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
May 22,2020

May 22: A Pakistan International Airlines (PIA) flight on its way from Lahore to Karachi, crashed in the area near Jinnah International Airport on Friday, according to Civil Aviation Authority officials.

Geo News reported that the plane crashed at the Jinnah Ground area near the airport as it was approaching for landing. There were more than 90 passengers on board the Airbus aircraft. Black smoke could be seen from afar at the crash site, say eye witnesses.

There were no immediate reports on the number of casualties. The aircraft arriving from the eastern city of Lahore was carrying 99 passengers and 8 crew members, news agency AP said, quoting Abdul Sattar Kokhar, spokesman for the country’s civil aviation authority.

Witnesses said the Airbus A320 appeared to attempt to land two or three times before crashing in a residential area near Jinnah International Airport.

Flight PK-303 from Lahore was about to land in Karachi when it crashed at the Jinnah Garden area near Model Colony in Malir, just a minute before its landing, Geo News reported.

Local television reports showed smoke coming from the direction of the airport. Ambulances were on their way to the airport.

News agency said Sindh’s Ministry of Health and Population Welfare has declared emergency in all major hospitals of Karachi due to the plane crash.

It’s the second plane crash for Pakistani carrier in less than four years. The airline’s chairman resigned in late 2016, less than a week after the crash of an ATR-42 aircraft killed 47 people. The incident comes as Pakistan was slowly resuming domestic flights in the wake of the coronavirus pandemic, Bloomberg reported.

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News Network
May 7,2020

Mumbai, May 7: Maharashtra Minister Nawab Malik on Wednesday accused the BJP-led Uttar Pradesh and Karnataka governments of adopting an uncooperative approach in taking back migrant workers hailing from these two states.

Mr Malik said that such a problem has not arisen with other states like Bihar, Rajasthan and another BJP-ruled state, Madhya Pradesh.

"They are creating new hurdles. There are no such problems in case of other states like Bihar, Rajasthan, Madhya Pradesh and West Bengal though.

"The process (of sending back migrants) has been smooth in the case of these states," Mr Malik said.

The NCP leader alleged that the Uttar Pradesh and Karnataka governments either don't want the people hailing from their states to return or are deliberately creating hurdles so that out of job workers do not go back in big numbers.

The Uttar Pradesh and Karnataka government should understand that the migrant workers are not ready mentally to stay back in Maharashtra and want to return to their native states, Mr Malik said.

The NCP minister said the Maharashtra government has been sending the applications received from migrant workers to the nodal officers of their respective native districts.

Once the nodal officers (of the native districts) concerned approve the applications, the workers are sent back either by trains or private vehicles following their medical tests, Mr Malik added.

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Agencies
March 31,2020

Months after the outbreak of COVID-19 in Wuhan city of central China, families of those deceased, who contracted the contagious infection, stood in long queues at funeral homes demanding to receive the cremated ashes of their loved ones.

Now this has spurred questions about the actual tally of COVID-19 related casualties in Wuhan, in a renewed pressure on the Chinese government that is already struggling to control its containment narrative of the pandemic spread.

Chinese media outlet Caixin showed how trucks carrying 2,500 urns with the ashes of the deceased COVID-19 cases were being shipped in a funeral home last week. Another picture published revealed how 3,500 urns were stacked within these funeral homes. It is therefore unclear how many urns have been filled in.

According to media reports, workers at several funeral parlors declined to provide any details as to how many urns were waiting to be collected, saying they either did not know or were not authorised to share the number.

Some families said they had been forced to wait for several hours to pick up the ashes. The photos circulated as mass deaths from the virus spiked in cities across the west, including Milan, Madrid and New York, where hospitals were erecting tents to handle the overflow as global infections soar past 500,000, with 24,000 dead.

According to Chinese government figures, 2,535 people in Wuhan have died of the virus. The announcement that a lockdown in place since January would be lifted came after the country said its tally of new cases had hit zero and stepped up diplomatic outreach to other countries hard hit by the virus, sending some of them medical supplies.

But some in China have been skeptical of the accuracy of the official tally, particularly given Wuhan's overwhelmed medical system, authorities' attempts to cover up the outbreak in its initial stages, and multiple revisions to the way official cases are counted.

Residents on social media have demanded disciplinary action against top Wuhan officials.

Many people who died had Covid-19 symptoms, but weren't tested and excluded from the official case tally, Caixin said. There were also patients who died of other diseases due to a lack of proper treatment when hospitals were overwhelmed dealing with those who had the coronavirus.

There were 56,007 cremations in Wuhan in the fourth quarter of 2019, according to data from the city's civil affairs agency. The number of cremations was 1,583 higher than those in the fourth quarter of 2018 and 2,231 higher than the fourth quarter of 2017.

Two locals in Wuhan who have lost family members to the virus said online that they were informed they had to be accompanied by their employers or officials from neighborhood committees when picking up the urns, likely as a measure against public gatherings.

COVID-19 is affecting 199 countries and territories around the world. Over 664,000 coronavirus cases have been registered globally out of which 30,890 have succumbed to the infection.

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