With $21-bn networth, Mukesh Ambani India's richest for 6th yr

October 29, 2013

Mukesh_AmbaniNew York, Oct 29: With a networth of USD 21 billion, Mukesh Ambani has retained his title as India's wealthiest for sixth year in a row, while the country's 100 richest persons saw their collective wealth soar by a modest 3 per cent in a year.

NRI steel tycoon Lakshmi Mittal (USD 16 billion) also continues to hold the second position, while Sun Pharma's Dilip Shanghvi has jumped to third place with about 50 per cent surge in his wealth to USD 13.9 billion, pushing IT czar Azim Premji to fourth place (USD 13.8 billion).

As per US-based business magazine Forbes' annual list of India's 100 richest, released today, their total wealth grew by a modest 3 per cent from a year ago to USD 259 billion.

"Growth in wealth was lacklustre due to India's stumbling economy, which has been hit by inflation and a falling rupee," Forbes said.

Amid the sluggishness, Reliance Industries chief Mukesh Ambani and ArcelorMittal's Lakshmi Mittal saw no change in their respective networths, but pharmaceutical industry titan Shanghi managed to buck the trend with a surge of USD 4.7 billion in his wealth to USD 13.9 billion.

Premji's wealth also rose by USD 1.6 billion, but he could not retain his third slot.

Pallonji Mistry, patriarch of construction giant Shapoorji Pallonji Group which is the biggest shareholder in Tata Sons, has moved down one place to fifth rank with a networth of USD 12.5 billion. His younger son Cyrus Mistry last year succeeded Ratan Tata as new Tata group head.

NRI businessmen Hinduja brothers have moved up to sixth place (USD 9 billion), from their 9th position last year.

Shiv Nadar (USD 8.6 billion) have moved into top-ten at the 7th place, while Sunil Mittal has also returned to this league at 10th place (USD 6.6 billion). On the other hand, Essar group's Ruia brothers and Jindal group's Savitri Jindal have moved out from the group.

Adi Godrej has slipped two places to 8th rank (USD 8.3 billion), while Aditya Birla group Chairman Kumar Mangalam Birla has gained one position to 9th (USD 7.6 billion).

Anil Ambani has also retained his 11th rank, although his wealth rose to USD 6.2 billion, from USD 6 billion a year ago.

In the top-20, he is followed by Shashi and Ravi Ruia (USD 5.5 billion), Micky Jagtiani (USD 5 billion), Savitri Jindal (USD 4.9 billion), Uday Kotak (USD 4.1 billion), Cyrus Poonawalla (USD 4 billion), Anand Burman (USD 3.7 billion), Kushal Pal Singh (USD 3.4 billion), Desh Bandhu Gupta (USD 3.2 billion) and Bajaj Family (USD 3.1 billion).

There are a total of 65 billionaires on the list, four more than last year. Some of these have made their fortunes in the Middle East, including Bahrain resident Ravi Pillai (richest newcomer with USD 1.7 billion) of Saudi construction group, Nasser S Al-Hajri Corp, and retail mogul M A Yusuff Ali (USD 1.6 billion) of Abu Dhabi-based Lulu Group.

As many as 15 new members have entered the top-100 list even as more than half of last year's rich listers, including Savitri Jindal whose wealth declined by USD 3.3 billion, have seen a fall in their fortunes.

The minimum net worth to make to the list has increased to USD 635 million from USD 460 million last year.

Forbes said that the list has been compiled using shareholder and financial information obtained from families, individuals, stock exchanges, analysts and regulators.

The ranking lists family fortunes, including those shared among extended families such as the Bajaj family, while the wealth figures were calculated based on stock prices and exchange rates as of October 18, 2013.

Privately-held companies were valued based on the valuation of similar publicly-traded companies.

Others on the list include Vedanta group's Anil Agarwal at 21st position (USD 3 billion), Gautam Adani (22, USD 2.65 billion), Kalanithi Maran (23, USD 2.6 billion), Venugopal Dhoot (30, USD 1.8 billion), Ajay Piramal (41, USD 1.55 billion), Nandan Nilekani (50, USD 1.3 billion), Rakesh Jhunjhunwala (61, USD 1.15 billion) and Anu Aga (86, USD 730).

The youngest on the list is 38-year old Shivinder Mohan Singh, who along with his 40-year-old brother Malvinder Mohan Singh have been ranked at 26th place (USD 2.3 billion).

Besides, 40-year old Ranjan Pai of Manipal group is at 51st place (USD 1.25 billion).

Others aged below 50 include Glenn Saldanha ranked 57 with net worth of USD 1.19 billion, Nirav Modi (64, USD 1.01 billion) and Vikas Oberoi (79, USD 780 billion) among others.

Women on the list include Savitri Jindal, Anu Aga, Kiran Mazumdar-Shaw and Shobhana Bhartia.

Those aged above 80 years of age include Brij Mohan Lal Munjal (90 years), Samprada Singh (87 yrs), Pallonji Mistry (84 yrs), Devendra Jain (84 yrs) and Kushal Pal Singh (82 yrs).

On Mukesh Ambani, Forbes said he plans to invest USD 25 billion in his businesses over the next 3 years.

Regarding L N Mittal, the magazine said "no turnaround yet for troubled steel baron Lakshmi Mittal whose ArcelorMittal is facing weak demand amid supply glut."

Mittal has put one of three houses he owns on London's billionaires' row up for sale, the magazine said.

Meanwhile, his son-in-law Amit Bhatia's family has partnered Air Asia's Tony Fernandes and the Tata group, for a new budget airline.

The list forms part of Forbes India edition which would hit the stands on November 7.

Shanghvi, who moved into the top five last year, is the third richest for the first time. Despite the rise, Sun reported a USD 210 million loss in the last quarter, after making a provision for settling a patent dispute over Pfizer's acid-reflux drug Protonix.

"Wipro chairman Azim Premji, whose fortune is up USD 1.6 billion in past year, got boost after spinning off its (the company's) consumer products business in March," Forbes 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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News Network
June 2,2020

Minneapolis, Jun 2: An official autopsy released Monday ruled that George Floyd, the African-American man whose death at police hands set off unrest across the United States, died in a homicide involving "neck compression".

George, 46, died of "cardiopulmonary arrest complicating law enforcement subdual, restraint, and neck compression," and the manner of death was "homicide," the Hennepin County Medical Examiner in Minneapolis said in a statement.

Floyd's other significant health conditions were listed as "arteriosclerotic and hypertensive heart disease; fentanyl intoxication; recent methamphetamine use."

The statement added that the "manner of death is not a legal determination of culpability or intent."

It emphasized that under Minnesota state law "the Medical Examiner is a neutral and independent office and is separate and distinct from any prosecutorial authority or law enforcement agency."

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Agencies
March 26,2020

Madrid, Mar 26: More than three billion people around the world were living under lockdown on Wednesday as governments stepped up their efforts against the coronavirus pandemic which has left more than 20,000 people dead.

As the number of confirmed cases worldwide soared past 450,000, UN Secretary General Antonio Guterres warned that only a concerted global effort could stop the spread of the virus.

In Spain, the number of fatalities surpassed those of China, where the novel coronavirus first emerged three months ago, making it the hardest-hit nation after Italy.

A total of more than 20,800 deaths have now been reported in 182 countries and territories, according to an AFP tally.

Stock markets rebounded after the US Congress moved closer to passing a $2.2 trillion relief package to prop up a teetering US economy.

In Washington, President Donald Trump said New York, the epicenter of the US outbreak with over 30,000 cases, likely has a few "tough weeks" ahead but he would decide soon whether unaffected parts of the country can get back to work.

"We want to get our country going again," Trump said. "I'm not going to do anything rash or hastily.

"By Easter we'll have a recommendation and maybe before Easter," said Trump, who had been touting a strong US economy as he faces an election in November.

UN chief Guterres said the world needs to ban together to stem the pandemic.

"COVID-19 is threatening the whole of humanity -- and the whole of humanity must fight back," Guterres said, launching an appeal for $2 billion to help the world's poor.

"Global action and solidarity are crucial," he said. "Individual country responses are not going to be enough."

India's stay-at-home order for its 1.3 billion people is now the biggest, taking the total number of individuals facing restrictions on their daily lives to more than three billion.

Anxious Indians raced for supplies after the world's second-biggest population was ordered not to leave their houses for three weeks.

Russia, which announced the death of two patients who tested positive for coronavirus on Wednesday, is expected to follow suit.

President Vladimir Putin declared next week a public holiday and postponed a public vote on controversial constitutional reforms, urging people to follow instructions given by authorities.

In Britain, heir to the throne Prince Charles became the latest high-profile figure to be infected, though he has suffered only mild symptoms.

The G20 major economies will hold an emergency videoconference on Thursday to discuss a global response to the crisis, as will the 27 leaders of the European Union, the outbreak's new epicenter.

China has begun to relax its own draconian restrictions on free movement in the province of Hubei -- where the outbreak began in December -- after the country reported no new cases.

Crowds jammed trains and buses in the province as people took their first opportunity to travel.

But Spain saw the number of deaths surge to more than 3,400 after 738 people died in the past 24 hours and the government announced a 432-million-euro ($467 million) deal to buy medical supplies from Beijing.

The death toll in Italy jumped in 24 hours by 683 to 7,503 -- by far the highest of any country.

The number of French deaths was up by 231 on Wednesday to more than 1,330, and metro and rail services in Paris were cut to a minimum.

Spain and Italy were joined by France and six more EU countries in urging Germany and the Netherlands to allow the issue of joint European bonds to cut borrowing costs and stabilise the eurozone economy.

The call is likely to fall on deaf ears when EU leaders talk on Thursday -- with northern members wary of pooling debt with big spenders -- but they will sign off on an "unprecedented" recovery plan.

At La Paz University Hospital in Madrid, nurse Guillen del Barrio sounded bereft as he related what happened overnight.

"It is really hard, we had feverish people for many hours in the waiting room," the 30-year-old told AFP.

"Many of my colleagues were crying because there were people who are dying alone, without seeing their family for the last time."

Coronavirus cases are also spreading in the Middle East, where Iran's death toll topped 2,000, and in Africa, where Mali declared its first case and several nations announced states of emergency.

In Japan, which has postponed this year's Olympic Games, Tokyo's governor urged residents to stay home this weekend, warning of a possible "explosion" of the coronavirus.

Jerusalem's Church of the Holy Sepulchre, believed by Christians to house Christ's tomb, was shut as Israel tightened movement restrictions.

The impact of the pandemic is also hitting European football, with leagues and tournaments cancelled, while the fate of the Wimbledon tennis tournament could be decided next week.

The economic damage of the virus -- and the lockdowns -- could also be devastating, with fears of a worldwide recession worse than the financial meltdown more than a decade ago.

But financial markets rose after US leaders reached agreement on a stimulus package worth roughly 10 percent of the US economy, an injection Senate Majority Leader Mitch McConnell said represented a "wartime level of investment."

Meanwhile, more than half of all Americans have been told to stay at home, including residents of the largest state, California.

The United States has at least 65,700 cases and 942 people have died.

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