Five Indian-Americans in Forbes list of US' richest

September 20, 2012

New York, September 20: Five Indian-Americans, including Silicon Valley venture capitalist Vinod Khosla and founder of IT major Syntel, Bharat Desai, have been named among the richest people in the US by Forbes, a list of 400 billionaires topped by Microsoft founder Bill Gates. See images


Gates, 56, whose net worth grew $7 billion from a year earlier to $66 billion in 2012, topped the list for the 19th year in a row.

He is followed by Berkshire Hathaway Inc.'s Buffett (No. 2) with $46 billion, also up $7 billion from last year, and Oracle Corp's Larry Ellison (No. 3) with $41 billion, up $8 billion—and the biggest dollar gainer this year.

Desai with a net worth of $2 billion as of September 2012 has been ranked 239 in Forbes' annual list released yesterday.

Desai, 59, started Syntel in 1980 with his wife while earning his MBA from the University of Michigan. An IIT Mumbai alumnus, Desai stepped down as chief executive of the firm in 2009 but remains chairman.

Founder and chairman of the Symphony Technology Group, Romesh Wadhwani is ranked 250 with a net worth $1.9 billion.

Google board member and shareholder Kavitark Ram Shriram occupies the 298th rank with a net worth of $1.6 billion. Manoj Bhargava, founder and CEO of the popular energy drink '5-hour energy' is ranked 311 and has a $1.5 billion net worth.

He is followed by Khosla on the 328th rank and a $1.4 billion net worth.

The net worth of the richest Americans grew by 13 per cent in the past year to $1.7 trillion, Forbes magazine said in a statement.

A graduate of Carnegie Mellon University and IIT Mumbai, Wadhwani, 65, developed business software firm Aspect Development which he sold in 2000 during the height of the tech bubble for $9.3 billion.

A "notable" newcomer on the list, Bhargava, 59, is a Princeton University drop out who "chose one of the roads less traveled to the American Dream".

Described as a math whiz, Bhargava lived as a monk in the mountains of India for 12 years before returning to the US to forge a successful career in plastics.

Forbes said Stanford and IIT alumnus Khosla, 57, "isn't afraid to fail”. His firm also had a stake in social enterprise software company Yammer, which was purchased by Microsoft in July for $1.2 billion.

A Google board member and large shareholder, Shriram, 55, has stakes in online outsourcer 24/7 Customer and serendipitous website picker StumbleUpon.

He also invested in Inkling, which makes interactive textbooks for the iPad.

He serves as a trustee at Stanford University, where he and his wife endowed the Shriram Family Professorship in Science Education.


Facebook founder Mark Zuckerberg has been pushed down in the rankings to the No. 36 spot with his estimated net worth falling by about $8 billion to $9.4 billion since Facebook went public in May.

bharat_desai

Bharat Desai | Rank: 239 | Net worth: $2 billion

Desai, 59, is the chairman and co-founder of Syntel, which he started in 1980 with his wife while earning his MBA from the University of Michigan. An IIT Mumbai alumnus, Desai stepped down as chief executive of the firm in 2009.

romesh-wadhwani

Romesh Wadhwani | Rank: 250 | Net worth: $1.9 billion

Wadhwani, 65, is the founder and chairman of Symphony Technology Group, a private equity firm that invests in software and software services companies.

kavitark-ram-shriram

Kavitark Ram Shriram | Rank: 298 | Net worth: $1.6 billion

Shriram, 55, is a Google board member and shareholder. He also has stakes in online outsourcer 24/7 Customer and website picker StumbleUpon. He was one of the first people to write a check to Google co-founders Sergey Brin and Larry Page in 1998.

manoj-bhargava

Manoj Bhargava | Rank: 311 | Net worth: $1.5 billion

Bhargava, 59, is the founder and CEO of the popular energy drink brand '5-hour energy'. He is a Princeton University drop out who "chose one of the roads less travelled to the American Dream".

vinod-khosla

Vinod Khosla | Rank: 328 | Net Worth: $1.4 billion

Khosla, 57, is a partner at Khosla Ventures. The Stanford and IIT alumnus "isn't afraid to fail, and has staked a big claim in clean tech—including on some companies he refers to as science experiments".


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News Network
March 28,2020

Washington, Mar 28: A US-based lab has unveiled a portable test that can tell if someone has COVID-19 in as little as five minutes, it said in a statement Friday.

Abbot Laboratories said the US Food and Drug Administration (FDA) had given it emergency authorization to begin making the test available to healthcare providers as early as next week.

The test, which is the size of a small toaster and uses molecular technology, also shows negative results within 13 minutes, the company said in a press statement.

"The COVID-19 pandemic will be fought on multiple fronts, and a portable molecular test that offers results in minutes adds to the broad range of diagnostic solutions needed to combat this virus," said Abbot president and chief operating officer Robert Ford.

The test's small size means it can be deployed outside the "traditional four walls of a hospital in outbreak hotspots," Ford said, and Abbott is working with the FDA to send it to virus epicenters.

The test has not been cleared or approved by the FDA, and has only been authorized for emergency use by approved labs and healthcare providers, the company said.

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News Network
April 29,2020

Apr 29: US President Donald Trump doubled down on China for failing to tame the coronavirus at its very origin, saying it has led to 184 countries "going through hell", as several American lawmakers demanded steps to reduce dependence on Beijing for manufacturing and minerals.

Trump has been publicly blaming China for the global spread of the "invisible enemy" and launched an investigation against it. He has also indicated that the US may be looking at "a lot more money" in damages from China than the USD 140 billion being sought by Germany from Beijing for the pandemic.

Leaders of the US, the UK and Germany believe that the deaths and the destruction of the global economy could have been avoided, had China shared the information about the virus in its early phases.

"It's in 184 countries, as you hear me say often. It's hard to believe. It's inconceivable," Trump told reporters at White House Tuesday. "It should have been stopped at the source, which was China. It should have been stopped very much at the source, but it wasn't. And now we have 184 countries going through hell.”

The virus, which originated in China's Wuhan city in mid-November, has killed more than two lakh people and infected over three million globally. The largest number of them are in the US: nearly 59,000 deaths and over one million infections.

The massive outbreak in the US has put Trump under increasing pressure from American lawmakers to decrease US dependence on Beijing and they have also sought compensation from China.

Senator Ted Cruz and his colleagues have urged Defence Secretary Mark Esper and Interior Secretary David Bernhardt to support the development of a fully domestic supply chain of rare earths and other minerals that are critical for manufacturing defence technologies and supporting national security.

“It is clear that our dependence on China for vital rare earths threatens our US manufacturing and defence-industrial base. As the October 2018 Defence Industrial Base Report states: ‘China represents a significant and growing risk to the supply of materials deemed strategic and critical to US national security.' [...] Ensuring a US supply of domestically sourced rare earths will reduce our vulnerability to supply disruptions that poses a grave risk to our military readiness," the Senators wrote.

The US is 100 percent import-dependent for rare earths as well as 13 other metals and minerals on the US Government Critical Minerals List and more than 75 percent import reliant for an additional 10 minerals.

Congressman Brian Mast on Tuesday introduced a legislation to hold China accountable for its "coronavirus deception". The resolution would empower the US to withhold payments on debts owed to China equal to the costs incurred by the US in response to COVID-19.

“China's total lack of transparency and mishandling of the coronavirus outbreak has cost tens of thousands of lives, millions of jobs and left untold economic destruction. Congress must hold China accountable for their cover-up and force them to pay back the taxpayer dollars that have been spent as a result,” Mast said.

Cruz, member of the Senate Foreign Relations Committee, announced his intention to introduce a legislation to cut off Hollywood studios from assistance they receive from the Department of Defence if those studios censor their films for screening in China.

This legislation is part of Sen. Cruz's comprehensive push to combat China's growing influence over what Americans see and hear, which includes legislation targeting information warfare from the Chinese Communist Party across higher education, sports, films, radio broadcasts, and more.

Indian-American Congressman Ami Bera and Congressman Ted S. Yoho, both members of the House Foreign Affairs Committee, will lead a bipartisan virtual Special Order to highlight the importance of US global leadership during the COVID-19 pandemic.

“If we abdicate our place as a leader in global health, there is another country eager to take the reins. China has not been subtle in asserting itself on global health issues, and often not for the benefit of other nations. China's recent coronavirus debacle should be evidence enough that their communist regime cannot be trusted to lead with accountability, transparency, or pragmatism, traits that are essential when fighting widespread disease,” Yoho said.

“As for how China would fare as a global health leader, look no further than the disastrous initial response by the WHO to coronavirus, one that was clearly influenced by Beijing. Information was slow-walked, warnings from nations like Taiwan were ignored at crucial turning points, and cooperation with outside health experts was spurned until it was too late. And it has resulted in the largest public health disaster the world has seen in over a century,” he said.

In an interview to Fox News, Senator Marco Rubio alleged that if China had acted when those warnings were being made, instead of silencing the people that were talking about it, they could have limited the spread.

“So there was no doubt that that was a deliberate decision made on their part. The one way to hold them accountable is to do what we should be doing anyway. That is moving the means of production to become less and less dependent upon them. What you're going to see after this pandemic is that more and more countries are going to prioritize their healthcare manufacturing capabilities and other industries,” he said.

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News Network
April 2,2020

Washington, Apr 2: The total US death toll from the coronavirus pandemic topped 4,000 early Wednesday, more than double the number from three days earlier, according to a tally by Johns Hopkins University.

The number of deaths was 4,076 -- more than twice the 2,010 recorded late Saturday.

More than 40 percent of recorded deaths nationally were in New York state, the Johns Hopkins data showed.

On Tuesday the United States exceeded the number of deaths in China, where the pandemic emerged in December before spreading worldwide.

The number of confirmed US cases has reached 189,510, the most in the world, though Italy and Spain have recorded more fatalities.

After initially downplaying the threat from new coronavirus in the early stages of the US outbreak, President Donald Trump warned of "a very, very painful two weeks" to come for the country on Tuesday.

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