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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Agencies
July 22,2020

Houston, Jul 22: China said on Wednesday that the US has ordered it to close its consulate in Houston in what an official called an outrageous and unjustified move that will sabotage China-US relations.

Foreign ministry spokesperson Wang Wenbin condemned the action, which comes as tensions rise between the world's two largest economies. He warned of firm countermeasures if the US does not reverse its decision.

The unilateral closure of China's consulate general in Houston within a short period of time is an unprecedented escalation of its recent actions against China, Wang said at a daily news briefing.

There was no immediate confirmation or explanation from the U.S. side.

Media reports in Houston said that authorities had responded to reports of a fire at the consulate. Witnesses said that people were burning paper in what appeared to be trash cans, the Houston Chronicle reported, citing police.

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Agencies
July 7,2020

Washington, Jul 7: The US military "will continue to stand strong” in relationship to a conflict between India and China or anywhere else, a top White House official said on Monday, after the navy deployed two aircraft carriers to the South China Sea to boost its presence in the region.

"The message is clear. We're not going to stand by and let China or anyone else take the reins in terms of being the most powerful, dominant force, whether it's in that region or over here,” White House Chief of Staff Mark Meadows told Fox News.

“And the message is clear. Our military might stands strong and will continue to stand strong, whether it's in relationship to a conflict between India and China or anywhere else,” Meadows said in response to a question.

He was told that India banned Chinese apps because Indian soldiers were killed by Chinese troops last month and asked what's mission of the two aircraft carriers - the Ronald Reagan and the Nimitz - and what's America's mission.

The troops of India and China are locked in an eight-week standoff in several areas in eastern Ladakh including Pangong Tso, Galwan Valley and Gogra Hot Spring. The situation deteriorated last month following the Galwan Valley clashes that left 20 Indian Army personnel dead as the two sides significantly bolstered their deployments in most areas along the LAC.

The Chinese military on Monday began withdrawing troops from the Galwan Valley and Gogra Hot Spring after National Security Advisor Ajit Doval and Chinese Foreign Minister Wang Yi held lengthy talks on Sunday. Doval and Wang are also the special representatives on the India-China boundary talks.

The United States has sent two of its aircraft carriers to the South China Sea. “Our mission is to make sure that the world knows that we still have the preeminent fighting force on the face of the globe,” Meadows said.

President Donald Trump has invested more in the US military, more in not only the hardware, but the men and women who serve so sacrificially each and every day, he said. “He (Trump) continues to do so,” he added.

China is engaged in hotly contested territorial disputes in both the South China Sea and the East China Sea. Beijing has built up and militarised many of the islands and reefs it controls in the region. Both areas are stated to be rich in minerals, oil and other natural resources and are vital to global trade.

China claims almost all of the South China Sea. Vietnam, the Philippines, Malaysia, Brunei and Taiwan have counter claims over the area.

Appearing on the same Fox News on Monday talk show with host Brian Kilmeade, influential Republican Senator Tom Cotton said that the US aircraft carriers are headed to the South China Sea to thwart off any Chinese misadventure against Taiwan or other countries in the region.

"That's one of the reasons why we have those aircraft carrier groups in the South China Sea. I mean, look what China did in the southwest. It's essentially invaded India over the last few weeks and killed Indian soldiers,” Cotton said.

"No country on China's periphery, right now, is safe from Chinese aggression. All those countries want a close relationship with the United States. We ought to have one,” Cotton said.

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Agencies
July 15,2020

Huawei will be completely removed from the UK's 5G networks by the end of 2027, the UK government announced on Tuesday after a review by the country's National Cyber Security Centre (NCSC) on the impact of US sanctions against the Chinese telecommunications giant.

In the lead up to this complete removal of all Huawei kit from UK networks, there will be a total ban on the purchase of any new 5G kit after December 31, 2020.

The decision was taken at a meeting of the UK's National Security Council (NSC) chaired by Prime Minister Boris Johnson, in response to new US sanctions against the telecom major imposed in May which removed the firm's access to products which have been built based on US semiconductor technology.

5G will be transformative for our country, but only if we have confidence in the security and resilience of the infrastructure it is built upon, said Oliver Dowden, UK Secretary of State for Digital, Culture, Media and Sport (DCMS).

Following US sanctions against Huawei and updated technical advice from our cyber experts, the government has decided it necessary to ban Huawei from our 5G networks. No new kit is to be added from January 2021, and UK 5G networks will be Huawei free by the end of 2027. This decisive move provides the industry with the clarity and certainty it needs to get on with delivering 5G across the UK, he said.

The minister, who laid out the details of the UK's ban on Huawei in the House of Commons, said the government will now seek to legislate with a new Telecoms Security Bill to put in place the powers necessary to implement the tough new telecoms security framework.

By the time of the next election (2024) we will have implemented in law an irreversible path for the complete removal of Huawei equipment from our 5G networks, said Dowden.

The new law will give the government the national security powers to impose these new controls on high risk vendors and create extensive security duties on network operators to drive up standards, DCMS said.

Technical experts at the NCSC reviewed the consequences of the US sanctions and concluded that Huawei will need to do a major reconfiguration of its supply chain as it will no longer have access to the technology on which it currently relies and there are no alternatives which we have sufficient confidence in.

They found the new restrictions make it impossible to continue to guarantee the security of Huawei equipment in the future.

After a ban on the purchase of new Huawei kit for 5G from next year, the aim is to completely remove the Chinese vendor's influence on 5G networks across the UK by the end of 2027.

The DCMS said Tuesday's decision takes into account the UK's specific national circumstances and how the risks from these sanctions are manifested in the country.

The existing restrictions on Huawei in sensitive and critical parts of the network remain in place, it highlighted.

The DCMS said the US action also affects Huawei products used in the UK's full fibre broadband networks. However, the UK has managed Huawei's presence in the UK's fixed access networks since 2005 and we also need to avoid a situation where broadband operators are reliant on a single supplier for their equipment.

As a result, following security advice from experts, DCMS is advising full fibre operators to transition away from purchasing new Huawei equipment. A technical consultation will determine the transition timetable, but it is expect this period to last no longer than two years.

The government said its new approach strikes the right balance by recognising full fibre's established presence and supporting the connections that the public relies on, while fully addressing the security concerns.

It stressed that its new policy in relation to high risk vendors has not been designed around one company, one country or one threat but as an enduring and flexible policy that will enable the UK to manage the risks to the network, now and in the future.

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