first_imgForensic AuditsThe plethora of forensic audits that had been ordered by Head of State, President David Granger, has claimed its first victim, Nizam Hassan, former General Manager of the Guyana Marketing Corporation (GMC) who was on Monday slapped with fraud-related charges, He appeared before Chief Magistrate Ann McLennan in the Georgetown Magistrates’ Courts.Former General Manager of the Guyana Marketing Corporation (GMC), Nizam Hassan and co-accused Felicia De’Souza-Madramootoo were on Monday slapped with fraud related charges when he appeared before Chief Magistrate Ann McLennan in the Georgetown Magistrates’ CourtsHassan, who currently holds the portfolio of General Manager of the Guyana Rice Development Board, and a female co-accused, Felicia De’Souza-Madramootoo, 34, were on Monday charged in what has been described as a multimillion-dollar fraud.The woman’s husband Hanniel Madramootoo, a project engineer within the Agriculture Ministry, his brother Philip and friend Nizam Ramkisson both Directors of Constantine Engineering and Construction Limited of Trinidad and Tobago were also jointly charged.Only Hassan and the female co-conspirator appeared in court and arrest warrants have since been issued for the others who are said to currently be in Trinidad and TobagoHassan and De’Souza-Madramootoo were charged with intent to defraud together with three others by continuously approving payments for substandard and faulty works during the rehabilitation of the Guyana Marketing Corporation building at Robb and Alexander Streets, Georgetown.Hassan and his co-accused were not required to plead to the indictable charge but were released on $250,000 bail each, and have been ordered to report at the headquarters of the Special Organised Crime Unit every Friday.The matter has been adjourned until December 7.During the course of the audit into the operations of New GMC it was found that based on the selection of three vouchers related to the construction of the GMC’s office building for testing, it was observed that incorrect building materials were used.Additional auditing procedures were deemed necessary and a request was made to have all payment vouchers made available for further testing.The Auditors said it was communicated by Owen Nestor, GMC’s accountant, that none of the other payment vouchers related to the construction of the GMC’s office building could be found.It was also communicated by Nestor that Hassan may have been the last person who had requested all of the payment vouchers of the construction. The Auditors had recommended that a determination needs to be made as to what level of disciplinary actions should be taken and that the board of directors should instruct GMC’s management to make every effort to locate the missing vouchers.The auditor in reporting on his findings to the Ministry of Finance had complained that the process was “deliberately frustrated by the non-response and non-commitment extended by Mr Nizam Hassan, GMC’s General Manager and the lack of commitment by GMC’s Accounting department’s staff.”It was found that many vouchers and back-ups were not provided, either on a timely basis or not at all: “My conclusion is that the accounting practice at GMC shows that the General Manager and the Accountant did not provide any meaningful fiduciary responsibility when any payment originated from the Minister of Agriculture or the Permanent Secretary of the Ministry of Agriculture.”“In other words, GMC’s General Manager and the Accountant acted more like rubber stamps when payments dealt with transactions originating from the Ministry of Agriculture,” the Auditor declared.last_img read more

first_imgIn the two months since it launched the “Save Paste” campaign, ailing Decatur, Georgia-based music magazine Paste has raised more than $250,000 from approximately 10,000 donations—enough to keep the magazine in business.“We’ve published two issues since the campaign began, sent a third to the printer and are seeing advertising pick up for the fall and expect to be around for a long time,” publisher Nick Purdy wrote in an e-mail to FOLIO:. The campaign officially closes this month, he said.In May, Paste said it was cash-strapped and in crisis as ad dollars declined dramatically. Through the first week, the campaign raised $166,000. At the time, Paste said it needed an additional $134,000—or a total $300,000—to “take care of bills that spiraled up during the ad slump.” Paste said it implemented several cost-cutting measures, including a 20 percent pay cut, leasing out office space and eliminating all “non-essential travel.”Paste hopes to reinstate salaries before the end of the year, Purdy said.In addition to the campaign, Purdy said Paste is talking with investors “who want to get involved and help accelerate our growth.”last_img read more

first_img Dan Cohen AUTHOR It’s looking more and more that any negotiations between GOP congressional leaders and the White House over lifting the Budget Control Act spending caps will not start until the new fiscal year approaches.On Wednesday, Office of Management and Budget Director Shaun Donovan said the White House has no plans to reach out to Republican leaders as its opening offer was its fiscal 2016 budget request delivered in February.“We’ve actually put our cards on the table, if you will, to say ‘Here’s what we want. Here’s how we would pay for it,’ and the next step really needs to be Republicans coming to the table to say, ‘Here’s our proposal on that,’” Donovan said in an interview with CQ Roll Call.Republican lawmakers, meanwhile, have bristled at President Obama’s criticism of this year’s spending bills, noting the president’s veto threat against all measures that stick to the statutory caps essentially blocks Congress from following existing law. The GOP, similarly, believes the president should make an overture regarding any new agreement to provide defense and non-defense agencies limited relief from the caps.“Sequestration was the White House’s idea in the first place, and if they want this committee to have more ability to fund the programs they desire, I would think they’d want to come to the Hill and meet with House and Senate leaders,” House Appropriations Chairman Harold Rogers (R-Ky.) said earlier this month.Clearly, neither side is listening to the other.“The idea that they would say even though they’ve laid out a budget that doesn’t end sequester that it’s up to us to take the next step, it doesn’t make sense,” Donovan said. “What we need is a plan for the other side that we could then actually negotiate around.”For his part, the OMB director predicted the GOP would be forced to the negotiating table when they run into trouble passing spending bills for domestic agencies as a result of their austere funding levels.“The process will break down. I can’t tell you exactly what week or month it breaks down but it will,” Donovan told CQ.last_img read more

first_imgPrivate sector bank Kotak Mahindra Bank on Tuesday informed the Bombay Stock Exchange that the RBI had given approval to the Canada Pension Plan Investment Board (CPPIB) to increase its stake in the bank upto 10 percent.”The Reserve Bank of India has informed the Bank that it has granted approval to Canada Pension Plan Investment Board (CPPIB) for acquiring shares in excess of 5% and below 10% of the paid up capital of Kotak Mahindra Bank Limited,” Kotak Mahindra said in its regulatory filing to the BSE.Following the news, the Kotak Mahindra stock was trading at Rs. 801.60 at around 12:25 p.m. on Wednesday, up 2.04 percent from its previous close.According to norms, a foreign investor firm cannot own more than 10 percent in an Indian private sector bank. However, under different circumstances (such as restructuring and consolidation of a bank) the RBI may allow a higher level of shareholding, Press Trust of India reported.Kotak Mahindra Bank reported a 290 percent spike in its standalone net profit to Rs. 742 crore for the June 2016 quarter (Q1) on account of a 20 percent rise in net interest income and a 41 percent fall in provisioning for bad loans.The Mumbai-based lender bank’s net profit stood at Rs. 190 crore in the corresponding period last year. The bank’s total income rose to Rs. 5,120 crore from Rs. 4,583 crore for the June 2015 quarter.Kotak Mahindra Bank has a network of 1,333 branches as of June 30, 2016. In 2003, Kotak Mahindra Finance Ltd. (KMFL), the group’s flagship company, was converted into a commercial bank after receiving the requisite licence from the RBI.The bank also has interests in mutual fund and insurance businesses.last_img read more

first_img Smart drug delivery system — Gold nanocage covered with polymer (w/ Video) Citation: Scientists Create Light-Bending Nanoparticles (2009, March 3) retrieved 18 August 2019 from https://phys.org/news/2009-03-scientists-light-bending-nanoparticles.html (PhysOrg.com) — Metallic nanoparticles and other structures can manipulate light in ways that are not possible with conventional optical materials. In a recent example of this, Rice University researchers discovered that cup-shaped gold nanostructures can bend light in a controllable way. The cups act like three-dimensional nano-antennas. Directional scattering of an incoming electromagnetic wave by oriented nanocups. Image courtesy Nikolay Mirin, Rice University. The research is described in the February 19, 2008, online edition of Nano Letters.When light interacts with nanoparticles and other tiny structures, many interesting and even dramatic physical effects can occur. For example, man-made “metamaterials” have very fine structures with features smaller than the wavelength of light, some just tens of atoms across, imparting them with unique and often intriguing optical behaviors. Metamaterials are of interest to scientists because they may be able to interact with light in ways that naturally occurring materials cannot.The gold nanocups created in this research interact with light in two main ways: axially, the up-down direction, or transverse, the left-right direction. The transverse mode is by far the stronger of the two.”When we illuminated the nanocups, the transverse interaction exhibited a strong scattering resonance,” said Rice University researcher Naomi Halas, the study’s corresponding scientist, to PhysOrg.com. She conducted the study with colleague Nikolay Mirin. “We learned that the direction of the transverse resonant light scattering depends on the orientation of the cups, a property that has not been observed in studies of similar structures.”Specifically, the cups behave like a “split-ring resonator,” a type of metamaterial with a negative refractive index—the ability to refract (not reflect) light partially or fully backward. Split-ring resonators look like two concentric, non-touching rings that have each been split in half. When placed in a microwave or infrared field, an alternating current of that same frequency is induced in each ring. Each current in turn induces its own magnetic field at that same microwave or infrared frequency, which can either oppose or enhance the original field.Split-ring resonators can support resonant wavelengths that are much larger than their size. But since split-ring resonators are flat, their light-scattering abilities are restricted to a plane.Halas and Mirin’s nanocups are much like three dimensional versions of split-ring resonators. When light with the proper frequency is applied, a resonant electron current is induced in the cups. This current produces an electric field that is parallel to the cup opening (not parallel to the cup axis). The scattered light is emitted perpendicular to that field; in other words, in whatever direction the cup’s axis is pointing.This unique light-redirecting property should prove to be very useful in the development of new optical materials and devices, from solar cells to light attenuators to chip-to-chip optical interconnects in futuristic circuitry.”In this line of research, many other types of nanoparticles and nanostructures can be designed to have this type of light-redirecting property,” said Halas.Halas and Mirin created the nanocups by depositing latex or polystyrene nanoparticles, each about 80 nanometers in diameter, onto a sheet of glass. They coated the particles and the glass with a 20-nanometer-thick layer of gold, applying the gold from different angles to make sure both the sides and tops of each particle were covered, yet leaving an uncoated circular or elliptical “shadow” next to each particle, exposing the surface below.Finally, they poured an elastic polymer was poured over the array and, when the polymer had cured, peeled it off to reveal a transparent film embedded with gold nanocups.More information: Nano Lett., Article ASAP • DOI: 10.1021/nl900208zCopyright 2009 PhysOrg.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed in whole or part without the express written permission of PhysOrg.com. Explore further This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.last_img read more

first_imgKolkata: The School Education & Literacy department under the Ministry of Human Resource Development (MHRD) is coming up with pre-school educational units across the country, with National Council of Educational Research and Training (NCERT) preparing a curriculum for the same.”There is preparatory work to be done before a child enters Class I. We are studying how pre-school will work in the government domain and what approach needs to be taken – whether we should train anganwadi workers or train teachers of Classes I and II,” Union secretary of School Education & Literacy Anil Swarup said on the sidelines of a session on pre-school policy organised by ASSOCHAM. Also Read – Heavy rain hits traffic, flightsHe informed that the HRD ministry will come out with a guideline by June 30, which will have a plan on how financial assistance can be provided to various state governments for setting up such pre-schools, relating to the Central government’s financial assistance to the proposed pre-school units to be set up by the School Education department.”Right now, barring a few states, there are hardly any pre-schools in the government level. However, there are some private pre-schools that are doing good work. So, we feel the private sector can be of great help in developing the curriculum for pre-school. Personally, I believe that good work can be done in both private and public domains,” Swarup said. Also Read – Speeding Jaguar crashes into Merc, 2 B’deshi bystanders killedResponding to a poser on Samagra Siksha Abhijan launched by the Centre last month, he said, “With ‘Samagra Shiksha’ coming into effect, the Sarva Shiksha Abhiyan and the Rashtriya Madhyamik Shiksha Abhiyan will cease to exist separately and merge with it.”The ‘Samagra Shiksha’ programme launched recently plans to impart holistic education, without segmentation from pre-nursery to Class XII.On a question about corporal punishment, he said, “Handling a child should be different from handling an adult.”last_img read more