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
February 4,2020

Feb 4: Americans on Monday kicked off the first vote of the 2020 presidential race as the midwestern state of Iowa began its caucuses, the closely-watched first step in deciding which Democrat will face incumbent Donald Trump in November's election.

The two frontrunners, left-wing Senator Bernie Sanders and former Vice President Joe Biden face a key test in the sparsely populated state, with a handful of others looking to make their mark to give their campaigns momentum.

The Iowa vote is a critical early look at the viability of the 11 Democratic candidates still in the race - even though just 41 Iowa delegates are up for grabs, a fraction of the 1,991 needed to secure the party nomination in July.

Iowa Democrats filed into nearly 1,700 caucus sites - schools, libraries, churches, mosques and meeting halls with Sanders and Biden in the lead in the state, followed by former South Bend, Indiana mayor Pete Buttigieg and Senator Elizabeth Warren, who is also on the left of the party.

But polling has fluctuated and Iowa's quirky caucus system - where voting is not by secret ballot but by public declaration for a candidate - makes the night hard to predict.

Luke Elzinga, a volunteer for Sanders, appeared early at Lincoln High School in Des Moines which was converted into a caucus location.

"I think he really inspires a lot of young people, a lot of disaffected voters who might not otherwise turn out," Elzinga, 28, told AFP news agency shortly before the caucusing began.

"And so I think he's the best candidate to beat Trump."

Three candidates - Sanders, Warren and Amy Klobuchar - have faced the unprecedented scenario of spending much of the past two weeks tethered to Washington for the impeachment trial of Trump instead of on the campaign trail in Iowa.

Even as candidates sought to make 11th-hour impressions on undecided voters, the senators were obligated to return to Washington for the trial's closing arguments on Monday.

Defeating Trump

In a vote scheduled for Wednesday, Trump is almost certain to be acquitted by the Republican-led upper house on charges of abuse of power and obstruction of Congress.

For Democrats, second-tier hopefuls Klobuchar and tech entrepreneur Andrew Yang look to outpace expectations and seize momentum heading into the next contest in New Hampshire on February 11.

Earlier on Monday Biden - who still holds the lead in national polls - brought pizza to a field office in a strip mall near Des Moines to thank volunteers.

"I'm feeling good about today," he said.

Like many candidates, Biden spent the weekend crisscrossing Iowa in a final push to convince undecided voters he is best placed to accomplish Democrats' number one goal: defeating Trump.

The president has not stood idly by. On Sunday he branded Biden "Sleepy Joe" and described Sanders as "a communist," previewing a likely line of attack were Sanders to win the nomination.

Unlike secret ballot voting, caucus-goers publicly declare their presidential choice by standing together with other supporters of a candidate.

Candidates who reach 15 percent support earn delegates for the nomination race while supporters of candidates who fall short can shift their allegiance to others.

Turnout is critical, and candidates and their representatives will seek to persuade voters on issues including healthcare, taxes and ending Washington corruption.

One key candidate who has opted not to contest in Iowa is billionaire businessman Michael Bloomberg, who entered the race in November but has surged into fourth place in RealClearPolitics' national polling average.

The former New York mayor, who has spent more than $300m on advertising, according to Advertising Analytics, is focused on running a national campaign with particular emphasis on states that vote on "Super Tuesday," on March 3.

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News Network
April 7,2020

London, Apr 7: British Prime Minister Boris Johnson was moved to the intensive care unit of a London hospital after his coronavirus symptoms worsened Monday, just a day after he was admitted for what were said to be routine tests.

Johnson was admitted to St. Thomas’ Hospital late Sunday, 10 days after he was diagnosed with COVID-19, the first major world leader to be confirmed to have the virus.

Downing Street said Johnson was conscious and did not require ventilation, but he was moved into intensive care in case he needs it later, his office said in a statement.

Britain has no official post of deputy prime minister, but Foreign Secretary Dominic Raab has been designated to take over should Johnson become incapacitated.

Hours earlier, Johnson tweeted that he was in good spirits and thanked the National Health Service for taking care of him and others with the disease.

“On the advice of my doctor, I went into hospital for some routine tests as I’m still experiencing coronavirus symptoms,″ Johnson said in the tweet. “I’m in good spirits and keeping in touch with my team, as we work together to fight this virus and keep everyone safe.″

The prime minister's spokesman said earlier Monday that Johnson had spent a comfortable night and remained in charge of government after being admitted to the hospital because his cough and fever persisted.

Johnson's spokesman, James Slack, refused to say what kind of tests Johnson was undergoing. He insisted that "the PM remains in charge of the government."

“He is receiving updates in hospital and is continuing to receive a (ministerial red) box" of files and briefing papers, Slack said.

Prime Minister Narendra Modi on Monday hoped that his British counterpart Boris Johnson, admitted to a hospital for treatment of coronavirus, finds himself in perfect health soon.

"Hang in there, Prime Minister @BorisJohnson! Hope to see you out of hospital and in perfect health very soon," the prime minister wrote on Twitter.

The 55-year-old leader had been quarantined in his Downing Street residence since being diagnosed with COVID-19 on March 26. He continued to preside at daily meetings on the outbreak until Sunday. He released several video messages during his 10 days in isolation urging Britons to stay home and observe social distancing measures to help slow the spread of the virus.

Speaking earlier at the government's daily coronavirus press briefing, Raab said Johnson was being “regularly updated," but said he had not spoken to him since Saturday.

“He's in charge, but he’ll continue to take doctors’ advice on what to do next," Raab said.

Politicians from all parties wished Johnson a quick recovery. Opposition Labour Party leader Keir Starmer tweeted: “Terribly sad news. All the country’s thoughts are with the Prime Minister and his family during this incredibly difficult time."

Johnson's fiancee, Carrie Symonds, who is pregnant, is herself recovering from coronavirus symptoms.

Johnson was admitted to the hospital as a message to the nation from Queen Elizabeth II was being broadcast Sunday evening. The 93-year-old monarch urged the public to show resolve and follow advice to stay inside.

Concerns had been growing about Johnson’s welfare ever since he posted a message Friday saying that he was feeling better, though was still feverish.

The virus causes mild to moderate symptoms in most people, but for some, especially older adults and the infirm, it can cause pneumonia and lead to death.

The government said Monday that 51,608 people had been confirmed to have the coronavirus in Britain, 5,373 of whom have died.

Derek Hill, a professor of medical imaging science at University College London, said that since COVID-19 causes difficulty breathing, one test performed on people with the disease is lung imaging with ultrasound or CT scans to see how badly they might be affected.

Hill said there are various types of breathing help, depending on the person and the difficulties.

“The reasons some people get seriously ill with COVID-19 while others have minor symptoms is not yet fully understood,″ Hill said. “But doctors managing these patients report that more men than women have serious problems, and patients who are overweight or have previous health problems are at higher risk."

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News Network
February 4,2020

Kuala Lumpur, Feb 4: Malaysia said on Tuesday that India's move to cut back on palm oil purchases is "temporary" and will be resolved amicably between the two nations.

Last month, India restricted imports of refined palm oil and asked importers to avoid purchases from Malaysia after its criticism of actions in Kashmir and a new citizenship law.

"Having long-standing bilateral ties, the two nations will overcome the current challenges, and prevail towards mutual and beneficial outcomes," the Malaysian Palm Oil Council said in a statement, citing Primary Industries Minister Teresa Kok.

Malaysia's push to implement B20 biodiesel starting this month will also help sustain high crude palm oil prices, the statement read.

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