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...Since dropping the Satyam account after the fraud came to light, PwC has been going all out to repair its reputation. Before his recent retirement, Samuel DiPiazza Jr., PwC International's former CEO, made frequent trips to India to meet clients and government ministers. Indian politicians have said that the government will take action against PwC if it is found liable, which could mean penalties or even ejection from India...

Author: /time Magazine | Title: Satyam Computer Fraud Grows to $2.5 Billion | 11/27/2009 | See Source »

...Dubai debacle triggered immediate concern about a new wave of financial problems rippling through global markets. Stock-market indexes plummeted, the cost of insuring against a default by Dubai jumped and the dollar strengthened as investors rushed back into greenbacks. On 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...

Author: /time Magazine | Title: Will Dubai's Financial Problems Spread? | 11/27/2009 | See Source »

...masses, Dubai promoted itself as an income tax free resort for the world's rich and upper middle class. Dubai's master planners developed a signature over-the-top style geared to the tastes of newly minted wealth - an indoor ski slope, a luxury condominium development with man-made islands arranged in the shape of a huge palm tree, and the tallest building anywhere...

Author: /time Magazine | Title: Will Dubai's Financial Problems Spread? | 11/27/2009 | See Source »

...afford toothpaste, the oceanic dead zones that come with $5 factory-farmed salmon filets. They're the sorts of stories that make a person think that buying carts full of cheap stuff-ensuring the production of even more cheap stuff-shouldn't be the social goal we've made...

Author: /time Magazine | Title: Why Big Shopping Bargains Are Bad News For America | 11/27/2009 | See Source »

...scene, and he was captured on camera wielding a gun in Mumbai's main railway terminal during the first night of the attacks. Qasab faces the death penalty in India if convicted of the 86 charges against him, which include murder and waging war against India. He made only a brief appearance on Wednesday morning and asked to return to his cell, complaining that he was unwell. About three months into the trial, on July 20, Qasab stunned the court by changing his plea to guilty, but he now maintains his innocence. Two Indians, Fahim Ansari and Sabahuddin Ahmed...

Author: /time Magazine | Title: One Year After the Massacre, a Trial Plods On | 11/26/2009 | See Source »

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