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Issue Date: August 15, 2008 8/20/2008
 
Cloud Lingers

Decades later, Bhopal still seeks retribution for tragedy; Dow shrugs, points toward now-defunct Union Carbide


 

On the grounds of the former Union Carbide Corp. pesticide factory in Bhopal, India, hundreds of tons of toxic chemicals and other pollutants are piled up behind the walls of an old, tin-roofed warehouse. Though the waste is largely hidden from view, the decaying structure serves as a reminder of the December night nearly a quarter-century ago when poison gas seeped from the plant and into the surrounding neighborhoods, killing thousands of Bhopalis as they slept and leaving behind a permanent reminder of the world's worst industrial accident.

The incident took place early in the morning of Dec. 3, 1984, when a tank inside the factory ruptured, spewing some 40 tons of methyl isocyanate gas into the air. The clear, colorless and sharp-smelling chemical quickly spread into the surrounding neighborhoods, killing those who inhaled it as they slept. According to the Indian government, the disaster resulted in the immediate deaths of more than 3,000 Bhopalis, while many doctors and other disaster-response agencies that witnessed the immediate aftermath believe that more than 8,000 people died within the first two weeks of the accident. Revised estimates have put the death toll at more than 100,000 people.

Twenty-four years later, the toxic waste has yet to be removed from the building and the grounds remain a poisonous wasteland. Yet, perhaps even more vexing for Bhopal residents, the government of India and the Madhya Pradesh state government, no one is really sure how polluted the 11-acre site is; both the Madhya Pradesh government, which took control of the property in 1998, and the Indian government have yet to conduct a thorough analysis of the land to determine how much of the pollution has seeped into the soil and groundwater beneath the decaying factory.

(Click on headline for complete article)

 
 

 

Pallab Chatterjee
 
CEO, i2 Technologies Inc.

Pallab K. Chatterjee is chief executive officer of i2 Technologies Inc., an IT-consulting firm that provides supply change management products and services.

 
Trump launches $1b Indian hedge fund
 
 
Investment vehicle follows Trump Jr.’s visit to Mumbai


NEW YORK – Late last November, Donald Trump Jr. – the son of the brash American real estate tycoon and reality-TV star – appeared at the high-profile Cityscape India 2007 real estate conference in Mumbai to give a speech on the subcontinent's booming property market.

 
India does its part to support nuke deal
 

Ball is in U.S. court now; Deal needs to get done before Bush departure

WASHINGTON – India has done its part; now it is up to the United States Congress to ratify a key security provision of the landmark U.S.-India nuclear energy agreement, which has remained in limbo ever since U.S. President George W. Bush and Indian Prime Minister Manmohan Singh signed it into law in December 2006.

 
U.S. investors jump at India’s iYogi
 
Computer-support business boasts 50,000 U.S. customers

PALO ALTO, Calif. – iYogi Technical Services Pvt. Ltd., an India-based company that provides remote computer technical support to consumers and small businesses, has secured nearly $10 million in second-round funding from a consortium of Silicon Valley venture capital firms led by SAP Ventures.

 
Sky’s the limit
 
 
Cityscape fishes for real estate cash with international market conference


NEW YORK – Cityscape is turning its international real estate expertise on the United States with its first ever event stateside – Cityscape USA. To take place from Sept. 9-12 at the Jacob Javits Center in New York City, Cityscape USA is targeted at connecting U.S. real estate investors with some of the biggest real estate companies and developers in emerging markets.

 
Ebix buys Acclamation for $22m
 
Deal for software business could reach about $25m

ATLANTA – Ebix Inc., a supplier of software to the insurance industry, has agreed to acquire Acclamation Systems Inc., a provider of health-care benefits and claims management software, in a deal that could total $25 million.

 
India, U.S. spar during Doha Round
 
 

Farm subsidy, tariff issues spark discussion deadlock

In late July, representatives from 153 nations gathered in Geneva, Switzerland for high-level negotiations on international trade that began seven years ago at a World Trade Organization conference in Doha, Qatar.

 
Rolta to acquire Chicago’s WhittmanHart
 

MUMBAI – Rolta TUSC Inc., a wholly owned subsidiary of Indian IT provider Rolta Ltd., has signed an agreement to acquire WhittmanHart Consulting, the consulting-services division of Chicago-based WhittmanHart Inc. Rolta TUSC, which Rolta Ltd. acquired last January, plans to integrate WhittmanHart Consulting's assets into its own operations upon completion of the transaction; no financial details were provided.

 
Eaton buys valve biz from India’s Kirloskar
 

CLEVELAND – Eaton Corp., an Ohio-based industrial manufacturer and power-management company, has acquired the engine-valves business of Kirloskar Oil Engines Ltd., which is a division of the Kirloskar Group, a Pune-based private industrial conglomerate. Financial details of the transaction were not revealed.

 
Pharma vet donates $10.8m to school
 
Cash to back new center at University of Buffalo

BUFFALO, N.Y. – John P. Kapoor, a pharmaceutical entrepreneur, has become the top individual donor to the University of Buffalo, having now donated $10.8 million to the school.

 
Survey: Americans fail to prepare safe food
 

WASHINGTON – More than three-quarters of Americans (82 percent) say they are confident in their ability to safely prepare food, yet many report not following simple procedures to reduce the spread of bacteria in their kitchen or ensure safe cooking temperatures, according the International Food Information Council Foundation.

 
Electronic health records to revolutionize industry
 
 
 

Google and Microsoft are exploring the concept of storing personal health records online. You can access Google Health or Microsoft HealthVault and have some of your personal medical history consolidated electronically.

 
Banking on brand: North Point surges in select-service
 
Strong alliance with Hilton serves as winning strategy


ATLANTA – Since J.K. Patel founded North Point Hospitality Group over 25 years ago, the company has continued to evolve from one segment of the hotel industry to the next. Patel’s son, Jay Patel, leads the charge today, which includes a focus on “top-tier” hotel brands and the select-service segment.

 
Panchero’s kicks off New Jersey expansion push
 
 

Navraj Restaurant Corp. opens flagship location

NORTH BRUNSWICK, N.J. – Panchero’s Mexican Grill franchise developer Raj Patel has kicked off his big plans for New Jersey with the opening of his first location in Mount Laurel last month.

 
South Asians raise $2B VC
 

Survey finds 2007 is record-setting year, increase mirrors overall funding trend for all U.S. companies

Overall venture capital investing rose in 2007 with the most deals and capital invested since 2001, and South Asian entrepreneurs played their part in the stellar year, raising just over $2 billion. In addition, they are off to a consistent start this year – raising just over $1 billion in venture capital in the first six months of 2008 – in a bid to match last year’s watershed mark.

 
Recession poof
 
Surveys suggest that VCs expect current economy to impact U.S. funding, reducing deals, opportunities

NEW YORK – Several recent venture capital surveys from audit, tax and advisory firm KPMG paint an interesting light into the market in the face of U.S. recession.

 
Silicon Valley VC confidence hits low
 

SAN FRANCISCO – The Silicon Valley Venture Capitalist Confidence Index for the second quarter of 2008 registered 3.07 on a 5 point scale, falling from the previous quarter’s reading of 3.22 to a third consecutive new low in the 4.5 year history of the Index.

 
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