Category: Business

In the early 20th century just a few hundred people emigrated from India to America each year and there were only about 5,000 folk of Indian heritage living in the United States. Today Indian-born Americans number 2m and they are probably the most successful minority group in the country. Compared with all other big foreign-born groups, they are younger, richer and more likely to be married and supremely well educated. On the west coast they are a mighty force in Silicon Valley; well-off Indians cluster around New York, too.

Like all immigrant groups, Indians have found niches in America’s vast economy. Half of all motels are owned by Indians, mainly Gujaratis. Punjabis dominate the franchises for 7-Eleven stores and Subway sandwiches in Los Angeles. The surge in Indians moving to America is also intimately linked to the rise of the technology industry. In the 1980s India loosened its rules on private colleges, leading to a large expansion in the pool of engineering and science graduates. Fear of the “Y2K” bug in the late 1990s served as a catalyst for them to engage with the global economy, with armies of Indian engineers working remotely from the subcontinent, or travelling to America on workers’ visas, to make sure computers did not fail at the stroke of midnight on December 31st 1999.

Today a quarter or more of the Indian-born workforce is employed in the tech industry. In Silicon Valley neighbourhoods such as Fremont and Cupertino, people of Indian origin make up a fifth of the population. Some 10-20% of all tech start-ups have Indian founders; Indians have ascended to the heights of the biggest firms, too.

Indians for decades have been playing an important role in global technology landscape. Indian IT pros have been an important cog in the machinery running technologly behemoths across the world. In fact, two of the world’s biggest technology companies — Google and Microsoft — are led by Indian-origin CEOs. Other than these two, there are many others who have made an indelible mark on the world of technology.

Satya Nadella. After a 22-year stint with Microsoft, Nadella was appointed as the chief executive officer of the company in February 2014. He previously held the position of executive vice president of Microsoft’s Cloud and Enterprise group.

India-born Sundar Pichai was named as Google CEO on August 10, 2015. The 44-year-old head of Google was born in Chennai, Tamil Nadu and pursued education at IIT Kharagpur (B Tech), Stanford (MS) and Wharton (MBA); at Wharton, he was named a Siebel Scholar and Palmer Scholar.

Rajeev Suri joined Nokia in 1995 and held various positions before being appointed as president and CEO in April 2014. Suri’s ascedancy to Nokia CEO’s position came after Microsoft acquired Nokia’s mobile phone business. Previously, he was the head of the services, Nokia Siemens Networks 2007-2009.

Born in Hyderabad, Shantanu Narayen joined Adobe in 1998 as the senior vice president of worldwide product research and became the COO in 2005 and CEO in 2007. He holds a Bachelor in Science from Osmania University, an MBA from University of California, Berkley, and an MS from Bowling Green State University.

Sanjay Jha, CEO, Global Foundries, took over as CEO of Global Foundries, a semiconductor foundry that produces chips for giants like AMD, Broadcom, Qualcomm, and STMicroelectronics, in January 2014; before that he has served as the CEO of Motorola Mobility and COO of Qualcomm. He joined Motorola as co-CEO in 2008, while serving simultaneously as CEO of Motorola’s Mobile Devices Business.

George Kurian became the CEO and president of storage and data management company NetApp in June 2015, after serving as its executive vice president of product operations for nearly two years. Prior to joining NetApp, George was vice president and general manager of the Application Networking and Switching Technology Group at Cisco Systems. His diverse background also includes the role of vice president at Akamai Technologies,

Among the youngest CEOs in the software services sector, Francisco D’Souza, CEO, Cognizant, is a member of the company’s board of directors. D’Souza joined Cognizant as a co-founder in 1994 and went on to become its CEO in the year 2007. During his tenure as CEO, Cognizant’s employee base has grown from 55,000 to over 230,000.

Dinesh Paliwal is the president and CEO of Harman International, a premium audio gear brand that owns the likes of JBL, Becker, dbx, among others. Born in Agra, Uttar Pradesh, Paliwal holds a BE from IIT Roorkee, and MS and MBA from Miami University.

Ashok Vemuri is the CEO, Conduent Inc, the Xerox’s sibling business services unit that spun off into a separate company recently. In June 2016, the 110-year-old document technology company Xerox named former iGate CEO Ashok Vemuri as the new CEO of its back-office outsourcing company. A former Infosys veteran, Vemuri became CEO of Xerox’s business process outsourcing.

Indians, especially in Silicon Valley, are growing in prominence, influence, and sheer population. The promotion of Satya Nadella, Sundar Pichai, and Nikesh Arora are just a few more recent examples. The fact is that Silicon Valley is the epicenter of the technology companies and people that run the world, and it just so happens that Indians have flocked to it with great success. And they’ve done this with much smaller numbers than most other ethnic groups in the United States have.

Indians have always been rising in America. As James Crabtree of Financial Times suggests, “More than any other group of outsiders, it was the Indians who figured out that, to make it in startup land, it helps to have a social network of your own.”

By Matt Schiavenza From The New Republic

In spite of exceptions like Google CEO Sundar Pichai, Asians and Asian Americans are underrepresented in executive suites at Silicon Valley companies. In recent years, the American tech industry has struggled to overcome a perception that, for all its talk of diversity, it remains inhospitable to women and minorities. Asians and Asian Americans, well-represented in junior levels throughout Silicon Valley, have mostly been missing from this conversation. But new research shows that Asians and Asian Americans remain conspicuously absent in the executive suite: Equal Employment Opportunity data taken from 2007 to 2015 found that white men and women were two times as likely as Asians to become executives and held three times the number of executive jobs.

The record for the industry’s marquee companies was even more dismal. The same data reveal that inn 2013, Asians and Asian Americans were found to comprise 27 percent of the workforce at Google, Intel, Yahoo, Hewlett Packard, and LinkedIn but hold just 13 percent of executive jobs.

This discrepancy is not limited to Silicon Valley: An Asia Society corporate survey conducted earlier this year found that more than one in four U.S. corporations had no Asian or Asian American representation at all. But in Silicon Valley, an industry that prides itself on its progressive nature, the struggle of Asians and Asian Americans to ascend the corporate ladder is one that receives comparatively little attention.
MSNBC anchor Richard Lui delivers the keynote address at the 2017 West Coast Diversity Leadership Forum (23 min., 50 sec.)

These workers are getting their foot in the door. So why aren’t they moving up the ranks? The answer appears to be a combination of two factors. Asians and Asian Americans, like other minority groups, are subject to racial discrimination in an industry where white Americans — particularly white men — retain an entrenched advantage. But Asians are also victimized by their perceived success, a factor that has made their pursuit of equality and justice appear less urgent than that of other groups.

Conversations with Asians and Asian Americans who work in Silicon Valley, all of whom spoke with Asia Blogunder an alias, reveal a frustration with this paradox. “Asians tend to be left out of diversity conversations,” Jennifer, a Taiwanese-American veteran of several startups, said. “Companies will ask themselves if they have enough women, black, or Latino workers and they forget that Asians should be represented.”

“We’re in this weird position of being privileged,” Neil, a Chinese-American engineer, added. “So, obviously, we should be allies and supportive of other groups. But often I find that we’re stuck in between.”

In 1966, the sociologist William Petersen first coined the term “model minority” to describe Asian Americans, a group whose population was rapidly growing following immigration reforms enacted the previous year. The theory was tantalizingly simple: Because of characteristics like diligence, obedience, and deference to authority, Asians and their children in the United States were able to earn more money and obtain college degrees at rates higher even than that of whites. Soon, the term “model minority” became a tool for criticizing African American and Latino groups whose relative poverty and lack of success could be blamed on an absence of stereotypically “Asian” values.

More than 50 years after its origin, the concept of the model minority is still being used as a wedge in discussions of race. In a widely-discussed piece published this April in New York, Andrew Sullivan wrote thatAsian Americans are among the “most prosperous, well-educated, and successful ethnic groups” in the United States because they maintained “solid two-parent family structures, had social networks that looked after each other, and placed enormous emphasis on education and hard work.” Their success, he said, posed a problem for the “social justice brigade” who could not explain why Asian Americans were seemingly undiminished by racism.

But the “model minority” theory does not account for the enormous differences among the nations, ethnicities, and religious groups classified as “Asian,” a description so broad that it is virtually meaningless. A disaggregation of education data among Asians in the United States found a huge discrepancy between Taiwanese-Americans, of whom 75 percent have a bachelor’s degree or higher, and Laotians, for whom the figure is merely 11 percent. And that Asians have acquired a reputation for skill in math and science derives less from innate characteristics than from the fact that the first group of Asians to move to the United States after immigration reform in 1965 were overwhelmingly scientists, engineers, and doctors.

Even still, the perception of the “model minority” has had a pernicious effect on Asians working in Silicon Valley by inculcating a belief that they lack leadership qualities. Denise Peck, a co-author of a new report on diversity from Ascend, a research organization that has published reports about racial discrimination in Silicon Valley, argues that the stereotypical qualities behind Asian success have hindered Asian Americans in seeking leadership roles. Diligence and deference to authority are useful skills for getting hired. But “as you move up the ladder,” she said, “soft skills like communication, networking, and influencing become more important.”

Cultivating these soft skills is an important aspect of any job, but Asian Americans remain burdened by a widespread perception that they’re unfit for executive positions. “If you mention, say, ‘Asian male’ as one sort of group, there are immediate assumptions of the personality and characteristics of that person before you’ve really gotten to know them,” said John, a Chinese-American engineer. “You always feel like you’re working from that stereotype.”

Jennifer added that “there are a lot of leadership positions, whether for executives, management, or lead technical roles, that are based on someone within the organization thinking, ‘Oh, we need someone to run this team, who do I think would be a good candidate?'” she said. “And then they mentally conjure up an image of someone who tends to be white, male, and confident.”

In an age in which Americans have reckoned with racial and gender equality to a degree unseen in decades, Silicon Valley has positioned itself as a meritocratic oasis, a place where the world’s most talented coders and designers and engineers propel the American technology industry forward. Many of these men and women are Asians and Asian American who, in spite of exceptions like Google’s Sundar Pichai, have found their upward trajectory dimmed by stereotypes so insidious that they occasionally fail to register in conversations about diversity and equality.

“There’s a sort of ‘oppression Olympics’ going on,” said Jennifer. “Black and Latino populations are much worse off than Asians, so there’s a desire to focus on them. It’s harder for people to be sympathetic to Asians.”

The world is rapidly “running out of computing capacity”, the head of tech giant Microsoft has warned. Satya Nadella said at the World Economic Forum in Davos that superfast quantum computers were needed to solve some of the most difficult problems.

Nadella cited the quest to create a catalyst that can absorb carbon, in order to help tackle climate change. This, he cautioned, would likely not be achieved without an increase in computer processing power.

“Moore’s Law is kinda running out of steam,” Mr Nadella told assembled delegates, referring to the maxim that the power of computer chips doubles every two years. The Microsoft chief executive also took aim at so-called “re-skilling programs”, calling them “one of the greatest wastes of money”.

Such schemes, which are designed to retrain those whose professions have been lost to globalisation or automation, are often “done without a true understanding of where the labour market is going,” Nadella argued.

Instead, the India-born chief executive, who took over at the helm of Microsoft in 2014, said that reforming school curriculums was of paramount importance. “We can with some certainty say that we will need more people graduating from our schools who will need to be comfortable with these augmented realities,” he predicted.

“The fact that most curricula in schools still don’t recognise computer science like they do maths or physics is just crazy.” Nadella added: “We need middle school teachers of computer science of the highest quality.”

He also emphasized that artificial intelligence, on which Microsoft is increasingly focused, could be a part of the solution to joblessness, rather than merely its cause. Earlier, Klaus Schwab, the man behind the World Economic Forum, called for leading tech executives to consider the disruption that their products may cause to economic, political and social life.

“If we act now,” Schwab said, “we have the opportunity to ensure that technologies – such as artificial intelligence – sustainably and meaningfully improve the lives and prospects of as many people as possible.”

The New Jersey-based auditing giant, Price Waterhouse, which was auditor for Satyam computers, has been banned from serving Indian clients. The ban by Indian market regulator the Securities and Exchange Board (Sebi) will come into effect on March 31st. Price Waterhouse has said that it will appeal the decision in court.

Satyam was being audited by the US- company for several years, when company owner Ramalinga Raju admitted to inflating earnings.

Price Waterhouse’s Indian arm, PW Bangalore, was Satyam’s auditor during this period. The collapse of Satyam Computers in 2009 cost shareholders more than $2bn and rocked India’s IT industry. Analysts said it was the biggest fraud at a listed company in India.

The group’s audit functions are under the brand Price Waterhouse in India. The broader PwC entity handles consulting, tax advisory and other businesses. Auditing services constitute around 40% of its overall business in India.

It added that “there has been no intentional wrongdoing by [PwC] firms in the unprecedented management perpetrated fraud at Satyam”. In January 2009, Raju stunned the corporate world by admitting to accounting malpractices to inflate earnings and assets for years.

Analysts say the Sebi order is a big setback for the firm which never quite recovered from the fallout of the case. It could very well lead some of the firm’s 70-plus listed clients, which include corporate giants like Tata Steel, to shift their business.

That would mean not only a loss of revenues but it would also impact the jobs of some 2,500 workers. Price Waterhouse lost its leadership position in the Indian market soon after Raju’s confession and it has struggled to compete with other global companies like Deloitte.

Emerald Media, the Pan-Asia company backed by leading global investment firm KKR, today announced that it has acquired a controlling stake in Cosmos-Maya through a combination of primary and secondary stake acquisition. Based in India, Cosmos-Maya is the market leader in IP-led Indian kid’s animation content. The capital from this investment will help the company with strategic growth initiatives and creating global IPs to further increase its footprint across the world.

Promoted by internationally acclaimed Indian filmmakers Ketan Mehta & Deepa Sahi, Cosmos-Maya pioneered the art and technology of animation and visual effects in India.  Over the last 5 years, the company has produced a record 1000+ half-hour segments of animated content. Today, it has multiple ongoing productions with major television and digital platforms, including Viacom18, Disney Networks, Turner International, Sony Pictures Network, Discovery Networks, Netflix, Amazon Prime Video and ALT Balaji.

The creators of the Motu Patlu animation series, a popular Indian kids’ show, Cosmos-Maya has an impressive lineup of 9 TV shows on air including Shiva, Eena Meena Deeka, Kisna, ViR – The Robot Boy, Guru Aur Bhole, Chacha Bhatija, Tik Tak Tail and Selfie with Bajrangi. The company is also working on 3 international co-productions — Captain Cactus, Atchoo! and Help me Ganesha — in different stages of production and development. Cosmos-Maya targets audiences globally through its own YouTube channel, WowKidz, which has already become one of the fastest-growing channels for kids’ content with over 2 million active subscribers and over 2 billion cumulative views since its launch in 2016.

Ketan Mehta, Founder and Managing Director, Cosmos-Maya said, “The vision for Cosmos-Maya has always been to become a cutting-edge media technology company creating quality Indian content for the global market. The company will benefit greatly with a partner like Emerald Media which has a strong understanding of the entertainment, broadcast and OTT space. Through the capital infused, the company intends to develop international projects while leveraging the media relationships of Emerald to expand its global footprint.”

Rajesh Kamat, Managing Director of Emerald Media, said, “Cosmos-Maya has created and owns the content for some of the most popular kids’ shows and hence has its finger on the pulse of a very captive and influential audience. With the company now focused on the development of content, that crosses geographies, it is poised for growth on a global stage — not to mention the added opportunity of brand expansion and merchandising for its properties. This investment is a great addition to Emerald Media’s growing portfolio as it aligns with our vision of creating an ecosystem that caters to audiences of all age groups.”

Paul Aiello, Managing Director of Emerald Media, added, “Cosmos-Maya has made great strides in the animation space in the past few years. Their original shows have been huge successes and have paved the way for original Indian content to compete on a global platform. This investment will help Cosmos-Maya achieve its exciting growth potential.”

Anish Mehta, the CEO of Cosmos-Maya said, “With its successful and sizeable IP bank, strong business associations, a passionate team and the constant quest for quality — combined with the capital, domain knowledge and management bandwidth that Emerald Media brings on board — Cosmos-Maya is now poised for a global 360-degree approach to grow and monetize its brands through content, media, marketing, distribution, licensing and retail to markets, for kids across the world.”

Emerald Media is a Pan-Asian company backed by KKR to invest in the fast-growing media, entertainment, consumer tech and B2B 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 40 years in the industry and bring a unique blend of operational and investment acumen to their business approach. Since inception, Emerald Media has made key investments in YuppTV, one of the world’s leading OTT video platforms for South Asian content, Amagi Media Labs, India’s leading targeted-TV advertisement solutions firm, aCommerce, Southeast Asia’s leading ecommerce enabler and e-distributor and Cosmos-Maya, one of the most successful animation content producers in Asia.

Emerald Media primarily focuses on providing growth capital to media, entertainment, consumer tech and B2B companies. The company looks to support growing public and private companies, by providing growth capital and strategic value add. For more information, please visit www.emeraldmedia.asia

Cosmos-Maya is Asia’s leading animation production studio that produces high-quality 3D as well as 2D animation content. Headquartered in Singapore, the company’s studio facility in Mumbai has 750 artists. The market leader in original Indian animation content production the company has worked on several IPR and commissioned projects for Television and Digital platforms including Viacom18, Disney Networks, Turner International, Sony Pictures Network, Discovery Networks, YouTube, Netflix, ALT Balaji & Amazon Prime Video.

The studio produces around 600 minutes (30 half hours) of animation on a monthly basis. Cosmos-Maya has produced over 20000 minutes of original animated content created in the last 5 years, (comprising of over 1000 half hour episodes) ready/currently on air. Launched in 2016, Cosmos-Maya’s YouTube channel WowKidz is one of the fastest growing kids’ platforms with an active subscriber base of over 2 Million and total view count of more than 2 Billion.

By Ian Hathaway, Nonresident Senior Fellow – Metropolitan Policy Program

As two critical immigration policy issues face Congress—the fate of 800,000 immigrants brought to the United States illegally as children (“DREAMers”), and the re-introduction of the bipartisan Startup Act, which among other things, provides 75,000 visas to entrepreneurs that come to this country to start high-potential companies—new evidence demonstrates yet again just how critical foreign-born entrepreneurs are to lasting economic prosperity in the United States.

The Center for American Entrepreneurship, a non-partisan policy and advocacy organization, published a study today on the founders of America’s most valuable companies—those in the Fortune 500. The results are striking—43 percent of companies in the 2017 Fortune 500 were founded or co-founded by an immigrant or the child of an immigrant, and among the Top 35, that share is 57 percent.

These 216 companies produced $5.3 trillion in global revenue and employed 12.1 million workers worldwide last year, spanning a wide range of industrial activities—though half are in the high-technology, wholesale and retail trade, and financial and insurance sectors.

These iconic immigrant-founded American companies come from a broad range of geographies, too. Sixty-eight metropolitan areas and five non-metropolitan areas spread across 33 states are headquarters to Fortune 500 firms founded by an immigrant or the child of an immigrant.

The New York, Chicago, San Jose, Houston, and Dallas metropolitan areas are headquarters to the most, with at least eight such companies in each. On a population adjusted-basis, metro areas with the highest density include the Northern Chicago suburbs (Lake County-Kenosha County), San Jose, Cambridge, Bridgeport-Stamford, and Richmond.

Among states, New York, California, Illinois, Texas, and Virginia have the most, as each are home to at least 13 immigrant or child-of-immigrant founded Fortune 500 firms. Delaware, Connecticut, New York, Virginia, and Illinois have the most on a population-adjusted basis.

Digging deeper into the numbers, 18.4 percent of Fortune 500 companies were founded by immigrants, and another 24.8 percent were founded by the children of immigrants—figures that are consistent with broader research literature. Though accounting for less than 14 percent of the population, immigrants found almost a quarter of all new businesses, nearly one-third of venture-backed companies, and half of Silicon Valley high-tech startups.

“America was indebted to immigration for her settlement and prosperity. That part of America which had encouraged them most had advanced most rapidly in population, agriculture and the arts.” –James Madison, Constitutional Convention (1787)

And, research has shown that the economic benefits of immigrants are lasting. U.S. cities and regions that welcomed more immigrants in the past have been linked with higher incomes, less poverty and unemployment, and greater educational attainment today. Immigrants also make outsized contributions to science and technology, whether measured as patent productivity or breakthrough discoveries—in recent years, U.S.-based researchers have been awarded with 65 percent of Nobel Prizes, though more than half of this group was born abroad.

43 percent of companies in the 2017 Fortune 500 were founded or co-founded by an immigrant or the child of an immigrant, and among the Top 35, that share is 57 percent.

But, the issue is much bigger than targeting only well-educated immigrants or those backed by venture capitalists. Many foreign-born founders of iconic American companies—those in the Fortune 500—wouldn’t have met such thresholds. They were poor, young, and fleeing harsh economic and political conditions. A recent Harvard Business School study found that among foreign-born entrepreneurs, those who come here as children have among the best business outcomes (growth and survival rates).

The evidence on immigrants, entrepreneurship, and economic growth is clear. Now it is up to Congress to take action—first by joining the rest of the advanced economies in creating a visa for high-potential entrepreneurs, and second by ensuring the safety and legality of DREAMers to stay and thrive in the only country they call home. During a period of slow growth, declining startup rates, and anemic productivity gains, the United States cannot afford not to.

World’s oldest scheduled airline, KLM Dutch Royal Airlines has reconnected with Mumbai with Mumbai –Amsterdam service from October 30, 2017. This move will further enhance the seamless air connectivity offered to flyers. GVK’s Mumbai International Airport Private Limited (MIAL), the company that operates Chhatrapati Shivaji International Airport (CSIA), welcomed the Dutch Carrier – KLM which touched down in Mumbai on Monday.

The airline will operate thrice weekly service with a 294-seater Boeing 787-9 aircraft with 30 World Business class, 45 Economy Comfort Class and 219 Economy Class. Earlier, Mumbai and Amsterdam route was served with daily services offered by Jet Airways. Now along with KLM, Mumbai-Amsterdam route will be served with a total of 10 services per week.

The start of operations by KLM is a manifestation of CSIA’s commitment to continuously strengthen the connectivity enhancing Mumbai’s rapidly developing trade and commerce relationship with Netherland and rest of the globe.

Last week, CSIA welcomed Thai Smile’s maiden flight on the Mumbai-Bangkok route, the second airline after Thai Lion to start services in the sector within a month. Mumbai International Airport serves as a key gateway to India and has 52 airlines operating to 100 destinations from the city to various parts of India and the World. In FY 2017, CSIA, Mumbai welcomed 45.2 million air travellers (12.4 million international passengers) registering an annual growth of 8 percent.

India is “one of the most significant and fastest growing markets” says the newly appointed head of the U.S. – India Business Council Nisha Desai Biswal, who took over as President of the organization on October 23rd. The U.S. Chamber of Commerce had appointed Nisha Desai Biswal as the President of the U.S.-India Business Council.

“We are thrilled to welcome Nisha Biswal to the U.S.-India Business Council and to the U.S. Chamber team,” said Myron Brilliant, U.S. Chamber executive vice president and head of International Affairs. “She is a driven, visionary leader who has a strong record of advancing United States business across the growth markets of Asia and throughout India. Under her strong leadership, we’re confident the U.S.-India Business Council will play a critical role growing commercial partnership, investment, and innovation across the world’s oldest and largest democracies.”

Biswal served as Assistant Secretary for South and Central Asian Affairs in the U.S. Department of State from 2013 to 2017, where she oversaw the U.S.-India strategic partnership during a period of unprecedented cooperation, including launching the U.S.-India Strategic and Commercial Dialogue. In recognition of her efforts, Biswal was awarded the prestigious Bharatiya Samman Award by the President of India in January 2017. She previously served as Assistant Administrator for Asia at the U.S. Agency for International Development (USAID). Biswal also spent over ten years on Capitol Hill, serving as staff director on the State, Foreign Operations Appropriations Subcommittee and the Foreign Affairs Committee in the House of Representatives. ‎ Most recently, she was a senior advisor with the Albright Stonebridge Group, where she helped expand the firm’s India and South Asia practice.

“I am honored and excited by the opportunity to lead the U.S.-India Business Council and to join the leadership of the U.S. Chamber of Commerce during a period of historic opportunity for both countries,” said Biswal. “As one of the most significant and fastest growing markets, India is an important economic partner for the United States. Likewise, Indian companies are investing in ever greater numbers here in the United States. I am proud to be part of an organization which will play such a critical role shaping U.S.-India relations, and I am thrilled at the chance to help our companies deliver a brighter, more prosperous future for the citizens of the United States and India.” Biswal has served on the board of the U.S. Global Leadership Coalition, and is a current member of the U.S. Institute of Peace International Advisory Council and the Institute for Sustainable Communities Board of Directors.

“UPS applauds Nisha being named as the new president of the U.S.-India Business Council,” said Jim Barber, president of UPS International. “At this critical time, she will bring dynamic leadership and well-established economic expertise to the mission of improving the U.S.-India relationship.” Biswal will join the U.S. Chamber beginning October 23, 2017.

Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council is the premier business advocacy organization, comprised of 350 top-tier U.S. and Indian companies advancing U.S.-India commercial ties. USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi. The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 70 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.

The USIBC went through an internal spat that culminated in June-July with a virtual walkout by top Indian-American and other CEOs from the organization, including former head of USIBC Mukesh Aghi, PepsiCo chief Indra Nooyi, Mastercard Worldwide chief Ajay Banga,  and Cisco’s John Chambers, in a bid to form a separate organization. According to news reports those who quit the Council had differences with the US Chambers of Commerce and other members of USIBC who pushed for a stronger stance against India on trade and other matters. How Biswal tackles these differences will be a test for the new leader. Biswal has served on the board of the U.S. Global Leadership Coalition, and is a current member of the U.S. Institute of Peace International Advisory Council and the Institute for Sustainable Communities Board of Directors.

Rutgers Business School students won the $1 million Hult Prize for social entrepreneurship last month, capping off 11 months of entrepreneurial effort with a polished, convincing pitch about the ability of its rickshaw transportation business to improve the lives of refugees overseas. The team made history with its win at the Hult regionals, becoming the first team from Rutgers to become a finalist in the competition – widely regarded as the Nobel Prize for student. The five finalists beat out 50,000 participants from more than 100 countries.

Senior Gia Farooqi, new graduates Hasan Usmani and Moneeb Mian, and alumna Hanaa Lakhani created the Roshni Rides startup as a way of answering the 2017 Hult Prize Challenge of developing a business capable of restoring the dignity of one million refugees by 2022. The company uses a pre-loaded transaction card, encourages ride-sharing and existing rickshaw drivers.

On a stage at the United Nations headquarters in New York City, the young executives of six start-up companies made their final, feverish bids to win the coveted Hult Prize. Each had formed and launched business ideas over the last year that would try to solve this year’s Hult Prize challenge – improving the well-being of at least one million refugees over the next five years.

The six finalists rose to the stage from a pool of 50,000 applicants. The judges are an illustrious bunch, including Mercy Corps CEO Neal Keny-Guyer, Earth Day Network president Kathleen Rogers and KIVA president Premal Shah. They decided who wins a big blue megaphone-shaped trophy — and a million dollars in startup capital. The money comes from the Hult family, whose patriarch, Bertil Hult, founded EF Education First. The Hult Prize was formerly associated with the Clinton Global Initiative. The Initiative has ended its annual conference, so the U.N. hosted the Hult Prize for the first time this year and plans to host again next year.

Their ability to persuasively pitch the idea to the Hult judges enabled them to beat out finalist teams from five other schools: Harvard University’s Kennedy School, the Instituto Tecnológico Autónomo de México, the University of Waterloo, the University of Calgary and York University.

Former President Bill Clinton, who announced the winning team, said that along with optimizing rickshaws to provide reliable transportation for refugees, Roshni Rides modeled their card transaction system after the New York City subway’s MetroCard. The team’s business idea, he said, advocates ride-sharing, keeping prices down – and fixed. “It will have a big impact,” he said.

The Rutgers team will use the prize money to continue to build Roshni Rides and explore the possibility of using rickshaws powered by electricity rather than natural gas. Listen to the team’s winning pitch at the Hult Prize Final.

Alok Baveja, a supply chain professor who advised the team, said “the Hult Prize honor is an unequivocal recognition of this team’s undying conviction that great ideas have an elegance in their simplicity, achieve scalable societal good and make good business sense, all at once.”

“True to their name, these young Rutgers entrepreneurs are bringing the light (Roshni) of new hope and optimism to millions of displaced refugees globally through an accessible, affordable and reliable rickshaw transportation system,” Baveja said.

From the start, the theme of the Hult Prize Challenge inspired and motivated the team, all of whom are Americans of Pakistani ancestry. “We are the sons and daughters of immigrants and refugees,” Farooqi said after the team won the regional competition in March. “This is very personal for us.”

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