Category: Business

Ria Money Transfer (“Ria”) the third largest money transfer company in the world and subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT) has signed direct partnership agreements with three of India’s leading cash remittance payout agents, Paul Merchants Limited, Weizmann Forex Limited and Transcorp International Limited.

Ria’s new principal agents are well-recognized in India and each have more than 15 years’ experience in the money transfer sector. With the addition of these agents, Ria will upgrade its cash payout network during the next 12 months by adding tens of thousands of high-quality retail and non-banking financial company (NBFC) locations across India. The robust and ubiquitous payout network will provide Ria with increased brand recognition, while providing tremendous convenience and accessibility for beneficiaries to easily receive cash remittances.

Speaking at a press event in New York, Juan Bianchi, CEO & President of Ria Money Transfer, said: “Indians make up the largest diaspora group globally and India is still the top receiving market for family remittances, receiving $62.7 billion(1) in 2016.

“Today, Ria has one of the best services in the United States to send money to India. Millions of households are largely dependent on these transfers for family maintenance, savings and investment. We are proud to be the link that connects our customers in the US to their loved ones in rural and urban centers across India. We welcome our new partners to the Ria family.”

Ria already has a strong network worldwide, including in top remittance sending countries such as the United States, where many Indians reside. In 2015, the United States was named the second top remittance sending country to India, responsible for facilitating $11.7 billion in transfers(2).

In addition to cash pick-up, Ria also offers bank deposit services which offers customers the option to transfer money to any bank account in India online at www.riamoneytransfer.com or via an agent location. In a recent report from the World Bank’s Remittance Prices Worldwide(3), Ria ranked first for sending $200 and $500 to India using the online service and in the top 10 for cash to account transfers through an agent location. These results reflect the company’s commitment to offering the most competitive rates and best service possible to the customers its serves.

(1) World Bank Remittance Inflows, updated April 2016
(2) World Bank Bilateral Remittance Matrix 2015
(3) Remittance Prices Worldwide, data collected April 24, 2017 https://remittanceprices.worldbank.org/en/corridor/United-States/India

Ria, a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), is a global leader in money remittances.  Ria offers fast, secure, affordable money transfers through a network of approximately 321,000 global agents spanning 146 countries and online at www.riamoneytransfer.com.  Weizmann Forex Limited – part of the INR 45 billion Weizmann Group, is a public limited company listed with Bombay Stock Exchange and National Stock Exchange since 2011. Paul Merchants Limited (PML), an ISO 9001:2008 certified Company for its quality procedures & processes, is the flagship company of the “PAUL GROUP OF COMPANIES.” Transcorp International Limited is a public limited company listed with the Bombay Stock Exchange; paying yearly dividends to its shareholders for the last 17 years.

Dream Hotel Group, founded by Indian American entrepreneur Sant Singh Chatwal, has signed a hotel management agreement with chairman of Viiking Ventures, Sachiin J. Joshi, to open Dream New Delhi, in 2019.

Renowned hotel brand and management company Dream Hotel Group today signed a hotel management agreement with chairman of Viiking Ventures, Sachiin J. Joshi to open Dream New Delhi in 2019.

Set to open in the Central Business District of West Delhi, Dream New Delhi features 187 guest rooms and suites and five highly activated dining and nightlife venues, including a Food Hall concept by renowned chef Todd English.

Joining to celebrate the signing today were Dream Hotel Group chairman Sant Singh Chatwal, Dream Hotel Group CEO Jay Stein, Sachiin J. Joshi, Chairman of Viiking Ventures; Rabinder Pal Singh, CFO of Dream Hotel Group; and Todd English, celebrity chef and restaurateur. The event also featured actress Rashmi Nigam as master of ceremonies.

?I am thrilled to expand our global footprint to India and bring the Dream Hotel brand back to my home country,? remarked Dream Hotel Group chairman Sant Singh Chatwal. ?With Dream Hotel Group?s unprecedented growth and high-velocity expansion, we are well positioned to triple our existing portfolio in less than five-years.?

The signings come on the heels of the company?s largest international expansion news to date with nine new hotel signings across all four brands ? Dream Hotels, Time Hotels, The Chatwal and Unscripted Hotels. Dream Hotel Group now boasts its strongest portfolio and its largest/most active pipeline ever. With 16 hotels open today and an additional 26 properties in the pipeline, Dream Hotel Group is on track to increase its global footprint by 230 percent over the next four years; tripling its existing portfolio by 2022.

?We are delighted to be partnering with Dream Hotel Group and its dynamic team,? said Sachiin J. Joshi, Chairman of Viiking Ventures. ?India is among the fastest growing economies and we are excited to take the hospitality industry in this country to new heights with Mr. Chatwal himself, who is an inspiration to us all in India.?

?We recently reached an exciting milestone by signing most new hotel deals in the company?s history,? said Dream Hotel Group CEO Jay Stein. ?I?m incredibly proud to continue our unprecedented growth momentum with the signing of Dream New Delhi.?

Todd English, celebrity chef and restaurateur, joined in the festivities to celebrate the signing of Dream New Delhi and the extension of his food and beverage partnership with Dream Hotel Group.

“I couldn?t be more pleased to extend my partnership with the Dream Hotel Group, this time, on a new venture to create an unforgettable dining experience at Dream New Delhi,” said Chef Todd English. “I?ve always dreamt of bringing my restaurant to India and I can’t think of a more exciting place to establish it.”

Washington Dulles International Airport and Air India celebrated the first-ever nonstop flight connecting the National Capital Region and Delhi, India, last week with delegations from the Embassy of India, the Commonwealth of Virginia and the District of Columbia.

The inaugural events, which included a ceremonial water cannon salute, traditional gate-side Indian prayer ceremony, press conference, ribbon cutting and gala luncheon, commemorate Air India’s new three weekly nonstop, roundtrip flights between Indira Gandhi International Airport and Washington Dulles International Airport.

The new Air India service represents another milestone in the growing relationship between the National Capital Region and India. “Today, we celebrate an important partnership and welcome Air India’s direct air service to Dulles,” said Governor McAuliffe. “Virginia is committed to expanding and growing our relationships with the international community, especially our friends in India. We look forward to the opportunities this new route will provide for people in Virginia and India alike. This will be an important avenue for business, tourism and educational opportunities between our two great countries.”

“This inaugural launch highlights our work with the international community to drive business and tourism to the D.C. region,” said District of Columbia Mayor Muriel Bowser. “Here in the nation’s capital, we are delighted to invite many more visitors from India to explore the sights and sounds that make Washington, D.C., the greatest city in the world.”

Sabre Global Demand Data shows that for the year ending March 2016, the Washington, D.C., area welcomed more than 281,000 Indian visitors—making India the fourth largest overseas travel market for the region.

“With international visitation between India and the Washington, D.C., area expected to double by 2025, the Airports Authority’s partnership with Air India, the Commonwealth of Virginia and the District of Columbia is just one way we’re working to enhance the level of service offered at Dulles International,” said Jerome L. Davis, executive vice president and chief revenue officer of the Metropolitan Washington Airports Authority.

“India currently represents a 6 percent market share of all international travelers to the Commonwealth and is Virginia’s fourth largest market,” said Todd Haymore, Secretary of Commerce and Trade. “With projected growth, this new direct route to Dulles International will not only help to boost visitation from this high growth market, but also introduce the Commonwealth to new Indian audiences, including businesses, tourists and students.”

Flight service between Dulles International and Delhi is also estimated to bring in an additional 30,000 leisure and business travelers and $30 million in total economic impact annually to the National Capital Region.

“According to Travel Market Insights, visitation from India to D.C. has grown 40 percent since 2013, and 70 percent to the region,” said Elliott Ferguson, president and chief executive officer of Destination DC, the official destination marketing organization for the nation’s capital. “We’re excited about the potential for even more Indian business and leisure travelers to experience Washington D.C.’s dynamic neighborhoods and free attractions as well as the diverse experiences throughout the capital region.”

“Serving 7.5 million international travelers annually with nonstop service to more than 50 international destinations in more than 40 countries, Dulles International Airport is the region’s gateway to the world,” said Margaret McKeough, executive vice president and chief operating officer of the Airports Authority. “Air India’s service launch adds our 33rd capital-to-capital connection—linking the world’s oldest democracy with the world’s largest democracy.”

“The Washington, D.C., metro is Air India’s fifth U.S. destination after New York, Newark, Chicago and San Francisco, and it reinforces our commitment to providing the most convenient service between the United States and India,” commented Ashwani Lohani, chairman and managing director of Air India Limited.

As part of an effort to stimulate travel to Virginia through Dulles International Airport, the Commonwealth of Virginia approved an incentive package over a three-year period beginning in fiscal year 2018 to support Air India. In addition, the District of Columbia plans to provide incentive funding this year to support the partnership. Tourism marketing support will be provided by the Virginia Tourism Corporation, Capital Region USA and Destination DC.

Air India is the flag carrier of India and a member of the Star Alliance group. Air India transports passengers, baggage and cargo across a network of 66 domestic Indian destinations and 34 international destinations in the United States, Europe, Australia, Far-East and South-East Asia and the Gulf. Air India flies one of the youngest aircraft fleets—including the wide-body Boeing B777, B747 and B787 Dreamliner, as well as the narrow body Airbus A321, A320 and A319. Air India plans to operate a Boeing 777-200LR, with eight first class, 35 business class and 195 economy seats, on service to Washington Dulles International Airport. For more information, visit airindia.in.

Indian American executive Naveen Chopra has been named interim chief executive officer of the company, Pandora, as co-founder and CEO Tim Westergren, under intensifying competitive pressure from Spotify and Apple Music, is relinquishing his position and stepping down from the company board. Chopra, the chief financial officer, will remain in the interim CEO role as the company seeks a permanent replacement.

“Tim stepped in to be CEO at a critical time for the company and was quickly able to reset relations with the major labels, launch our on-demand service, reconstitute the management team and refortify our balance sheet by securing an investment from Sirius. We support Tim’s desire to identify a new CEO for Pandora’s next stage,” said Tim Leiweke, Pandora board member.

Westergren, who helped found the company 17 years ago, returned as CEO about 15 months ago with Pandora struggling to match the subscribers heading to rival services. He had also been CEO between 2002 and 2004.

After Westergren’s return as CEO in March, the company launched a new $10 a month on-demand music service which lets users select the songs they want to hear, copying what Spotify and Apple Music already offer.

Pandora had 4.7 million paying subscribers at the end of March, while Spotify said it had more than 50 million. Pandora and other streaming music services use algorithms to determine what listeners want to hear, based on the songs they like and do not like. Ads are played in the free version, but users can pay $5 per month to listen ad-free. Pandora makes most of its money from the free version, bringing in nearly $1.1 billion in ad revenue last year.

The company, based in Oakland, Calif., also said June 27 that Michael Herring has stepped down as president and that former MySpace and MTV Networks executive Jason Hirschhorn is joining Pandora’s board. Shares of Pandora Media Inc., which are already down 35 percent since the beginning of the year, slipped about 1 percent to $8.38 in midday trading.

Prior to joining Pandora, Chopra served as interim CEO of TiVo Inc. A graduate of Stanford in computer science and economics, he also earned an MBA from the Stanford Graduate School of Business.

BCB Bancorp, Inc., based in Bayonne, the holding company for BCB Community Bank, has announced it has entered into a definitive merger agreement, with IA Bancorp, Inc., pursuant to which the company will acquire IAB and its wholly owned subsidiary, I n d u s – A m e r i c a n Bank. Upon consummation of the merger, Indus- American Bank will merge with BCB Community Bank and will operate as a division of BCB Community Bank. Following the closing of the merger, BCB will form an advisory board which will consist of current members of the IAB board of directors and other prominent community members.

Indus-American Bank, which has its headquarters in Edison, operates full-service branches in Edison, Jersey City, Parsippany and Plainsboro, and Hicksville, New York. Indus-American Bank was founded primarily to meet the banking needs of the South Asian- American community. Indus-American Bank specializes in core business banking products for small- to medium-sized companies, with an emphasis on real estate-based lending. Mark D. Hogan, Chairman of the Board of Directors of the company, stated, “We are extremely excited and pleased to welcome Indus-American customers and employees to BCB. Our partnership with Indus-American is consistent with BCB’s strategic plan of executing smart growth via expansions and organic branching. This transaction will allow the combined entities to further develop our existing markets in Jersey City and Edison, and will provide further opportunities in Parsippany, Plainsboro and Hicksville, New York, three new, attractive markets for BCB.”

The total transaction value is approximately $20 million, including the assumption by BCB of approximately $7.5 million of IAB preferred stock, outstanding shares of IAB common stock of approximately 4.18 million and based on a 10- day volume weighted average price of BCB common stock. Under the terms of the Merger Agreement, which both boards of directors have approved, IAB shareholders shall be entitled to elect to receive either 0.189 shares of BCB common stock or $3.05 in cash for each share of IAB common stock, subject to an overall allocation of exchanged IAB shares into 80% BCB common stock and 20% cash.

The closing and the systems’ conversion is anticipated to occur in the fourth quarter of 2017, subject to approval by IAB shareholders, regulatory approvals and other customary closing conditions. On a pro forma basis, the transaction is expected to be accretive to the Company’s 2018 earnings by approximately 10% per share, with tangible book value per share dilution of approximately 1.3% and an earn-back period of approximately 1.2 years.

Anil Bansal, Chairman of the Board of Directors of IAB, said, “We believe our loyal Indus-American Bank customers and shareholders will greatly benefit from this merger. BCB is a true community bank, with a history of a very strong commitment to its customers and the communities it serves.

This merger will bring expanded lending capacity, supplementary retail and business products and added capital, which should enable our combined organizations to better serve our customers, to continue growing in our marketplaces, and to further enhance shareholder value.”

Thomas Coughlin, President and Chief Executive Officer of the company and the Bank, added, “BCB is excited to be partnering with IAB and Indus-American Bank. Indus- American Bank’s branch locations complement BCB’s current locations. BCB will continue Indus-American Bank’s commitment of service to its customers and its communities. The existing Indus- American branches will operate and be known as “BCB-Indus-American Bank, a division of BCB Community Bank,” in recognition of the strong identity forged over the years by Indus-American Bank.”

The merger will add approximately $235 million to the Company’s asset base, based on IAB’s assets as of March 31, 2017. Following completion of the merger, the Company will have total assets of over $2 billion, based on IAB’s and BCB’s respective assets as of March 31, 2017. The merger is subject to customary closing conditions, including the receipt of regulatory approvals and IAB shareholder approval. The merger is expected to close in the fourth quarter of 2017.

Amazon has unveiled a teaser for its first Indian original drama series, Inside Edge, which seeks to capitalize on the country’s national sporting obsession, cricket. The series will launch on July 10 and will stream on Prime Video worldwide in over 200 countries. Inside Edge follows the ups and downs of the fictional Mumbai Mavericks professional cricket team through a season of the Powerplay League, a fictional version of the lucrative Indian Premier League. According to Amazon, the series is set “in a landscape of conflicting interests, where selfishness is almost a virtue, where sex, money and power are mere means to an end.”

The series is executive produced by Ritesh Sidhwani and Farhan Akhtar who head leading Bollywood banner Excel Entertainment. Its credits include Dil Chahta Hai, Lakshya and last year’s Raees starring Shah Rukh Khan, among other titles.

Inside Edge is created by Karan Anshuman and stars Vivek Oberoi, Richa Chadha, Sanjay Suri, Angad Bedi, Tanuj Virwani, Siddhanth Chaturvedi, Sarah Jane Dias and Amit Sial.

Prime Video has 18 Indian originals at various stages of development via deals signed with a range of producers. In addition to Inside Edge, Excel has also been signed on to produce two other shows, Mirzapur and Made in Heaven.

Since the video giant launched in India last December, Amazon has been building on its local content offerings via a slew of licensing deals with leading banners to offer blockbuster movies covering Bollywood to regional cinema. In addition, Prime Video also offers a wide range of homegrown comedy content via stand-up specials featuring some of India’s leading comics.

Meanwhile, rival Netflix has also commissioned its first Indian series, Sacred Games, produced by Phantom Films, whose founders include well-known film-maker Anurag Kashyap. Phantom has also been signed by Amazon to produce two shows, Stardust and The Family Man.

Four Indians and a Pakistani national pleaded guilty to charges for their role in a massive telephone impersonation fraud and money laundering scheme in the U.S. perpetrated by India-based call centers, the U.S. Department of Justice said, a scheme affecting hundreds of Indian Americans.

Indian nationals Rajubhai Patel, 32; Viraj Patel, 33; Dilipkumar Ambal Patel, 53; and Pakistani Fahad Ali, 25, each pleaded guilty to money laundering conspiracy before U.S. District Court Judge David Hittner of the Southern District of Texas. Indian national Hardik Patel, 31, pleaded guilty to wire fraud conspiracy before the same court June 2.

Sentencing dates were pending for all five defendants, the Department of Justice said in a June 5 statement. Based on the statements in his June 2 guilty plea, beginning in August 2012, Hardik Patel owned and managed the day-to-day operations of an India-based scam call center before leaving for the U.S.

While in India, he communicated extensively via email, text and other means with various India-based co-defendants to operate the scheme and exchange scripts used in the scheme. He also used to coordinate the processing of payments from scammed victims, obtain and exchange lead lists used by callers to target U.S. victims and exchange spreadsheets containing the personal identifying information of U.S. persons misappropriated by the scammers to register reloadable cards used in the scheme.

Hardik Patel also managed worker payroll and kept detailed records of profits and expenses for various associated scam call centers. He continued to communicate with India-based co-defendants about the scheme and assist with the conspiracy after he moved to the U.S.

According to his June 6 guilty plea, Rajubhai Patel operated as a runner and assisted a co-defendant in managing the activities of a crew of other runners, based primarily out of Illinois, who liquidated victims’ funds in various locales in the U.S. for conspirators from India-based call centers.

Viraj Patel first became involved in the conspiracy between April and September 2013, prior to entering the U.S, when he worked at and assisted with overseeing the operations of a call center in India engaging in scam activity at the behest of a co-defendant.

Dilipkumar A. Patel operated as a runner in and around Southern California, along with other co-defendants based in the region. To date, 56 other individuals and five India-based call centers have been charged for their roles in the fraud and money laundering scheme in an indictment returned by a federal grand jury in Texas on Oct. 19, 2016.

Humphrey will build upon AAHOA’s record-setting year as chief operating officer

ATLANTA – The Asian American Hotel Owners Association announced today the promotion of Rachel Humphrey to chief operating officer. Humphrey’s promotion comes as AAHOA is reaching historic heights for the organization. After hitting a record 16,655 members in 2016, AAHOA’s 2017 convention featured a record 6,689 attendees, the largest trade show in the hotel industry and a mainstage roundtable discussion with 11 hotel brand executives—a first for any industry event.

“We’re extremely happy to announce Rachel Humphrey’s promotion to COO and are thrilled to have her leadership and vision on our executive team,” said AAHOA President and CEO Chip Rogers. “Since joining AAHOA in 2015, Rachel has been dedicated to growing our organization’s footprint in the industry. Her exemplary work has not only been reflected in a record-breaking year for AAHOA but also in terms of building meaningful, productive relationships with every brand in the industry. As the representative of owners, Rachel has always fiercely and respectfully advocated for their best interest and the best interest of the industry at large. I know she’ll bring that drive and determination to her new role.”

Humphrey previously served as vice president and managing attorney for franchise relations with AAHOA, responsible for strategically developing relationships with brands. In addition, she fielded hundreds of AAHOA member inquiries annually on a wide variety of hotel ownership issues and managed AAHOA’s education department, which saw a record 7,125 members attend education in 2016.

“Rachel has been integral to AAHOA’s success and growth, and her leadership specifically in relating to our partners and brands has been tremendous,” said AAHOA Chairman Bhavesh Patel. “On behalf of the AAHOA Board of Directors, I welcome her to her new position as COO. Her unique vision and ability to bring people together make her supremely qualified to oversee the operations of our ever-growing association. Together with President and CEO Chip Rogers, AAHOA has never had stronger leadership.”

As COO, Humphrey is charged with executing the day-to-day activities of the organization, which includes achieving its strategic and long-term goals, serving on the executive leadership team, spearheading growth strategies and improving all operational systems. She will report to the president and CEO.

“I’m honored to take on this new duty and responsibility,” said Humphrey. “Working with our staff, members, partners and brands over the last two years has been a great opportunity, and I’m excited to take on the new role of overseeing the organization’s operations. In the last few years, AAHOA has grown not only in terms of raw numbers, like our record 16,655 members, but also in our stature in the industry. As the voice of America’s hotel owners, AAHOA has a big role to play in the future of hospitality, and I’m excited to contribute to that. I thank our CEO Chip Rogers, Chairman Bhavesh Patel and the entire AAHOA Board of Directors for this opportunity.”

Before joining AAHOA, Humphrey spent 20 years in private practice as an attorney. She received a bachelor’s degree from Connecticut College and a Juris Doctor from the Syracuse University College of Law.

AAHOA is headquartered in Atlanta with a government affairs office in Washington, D.C. AAHOA is the largest hotel owners association in the world. The more than 16,000 AAHOA members own almost one in every two hotels in the United States. With billions of dollars in property assets and hundreds of thousands of employees, AAHOA members are core economic contributors in virtually every community in the United States. As an association, AAHOA is a proud defender of free enterprise and the foremost current-day example of realizing the American Dream.

Jet Airways has appointed Indian American Vinay Dube, a senior executive with Delta Airlines, as its chief executive officer. Currently Dube is the senior vice president of Asia Pacific with Delta and has been associated with the U.S.-based carrier since 2007. There has been no full-time CEO at Jet Airways since Cramer Ball quit in February 2016.

“As the CEO of Jet Airways, Dube will be responsible for strengthening the airline’s overall business performance and its position in the domestic and international markets,” the airline said in a May 31 news release.

He would also head the executive management team that has been tasked by the board to drive the airline’s growth and future strategy “by leveraging its enduring partnership with our equity partner Etihad Airways,” the release said.
Dube’s appointment was approved by the Jet Airways’ board of directors during their May 30 meeting.

The appointment is subject to receipt of all requisite government, regulatory approvals, including security clearance. According to the release, Dube helped Delta grow one of the largest premium carriers across the Pacific, profitably expanding its Asia-Pacific business, entering new markets and restructuring its network, partner and customer base.

Dube began his career with American Airlines as an operations research analyst and later became manager of Network Forecasting Systems. Later, he moved to Sabre Inc., a global leader in technology solutions and marketing services for the travel industry. He has a master’s degree in operations research.

“An Indian American, Vinay brings an enviable combination of smart and sharp mindset with global exposure to industry best practices,” Jet Airways chairman Naresh Goyal said. “I am sure Jet Airways will gain substantially from his wealth of experience and industry insight. I personally look forward to Vinay providing leadership to the entire Jet Airways team.”

On his appointment, Dube said he is looking forward to meeting the organization’s business objectives and deepening the relationship with its strategic partner Etihad Airways.

Since the exit of Ball last year, there have been two acting CEOs — Gaurang Shetty and Amit Agarwal. Dube’s appointment also comes at a time when the airline is facing challenging business conditions and its consolidated net profit fell nearly 95 percent to Rs 23 crore in the three months ending March 2017 as higher fuel prices and lower fares took a toll on its bottom line. Jet Airways flies to 65 destinations and the group currently has a fleet of 113 aircraft.

While China was once the hot emerging market for foreign investment — with its consistent double-digit GDP growth and massive population — it’s begun to lose luster in recent years amid slowing growth and what many businesses say is a deteriorating atmosphere for foreign companies. But India, with economic growth that’s been picking up steam, promising trends in demographics, urbanization, and infrastructure development, and a government that’s courting foreign investment, is starting to look more appealing.

“The rates of return for international investors [in India] have been average,” said Mini Roy, managing director at Standard Chartered Bank for emerging markets, Africa, Asia, and the Middle East. “But there’s an expectation that if India opens up, you could make so much more. That’s why people are going.”

Speaking at Asia Society in New York on February 7 at an event on investment opportunities in India, Roy noted that, in spite of the shock demonetization announcement in November that voided certain currency notes, the government has made considerable strides in liberalizing the economy and making it more transparent and accessible for foreign investment. Two particularly promising sectors are infrastructure and consumer goods. “It’s a huge economy with a lot of people and they all need stuff,” she said.

Naveen Aggarwal, India-U.S. corridor leader at KPMG India, said that the country’s young population presents enormous potential, and a drive to connect far-flung regions by developing digital and transportation infrastructure means more and more of them will become active players in the economy. Half of India’s 1.25 billion population is under 25-years-old, and they’re rapidly urbanizing. “The modern Indian consumer is wanting to look better, travel better, eat better, and is aspirational, “Aggarwal said. “[There are] very different categories of products getting consumed today, ranging from automobiles to personal care products and restaurants.”

He also noted that of the 350,000 babies born around the world each day, 70,000 are in India. But currently, only 3 percent of them use diapers, which is one indicator of the untapped potential. “The opportunity there is $70 billion,” he said. “That’s the kind of consumerism we’re looking at in India — with the kind of urbanization and shift in demographics that we’re going to see.”

In the above video of the program, panelists discuss other sectors “ripe for investment” in India and the implications of government economic policies.

Indian American Charu Jain has been named vice president and chief information officer of Alaska Airlines by the airline’s board of directors. Jain comes to the airline from IBM Global Business Services, where she led the team helping American Airlines integrate its IT systems. Prior to that she worked 20 years at United Airlines in progressive roles from programmer to senior managing director of airline operations technology and technology integration before leaving the company in 2012.

As Alaska’s CIO, Jain will lead a department of more than 400 information technology professionals. “Charu’s experience as both an airline executive and consultant is perfectly suited to help Air Group successfully integrate Virgin America from a technology standpoint,” said Brandon Pedersen, Alaska Airlines executive vice president of finance and CFO. “Throughout her 24-year career, Charu has been able to blend thoughtful leadership with a focus on results and we’re excited to have her onboard.”

Alaska Airlines and Virgin America along with their regional partners, fly 40 million customers a year to 118 destinations with an average of 1,200 daily flights across the United States and to Mexico, Canada, Costa Rica and Cuba. With Alaska and Alaska’s global partners, customers can earn and redeem miles on flights to nearly 1,000 destinations in the U.S. and worldwide. Learn more about Alaska’s award-winning service and unmatched reliability atnewsroom.alaskaair.com and blog.alaskaair.com. Alaska Airlines, Virgin America and Horizon Air are subsidiaries of Alaska Air Group (NYSE: ALK).

Jain was previously with IBM Global Business Services, where she led the team helping American Airlines integrate its IT systems. Prior to that she worked for 20 years at United Airlines in progressive roles from programmer to senior managing director of airline operations technology and technology integration before leaving the company in 2012.

~Hrithik Roshan celebrates TIMES NOW’s century~

Mumbai, February 07, 2016: TIMES NETWORK – of India’s largest media conglomerate, The Times Group is set to launch its No.1 English News Channel in Europe, marking its presence in 100 countries. This momentous occasion was celebrated in Mumbai today.  Bollywood superstar Hrithik Roshan was present at the function. The expansion, closely followed on the heels of Times Now’s launch in UK, will enable TIMES NETWORK to add a potential audience of 1.4mn Indians in mainland Europe in countries like Belgium, Germany, France, Italy, Netherlands, Spain, Sweden, and Switzerland, taking the international footprint to 10 million on 5 continents.  The network will launch TIMES NOW with the support of Bobbles Media GmbH DTH and OTT platforms in Europe.

Recently, the TIMES NETWORK’s International Business received the ‘Porter Prize for Strategy 2016’ from the Institute of Competitiveness, affiliated to the Harvard Business School for ‘Creating Distinctive Value’. Bollywood star Hrithik Roshan joined in the celebrations by cutting a cake on the occasion.

M K Anand, MD & CEO, TIMES NETWORK said, “Today, with India’s growing participation in international affairs, engaging the Indian diaspora is equally important towards our economic development. I feel, as India’s leading English broadcast network, it’s the right time for us to create a global presence for ourselves and for our country. Through our approach towards television news journalism, which revolutionised the way news was presented in the country, we plan to represent a modern, vibrant, successful and vocal India to the world.”

Bollywood Actor Hrithik Roshan said, “TIMES NOW, thank you for having me here to celebrate TIMES NOW reaching 100 countries. This is an exceptional achievement. Supplying objective and unbiased news to the world to make them aware of their environment is one of the noblest services that we can provide and I wish the entire team of TIMES NOW for this milestone hope that the entire team of TIMES NOW reaches more than 183 countries in the coming year. Finally, I personally believe and admit that no success is achieved solely but by the efforts of an entire team and that’s what TIMES NOW has managed to do.”

Naveen Chandra, Head International Business, TIMES NETWORK added, “This is truly a landmark achievement considering we were the last Indian TV network to begin international operations and have reached 100 countries in just a little over 5 years. From Times Now’s commercial launch in Australia in early 2011 to its launch in Western Europe in December last year, it has been an incredible journey. We have been a part of some of the largest global Indian events and built some of very effective enabling platforms for the Diaspora’s engagement with India and for Indian brands to expand internationally. We are all set to launch our first local content initiatives in Europe and look forward to growing aggressively in the future.”

The flagship channel of TIMES NETWORK, the broadcast arm of Bennett Coleman & Co—TIMES NOW has consistently been the most watched English News Channel over the last nine years and continues to dominate the market. It commands 43% market share in the English News category, and 58% overall market share during prime time English News, according to Broadcast Audience Research Council (BARC) India.

TIMES NOW has been India’s No. 1 English News channel for over 8 years now. It is a channel that stands for credibility and unbiased approach in bringing news and reportage to the viewers. Sharp, incisive and direct, Times NOW is the nation’s voice in news. Its distinctive style and fearless approach makes it different from the others. TIMES NOW engages with viewers in 100 countries across the globe.

Leaders of the South Asian business community in New Jersey joined together to hold a fundraiser for New Jersey gubernatorial candidate Phil Murphy. Murphy, who was recently the United States Ambassador to Germany under the Obama Administration and an executive at Goldman Sachs, declared his candidacy in 2016.

Murphy is viewed as the likely Democratic nominee for the position, and has been endorsed by a number of business, labor and community groups, as well as each of the 21 democratic county chairs throughout the State.

The event was held at the home of Jagdish Patel, an entrepreneur and business owner based in Colonia, who is a current trustee and past President of the Federation of Indian Associations (FIA). Other co-chairs of the event were Prakash Shah, former chair of the New Jersey Development Authority and an appointee of President Clinton on the Southern Africa Enterprise Development Fund Board of Directors, and prominent South Asian American attorney Rajiv D. Parikh, Esq., a partner at Genova Burns LLC and General Counsel to the New Democratic State Committee.

Murphy spoke at length about his commitment to renewing economic growth within New Jersey and ensuring that all residents are treated fairly in every way.  He also discussed his many visits to India during his life in business and public service.  Most importantly, Murphy recognized that South Asians are one of the fastest growing ethnic groups in New Jersey, and a group that contributes to the economy, education and culture of the State at every level and in virtually all professions.

Patel noted that he was “honored to host Ambassador Murphy in my home and proud to support a candidate that was committed to growing economic opportunities in our State.”  In introducing Murphy to the group, Shah stated that “Phil is the most qualified candidate to lead New Jersey after eight years of a lack of growth under Chris Christie’s Republican administration.”

Following the event, Attorney Rajiv Parikh discussed Murphy and his team’s vision for improving life and creating equality for all residents, concluding that “Ambassador Murphy’s energy, enthusiasm and progressive values are exactly what we need to improve things for our families, friends and communities.”

Also in attendance was Assemblyman Raj Mukerjhi from Jersey City, and Essex County Freeholder Brendan Gill, who also serves as the Chief Executive of Murphy’s gubernatorial campaign.  Assemblyman Mukerjhi noted Murphy’s support of the South Asian community around New Jersey and the country, and discussed Murphy’s own personal commitment to many of the same cultural values that are prevalent in the South Asian community, including family, education and hard work.

Prominent community members, Dr. Sudhir Parikh, H.R. Shah and Ramesh Patel were also part of the organizing committee. Dr. Parikh noted that he “has a lot of faith in what Ambassador Murphy can do for New Jersey and the community after failures of the Christie administration.”  Mr. H.R. Shah urged Mr. Murphy to ensure that his administration looks at all issues, including disproportionate revenue sharing for lottery vendors, many of whom are from the community.  Mr. Ramesh Patel, in his role as Chairman of FIA extended an invitation to Mr. Murphy to march in FIA’s annual India Day Parade in New York City, and Mr. Murphy expressed his gratitude and interest.

Over forty community leaders attended the event including members of law enforcement, the medical field, law, business and finance.  The hosts will be holding additional events with Mr. Murphy in the future.

NEW YORK, NY: Artist Trishla Jain is debuting a capsule collection of mementos for home and beyond at Thrive Global’s premiere retail experience as a pop-up store in New York. The Thank Joy capsule collection is inspired by the fine art, poetry, and spiritual reflections of international artist and poet, Trishla Jain.  Trishla Jain is an artist, a mother, and a spiritual devotee in service of life’s ultimate purpose: to elevate human consciousness.

Thank Joy will offer a selection of embroidered tapestries, decorative pillows, statement scarves and jackets. Each hints at the signature use of color, texture, play and spirit identified with artist Trishla Jain. The capsule collection will be available for sale from December 1, 2016 through January 15, 2017 at 491 Broome Street.

Every Thank Joy tapestry is derived from Trishla Jain’s original paintings and subsequently hand-embellished with centuries-old techniques of beading, stitching, and jewelling by artisans in India. Two to four artisans work simultaneously to complete the craftsmanship on the tapestries, using up to 108 unique materials. The artisans finish the edges of the tapestries with gold hand-block printing before stretching them on wooden frames. The tapestries vary in size from larger wall hangings to ‘minis’ – a perfect gift offering versatile room adornment for a cozy corner, the boudoir, mantle, personal desk, and the like.

Thrive Global was founded by Arianna Huffington with a mission to lead a cultural shift from surviving to thriving. “We are a company deeply rooted in science and dedicated to helping people go from knowing what to do to bring more well -being into their lives, to actually doing it. I am so excited about the amazing collection of products, services and technologies we’re featuring at Thrive Global that will help people improve their well-being and productivity and lead healthier and more joyful lives.”

Trishla Jain, founder of Thank Joy, stated, “I’m honored to be part of my dear friend Arianna’s bold vision: consciously moving away from default-survival-mode to a full-blossom-thrive way of life. Fueled by daily meditation, my art aims to thank joy and remind us to walk towards the Self with every step.”

Thank Joy’s capsule collection of mementos for home and beyond is a sneak peek of the company’s formal launch in the Bay Area in early 2017 and eventual flagship stores in India.  Thank Joy by Trishla Jain At Thrive Global’s Pop-Up Store from December 1, 2016 – January 15, 2017 491 Broome Street New York, New York 10013 www.ThankJoy.com

By Arun Joseph

Emerald Media, the Pan-Asia company backed by leading global investment firm KKR for investing in the media and entertainment sector, today announced that it has acquired a significant minority stake in Amagi Media Labs (‘Amagi’), the leader in targeted TV advertising and cloud-based TV broadcast infrastructure. Premji Invest, the investment arm of Azim Premji, (an existing shareholder) is also participating in this combination of primary and secondary US$35 million Series D round. Mayfield India and Nadathur Holdings will continue to remain invested in the Company.

Headquartered in Bengaluru with offices in New York City, London, and Hong Kong, Amagi is a next-generation media technology company providing cloud-based managed broadcast services and targeted advertising platforms to customers, worldwide. Amagi enables TV networks to create a complete broadcast workflow on the cloud and deliver content over satellite, cable, IPTV or OTT (Over-The-Top) platforms. Using Amagi’s patented technologies, advertisers can target audiences at a regional level across traditional TV and OTT multiscreen platforms. Amagi has today scaled up to be one of India’s largest TV ad networks, playing around a million ad seconds every month on premium TV channels. With numerous installations of Amagi’s playout and edge insertion servers around the world, they are already a global force in the broadcasting technology domain.  Amagi has deployments in over 30 countries for leading TV networks and is India’s largest TV Ad network supporting more than 3,000 brands.

The growth capital from this round of funding will enable Amagi to expand its targeted advertising platforms globally, enter new international markets for its cloud-based managed broadcast services and introduce a host of products to cater to the various needs of TV broadcasters and OTT networks.

Baskar Subramanian, Co-founder of Amagi, said, “Emerald Media, has a strong understanding of the TV Broadcast industry and the OTT space and we are very happy to partner with them. Their domain expertise and regional and global media relationships will help us further leverage the transition of the TV broadcasting industry to the cloud and expand our international footprint.”

Rajesh Kamat, Managing Director of Emerald Media, said, “Amagi has harnessed the transformative power of technology (both hardware and software) to change the way TV networks and brands perceive content delivery and monetization. Their cutting-edge technology is disruptive and the need of the hour. Emerald Media will assist Amagi in driving this change in the broadcast and digital industry by providing a distinctive combination of capital, domain knowledge and management bandwidth.”

Paul Aiello, Managing Director of Emerald Media, added, “Baskar, Srinivasan and Srividhya are the pioneers of targeted-TV advertisement in India. Amagi’s cloud-based managed services and monetization solutions, with high degree of workflow automation make TV networks efficient and future-ready compared to traditional broadcast models. With this investment, we expect Amagi to further expand its reach in the global market.”

Prior to this round, Amagi has raised US$25 million from Premji Invest, Mayfield India and Nadathur Holdings. Emerald Media is a Pan-Asian company backed by KKR to invest in the fast-growing media and entertainment industries across Asia for which KKR has committed up to $300mm from its KKR Asian Fund II. Emerald Media is led by industry veterans Rajesh Kamat and Paul Aiello, supported by an experienced team of investment and operating executives. Paul and Rajesh together have a combined experience of more than 30 years in the industry and bring a unique blend of operational and investment acumen to their business approach. Emerald Media has made key investments by acquiring significant stake in YuppTV, one of the world’s leading OTT video platforms for South Asian content, and now with this announcement, Amagi Media Labs, India’s leading targeted-TV advertisement solutions firm.

Emerald Media, primarily focuses on providing growth capital to media, entertainment and digital media companies. The company looks to invest approximately $15-75mn per investment to acquire control or significant minority positions in growing public and private media companies.

Amagi has been honored with the IBC Innovation Award for Content Delivery in 2015, for their work with AMC Networks International (Sundance Channel Global). Additionally, for their ad-tech solution to NDTV 24×7, and has won the ASBU BroadcastPro Middle East Innovative Project Award. Amagi has also been recognized as the winner in the media and entertainment category by Deloitte Technology Fast 500 Asia Pacific. The brand has also been recognized among India’s top 50 Brands in the country by Industry veterans and advertising and broadcasting fraternity in India.

Microsoft chief executive officer Satya Nadella, A.O. Smith CEO Ajita Rajendra and MasterCard CEO Ajay Banga are among the top business leaders globally recognized by Fortune as Fortune’s 50 Top Business Leaders Of 2016.  The 50-person list stuck with the basics in ranking the top business leaders, Fortune wrote.

“It parses and ranks companies by 12- and 36-month increases in profits, revenues, and stock performance, and factors in return on capital and debt,” the publication wrote. Mark Zuckerburg of social networking giant Facebook has been ranked number 1 in the Fortune magazine’s top 50 business persons list for 2016, which evaluates corporate leaders’ business performance. At the 2nd position in the list was Amazon CEO Jeff Bezos, followed by Ulta Beauty’s Mary Dillon, Alphabet CEO and Google co-founder Larry Page, and Microsoft’s CEO Satya Nadella.

Intuit CEO Brad Smith was ranked 6th among the top 50 business persons. The list was based upon the corporate heads’ ability to generate cold, hard cash for their companies.  Look who else is on the list.

Nadella was the lone Indian American in the top 10 of Fortune’s 2016 list, coming in at No. 5. Since Nadella took charge in early 2014, Microsoft has been engineering a stunning turnaround, Fortune said. He has taken a company focused on personal computing but showing promise in its enterprise and cloud-computing businesses, and turned that equation on its head, it added.

Rajendra, the next Indian American ranked at No. 34, is the A.O. Smith CEO, who has been with the Milwaukee-based water heater maker for four years. “Rajendra has kept the company boiling hot, doubling profits and nearly tripling the company’s stock price with strong growth in North America and China,” Fortune wrote.

Banga came a close 40 on the list of top business leaders. Fortune called the Indian American head of MasterCard “one of the apostles of a post-cash world,” helping his company expand overseas. Additionally, the company has formed an alliance with PayPal for in-store purchases as well as buying a rival to PayPal’s Venmo peer-to-peer payment app, Fortune said.

HDFC Bank managing director Aditya Puri was ranked No. 36 on the list. Puri has led HDFC for two decades, growing the bank into the second largest in the country, with $5.6 billion, including $1.9 billion in profits last year.

Shahnaz Husain Visits India International Trade Fair 2016

Shahnaz Husain, who is showcasing her premium Ayurvedic beauty formulations, visited the Trade Fair and gave Free Consultation for skin and hair problems, on Sunday, 20th November, 2016. Her visit created total mob hysteria and the crowd at her pavilion had to be seen to be believed. The people were clamouring for her autograph and asking for prescriptions, so much so that there was fear of the counters and pillars collapsing. The riot police had to be called to control the surging crowds.

The Shahnaz Husain Group, leaders in Ayurvedic Beauty Care, have a spectacular display at: STALL No.27B-02-C, HALL NO.27 (HANGAR);  GATE No.7 (NEAR METRO STATION).

Among the products on display are the newly launched Shahnaz Husain Luxury Organic Range, comprising of a selected blend of chemical-free organic ingredients;  the Shahnaz Husain Yogic Veda Range of formulations for a holistic beauty care routine, as well as the Starlight Range, re-launched in totally new packaging. Specially formulated for film and TV stars, it helps counter the damaging effects of harsh arc lights, sun, pollution, dust, wind and heavy make-up.

With over four decades of expertise, the Shahnaz Husain formulations are internationally renowned for specialized Ayurvedic beauty care and cures. The have received several international awards for Quality Excellence. As a special gesture to visitors to the Trade Fair, Shahnaz Husain is offering several attractive discounts on products and the Beauty Diploma Course. Indeed, the Shahnaz Herbal Stall at IITF 2016 offers the experience of advanced natural beauty care, based on India’s glorious herbal traditions.

Sreedhar Potarazu, an ophthalmologist and entrepreneur, was reportedly arrested last month and charged with using his company to orchestrate a $30 million investment fraud scheme. Potarazu, of Potomac, MD, who has emerged as a major political donor of late, was arrested Oct. 6. The scheme, however, does not directly link back to his political donations.

Federal prosecutors in Alexandria say Potarazu convinced people to invest millions in his former company, VitalSpring Technologies, by hiding his tax liabilities and lying about the company’s finances.

An FBI affidavit explained that Potarazu, now the president and chief executive at software company Enziime, raised $30.5 million from more than 160 investors between 2011 and 2015, with one shareholder investing about $16 million, including a $344,000 payment as recently as August.

VitalSpring, which, according to Potarazu’s LinkedIn page, he owned from 2000 until July 2015, provided technology to companies as a means to help them analyze and control their healthcare costs. However, the affidavit noted that the company failed to pay $6 million in employment taxes from 2007 to 2015, and Potarazu never informed investors of the liability.

Additionally, it alleges Potarazu falsely told investors that a sale of the company was imminent, and would provide a profit to investors, when no such sale was in the works. According to the affidavit, Potarazu pulled $900,000 from the company for personal expenses, even as tax returns showed the company lost $31 million between 2007 and 2013.

Film producer Siddharth Roy Kapur is reportedly stepping down as the managing director of the Walt Disney Company India to “explore his own business interests.” Mahesh Samat will be taking his place, as per a report by Walt Disney International, a division of the Walt Disney Company. Samat will return to his leadership role as managing director at the Walt Disney Company India.

“Mahesh guided Disney in India in its early days, and we are thrilled with his decision to return to the organization he helped build,” said Andy Bird, chairman of Walt Disney International. “We are encouraged by the opportunity we see to further grow our business in India, and believe Mahesh’s entrepreneurial spirit, knowledge of our brands and franchises, and long-standing expertise in our broader operations will continue the momentum we are experiencing in this dynamic market,” he added. Samat succeeds Kapur, who is departing the company to explore his own business interests.

“Sid is a pillar of the Indian entertainment industry and has demonstrated passion and commitment for the Disney business. He carved a strong position for Disney in the Indian media and entertainment space that positions us well for the future. We are immensely thankful for his service and wish him well in his next venture,” Bird said.

While working for the company, Kapur, who is married to actress Vidya Balan, introduced the Indian Broadway version of the timeless classic “Beauty and the Beast,” which was a huge success.

Samat departed Disney India four years ago to establish Epic Television Networks, and was the founder and managing director of the Epic Channel, which focused on history, folklore and mythology-based content.

As managing director, Samat will have responsibility for setting and driving the Walt Disney Company’s strategy, coordinating all business efforts in India, including overseeing Disney global franchises in the market, expanding existing businesses, and creating new business opportunities. He will take over starting Nov. 28.

Samat is excited to return to the wonderful world of Disney. “Moving forward, we will accelerate the great work done by the team and create new, innovative ways for audiences to engage with our stories, brands and characters, and drive growth across our businesses,” Samat said.

Hilton Worldwide will host a brand workshop today for 50 young hoteliers from the Asian American Hotel Owners Association (AAHOA). Participants will enjoy a full day of professional development led by Hilton executives and discussions on Hilton’s history and future, hotel construction and development, and brand management.

“As the largest hotel owners’ association in the world, we, all of us, are in a unique position of leadership and responsibility. You see we made an industry that is thriving. And it is thriving in no small part because of the incredible efforts made every day by AAHOA members,” Chip Rogers, Chairman of AAHOA, said. “However, we

also share a responsibility. An obligation to serve millions of Americans every day in their home away from home. By every measure, we are meeting and exceeding our obligations.”

AAHOA Young Professional (YP) Director at Large (Western Division) Neal Patel praised both Hilton and AAHOA leadership for their commitment to the continued development of hospitality up-and-comers.

“The incredible value of this opportunity for AAHOA’s young hoteliers cannot be overstated,” he said. “The AAHOA-Hilton relationship has grown by leaps and bounds in the past year and both parties are excited to see their efforts come to fruition in the form of a shared day of learning and networking.”

Binita Patel, AAHOA YP Director at Large (Eastern Division), echoed his thoughts and added, “This workshop is an absolutely can’t-miss chance for young hoteliers not only to beef up their industry knowledge, but also to interact with top-level executives at one of the most famous and successful hotel brands in the world.”

Hilton and AAHOA have been partnering on industry initiatives since 1996. “Hilton is committed to helping young people develop their lives and professional skills with mentorships, apprenticeships and partnering with universities to prepare the next generation of leaders,” said Bill Fortier, Hilton’s SVP of Development, Americas.

“Our partnership with AAHOA and support of the Young Professionals group is another important way we are working to train and develop the talent that will lead the future of the hospitality industry.” The workshop will take place at Hilton Worldwide headquarters in McLean, Va., and is closed to the public.

Founded in 1989, AAHOA (www.aahoa.com) is the largest hotel owners association in the world, with more than 15,000 small business owner-members. AAHOA members own almost one in every two hotels in the United States.

The callers in India, claiming to be officials with the Internal Revenue Service or immigration services, would present those who answered the phone with an ultimatum.

“Pay us, or we’ll fine you, deport you or arrest you,” reported the Washington Post. “Their network was expansive, and their work lucrative. Justice Department officials announced charges against 61 people and entities and said the call center scheme had scammed at least 15,000 victims out of more than $250 million.”

As per reports, phone scams are not new, but the breadth and sophistication of this one is notable. Justice Department officials said the defendants – 24 of them based in the United States – ran at least five call center groups overseas.

Now, the US Justice Department has brought these criminals under law. U.S. authorities said they arrested 20 people in this country and carried out nine search warrants Thursday. A few others involved were already in custody. Earlier this month, in a separate case, police in Mumbai raided a call center and detained 770

employees for questioning. The Justice Department said that it was focused on a network of call centers in Ahmedabad and that some of the centers’ owners have been charged.

According to Leslie Caldwell, the assistant attorney general in charge of the Justice Department’s Criminal Division, she hoped the efforts of U.S. and Indian authorities would put a dent in the robust industry of phone scammers. “We have seen a drop-off in the success rate of these scams,” Caldwell said.

A grand jury in federal court in the Southern District of Texas returned an indictment in the case on Oct. 19. Officials announced the unsealing of it on Thursday. The charges against those involved include conspiracy to commit identity theft, false personation of an officer of the United States, wire fraud and money laundering.

Bruce Foucart, assistant director of Immigration and Customs Enforcement’s homeland security investigations, said the scammers conducted online research on potential targets using Facebook and other online sources and bilked “savvy, successful and law-abiding people.” He said they went to “frightening lengths” to ensure the success of their scheme. “They convey authority and a sense of urgency that leaves their victims terrified,” he said.

Those involved had a network of U.S.-based co-conspirators who would liquidate and launder the ill-gotten gains by buying prepaid debit cards, which they often registered using the personal information of identity-theft victims. They also would send wire transfers using fake names and use money transferring methods known as “hawalas,” in which money is effectively moved internationally outside the U.S. banking system.

Caldwell said the scammers were able to display their numbers on caller ID systems as being from the U.S. government, though she said no government agency would call demanding money as they did. “If you get one of these calls,” she said, “it is not the U.S. government calling you.”

In Failure to Adjust: How Americans Got Left Behind in the Global Economy, Council on Foreign Relations Bernard L. Schwartz Senior Fellow Edward Alden explains why the political consensus in support of trade liberalization has collapsed, and how to correct the course.  The United States has contributed more than any other nation to writing the rules that created the competitive global economy of today, helping support stronger growth in much of the world. Yet successive U.S. administrations have done far too little to help Americans succeed under those rules, says Alden.

Against the backdrop of the U.S. presidential election cycle and the controversy over the Trans-Pacific Partnership (TPP) trade pact, Alden shows how the collapse of the consensus on trade has been decades in the making. Using detailed historical research and drawing on his previous experience as a journalist covering the North American Free Trade Agreement (NAFTA) and the creation of the World Trade Organization (WTO), Alden reveals that U.S. policymakers have long recognized the challenges that Americans would face in the new global economy, but mostly looked the other way.

The problem is not globalization, he writes. “The problem has been the domestic political response to globalization, which in too many ways has been deeply irresponsible. A central task of any government is to provide the tools to help people adjust and succeed in the face of economic change.” However, “the story of the last half century has instead been the failure by governments to ease that adjustment,” Alden says.

Failure to Adjust contends that the policies needed to help more Americans flourish in the global economy are well within reach. The book’s recommendations for the federal government include building on local and regional efforts to attract and develop internationally competitive industries; introducing corporate tax reforms and streamlining regulations; enforcing trade rules to ensure a more level playing field; reforming international rules to constrain subsidies that distort trade; developing comprehensive workforce retraining plans and apprenticeships to help American workers build necessary skills; and expanding trade adjustment assistance to workers displaced by trade.

Alden argues that “with the right support from governments—federal, state, and local—the ingredients are there to build an American economy that not only competes with the best in the world but does so in a way that once again raises the living standards of more of its citizens.”

By Ashish Badshaw

MUMBAI, INDIA: Emerald Media, a Pan-Asian platform established by leading global investment firm KKR for investing in the media and entertainment sector today announced that it has acquired a significant minority stake in YuppTV for US$50mn. YuppTV is one of the world’s leading over-the-top (OTT) video platforms for South Asian content offering live TV, catch-up TV and movies on-demand in 14 languages across the globe. The growth capital will enable YuppTV to further its global footprint, expand its content library through original productions and acquisitions, and rapidly grow its paid subscriber base.

Headquartered in Atlanta, Georgia, YuppTV is a leading Internet Pay TV platform for South Asians, reaching more than 400 million households across the world. With more than 5 million monthly visitors accessing YuppTV across 27 integrated devices – with a peak monthly traffic of 20 million – YuppTV has been setting records across the OTT industry. YuppTV offers 250+ South Asian TV channels, 5000+ movies and 100+ TV shows to worldwide audiences, with a focus on the USA, UK, Middle East, Canada, Singapore, Malaysia, Australia, New Zealand and the Caribbean. YuppTV continues to revolutionize the way TV and movies are viewed across the world with over 25,000 hours of entertainment content catalogued in its library, as well as nearly 5,000 hours of new on-demand content added to the YuppTV platform every day.

YuppTV has gained considerable popularity in India having recently launched in the market. With an initial focus on South India, the company has gradually expanded to the rest of the country. It has also recently implemented advanced analytics-based real-time recommendations on Live TV, to make content more discoverable.

Uday Reddy, Promoter and CEO YuppTV, said, “We couldn’t ask for a stronger partner than Emerald Media. YuppTV is a content distribution platform with a strong consumer connection, and Emerald Media has global media relationships.  We hope to leverage their relationships and existing assets Endemol, OML, Fluence and Graphic India to create original programming and make this platform a next generation distribution and content powerhouse.”

Rajesh Kamat, Managing Director of Emerald Media, said, “Emerald Media believes in driving change and value-creation by providing a distinctive combination of capital, domain knowledge and management bandwidth. The world is moving from traditional consumption to multiscreen delivery mediums. YuppTV provides a unique combination of technology, strong content relationships and revenues of scale and will be an anchor to our vision of building a new age media company.”

Paul Aiello, Managing Director of Emerald Media, added, “Uday and his team have created an exceptional online video platform with a loyal subscriber base that realizes the huge potential of the global Indian diaspora. Our investment and relationship will enable YuppTV to further their strong leadership position in the rapidly growing OTT space.”

In September 2015, YuppTV had raised its Series A round of funding from Poarch Creek Indian Tribe of Alabama.  YuppTV has had over 10 million mobile app downloads, in addition to 50 million pre-installs on Samsung TVs worldwide and 300,000+ downloads on LG Smart TV, making it one of the most downloaded Smart TV Apps. The YuppTV app is also the second most popular app in Android Playstore in India (Entertainment) and the only South Asian app available on PS3™ & PS4™. In addition, YuppTV has launched its exclusive on-demand movie streaming service, YuppFlix, which is backed by an extensive library of more than 5000+ movies across various languages.

Emerald Media is a Pan-Asian platform established by KKR to invest in the fast-growing media and entertainment industries across Asia for which KKR has committed up to $300mm from its KKR Asian Fund II. Emerald Media is led by industry veterans Rajesh Kamat and Paul Aiello, supported by an experienced team of investment and operating executives. Paul and Rajesh together have a combined experience of more than 30 years in the industry and bring a unique blend of operational and investment acumen to their business approach.

Headquartered in Atlanta, GA, YuppTV is one of the world’s leading over-the-top (OTT) content player for South Asian Content, live TV, video on demand, and on-demand Movie Solutions. YuppTV a pioneer in OTT space delivers more than 250 television channels in 14 languages, 4500 videos (daily), movies, and a lot more. Content is offered to viewers through a single subscription-based service in the form of Live TV, Catch-up TV and Movies that can be viewed on any of the six screens for video content consumption – Connected TVs, Internet STBs, Smart Blu-ray players, PCs, Smart Phones and Tablets.

Amit Kanodia of Indian origin from Brookline, Mass., has been convicted October 17 by a federal jury in Boston of conspiracy and securities fraud after tipping off two friends in connection with an insider trading scheme that netted more than $1 million in illegal profits.

Kanodia, 49, was convicted following a six-day jury trial of one count of conspiracy and 10 counts of securities fraud. Each count represents the purchase of Cooper Tire securities by co-conspirators Iftikar Ahmed and Steven Watson.  Kanodia was acquitted of eight additional counts of securities fraud related to other purchases made by Ahmed and Watson.

The conspiracy statute provides for a sentence of no greater than five years in prison, three years of supervised release, and a fine of $250,000 or twice the gross gain/loss, whichever is greater.

The securities fraud statute provides for a sentence of no greater than 20 years in prison, five years of supervised release and a fine of $5 million.

His sentencing is scheduled for Jan. 18. Meanwhile, Ahmed remains a fugitive from justice.  Watson has pleaded guilty and is set to be sentenced in November.

According to a press release from the U.S. Attorney for the District of Massachusetts, in the spring of 2013, Kanodia tipped off his two friends, Ahmed and Watson, about the contemplated acquisition of Cooper Tire & Rubber Company by India-based Apollo Tyre.   Kanodia learned about the possible acquisition from his wife who was the General Counsel of Apollo at the time.

In the months leading up to the public announcement of the acquisition, both Ahmed and Watson purchased shares and options in Cooper Tire which trades on the New York Stock Exchange. On the day of the announcement, Cooper Tire’s share price increased 41% and Ahmed and Watson began selling their interests in the company for a combined profit of more than $1 million.  Both Ahmed and Watson paid Kanodia a portion of their illegal profits.

By Jitin Jingorani

Renowned restauranteur Kamal Arora and Arora Hospitality Group’s latest culinary venture, Aarzu Restaurant, opens its doors to the community to celebrate its first-ever Diwali season this week (Diwali is on Sunday, October 30th). Specializing in modern Indian cuisine with a focus on taste, texture and presentation, the Freehold, New Jersey-based restaurant and banquet facility is hosting a week-long Diwali Festival with a specialized Indian New Year tasting menu, in-house henna artist and live tabla player, all in an attempt to engage and excite the community and educate them about the significance of this important Hindu holiday.

“The Indian New Year is an auspicious time when we celebrate with our families, and food is at the heart of that celebration,” said Arora, who has several other successful New Jersey restaurants under his belt. “We would like to invite the community-at-large to become a part of the Aarzu family and indulge in our Diwali festival to mark an important milestone for our newest restaurant.”

Post-Diwali, Aarzu will celebrate the spirit of Thanksgiving and the holiday season by helping those less fortunate in their community. “For every meal we serve at Aarzu, we will DONATE a meal of equal value to our local food bank for the entire month of November,” said managing partner and philanthropist Archana Sharma. “As a socially-responsible small business, we want to ensure that no one in our community goes hungry this time of year.”

“If you love Indian food but your spouse or friends are hesitant, this is a good one to break them in as the atmosphere is more modern chic than Indian and there are menu options that are more Indian-American fusion than hardcore Indian.” – Lou M. (Yelp)

“This restaurant is a gem! Great ambiance with a trendy vibe & creative menu. The service was attentive and friendly. The spicy cheese naan was awesome, the lamb chops delicious, and the chicken cooked in a cashew sauce was very flavorful! Love the plating of food especially the bicycle basket. The pudding dessert presented on dry ice was very impressive & the orange dessert is a must try! Looking forward to going back.” – Lu Lella (Google)

“I have never been to India, but I have been to London a number of times and I always look forward to the great Indian food. I no longer have to get on a plane to have that experience.” – Bill D., (Trip Advisor).

A federal judge has denied a motion for expedited discovery submitted by Ro Khanna and his campaign, following the filing of a lawsuit against the California 17th Congressional District challenger by incumbent Mike Honda’s campaign team for an alleged cyber attack.

Judge Edqard J. Davila of the U.S. District Court in the Northern California District denied the motion of continuance Sept. 29. “First, the information sought by defendants is not justified by its purported purpose,” the judge said in his ruling. “None of the discovery requested is needed in order for defendants to present their opposition.”

Rep. Mike Honda (D-San Jose) has filed a lawsuit against his opponent, Democrat Ro Khanna, alleging that Khanna’s campaign manager illegally obtained sensitive fundraising data and used it to contact Honda’s supporters.

The lawsuit, filed Thursday morning in the U.S. District Court of Northern California, says Brian Parvizshahi had access to donor lists and other proprietary information in 2012, when he served as an intern for a fundraising consultant working for Honda at the time.

After he left the internship, the complaint alleges, Parvizshahi continued to access files related to Honda’s fundraising, including after he joined the Khanna campaign in January 2014.
Files were accessed repeatedly between February 2013 and June 2015 by a Dropbox account and computer bearing Parvizshahi’s name, the lawsuit claims.

Honda’s campaign said it was notified in May by Arum Group, its former fundraising consultant, that Parvizshahi had been inadvertently left on the company’s Dropbox access list after leaving his internship. His access was revoked that day, the campaign said.

The complaint claims one of the documents Parvizshahi had access to was a list of Honda donors who had contributed more than $1,000, labeled “1,000 Cranes,” which was later leaked to local website San Jose Inside and became thesource of an ethics complaint.

Some of the donors on that list, Honda’s campaign says, received unsolicited emails from Khanna asking to speak with them to discuss his campaign.

Honda has remained under the cloud of an ongoing investigation after the Office of Congressional Ethics found “substantial reason to believe” he used taxpayer resources to benefit his campaign.
Hari Sevugan, a spokesman for the Khanna campaign, says neither Khanna nor the campaign has been served with the lawsuit.

“The fact that Mike Honda went to the press before serving us tells you what this is really about: politics,” Sevugan said in a statement. “It’s clear Mike Honda will do and say anything to hold on to his seat including suing anyone who is on track to defeat him.”

Khanna, 39, narrowly bested the veteran congressman, 75, in the June primary, receiving 2,200 more votes in the hotly contested race. At a press conference, Honda campaign manager Michael Beckendorf likened the alleged breach to a “modern day Watergate” that amounted to a “violation of privacy and harassment” of Honda supporters who apparently landed on Khanna’s email lists.

Honda’s campaign claims having evidence Khanna knew about the breach, including an email exchange with one such Honda supporter in which Khanna personally responded, asking Parvizshahi to remove her from the mailing list.

“What you have here is a cyberattack,” said Gautum Dutta, an attorney for Honda’s campaign. “You have the theft of confidential, proprietary information that’s then used against the supporters of a rival campaign. That’s un-American and it’s illegal.”

Honda spoke with The Times in Washington, D.C. Thursday, saying he’d received many calls from supporters asking why they were getting emails from Khanna’s campaign.

Honda did not say if the campaign will seek criminal charges against Parvizshahi. “Under the Computer Fraud Abuse Act, there’s a great possibility that something went awry, and I think that that’s something we need to move forward with,” Honda said.

The Honda campaign says it is seeking “all available compensatory and injunctive relief” and has asked Khanna’s campaign to destroy or return all information it may have obtained.

The 46-year-old former model, Padma Lakshmi looked chic as she added her own twist to the little black business suit as she arrived at Advertising Week, the annual celebration of the industry people, beginning Sept. 26 in New York. The beauty, who hails from India, sizzled in a black sleeveless crop top and a black midi skirt with a thigh-high split. With her raven black tresses smoothed back into a pony tail, she completed her ensemble with over-the-knee boots – in sexy black leather, of course – and a black handbag.

Padma Lakshmi is the host of TV hit Top Chef, a best-selling cookbook author and an entrepreneur. All good reasons why Padma Lakshmi was invited to speak at the CEO Connectors panel at the TimesCenter stage in Times Square, Manhattan, during Advertising Week on Tuesday, September 26th.

The event was packed with A-list thought leaders and a star-studded evening roster of special events. Annually hosted in landmark venues throughout Times Square, Advertising Week has added the iconic Town Hall to its list for 2016, where headliners, including Facebook’s Sheryl Sandberg and Snapchat’s Imran Khan, who are scheduled to speak in a special content series. An opening gala for The Week’s 13th anniversary in New York, hosted in the spectacular and highly anticipated new Oculus building in lower Manhattan, will be among the special events.

Lakshmi has her own line of home decor at Bloomingdale’s and food products under the Padma’s Easy Exotic brand. Padma took to Instagram to share the details of her outfit saying: ‘About today! Wearing a @jw_anderson top, a @pleinsudfaycalamor skirt that I bought in Paris when I was modelling 20 years ago, bag: @hermes and shoes: custom made boots by my dear friends the capazzo brothers of @costumenational.’

Aside from her gig as Top Chef host, Padma launched her first jewellery line, called simply ‘Padma’ in 2009.

An Indian-American CEO of an IT staffing and consulting firm has been charged in the US with callous treatment of a domestic worker who had come from India to work for her. The Department of Labor in its complaint alleges that Himanshu Bhatia, the CEO for Rose International and IT Staffing, paid her domestic service worker USD 400 a month plus food and housing for work being performed during 15 and half hours a day seven days a week at her home in San Juan Capistrano and other luxury residences in Miami, Las Vegas and Long Beach, California.

She was forced to sleep in the garage on a piece of carpet alongside Bhatia’s dogs when she was ill, and being left without food when Bhatia leave her residence for days, the complaint alleged.

Additionally, Bhatia confiscated Ningwal’s passport, restricting her free movement and only made available to the domestic service worker when she had to travel to perform domestic service duties at Bhatia’s penthouse in Miami, it said.

Bhatia terminated Ningwal in December 2014 after catching her researching the topic of “labor laws” on line and after the domestic service worker refused to sign a document Bhatia authored, stating that she was being paid an adequate salary and had no employment dispute with Bhatia, the complaint said.

The department’s Wage and Hour Division found that Bhatia violated the Fair Labor Standards Act’s minimum wage and record keeping provisions from July 2012 to December 2014, as well as the act’s anti-retaliation provision. Rose International and IT staffing and consulting firm had more than USD 357 million in revenue in 2011.

U.S. Citizenship and Immigration Services (USCIS) is proposing a new rule, which would allow certain international entrepreneurs to be considered for parole (temporary permission to be in the United States) so that they may start or scale their businesses here in the United States.

Read the advance version of the notice of proposed rulemaking: International Entrepreneur Rule. Once the notice of proposed rulemaking is published in the Federal Register, the public will have 45 days from the date of publication to comment. To submit comments, follow the instructions in the notice.

“America’s economy has long benefitted from the contributions of immigrant entrepreneurs, from Main Street to Silicon Valley,” said Director León Rodríguez. “This proposed rule, when finalized, will help our economy grow by expanding immigration options for foreign entrepreneurs who meet certain criteria for creating jobs, attracting investment and generating revenue in the U.S.”

The proposed rule would allow the Department of Homeland Security (DHS) to use its existing discretionary statutory parole authority for entrepreneurs of startup entities whose stay in the United States would provide a significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation.  Under this proposed rule, DHS may parole, on a case-by-case basis, eligible entrepreneurs of startup enterprises: Who have a significant ownership interest in the startup (at least 15 percent) and have  an active and central role to its operations; Whose startup was formed in the United States within the past three years; and, Whose startup has substantial and demonstrated potential for rapid business growth and job creation, as evidenced by: Receiving significant investment of capital (at least $345,000) from certain qualified U.S. investors with established records of successful investments; Receiving significant awards or grants (at least $100,000) from certain federal, state or local government entities; or, Partially satisfying one or both of the above criteria in addition to other reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.

Under the proposed rule, entrepreneurs may be granted an initial stay of up to two years to oversee and grow their startup entity in the United States.  A subsequent request for re-parole (for up to three additional years) would be considered only if the entrepreneur and the startup entity continue to provide a significant public benefit as evidenced by substantial increases in capital investment, revenue or job creation.

The notice of proposed rulemaking in the Federal Register invites public comment for 45 days, after which USCIS will address the comments received.  The proposed rule does not take effect with the publication of the notice of proposed rulemaking.  It will take effect on the date indicated in the final rule when a final rule is published in the Federal Register.

For more information on USCIS and its programs, please visit www.uscis.gov or follow us on Twitter (@uscis), YouTube (/uscis), Facebook(/uscis), and the USCIS blog The Beacon.

At the recent GOPIO General Body Meeting, Dr. Thomas Abraham was re-elected as the Chairman of GOPIO International after a lapse of seven years. Chairman is the head of the organization, as well as coordinates and chairs the General Body meeting. The Chairman also oversees the functioning of the Executive Council, GOPIO Councils and conducting elections every two years. Outgoing Chairman Inder Singh was elected as Executive Trustee of the GOPIO Foundation.
A new position GOPIO’s Global Ambassador was created by the GOPIO General Body by a constitutional amendment. Outgoing Executive Vice President Sunny Kulathakal from Bahrain was elected as GOPIO’s Global Ambassador. As GOPIO Ambassador, Kulathakal has been given the responsibility to initiate chapters in all cities and countries where GOPIO is yet to make its presence with chapters and Life Members.
The GOPIO Chairman, Executive Trustee and GOPIO’s Global Ambassador serve as ex-officio members of the Executive Council headed by President Niraj Baxi, who serves as CEO of the organization.
GOPIO’s General body also adopted a resolution to launch GOPIO International Chamber of Commerce (GICC). It will be worldwide body working within the GOPIO organization. The new Executive Council is business oriented and keenly interested to connect with businesses with India and across the world. The new chamber GICC will focus on some of Indian Prime Minister’s initiatives such as Make in India, Skill India and Digital India. With our 70 chapters in 30 countries, name recognition and with our extensive level of contacts, GOPIO hopes to grow this new chamber as a globally networked business promotion\
Dr. Thomas Abraham can be given great credits to the Indian Diaspora movement in the last four decades. Dr. Abraham coined the word PIO (people of Indian origin) in 1989, when he served as the Convener of the First Convention of People of Indian Origin in New York. Dr. Abraham initiated, nurtured and built up several community institutions including the Federation of Indian Association (FIA) of New York Metro Area, the National Federation of Indian-American Associations (NFIA), GOPIO, National Indian American Association for Senior Citizens (NIAASC) and South Asian Council for Social Services (SACSS). Was also co-founder of Indian American Kerala Center in New York and served Co-Chair for the campaign to raise funds for Jagdish Bhagwati Chair for Indian Political Economy at Columbia University. A material scientist and nanotechnologist by profession, Dr. Abraham is president of Innovative Research and Products, Inc.
Inder Singh regularly writes and speaks on Indian Diaspora. He is the author of The Gadar Heroics – life sketches of over 50 Gadar heroes. He is Executive Trustee of GOPIO Foundation, was chairman of Global Organization of People of Indian Origin from 2009-16 and president from 2004-2009, chairman of National Federation of Indian American Associations (NFIA) from 1992-96 and president from 1988-92. He was founding president of Federation of Indian Associations in Southern California.
Publicist, author, publisher and community worker Sunny Kulathakal is a Post-Graduate in Economics. After a stint in the editorial department of a leading newspaper, he served as the Director of Development Department of a college in Bangalore for eight years. From 1977 onwards in the Middle East, Kulathakal did a series of research studies on Indians in the Gulf which were published as cover stories in the Illustrated Weekly of India, a Times of India publication. From 2004 onwards, Kulathakal is in Bahrain publishing The Gulf Who’s Who Directory. After receiving the community service award from GOPIO in 2004, he has been serving GOPIO in various capacities.
GOPIO is a non-partisan, non-sectarian and secular global organization with 70 chapters, over 200 life members in over 30 countries. It actively promotes the interests of people of Indian origin worldwide by monitoring and addressing current critical issues of concern, and by enhancing cooperation and communication between groups of Indians living in various countries. For more info, visit www.gopio.net

Nita K. Patel, 53, and Kirtish N. Patel, 53, have pleaded guilty before U.S. District Judge William H. Walls in Newark federal court to separate information charging them each with one count of health care fraud.

The Rockaway, New Jersey, husband and wife who owned a mobile diagnostic testing company today admitted receiving more than $4.3 million from Medicare and private insurance companies for diagnostic testing and reports that were never interpreted by a  licensed physician, U.S. Attorney Paul J. Fishman announced.

According to the documents filed in the case and statements made in Court: From 2006 through June 2014, Nita and Kirtish Patel owned and operated Biosound Medical Services Inc. and Heart Solutions (collectively, “Biosound”), of Parsippany, New Jersey, which were mobile diagnostic companies and approved Medicare providers. The companies provided mobile diagnostic testing, including ultrasounds, echocardiograms and nerve conduction studies that were used to diagnose heart defects, blood clots, abdominal aortic aneurysms and other serious medical conditions.

Biosound technicians would travel to the office of a primary care physician in the New York and New Jersey area to conduct diagnostic testing. Biosound was responsible for sending the tests to a “reading physician” – an appropriate specialist who would interpret the results. After the reading physician prepared a report, Biosound was responsible for providing it to the referring physician. Biosound was paid millions of dollars by Medicare and other payors for the diagnostic testing, the reading physician’s interpretation of the results and the reports.

Kirtish Patel admitted to, from October 2008 through June 2014, fraudulently interpreting and writing diagnostic reports produced by Biosound despite having no medical license and knowing that the reports would be used by the referring physicians to make important patient treatment decisions. Nita Patel admitted assisting her husband in forging physician signatures on the fraudulently produced reports to make them appear legitimate. Nita and Kirtish Patel also admitted falsely representing to Medicare that the neurological testing performed by Biosound was being supervised by a licensed neurologist.

According to the informations, more than half of the diagnostic reports generated by Biosound between October 2008 and June 2014 were never actually reviewed or interpreted by a physician. Nita and Kirtish Patel were paid more than $4,386,133.75 by Medicare and private insurance companies for the fraudulent reports, which they used for personal expenses, including multiple residences and luxury vehicles.

The health care fraud charge to which Nita and Kirtish Patel pleaded guilty carries a maximum potential penalty of 10 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense. Sentencing for both defendants is scheduled for March 15, 2016.

U.S. Attorney Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Richard M. Frankel in Newark, and the U.S. Department of Health and Human Services – Office of the Inspector General, under the direction of Special Agent in Charge Scott J. Lampert, with the investigation leading to today’s pleas.

The government was represented by Assistant U.S. Attorney Danielle Alfonzo Walsman of the U.S. Attorney’s Health Care and Government Fraud Unit. U.S. Attorney Paul J. Fishman reorganized the health care fraud practice at the New Jersey U.S. Attorney’s Office shortly after taking office, including creating a stand-alone Health Care and Government Fraud Unit to handle both criminal and civil investigations and prosecutions of health care fraud offenses. Since 2010, the office has recovered more than $640 million in health care fraud and government fraud settlements, judgments, fines, restitution and forfeiture under the False Claims Act, the Food, Drug, and Cosmetic Act and other statutes.

Over 900 million Android devices are affected by ‘high-risk’Quadrooter flaw warns security company Check Point software technologies. Found in devices runningQualcomm processors, QuadRooter includes four vulnerabilities, any of which can be used by hackers to take control of any smartphone. “If exploited, QuadRooter vulnerabilities can give attackers complete control of devices and unrestricted access to sensitive personal and enterprise data on them. Access could also provide an attacker with capabilities such as keylogging, GPS tracking, and recording video and audio,” says Check Point in a blog post.

Hackers can trigger any of these four vulnerabilities using a malicious app. “Such an app would require no special permissions to take advantage of these vulnerabilities, alleviating any suspicion users may have when installing,” adds the post.

The blog notes that QuadRooter affects smartphone drivers which control communication between the various chipset components. Since the vulnerable drivers are pre-installed on devices at manufacturing level, it can only be fixed if the OEMs or carriers issue a software patch.

Check Point recommends users to download and install the latest Android updates as soon as they become available, avoid side-loading apk files, read app permission requests carefully while installing apps and more.

Some of the latest smartphones that are vulnerable to the QuadRooter are Samsung Galaxy S7, Galaxy S7 Edge , OnePlus 3, Google Nexus 5X, Nexus 6, Nexus 6P, LG G4, LG G5 , LG V10, OnePlus One, OnePlus 2, OnePlus 3 and more.

Earlier this year (in May), it was found that several million Android smartphonesrunning on Qualcomm processors are exposed to a glitch that can be exploited by hackers to gain access to the device. Stay updated on the go with Times of India News App. Click here to download it for your device.

IT industry body Nasscom has dispelled fears about the possible damaging prospects of the new US immigration Bill which proposes to restrict issuance of H1B visas to Indian companies.
“Such visas will not be any showstopper in this era of technology,” Chairman of Nasscom CP Gurnani told reporters in Kolkata.

He said in this age of technology, companies would use the tool to get products and services delivered. “The companies and the US Senate can be at odds with each other. The US corporations realise that 70% of their work were being outsourced from outside,” he said on the sidelines of Nasscom Product Conclave.

On top of that, visa costs were going up, Gurnani said. He said Nasscom would make an appeal to the US administration, adding that business would prevail as usual. “It is in their interest to buy technology,” he said. According to Nasscom, 65 of India’s IT revenues originate from the US. Nasscom jointly with McKinsey has forecast that IT revenues by 2025 would touch USD 250 billion.

Cairn Energy, a Scottish oil exploration company, has demanded that India pay $5.6 billion in compensation for losses that the company claims it has sustained as a result of a tax assessment. The company has taken its claim to an arbitration panel under the United Kingdom-India Investment Treaty.

The tax assessment is one of several that India has made against major multinationals to crack down on offshore transactions in tax havens. However, the government has lost several such cases in court, partly because it has tried to apply the law retroactively.

The latest case involves Cairn Energy, an Edinburgh-based company which made its fortune exploring for oil in unusual locations and trading on lucrative finds. Worth just $10 million in 1992, the company has prospected for oil in places as far flung as Bangladesh, Greenland and Mauritania.

The company bought a concession in the Indian state of Rajasthan from Shell in 2002 for $7.5 million, after the Anglo-Dutch company failed to find oil despite a decade of drilling test wells. In 2004 Cairn discovered a major oil deposit in Rajasthan which caused the value of its Indian subsidiary to soar to a high of $14 billion.

In 2011, the Scottish company agreed to sell a majority stake in Cairn India, which it had incorporated in the tax haven of Jersey, to Vedanta, another UK listed company, for $8.5 billion. Cairn returned some of the profits to its shareholders and kept some to conduct new exploration.

In 2014, Cairn decided to sell off its remaining 9.8 percent stake in the Indian venture. The Indian tax authorities, however, have blocked the sale on the grounds that Cairn owes the government back taxes of $1.6 billion on the original venture plus $2.8 billion in interest. The tax demand is based on a 2012 law that allows the Indian government to claim taxes on offshore transactions, including ones conducted as far back as 1962.

Cairn says that the dispute has caused the company to lose business. “The frustrating thing is that shares remain frozen and we’ve not been able to fulfill strategic plans of the company and move forward with further exploration and discovery,” Simon Thomson, chief executive of Cairn, told the Economic Times newspaper last year. “As a result, we have made 40 per cent of our workforce redundant, disposed of part of our North Sea assets and deferred planned investments and expenditures.”

Last year, Cairn demanded that India settle the matter via international arbitration or face a claim before the International Court of Justice. In its latest salvo, the company has not only refused to pay the $4.4 billion tax claim but also insisted that India pay it for the value of the company shares in 2014. (The minority stake was worth some $1 billion at the time but the value has since dropped to $477 million following the oil price crash.)

Lawyers say that India is taking a big gamble in moving forward with the arbitration. “If tomorrow there is an award against India, the government would have no option but to pay the company, because international reputation also matters,” Naresh Thacker, a partner at a Mumbai law firm named Economic Laws Practice, told Business Today. “Such an award would encourage companies who are waiting in the wings.”

Four Indian American executives were among the winners from the from the five regions from across the country that announced their respective Ernst and Young Entrepreneur of the Year competitions last week, with heads moving on to the national selection. The 30th anniversary of the event will culminate in a national award winner selected this fall.

Instituted and sponsored by Ernst & Young, a multinational conglomerate, the Entrepreneur of the Year Award recognizes entrepreneurs in such areas as innovation, excellence, financial performance and business leadership from more than 140 cities across 60 countries. The entrepreneurs were selected by an independent judging panel made up of previous winners of the award, leading CEOs, private capital investors and other regional business leaders.

The finalists for the Ernst & Young Entrepreneur of the Year 2016 Award include Eric Basu, the founder and CEO of Sentek Global Consulting in San Diego. A graduate in molecular biology from San Jose State University, Eric Basu is a seasoned entrepreneur and leader in information technology, with strong understanding of military operations and security. His company Sentek Global leads government programs and commercial IT operations. He is also a board member of the San Diego Cyber Center of Excellence.

One of the Indian Americans among EY Entrepreneur of the Year 2016 finalists in California, Manish Chandra is the CEO of Poshmark which he launched in 2011. Poshmark is an app-based fashion marketplace where users can catch up with like-minded fashion freaks and pick trends from the latter’s style-books or collections. Users can also use Poshmark app to sell what they don’t wear anymore.

Among the Ernst & Young Entrepreneur of the Year finalists in 2016, AppDynamics’ founder Jyoti Bansal is one of the successful Silicon Valley entrepreneurs from India. His India to USA journey with an H1B visa is an inspirational story of ‘American Dream’. An IIT Delhi graduate, Jyoti Bansal had to wait 7 years to fulfill his entrepreneurial dreams until he got an employment authorization document (EAD) as part of the green card process.

Among the EY Entrepreneur of the Year 2016 finalists in California, Vivek Ravisankar is a cofounder and CEO of HackerRank. A computer science graduate from the National Institute of Technology in India, Vivek had lost out on a high-paying job offer during campus placement, which proved to be a blessing in disguise. A minor error in the final round of the interview made him discover the potential entrepreneur in him, and he founded Interviewstreet.com in Bangalore to help job seekers with mock interview sessions online.

Among the other winners were three heads of businesses in the Ohio Valley region, including Ankur Gopal, chief executive officer at Louisville, Ky.-based Interapt; Elkhart, Ind.-based Kem Krest president Amish Shah; and Louisville, Ky.-based V-Soft Consulting Group Inc. president Purna Veer. Additionally, in the Greater Philadelphia region, chairman and chief executive of Customers Bancorp Inc. Jay Sidhu advanced to the EY national Entrepreneur of the Year competition.

“EY has had a tremendous history in honoring outstanding entrepreneurs over the past 30 years,” EY said in a statement. “This year’s winners have not only taken their companies to the top, but they have also acted as mentors to their employees and made impressive contributions to their communities.”

Zubaida Bai, an Indian social entrepreneur has been named among 10 “champions and pioneers” by UN Chief Ban Ki-moon under the world’s largest corporate sustainability initiative that calls on companies to align with universal principles of human rights, environment and anti-corruption.

Zubaida Bai, the founder of ‘ayzh’, a for-profit social venture providing health and livelihood solutions to impoverished women worldwide, was named among the 10 ‘2016 Global Compact SDG Pioneers’, an initiative launched by UN to search for “entrepreneurs” who can play a pivotal role.

The UN Global Compact, the world’s largest corporate sustainability initiative, supports companies to do business responsibly by aligning their strategies and operations with ten principles of human rights, labour, environment and anti-corruption; and to take strategic actions to advance broader societal goals, such as the UN Sustainable Development Goals (SDGs), with an emphasis on collaboration and innovation. Ban announced the 10 pioneers at the Global Compact Leaders Summit in the city this week.

Congratulating the honorees, Ban said that he counts on their “strong commitment and engagement” to help businesses seize the opportunities of the SDG era. “All of you are leaders in the campaign for a world without poverty, a thriving planet, a vibrant and inclusive global economy and a life of dignity for all.”

“This is the vision of the Sustainable Development Goals, agreed upon by the Member States of the UN in September last year,” he said at the summit., The Leaders Summit aims to jump-start business action everywhere on the SDGs.

To that end, the Global Compact unveiled a multi-year strategy to drive business awareness and activity that supports the achievement of the goals by 2030.

Noting that trillions of dollars will be invested in infrastructure in the coming years, he said that the Paris Agreement and the SDGs give the private sector an unprecedented opportunity to create clean-energy, climate- resilient, sustainable economies.

“We are at a decisive moment in the shift to sustainable and inclusive markets,” continued the Secretary-General, noting that the first step in this regard would be to mobilise the global business community as never before. “All businesses, everywhere, can and should play a role in improving our world. That starts with integrity – doing business right,” he said.

NEW YORK — Mukesh Ambani-led Reliance Industries leads the pack of 56 Indian firms in Forbes’ annual list of the world’s 2,000 largest and most powerful public companies, with the U.S. leading the list with 586 companies.

The 2016 Forbes ‘Global 2000’, a snapshot of the world’s largest companies, shows the dominance of the U.S. and China in the current global business landscape.

U.S. and China-based companies dominate the top 10, with only Japan’s Toyota Motor at the 10th tenth preventing a clean sweep for the two nations.

India’s tally of 56 of the world’s biggest companies remains the same as last year and Reliance Industries maintains its top position of leading the largest public companies in India.

Reliance improved its ranking this year to 121 from 142 last year, with a market value of $50.6 billion and assets worth $91.5 billion.

Reliance is followed by State Bank of India which is ranked 149 and has a $23.3 billion market value.

The other Indian companies on the list are Oil and Natural Gas ranked (220), ICICI Bank (266), HDFC Bank (275), Indian Oil (371), Tata Consultancy Services (385), NTPC (400), Bharti Airtel (453), Axis Bank (484), Infosys (590), Bharat Petroleum (650), Wipro (755, Tata Steel (1178) and Adani Enterprises (1993). Also making to the list are Coal India (465), Larsen and Toubro (505), ITC (781), Kotak Mahindra Bank (899), Mahindra and Mahindra (901) and HCL Technologies (943).

Chinese banks held on to the top three spots in the list, a comprehensive annual ranking of the world’s largest public companies. Chinese banks held on to the top three spots in the list, a comprehensive annual ranking of the world’s largest public companies. Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China held onto their leading positions, despite a slowing Chinese economy that hurt profits and knocked peer Bank of China from fourth place to sixth, Forbes said. The 2016 list features public companies from 63 countries that together account for $35 trillion in revenue, $2.4 trillion in profit, $162 trillion of assets, and have a combined market value of $44 trillion.

India and the US are likely to sign two key agreements in July that would exempt prominent Indian citizens from immigration checks in America and pave the way for exchange of information on terrorists on a real time basis.

The two pacts on Global Entry— a US Customs andBorder Protection programme that permits speedy clearance for pre-approved, low-risk travellers upon arrival in America and the Homeland Security Presidential Directive-6 (HSPD-6), which allows access to information on terrorists— are expected to be signed during the Homeland Security Dialogue.

Home Minister Rajnath Singh will lead the Indian delegation at US-India Homeland Security Dialogue to be held in Washington in July, while the US team would be headed by Secretary of Homeland Security Jeh Charles Johnson.

The US has been pressing for India’s inclusion in the Global Entry so that high dignitaries like former Presidents, former Prime Ministers, former Union Ministers, film stars, top industrialists and frequent flyers could visit America without any hassle, a senior government official said.

Initially, the names of around 2,000 prominent Indians could figure in the coveted list, which would be expanded gradually after proper background checks of each individual.

Individuals included in the list enter the US through automatic kiosks at select airports. At airports, program members proceed to Global Entry kiosks, present their machine-readable passport, place their fingerprints on the scanner for fingerprint verification and complete a customs declaration. The kiosk issues the traveller a transaction receipt and directs the traveller to baggage claim and the exit.

Two important conditions for inclusion of an individual in the Global Entry programme are that he or she should not have any criminal record or be in anyway connected with a money laundering case.