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
May 27,2020

Washington, May 27: Most viruses and other germs do not spread easily on flights, the US Center for Disease Control and Prevention has said in its COVID-19 guidelines which do not recommend following social distancing between two passengers inside a plane or keeping the middle seat unoccupied.

As a result of coronavirus pandemic, air traffic inside the US has come to a near halt. Air traffic is said to be down to about 90 per cent. For all travellers coming from overseas, the Center for Disease Control and Prevention (CDC) has recommended 14 days quarantine.

"Most viruses and other germs do not spread easily on flights because of how air circulates and is filtered on aeroplanes," the CDC has said in its set of COVID-19 guidelines for air travellers.

However, it noted that the air travellers were not risk-free especially in the time of the coronavirus pandemic and recommended Americans to avoid travel as far as possible.

"Air travel requires spending time in security lines and airport terminals, which can bring you in close contact with other people and frequently touched surfaces," it said.

"Social distancing is difficult on crowded flights, and you may have to sit near others (within six feet), sometimes for hours. This may increase your risk for exposure to the virus that causes COVID-19," the CDC said.

But instead of recommended social distancing inside commercial planes, the CDC has advised a series of preventive and hygienic measures to be taken by the airlines pilot and crew to prevent the spread of coronavirus.

The US Department of Transportation and Federal Aviation Administration in its latest safety alerts for operators on May 11 said that air carriers and crews conducting flight operations having a nexus to the US, including both domestic and foreign air carriers, should follow CDC's occupational health and safety guidance.

The CDC issued its guidelines in first guidelines for the airlines and airline crew on March and again in May.

The CDC, which has issued an exhaustive social guideline measures in various sections, is silent on keeping the middle seat of a plane unoccupied so as to maintain the six feet distance between two passengers.

It calls for the plane crew to report to the CDC a traveller with specific COVID-19 symptoms like fever, persistent cough, difficulty in breathing and appearing unwell.

Asking the airlines and cabin crew to review infection control guidelines for cabin crew, the CDC recommends several measures for cabin crew to protect themselves and others, manage a sick traveller, clean contaminated areas, and take actions after a flight.

Prominent among them include washing hands often with soap and water for at least 20 seconds, particularly after assisting sick travellers or touching potentially contaminated body fluids or surfaces and use of alcohol-based hand sanitizer (containing at least 60 per cent alcohol) if soap and water are not available.

Airlines should consider providing alcohol-based hand sanitizer to cabin and flight crews for their personal use, it said.

The CDC guidelines do not recommend following social distancing inside a plane between two passengers or keeping the middle seat unoccupied. But it asks to minimise contact between passengers and cabin crew and the sick person.

"If possible, separate the sick person from others (by a distance of 2 meters or 6 feet, ideally) and designate one crew member to serve the sick person. Offer a facemask, if available and if the sick person can tolerate it. If a facemask is not available or cannot be tolerated, ask the sick person to cover their mouth and nose with tissues when coughing or sneezing," said the CDC guidelines.

If no symptomatic passengers were identified during or immediately after the flight, the CDC recommends airlines to follow routine operating procedures for cleaning aircraft, managing solid waste, and wearing PPE.

"If symptomatic passengers are identified during or immediately after the flight, routine cleaning procedures should be followed, and enhanced cleaning procedures should also be used," it said.

Clean porous (soft) surfaces (e.g, cloth seats, cloth seat belts) at the seat of the symptomatic passengers and within 6 feet of the symptomatic passengers in all directions, it added.

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News Network
June 8,2020

Wellington, Jun 8: New Zealand lifted all domestic coronavirus restrictions on Monday after its final COVID-19 patient was given the all clear, with Prime Minister Jacinda Ardern revealing she danced around her living room when told about the milestone.

While strict border controls will remain in place, Ardern said restrictions such as social distancing and limits on public gatherings were no longer needed.

"We are confident we have eliminated transmission of the virus in New Zealand for now," she said in a televised address, saying Kiwis had "united in unprecedented ways to crush the virus".

The South Pacific nation, with a population of five million, has had 1,154 confirmed COVID-19 cases and 22 deaths.

There have been no new infections for 17 days and, until Monday, just one active case for more than a week.

Details of the final patient were not released for privacy reasons but it is believed to be a woman aged in her 50s who was linked to a cluster at an Auckland nursing home.

Ardern said the sacrifices made by New Zealanders, including a drastic seven-week lockdown that helped curb infection rates, had been rewarded now that there were no active cases in the country.

Asked about her reaction upon hearing the news, she replied: "I did a little dance" with baby daughter Neve.

"She was caught a little by surprise but she joined in, having absolutely no idea why I was dancing around the lounge."

New Zealand's move down to Level 1, the lowest rating on its four-tier virus response system, means nightclubs can operate without dance floor restrictions and theatres will reopen.

It also means sporting events can proceed with crowds in the stands, a change New Zealand Rugby (NZR) said offered its Super Rugby Aotearoa competition the opportunity to achieve a world first when it kicks off this weekend.

"We're incredibly proud, and grateful, to be the first professional sports competition in the world to be in a position to have our teams play in front of their fans again," NZR chief executive Mark Robinson said.

While many other sporting competitions around the globe have announced plans to restart, the vast majority will be played either with no crowds or with numbers severely restricted.

On a broader level, Ardern said easing restrictions would help New Zealand's economy.

"We now have a head start on economic recovery because at level one we become one of the most open, if not the most open, economies in the world," she said.

The prime minister said modelling showed the economy would operate at just 3.8 percent below normal at Level 1, compared with a 37 percent impairment at Level 4 lockdown.

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News Network
January 27,2020

Shanghai, Jan 27: The death toll from a coronavirus outbreak in China rose to 81 on Monday, as the government extended the Lunar New Year holiday and more big businesses shut down or told staff to work from home in an effort to curb the spread.

Chinese Premier Li Keqiang visited the central city of Wuhan, the epicenter of the outbreak, as the government sought to signal it was responding seriously to the crisis.

The total number of confirmed cases in China rose about 30% to 2,744, about half of them in Hubei province, whose capital is Wuhan.

As worries grew around the world, Chinese-ruled Hong Kong, which has had eight confirmed cases, banned entry to people who had visited Hubei in the past 14 days. The ban did not cover Hong Kong residents.

The number of deaths from the flu-like virus in Hubei climbed to 76 from 56, health officials said, with five deaths elsewhere in China, including the southern island province of Hainan, which reported its first fatality on Monday.

While a small number of cases have been confirmed in more than 10 countries, linked to people who traveled from Wuhan, no deaths have been reported elsewhere.

Li is the most senior leader to visit Wuhan since the outbreak began. Clad in a blue protective suit and mask, he inspected efforts to contain the epidemic and spoke to patients and medical staff, the government said.

The government is extending the week-long Lunar New Year holiday by three days to February 2, in a bid to slow the spread of the virus. The Lunar New Year is usually a time for millions of people to travel, but many have had to cancel their plans because of travel curbs over the virus.

Incubation

Wuhan is already in virtual lockdown and severe limits on movement are in place in several other Chinese cities.

The city of 11 million clamped down further on Monday, announcing the suspension of visa and passport services until January 30.

Despite the curbs, the mayor of Wuhan said on Sunday that five million people had left the city for holidays and other reasons.

Images from Wuhan showing hospital corridors packed with people seeking treatment have circulated on social media, along with complaints of soaring prices for essentials such as vegetables.

Chinese leaders have urged transparency in the crisis, after public trust was eroded by the cover-up of the spread of Severe Acute Respiratory Syndrome (SARS), a coronavirus that originated in China and killed nearly 800 people globally in 2002 and 2003.

Much is not known about the newly identified coronavirus, including how easily it spreads and just how dangerous it is. It can cause pneumonia, which has been deadly in some cases.

National Health Commission minister Ma Xiaowei said on Sunday the incubation period could range from one to 14 days, and the virus was infectious during incubation, unlike SARS.

That compares with a World Health Organization (WHO) estimate of two to 10 days for the incubation period.

“Understanding the time when infected patients may transmit the virus to others is critical for control efforts,” the WHO said.

The virus is believed to have originated late last year in a Wuhan market illegally selling wildlife. It has spread to other cities, including Beijing and Shanghai, as well as more than 10 countries including France, Japan and the United States.

‘Overwhelmed’

Australia confirmed its fifth case on Monday involving a woman on the last flight out of Wuhan to Sydney before China’s travel ban.

Health minister Greg Hunt told the Australian Broadcasting Corporation (ABC) authorities aimed to get about 100 Australian children and young people out of Wuhan.

One father of two, Nathan Wang, told the ABC his wife was stuck in Wuhan with the children. “We absolutely want the children to come back, because hospitals in Wuhan are overwhelmed,” he said.

Airports around the world have stepped up screening of passengers from China, although some health experts have questioned its effectiveness.

Last week the WHO stopped short of calling the outbreak a global health emergency, but some health experts question whether China can contain the epidemic.

WHO Director-General Tedros Adhanom Ghebreyesus is due to travel to Beijing to meet officials and health experts.

Australia, France, Italy, Japan and the United States have all said they are working to evacuate citizens from Wuhan.

Some of China’s biggest companies have been affected, with hotpot restaurant chain Haidilao International Holding shutting branches nationwide from Sunday until Friday.

Gaming giant Tencent Holdings Ltd advised staff to work from home until February 7, and e-commerce firm Alibaba removed vendors’ offers of overpriced face masks from its online Taobao marketplace as prices surged.

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