Five Indian-Americans in Forbes list of US' richest

September 30, 2014

New York, Sep 30: Five Indian-Americans have been named among the 400 richest people in the US by Forbes, a list topped by Microsoft co-founder Bill Gates for the 21st year in a row with a net worth of USD 81 billion.

Forbes listFounder of outsourcing firm Syntel Bharat Desai, entrepreneur John Kapoor, Symphony Technology founder Romesh Wadhwani, Silicon Valley angel investor Kavitark Ram Shriram and venture capitalist Vinod Khosla are among 'The Richest People In America 2014' list by Forbes.

Forbes said 2014 was another record year for American wealth, when the aggregate net worth of the richest 400 Americans was USD 2.29 trillion, up USD 270 billion from a year ago.

"Thanks to a buoyant stock market, the richest people in the US just keep getting richer," Forbes said.

Gates is the richest American for the 21st year in a row, with a net worth of US 81 billion. The Microsoft chairman's stake in the software company he cofounded accounts for just under 20 per cent of his total net worth. His friend Warren Buffett, chief executive of Berkshire Hathaway, occupies the number two spot on the 400, a rank he has held since 2001 with a net worth of USD 67 billion.

Larry Ellison, who just announced that he was giving up the CEO role at Oracle, the software firm he founded, comes in at number three, with a net worth of 50 billion dollars.

Desai and his family rank 255 on the list, followed by Kapoor who is ranked 261, Wadhwani (264), Shriram (350) and Khosla (381).

Facebook co-founder and CEO Mark Zuckerberg is now the 11th richest person in the US, and the biggest dollar gainer on the list. His fortune soared to USD 34 billion, up USD 15 billion since last year, due to a sharp rise in the price of the social network's shares.

Desai, 61, and wife Neerja Sethi founded outsourcing firm Syntel in 1980 while studying at University of Michigan. The Indian Institute of Technology alumnus has a networth of USD 2.5 billion.

Kapoor, 71, debuts on The Forbes 400 as a serial entrepreneur who has founded two pharmaceutical companies that he has guided to exceptional success.

The bulk of his wealth is concentrated in shares of Akorn Pharmaceuticals, an Illinois-based generics manufacturer that Kapoor has been involved with since the early 1990s, and INSYS Therapeutics, a cancer-treatment maker that went public in May 2013.

Kapoor, whose net worth is USD 2.5 billion, also has a small chain of fast-casual Indian restaurants in Arizona called Bombay Spice, as well as Roka Akor Japanese eateries in Chicago, Scottsdale and San Francisco.

Wadhwani, 67, an Indian Institute of Technology Bombay alumnus has a net worth of USD 2.5 billion. Forbes said over the last decade, his galaxy of companies has expanded to 20 and is generating three billion dollars in revenues with 18,000 employees worldwide.

He is the recipient of the 2013 Forbes India 'Non-Resident Philanthropist Award' and sits on the boards of the Kennedy Center and the Center for Strategic and International Studies. Wadhwani signed Bill Gates' and Warren Buffett's Giving Pledge last year.

Shriram, 57, has a net worth of USD 1.87 billion. He was an early Google backer and has been a Silicon Valley angel investor since 2000. Through his Sherpalo Ventures, he has backed early-stage tech firms such as Zazzle and Paperless Post, as well as the frozen yogurt retailer Pinkberry.

Shriram made most of his fortune through Google and has been on its board since the company was founded in 1998. In June 2014, Shriram and his wife donated $61 million to engineering initiatives at Stanford University, which both of his daughters attended and where he is a board trustee.

Khosla, 59, has a net worth of USD 1.67 Billion and has run his own venture capital firm, Khosla Ventures, since 2004, following nearly two decades at VC firm Kleiner Perkins. His highest-profile investments have lately been in clean tech: wood-based biofuel, new types of batteries and water purification.

All together, the 400 wealthiest Americans are worth a staggering USD 2.29 trillion, up USD 270 billion from a year ago.

The average net worth of list members is USD 5.7 billion, USD 700 million more than last year and a record high. An impressive 303 of the 400 saw the value of their fortunes rise compared to a year ago. Only 36 people from last year's list had lower net worths this year.

The list has 27 newcomers including Elizabeth Holmes the youngest woman on the list, and the youngest self-made female billionaire in the world. Just 30 years old, the Stanford University dropout has built blood testing company Theranos into a firm that venture capitalists have valued at USD 9 billion.

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News Network
January 23,2020

Jan 23: Hundreds of Central Americans trying to reach the United States were stuck at the Mexico-Guatemala border on Wednesday after the Mexican government beefed up security to meet US demands to contain migrant flows.

Under sustained pressure from President Donald Trump, Mexico's government has adopted tougher measures to reduce the number of people heading towards the U.S. border.

Migrants in Tecun Uman, on the Guatemalan side of the border, were taken by surprise.

"We thought we'd be allowed through just like with the October caravan when they reached Tijuana," said Honduran migrant Ritzy Anabel, who did not give her surname.

"People from Mexico and Guatemala treated them well. But now it's changed because Mexicans don't want (us) to enter."

Many Central Americans migrants heading north are fleeing economic hardship and violence at home. A large caravan of migrants crossed into Mexico and went north in October 2018. Migrants crossing into Mexico earlier this week faced tear gas from security forces, who delivered a firmer response than in previous mass movements at the border.

Even so, about 1,000 migrants, most of them from Honduras, managed to reach Mexican soil on Tuesday. Mexican Foreign Minister Marcelo Ebrard said several hundred of the new arrivals were immediately deported on planes and buses.

On Wednesday, Mexican authorities said that 460 Honduran migrants were deported throughout the day. Other migrants from the group, including families traveling with children, were pondering their next moves.

Honduran Carlos Amador said that while some of his compatriots were returning home, others were hoping for positive news.

Trump has repeatedly threatened to punish Mexico and Central American countries if they fail to clamp down on the migrant flows. That has resulted in a series of agreements aimed at delivering on Trump's campaign promises to curb immigration.

Department of Homeland Security Acting Secretary Chad Wolf called the measures put in place by the Mexican National Guard "effective", adding that dozens of his personnel was on the ground in Central America assisting local immigration and security officials. Trump tweeted: "Sorry, if you come you will be immediately sent back!"

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News Network
April 10,2020

Paris, Apr 10: French pharma major Sanofi said on Friday it has decided to donate 100 million doses of hydroxychloroquine, the anti-malaria drug which could be a potential weapon against novel coronavirus, across 50 countries.

The company has already doubled its incremental production capacity on top of the usual production for current indications across its eight hydroxychloroquine manufacturing sites worldwide and is on track to quadruple it by the summer.

"In this global health emergency, Sanofi stands ready to assist as many countries as possible, starting with countries where its medicine is registered for current approved indications as well as countries where there are no hydroxychloroquine suppliers or countries with underserved populations," it said in a statement.

Sanofi called for coordination among the entire hydroxychloroquine chain worldwide to ensure the continued supply of the medicine if proven to be a well-tolerated and effective treatment in COVID-19 patients.

"The COVID-19 pandemic is an unprecedented health and economic crisis which is shaking some of the very fundamentals of international solidarity and cooperation among countries," said Chief Executive Officer Paul Hudson. "This virus does not care about the concept of borders, so we should not either," he added.

"It is critical that international authorities, local governments, manufacturers and all other players involved in the hydroxychloroquine chain work together in a coordinated manner to ensure all patients who may benefit from this potential treatment can access it. If the trials prove positive, we hope our donation will play a critical role for patients," said Hudson.

While hydroxychloroquine is generating a lot of hope for patients around the world, said Sanofi, it should be remembered that there are no results from ongoing studies and the results may be positive or negative.

To date, there is insufficient clinical evidence to draw any conclusion over the safety and efficacy of hydroxychloroquine in the management of COVID-19 patients.

It is one of several medicines being investigated by the World Health Organisation (WHO) in its international clinical trial seeking a treatment solution for COVID-19. "Sanofi is supporting ongoing trials by providing the medicine to some participating investigator sites and other independent research centres," it said.

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News Network
May 7,2020

Islamabad, May 7: Pakistan's COVID-19 cases have crossed 24,000 after 1,523 new infections were detected, while the death toll has jumped to 564 with 38 more people succumbing to the coronavirus, health officials said on Thursday.

Even as the country is seeing an increase in the number of coronavirus cases and fatalities, Prime Minister Imran Khan will discuss the easing of lockdown restrictions with his top aides on Thursday.

The Ministry of National Health Services said that out of the 24,073 total cases, Punjab reported 9,077, Sindh 8,640, Khyber-Pakhtunkhwa 3,712, Balochistan 1,495, Islamabad 521, Gilgit-Baltistan 388 and Pakistan-occupied Kashmir 76 cases.

After 38 more deaths on Wednesday, the total coronavirus patient death toll jumped to 564. Another 6,464 have recovered. A total of 1,523 new patients were added in a single day, the ministry.

So far, 244,778 tests have been conducted, including 12,196 in the last 24 hours, it said.

Prime Minister Khan will chair the National Coordination Committee (NCC) meeting on easing the lockdown restrictions in the country. The meeting will be attended by all chief ministers.

The issue was debated in the National Command and Operation Centre (NCOC) on Wednesday and in the Cabinet on Tuesday.

Planning Minister Asad Umar said that different proposals to allow certain businesses to open were prepared and will be presented before the Prime Minister for a final decision.

Earlier, Khan, undeterred by the mounting number of deaths and the new cases, announced that he was against a lockdown as it hits the poor people badly.

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