CBI accepts prosecution was not good in Bhopal gas leak case!
Troubled Galaxy Destroyed Dreams- Chapter 498
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
Indian Politics is all about Power and has NOTHING to do with the Sovereignty of the REPUBLIC, Democracy, Freedom or Indian Majority Masses Excluded and selected for Ethnic Cleansing as India readies 25,000 deal souls to be shipped to Dow Chemicals in US! Nitish Kumar and JDU Play the Brhmin Marxist role to sustain Muslim Vote Bank but is all set to continue the Part of The Brahaminical NDA! But it is nothing to do with the Resistance against Strategic Realliance in US ISRAEL Lead, Indo US Nuclear Deal, N-damage Bill or Economic Reforms as RSS and the Brahaminical Marxists play the same role!
As Ronald reagan succeeded to bail out the American Butcher of Bhpal and defended US Chemical Warfare Progrramme using World Bank and IMF, the History repeats once agian as
FIIs shifting focus from emerging mkts!With the US dollar strengthening due to the eurozone turbulence, the rupee is losing ground and foreign institutional investors (FIIs) are shifting their focus from emerging markets like India.
Analysts feel that the European debt crisis, which brought the euro to its lowest level in four years, coupled with a weak rupee, is leading to the FIIs cutting down their exposure in India. They are investing more in corporate and government bonds and gold in developed economies.
During the April-May period, the rupee has weakened by 3.5 per cent against the US dollar, while it had strengthened by 6.42 per cent against the euro in the same period.
"The Indian rupee continued its depreciation journey in the past fortnight as ongoing economic worries in the euro zone led to concern of another round of recession.
India may attract more capital flows: RBI
India is likely to witness a surge in capital inflows as investors may find the country an attractive bet in the backdrop of an uncertain global environment, a top Reserve Bank official said."Money tries to come to places where it gets better returns. So from the point of view of capital flows, you do have the likelihood of more uncertainty in the rest of the world and therefore more money coming to India," RBI Deputy Governor Usha Thorat said.
Foreign Institutional Investors have, so far, invested around USD 5 billion in the domestic share market against a total investment of USD 17.45 billion in 2009.
Policymakers, worldwide, are watching the developments associated with the euro zone crisis, which broke out after Greece nearly defaulted on public debts.
To avert the deepening crisis, euro zone countries and the International Monetary Fund formed a USD one trillion rescue package to bail-out Greece.
The Reserve Bank, which has started withdrawing emergency monetary stimulus measures of the crisis period, is in a dilemma about hiking policy rates next month to facilitate the exit while the recovery is still nascent.
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Asamoah Gyan scored on an 84th-minute penalty kick as Ghana beat Serbia 1-0 in their WC opener.More
CBI accepts prosecution was not good in Bhopal gas leak case!
Facing flak for alleged shoddy prosecution in the 1984 Bhopal gas leak case, the CBI has accepted that its prosecution was not good as compared to the accused who brought a battery of lawyers to defend them."CBI accused come in court with an entire team of lawyers as compared to our side which has just one Public Prosecutor. In Bhopal (gas leak) case also there used to be a team of five-six advocates from the side of the accused," CBI director Ashwani Kumar said on the sidelines of a function here.
Kumar said after seeing this, the CBI has also decided to follow the same to improve the prosecution.
The director said while the agency's investigations were good, the problem area was prosecution and trial. "Our investigations are good but our weakness is prosecution and trial. We want to focus on these areas more".
Kumar, however, added that trial was not in agency's hand and matter totally in the court domain.
The CBI director had a word of advice to look ahead and not to conduct "post-mortem of a 25-year-old case".
Kumar said the effort should be that such a tragedy never happens again, but if happens, then victims should be given immediate relief and those behind the incident should be punished.
He also defended the decision of the court saying that maximum punishment that could have been given as per the chargesheet has been given.
He said the court gives its decision on the basis of the chargesheet.
The chargesheet was according to the Supreme Court and we were able to get maximum punishment according to that, Kumar said.
pranavnda95 writes very well:
http://www.spooftimes.com/spooftimes/NewsDetail.aspx?articleId=f1f42170-ae1d-435a-b4cd-05df3f915362&AspxAutoDetectCookieSupport=1
Former Prime Minister Rajiv Gandhi's Principal Secretary P C Alexander has denied that former Union Carbide Chairman Warren Anderson, the prime accused in the 1984 Bhopal Gas Tragedy was given consent to leave the country after the catastrophe. On the other hand, Finance Minister Pranab Mukherjee Sunday said that then Madhya Pradesh chief minister Arjun Singh had decided to send Union Carbide Corporation CEO Warren Anderson out of Bhopal in view of the deteriorating law and order situation after the gas tragedy in 1984.
Mukherjee, speaking to reporters here, quoted Arjun Singh's statement on Dec 8, 1984, five days after the gas leak at the Union Carbide India Ltd's pesticides unit in Bhopal that killed an estimated 25,000 people over the years.
"In his statement, Arjun Singh had clearly said there was deterioration of law and order... Therefore it was thought right to send him out of Bhopal. Arjun Singh made the statement December 8, 1984 as chief minister," said Mukherjee, the number two in Prime Minister Manmohan Singh's United Progressive Alliance (UPA) government.
On the question of extraditing Anderson, he said: "The question of extradition has come up. We will explore the possibility of extradition."
He refused to comment on the verdict delivered by the Chief Judicial Magistrate's Court in Bhopal June 7, but said the government will go to a "higher judiciary".
Singh has not broken his silence on issues related to the gas tragedy since the court June 7 convicted seven accused in the gas leak case. However, they were sentenced to a mere two years in jail and were immediately freed on bail.
Anderson, a proclaimed offender in India in the 1984 chemical disaster, is currently in the US.
The Congress has been facing uncomfortable questions on who had ordered Anderson's extradition hours after his arrest in the aftermath of the tragedy, with some suggesting that he was allowed to go out of the country following a directive from the central government.
On the intervening night of December 2-3 1984, poisonous methyl-iso-cyanate gas leaked from the Union Carbide plant in Bhopal, killing thousands immediately and many more over the years and maiming numerous others.
Soon after the judgment, which came after a court case lasting nearly 25 years, the circumstances in which Anderson fled India have become a raging controversy.
"The question was put to me repeatedly, do you know that Mr. Rajiv Gandhi gave his consent. I said I do no know. Did he consult with you? I said he at that time did not consult anything or I did not talk to him on Warren Anderson at all," said Alexander.
"The case of Warren Anderson going or being send back to America why, under what conditions, none of these things was known to me at that time," he added.
A District Magistrate's Court in Bhopal had on June 7 convicted all eight accused on grounds of negligence under Section 304 (a) for the tragedy.
The court also granted bail to seven of the eight accused and released them on submission of a bond and a surety of Rs 25,000 each.
The eight accused are Keshub Mahendra, Vijay Gokhle, Kishore Kamdar, J Mukund, S P Choudhary, K V Shetty and S I Qureshi and R B Roy Choudhary. Out of the accused R B Roy Choudhary, then former Assistant Works Manager Union Carbide India Ltd (UCIL), Mumbai, died during the trial.
Anderson, the chairman of Union Carbide Worldwide, has been designated an absconder.
Dow in India
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Carbide cash for trust tied to Arjun | ||
| RASHEED KIDWAI | ||
Bhopal, June 12: Union Carbide had donated Rs 1.5 lakh to a trust associated with Arjun Singh's family when the veteran politician was the chief minister of Madhya Pradesh. Such donations are not illegal but the payment serves to underscore the cosy relationship between the company and the then Madhya Pradesh administration, which assumes significance in the wake of the uproar over the then Union Carbide chief Warren Anderson being allowed to fly out of Bhopal in a government plane. A pilot had said the call clearing the flight had come from the office of Arjun, who was the chief minister when the tragedy unfolded in December 1984. The trust, called the Churhat Children's Welfare Society, had received Rs 150,000 from the US-headquartered company under the head "donation collected for building from Union Carbide". A copy of the audited account of the society, dated June 15, 1983, suggests the donation had been made between June 1, 1982, and March 31, 1983 (see graphic below). The Bhopal gas tragedy took place in December 1984. Arjun was chief minister during these years, his first stint stretching from 1980 to 1985. S.N. Gupta, a Bhopal-based chartered accountant who was handling the Churhat society's audit, said he had come across the reference to the Carbide donation. "Yes, I recall having recorded such a transaction," Gupta said. Apart from the chartered accountant, a person named Ajay Singh signed the document as secretary of the society on June 15, 1983. Arjun has a son named Ajay Singh. Ajay could not be contacted today as repeated calls to his home went unanswered. The title Churhat society, once part of the political lore, will stir unsavoury memories for Arjun. The veteran politician's association with the society had come under public scrutiny when it floated a phoney lottery. The issue had snowballed into a scandal amid allegations that Arjun had siphoned off funds to construct a palatial mansion in Bhopal near the Kerwa dam. The controversy had whipped up such an uproar that Arjun was forced to exit as chief minister in January 1989 during his third innings at the helm of the state. His name was finally cleared by the high court. During the legal battle, a court had made an observation that Arjun owed an explanation to the nation on the source of funds that were used in constructing the house. Arjun's family now lives in the house, called Dev Shree. Arjun, who had met Sonia Gandhi on the day the gas tragedy verdict was delivered, has not yet spoken out on allegations that he had bailed out Anderson. Neither has he revealed who had called him from Delhi with a request to ensure that Anderson was allowed to leave. Rajendra Kothari, who was a manager with a well-known company in Bhopal, said: "Prior to the gas leak, Union Carbide was a sought-after company. Contractors, government officials and politicians used to proudly flaunt their association with the company. I am not surprised if it had tried to oblige the chief minister by donating in a society that had his patronage." However, Arjun's party colleague and former Madhya Pradesh chief minister Shyama Charan Shukla had viewed Carbide with suspicion, at least in hindsight. Shukla, whose brother Vidya Charan was linked with some of the excesses of the Emergency, was chief minister in 1969 when Carbide had set up the plant in Bhopal. Shukla, who died a couple of years ago, had written an article in a Hindi daily two weeks after the 1984 gas leak: "Carbide's intentions were always dubious. As chief minister in 1969-72 and 1975-77, I always wondered why Carbide officials were so eager to please government officials. After all, professionalism demanded that they stick to their work and we to ours."
|
Deport plan for Bangla migrants | ||
| TAPAS CHAKRABORTY | ||
Lucknow, June 12: The Mayavati government today said it had identified 8,500 Bangladeshis living illegally in the state and planned to deport them, wading into a sensitive political issue in an attempt to hijack a BJP plank. State home department officials said that once the police had verified all the alleged Bangladeshis' antecedents, deportation would be recommended. They added that most of these Bengali-speaking settlers were Muslims and lived in Meerut, Lucknow and Noida. State home secretary Deepak Kumar said 57 Bangladeshis had been arrested and 18 deported in the first five months of this year. Such deportation, however, hardly achieves anything because Dhaka refuses to accept the alleged immigrants as its citizens. "After the BSF pushes them into Bangladesh, that country's border troops again push them back into India," an official said. Also, the issue can be thorny, with the Bengal Left often alleging that Muslims from Bengal are branded Bangladeshis and victimised by the police of other states. The BJP had attempted to orchestrate a campaign in 1999-2004 for the deportation of illegal Bangladeshi immigrants. Political analysts said Mayavati was trying to hijack the issue to win over some of the BJP's upper caste Hindu voters. An official claimed the Mayavati government had started the drive because of the terror attacks in the state by "home-grown terror modules". Samajwadi Party leaders were quick to claim that the Mayavati government was targeting their supporters by branding them Bangladeshis. However, like the Left in Bengal, the Samajwadis here have often been accused of issuing ration cards to Bangladeshis to "naturalise" them and create a vote bank. "The state government is aware of the sensitivity of the issue. We will verify all the details of their identity before deporting them," said R.K. Srivastava, an official of the immigration unit of state intelligence. Home secretary Deepak Kumar said most of these settlers — about 6,000 — lived in Meerut in western Uttar Pradesh, 350km from here, and about 1,800 in Lucknow. "In Meerut, they try to merge themselves in the mainstream Muslim society but their broken Hindustani gives them away. They settle in Meerut because it is easier for them to travel to Delhi in search of work," an official said. "In Lucknow, they work as labourers in the unorganised sector and their women work as housemaids." Another home department official said that some 350 Bangladeshi nationals had been identified in Noida but their number there could be higher. Many of these Bangladeshis are engaged in human trafficking, an official alleged. He said the police had arrested four Bangladeshis, including a woman, in January from Saharanpur district and they had admitted to running a trafficking racket for the past five years. "They were bringing Bangladeshis to India by promising them jobs and were charging money from them," the official said. |
BJP loses appetite for dinner, not pact | ||
| OUR SPECIAL CORRESPONDENT | ||
Patna, June 12: The BJP declined Nitish Kumar's dinner invite after his public snub to Narendra Modi but scrambled to deny any rift between the two NDA allies. Party spokesperson Shahnawaz Hussain dismissed reports that Arun Jaitley and M. Venkaiah Naidu had rushed to meet Nitish and pacify him. "He (Nitish) is not upset," Hussain said. Sources, however, said Jaitley and Naidu had been prevented from going to Nitish by the BJP's Bihar MLAs. The MLAs apparently said that if the leaders decided to humour Nitish on this point, they might as well merge the BJP with the Janata Dal (United). Hussain claimed the party had decided to give the dinner a miss because the leaders wanted to prolong their discussions at the national executive, which began here today. "Our meeting is far more important than any dinner. It would have been a waste of time to curtail the session and leave the hotel. So we are going to sit late tonight and have a working meal. The nation's reconstruction is more important than a dinner," he said. The BJP decision seemed to have suited Nitish fine and he promptly cancelled the dinner without citing any reason. A Dal (United) leader close to Nitish said the chief minister had been "uncomfortable" all along with the idea of having Modi as a guest but could hardly tell the others that while they were welcome, Modi was not. The advertisements purportedly funded by the Gujarat government showing Modi as a "role model" for Nitish became the perfect excuse for the Bihar chief minister. "The BJP got the hint. But there was no way they could have told Modi 'Don't come but the rest of us will go'," the Dal (United) leader said. It helped that Nitish had not sent out formal invites. "We were informally sounded out on the dinner and scheduled the proceedings accordingly," a local BJP leader said. Asked about Nitish's palpable dislike for Modi, Hussain said: "The BJP has a galaxy of leaders and all of them are committed to one philosophy, one worldview. (And) when we deal with our allies, we are not dealing with individuals but negotiating on a common agenda." Asked why the Modi advertisements had been so patronising, Hussain said: "Modi has no dearth of fans. People are ready to die for him. His fans put out these advertisements, what can he do? Our Bihar BJP workers regard him and Nitish as their icons because both of them are committed to development." There were six prominent absentees from the national executive: Yashwant Sinha, Vasundhara Raje, Mukhtar Abbas Naqvi, Hema Malini, Kiron Kher and Vani Tripati. |
Who was Bhopal's 'maut ka saudagar', Modi asks Sonia
PATNA: Using Sonia Gandhi's "maut ka saudagar" barb, Gujarat Chief Minister Narendra Modi Sunday attacked the Congress president over her "silence" on the Bhopal verdict, saying she should tell the people who the merchant of death was in this case.
Addressing a BJP rally at the conclusion of the party's national executive meeting here, Modi referred to Sonia Gandhi as "Madam Sonia" and wondered why she had not spoken on the Bhopal verdict.
"Why are you quiet on Bhopal, Madam Sonia. The country wants to know who was the maut ka saudagar (merchant of death) in Bhopal," Modi said.
"Speak up. Break your silence. The country wants to know what happened in Bhopal," Modi added.
The "maut ke saudagar" barb was used by Sonia Gandhi in reference to Modi during her campaign for the Gujarat assembly polls in 2007. It referred to the 2002 communal riots in Gujarat in which over 1,000 people, most of them Muslims, were killed.
The BJP has attacked the Congress over the release of former Union Carbide chief Warren Anderson, an accused in the Bhopal gas leak case, saying the party should seek forgiveness from people on the issue. The Congress was in power in Madhya Pradesh and at the centre when the gas tragedy took place in Bhopal in 1984, killing and maiming thousands.
On June 7, after over 25 years, seven people were convicted for the Bhopal gas tragedy, the world's worst industrial disaster, and sentenced to two years in prison. They were immediately granted bail.
Modi, who came under attack from Bihar Chief Minister and Janata Dal-United leader Nitish Kumar over an advertisement which referred to the relief work done by the Gujarat government in the state, said the BJP's politics and its mantra was development.
He also spoke of the development strides made by Gujarat and thanked the people of Bihar for "showering affection" on him.
Modi attacked the United Progressive Alliance (UPA) government at the centre for failing to contain Maoist violence.
I viewed Dantewada killings as tragic: Arundhati
New Delhi Author activist Arundhati Roy has said that she viewed the death of 76 CRPF personnel in Dantewada as "tragic", rejecting suggestions that she had saluted the "people of Dantewada" after these killings by Maoists.Taking exception to a report from Mumbai based on her speech at a public meeting organised on June 2 by the Committee for Protection of Democratic Rights (CPDR), the writer said in a communication, "I have made it quite clear that I viewed the death of the CRPF men as tragic, and that I thought they were pawns in a war of the rich against the poor.
"What I said at the meeting in Mumbai was that I was contemptuous of the hollow condemnation industry the media has created and that as the war went on and the violence spiraled, it was becoming impossible to extract any kind of morality from the atrocities committed by both sides."
Roy said "I made it clear that I was not not there to defend the killing of ordinary people by anybody, neither the Maoists nor the government. My reaction to the killing of the CRPF men as well as to other recent incidents of violence by the Maoists are a matter of public record."
The earlier report had quoted Roy as having said that she would continue to back the Maoist armed struggle even if she was put behind bars and that "it ought to be an armed movement".
Denying that she had said anything like "it ought to be an armed movement", Roy said her exact words were "I think it is much more interesting to interrogate the resistance to which we belong.
"I am on this side of the line. I am very clear about that. I don't care, pick me up, put me in jail. I am on this side of the line. But on this side of the line, we must turnaround and ask our comrades questions."
Arjun took decision on Anderson: Arun Nehru
New Delhi Former Union Minister Arun Nehru, a close aide of Prime Minister Rajiv Gandhi, on Sunday claimed Arjun Singh as Madhya Pradesh Chief Minister had taken the decision to release then Union Carbide CEO Warren Anderson after the Bhopal tragedy and that Gandhi had no role in it."It is obvious that Chief Minister Arjun Singh took the decision (to release Anderson) and informed the Centre according to the press conference which the CM had addressed on December 7, 1984. He was the person in-charge and he took the decision," Nehru said.
He said the only authentic version of the episode could be got from the press interviews of Arjun Singh in 1984 and "to attribute any motive to Prime Minister Rajiv Gandhi is wrong as the decision was taken by the CM".
He said a fresh controversy is being created unnecessarily when the facts were known and Singh had spoken on the issue in 1984 itself.
Nehru was a General Secretary of the Congress in 1984 and was campaigning for the Lok Sabha elections when the Bhopal gas tragedy took place. He fell out with Gandhi later and has no association with Congress or any other party now.
Claiming that Arjun Singh had taken the decision keeping in view the circumstances that existed then, he said, "Trying to judge events in 2010 by the ground realities existing in 1984 can never be right.
"He took the decision based on the ground situation then and that decision was being questioned now after 25 years," he said.
The former minister said that providing relief and rehabilitation must have been the top priority of a Chief Minister when a tragedy of such a magnitude took place.
"The more appropriate question should be to ask why the courts took nearly 25 years and why the charges were watered down. We are waking up after 25 years...Are we supposed to wake up after 25 years if a tragedy strikes now?" he asked.
On the issue whether the matter cropped up in any meeting of the Union Cabinet then, Nehru said it was election time and there was no time for Cabinet meetings as the leaders were busy electioneering.
He also blamed the Congress for being "defensive" on the issue, saying that this should not have been the case as the facts of the matter are known and Arjun Singh himself spoke on the issue way back in 1984.
Tsunami alert after 7.7 magnitude quake hits Indian Ocean
Chennai/Hongkong Moderate tremors were felt in several parts of the city and its suburbs today for a few seconds, according to met office here.However, no casualty or damage to property were reported, police said.
People in panic rushed out of their houses at Gopalapuram, Kodambakkam, Porur, Thiruvanmiyur, Anna Nagar and several other places under the impact of the tremor which lasted for a few seconds, they said.
Met officials said the tremors felt here was due to the impact of an earthquake that occurred at 7.9 degree north and 91.9 degree east-west coast of Andaman and Nicobar Islands measuring of 7.8 in Richter scale at 12.56 am.
Meanwhile, The Pacific Tsunami Warning Centre issued a tsunami watch for all areas of the Indian Ocean following the quake.
The warning said earthquakes of this size had the potential to cause destructive local and sometimes regional tsunamis, but added it was not yet known that a tsunami had been generated.
Mkts likey to remain positive: Analysts
Dalal Street is likely to carry forward the upward movement this week as risk appetite is returning to the markets on the back of a strong domestic economic scenario and strengthening global cues."In the past few sessions, the market has shown good performance and it seems the confidence level among investors is returning as sentiment across the globe is positive for now. The domestic market is likely to start with a positive bias this week," SMC Capital's equity head J Thunuguntla said.
During the last three trading sessions, the 30-share BSE benchmark Sensex rallied 448 points, or 2.6 per cent, thus trimming the losses for the past week to just 0.3 per cent.
"After being beaten heavily on European debt worries, the market is now cheering positive news coming in from all fronts and on Monday, the Dalal Street is likely to trade in the green," Bonanza Portfolio AVP for equity research Avinash Gupta said.
The market sentiment is positive due to many factors. The country's industrial output for May expanded much faster than expected at a full 17.6 per cent, the second best ever.
On the global front, the European Central Bank and the Bank of England left their benchmark rates unchanged again to support the fledgling economic recovery, China's exports jumped to a 48 per cent in May and Japan's gross domestic product rose at an annualised 5 per cent in the first quarter.
"But,investors are cautious and it is unlikely that they will miss any chance to book profit at higher level, which may bring more volatility into the street," Thunuguntla added.
FIIs, which offloaded shares worth USD 2 billion in May, were net buyers last week and so far in June they have made a net investment of Rs 1,576 crore in the market.
Investors will eye the first installment of the corporate advance tax payment (which falls due on June 15) which will give some clue about the June quarter corporate results. They will also consider the May inflation data due on Monday.
However, global risk appetite holds key for the domestic equities in near term. "At the current levels, though the market valuations do not look very expensive, with lack of fresh triggers except IIP, the upside seems to be limited," Indiabulls Securities said in a note.
Analysts also said movement in the market heavyweight RIL that acquired Infotel on Friday, will be key. Also, SpiceJet would be another scrip, which investors will be watching on Monday. On Saturday, media baron Kalanidhi Maran of Sun Network, announced acquisition of 37.75 percent stake in the low-cost airline. He will make an open offer for 20 per cent additional stake on Monday. "But if the open offer is made at Friday's rate, stock is unlikely to move up," said a broker.
On the oil sector, Unicon Financial said, "reports suggest that the EGoM on oil will meet on June 17 and that could bring interest into oil companies again."
Over the past week, major global markets edged higher on short covering and some easing concerns over the European markets. Dow and Nasdaq gained over 2 per cent, while European markets gained marginally during the week.
Bhopal gas tragedy: Ex-CJI now in row
New Delhi/Bangalore Amid continuing blame-game over the Bhopal gas tragedy, the then Chief Justice of India A M Ahmadi was at the centre of the controversy with Law Minister Veerappa Moily saying the Supreme Court verdict had reduced the incident to a "car accident".Ahmadi, who is blamed for diluting the charges in the case, reacted by saying that the government could not escape the responsibility when such an incident happens.
The spat between Moily and Ahmadi came even as the then Madhya Pradesh Chief Minister Arjun Singh continued to be targeted by Congress leaders over Warren Anderson's escape.
Senior Congress leader Satyavrat Chaturvedi said Arjun Singh had earlier admitted that the decision to allow Anderson to leave the country was taken at state level and said he should speak out so that the "names of others are not unnecessarily dragged into the issue."
Singh remained incommunicado and did not even turn up at a function organised by a media group to honour him with 'Lifetime Achievement Award' for his "contribution to Urdu language".
Moily regretted in Bangalore that judiciary had diluted the the charges in the gas leakage case.
"CBI had filed charges under (IPC) Section 304 (II) under which the maximum punishment is 10 years. But the highest court (headed by Ahmadi), in a review petition, converted it to 304 (A) which is actually meant for a car accident, truck accident," the Law Minister told reporters in Bangalore.
Section 304 (II) of the IPC is culpable homicide not amounting to murder while 304(A) is causing death due to negligence.
Union Carbide paid Rs 3 cr to Arjun Singh, claims Togadia
Jabalpur Dubbing as "traitors" those behind the release of then Union Carbide chief Warren Anderson after the Bhopal gas disaster in 1984, the VHP today demanded a case of treason be registered against those involved."The persons responsible for the release of Anderson are traitors and cases of treason should be registered against them," VHP international General secretary Pravin Togadia told reporters.
"Nearly 17 commissions were constituted after the Malegaon and Ajmer blasts, but for a tragedy that killed thousands of persons, no commission was constituted till date for ensuring imprisonment to those behind it," he said.
He charged that the then government had treated Anderson like the Prime Minister as he was also taken up to the tarmac in a red-beacon official car like a head of state.
Togadia said this could not have taken place without the prior knowledge of the state and the Centre and therefore, they cannot escape from it (responsibility).
The right-wing leader further alleged that Rs three crore was paid by Union Carbide to senior Congress leader Arjun Singh, who was chief minister of Madhya Pradesh then, adding that the then Superintendent of Police (SP) must have driven Anderson to the airport under pressure from his higher ups.
He demanded that the government apologise to the people for its actions.
No compromise on self-respect, BJP tells JD-UPATNA: In the midst of a standoff involving Chief Ministers Nitish Kumar and Narendra Modi, the BJP today sent a clear message to ally JD(U) that it was acting with "maturity" by taking "all along" but would not compromise on self-respect.
"We are a mature party which has a mature leadership with resilience.... We are showing maturity. For us, our self-respect is most important. We are not going to compromise on our self-respect," party spokesperson Rajiv Pratap Rudy said.
He was replying to questions on the strains in BJP-JD(U) ties after Kumar yesterday cancelled a dinner for the BJP top brass attending the party's national executive, apparently upset over his photograph being shown alongside that of Gujarat Chief Minister Narendra Modi in a newspaper advertisement.
Kumar had also criticised the Gujarat Government's claim that it had liberally donated aid to Bihar during the 2008 Kosi floods in another newspaper advertisement, calling it "uncivilised".
Defending Modi on the advertisement issue, Rudy said, "He is a leader and a successful chief minister and the way he is running the state is being hailed by his supporters and some overzealous among them have made efforts to widen his appeal by showing what is the truth."
Modi, however, has maintained silence over the controversy. The Gujarat Government today again brought out full page advertisements focusing on the development in the state.
Rudy said the BJP was a mature political party whose leadership has resilience and it "respects every leader, partnership and alliance" and it is the "job of a mature political party to take all along".
He insisted that the party leaders attending the national executive meet were "fortunate that we are being hosted with the best possible arrangement," a statement meant to praise the state government headed by Kumar, leading the JD(U)-BJP coalition in Bihar.
He said he was not aware whether the Bihar Chief Minister was angry and that a section of the state BJP wants to give a "fitting response" to the chief minister.
The BJP spokesman also downplayed the the issue of advertisements brought out by Gujarat Government in prominent newspapers today, highlighting the achievements of the Modi administration.
"State governments and the Central government come out with such advertisements regularly," he said.
With Kumar ordering an inquiry into the controversial advertisement showing him with Modi, the row deepened today as the state police carried out searches at the office of the ad agency Expression Advertising.
Nitish Kumar snubs BJP leaders for ad, cancels dinner!
In a clear snub to its coalition partner, an angry Bihar Chief Minister Nitish Kumar cancelled a dinner for the top brass of the BJP in disapproval of an advertisement featuring him with Gujarat Chief Minister Narendra Modi and another on Gujarat's aid during the floods two years ago.There was bad blood between the two sides, which run a coalition government for the last nearly five years, after Kumar attacked those who released an advertisement featuring him with Modi, about whom he was always uncomfortable as a political ally.
The JD(U) leader, who has an eye on Muslim votes, has fashioned himself as a secular leader and in the past had avoided sharing any dias with Modi in Bihar.
BJP-ruled states getting step-motherly treatment: Modi
Patna Gujarat Chief Minister Narendra Modi, in the eye of the storm over a photograph featuring him with his Bihar counterpart Nitish Kumar, accused the Union government of meting out step-motherly treatment to the BJP-ruled states.In a resolution on Federal structure moved by him at the BJP National Executive Committee meeting, Modi charged the UPA government with flouting recommendations of the Sarkaria Commission on Centre-State relations.
He alleged the government was not consulting BJP-ruled states on appointment of Governors and Chief Justices of High Courts.
"Even several bills adopted by the Gujarat assembly with two-thirds majority have been put into cold storage by the Governor or the Centre for the past six years," Modi said.
"It is a deliberate attempt to weaken the federal fabric of the country," he said.
The party National Executive, which adopted the resolution, authorised Modi to prepare a report on the issue in consultations with Chief Ministers of BJP-run states for an appropriate action, party spokesman Rajiv Pratap Rudy told a press conference.
Modi, during the course of a debate on the resolution, accused the Centre of adopting a discriminatory approach with regard to states ruled by the saffron party.
He pointed out the erstwhile Atal Bihari Vajpayee government had always preferred consultations and followed the Sarkaria Commission's recommendations before appointing Governors and Chief Justices of the states.
BJP stalwart L K Advani, in his brief intervention, said the erstwhile NDA government had always taken the Chief Ministers into confidence before appointing Governors.
The NDA regime had always maintained harmonious relations with the states, he said.
Pak wants India, US to share details of Headley's interrogation to unearth 26/11 'myth'
Islamabad, Jun.12 (ANI): Pakistan wants both India and the US to share details of the interrogation of David Coleman Headley, the alleged Lashkar-e-Taiba (LeT) operative who is currently in America's detention, so that the 'myth' surrounding the 26/11 Mumbai terror attacks is unearthed."Although India and the US are not bound to share findings of investigation, however, they need to share them with Pakistan in order to unearth the myth of Mumbai attack," The Nation quoted a top Pakistani official, as saying on conditions of anonymity.
However, there has been no official statement from Pakistan regarding sharing of details of Headley's interrogation.
A four-member National Investigation Agency (NIA) team quizzed Headley for over a week recently, drawing information about his role in the ghastly Mumbai attacks.
According to a statement issued by the US Justice Department, Headley and his counsel answered all queries of Indian investigators in a series of interviews starting June 3.
The statement further added that both New Delhi and Washington have agreed not to disclose any detail of Headley's interrogation inorder to protect the secrecy of the probe surrounding the November 2008 terror attack.
Headley was arrested by the US Federal Bureau of Investigation (FBI) in October 2009 for plotting an attack on a Danish newspaper.
During his interrogation, he also confessed to his role in the Mumbai attacks in which Pakistani terrorists killed 166 people and injured over 200 others.
Headley,49, told US interrogators that he had conducted a reconnaissance of the Mumbai sites before the attacks, having visited the country several times.
Headley has pleaded guilty on all 12 criminal counts against him, including his role in the 26/11 attacks conspiracy. (ANI)
Dow Chemicals pushed, ordered Indian govt
Posted on Jun 12, 2010 at 08:59 | Updated Jun 12, 2010 at 09:14New Delhi: Dow Chemicals, the company that acquired Union Carbide Corp, which is blamed for the Bhopal gas tragedy in 1984, pressed the government to meet its business demands and almost seems to be ordering it.
The weekly Outlook magazine says that Dow Chemicals company had been actively lobbying with the government two years ago. The magazine's revelation comes just two days after CNN-IBN reported how Congress spokesperson Abhishek Manu Singhvi provided legal opinion toDow Chemicals based on a reference from the Prime Minister's Office.
Documents accessed by the magazine reveal that the company almost went to the extent of ordering and lecturing the Indian government.
Dow Chemicals CEO Andrew Liveris' letter to P Chidambaram, who was Finance Minister then, almost seem to be pushing him for the company's growth in India.
"It is critical [that] the government of India speaks in one voice on issues of foreign direct investment and sustained domestic economic growth. We value your direct assistance in ensuring that all ministries operate on the basis of messages we have received from the Prime Minister himself," says Liveris' letter, dated October 2008.
What is even more shocking is that in the letter Liveris even sets targets for the government.
"We remain committed to exploring further investment in India but need your support and actions to resolve these issues. We look for tangible evidence of government action in the next 30 days," Liveris writes in the letter, copies of which are available with Outlook and CNN-IBN.
Liveris met with Prime Minister Manmohan Singh during his 2008 US tour.
In the past, Dow Chemicals suffered setbacks in its businesses in India. Its contract with Indian Oil got cancelled after it was revealed that the technology involved was developed byUnion Carbide. The company also faces CBI investigation into a bribery case involving Dow subsidiary De-Nocial.
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Dow to NDTV on no Bhopal liability
Gargi Rawat, Updated: June 13, 2010 15:01 IST, New Delhi
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'Government was never interested in justice for Bhopal victims'
As oil washes ashore, Bhopal's lesson is clear
Twenty-five years ago, the world watched in horror as the death toll mounted and mounted in the aftermath of the release of toxic gas from a Union Carbide chemical plant at Bhopal, in north-central India.
Death-toll numbers in the disaster will never be better than approximate, but about 3,000 people are believed to have died at once, and another 15,000 since. Others were sickened with permanent consequences. The victim total is believed to be around 25,000 in what is still the world's worst industrial accident.
Back then, the legal issues looked pretty straightforward: How could such careless handling of dangerous chemicals not involve criminal liability? What level of compensation would be reasonable for those affected?
Incredibly, it has taken until this month for the wheels of the Indian justice system to grind to a verdict -and it is not one anybody could call fine.
Eight Indian nationals, former plant managers, were found guilty of causing death by negligence, one posthumously. The district court in Bhopal sentenced the remaining seven to two years in jail, but all are out on bail, pending an appeal. The 4.5-hectare site, deeded to India by the now-defunct Union Carbide, remains strewn with contaminated debris; winds still occasionally send poisonous gases out over nearby neighbourhoods.
Five years after the accident, U.S.-based Union Carbide paid India $450 million in "full and final compensation." Victims received about $550 each. Warren Anderson, the U.S. head of Union Carbide, refused to return to India to face charges; the U.S. has ignored extradition requests.
The lessons from this debacle are painfully obvious, starting with the inexcusable slowness of India's judicial system. According to the Economist, India's courts have a backlog of more than 20 million cases, which by one judge's estimate would take 320 years to clear.
The Bhopal case was unusually slow because of India's insistence on dealing with compensation first. The criminal case did not start until a full three years after the accident, on charges of "culpable homicide not amounting to murder."
Allegedly under political pressure from the Indian government, in 1996 India's Supreme Court reduced the charges and a new trial started.
Indian commentators gave full vent to their outrage last week, accusing their government of putting the interests of foreign investors ahead of the safety and well-being of Indians, especially poor ones. "It's terrible," Rachna Dhingra, of the Bhopal Group for Information and Action, told the Irish Independent. "This is what comes after 25,000 deaths. This is an open invitation to multinational corporations to come and pollute and then leave without (responsibility)."
This is, of course, what people living on the shores of the Gulf of Mexico fear today, as BP and its subcontractors try to push responsibility for the oil spill onto one another's shoulders, as well as onto U.S. regulatory agencies. As the Gulf braces itself for a long cleanup, it should remember the lessons from Bhopal.
An Indian Tragedy Many Times Over
Government meddling has deprived victims of the deadly Bhopal gas leak of fair compensation.
By SHRUTI RAJAGOPALAN
On Tuesday, a district court in Bhopal, India, found seven former Union Carbide India Ltd. (UCIL) officials guilty of "causing death by negligence" for a gas leak at a pesticide factory in that city over 25 years ago. The officials were sentenced to two years in prison and fined 100,000 rupees ($2,130) each for failing to prevent the tragedy. The victims of the gas leak, activists in Bhopal and the Indian media in general, have rightfully labeled the court's verdict as too little too late. Often referred to as the Bhopal Gas Tragedy, the incident should instead be dubbed the Bhopal Gas Tragedies; the first caused by UCIL and the second by the Indian government.
The Bhopal disaster was the worst industrial accident ever to hit India. Just after midnight on December 3, 1984, tens of thousands of pounds of methyl isocyanate, a highly toxic gas used in chemical manufacturing, were released into the air over the area. Estimates of the death toll vary widely—from just under 4,000 to around 15,000—but it's undisputed that thousands of people died in the hours after they inhaled the gas, and thousands more from health problems they developed later as a result of their exposure.
The leak was the direct result of negligence of the UCIL workers and inspection officials and bureaucrats. They neither followed established safety measures to prevent the gas leak, nor warned the thousands of people living near the factory of how to protect themselves in such an event. Simply covering one's face with a wet cloth in the event of the gas leak could have saved thousands of lives, had people been educated to do that.
By not imposing adequate regulatory oversight on the factory before the disaster, government officials missed ample opportunities to create incentives for safety. The criminal courts have now compounded this problem with their light sentences of the executives last week, so long after the event. But perhaps the far greater tragedy lies in the chance the Indian government spurned to compensate victims while sanctioning the company via civil tort suits.
View Full Image
An elderly woman waits for the verdict in the premises of Bhopal court in Bhopal, India, on June 7.
Opportunistic trial lawyers have a bad reputation in places like America, often deservedly so, but they serve an important role in helping victims secure compensation. In the aftermath of the gas leak, the citizens of Bhopal experienced what jurist Marc Galanter called "the great ambulance chase" as a number of American tort lawyers descended on the area. They spotted an opportunity for a big pay-out from a big corporation, and the big fees to match (American tort lawyers typically claim one-third of any judgment in their clients' favor as a contingency fee).
But Indian lawmakers worried about those high fees and feared the tragedy would become an exploitative and lucrative exercise for foreign legal firms. To "protect" the victims, the Indian Parliament passed the Bhopal Gas Tragedy Act in March 1985. The law handed the Indian government the exclusive right to represent all the claimants.
Almost immediately the government ran into trouble acting on behalf of the victims. It lost its first battle in a New York courtroom when a federal district court judge ruled New York was not an appropriate venue for the case even though the defendant in the suit was based in the United States. The Indian government had argued that its own courts weren't sophisticated enough to handle such a complex case. But UCIL pointed directly at the Bhopal Gas Tragedy Act to argue the Indian government could more easily settle the matter at home.
Once the proceeding had moved back to Bhopal in 1986, it almost immediately bogged down in Indian bureaucracy. The first problem was establishing a headcount of the victims. Bureaucrats eventually settled on an estimate of approximately 3,000 fatalities, 30,000 permanent injuries and 20,000 partial injuries. Partly through incompetence and partly because bureaucrats simply didn't have the right incentives to do the hard work of reaching an accurate number, these estimates were grossly undercounted.
Yet by the time questions about the numbers came to light, the government had already reached a settlement with UCIL and its parent company based on the initial low casualty estimates. In February 1989, the government accepted $470 million in return for absolving UCIL and its parent of all past, present and future liability arising from the leak. A consequence of the undercount was that by the time the true number of victims emerged, they were stuck accepting smaller individual portions of the settlement pie the government had already negotiated on their behalf. Worse, the government relieved UCIL of any further liability before any additional health or environmental consequences could come to light.
Victims are left suspecting that private-sector tort lawyers would have done better on their behalf, even after lawyers' fees were factored in. Certainly the lawyers would have had much stronger incentives to ascertain an accurate victim count before accepting a settlement. They probably also would not have been able to unilaterally absolve UCIL of any future liabilities. New Delhi's paternalism, far from protecting the interests of Bhopal victims from sharks, cut those victims off from one of the most promising avenues for seeking compensation in a free-market system.
In this context, the weak criminal sentences against a few employees at the plant are simply the latest in a long string of failures. The people of Bhopal were first betrayed by the employees of UCIL and regulators who allowed this disaster to happen. Then they were victimized by their own government, which has failed to deliver either criminal or civil justice.
Ms. Rajagopalan is a doctoral student in economics at George Mason University.
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Bhopal's Industrial Catastrophe Caused Due To Emergency
By Gopal Krishna
13 June, 2010
Countercurrents.org
No Inquiry on US Corporation's Research and Development (R&D) Centre so far
New Delhi-The affidavit from Central Bureau of Investigation's most recent affidavit in the Court of Chief Judicial Magistrate, Bhopal provides information that implies that had Emergency been not imposed Bhopal's catastrophe caused by the US Corporation's acts of omission and commission would not have happened. (Relevant pages of the affidavit attached). There is a compelling logic for an independent probe in the entire issue ranging from granting of industrial license, escape of Warren Anderson, role of Indo-US CEO Forum to lobbying by industrialists and ministers to absolve Dow Chemicals of liability.
It emerges that industrial license to US Corporation's chemicals plant was granted during the period when Indira Gandhi as Prime Minister had invoked Article 352 to declare Emergency in the country from 25th June 1975 to 21st March 1977 during 21-month regime. The 7th June, 2010 verdict of the Bhopal court (attached) states that Union Carbide Corporation too refers to the application for industrial license on page no.4. According to the CBI's recent affidavit, on 1st January 1970, Union Carbide Company had "applied for industrial license for manufacture of 5000 tones MIC- based pesticides" required under The Registration and Licensing of Industrial Undertakings Rules, 1952. An application for the registration of an existing industrial undertaking is made to the Ministry of Industry (formerly to Ministry of Industrial Development), Government of India.
The application was signed by E. A. Munoz, a General Manager in the company. The company did not get industrial license for more than 5 years. There must have been sufficient reason to withhold permission for industrial license. After the imposition of Emergency, the company was granted the license on till 31st October, 1975 exactly nine years prior to her assassination in 1984. The verdict notes that the issuance of industrial license to Union Carbide Company for manufacture of MIC- based pesticides on 31st October, 1984.
R K Sahi, the then Deputy Director in the Ministry of Industrial Development (former Deputy Advisor, Planning Commission) has informed that the entire department was against grating of the industrial license. The officials in the Ministry knew that obsolete and discarded technology and machinery was being transferred to India for which the license was granted by bypassing the due process. There was political interference in the granting of the industrial license.
The manufacture of Methy Isocynate (MIC) commenced with effect from 5th February, 1980, information regarding which was sent to the Department of Chemicals and Fertilizers vide letter dated 19th February, 1980. The company informed the Ministry of Industrial Development on 12th November, 1982 about the commencement of production in 1980, while requesting for renewal of agreement that was to terminate in 1982.
The verdict by Mohan P Tiwari, Chief Judicial Magistrate, Bhopal, Madhya Pradesh notes "Union Carbide Corporation , 39,Old Ridgebury Road Danbury
Connecticut ,USA 06817" and Union Carbide Corporation, (Eastern) Inc. 16th Floor New World Office Building (East Wing) 24, Sabury Tsimsa Tsu Kowloon Hongkong,
as absconders. On page 25 of the verdict, it states, "(z) It is worthwhile to mention here that the Government of India and the Team of Scientists admittedly was never permitted to visit the Plant at Verginia, USA. No brochure, or any other documentary evidence demonstrating the similarity between the two plants at Verginia and Bhopal has been produced before the court by the defence."
On page 95 of the verdict, it is stated, "Mr. Warren Anderson, UCC USA and UCC Kowlnn Hongkong are still absconding and therefore, every part of this case (Criminal File) is kept intact alognwith the exhibited and unexhibited documents and the property related to this case, in safe custody, till their appearance." In the verdict, it is stated that "Dr. S. Varadarajan PW57, was the Head of the team of experts who visited the Plant Site very next day of the incident. He is an expert having excellent qualification. M.Sc. PhD. From Delhi & Cambridge several Honorary D.Scs also former President all three major Indian Academy of Science Bangalore, Indian National Academy Delhi started by Shri M.N. Shah and Indian National Academy of Engineering and a number of other Societies. (q)Dr. S. Vardharajan PW57, in para 2 of his statement states that there were several defects, such as MIC is a liquid but it evaporates with air and is highly toxic on inhilation as it is made of carbon monoxide. Carbon monoxide converted into Phosegen, is required to be utilized immediately and not to be stored. Storage of MIC should have been highly limited only to meet the requirements for conversion into Sevin as little as possible. (r) In Para 5 he further says that the design required inhibitor to prevent voluntary polymerization of MIC. Polymerization produces very high temperature and that accelerates polymerization in an explosive manner. There are design defects, such as use of Carbon, Steel and other material and pipes and other materials. These are leading to corrosion in the presence of even quantities of Hydrogen Chloride, Hydrochloric Acid (HCL) arising from Phosegen, Chloroform and other Chloride materials." Although the design fault by the US corporation is established, the criminal liability of the Union Carbide's case is yet to be settled.
It is noteworthy that Justice S Muralidhar, Delhi High Court in his seminal paper titled "Unsettling Truths, Untold Tales: The Bhopal Gas Disaster Victim's 'Twenty Years' of Courtroom Struggles for Justice" concluded that the cases concerning Bhopal gas disaster should not conclude till justice has been done to every victim. Each strand of litigation is pending at various stages and the questions that have arisen remain unsatisfactorily answered." He had aptly underlined in May 2004, "The extent of concealment and subterfuge practised by UCC and UCIL in screening away from scrutiny the extent of risk to which the MIC plant at Bhopal was subjecting the local population. The enormous lies of the UCC and UCIL now stand exposed. It is indeed disturbing that despite the Union of India and the State of Madhya Pradesh knowing fully well the extent of contamination of the plant site, neither of those entities did anything at all to enforce the liabilities of the UCC and UCIL and claim damages under this head. The settlement which the Supreme Court approved on February 14/ 15, 1989 stands severely flawed with every passing day. There now appears no possible justification for the order made on those two fateful dates. Every assumption on which the orders were based was wrong both on facts and on law. Notwithstanding the defiant posture of the Supreme Court in its review petition that its powers under Article 142 justified its approval of the settlement, which foreclosed all present and future civil and criminal claims, the court itself has had to reject the judgment in the review proceedings as an applicable precedent for future cases. The wrong remains an irremediable wrong. It bears repetition that the assumptions on which the settlement is approved was that the number of deaths was 3,000 and the number injured in the range of 1,00,000. In March 2003, the official figures of the awarded death claims stood at 15,180 and awarded injury claims at 5,53,015. The underestimation was slightly above 5 times. The range of compensation which was assumed in the settlement order would be payable was Rs.1 to 3 lakhs for a death claim, Rs.25,000/- to Rs.1 lakh for temporary disablement and Rs.50,000/- to Rs.2 lakhs for permanent disablement. Each death claim has been awarded not more than Rs.1 lakh and on an average an injury claim has been settled for as little as Rs.25,000/-. The failure of the judiciary to account for the views of the Bhopal Gas victim has been pervasive."
While the fact of Supreme Court itself being on trial following such a litigation disaster is established, what is yet to be established is legislative competence to ensure universal jurisprudence for corporations. If Dow Chemicals escapes liability, if Anderson remains an absconder and goes unpunished, it sets a dangerous precedent for democracies all over the world.
In Volume 5, Hazard Assessment of Chemicals, published by Hemisphere Publishing Corporation, Washington, page no. 236, it refers to suspicion that in addition to the chemical pesticide plant, the Research and Development (R&D) Centre that Union Carbide which operated in Bhopal since 1976 was experimenting with wartime use of chemicals. It remains shrouded in mystery although it was reputed to be among the best in the world with the R&D Centre having 3 green houses, 5 insect rearing laboratories and an experimental farm of 2 hectares. The processing of new chemicals at the R&D Centre had increased from 50 in 1980 to 500 in 1982 and the Centre was projected to test 5000 chemicals in 1985 because many chemicals could not be tested in USA because of stricter environmental regulations. This R&D centre too came up during Emergency. This industrial disaster has aptly been called the Nagasaki and Hiroshima of peace time but the suspicion regarding it being a consequence of experimenting with time chemicals is yet to be probed.
By the end of First World War, Union Carbide Corporation (which has merged with Dow Chemicals in 2001) had moved from metal and carbon to gases and chemicals and expanded to atomic energy production during Second World War. Its operations in India began in 1905 in Calcutta. It had dry cell manufacturing plant in Chennai in 1942 and in Hyderabad in 1967. In 1968, the agricultural office of the company had moved from Mumbai to Bhopal. At the time of Bhopal disaster it was the 7th largest company in the world headquartered at Danbury, Connecticut, USA with 700 operations in 38 countries.
For Details: Gopal Krishna, ToxicsWatch Alliance, Mb: 9818089660, E-mail: krishna2777@gmail.com, Blog: toxicsatch.blogspot.com, Web: www.toxicswatch.com
http://www.countercurrents.org/krishna130610.htm
Dow Chemical Company
From Wikipedia, the free encyclopedia
 | |
| Type | Public NYSE: DOW TYO: 4850 |
|---|---|
| Industry | Manufacturing |
| Founded | 1897 (1897) |
| Headquarters | Midland, Michigan, USA |
| Area served | Worldwide |
| Key people | Andrew N. Liveris (Chairman, CEO & President) |
| Products | Chemicals Plastics Agricultural Products Specialized Products Services |
| Revenue | ▼ $44.875 billion (2009)[1] |
| Operating income | ▼ $2.001 billion (2009)[1] |
| Profit | ▼ $648 million (2009)[1] |
| Total assets | ▼ $65.937 billion (2009)[1] |
| Total equity | ▼ $20.555 billion (2009)[1] |
| Employees | 52,195 (2009)[1] |
| Website | DOW.com |
The Dow Chemical Company (NYSE: DOW, TYO: 4850) is an American multinational corporation, headquartered in Midland, Michigan. As of 2007, it is the second largest chemical manufacturer in the world by revenue (after BASF)[2] and as of February 2009, the third-largest chemical company in the world by market capitalization (after BASF and DuPont).
Dow Chemical is a provider of plastics, chemicals, and agricultural products with presence in more than 175 countries and employing 46,000 people worldwide. It spends more than $1 billion annual expenditure in R&D. Its stated mission under the current CEO, Andrew N. Liveris, is: "To passionately innovate what is essential to human progress by providing sustainable solutions to our customers" with the vision: "To be the most profitable and respected science-driven chemical company in the world".[3]
The company was founded in 1897 by Canadian-born chemist Herbert Henry Dow, who had invented a new method of extracting the bromine that was trapped underground in brine at Midland, Michigan.[4] While at first the company sold only bleach and potassium bromide, Dow today has seven major operating segments, with a wide variety of products offered by each.[5] The company's 2005 sales totaled $46.3 billion, with a net income of $4.5 billion. Traded on the New York Stock Exchange, as of 2005 Dow has about 105,000 shareholders of record.[6]
Dow has been called the "Chemical companies' Chemical company"[7] in that most of their product is sold to other manufacturers rather than to end users. At varying points in time Dow has sold directly to customers, primarily in the Human and Animal Health markets as well as Consumer Products.
Dow Chemical is a member of the American Chemistry Council.
Products
Dow is the world's largest producer of plastics, including polystyrene, polyurethanes, polyethylene, polypropylene, and synthetic rubbers [citation needed]. It is also a major producer of the chemicals ethylene oxide, and various acrylates, surfactants, and cellulose resins. It produces many agricultural chemicals, perhaps being most famous for its pesticide Lorsban.[5] Well-known consumer products include Styrofoam brand insulation. Former Dow product lines, Saran wrap, Ziploc bags and Scrubbing Bubbles have been sold to S. C. Johnson & Son.
Performance plastics
Performance plastics make up 25% of Dow's sales,[8] with many products designed for the automotive and construction industries. The plastics include polyolefins such as polyethylene and polypropylene, as well as the polystyrene most often seen in Styrofoam insulating material. A complete range of epoxy resin intermediates and products are manufactured by Dow, including bisphenol A and epichlorohydrin. Polyurethane, polyether polyols and specialty acrylates are all derived from ethylene oxide (EO). The Saran range of resins and films is based on polyvinylidene chloride (PVDC)
Performance chemicals
The Performance Chemicals (17% of sales) segment produces materials for water purification, pharmaceuticals, paper coatings, paints and advanced electronics. Major product lines include nitroparaffins such as nitromethane, used in the pharmaceutical industry and manufactured by ANGUS Chemical Company,[9] a wholly owned subsidiary of The Dow Chemical Company. Important polymers include Dowlex ion exchange resins, acrylic and polystyrene latex, as well as Carbowax polyethylene glycols. Specialty chemicals are used as starting materials for production of agrochemicals and pharmaceuticals.
Water Purification
Dow Chemical's water solutions business unit manufactures Filmtec reverse osmosis membranes which are used widely for purification of water for human use in the Middle East, in countries including: United Arab Emirates, Jordan and Saudi Arabia. The technology was also used during the 2000 Summer Olympics and the 2008 Summer Olympics.[10]
Agricultural sciences
Agricultural Sciences (Dow AgroSciences) provides 7% of sales, and are responsible for a range of insecticides (such as Lorsban), herbicides and fungicides. Genetically modified plant seeds are also an important, growing area. Dow AgroSciences sells seeds commercially under the following brands: Mycogen (grain corn, silage corn, sunflowers, alfalfa, and sorghum), Atlas (soybean) and PhytoGen (cotton).
Basic plastics
Basic plastics (26% of sales) end up in everything from diaper liners to beverage bottles and oil tanks. Products are based on the three major polyolefins – polystyrene (such as Styron resins), polyethylene and polypropylene.
Basic chemicals
Basic chemicals (12% of sales) are used internally by Dow as raw materials, and are also sold worldwide. Markets include dry cleaning, paints and coatings, snow and ice control and the food industry. Major products include ethylene glycol, caustic soda, chlorine, and vinyl chloride monomer (VCM, for making PVC). Ethylene oxide (EO) and propylene oxide and the derived alcohols ethylene glycol and propylene glycol are major feedstocks for the manufacture of plastics such as polyurethane and PET.
Hydrocarbons and energy
The Hydrocarbons and Energy operating segment (13% of sales) oversees energy management at Dow, succeeding in raising energy efficiency by 92% since 1990.[8] Fuels and oil-based raw materials are also procured. Major feedstocks for Dow are provided by this group, including ethylene, propylene, 1,3-butadiene, benzene and styrene.
History
Early history
The company originally sold only bleach and potassium bromide, achieving a bleach output of 72 tons a day in 1902. Early in the company's existence, a group of British manufacturers attempted to drive Dow out of the bleach business by cutting prices. Dow survived by cutting prices in response and, although losing about $90,000 in income, began to diversify its product line.[11] In 1905 German bromide producers drastically reduced their price of bromides in the US in an effort to prevent Dow from expanding its sales of bromides in Europe. Dow was able to purchase German-made bromides in the US, ship them back to Europe and still sell them at a lower price than the German producers were charging.[12] Even in its early history, the company set a tradition of rapidly diversifying its product line. Within twenty years, Dow had become a major producer of agricultural chemicals, elemental chlorine, phenol and other dyestuffs, and magnesium metal.
In the 1930s, Dow began production of plastic resins, which would grow to become one of the corporation's major businesses. Its first plastic products were ethylcellulose, made in 1935, and polystyrene, made in 1937.
Diversification and expansion
In 1940–1941, Dow built its first plant to produce magnesium extracted from seawater rather than underground brine. This marked the first time man had 'mined the ocean for metal'.[13] Growth of this business made Dow a strategically important business during World War II, as magnesium became important in fabricating lightweight parts for aircraft. Also during the war, Dow and Corning began their joint venture, Dow Corning, to produce silicones for military and later civilian use. In 1942 Dow began its foreign expansion with the formation of Dow Chemical of Canada in Sarnia, Ontario to produce styrene for use in styrene-butadiene synthetic rubber.
In 1940, Dow began plant construction in Freeport, Texas. This is now the home to Dow's largest site - and one of the largest integrated chemical manufacturing sites in the world. One of the first plants to come on stream was the first facility to extract magnesium from seawater. The site grew quickly - with power, chlorine, caustic soda and ethylene also soon in production.[13] Based on 2002–2003 data, the Freeport plants (known as Texas Operations internally) produced 27 billion pounds of product - or 21% of Dow's global production.[14]
The "Ethyl-Dow Chemical Company" plant at "Kure's Beach" NC , the only plant on the East Coast producing bromine from seawater, was attacked by a German U-boat in 1942.[15]
In the post-war era, Dow began expanding outside North America, founding its first overseas subsidiary in Japan in 1952, with several other nations following rapidly thereafter. Based largely on its growing plastics business, it opened a consumer products division beginning with Saran wrap in 1953. Based on its growing chemicals and plastics businesses, Dow's sales exceeded $1 billion in 1964, $2 billion in 1971, and $10 billion in 1980.
Nuclear Weapons
From 1951 to 1975 Dow managed the Rocky Flats Plant. Rocky Flats was a nuclear weapons production facilty which produced plutonium triggers for hydrogen bombs.
Contamination from fires and radioactive waste leakage plagued the facility under Dow management. In 1957 and 1969 fires burned plutonium dust in the facility and sent radioactive particles into the atmosphere. The fire in 1969 was the costliest industrial accident to ever occur in the United States up to that time. 3,500 barrels of lubricants and solvents, laden with plutonium leaked into the ground in 1967. Management of the facility was handed over to Rockwell International in 1975. A class action lawsuit was filed against Dow and Rockwell in 1990. In 2008 a federal judge ordered Dow and Rockwell to pay a combined $925 million in damages to citizens.[16]
Vietnam War: napalm and Agent Orange
During the Vietnam War, Dow became the sole supplier of napalm to the United States military who used napalm in their efforts during the war.
Agent Orange, a chemical defoliant containing dioxin, was also manufactured by Dow in New Plymouth, New Zealand and in America for use by the U.S. military during the Vietnam War. In 2005, a lawsuit was filed by Vietnamese victims of Agent Orange against Dow and Monsanto Company, which also supplied Agent Orange to the military. The lawsuit was dismissed.[17]
Dow Corning breast implants
A major manufacturer of silicone breast implants, Dow Corning (Dow Chemical's Joint Venture with Corning Inc.) was sued for personal damages caused by ruptured implants. Per the 2005 10-K for The Dow Chemical Company filing "On October 6, 2005, all such cases then pending in the District Court against the Company were dismissed. Should cases involving Dow Corning's breast implant and other silicone medical products be filed against the Company in the future, they will be accorded similar treatment." The Dow Chemical Company - 10-K Filing - 2005
DBCP
Until the late 1970s, Dow produced DBCP (1,2-dibromo-3-chloropropane), a soil fumigant and nematicide sold under the names the Nemagon and Fumazone. Workers at Dow's DBCP production were made sterile by exposure to the compound. These male reproductive effects were consistent with animal experiments showing that DBCP sterilized rabbits. The workers successfully sued the company, and most domestic uses of DBCP were banned in 1977. Amid growing concerns over the chemical's effects on male workers, Dow ceased production and reclaimed DBCP that had been shipped to its users. Despite warning from the company about its health effects, Dole Food Company, who was using the chemical on its banana plantations in Latin America, threatened to sue Dow if it stopped DBCP shipments, so Dow shipped half a million gallons of DBCP to Dole, much it reclaimed from other users. Plantation workers who became sterile or were stricken with other maladies subsequently sued both Dow and Dole in Latin American courts, alleging that their ailments were caused by DBCP exposure. While the courts agreed with the workers and awarded them over $600 million in damages, they have been unable to collect payments from the companies. A group of workers then sued in the United States, and, on November 5, 2007, a Los Angeles jury awarded them 3.2 million dollars. Dole and Dow vowed to appeal the decision.[18] On April 23, 2009 a Los Angeles judge threw out two cases against Dole and Dow due to fraud and extortion by lawyers in Nicaragua recruiting fraudulent plaintiffs to make claims against the company.[19] The ruling casts doubt on $2 billion in judgments in similar lawsuits.[20]
Recent Mergers, Acquisitions, and Reorganization
1990's – transition from geographic alignment to global business units
In the early 1990s, Dow embarked on a major structural reorganization. The former reporting hierarchy was geographic based, with the regional president reporting directly to the overall company President and CEO. The new organization combines the same businesses from different sites, irrespective of which region they belong (i.e. the vice president for Polystyrene is now in charge of these plants all over the world), almost reducing the regional president to a figurehead.
In 1995, Dow was fined $732,000 for not sending the EPA reports it had received on 249 Dursban poisoning incidents. In June 2000, Dow withdrew registration of chlorpyrifos for use in homes and other places where children could be exposed, and severely restricted its use on crops. The company, however, continues to market Dursban in industrializing countries, including India, where Dow's sales literature claimed Dursban has "an established record of safety regarding humans and pets."
In 2003, Dow agreed to pay $2 million - the largest penalty ever in a pesticide case - to the state of New York, in response to a lawsuit filed by the Attorney General to end Dow's illegal advertising of Dursban as "safe".
Union Carbide merger
At the beginning of August 1999, Dow agreed to purchase Union Carbide Corporation for $9.3 billion in stock. At the time the combined company was the second largest chemical company, behind DuPont. This led to protests from some stockholders, who feared that Dow would become responsible for Union Carbide's role in the Bhopal disaster.
Bill Stavropoulos served as President and Chief Executive Officer from 1995–2000 and again from 2002–2004. He relinquished his board seat on April 1, 2006, having been a director since 1990 and chairman since 2000. During his first tenure, he led the purchase of Union Carbide which proved controversial, as it was blamed for poor results under his successor as CEO Mike Parker. Parker was dismissed and Stavropoulos returned from retirement to lead a turnaround of Dow.[21]
Today, Dow is the world's largest producer of plastics[citation needed]; with its 2001 acquisition of Union Carbide, it has become a major player in the petrochemical industry as well.
2006–2008 Restructuring
On August 31, 2006 Dow announced that it had plans to close facilities at three locations:[22]
- It will shut down all of its production in Sarnia, Ontario by the end of 2008. Sarnia had been Dow's first manufacturing site in Canada. In 1942, the Canadian government invited Dow to build a plant there to produce styrene (an essential raw material used to make synthetic rubber for World War II). Dow then built a polystyrene plant in 1947. Up to the early 1990s, the Chemical Valley site contained numerous plants, while Dow Canada's headquarters were located at the Modeland Centre, and a new River Centre complex was opened which housed Research and Development. Since then, several plants on the site have been dismantled and Dow Canada headquarters were moved to Calgary, Alberta, while the Dow Fitness Centre was donated to YMCA of Sarnia-Lambton, and the Modeland Centre was sold to Lambton County and the City of Sarnia. In 2000, Sarnia Site was the location of a pilot plant for ethylene-styrene interpolymer (ESI) but ending up production never progressed and the project was ended. In 2002, the old steam plant was demolished and land on the site was sold to TransAlta which built a new natural gas power plant. As of 2003, the remaining plants on the site produce Polystyrene, Low Density Polyethylene (LDPE), Epoxy Resins, Polyols (Propylene Oxide Derivatives), and Latexes.[23]
- One plant (Dow terminology for a production unit) at its site in Porto Marghera (Venice), Italy which had been shut down for planned maintenance earlier that month, will not be restarted.
- Two plants at its major site in Fort Saskatchewan, Alberta were to be shut down by the end of October 2006.
In December 2007, Dow announced a series of moves to revamp the company. A December 4 announcement revealed that Dow planned to exit the automotive sealers business in 2008 or 2009.[24] Within several weeks, Dow also announced the formation of a joint venture, later named K-Dow, with the Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation. In exchange for $9.5 billion, Dow sold a 50% interest in five of its global businesses: polyethylene, polypropylene and polycarbonate plastics, and ethylenamines and ethanolamines.[25]
Rohm & Haas Company purchase
On July 10, 2008, Dow agreed to purchase all of the common equity interest of Rohm and Haas Company for $18.8 billion, which equates to $78 for each share. The buyout will be financed with equity investments of $3 billion by Berkshire Hathaway Inc. and $1 billion by the Kuwait Investment Authority. The purpose of the deal is to move Dow Chemical further into specialty chemicals, which offer higher profit margins than the commodities market and are more difficult to enter for the competition. The purchase has been criticized by many on Wall Street who believe Dow Chemical overpaid (about a 75% premium on the previous day's market capital) to acquire the company; however, the high bid was needed to ward off competing bids from BASF. The transaction to purchase the outstanding interest of Rohm and Haas closed on April 1, 2009.[26]
Accelerated Implementation
On December 8, 2008 Dow announced due to the 2008 economic crisis they would accelerate job cuts resulting from their reorganization. The announced plan includes closing 20 high-cost facilities, temporary idling of 180 plants, and elimination of 5,000 full-time jobs (about 11 percent of their work-force) and 6,000 contractor positions.[27]
Strategy Interruption
Citing the global recession that begin in the latter half of 2008, the Kuwaiti government scuttled the K-Dow partnership on December 28, 2008.[28] The collapse of the deal dealt a blow to Andrew Liveris' vision of restructuring the company to make less cyclical. However, on January 6, 2009 Dow Chemical announced they were in talks with other parties who could be interested in a major joint venture with the company.[29] They also announced they would be seeking to recover damages related to the failed Joint Venture from PIC.[29]
After the K-Dow deal collapsed, some speculated Dow would not complete the Rohm & Haas transaction, as the cash from the former transaction was expected to fund the latter.[30] The deal was expected to be finalized in early 2009 and was to form one of the nation's largest specialty chemicals firms.[31][32] However, on January 26, 2009 the company informed Rohm and Haas that it would be unable to complete the transaction by the agreed upon deadline.[33] Dow cited a deteriorated credit market and the collapse of the K-Dow Petrochemical deal as reasons for failing to timely close the merger. Around the same time CEO Andrew Liveris said a first time cut to the company's 97 year old dividend policy was not "off the table". On February 12, 2009 the company declared a quarterly dividend of $.15/share, down from $.42 the previous quarter. The cut represented the first time the company had diminished its investor payout in the dividend's 97 year history.[34][35]
After negotiating the sale of Preferred Stock with Rohm and Hass' largest two stockholders and extending their one year bridge loan an additional year, the company announced a closure of the merger on March 9, 2009. The purchase price will be the previously agreed upon $78 a share.[26]
Chlorpyrifos
Chlorpyrifos, marketed by Dow as Dursban, is well known as a home and garden insecticide, and until 2000 it was one of the most widely used household pesticide in the US. The pesticide is also a nerve toxin and suspected endocrine disruptor and has been associated with carcinogenicity, reproductive and developmental toxicity, and acute toxicity. Pesticide Action Network, a hazardous pesticide elimination advocacy group, estimated Dow contributed 80% of human exposure to chlorpyrifos based on their estimate of Dow's market share in 2004.[36]
Dioxin Leaks
Areas along Michigan's Tittabawassee River, which runs within yards of Dow's main plant in Midland, were found to contain elevated levels of the cancer-causing chemical dioxin in November 2006. The dioxin was located in sediments two to ten feet below the surface of the river, and, according to the New York Times, "there is no indication that residents or workers in the area are directly exposed to the sites".[37] However, people who often eat fish from the river had slightly elevated levels of dioxin in their blood.[37] In July 2007, Dow reached an agreement with the Environmental Protection Agency to remove 50,000 cubic yards (38,000 m3) of sediment from three areas of the riverbed and levees of the river that had been found to be contaminated.[38] In November 2008, Dow Chemical along with the United States Environmental Protection Agency and Michigan Department of Environmental Quality agreed to establish a Superfund to address dioxin cleanup of the Tittabawassee River, Saginaw River and Saginaw Bay.[39]
Environmental record
The Political Economy Research Institute ranks Dow Chemical third among corporations emitting airborne pollutants in the United States. The ranking is based on the quantity (11 million pounds in 2005) and toxicity of the emissions.[40] According to the United States Environmental Protection Agency (EPA), Dow has some responsibility for 96 of the United States' worst Superfund toxic waste dumps placing it in tenth place by number of sites. One of these, a mining site, is listed as the sole responsibility of Dow. The rest are shared with numerous other companies. Fifteen sites have been listed by the EPA as finalized (cleaned up) and 69 are listed as "construction complete", meaning that all required plans and equipment for cleanup are in place.[41]
In 2007, Dow was awarded an American Chemical Council (ACC) award of 'Exceptional Merit' in recognition of its longstanding energy efficiency and conservation efforts. Between 1995 and 2005, Dow reduced energy intensity (BTU per pound produced) by 22%. This is equivalent to saving enough electricity to power eight million US homes for a year.[42] The same year, Dow subsidiary Dow Agrosciences won a United Nations Montreal Protocol Innovators Award for its efforts in helping replace methyl bromide - a compound identified as contributing to the depletion of the ozone layer. In addition, Dow Agrosciences won an EPA "Best of the Best" Stratospheric Ozone Protection Award. [1]. The United States Environmental Protection Agency (EPA) named Dow as a 2008 Energy Star Partner of the Year for excellence in energy management and reductions in greenhouse gas emissions.[43]
In 2008, Dow was reported[44] as being the major supplier of pesticides based on aminopyralid which had contaminated manure and caused widespread loss of vegetable crops in allotments and gardens across the UK.
Board of directors
Current members of the board of directors of The Dow Chemical Company are:
- Arnold Allemang - Adviser, The Dow Chemical Company
- Jacqueline Barton - chemistry professor
- James A. Bell - former Boeing manager
- Jeff Fettig - Whirlpool Corporation, Chairman and CEO
- Barbara Franklin - former U.S. Secretary of Commerce
- Andrew N. Liveris - Chairman and CEO, The Dow Chemical Company
- Geoffery E. Merszei - CFO, The Dow Chemical Company
- James Ringler - Vice chairman, Illinois Tool Works Inc.
- Ruth Shaw - President, Duke Energy Corporation
- Paul Stern - Chairman, Claris Capital; Dow's presiding Director and a member of the Council on Foreign Relations.)[45]
2007 dismissal of senior executives
On April 12, 2007, Dow dismissed two senior executives for "unauthorized discussions with third parties about the potential sale of the company." The two figures are executive vice president Romeo Kreinberg, and director and former CFO J. Pedro Reinhard. Dow claims they were secretly in contact with JPMorgan Chase; at the same time, a story surfaced in Britain's Sunday Express regarding a possible leveraged buyout of Dow. The two executives have since filed lawsuits claiming they were fired for being a threat to CEO Liveris, and that the allegations were concocted as a pretext.[46] However, in June 2008 Dow Chemical and the litigants announced a settlement in which Kreinberg and Reinhard dropped their lawsuits and admitted taking part in discussions "which were not authorized by, nor disclosed to, Dow's board concerning a potential LBO" and acknowledged that it would have been appropriate to have informed the CEO and board of the talks.[47]
Major Sponsorships
In September 2004, the company obtained the naming rights to the Saginaw County Event Center in Saginaw, Michigan; the center is now called the Dow Event Center. The Saginaw Spirit (of the Ontario Hockey League) plays at the Center, which also hosts events such as professional wrestling and live theater.[48][49]
In October 2006 the company bought the naming rights to the stadium used by the Great Lakes Loons, a Single-A minor league baseball team located in its hometown of Midland, Michigan. The stadium, which opened in April 2007, is called Dow Diamond. The Dow Foundation played a key role in bringing the Loons to the city.
Dow is a major sponsor of US Speedskating's Short Track and Long Track Teams.
The company also sponsors a global running relay to highlight the need for better drinking water in locations around the globe. The run will roughly follow the 41st North parallel and cover nearly 12,000 miles (19,000 km). The run is organized by the Blue Planet Run Foundation.
Dow owns the Saginaw River Light and is active in its restoration.
Outlook
Dow CEO Andrew N. Liveris called 2005 the company's "best year ever" with operating profits of $5.4 billion, a jump of 56.5% compared with the previous year.[50] Net income rose more than 60% to $4.5 billion, on sales of $46.3 billion. 2006 looks as if it could be even better, with first-quarter net earnings of $1.2 billion.[51] All this is occurring in the context of adverse operating conditions, caused by high energy and raw material costs, and the effects of two damaging hurricanes.
Liveris supports the vertically integrated approach used at Dow, which produces everything from basic chemical feedstocks to high value products such as pesticides and reverse osmosis membranes. These value-adding product chains, along with Dow's wide product range, help the company to weather the storms of the global economy. Despite this, high energy and feedstock costs may begin to take their toll, particularly if global demand begins to fall just as supply is rising.
Like many chemical companies, Dow is facing pressures of regulation in the US and Europe, particularly as the EU introduces its new REACH policy. Litigation costs in the US taken over by Dow as a result of its 2001 takeover of Union Carbide also remain a concern.
For these reasons the company is looking to the Middle East and Asia for new projects. In Kuwait , Dow is constructing (with PIC of Kuwait) a new world-scale ethane cracker for production of ethylene, along with an ethylene oxide/ethylene glycol plant and (for 2008) a facility for production of aromatic hydrocarbons. In Oman, the company is working with the Oman government to build a new world-scale polyethylene plant. In China, the company is collaborating with Shenhua Group (the country's largest coal mining company) to improve catalyst efficiency to allow viable conversion of coal to olefins. Dow is also seeking to expand its R&D presence in Asia, adding 600 jobs in Shanghai by the end of 2007, and the company may open up a large R&D center in India.
The joint ventures planned for Asia are typical of Dow's "asset-light" approach, which works by offering a combination of intellectual property and money in exchange for a share in a world-scale production facility. At the same time, the company is considering selling a share of some of its existing assets in order to free up cash.
In June 2006 Liveris announced Dow's safety and environmental goals for 2015:[51]
- 75% reduction in environmental, health and safety indicators from 2005. The company aims to have no fatalities, and a reduction in injuries, spillages and leaks.
- 25% increase in energy efficiency.
- 2.5% annual reduction in greenhouse gas emissions intensity.
Liveris expects these goals to be reached predominantly with fossil fuels, through energy conservation and reduction of energy intensity, as he does not expect alternative energy to play a major role for at least 10–20 years.
Subsidiaries and Joint Ventures
Dow Chemical has a number of Subsidiaries and Joint Ventures.[52]
 | It has been suggested that Texize be merged into this article or section. (Discuss) |
Subsidiaries
Current Joint Ventures
- Americas Styrenics
- Compañía Mega, S.A.
- Dow Corning Corporation
- Dow Kokam[53]
- EQUATE Petrochemical Co. K.S.C.
- Equipolymers
- MEGlobal
- SCG-DOW Group
- Univation Technologies
Former Joint Ventures
- K-Dow Petrochemicals
- Dow Reichhold Specialty Latex
- Cargill-Dow (now NatureWorks LLC)
Notes
- ^ a b c d e f "Financial Tables". Dow Chemical Company Investor Relations. http://www.google.com/finance?q=NYSE:DOW&fstype=ii. Retrieved 2009-01-23.
- ^ The Dow Chemical Company information and related industry information from Hoover's United Kingdom (UK)
- ^ "Dow's vision statement". http://www.dow.com/about/aboutdow/vision.htm. Retrieved 2007-11-28.
- ^ "Hall of Fame Inventor Profile". National Inventors Hall of Fame. http://www.invent.org/hall_of_fame/45.html. Retrieved 2006-06-24.
- ^ a b "Corporate Profile" (PDF). The Dow Chemical Company. http://www.dow.com/about/aboutdow/profile/CorpProfile2006.pdf. Retrieved 2006-06-24.
- ^ "Fast Facts". The Dow Chemical Company. http://news.dow.com/dow_news/press/pre_fast.htm. Retrieved 2006-06-24.
- ^ "Quote from John Tysse, Dow vice-president of sales and marketing". http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=il&vol=app/2005/1031657&invol. Retrieved 2007-11-28.
- ^ a b Chemical and Engineering News, Vol. 84, Issue 22 (May 29, 2006), pp 10-15
- ^ "ANGUS Chemical Company". The Dow Chemical Company. http://www.dow.com/angus/. Retrieved 2006-06-26.
- ^ "Dow's Filmtec to help manage ME water needs". Trade Arabia. http://www.tradearabia.com/news/ENV_148211.html. Retrieved 2008-08-26.
- ^ "Dow Chemical". University of Michigan Department of Geography. http://www.geo.msu.edu/geo333/dow.html. Retrieved 2006-06-24.
- ^ Brandt, E.N. (1997). Growth Company: Dow Chemical's First Century. East Lansing, MI: Michigan State University Press. ISBN 0-87013-426-4.
- ^ a b History of Texas Operations
- ^ Dow Texas Operations Fast Facts
- ^ Morton, Jr, Wilbur D. The Journey Continues: The World War II Home Front. p. xxiv,64.
- ^ "Rocky Flats: Dow Chemical And Rockwell International Billed $925M For Contamination At Nuclear Site". huffingtonpost.com. 2008-06-03. http://www.huffingtonpost.com/2008/06/03/rocky-flats-dow-chemical_n_104974.html. Retrieved 2009-08-09.
- ^ "US won't compensate Vietnam's Agent Orange victims: official". AFP. 2006-06-06. http://www.commondreams.org/headlines06/0605-03.htm. Retrieved 2009-11-28.
- ^ "Dole must pay farmworkers $3.2 million", John Spano, Los Angeles Times, November 6, 2007.
- ^ Hallman, Ben. - "Finding Plaintiffs Lawyers Committed Fraud, Judge Dismisses Tort Cases Against Dole and Dow Chemical". - The American Lawyer. - April 27, 2009.
- ^ Keating, Gina. - "Judge throws out Dole "bananeros" cases, citing fraud". - Forbes. - April 24, 2009.
- ^ William Stavropoulos to Retire as Chairman of Dow; Andrew Liveris Elected Chairman Effective April 1, 2006
- ^ "Dow Announces Plant Closures To Strengthen Competitive Position". The Dow Chemical Company. 2006-08-31. http://news.dow.com/dow_news/corporate/2006/20060831g.htm. Retrieved 2006-09-13.
- ^ Letter from the Site Leader — Steve Bolt
- ^ "Dow Chemical Job Cuts". The New York Times. December 5, 2007. http://www.nytimes.com/2007/12/05/business/05dow.html. Retrieved 2008-04-17.
- ^ "Dow Chemical Gets Kuwaiti Partner". The New York Times. December 14, 2007. http://www.nytimes.com/2007/12/14/business/worldbusiness/14chemical.html. Retrieved 2008-04-17.
- ^ a b "Dow closes on Rohm & Haas buyout". 2009-04-01. http://finance.yahoo.com/news/Dow-closes-on-Rohm-amp-Haas-apf-14817696.html.
- ^ "Dow Accelerates Implementation of its Transformational Strategy". 2008-12-08. http://phx.corporate-ir.net/phoenix.zhtml?c=80099&p=irol-eventDetails&EventId=2048018.
- ^ Diana Elias (December 28 2008). "Kuwait scraps$17.4 billion venture with Dow Chemical". Detroit Free Press. http://www.freep.com/article/20081228/BUSINESS07/81228030. Retrieved December 28 2008.
- ^ a b "Dow Chemical Confirms Commitment to Transformational Corporate Strategy". 2009-01-06. http://news.dow.com/dow_news/corporate/2009/20090106a.htm.
- ^ "Rohm and Dow shares fall on investor concern over deal". Reuters. 2008-12-29. http://biz.yahoo.com/rb/081229/business_us_rohm_dow_shares.html?.v=10. Retrieved 2009-01-02.
- ^ ""Dow Chemical agrees to buy Rohm & Haas"". Chicago Tribune. 2008-07-11. http://www.chicagotribune.com/business/chi-fri-dow-chemical-rohm-haas-jul11,0,3989958.story. Retrieved 2008-07-11.
- ^ Dow Chemical to Buy Rohm and Haas, Wall Street Journal, July 11, 2008, p.B1
- ^ "Dow Chemical Confirms Rohm and Haas Acquisition Will Not Close On or Before January 27, 2009". 2009-01-26. http://news.dow.com/dow_news/corporate/2009/20090126b.htm.
- ^ Dow Chemical Likely Glad Week's Over
- ^ Against the Grain: Buy Dow Chemical!
- ^ http://www.panna.org/docsTrespass/ChemTresExSumEng%28screen%29.pdf
- ^ a b Barringer, Felicity (July 4, 2007). "E.P.A. and Dow in Talks on Dioxin Cleanup at Main Factory". The New York Times. http://www.nytimes.com/2007/07/04/us/04dioxin.html. Retrieved 2008-04-17.
- ^ Barringer, Felicity (July 18, 2007). "Michigan: Dioxin Deal". The New York Times. http://www.nytimes.com/2007/07/18/us/18brfs-dioxin.html. Retrieved 2008-04-17.
- ^ "Superfund Alternative Site possible on Tittabawassee". November 11, 2008. http://ourmidland.com/articles/2008/11/12/local_news/1362469.txt. Retrieved 2008-11-12.
- ^ Political Economy Research Institute - Toxic 100
- ^ Center for Public Integrity
- ^ Dow Wins 2006 ACC Responsible Care Energy Efficiency Award
- ^ "EPA Names The Dow Chemical Company 2008 ENERGY STAR Partner of the Year". MSN Money. 2008-03-14PM ET. http://news.moneycentral.msn.com/ticker/article.aspx?Feed=PR&Date=20080314&ID=8341331&Symbol=DOW. Retrieved 2008-03-18.
- ^ Davies, Caroline (2008-06-29). "Homegrown veg ruined by toxic fertiliser". The Observer. http://www.guardian.co.uk/environment/2008/jun/29/food.agriculture. Retrieved 2008-07-02.
- ^ "Board of Directors". The Dow Chemical Company. http://www.dow.com/corpgov/leader/stern.htm. Retrieved 2006-06-23.
- ^ ""Former Dow executives fight back"", Chemical and Engineering News: 12, May 14 2007, http://pubs.acs.org/cen/news/85/i20/8520notw6.html
- ^ ""Case Closed"", Chemical and Engineering News: 10, June 19 2008, http://pubs.acs.org/cen/news/86/i23/8623notw2.html
- ^ "The Dow Event Center". The Dow Chemical Company. http://www.dow.com/facilities/namerica/michigan/outreach/eventcenter.htm. Retrieved 2006-06-27.
- ^ "Welcome to the Dow Event Center". Dow Event Center. http://www.doweventcenter.com/. Retrieved 2006-06-27.
- ^ "Top 50 Chemical Producers", Chemical and Engineering News, Vol. 84, Issue 20 (May 15, 2006), pp 10-15
- ^ a b "Liveris Tells It Like It Is", Chemical and Engineering News, Vol. 84, Issue 22 (May 29, 2006), pp 10-15
- ^ "Joint Ventures and Subsidiaries". The Dow Chemical Company. http://www.dow.com/about/aboutdow/joint/main.htm. Retrieved 2008-07-19.
- ^ http://216.39.100.211/PRNewswire/release/188527.html
Further reading
- Ray H. Boundy, J. Lawrence Amos. (1990). A History of the Dow Chemical Physics Lab: The Freedom to be Creative. M. Dekker. ISBN 0824780973.
- E. Ned Brandt. (2003). Growth Company: Dow Chemical's First Century. Michigan State University Press. ISBN 0-87013-426-4
- Don Whitehead and Max Dendermonde. (1968). The Dow Story: The History of the Dow Chemical Company. McGraw-Hill. ISBN 9080009997.
External links
- The Dow Chemical Company — Official website
- Dow Chemical Corporate Officers
- Dirty Dow: Article on Dow's industrial accidents and controversies with citations
- Poison in Bhopal Photo report from ReMedAct (2008)
- Orange Child Photo report from ReMedAct on victims of Orange agent in Viet Nam (2006)
- BHOPAL XXV 3 photographers associate around 25 years of Bhopal disaster | Facts | Project | Actions | 2009
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Bhopal's Industrial Catastrophe Caused Due To EmergencyCounterCurrents.org - - 25 minutes ago In 1968, the agricultural office of the company had moved from Mumbai to Bhopal. At the time of Bhopal disaster it was the 7th largest company in the world ... Video: Should Dow Chemicals clean up the Bhopal mess?  NDTV ProfitDow to NDTV on no Bhopal liability NDTV.com Bhopal victims appeal Moily to file Curative PetitionThe Hindu - - 3 hours ago The Union of India is allowed to act as the representatives of the victims under The Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985. Ahmadi diluted charge: Moily Hindustan Times Bhopal gas tragedy: Ex-CJI now in row Indian Express IBNLive.com - Merinews - CounterCurrents.org - Times of India Email this storyIf the Bhopal tragedy had happened in the US? (Comment)Sify - Jun 11, 2010 remembered that the Dec 2-3, 1984, Bhopal industrial disaster had capped off five weeks of what was probably the bloodiest time in independent India's ... Video: India can move US courts against Union Carbide: Lawyer NDTV.comCalcutta Telegraph - IBNLive.com - Economic Times - Central Chronicle Email this storyBhopal verdict: NGO wants govt to file curative petition in Supreme CourtDaily News & Analysis - 5 hours ago PTI Bhopal: An NGO working for the Bhopal gas tragedy survivors today said that the blame-game over the disaster of 1984 should stop and centre and state ... Govt should lessons from Bhopal gas tragedy: Jabbar Press Trust of India Email this storyKarat demands scrapping of Nuclear Liability BillBusiness Standard - Jun 12, 2010 The recent attack on the Congress over the Bhopal disaster also gave an opportunity to the hardliner CPI(M) leader to toughen his position on the Civil ... Anderson: The man who got away in Bhopal gas caseTimes of India - Jun 7, 2010 Both have washed their hands off the Bhopal disaster. Union Carbide says its officials were not part of this case since the charges were divided long ago ... Video: India's High Court called into question as Bhopal accused get away with murder AsianCorrespondentNeed to strengthen prosecution in cases like Bhopal: CBI chiefSify - 5 hours ago ... Sunday said the agency needs to strengthen its prosecution to match the legal resources employed by the accused in cases like the Bhopal gas disaster. 'Bhopal lesson: Freeze Haripur, scrap Nayachar'Times of India - 18 hours ago KOLKATA: Buoyed by the nationwide outrage over the meagre punishment meted out to those responsible for the Bhopal gas disaster and measly compensation to ... Bhopal verdict a sham; more rehabilitation needed: BartholomewHindustan Times - 11 hours ago PTI His heart-wrenching photograph of the frozen gaze of a little child, buried neck-deep, went on to become an iconic symbol of the Bhopal gas tragedy that ... The tragedy that was Indian Express Email this storyNew GoM to look at clean-up rejected earlierTimes of India - - Jun 11, 2010 NEW DELHI: The new GoM on Bhopal might have been given the mandate of remediation measures at the site of Bhopal disaster in 1984 but the GoM under UPA-1 ... In shadow of Bhopal tragedy, Indian gov't urged to scrap nuclear liability billXinhua - Jun 11, 2010 NEW DELHI, June 11 (Xinhua) -- The recent verdict on the world' s worst industrial disaster, Bhopal gas leak tragedy, which handed out a meager penalty to ... Bhopal verdict fallout: Focus back on N-bill Hindustan Times A lesson for liability Bill, says Left The Hindu Bhopal verdict very unsatisfactory, says Jairam RameshHindustan Times - Jun 8, 2010 Speaking about measures to deal with the ongoing consequences of the Bhopal disaster, he said: "We have about 325 tonne of toxic waste still at the site ... Green Tribunal to victims of Bhopal gas tragedy to ensure speedy relief Samachar Today (blog) Squabble stalls memorial for disaster victimsHindustan Times - 22 hours ago Twenty-six years after the world's worst industrial disaster struck Bhopal, killing about 15000 people, a proposal for a solemn memorial is yet to take off, ... GoM on Bhopal case reconstitutedThe Hindu - Jun 9, 2010 ... by the world's worst industrial disaster. Curiously, while the UPA government made the announcement 48 hours after the June 7 verdict of a Bhopal court, ... Video: Bhopal: World media blames govt, judiciary NDTV.comZee News - Business Standard - Deccan Herald - Mizoram Express (blog) Email this storyBhopal tragedy: Keshub Mahindra plans to appeal the verdictNDTV.com - Jun 10, 2010 ... Bhopal sessions court. The basic tenet the case rests on is the fact that a non-executive chairman should not be held liable for the industrial disaster ... Mail Today Bureau India Today Sonia must answer on Bhopal: Modiindiablooms - 5 hours ago ... chairman Warren Anderson from the Madhya Pradesh capital after the disaster. "Soniaji, tell the people of India who was the maut ka saudagar in Bhopal," ... Who was Bhopal's 'maut ka saudagar', Modi asks Sonia Economic Times Email this storyCentre couldn't have been in dark on Anderson, said an LS panel in 2003Financial Express - 27 minutes ago New Delhi: Seven years before the recent Bhopal verdict—which has brought up this issue again—a Lok Sabha committee had talked of the Central government ... He will speak when time is right, says daughter Hindustan Times Email this storyBhopal gas tragedy verdict late: KG BalakrishnanTimes of India - Jun 7, 2010 A court in Bhopal held eight former officials of Union Carbide India Ltd (UCIL) guilty of criminal negligence in the world's worst industrial disaster 25 ... Take action to avert a 'Bhopal leak' in Gujarat: CongTimes of India - Jun 11, 2010 He said the state government did not have even a chemical disaster action plan, which was a must when the state had several units and estate dealing in ... Tough new law for next Bhopal like disaster in 6 months: GovtHindustan Times - Jun 9, 2010 A day after the eight accused responsible for India’s worst industrial disaster at Bhopal got away lightly sparking a nationwide outrage, the government ... New disaster management law in 6 months: Moily IBNLive.com Law soon to allow class action suit for huge damages: Moily Times of India More results for Bhopal disaster » | |
Cong leaders pressure Arjun to break silence
Pressure has been mounting on Arjun Singh from his Congress colleagues to speak up about Warren Anderson and clear the air over then Prime Minister Rajiv Gandhi's role in the Union Carbide chief's escape.
However, the former Madhya Pradesh chief minister maintained a stoic silence. On Saturday, he backed out from an event organised by a media group to felicitate him with a lifetime achievement award for his contribution to the Urdu language.
The party leaders want him to break his silence so that "names of others are not unnecessarily dragged" into the issue.
Congress Working Committee member Satyavrat Chaturvedi recalled that Arjun Singh had earlier admitted taking the decision at the state level and without any instructions from the Centre.
"Arjun Singh should break his silence and come forward to tell whether he stands by the three statements he had made after Anderson left the country, which clearly bring out the fact that the then Prime Minister Rajiv Gandhi had no role into it," he said.
"On December 8, 1984, Arjun Singh had said that Anderson was allowed to leave the country because the police felt his presence was not required," Chaturvedi recalled.
Congress leaders pointed out to news reports of that period which suggested that Rajiv Gandhi was unaware of developments related to Anderson's arrest and subsequent release.
The fact that the Cabinet Committee on Political Affairs in its meeting, where Arjun Singh was present, on December 9, 1984, did not discuss the Anderson issue give credence to such reports, a leader said.
"He briefed the PM only in the evening."
Many Congress leaders believe Arjun Singh will break his silence only when he desires.
"It is impossible to force him to speak up," said a functionary.
The government is expected to come up with a clarification on the issue shortly.
Business News
Gujarat makes tree planting mandatory in housing complexes
Gandhinagar, June 13 (IANS) Developers of housing complexes in Gujarat will now compulsorily have to grow trees on 20 percent of the project area, officials said Sunday.
- Uttar Pradesh could save 1,080 MW with CFLs: Official IANS - Sun, Jun 13
- Railways to give free houses to squatters: Mamata IANS - Sun, Jun 13
- Agitators allow survey, Naveen agrees to visit Posco area PTI - Sun, Jun 13
- Pakistan, Iran sign gas export deal PTI - Sun, Jun 13
- Uttar Pradesh to subsidise CFLs for consumers IANS - Sun, Jun 13
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General
- B'desh, China plan road link via Myanmar, space cooperationPTI - Sun, Jun 13
Dhaka, Jun 13 (PTI) Bangladesh and China plan to construct a road link via Myanmar to boost connectivity between the two nations as they seek to deepen bilateral relationship, including space cooperation.
- Need to deepen economic ties between India, Canada: expertPTI - Sun, Jun 13
Bal Krishna Toronto, Jun 13 (PTI) India and Canada can deepen their economic ties by boosting cooperation in energy, entrepreneurship and education, a top scholar has said, ahead of a key visit of Prime Minister Manmohan Singh later this month.
- Corruption eats $40-bn up annually in developing nations: WBPTI - Sun, Jun 13
New Delhi, June 13 (PTI) Corrupt practices are robing the developing nations as much as USD 40 billion annually, even a fraction of which can fund treatment of over 6 lakh AIDS people, according to the World Bank.
- ''Visitors to porn site could be exploited by cyber criminals''PTI - Sun, Jun 13
London, Jun 13 (PTI) Visitors to porn sites could be exploited by cyber criminals, who may have booby-trapped the site with adware, spyware and viruses, a study has suggested.
- The Five Things Job Recruiters Want From You NowForbes - Sun, Jun 13
Jerome Young, Forbes.comWith too many people looking for too few jobs, employers are being very selective and demanding more than ever from job candidates. Marketing yourself with a résumé that simply explains the things you've done in previous positions is not enough.
India
- Special trains for Ajmer Sharif pilgrimsIANS - Sun, Jun 13
New Delhi, June 13 (IANS) The Indian Railways will run special trains to Ajmer from various parts of the country for devotees travelling to the the Rajasthan city for the 798th Urs of Hazrat Khwaja Moinuddin Chisti.
- Jats cut water supply from Ganga canal to DelhiIANS - Sun, Jun 13
Ghaziabad/New Delhi, June 13 (IANS) Protesting the denial of reservations in recruitment for central services, members of the Jat community Sunday stopped the water supply to Delhi from the Upper Ganga canal. The Delhi government said talks were on to resolve the issue and there was no need to panic.
- Don't disrupt railways for political agenda: MamataIANS - Sun, Jun 13
Kolkata, June 13 (IANS) Railway Minister Mamata Banerjee Sunday appealed to all political outfits not to disrupt train services to fulfil their political agendas.
- Naveen Patnaik meets anti-POSCO leadersIANS - Sun, Jun 13
Bhubaneswar, June 13 (IANS) For the first time, Orissa Chief Minister Naveen Patnaik Sunday held talks with a group opposed to a steel project by South Korean steel major POSCO in the state.
- Gujarat can light up all of India: Narendra ModiIANS - Sun, Jun 13
Patna, June 13 (IANS) Bharatiya Janata Party (BJP) leader and Gujarat Chief Minister Narendra Modi Sunday claimed that his state has the capacity to light up the entire nation.
International
- Host U.S. under pressure in Asia-Pacific trade talksReuters - Sun, Jun 13
Trade negotiators from the United States, Vietnam and six other Asia Pacific nations meet in San Francisco this week for work on a free-trade agreement that U.S. trade officials say could transform the region.
- Taiwan-China deal "to cut tariffs on 500 items"Reuters - Sun, Jun 13
Some 500 Taiwanese petrochemical, machinery, auto parts and textile products will be among the first to benefit from tariff cuts under a trade deal with China, Taiwan newspapers reported on Sunday.
- Fund for making movies with a cause excites US investorsIANS - Sun, Jun 13
Washington, June 13 (IANS) A unique fund to help talented Bollywood directors make movies with a cause has generated a buzz among investors in the US, say two former Indian investment bankers who are behind the venture.
- - Sun, Jun 13
Dhaka, June 13 (IANS) Investors and telecom service operators in Bangladesh are worried at the government's move to bring in a stringent law that has provision of arrest without warrant, no scope for appeal and a heavy fine, to punish wrongdoers.
- Davidar fired by Penguin for sexual harassment, didn't quitIANS - Sun, Jun 13
Toronto, June 13 (IANS) David Davidar, Indian-born president and CEO of Penguin Canada who announced Tuesday that he is voluntarily leaving the publishing giant, was actually terminated following a sexual harassment complaint by a former employee.
Personal-Finance
- K. Maran buys 37 per cent stake in spice jetHT - Sun, Jun 13
Sun TV promoter Kalanithi Maran has bought a 37.7 per cent stake in Gurgaon-based low-cost carrier SpiceJet Ltd from its promoter Bhupendra Kansagra and US investor W.L. Ross for around Rs 750 crore.
- Sensex up 142 points on robust data, global cuesIANS - Fri, Jun 11
Mumbai, June 11 (IANS) A benchmark index for Indian equities Friday closed 142 points higher on steady global cues, slipping from the intra-day highs it reached on the back of strong industrial data.
- Sensex up 105 points in morning tradeIANS - Thu, Jun 10
Mumbai, June 10 (IANS) A benchmark index for Indian equities Thursday was ruling 105 points higher than its previous close, about an hour into trade.
- Sensex ends 154 points lowerIANS - Tue, Jun 8
Mumbai, June 8 (IANS) A benchmark index for Indian equities Tuesday closed 154 points lower as bearish sentiments prevailed across the globe.
- Sensex plunges by 380 points on global cuesANI - Mon, Jun 7
Mumbai, June 7 (ANI): The Bombay Stock Exchange (BSE) index benchmark Sensex plunged by over 380 points on Monday on account of the weak global cues and weakness in realty and metal stocks.
Markets
- BP unlikely to cancel dividend, mulls several ideas - sourceReuters - Sun, Jun 13
BP Plc is unlikely to decide to cancel its dividend, a person familiar with the British energy giant said on Sunday, as the company faced pressure in the United States to suspend the payment to help pay for damage caused by a huge oil spill.
- Bankrupt companies wary of financing jittersReuters - Sun, Jun 13
The easy days of bankruptcy financing may be drawing to a close as volatility in global markets has made investors nervous about putting money into this already uncertain sector.
- Large investors leave debt rating agencies behindReuters - Sun, Jun 13
When Fitch raised Indonesia's credit rating in January to just one level below investment grade, debt strategist Anthony Chan took little notice.
- Zimbabwe to lift diamond export ban - state mediaReuters - Sun, Jun 13
Zimbabwe's government will soon lift its ban on diamond exports and expects to trade more than 4 million carats from the controversial Marange fields, state media reported on Sunday.
- Accounts of 500 UBS clients already sent to U.S. - paperReuters - Sun, Jun 13
Swiss authorities have already handed over 500 accounts of UBS clients to the United States under an agreement to end a tax dispute that has threatened the bank's existence, a paper reported on Sunday.
Business News
StanChart IDRs list at a discount
FE - Sat, Jun 12Standard Chartered Plc's Indian depository receipts (IDRs) closed at a discount to its offer price on the Indian bourses on Friday.
- IIP hits record 17.6% as capital goods grow 73% FE - Sat, Jun 12
Beating all expectations, India's industrial production expanded at a record pace of 17.6% in April, with the spectacular 73% growth in capital goods output prompting analysts to re-confirm an incipient investment boom.
- SpiceJet allots 6.4 crore shares to Ross, Istithmar FE - Sat, Jun 12
Low-budget carrier SpiceJet on Friday announced it would allot 6.4 crore shares (worth 20% stake in the airline) to WL Ross, Istithmar Capital and Goldman Sachs, currently holding foreign currency convertible bonds (FCCBs) in the company.
- Banks' average borrowing from RBI stands at Rs 60,000 crore this week FE - Sat, Jun 12
In the last five days, banks have made an average borrowings of Rs 60,000 crore from the Reserve Bank of India's (RBI) special repo window to tackle the ongoing liquidity crises.
- Quick View FE - Sat, Jun 12
Central Bank credit growth at 19% Central Bank of India on Friday said that it has clocked a 19% loan growth so far in FY11. "Our loan growth has been 19% so far this year," Central Bank's CMD S Sridhar said at an Indian Banks' Association event here.
- BWA auction brings Rs 38k cr to govt coffers FE - Sat, Jun 12
The contrast couldn't be starker. While the government celebrated the close of spectrum auction for broadband wireless access (BWA) with total revenue including proceeds from 3G auctions touching Rs 106,336 crore, the fatigue was clearly visible on the industry.
- Commerce min bats for scrapping EU norms FE - Sat, Jun 12
The ministry of commerce will work towards scrapping the registration evaluation, authorisation and restriction of chemicals (Reach) standards of the European Union at the WTO forum, according to Sanoj Kumar Jha, deputy secretary, ministry of commerce.
- RIL call signals long-term potential for Infotel FE - Sat, Jun 12
Himachal Futuristic Communications Ltd (HFCL) is making news again. Be it the company's outrageous bids of Rs 86,000 crore to snap up 13 telecom circles in 1995, the spat with Dhoots over ownership of Datacom or the current sale of 95% in Infotel Broadband to Reliance Industries - Nahata and HFCL have hogged the limelight all the way.
- I-T exemption limit on gratuity hiked FE - Sat, Jun 12
In a relief to the retired class, the government has raised the income tax exemption limit on gratuity to Rs 10 lakh from Rs 3.5 lakh with effect from May 24.The Central Board of Direct Taxes has approved a notification to this effect.
- Health ministry to table medical devices Bill in Monsoon Session FE - Sat, Jun 12
The health ministry would soon produce an exclusive Bill on medical devices in Parliament. "The Bill, which will be finalised after receiving the concurrence of states, is likely to be introduced in Parliament during the monsoon session," minister of state for health Dinesh Trivedi said at Ficci on Friday.
- Israeli wasps to check eucalyptus gall disease FE - Sat, Jun 12
Much to the relief of Indian paper industry, wasps of Israeli-origin brought to India to check the gall disease in eucalyptus plants have started showing signs of survival which could save the plants—a key raw material for the wood-based local paper industry from destruction.
- Sebi wants mandatory demat accounts for mutual fund investors FE - Sat, Jun 12
If the market regulator Securities and Exchange Board of India (Sebi) has its way, persons investing in mutual funds must have their own demat accounts.
- Sensex gains 143 points on strong IIP data, global cues FE - Sat, Jun 12
The country's markets gained for the third consecutive day to close at the highest level of the week on firm global cues and healthy industrial output (IIP) data.
- Parkway's banker buys shares from open mkt FE - Sat, Jun 12
The UK-based FrontPoint Management, a subsidiary company of Morgan Stanley, purchased 75,000 shares of Singapore-based Parkway Holdings, according to an announcement at Singapore Stock Exchange on Friday.
- Re rises, bonds slump FE - Sat, Jun 12
Rupee rose on optimism the global economic recovery is intact after the European Central Bank raised the euro-region's growth forecast for this year.
- Srei BNP Paribas-DBS pact to raise $50 mn as ECBs FE - Sat, Jun 12
Srei BNP Paribas, a joint venture of Srei Infrastructure Finance and BNP Paribas Lease Group, signed a loan agreement with Singapore's DBS Bank to raise $50 million as external commercial borrowings.
- Braithwaite revival hopes up after Rlys takeover FE - Sat, Jun 12
State-run wagon manufacturing unit Braithwaite & Co Ltd is aiming at a net profit of Rs 2.08 crore after the takeover by the ministry of railways.
- Plan panel for politics-free rail tariffs FE - Sat, Jun 12
The Planning Commission is pitching for an independent body to regulate railway tariffs, as it feels that this is integral to encouraging the much-needed private investments into the sector.
- Moving past convention FE - Sat, Jun 12
The new Skoda Superb 1.8 TSI diesel is responsive, it's comfortable and it's fun to drive. It's responsive because of the brilliant diesel turbocharged engine: 160 frantic horses at your disposal. It's comfortable because it has big cabin space and very supportive seats. It's fun to drive because six gears can change your life.
- Tata Housing bets big on sub-Rs 10 lakh segment FE - Sat, Jun 12
Tata Housing Development Company Ltd (THDCL), a fully owned subsidiary of Tata Sons, is aiming to create a land bank of 300 lakh sq feet by end of 2010-2011, while betting big on Subha Griha, its sub-Rs 10 lakh apartments.
Business News
K. Maran buys 37 per cent stake in spice jet
HT - Sun, Jun 13Sun TV promoter Kalanithi Maran has bought a 37.7 per cent stake in Gurgaon-based low-cost carrier SpiceJet Ltd from its promoter Bhupendra Kansagra and US investor W.L. Ross for around Rs 750 crore.
- SpiceJet shares up on reports of stake for Maran HT - Sat, Jun 12
Following speculation in the media of a possible acquisition, low cost airline SpiceJet saw its share price surges by 3 per cent on the Bombay Stock Exchange.
- High spectrum cost may hit profits, tariffs HT - Sat, Jun 12
Scarcity of spectrum slots and a high level of competition led to excessively high spectrum prices, telecom service providers said.
- BWA bids net Rs 38,617 cr, RIL buy tops HT - Sat, Jun 12
The government is set to become richer by Rs 38,617 crore by selling broadband wireless access (BWA) spectrum auction for which concluded on Friday, taking the total collections from the sale of airwaves to offer high-speed, high-volume data services to Rs. 106,336 crore.
- April industrial output zooms 17.6% HT - Sat, Jun 12
The country?s industrial output grew by 17.6 per cent in April, rekindling the debate whether the Reserve Bank of India (RBI) would increase interest rates during its policy review next month, as focus shifts towards inflation-control. The manufacturing sector that accounts for 80 per cent of the index of industrial production (IIP) grew 19.4 per cent in April, as against 0.
- Anil aids Mukesh, quietly HT - Sat, Jun 12
New Delhi, June 11 -- Is brotherly love back in fashion at the Ambani empire? While Mukesh Ambani-led Reliance Industries Ltd (RIL) jumped into the telecommunications game on Friday with the swift acquisition of the company that led as the leading winner in broadband wireless access (BWA) spectrum auctions, the step was indirectly blessed by his brother Anil.
- Dull debut: IDR closes below its issue price HT - Sat, Jun 12
Even as the Sensex traded strong on stable global cues, the country?s first Indian Depository Receipt (IDR) of Standard Chartered closed below its issue price of Rs 104 on its listing day on Friday.
- Volvo bets big on India with Rs 288 cr in new truck facility HT - Sat, Jun 12
Sweden-based commercial vehicle maker AB Volvo on Friday announced a Rs 288-crore investment in its Indian joint venture Volvo Eicher Commercial Vehicles Ltd (VECV).
- RIL, HFCL scrips zoom HT - Sat, Jun 12
Mumbai, June 11 -- The stock markets cheered Reliance Industries' foray into telecom, with the company's share price rising 3 per cent in the wake of the news of its buying Infotel Broadband Services (IBS). RIL shares closed at Rs 1,046 after an intraday high of Rs 1,049.5 on BSE. Meanwhile, Mahendra Nahata-promoted HFCL Infotel too saw its share price rise 5 per cent to close at Rs 11.
- Mukesh makes Rs 4,800 cr telecom foray HT - Sat, Jun 12
Five years after exiting telecom business, Mukesh Ambani-managed Reliance Industries Ltd (RIL) on Friday re-entered the sector by acquiring Infotel Broadband, the only company to have got the all-India broadband wireless access (BWA) spectrum.
- Orchid to buy US-based Karalex HT - Fri, Jun 11
Chennai-based Orchid Chemicals and Pharmaceuticals is set to acquire US-based generic marketing and sales services company Karalex Pharma in a bid to get a direct access to the US consumers.
- BHEL for locomotives, transmission HT - Fri, Jun 11
Bharat Heavy Electricals Ltd (BHEL) has identified transportation and transmission as the two major emerging areas that in addition to its existing core business of power equipment manufacturing would drive the company?s growth in the next three to four years.
- Move over cricket, advertisers catch FIFA fever HT - Fri, Jun 11
Domestic soccer may not have many takers among advertisers in the country, but the FIFA World Cup tournament, which kicks off in South Africa on Friday, is a sellout for television commercials.
- Airtel-Zain may shake up Africa HT - Fri, Jun 11
Manoj Kohli, the handpicked man to handle Sunil Bharti Mittal?s new adventure in Africa, looks set to launch a price war in the continent, where 15 nations fall within his ambit after Bharti Airtel sealed its deal to buy Zain?s Africa operations.
- Rpower buys 3 coal mines in indonesia for Rs 7,520 cr HT - Fri, Jun 11
Anil Ambani controlled Reliance Power Ltd has acquired three coal mines in Indonesia to meet fuel requirements for its power projects in India. The company is yet to announce the deal size, but according to industry officials, it would be around Rs 7,520 crore ($1.6 billion).
- IL&FS realty fund takes 74% in HCC office park for Rs 574 cr HT - Fri, Jun 11
The real estate investment arm of IL&FS on Thursday announced a Rs. 574-crore investment in an office park project owned by Hindustan Construction Company, involving 1.8 million square feet of space.
- Spill may chill US-UK ties HT - Fri, Jun 11
British government officials and companies are becoming apprehensive about the future of Anglo-American ties, following US President Barack Obama?s ?stridency? over BP?s oil spillage in the Gulf of Mexico.
- MBDA targets Indian defence biz HT - Fri, Jun 11
With India opening up its defence sector, a leading European missile company is keen to strengthen its foothold in the country by developing and advancing partnerships with the Indian industry both in the public and private sectors.
- Merc buses from new Pune plant by year-end HT - Fri, Jun 11
German auto-maker Mercedes-Benz has said it would roll out its line of city and luxury buses from its manufacturing facility in Pune by the end of this year.
- Private banks eye clearing biz HT - Fri, Jun 11
Private banks are awaiting the Reserve Bank?s approval to take up the role of a primary clearing house in areas that do not have clearing houses.
Business News
Qualcomm says looking for partners for India broadband
IE - Fri, Jun 11Qualcomm Inc, which won broadband spectrum in four of India's 22 zones, is looking for one or more local partners, a senior company official said.
- Paribas to raise $50 mn through ECB IE - Fri, Jun 11
SREI BNP Paribas, a 50:50 joint venture between SREI Infrastructure Finance Ltd and BNP Paribas Lease Group, is planning to raise $50 million, Sunil Kanoria, joint managing director, SREI BNP Paribas, said.
- RIL stock rallies 3% on Infotel buy IE - Fri, Jun 11
The Mukesh Ambani-led Reliance Industries today soared 3 per cent buoyed by the news of it acquiring the Internet service provider Infotel that emerged as the sole winner of broadband spectrum, for Rs 4,800 crore.
- Business success could be in your DNA IE - Fri, Jun 11
What your parents and their ancestors did, counts, after all.
Wondering whether to study entrepreneurship in grad school? Well, you might want to have your DNA tested before that, says Economics Prof. Scott Shane. - Volvo Group JV to invest Rs 2.9 bn in India facility IE - Fri, Jun 11
VE Commercial Vehicles, the joint venture between India's Eicher Motors and Sweden's Volvo, said it will invest 2.9 billion rupees to raise capacity by 85,000 engines per year from 2012. The company's current capacity is 40,000 engines per year at its Pithampur plant in Madhya Pradesh, the firm said in a statement on Friday.
- Warning! Your acct is in danger IE - Fri, Jun 11
The Finance Ministry is likely to recommend freezing and closure of bank accounts found suspicious during the ongoing exercise by banks to collect information under the 'Know Your Customer' (KYC) norms.
- GoI proposes to infuse Rs 1,200 cr into AI IE - Fri, Jun 11
Union Minister of State for Civil Aviation Praful Patel has said that the Centre would infuse additional equity of Rs 1,200 crore into Air India over the next few months.
- Gold ETF volumes jump 103% IE - Fri, Jun 11
India's gold collection under exchange-traded funds (ETFs) rose by 103 percent on year to 10.143 tonnes in May, when a local gold buying festival buoyed buying, data from the funds showed.
- India in world's top-hirers' list: Survey IE - Fri, Jun 11
All those looking for a job, India is surely the place to be, as current hiring levels in the country for professional and managerial staff have emerged as one of the highest worldwide, a survey says.
- Maruti to expand network by 200 more dealerships IE - Fri, Jun 11
India's top car-maker, Maruti Suzuki, is expanding its distribution network and plans to add 200 more dealerships, as demand has picked up in the auto sector.
- Price risk: Indian steel bourses-bound IE - Fri, Jun 11
Increasing volatility in steel prices has prompted smaller makers as well as consumers of the alloy to resort to hedging their price risk on the domestic commodities bourse, company and exchange officials say.
- Spicejet surges over 3% on sale report IE - Fri, Jun 11
Low-cost airline Spicejet's share today surged as much as 3 per cent on the BSE amid media reports that Sun TV Network's Chief Executive Officer Kalanithi Maran is close to acquiring a 40 per cent stake in the company.
- IIP surges to 17.6 pct in April IE - Fri, Jun 11
India's industrial output rose much faster than expected at 17.6 per cent in April from a year earlier on strong consumer demand and government spending, data showed on Friday.
- 'Scots top lifestyle health risks list' IE - Fri, Jun 11
Almost everyone is blessed with the knowledge of what is good and what is bad by now. Yet that does not affect the way most people live.
- World goes richer by 12 pct in 2009 IE - Fri, Jun 11
The combined wealth of households around the world rose 12 per cent last year and nearly surpassed the 2007 high-water mark, yet money managers faced lower revenue and shrinking profit margins, according to an industry study released on Thursday.
- US stocks surge on US, China data IE - Fri, Jun 11
The US economy, and markets, had some really good news for the world. Stocks surged Thursday after reports on the U.S. job market and Chinese exports lifted anxiety about the global economic recovery.
- Rupee appreciates to 46.75 against dollar IE - Fri, Jun 11
The Indian rupee rose to its highest level in a week on Friday as risk appetite returned to markets globally after lower-than-expected US jobless claims and comments from the European Central Bank president.
- Oil slip towards $75 per barrel IE - Fri, Jun 11
Oil slid on Friday following data showing weaker-than-expected Chinese industrial output for May, though investor confidence in the country's growth helped prices hold above $75, headed for a weekly gain of 5 per cent.
- Broadband sale nets Rs 38,300 cr IE - Fri, Jun 11
The government today raised over Rs 38,300 crore as the 16-day long auction for Broadband Wireless Access (BWA) spectrum came to an end.
- Unit buys Parkway stock: Morgan Stanley IE - Fri, Jun 11
The fight for Parkway between India's Fortis and Malaysia's Khazanah is heating up.
UK-based FrontPoint Management LLP, a unit of Morgan Stanley , has bought 75,000 shares of Parkway Holdings , Asia's biggest listed hospital operator, for S$3.83 a share for an investment client, the bank said in an exchange filing.
Top Stories
BJP takes on UPA, Sonia, price rise, Maoist violenceSify - 23 minutes ago Patna: The Bharatiya Janata Party (BJP) on Sunday ended its two-day national executive meeting with a scathing attack on the Congress-led United Progressive Alliance government and its chairperson Soni Gandhi for failing to control rising prices, ... Ahmadi diluted charge: Moily Hindustan Times Modi drags Sonia into Carbide conspiracy Times Now.tv Pranab defends Arjun SinghThe Hindu - 1 hour ago Fear of failing law and order situation in the aftermath of the gas tragedy in December 1984 prompted the then Chief Minister of Madhya Pradesh, Arjun Singh, to facilitate the departure of the then chairman of the United States-based Union Carbide ... Video: India can move US courts against Union Carbide: Lawyer NDTV.comKashmir boy's killing: Fingers point towards security forcesHindustan Times - 3 hours ago Chinks in the police cover-up story, where they tried to pass off the killing of Srinagar schoolboy Tufail Ahmad Matoo (17) in police action at Rajouri Kadal as mysterious death, has started showing up. Video: Raw Video: Clashes Erupt in Indian Kashmir The Associated PressRising Kashmir - NDTV.com - Indian Express - Kashmir Observer Email this story | Current Cricket Matches RSA 352/10 | WI 102/10 | RSA 206/4(dec) | WI 139/4 - Bravo* 5(19), Deonarine 21(54) scorecard |
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