2 Indians in US' Richest Entrepreneurs Under 40 list: Forbes

December 13, 2016

New York, Dec 13: Two Indian-origin men have figured in Forbes magazine's second annual list of wealthiest entrepreneurs under the age of 40 which is topped by Facebook founder Mark Zuckeberg.

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Vivek Ramaswamy, a successful biotech entrepreneur has been ranked 24th on 'America's Richest Entrepreneurs Under 40 2016' list with a networth of 600 million dollars and Apoorva Mehta stands at 31st spot with a 360 million dollars networth.

Ramaswamy, 31, a Harvard University and Yale School of Management alumnus, continues to make waves in the biotech business with his deals and drug development plans, Forbes said.

He was behind the biggest biotechnology initial public offering of 2016, Myovant Sciences, which raised USD 218 million listing its shares on Nasdaq in October, it said.

Last year, Ramaswamy pulled off the biggest IPO in the US biotech history by listing shares of Axovant, a company that is trying to develop a new Alzheimer's drug.

He runs Roivant Sciences, a biotech holding company with an innovative financial strategy to develop drugs, often by purchasing drugs that have been forgotten or abandoned by the pharmaceutical industry.

Forbes called Mehta one of Silicon Valley's youngest immigrant success stories. Born in India, Mehta and his family moved to Canada in 2000, where he studied engineering at the University of Waterloo before working at Blackberry, Qualcomm, and then Amazon. In 2012, he cofounded Instacart, a grocery delivery service that partners with grocery chains.

Customers can order groceries through a mobile app, and pay fees of typically under USD 10 to get deliveries in an hour or two from Instacart contractors. The company is valued at an estimated USD 2 billion, and most recently raised funding from Whole Foods Market in March 2016, it said.

The list has been topped by Zuckerberg, whose Facebook shares and net worth soared to new heights. He is now worth USD 50 billion, up USD 2.9 billion from a year ago.

Newcomers to the 2016 ranks include NBA stars Kobe Bryant and LeBron James and boxer Floyd Mayweather as well as pop star Beyonce and actress-turned-consumer products marketer Jessica Alba. The last two are the only women among the top 40 under 40.

All five of these superstars have net worths that range from USD 275 million to USD 350 million, Forbes said.

The richest under 40 newcomer is Bryan Sheffield, who has struck it rich in the Texas oil patch. Sheffield is worth USD 1.45 billion. Another new billionaire is Kevin Systrom, cofounder of photo-sharing app Instagram.

To be eligible for the list, individuals had to be under the age of 40 as of December 12. These entrepreneurs also have to reside in the US and substantially have made their own fortunes in this country, Forbes said.

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News Network
March 6,2020

Beijing, Mar 6: World health officials have warned that countries are not taking the coronavirus crisis seriously enough, as outbreaks surged across Europe and in the United States where medical workers sounded warnings over a "disturbing" lack of hospital preparedness.

The World Health Organization warned Thursday that a "long list" of countries were not showing "the level of political commitment" needed to "match the level of the threat we all face".

"This is not a drill," WHO chief Tedros Adhanom Ghebreyesus told reporters.

"This epidemic is a threat for every country, rich and poor."

Tedros called on the heads of government in every country to take charge of the response and "coordinate all sectors", rather than leaving it to health ministries.

What is needed, he said, is "aggressive preparedness."

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Agencies
June 6,2020

The President of United States Donald Trump has said that countries like India and China would have much more coronavirus cases than America if they conduct more tests.

“I say to my people every time we test; you find cases because we do more testing. If we have more cases, if we wanted to do testing in China or in India or other places, I promise you there would be more cases you are doing a fantastic job in getting out the swabs,” the US president said on Friday.

Trump said that the US has carried out 20 million tests while compared to America, Germany is at four million and much talked about South Korea is about three million tests. He made the remarks at Puritan Medical Products in Maine, according to Johns Hopkins Coronavirus Resource Center.

The US has reported nearly 1.9 million cases and over 1,09,000 deaths while the total number of coronavirus cases in India and China stand at 2,36,184 and 84,177 respectively, according to Johns Hopkins Coronavirus Resource Center data.

India has so far conducted over 4 million COVID-19 tests, according to the health ministry.

Trump said, “we will be well over 20 million tests. Remember this, when you test more, you have more cases.”

“Puritan is one of the only manufacturers in the world producing high-quality medical swabs that are crucial for rapid testing. And every swab you make at Puritan is proudly stamped with the beautiful phrase made in the USA,” Trump said.

“Thanks to the testing capacity that you are making possible, our country is reopening and our economy is recovering like nobody would’ve thought possible,” he added.

Trump also spoke about the huge unemployment problem the country is currently facing. He said that the economy is now back on track, referring to the latest monthly employment numbers,.

“We absolutely shattered expectations, and this is the largest monthly jobs increase in American history, think of that; that’s a long time,” Trump said

“I think it’s more than double or about double of what our highest was before so this is the largest monthly job increase in American history. And we’re going to have a phenomenal next year. We’re going to have a tremendous couple of months prior to the election on November 3 very, very important date,” the president said.

Keeping an eye on the November 3 presidential elections, Trump is seeking re-election for his second consecutive term. He is pitted against Democratic presidential nominee Joe Biden who in opinion polls is surging several points of Trump.

“It’s going to be a very important election because the only thing that can screw it up is if you get the wrong president and they raise your taxes, and they open up your borders so that everybody pours into our country,” Trump said.

Trump also vowed to bring the American economy back on track, which has been badly hit by the coronavirus pandemic. He reiterated that his administration has built a strong economy in the last three years.

Describing the fight against coronavirus as the greatest national and industrial mobilisation since the World War II, Trump said that his administration has marshaled the full power of the US government and US industry to defeat the invisible enemy.

“It is indeed an enemy. It came from China, should have been stopped in China. They didn’t do that,” he alleged.

The administration, he said, has delivered over 1.5 billion pieces of personal protective equipment to doctors and nurses on the front lines. We slashed the red tape to speed up the development of vaccines.

“And vaccines are coming along incredibly well, wait till you see, and therapeutics. And we partnered at private sector leaders such as Puritan to build the largest and most advanced testing capacity on the face of the earth, like this one,” the US president said.

The Puritan factory in Maine, he said, quickly ramped up the production to produce nearly 20 million foam-tipped swabs each month.

“Then in April, my administration invoked the Defence Production Act to help you scale up even more. Under a USD 75 million public-private partnership, Puritan will soon double production to 40 million swabs per month,” Trump added.

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Agencies
March 25,2020

Moscow, Mar 25: An earthquake measuring 7.5 on the Richter scale struck off Russia's Kuril Islands on Wednesday, the United States Geological Survey (USGS) said.

The magnitude of the quake, which occurred at 2:49 am (UTC), was registered at a depth of 56.7 kilometres, about 219 kilometres southeast of the Russian town of Severo-Kuril'sk, the USGS said.

There were no immediate reports of casualties or damage to the property as a result of the quake.
Further details are awaited.

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