01-18-2009, 06:31 AM
<b>Satyam Seeks Emergency Bank Funds, Says Itâs Looking for CEO</b> <!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>State Farm Mutual Automobile Insurance Co</b>., the largest home and auto insurer in the U.S., yesterday canceled its Satyam contract, dealing a blow to the Hyderabad-based companyâs efforts to persuade customers it can fulfill their orders. Satyam needs clients including FIFA, soccerâs governing body, to keep paying after the government ruled out a bailout and the company said it may take three months to sort out its accounts.
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Ram Mynampati, removed from the board after a three-day stint as interim chief executive officer, and executive Virender Aggarwal are meeting with customers in the U.S. and Singapore, the company said.
<b>Bloomington, Illinois-based State Farm </b>told Satyam on Jan. 15 that it was terminating the order. âThe current uncertainties surrounding Satyamâs future and potential impact to State Farm resulted in this decision,â spokesman Jeff McCollum said in an e-mail yesterday.
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Mark Mobius, who oversees about $26 billion in emerging- market stocks as executive chairman of Templeton Asset Management, said his fund sold all its shares in Satyam and didnât lose money because it âgot out early.â
<b>âWe have analysts on the ground and we had been suspicious for a while</b>,â he said in Kuala Lumpur today. âSo we were gradually reducing what we had there.â
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Dilbagh Gill, Satyamâs head of sport, spent two days in Zurich this week with <b>FIFA</b> officials, he said. Satyam, the first Indian company to sponsor a<b> World Cup,</b> is meant to be FIFAâs official information-technology provider until 2014.
<b>Nestle SA</b>, the worldâs largest food company and a Satyam client, said this week it is considering alternative solutions to avoid disruption of information-technology operations. <b>Telstra Corp</b>., Australiaâs largest telephone company, said Satyamâs disclosure will be a factor when it cuts two of its four major IT suppliers this year
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Good lesson to other IT companies.
Where is hidden money ?
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Ram Mynampati, removed from the board after a three-day stint as interim chief executive officer, and executive Virender Aggarwal are meeting with customers in the U.S. and Singapore, the company said.
<b>Bloomington, Illinois-based State Farm </b>told Satyam on Jan. 15 that it was terminating the order. âThe current uncertainties surrounding Satyamâs future and potential impact to State Farm resulted in this decision,â spokesman Jeff McCollum said in an e-mail yesterday.
..........
Mark Mobius, who oversees about $26 billion in emerging- market stocks as executive chairman of Templeton Asset Management, said his fund sold all its shares in Satyam and didnât lose money because it âgot out early.â
<b>âWe have analysts on the ground and we had been suspicious for a while</b>,â he said in Kuala Lumpur today. âSo we were gradually reducing what we had there.â
...
Dilbagh Gill, Satyamâs head of sport, spent two days in Zurich this week with <b>FIFA</b> officials, he said. Satyam, the first Indian company to sponsor a<b> World Cup,</b> is meant to be FIFAâs official information-technology provider until 2014.
<b>Nestle SA</b>, the worldâs largest food company and a Satyam client, said this week it is considering alternative solutions to avoid disruption of information-technology operations. <b>Telstra Corp</b>., Australiaâs largest telephone company, said Satyamâs disclosure will be a factor when it cuts two of its four major IT suppliers this year
<!--QuoteEnd--><!--QuoteEEnd-->
Good lesson to other IT companies.
Where is hidden money ?