Pinkslips everywhere - January 2009 Layoffs

Layoffs for January 2009 at America's 500 largest public companies*:

151,352

Jan. 28: Boeing (nyse: BA - news - people ) increases previously announced layoffs--bringing total to 10,000 workers, or 6% of the company’s workforce.

Jan. 28: Starbucks (nasdaq: SBUX - news - people ) organizes closings at 900 stores worldwide and fires 6,700 in the process.

Jan. 28: Target (nyse: TGT - news - people ) cuts 400 open positions and 600 employees on sagging sales.

Jan. 27: Time Warner's (nyse: TWX - news - people ) AOL reduces workforce by 10% (700 workers) as it fights declining ad revenue.

Jan. 27: Cabinet company Merillat--a subsidiary of Masco (nyse: MAS - news - people )--cuts 20% of workforce (70 workers).

Jan. 26: Texas Instruments (nyse: TXN - news - people ) pink-slips 3,400 (12% of workforce).
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Jan. 26: IBM (nyse: IBM - news - people ) selects 2,800 to participate in its “current resource reduction action.”

Jan. 26: Lincoln National (nyse: LNC - news - people ) posts five quarterly declines in profit; cuts 540 (5% of workforce).

Jan. 26: Caterpillar (nyse: CAT - news - people ) announces quarterly profit plunge of 32%; fires 20,000.

Jan. 26: Following the acquisition of the small drug outfit Wyeth for $68 billion, Pfizer (nyse: PFE - news - people ) closes five factories and cuts 15% of total workforce (19,000 workers).

Jan. 26: Sprint Nextel (nyse: S - news - people ) pink-slips 8,000 workers--recording more than $300 million in severance charges but saving $1.2 billion a year in labor costs.

Jan. 26: Home Depot (nyse: HD - news - people ) closes high-end home design shops and slims ranks at headquarters; dismisses 7,000.

Jan. 26: General Motors (nyse: GM - news - people ) cuts production at several plants and fires 2,000 in Michigan and Ohio.

Jan. 23: Brazil-based Deere & Company (nyse: DE - news - people ) subsidiary lays off 502 employees.

Jan. 23: Abercrombie & Fitch (nyse: ANF - news - people ) cuts 50 from headquarters as company leans expenses.

Jan. 23: Harley-Davidson (nyse: HOG - news - people ) sees 60% drop in profits in fourth quarter of 2008; fires 1,100 (10% of workforce).

Jan. 22: Microsoft (nasdaq: MSFT - news - people ) has first mass layoff in 34-year history; pink slips 5,000.

Jan. 22: Huntsman (nyse: HUN - news - people ) reduces workforce by 9%; cutting 1,175 regular workers and 490 full-time contractors.

Jan. 21: Burlington Santa Fe cuts 2,500 workers (5% of workforce) despite a 19% jump in earnings during the fourth quarter.

Jan. 21: UAL (nasdaq: UAUA - news - people ) fires 1,000 to cut overhead costs.

Jan. 21: SPX (nyse: SPW - news - people ) attempts to sell a business unit and cuts 400 employees to help endure the downturn.

Jan. 21: Intel (nasdaq: INTC - news - people ) closes five manufacturing plants and pink slips 5,000.

Jan. 21: Walt Disney (nyse: DIS - news - people ) offers voluntary buyouts to 600 theme park executives on poor attendance.

Jan. 21: Wynn Resorts wraps up construction on Las Vegas Strip casino with 53-worker layoff in design and construction affiliate.

Jan. 21: Eaton (nyse: ETN - news - people ) brings total workforce reduction since the beginning of last year to 10% with 5,200-worker cut.

Jan. 21: Warner Bros. Entertainment--a part of Time Warner (nyse: TWX - news - people )--cuts 10% (800) of its jobs.

Jan. 20: Clear Channel Communications (nyse: CCU - news - people ) reduces workforce across the entire company by 9% accounting for 1,850 job losses.

Jan. 20: Deere & Co. (nyse: DE - news - people ) dismisses 120 at Iowa plant.

Jan. 16: ConocoPhillips (nyse: COP - news - people ) trims capital spending by 18%, writes off $34 billion and reduces workforce by 4% (1,300 jobs).

Jan. 16: Hertz Global Holdings (nyse: HTZ - news - people ) sets out for worldwide restructuring in first quarter of 2009; cuts 4,000 jobs.

Jan. 16: WellPoint (nyse: WLP - news - people ) reduces workforce by 600 and removes 900 open positions.

Jan. 16: Advanced Micro Devices (nyse: AMD - news - people ) reduces global workforce by 9% (1,100 jobs).

Jan. 15: Xerox (nyse: XRX - news - people ) cuts 275 jobs in New York region.

Jan. 15: MeadWestvaco (nyse: MWV - news - people ) fires 2,000 and plans closings or restructurings at up to 14 plants.

Jan. 15: Autodesk (nasdaq: ADSK - news - people ) expects loss from 2008 fourth quarter; pink-slips 750 (10% of workforce).

Jan. 15: Marshall & Ilsley (nyse: MI - news - people ) cuts 8% of staff (830) in ongoing cost-cutting.

Jan. 15: General Electric (nyse: GE - news - people )'s (nyse: GE - news - people ) jet-engine group cuts 1,000 white-collar jobs.

Jan. 14: Ecolab (nyse: ECL - news - people ) restructures and reduces workforce by 4% (1,000 jobs).

Jan. 14: Delta Air Lines (nyse: DAL - news - people ) gives 2,000 early retirements as part of 8% capacity reduction.

Jan. 14: Motorola (nyse: MOT - news - people ) lays off 4,000 following a 3,000-worker layoff last year; expects savings of $700 million a year.

Jan. 14: Google (nasdaq: GOOG - news - people ) fires 100 hirers as it cuts back on contract workers and temporary employees.

Jan. 13: Cummins (nyse: CMI - news - people ) freezes salaries for the rest of the year and lets 800 go.

Jan. 13: Pfizer (nyse: PFE - news - people ) cuts 800 researchers as it lowers cost in the face of poor performance and coming patent losses.

Jan. 12: Mosaic (nyse: MOS - news - people ) fires 1,000 in Saskatchewan.

Jan. 12: Aircraft maker and Textron (nyse: TXT - news - people ) subsidiary Cessna sends 2,000 packing.

Jan. 12: Best Buy (nyse: BBY - news - people ) clears 12.5% of its headquarters staff with 500-employee layoff.

Jan. 12: Precision Castparts (nyse: PCP - news - people ) dismisses 40 as airline industry continues to struggle.

Jan. 9: Oracle (nasdaq: ORCL - news - people ) reportedly cuts 500 from U.S. sales and consulting businesses.

Jan. 9: Boeing (nyse: BA - news - people ) cuts 4,500 and returns workforce size to what it was in early 2008.

Jan. 9: Freeport-McMoRan (nyse: FCX - news - people ) slices workforce in half at Arizona mine; 1,550 workers let go.

Jan. 9: Smitfield Foods' (nyse: SFD - news - people ) Butterball--the nation's largest turkey company--fires 75 at Missouri plant.

Jan. 8: Union Pacific (nyse: UNP - news - people ) pink-slips 230 as company struggles; stock down 22% year-to-date.

Jan. 8: Navy shipbuilder Bath Iron Works--owned by General Dynamics (nyse: GD - news - people )--dismisses 179.

Jan. 8: Continuing companywide job cuts at Eaton (nyse: ETN - news - people ) hit Iowa, with 78 laid off.

Jan. 8: Walgreen (nyse: WAG - news - people ) cuts 1,000--roughly 9%--from corporate and field manager ranks.

Jan. 7: EMC (nyse: EMC - news - people ) fires 2,400 as it reduces 2009 expenses by $350 million.

Jan. 6: Alcoa (nyse: AA - news - people ) starts global salary and hiring freeze, plans sale of four non-core businesses and cuts workforce by 13% (13,500 jobs).

Jan. 6: Aqua Glass--a subsidiary owned by Masco (nyse: MAS - news - people )--pink-slips 30 employees.

Jan. 5: Cigna (nyse: CI - news - people ) reduces workforce by 4% (1,100 jobs).

Jan. 5: United States Steel (nyse: X - news - people ) cuts 50 jobs as it closes production lines in Texas.

Layoff Tracker

*Total announced layoffs at America's 500 largest public companies as measured by a composite ranking of sales, profits, assets and market value during January 2009. Includes layoffs at subsidiaries, joint ventures and majority-owned companies.

Courtesy - Forbes.com

ISB ranked 15th top business school in the world

Hyderabad, Jan 27 (IANS) The Indian School of Business (ISB) has been ranked 15th in the global business school rankings by the Financial Times, London.

This is the second year in a row when the ISB has achieved a high rank among leading international business schools. Last year, it was ranked 20, making it the first Indian business school to be counted among the top 20, the ISB said in a statement here Tuesday.

'I am very proud of the ISB's achievement. The high level of commitment of the faculty, students, alumni, and the staff at the ISB as well as the unstinting guidance of its associate schools and the board, have made it possible for this institution to overcome many challenges in its formative years,' said Rajat Gupta, ISB chairman.

The ISB was established in 2001 by a group of leading industrialists and academicians from India and abroad. From 126 students in 2001, the ISB has steadily increased the number of students year after year. There will be 440 students graduating in April 2009.

The ISB will be increasing the number of students to 560 in 2010. Recently, it announced the setting up of a second campus at Mohali, which is likely to commence classes in 2012.

Courtesy: Yahoo News

Exclusive videos of girls assaulted in Mangalore pub

10 Detained...many still at large.

Recession? Not for These Businesses

Roger Payne, an auto mechanic near San Antonio, took the recession in stride and decided to move his business closer to home. As in, to his backyard. Payne, who quit his old repair job eight months ago to strike out on his own, runs Painless Automotive from his silver tin garage.

"I'm just slammed here. I've got three engine swaps, an axle to do, an airbag system, and a fuel box," Payne said on Jan. 16. Even without a Web site, Painless draws cash-conscious customers from the northern parts of San Antonio, who don't mind the tow to his shop on Route 181, just outside the city's southeastern limit. "Before the recession, [business] was all right," Payne says, but now his backyard is parked 12 deep with cars. The mechanic has no full-time employees, enlisted friends to build a sign, and his wife handles marketing. With Payne's competitive rates, even used-car dealers bring him work.

While the U.S. recession is largely a story of bank failures, job losses, and consumer penny-pinching, the downturn is also stimulating sections of the economy that run counter to such economic cycles. People look to repair, not replace. Workers switch industries, seeking recession havens where possible such as health care and education. According to the Bureau of Labor Statistics, health-care employment rose by 372,000 workers in 2008 while the unemployment rate hit 7.2%, or 11.1 million people. Discount chains such as Dollar Tree (DLTR) and Family Dollar Stores (FDO) now attract customers from up-market retailers. The same goes for travel: North American hostel bookings rose by 25% last year, says Aisling White, a spokeswoman for Web Reservations International, a Dublin-based online reservation firm.

New heels on Wall Street
For those who service the oldest mode of transport, walking, clients have become plentiful, eschewing new footwear for fixes to the old. Troy Horner, who with his father owns Peabody Shoe Repair in Nashville, has the same problem as Payne: He's completely booked. Winter is always high season for worn soles as Americans stash sandals for closed-toe shoes and boots. But at Dawson's in Columbia, Mo., Bob Wood has noticed more customers seeking new heels as well, and a fine shine. He says he can tell the recession is boosting business by the nature and amount of what turns up. Last Monday, he says, a woman brought in "a sack full of shoes" for restoration.

Shoe repairs are also in high demand at the heart of America's economic problems—on Wall Street. Across from the headquarters of troubled insurer American International Group (AIG) in lower Manhattan, Minas Polychronakis runs Minas Shoe Repair. The 2008 winter season provided him with a 20% increase in business over 2007, despite a sizeable exodus of the district's workforce. "If there were more people here, I'm sure the percentage would be higher," Polychronakis says wistfully.

Another booming area is law. "Our work is brisk," says Gus A. Paloian, a partner in the bankruptcy, workouts, and business reorganization division at Seyfarth Shaw in Chicago. "We don't like to brag about it but the [filing] rate is astronomical." Three years ago, Seyfarth started hiring attorneys from other firms, and fresh out of law school, in order to cope with an influx of real estate cases. Since then, the expanding file of clients includes lending agencies, retail companies, biofuel producers, manufacturers, auto-parts suppliers, and the casino industry. "We're seeing problems in virtually all segments of the economy," says Paloian, who doesn't foresee a dry spell for some time.

Action from shakeouts
Corporate downsizing often means lengthy and complicated litigation, as businesses seek bankruptcy protection to restructure. At the New York offices of Proskauer Rose, the 150-attorney labor and employment department is busy working on class actions, collective bargaining, and litigation. Real estate and construction proceedings lead the way with media and entertainment companies following close behind. "We represent a number of construction companies telling horror stories," says Paul Salvatore, co-chair of Proskauer Rose's global labor and employment law department. "Financial service firms were great tenants."

Salvatore says the ripple effect of America's recession drives business to his firm in larger volume than past downturns. "We didn't have the fundamental shakeout of firms that were household names. Goldman Sachs (GS) is now a bank."

America's education businesses are absorbing some of the unemployed and unsatisfied domestic workers. DeVry University, a subsidiary of DeVry (DV), is benefiting from citizens looking to reposition themselves in the job market. Online enrollment increased by a full quarter—from 41,128 to 51,628—in November 2008 compared with a year earlier. Graduate-student enrollment rose 13.7% during the same period, from 15,657 to 17,803. DeVry shares also trade just below a 52-week high of 61. Much of the focus has been on the health sector as students look for jobs as medical assistants, surgical technicians, and respiratory therapists. DeVry also benefits from companies that reimburse employees for tuition, such as Verizon (VZ), Best Buy (BBY), Boeing (BA), and McDonald's (MCD). "It's a good, calculated risk," DeVry University President David Pauldine says of returning to school. "It's either that or you drop out and head to Mexico," he jokes.

At the Citrus Heights (Calif.) campus of Western Career College, a DeVry subsidiary, sisters Julie Johnson, Hollie Pearson, and Aimie Earle are pursuing certifications to work as dental assistants. Like many other DeVry students, the three are changing careers. Recently married, Johnson worked the graveyard shift as a cocktail waitress in the card room of a Sacramento casino. Earle was laid off in September after two years at a car dealership. Pearson, who worked in central California real estate, says she probably wouldn't have returned to school if business had stayed strong. "Since the market went where it went, this is a good change for me. I'm glad to be here," Pearson says about school. By August, the sisters expect to be certified dental assistants, with jobs soon after. DeVry says that more than 90% of its graduates find jobs in their field within six months.

Let's not go out
When times turn rough, people tend to stay home more. That means plenty of home movie nights, less eating out, and more video games. With interactive games like Rock Band, Guitar Hero, and just about anything on the Nintendo Wii platform, the industry currently reflects few of America's financial problems. Total revenue jumped 40% in 2007, and another 20% through the first 11 months of last year. (December figures are not yet available.) The Entertainment Software Association expects to tally sales of $22 billion for 2008, when all the counting is finished, says president and CEO Mike Gallagher.

For many people, video games are not only a great value proposition—$65 for how many hours?—they attract a wide age range. Rock Band II is issuing new releases based on music by The Who and the Beatles, which will likely bring some older folks into the gaming fold. Right now, there's still growth potential for the industry. Consumers purchased 2 million Wii consoles in November and 300 million computer games last year. "What you have now is a pretty significant installed base in American households. That enlarges the addressable market for software companies," says Gallagher. Analysts are optimistic that the industry will beat its 2008 records, too.

At his garage in San Antonio, Payne also is likely see his business continue to grow. "With people losing lots of their money in the market and jobs being lost, they're looking me up," he says.

Courtesy - Business Week

Microsoft eyeing significant layoffs

Microsoft is planning to lay off a significant portion of its workforce as early as next week, CNET reports, citing an article in The Wall Street Journal.

The technology giant is exploring layoffs across various business groups, a true rarity for the world's largest software company.

Although analysts have been predicting that Microsoft might cut anywhere from 10 to 17 percent of its 95,000 employees, the final cut is expected to be significantly lower. Moreover, there's still an outside chance that Microsoft could find other ways to rein in costs.

In previous economic lulls, Microsoft has been able to make minimal cuts while avoiding widespread layoffs, but just about everyone agrees that this recession calls for tougher measures. At most, Microsoft has cut jobs in the hundreds, but never on such a scale as the one being considered now.

Source - http://www.imediaconnection.com/news/21729.asp

Secret Button on Yahoo! - A Startling Discovery

1. Make sure your speakers/headphones are ON
2. Go to http://www.yahoo.com/ and click the "!" on the Yahoo! logo.

Why the name - "Sixpence None the Richer" by Leigh Nash

President Obama's Inaugural Speech

Inaugural Address
By President Barack Hussein Obama
My fellow citizens: I stand here today humbled by the task before us, grateful for the trust you've bestowed, mindful of the sacrifices borne by our ancestors.

I thank President Bush for his service to our nation -- (applause) -- as well as the generosity and cooperation he has shown throughout this transition.

Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often, the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because we, the people, have remained faithful to the ideals of our forebears and true to our founding documents.
So it has been; so it must be with this generation of Americans.

That we are in the midst of crisis is now well understood. Our nation is at war against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost, jobs shed, businesses shuttered. Our health care is too costly, our schools fail too many -- and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.
These are the indicators of crisis, subject to data and statistics. Less measurable, but no less profound, is a sapping of confidence across our land; a nagging fear that America's decline is inevitable, that the next generation must lower its sights.

Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this America: They will be met. (Applause.)

On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord. On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn-out dogmas that for far too long have strangled our politics. We remain a young nation. But in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness. (Applause.)

In reaffirming the greatness of our nation we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted, for those that prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things -- some celebrated, but more often men and women obscure in their labor -- who have carried us up the long rugged path towards prosperity and freedom.

For us, they packed up their few worldly possessions and traveled across oceans in search of a new life. For us, they toiled in sweatshops, and settled the West, endured the lash of the whip, and plowed the hard earth. For us, they fought and died in places like Concord and Gettysburg, Normandy and Khe Sahn.

Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions, greater than all the differences of birth or wealth or faction.

This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions -- that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America. (Applause.)

For everywhere we look, there is work to be done. The state of our economy calls for action, bold and swift. And we will act, not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We'll restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. All this we will do.

Now, there are some who question the scale of our ambitions, who suggest that our system cannot tolerate too many big plans. Their memories are short, for they have forgotten what this country has already done, what free men and women can achieve when imagination is joined to common purpose, and necessity to courage. What the cynics fail to understand is that the ground has shifted beneath them, that the stale political arguments that have consumed us for so long no longer apply.

The question we ask today is not whether our government is too big or too small, but whether it works -- whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public's dollars will be held to account, to spend wisely, reform bad habits, and do our business in the light of day, because only then can we restore the vital trust between a people and their government.

Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched. But this crisis has reminded us that without a watchful eye, the market can spin out of control. The nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity, on the ability to extend opportunity to every willing heart -- not out of charity, but because it is the surest route to our common good. (Applause.)

As for our common defense, we reject as false the choice between our safety and our ideals. Our Founding Fathers -- (applause) -- our Founding Fathers, faced with perils that we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man -- a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience sake. (Applause.)

And so, to all the other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born, know that America is a friend of each nation, and every man, woman and child who seeks a future of peace and dignity. And we are ready to lead once more. (Applause.)

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with the sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

We are the keepers of this legacy. Guided by these principles once more we can meet those new threats that demand even greater effort, even greater cooperation and understanding between nations. We will begin to responsibly leave Iraq to its people and forge a hard-earned peace in Afghanistan. With old friends and former foes, we'll work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet.

We will not apologize for our way of life, nor will we waver in its defense. And for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken -- you cannot outlast us, and we will defeat you. (Applause.)

For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus, and non-believers. We are shaped by every language and culture, drawn from every end of this Earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace.

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy. (Applause.)

To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history, but that we will extend a hand if you are willing to unclench your fist. (Applause.)

To the people of poor nations, we pledge to work alongside you to make your farms flourish and let clean waters flow; to nourish starved bodies and feed hungry minds. And to those nations like ours that enjoy relative plenty, we say we can no longer afford indifference to the suffering outside our borders, nor can we consume the world's resources without regard to effect. For the world has changed, and we must change with it.

As we consider the role that unfolds before us, we remember with humble gratitude those brave Americans who at this very hour patrol far-off deserts and distant mountains. They have something to tell us, just as the fallen heroes who lie in Arlington whisper through the ages.
We honor them not only because they are the guardians of our liberty, but because they embody the spirit of service -- a willingness to find meaning in something greater than themselves.
And yet at this moment, a moment that will define a generation, it is precisely this spirit that must inhabit us all. For as much as government can do, and must do, it is ultimately the faith and determination of the American people upon which this nation relies. It is the kindness to take in a stranger when the levees break, the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hours. It is the firefighter's courage to storm a stairway filled with smoke, but also a parent's willingness to nurture a child that finally decides our fate.

Our challenges may be new. The instruments with which we meet them may be new. But those values upon which our success depends -- honesty and hard work, courage and fair play, tolerance and curiosity, loyalty and patriotism -- these things are old. These things are true. They have been the quiet force of progress throughout our history.

What is demanded, then, is a return to these truths. What is required of us now is a new era of responsibility -- a recognition on the part of every American that we have duties to ourselves, our nation and the world; duties that we do not grudgingly accept, but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character than giving our all to a difficult task.

This is the price and the promise of citizenship. This is the source of our confidence -- the knowledge that God calls on us to shape an uncertain destiny. This is the meaning of our liberty and our creed, why men and women and children of every race and every faith can join in celebration across this magnificent mall; and why a man whose father less than 60 years ago might not have been served in a local restaurant can now stand before you to take a most sacred oath. (Applause.)

So let us mark this day with remembrance of who we are and how far we have traveled. In the year of America's birth, in the coldest of months, a small band of patriots huddled by dying campfires on the shores of an icy river. The capital was abandoned. The enemy was advancing. The snow was stained with blood. At the moment when the outcome of our revolution was most in doubt, the father of our nation ordered these words to be read to the people:

"Let it be told to the future world...that in the depth of winter, when nothing but hope and virtue could survive... that the city and the country, alarmed at one common danger, came forth to meet [it]."

America: In the face of our common dangers, in this winter of our hardship, let us remember these timeless words. With hope and virtue, let us brave once more the icy currents, and endure what storms may come. Let it be said by our children's children that when we were tested we refused to let this journey end, that we did not turn back nor did we falter; and with eyes fixed on the horizon and God's grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations.

Thank you. God bless you. And God bless the United States of America. (Applause.)


Few Other Best Moments

Indian forces prepared to meet any eventuality: Air Chief

The Indian armed forces are prepared to meet any eventuality, Air Force (IAF) chief, Air Chief Marshal Fali Homi Major, said on Saturday.

Ties between nuclear-armed Pakistan and India, which have fought three wars since 1947, have deteriorated sharply after coordinated attacks by 10 gunmen on Mumbai in late November that killed 179 people.

"If you are talking of the armed forces, if you are talking of the Air Forces in particular, yes, we are always prepared," Major told reporters on the sidelines of an air force function in Bangalore.
On the possibility of the war with Pakistan, the Air Chief said that the armed forces only prosecute the will of the government.

"These issues are well decided by the government. The armed forces only prosecute the will of the government," he said.

Air Chief Marshal Major said that the country's air force was prepared to thwart any possible terror attack.

"We've got all measures in place, as far as aerial cover is concerned within the country. All measures have been taken," the air force chief said.

India went into diplomatic overdrive to gain support for its case after the November attacks, but some of its Western allies such as the United States and Britain expressed doubts New Delhi had enough evidence to implicate the Pakistani state.India and Pakistan have fought three wars since 1947.

Source: Yahoo! News

Former Satyam chief may have siphoned cash

B. Ramalinga Raju, the founder and former head of Satyam Computer Services may have skimmed huge amounts of cash from the company, rather than padded its books as he claims, according to a report in the New York Times that cited a person involved in the Satyam investigation.

Satyam, India's No. 4 software services exporter, has been battling for survival since Raju resigned as chairman earlier this month, revealing profits had been falsified for years and that $1 billion of cash on the books did not exist.

Investigators looking into the fraud have found a maze of about 300 companies related to Raju that were used to siphon as much as $1 billion in cash from Satyam, the report said, citing a senior official involved in the inquiry.

The article said the picture emerging from the investigation of Satyam is very different from the one painted by Raju in a letter to Satyam's board earlier this month.

In the letter, Raju said about $1 billion of Satyam's cash was "non-existent" and that he had falsified its profits for years to avoid losing control of the company.

Raju said neither he nor his brother, B. Rama Raju, who co-founded Satyam, "took even one rupee/dollar from the company."

The New York Times report, citing the person involved with the investigation, said the entire $1 billion Raju said was faked might have actually been earned by the company but then skimmed from it.

A spokesman for Satyam declined to comment on the report. The report said Raju's lawyer did not return calls seeking comment.

Source - Reuters India

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India signs $3 billion deal with Boeing

India has signed a US$2.1 billion (S$3 billion) with US aerospace giant Boeing to buy maritime surveillance aircraft for the Indian navy.

The agreement to buy eight P-81 long-range reconnaissance aircraft marks India's biggest military aircraft deal with the United States, defence ministry officials said. The contract was signed on January 1 2009 in New Delhi.

'The deal is finally through and we will receive the first P-81 in 2013 while the remaining seven will be procured in a phased manner over the next three or four years,' a senior official said on condition he not be named.

The contract includes lifetime maintenance support and an option for the acquisition of up to eight additional P-81 aircraft, the official said.The deal comes less than a year after India and US-based Lockheed Martin signed an agreement worth 962 million dollars for the purchase of six C-130 Hercules transport planes for the Indian army.Both Lockheed and Boeing are also in the race for a US$12 billion contract to sell 126 fighter jets to the Indian air force.

Four other global companies from France, Russia, and the European Union are in the race for the world's richest fighter jet deal in 16 years.India last year also signed a 1.5-billion euro (US$2.2 billion) deal with France's Dassault to upgrade 51 Mirage 2000 fighter jets, which the Indian air force bought in 1985.India, the largest buyer of armaments among emerging nations, plans to spend 30 billion dollars until 2012 to modernize its 1.23-million-strong military, the world's fourth largest.

Source: http://www.defenceaviation.com/2009/01/india-signs-3-billion-deal-with-boeing.html

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