk powder. It sold 813 tonnes of the fake or substandard products, making 47.5 million yuan ($13.25 million). In December, Xinhua reported that the Ministry of Health confirmed 290,000 victims, including 51,900 hospitalized. It further acknowledged reports of “11 suspected deaths from melamine contaminated milk powder from provinces, but officially confirmed 3 deaths.”

Sanlu Group which filed a bankruptcy petition, that was accepted by the Shijiazhuang Intermediate People’s Court last month, and the other 21 dairy companies, have proposed a 1.1 billion yuan ($160 million) compensation plan for court settlement. The court appointed receiver was granted six months to conclude the sale of Sanlu’s assets for distribution to creditors. The 22 dairy companies offered “families whose children died would receive 200,000 yuan ($29,000), while others would receive 30,000 yuan ($4,380) for serious cases of kidney stones and 2,000 yuan ($290) for less severe cases.”

Sanlu stopped production on September 12 amid huge debts estimated at 1.1 billion yuan. On December 19, the company borrowed 902 million yuan for medical and compensation payment to victims of the scandal. On January 16, Sanlu paid compensation of 200,000 yuan (29,247 U.S. dollars) to Yi Yongsheng and Jiao Hongfang, Gangu County villagers, the parents of the first baby who died.

“Children under three years old, who had drunk tainted milk and had disease symptoms could still come to local hospitals for check-ups, and would receive free treatment if diagnosed with stones in the urinary system,” said Mao Qun’an, spokesman of the Ministry of Health on Thursday, adding that “the nationwide screening for sickened children has basically come to an end.”

“As of Thursday, about 90% of families of 262,662 children who were sickened after drinking the melamine-contaminated milk products had signed compensation agreements with involved enterprises and accepted compensation,” the China Dairy Industry Association said Friday, without revealing, however, the amount of damages paid. The Association (CDIA) also created a fund for payment of the medical bills for the sickened babies until they reach the age of 18.

Chinese data shows that those parents who signed the state-backed compensation deal include the families of six children officially confirmed dead, and all but two of 891 made seriously ill, the report said. Families of 23,651 children made ill by melamine tainted milk, however, have not received the compensation offer, because of “wrong or untrue” registration details, said Xinhua.

Several Chinese parents, however, demanded higher levels of damages from the government. Zhao Lianhai announced Friday that he and three other parents were filing a petition to the Ministry of Health. The letter calls for “free medical care and follow-up services for all victims, reimbursement for treatment already paid for, and further research into the long-term health effects of melamine among other demands,” the petition duly signed by some 550 aggrieved parents and Zhao states.

“Children are the future of every family, and moreover, they are the future of this country. As consumers, we have been greatly damaged,” the petition alleged. Chinese investigators also confirmed the presence of melamine in nearly 70 milk products from more than 20 companies, quality control official Li Changjiang admitted.

In addition, a group of Chinese lawyers, led by administrator Lin Zheng, filed Tuesday a $5.2 million lawsuit with the Supreme People’s Court of the People’s Republic of China (under Chief Grand Justice Wang Shengjunin), in Beijing, on behalf of the families of 213 children’s families. The class-action product liability case against 22 dairy companies, include the largest case seeking $73,000 compensation for a dead child.

According to a statement to the Shanghai Stock Exchange Market Friday, China’s Inner Mongolia Yili Industrial Group Company, which has a domestic market share of milk powder at 8 percent, reported a net loss in 2008 because of the milk scandal. A Morgan Stanley report states the expected company’s 2008 loss at 2.3 billion yuan. The scandal also affected Yili’s domestic rivals China Mengniu Dairy Company Limited and the Bright Group. Mengniu suffered an expected net loss of 900 million yuan despite earnings in the first half of 2008, while the Bright Group posted a third quarter loss at 271 million yuan last year.

New Zealand dairy giant Fonterra, said Saturday it accepted the Chinese court’s guilty verdicts but alleged it had no knowledge of the criminal actions taken by those involved. “We accept the court’s findings but Fonterra supports the New Zealand Government’s position on the death penalty. We have been shocked and disturbed by the information that has come to hand as a result of the judicial process,” said Fonterra Chief Executive Andrew Ferrier.

“Fonterra deeply regrets the harm and pain this tragedy has caused so many Chinese families,” he added. “We certainly would never have approved of these actions. I am appalled that the four individuals deliberately released product containing melamine. These actions were never reported to the Sanlu Board and fundamentally go against the ethics and values of Fonterra,” Ferrier noted.

Fonterra, which controls more than 95 percent of New Zealand’s milk supply, is the nation’ biggest multinational business, its second-biggest foreign currency earner and accounts for more than 24 percent of the nation’s exports. Fonterra was legally responsible for informing Chinese health authorities of the tainted milk scandal in August, and by December it had written off its $200 million investment in Sanlu Group.

Amnesty International also strongly voiced its opposition to the imposition of capital punishment by the Chinese local court and raised concerns about New Zealand’s implication in the milk scandal. “The death penalty will not put right the immense suffering caused by these men. The death penalty is the ultimate, cruel and inhumane punishment and New Zealand must take a stand to prevent further abuses of human rights.” AI New Zealand chief executive Patrick Holmes said on Saturday.

“The New Zealand government does not condone the death sentence but we respect their right to take a very serious attitude to what was extremely serious offending,” said John Phillip Key, the 38th and current Prime Minister of New Zealand and leader of the National Party. He criticized Fonterra’s response Monday, saying, “Fonterra did not have control of the vertical production chain, in other words they were making the milk powder not the supply of the milk, so it was a difficult position and they did not know until quite late in the piece. Nevertheless they probably could front more for this sort of thing.”

Keith Locke, current New Zealand MP, and the opposition Green Party foreign affairs spokesman, who was first elected to parliament in 1999 called on the government and Fonterra to respond strongly against the Chinese verdict. “They show the harshness of the regime towards anyone who embarrasses it, whether they are real criminals, whistleblowers or dissenters,” he said. “Many Chinese knew the milk was being contaminated but said nothing for fear of repercussions from those in authority. Fonterra could not get any action from local officials when it first discovered the contamination. There was only movement, some time later, when the matter became public,” he noted.

Green Party explained “it is time Fonterra drops its overly cautious act.” The party, however, stressed the death penalty is not a answer to the problems which created the Chinese milk scandal. “The Green Party is totally opposed to the death penalty. We would like to see the government and, indeed, Fonterra, speaking out and urging the Chinese government to stop the death penalty,” said Green Party MP Sue Kedgley.

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Wherever To Find A Steam Shower Generator

Submitted by: Colbydy Bradford

Consider turning the basement into your own personal wellbeing club, including a steam bath where you raise weights and do the job on the treadmill. How superior will that steam bath feel promptly soon after your ordinarily brutal session with Jillian Michaels Muscle Tone DVD! And believe of the very poor young children: no baby ever before will need to have to see a father or mother in physical exercise gear. Continue to keep it personal and convenient, add appeal to your house, and keep the outdated muscles supple by creating a steam shower a key piece of your dwelling gymnasium layout.

Imagine steaming and rinsing your yard-sore system, preserving the property and bathrooms clear by putting in your sauna in the mudroom. Consider how nice a cultured marble or rustic stone enclosure would look in there, and imagine how superior the warm, soothing steam will feel soon after a very long day on the acreage-specifically if you scent your steam with lavender and eucalyptus. If you have a greenhouse, you could vent your steam into the increasing place or you may well set-up an easy recycling method for your gray h2o.

The most important rage in bathing and particular treatment sector as of now are steam shower units. They are even acknowledged to help folks get rid of body weight by just acquiring a bath. You have to keep in mind that steam shower units are not meant for indiscriminate usage. You require to make sure that your dwelling is ready for residential steam showers and that you are prepared for them also.

[youtube]http://www.youtube.com/watch?v=2QqTcQ1BxIs[/youtube]

The to begin with thing that you require to make certain is the kind of insulation utilised in your rest room. The key idea behind the effectiveness of walk in steam showers is that they are to be utilised in a steam shower enclosure. Moreover the enclosure ought to have appropriate steam shower doorways. Normal sliding doors are not usable here. Commonly the enclosure is created of ceramic. Due to the fact ceramic has great heat retention talents, it is the all-natural preference here.

The 2nd thing to be regarded as here is the layout of you rest room. You may possibly use steam shower bath tub as it gives you you the advantage of equally a shower and a bath tub at the identical time. You can use it as you want. The all round layout of the steam shower process is also of primal importance. Once more the style and design ought to be capable to retain as a lot steam and heat as doable. At the similar time you need to make provisions for ventilation so that there is no humidity connected challenge.

Over-all the layout have to be spacious and need to present you sufficient area to move all around and use the shower on all parts of your physique. You need to also give enough room around the steam shower generator, so that, you or some mechanic could quickly attain to it for any kind of service wanted.

Putting in steam shower units is not as challenging as you may consider, and by engaging in this position all by yourself you will be capable to encounter the luxuries they give with no getting to shell out all that income.

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Under-reporting of human Bird Flu infections poses worldwide threat

Monday, November 21, 2005

Possible under reporting of bird flu infections in China and other Southeast Asian countries may be promoting an illusory sense that human infections are very limited. Common press reports only describe fewer than 130 people as infected with H5N1 avian flu and that fewer than 70 have died worldwide. Yet, there are enormous problems getting accurate data, especially in a country like China with a population of more than a billion.

“Reporting a suspected bird flu infection in bird or humans is a very unlikely event,” said Dr. Shoshana Zimmerman of the eHealth Institute. She is also a founder of www.birdflubeacon.com, a site dedicated to bird flu issues. “There are very few incentives to report, and lots of reasons to refrain from reporting. From the viewpoint of local rural small farmers, there is little to be gained and much to be lost by reporting an infection. The worse threat is that their flocks could be killed, leaving them destitute.”

There are many factors which mitigate against reporting bird or human infections of bird flu.

  • The deaths of chickens, ducks, and birds are common events for farmer. Even when a large number die at one time they may see no purpose in reporting the deaths.
  • When a human dies in locations with little or no medical services, the rural farmer’s priority for discerning the cause of death may be low.
  • In rural areas most people are not taken to hospitals when they are sick.
  • Bird flu symptoms are not widely known. If the symptoms are not known, they will not be recognized and reports of possible bird or human infections can not be made.
  • The expenses required for detection are those of proper collection and shipment of samples to one of approximately 200 laboratories worldwide, as well as the testing procedure that requires a two week period of waiting before results are obtained.
  • The lack of incentive for countries to report large scale outbreaks as it may lead to widespread panic and economic loss, as occurred with SARS. These factors can be seen at work in the way that the first bird flu death was reported in China,” Dr. Zimmerman stated.

A young woman, Zhou Maoya, died after returning home to the village of Yantan in Annui province to prepare for her wedding. Her family has stated that they did not take her to the hospital because they thought it would not do any good. Officials also note rural Chinese also often cite relatively expensive medical costs as a reason for not seeking treatment when sick.

Although initially authorities attributed her death to pneumonia the resulting political pressure prompted China to invite the World Health Organization to send experts to investigate. The authorities then rescinded the previous position and attributed her death to bird flu based on the similarity of the symptoms that she was reported to exhibit with those of bird flu. The village was quarantined and journalists were denied access. It is not known how many others might be infected in the village. Official announcements were made of plans to vaccinate and cull birds.

A local government official, Fan Qian, told AFP that it was believed Zhou was infected while she was outside of the province.

Fan Tan, a local official, told AFP news that 1,000 birds in Yantan had been culled (killed). Plans were announced to vaccinate 2 million poultry in the area, a huge and difficult task.

Zhang, another official, said authorities had met with all villagers to give them flu vaccinations and to tell them how to protect themselves against the bird flu virus, including not consuming poultry products. It is known that flu vaccinations do not protect against bird flu.

Villagers and local officials minimized the threat. In outlying areas of Yantan, residents said that they did not know of any new outbreaks. Other possible infections have been attributed to similar common causes but there have not been any tests performed validating those attributions.

Fan Litan, a peasant woman from Fantu village, about 2 miles from Yantan, lost many of her ducks, and chickens and also a dog; she has attributed these deaths to the acts of hooligans. She said her family had been extremely frightened when her animals suddenly died. “We were scared to death,” said Fan, standing next to a red sign posted on the outside wall of her home that said: “Prevention and control by the masses is basic for people.” Fan said ducks and chickens are all healthy but she admitted that she had stopped eating poultry. No testing of these birds has been reported yet.

According to a recent AFP report from Liuchang, 59 miles south of Yantan, the obstacles to identifying infections are enormous.

Like many, one Liuchang villager named Wang Hemin said he was concerned and would keep a closer eye on his ducks and chickens, but felt no immediacy since the infection was not in his province. He learned about bird flu on TV, and is aware that officials have come to his village of 2,700 people to warn residents about the virus. They offered guidelines: they told people that poultry which die suddenly could have contracted bird flu and should not be eaten or sold and that such an incident should also immediately be reported. However, the symptoms of H5N1 bird flu were not directly described.

Residents have not yet been fully informed of what symptoms to look for in ill poultry–they are fever, diarrhea, teary eyes and swelling in the legs of the birds. Though a pledge was made earlier in the week to vaccinate 2 million birds immediately, no bird vaccinations in this area have been reported yet.

In another nearby village, Nazahuang, chickens scuttle in and out of houses. One resident, Fan Jiexu, 73, said no officials had yet warned her village to take precautions. Throughout rural areas, it is customary for chickens to scuttle in and out of homes. Ducks and bird often die and are eaten by villagers when it is believed safe to do so.

China has reported 17 avian flu outbreaks as of this week. Despite the Chinese government issued high alerts, critical information is not being adequately communicated to some rural villages. The size of the poultry population, the common and normal occurrence of poultry death on farms, and status of roughly 70% of the poultry population as being kept in backyards are factors complicating infection control.

The head of World Health Organization’s China office, Henk Bekedam, is aware that slow reaction to bird flu threats and difficulty monitoring poultry in the world’s most populous country makes control of its spread challenging.

Testing is required to confirm H5N1 virus, and positive test results lead to the killing of nearby flocks. The incentive for many villagers, officials, and governments to minimize reports of H5N1 virus infections and severe medical and economic complications for making confirmations of infection are obstacles opposing complete and full reporting of the spread and infection rates of the virus.

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70,000 General Motors employees go on strike

Monday, September 24, 2007

73,000 United Auto Workers (UAW) union members launched a nationwide strike today against General Motors (GM), the largest auto manufacturer in the United States.

UAW President Ron Gettelfinger said GM would need to meet pay, health care, and job security issues. Gettelfinge said, “This is nothing we wanted…No one benefits in a strike. But there comes a point where someone can push you off a cliff. That’s what happened here.”

The strike was officially launched at 11 a.m. EDT (UTC-4) today.

Negotiations were reportedly going to occur again this afternoon, but there have been no reports of any negotiating going on from either side.

80 facilities in 30 different states closed today because of the strike.

CNN reports that GM facilities in Mexico and Canada may close soon, too.

The vice president of global vehicle forecasts for CSM Worldwide, Michael Robinet, said today that dealerships in the US likely won’t feel the effects of the strike for several weeks.

A statement from GM today said, “We are disappointed in the UAW’s decision to call a national strike. The bargaining involved complex, difficult issues that affect the job security of our U.S. work force, and the long-term viability of the company. We are fully committed to working with the UAW to develop solutions together to address the competitive challenges facing General Motors. We will continue focusing our efforts on reaching an agreement as soon as possible.”

If the strike continues, UAW strike funds will supply each striker with US$200 a month and medical coverage.

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Three terrorists gunned down by police in India

Thursday, June 1, 2006An attack against the Rashtriya Swayamsevak Sangh headquarters in Nagpur was thwarted by the Maharashtra police early today morning. The militants were driving a white Ambassador car and were armed with AK-47s. They were confronted and killed by security forces as they tried to break through the security cordon surrounding the building.

Nagpur Police Commissioner S.P.S Yadav said that the car was chased by police after it broke through the first barrier about 200 metres away from the headquarters. When confronted, the militants opened fire and were killed after a five-minute shootout. Yadav also said that two policemen had been injured in the incident, one of whose condition was serious. The identities of the three men is yet to be established. A diary was also recovered from the terrorists.

A high level security alert has been declared in Nagpur and other sensitive areas in the vicinity. R.S.S chief Ram Madhav urged the government to take more steps to safeguard the offices of the organisation. This is the second time the police has prevented a major terror attack from taking place in Maharashtra. Last month the Anti-Terrorist Squad had recovered 30 kilograms of RDX, 17 AK-47 rifles and 50 hand-grenades from a jeep in Aurangabad. Eleven suspected militants were also arrested.

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Employee Embezzlement: Detect And Deter

Employee Embezzlement: Detect and Deter

by

i-Sight Software

Kickbacks, payroll fraud, false reimbursement claims and the use of company credit cards and accounts for personal expenses are all issues of employee embezzlement. Employers are faced with these issues on an all-too-frequent basis. As employees try to become more creative with their embezzlement schemes, employers can fight back and put up internal “road blocks” to help deter employees from getting their hands on money that isn’t theirs.

[youtube]http://www.youtube.com/watch?v=Mr5CSdO6KMA[/youtube]

One of the harshest realities regarding employee embezzlement is that it’s usually conducted by employees who have gained significant levels of trust from their superiors. Embezzlers usually begin by taking small sums of money, and if they realize they have yet to be caught, can continue taking money for many years, equating to significant losses to your company. Signs of Embezzlement There are many different signs that signal the presence of embezzlement. Sometimes it’s can even be company policies and the roles and responsibilities outlined in employee job descriptions that make it easier for embezzlement to take place. According to the article ‘Embezzlement: Everything You Need to Know ‘ by Stephen Linker, organizational conditions that create an open door for embezzlement to occur include the inadequate segregation of duties, lack of employee training and understanding regarding company policies and the consequences for violating them, high turnover rates, failure to consistently enforce standards and policies or punish violators and operating in an environment that frequently acts in ‘crisis’ mode. Aside from the organizational conditions that increase the opportunity for embezzlement, you can also observe changes in employee habits and discrepancies in financial reporting and accounting statements to identify embezzlement. In the FindLaw.com article “Embezzlement Warning Signs”, they state that other key signs that point to the occurrence of embezzlement within the workplace include: – Untimely and unorganized financial statements and reports. – Unbalanced accounts, altered check amounts and the occurrence of duplicate payments. – Creation and payments made into false accounts that have matching addresses to that of an employee. – Unexplained losses of company funds. – Missing documents related to account, payments, etc. – Unexplained or unauthorized charges to company accounts. – An employee refuses to take vacation, works long hours. – Alterations in an employee’s lifestyle- high medical bills, divorce, gambling problems, living beyond means for salary level, etc. – Bank deposits delayed or made on an inconsistent schedule. Embezzlement Prevention There are a number of measures that employers can take to reduce the number of opportunities within the workplace that allow embezzlement to occur- the chance that you can prevent embezzlement altogether is a bit of a stretch. 1. The separation of duties and task rotation are some of the best measures an employer can use to reduce the opportunity for employee embezzlement. When rotating tasks, if an employee is guilty of embezzlement, chances are, they will protest and try to remain in control of any process that involves access to or the handling of money, so that another employee cannot uncover their scheme. 2. When creating job descriptions, outlining employee responsibilities, company codes of conduct and ethics, as well as any other workplace policies, conduct a risk assessment to identify vulnerabilities that may expose the company to embezzlement. Also identify pressures or tasks that could motivate an employee to turn to embezzlement, money handling procedures that do not require enough checks throughout the process, compliance with legal guidelines and any other weaknesses that increase the risk of embezzlement. 3. Another way to help detect and prevent embezzlement is through the use of internal reporting systems. Internal reporting systems allow employees to report any issues of observed misconduct or awareness of financial fraud that is occurring within the organization. Sarbanes-Oxley requires financial firms to have an anonymous reporting system in place, making employees more comfortable when reporting misconduct, since their name isn’t attached to the allegations. Internal hotlines and reporting systems are the number one tool for identifying misconduct within the workplace, as it is usually an employee’s peers who are aware of any forms of misconduct before they make their way up to top level executives to deal with. Solutions such as i-Sight Investigation Software make it easy for new cases to be documented and reported through a variety of intake channels. i-Sight is a customizable solution, designed to meet the unique needs of each individual company and has built in rules to maintain compliance with legal regulations throughout the investigation process. i-Sight uses alerts and centralized case information, making it easier to manage the investigation process from the time a new misconduct tip is received, through to the reporting stages and conclusion of the investigation. The article “Embezzlement Prevention and Detection” by Vincent Ruocco, LLC, CPA, advises management to conduct the following three steps when establishing policies to make embezzlement difficult for employees to conduct: – Adopt a policy of mandatory vacations and mandatory duty rotations. It is not uncommon for the embezzler to interfere with the customary workflow to effect the embezzlement. However, if your policies require the embezzler to give up control of his/her work, he/she will recognize that the fraudulent scheme might be more easily detected, and thus be detoured from committing the illegal act. – Don’t hire thieves. This means that if you intend to place an individual in a position of trust, you should conduct a background check. The typical background check involves employment and education verifications, reference checks, criminal conviction checks, drug screenings and a credit check. You may need the candidate’s consent prior to conducting some components of your background check, so you should seek the advice of a qualified attorney. – Conduct periodic surprise internal audits. These are most effective after identifying high risk areas and designing procedures to achieve the desired objectives. It is not uncommon for management to engage a qualified CPA to help them plan the audits and perform the procedures. It is important to note that simply knowing that the organization has a policy of conducting surprise internal audits can act as a deterrent to the would-be embezzler.

http://www.artcpas.com/Embezzlement%20Prevention%20and%20Detection.htm

http://smallbusiness.findlaw.com/business-operations/accounting/accounting-embezzlement-signs.html http://www.envoynews.com/rwcpas/e_article000990340.cfm

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Employee Embezzlement: Detect and Deter

Desmond Tutu calls for election of African pope

NB this story is also covered in the article Archbishop Desmond Tutu calls for African Pope.Monday, April 4, 2005Retired Anglican Arch-Bishop Desmond Tutu has called for the Catholic church to appoint an African as new pope. “We hope the cardinals when they meet will follow the first non-Italian pope by electing the first African pope,” said Tutu on SABC TV at a press conference in his Cape Town home.

Nigeria’s Cardinal Francis Arinze, currently number four in the church hierarchy, is seen as the best hope for a pope from the third world. If Arinze is elected he will become the first African pope since Gelasius I in 496 AD.

“There should be democracy in the Catholic Church. Europeans should allow an African to become the next pope,” said 21 year old Nigerian student, Ifeoma Ezinwa, at the Saint Monica Catholic Church in Igbogbo, Lagos. “The church is growing in Africa. If Arinze gets to that position, he would work for its faster growth,” she continued.

However Steve Uwagba, a Nigerian accountant, thought that “International politics in the church may not allow him to get the papal seat. The odds of international politics and conspiracy against Africa weigh heavily against him.”

Tutu also added that “We know that [the pope] was a champion for world peace. And more than any other pope [he] went around the world galvanizing the faithful who turned out in droves to meet him. We also want to pay tribute to him for his concern for the unity of humankind. He was the first Pope, I think, to gather together … leaders of other Christian denominations, calling them to prayer for the world,”

The archbishop of Cape Town Njongonkulu Ndungane – Tutu’s successor – offered his condolences to the world’s catholics. “Our sincerest condolences go out to Catholics worldwide on the death of their great leader. We thank God for his ministry and that he has now been relieved from pain,”

Father Stephen Chukwu of St Augustine’s church in Ikorodu on the outskirts of Lagos, Nigeria said to a congregation of three thousand, “The whole world is standing still. People are held spellbound because the mighty has fallen. The whole church mourns because a leader and a revolutionary has gone,” he told the crowd, many of whom wept and sobbed.

“Who would ever believe that a pope could come from outside Rome? He was an ideal man and he led an ideal life. He held tenaciously to the teachings of the Apostles. He was against killing and abortion,” he declared. He was not a friend of the wealthy or the mighty. He was a friend of those in the gutters. He preached and fought for democracy.

After mass Mary Okoli, a 42 year old teacher said “My hope and prayer is that we get an African, especially a Nigerian, to replace him and continue his good work,””We are particularly grateful for the attention he paid to Africa and the developing world during his papacy. His concern for the poor marked him as a truly caring leader and we share the grief and loss of the Catholic Church at his passing. We also pray for the Catholic Church as it contemplates the election of the next Vicar of Christ,” he said in a statement.

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Cast of BBC’s Strictly Come Dancing announced

Thursday, August 27, 2009

The cast for BBC One show Strictly Come Dancing has been announced from the BBC.

Contestants will include a huge number of actors and actresses, such as Laila Rouass and Zoe Lucker from ITV1 drama Footballers’ Wives, Ricky Whittle from Channel 4 drama Hollyoaks, former Eastenders co-stars Natalie Cassidy and Ricky Groves, Craig Kelly from ITV1 soap opera Coronation Street, and Ali Bastian from crime drama The Bill from the same channel.

Other television personalities that will be appearing on the show include BBC Breakfast presenter Chris Hollins and former Crimewatch police officer Rav Wilding.

Also included in the cast, which will total 16, will be jockey Richard Dunwoody, boxer Joe Calzaghe, ex-cricketer Phil Tufnell, Jo Wood, who split from Rolling Stone Ronnie Wood, and former tennis star Martina Hingis.

Fern Britton will not be appearing on the show, despite previous talks with producers. Brendan Cole is going to be teamed up with Jo Wood.

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