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...will benefit as assets are identified and recovered. Tech Mahindra bought a 47.2% stake in the tainted company for $600 million in a government auction in April. If the fraud money reappears as assets in the name of the company, its good news for Tech Mahindra, which paid a huge sum for Satyam and its liabilities, says Suresh Talwar, partner at Mumbai-based law firm Talwar Thakore & Associates, Satyam's corporate counsel until 2006. It could be a bonanza for shareholders, too, in the form of dividends or bonus shares, he says. Judging by the scale of the fraud...
...Friday afternoon, stock markets made something of a recovery as analysts took a second look at what Dubai's proposed repayment halt means. Eighty billion dollars - Dubai's total liabilities - may sound like a lot of money but in the context of the past year, it's not huge. And while banks like HSBC and Barclays have billions in exposure to Dubai, they are also better capitalized than they were a year ago, and thus more able to withstand hits of this size. (See the top 10 bankruptcies...
...Shahroudy Farmanfarmaian and Tehran-based Farhad Moshiri, whose work Mobile Talker, in which an image of a young woman talking on the phone is picked out with cake decorations, seems to offer a wry comment on the country's modern mores. Rather more confronting is Line of Control, a huge sculpture of metal utensils forming the shape of a mushroom cloud, by Indian artist Subodh Gupta. Something to ponder over the washbasin, perhaps. See qag.qld.gov.au for more...
TIME: You've always portrayed yourself as a cipher for the ANC, an implementer of policies decided by the party, rather than a policy-maker. Does that still stand now you're President? Zuma: The ANC makes policy, not individuals. Anything that we talk about regards policy to a huge degree reflects the debates that have been held inside the party. And on policy, we have done very well - our policies have been very good. We have five priorities: education - critical; health - critical; rural development; job creation; and land reform. (See pictures of Johannesburg's preparations for soccer's World...
TIME: Is there a sense in which you've had to introduce this renewal and create a new government structure to monitor yourselves because, with such a huge electoral majority, the polls don't do it for you? Are you trying to create the democracy - the accountability and transparency - that the ANC's majority negates. Zuma: We're dealing with a party that is very strong and is loved by the people. The opposition might have many things to say but they are not very strong. They cannot challenge us successfully - we are too strong. And the problem is that...