Category Archives: Business & Economy

Azim Premji, Shiv Nadar among world’s tech billionaires

August 17, 2015Business & Economy, Leaders, Science & Technology, World Opinionmpositiveone@gmail.com

Wipro founder Azim Premji makes it to the tech billionaire's list — Wipro founder Azim Premji makes it to the tech billionaire’s list

Washington :

Two Indian tech tycoons,Wipro chairman AzimPremji and HCL co-founder Shiv Nadar are in the Forbes’ first-ever list of the 100 richest people in the technology field, dominated by Americans with Microsoft founder Bill Gates at the top.

Two Indian-Americans tech czars, Romesh Wadhwani, CEO and chairman of Symphony Technology Group, and Bharat Desai, co-founder of IT consulting and outsourcing company Syntel also figure on the list released last week.

Premji, 70, with a net worth of $17.4 billion is ranked 13th on the list followed by Shiv Nadar, 70, in the 14th spot with $14.4 billion.

Wadhwani, 67, is ranked 73rd with a net worth of $2.8 billion while Desai, 62, with $2.5 billion is in the 82nd spot.

Premji’s Wipro, India’s third-largest outsourcer, reported a 10 percent rise in revenues to $1.9 billion in the last quarter, on the back of new business from clients such as ABB and Philip Morris, the magazine noted.

Nadar, Forbes noted, has diversified into healthcare with HCL Avitas, a new firm in partnership with John Hopkins Medicine International, which has opened 10 clinics in Delhi.

Wadhwani has a degree in electrical engineering from the Indian Institute of Technology and a PhD from Carnegie Mellon. His Symphony Technology Group is a collection of 20 companies spanning big data, analytics and software.

Syntel, co-founded by Desai and his wife Neerja Sethi, now generates over $900 million in revenue, has a market cap of over $3 billion and more than 24,500 employees across the globe.

While 51 American billionaires are on the list, tech barons from Asia made a strong showing as well, with 33 people hailing from that region. Forty of the 100 live in California.

Bill Gates, who’s also the world’s richest man, ranks number one among tech tycoons, with a net worth of $79.6 billion.

Number two on the list is Larry Ellison, founder of database software firm Oracle, with a net worth estimated at $50 billion.

The third richest on the list is Jeff Bezos with a net worth of $47.8 billion followed by Facebook founder Mark Zuckerberg in the fourth place with $41.2 billion.

Google co-founders Larry Page and Sergey Brin are ranked fifth and sixth respectively.

Altogether, the world’s 100 richest tech billionaires are worth $842.9 billion.

Just seven women made the list, the wealthiest of whom is Laurene Powell Jobs, the widow of Steve Jobs, with an estimated net worth of $21.4 billion.

Nearly all of the 100 are self-made billionaires: 94 made their own luck, 3 inherited their fortunes, and 3 have inherited fortunes but have been actively expanding them.

source : http://www.timesofindia.indiatimes.com / The Times of India / News Home> NRI> US & Canada News / IANS / August 13th, 2015

Efforts on to get GI recognition for Ooty ‘Varkey’

July 27, 2015Business & Economy, Leadersmpositiveone@gmail.com

Wheat varkey being prepared in a bakery in Udhagamandalam.- Photo: M. Sathyamoorthy

Rajkumar starts work at 3 a.m. every day at his baking station, preparing and baking the “Ooty Varkey” for nearly six hours daily. Their family has been making varkey in Ooty for more than seven decades now and they have customers coming in from different parts of the State and also from Bangalore and Puducherry. They make about 100 kg of Varkey a day and have added more varieties to cater to the demands of the customers.

This is one of the popular products that tourists to the Nilgiris want to take home. There are nearly 150 bakers in Ooty who make Varkey and they plan to submit details soon to get the Geographical Indication certificate for “Ooty Varkey”. Some of them, such as Rajkumar, follow the recipe that the family has used for several years now.

K. Mohammed Farook, President of Ooty Bakery Owners Association, told The Hindu that there were many in the plains who sell the product as “Ooty Varkey”. Getting the certificate will benefit the bakers in Ooty. The bakers in the Nilgiris procure the raw materials locally.

The quality of water and the weather in the Nilgiris give a special taste to the Varkey, he says. “We have collected the details and will submit the final copy to the officials soon for the GI certificate,” he said.

source: http://www.thehindu.com / The Hindu / Home> News> Cities> Coimbatore / by M. Soundariya Preetha / Coimbatore – July 27th, 2015

Premji gives half of his stake in Wipro for charity

July 9, 2015Amazing Feats, Arts, Culture & Entertainment, Business & Economy, Community Involvement / Social Issues, Leaders, World Opinionmpositiveone@gmail.com

In Wipro's annual report for the year ended March 2015, Premji said he has now allocated the equivalent of 39% of the company's shares to a trust focussed on philanthropic initiatives, mainly primary education. — In Wipro’s annual report for the year ended March 2015, Premji said he has now allocated the equivalent of 39% of the company’s shares to a trust focussed on philanthropic initiatives, mainly primary education.

Bengaluru :

Wipro’s billionaire chairman Azim Premji, the first Indian to sign the Giving Pledge, has set aside more than half of his wealth for charity by allocating an additional 18% stake in the company to fund philanthropy.

Premji, who will turn 70 this month, controls a 73.39% stake in India’s third-largest software company, which is worth about Rs 99,500 crore ($15.7 billion). In Wipro’s annual report for the year ended March 2015, Premji said he has now allocated the equivalent of 39% of the company’s shares to a trust focussed on philanthropic initiatives, mainly primary education. The additional 18% stake forms the latest tranche of shares Premji has allocated for charity.

The Giving Pledge is an effort to invite the world’s wealthiest individuals and families to commit half of their wealth to philanthropic causes and charitable organisations. In his pledge in 2013, Premji said he believes that those who are privileged to have wealth should contribute significantly to try and create a better world for the millions who are far less privileged. “Over the past 15 years, I have tried to put this belief into action through my personal philanthropic work. Over these years, I have irrevocably transferred a significant part of the shareholding in WiproBSE -0.03 %, amounting to 39% of the shares of Wipro, to a trust (of which ownership of 21.14% was transferred and for the balance, the trust is entitled to the beneficial interest of dividends and sale proceeds),” Premji wrote in a letter to shareholders.

People close to Premji said he has been quietly and steadily been transferring wealth to fund philanthropy.

“Apart from the Tata Trust, nothing comes close to the commitment made by him on this front,” said a person who knows him well. “And now, he has two engines to carry on philanthropy—theAzim Premji Foundation, and the newly formed Philanthropic Initiatives formed to making grants to NGOs.”

Last year, Premji hired Amnesty India head G Anantha Padmanabhan to build an organization that will offer grants to external agencies.

“The new initiative of making grants to NGOs has just started under what we call Philanthropic Initiatives. We are continuing to look at various areas, e.g., nutrition, water — the only area that we have decided on is support to NGOs working with the most vulnerable people — eg, street children, urban homeless, teenage girls from disadvantaged communities, women at risk of violence,” said Anurag Behar, CEO of Azim Premji Foundation and vice-chancellor of Azim Premji University.

“The Foundation’s work continues to expand and deepen in helping improve public (government) school education across seven states, which have about 350,000 schools. The university that we run also continues to expand. This year, we have launched a Master’s in public policy and governance and also our undergraduate programme,” Behar added.

Philanthropy has been on the rise among the rich in India as Microsoft cofounder Bill Gates, the world’s richest person, and business magnate Warren Buffet urged the wealthy to give their fortunes to charitable causes.

According to the Hurun Research Institute, at least 50 individuals donated over Rs 10 crore to philanthropic causes in 2014.

Premji, Anil Agarwal, Shiv Nadar and Ratan Tata were the most generous givers in India, according to the Hurun India Philanthropy List 2014.

source: http://www.timesofindia.indiatimes.com / The Times of India / Home> Business> India Business / by Pankaj Mishra, ET Bureau / July 08th, 2015

Dubai: Thumbay Group, SNTTA sign MoU to boost medical tourism

July 6, 2015Business & Economy, NRI's / PIO's, Science & Technology, Travel & Tourismmpositiveone@gmail.com

Dubai :

“Dubai has a well-deserved reputation for excellence and professional practice and we want to contribute our mite to the vision, mission and goals of the UAE health authorities,” says Akbar Moideen Thumbay, director healthcare and retail, Thumbay group UAE.

“There are so many issues relating to medical tourism and because the area is developing so quickly it’s becoming essential that hospitals, insurers and policy makers, to name a few work together closely to streamline processes to cater to this market. UAE has tremendous potential to come up as the most important medical-tourism destination for the people of this region,” he added.

Founder president of Thumbay Group UAE, Thumbay Moideen and T L S Iyer, general manager of SNTTA signed a memorandum of understanding to offer advanced services for medical and health tourists. Akbar Moideen Thumbay, director healthcare and retail, Thumbay Group UAE, Dr Benazir Ameer Ali, director Thumbay International Medical and Health Tourism Department, Valsala Kumar, group general manager (finance and administration) and Vishal Sood, general manager SNTTA were present on the occasion.

Thumbay Hospitals and SNTTA have strategically partnered to assist and offer world-class services at affordable prices to international patients and guests and to look after all their needs whilst in the UAE. We understand the changing dynamics medical tourism and we are learning to adapt, says Dr Benazir Ameer Ali, director Thumbay medical and health tourism department.

The partnership will help Thumbay Hospital to extend its reach and market worldwide to prospective patients. This partnership will leave Thumbay Hospital to concentrate on its commitment of providing world class healthcare at affordable prices. SNTTA will look after the travel, accommodation and other logistics for Thumbay Hospital’s international patients and increase their client base which is a win-win situation for both and create an all-inclusive package for international patients including air flights, hotel accommodation, visa and excursion facilities.

SNTTA will be venturing in medical tourism for the first time and will be able to offer healthcare services to its ever growing number of tourists said T L S Iyer, general manager of SNTTA. SNTTA tourists will now have a preferred healthcare provider in Thumbay Hospitals to take care of their tourists 24X7 in the UAE.

“As part of the strategic plans, Thumbay Group is planning to open representative offices in 20 countries to educate people about medical facilities and services at all Thumbay Hospitals in UAE. We expect to have about 1000 patients as medical tourists per day in the next 5 – 6 years. It is ambitious but achievable,” says an optimistic Akbar Moideen Thumbay.

Medical tourism is now perceived as one of the fastest growing segments in healthcare. The recent trend is for patients to travel from developed countries to third world countries for medical treatment because of cost consideration, waiting time, privacy, and confidentiality, though the traditional pattern still continues. Technology will lead the way in future medical tourism. Along with that we can expect extremely personalized services, niche specialist centers, wider network of partnerships, increased number of accreditation, certifications and industry specific associations said Dr Benazir. To offer our personalized services, we are the first medical tourism provider to have opened a counter in Sharjah International Airport and we are planning to open one in Dubai International Airport soon, she added.

“Thumbay Hospitals have been at the forefront of developing the necessary infrastructure to attract medical tourists. We have a department here establishing this,” Akbar Moideen said. The international medical tourism department of Thumbay Hospitals aims to cater to an extensive number of patients and be known as the preferred hospital for medical tourism in UAE. Currently, Thumbay Hospitals receive inquiries from a wide range of clientele including hospitals, medical practitioners, partnered agents, and various inquiry forwarding websites from across the globe.

Thumbay Hospitals is aligning itself with Dubai’s Vision 2020 for medical tourism. Along with Dubai, the other Emirates of UAE are gearing up to attract more medical tourists in the near future. This would mean increasing patient requirements, higher demand for facilities and larger calls for personalization.

Looking at the current and future trends in medical tourism, Thumbay Hospital has developed enhanced facilities, maintaining highest standards of quality and offering packages with a wide range of personalization options. The medical tourism industry is going through an exciting phase where international and intra-regional activities are taking place within this sector of the health market.

source: http://www.daijiworld.com / DaijiWorld / Home> Gulf / Media Release / Dubai – July 06th, 2015

‘He could tell if something was wrong just by sniffing the food’

July 5, 2015Business & Economy, Leaders, Travel & Tourismmpositiveone@gmail.com

Friends and family recall their memories of Abdul Haq, the CMD of iconic city restaurant Empire

The Empire chain is well-known for its non-vegetarian food

With 18 outlets across the city, Empire has, quite literally, lived up to its name. A crowd throngs its outlets no matter what time of day it may be, and many a large Sunday lunch and post-movie dinner run has been made in its basic-yet-clean interiors. So patrons were surprised to find that the restaurant was shut on July 1, only to discover that the empire had lost its patriarch, Chairman and Managing Director, Abdul Haq, at the age of 61.

While the restaurant continues to function under the stewardship of Haq’s brothers Kunhi Mohammed (Joint Managing Director) and Abdul Aziz (Vice Chairman), his son Shahid Haq is still grappling with the loss of his father. Haq had become synonymous with the expansion of the restaurant into a chain, from its earliest avatar as a small restaurant in Central Street, Shivaji Nagar in 1966 by his NRI father, Abdul Rahim.

“My father joined the operations in 1980. Initially he did everything from cutting chicken in the kitchen to sitting as a cashier. He had to learn the nitty-gritty of the business because my grandfather would not always be in India,” recalls Shahid. As business improved and he learnt the ropes, in 1998, Haq renovated the place, acquired adjacent shops and bought the property. He set up their first new outpost at Church Street, in 2004, “to attract the younger crowd.”

As the city grew, Empire grew with it, catering to the generation that now brought its children with it. Haq and his brothers introduced some of their signature dishes – from Chicken Kabad to Butter Chicken Gravy, Ghee Rice, Coin Paratha, and Chill Chicken. He understood the importance of modernisation, training staff to better their standard of service, updating the crockery and cutlery and introducing air-conditioning. “But he always wanted to keep the pricing reasonable no matter what,” Shahid recalls. In 1997, they introduced the Non-veg Thali; in 2008 the non-veg buffet. Along with the Dosa Chicken, (“Dosa was a common food but he wanted to make it about our gravy”), it helped cement Empire’s place in the city’s foodscape.

Controversy dogged him when in 2012, he allegedly ran over Selvaraj, a 50-year-old construction labourer from Dharmapuri in Tamil Nadu, who was sleeping on the pavement on Kamaraj Road. Selvaraj’s right leg had to be amputated after the accident.

Although Haq was accused of being inebriated, the claim was rubbished by the then Additional Commissioner of Police (Traffic) MA Saleem, and Haq footed the bill for Selvaraj’s treatment.

While Shahid remembers him as a man who was always stressed that he was not doing enough for the brand, crunching numbers in his mind, it seems he need not have worried so much.

Shahid will now have to cultivate his father’s keen sense of smell and taste – that enabled him to find the flaws in his food just by sniffing it.

source: http://www.bangaloremirror.com / Bangalore Mirror / Home> Bangalore> Others / by Khushali P. Madhwani & Sowmya Rajaram , Bangalore Mirror Bureau / July 04th, 2015

Kalyan group owner wealthiest jeweller in India

July 1, 2015Business & Economy, Leaders, World Opinionmpositiveone@gmail.com

Kalyan Jewellers’ chairman and managing director T S Kalayanaraman, is the wealthiest jeweller in India with a personal fortune of USD 1.3 billion, says Wealth-X report.

Kalayanaraman opened his first jewellery shop in Thrissur City in 1993 with only USD 100,000 capital, and his business has now expanded to 32 showrooms across South India. His personal fortune is worth USD 1.3 billion.

Nirav Modi was ranked second on the Wealth-X list of India’s wealthiest jewellers with an estimated net worth of USD 1.1 billion.

“Born into a family of Indian diamantaires, Modi left the family business in 1999 and launched his own company, Firestar Diamonds. In 2007, Firestar Diamonds acquired New York-based Sandberg & Sikorski,” it said.

The third on the list is M P Ahammed, with a personal fortune of USD 1 billion. Ahammed had opened the first Malabar Gold & Diamond showroom with only USD 70,000.

Others on the list include, Bhima Jewellers’ B Govindan with a personal wealth of USD 620 million, Kiran Gems’ Vallabhbhai S Patel (USD 590 million), Laxmi Diamond’s Vasant Gajera (USD 580 million), Dharmanandan Diamonds’ Laljibhai Patel (USD 480 million), Kiran Gems’ Babubhai Lakhani (USD 470 million), Kiran Gems’ Mavji Bhai Patel (USD 410 million) and Rajesh Exports’ Rajesh Mehta (USD 310 million).

Wealth-X provides insight into the ultra wealthy with the world’s largest collection of curated research on ultra high net worth individuals.

“The gems and jewellery industry is among India’s fastest growing sectors fuelled by UHNWs affinity for jewellery and the fact that they view it as an important store of value. For India’s ultra wealthy jewellers, all that glitters is gold!,” Sahil Mehta, director, Indian subcontinent at Wealth–X said.

source: http://www.deccanherald.com / Deccan Herald / Home> National / PTI / Singapore – July 01st, 2015

Food trucks on a roll

June 29, 2015Arts, Culture & Entertainment, Business & Economy, Community Involvement / Social Issues, Travel & Tourismmpositiveone@gmail.com

Road rovers

Thanks to the number of food trucks that have come up in the City, the foodies here are a happy lot. Though the concept of food trucks is not new in India, it has been gaining popularity in Bengaluru only over the last two years. These trucks have found many takers and one can always spot a lot of crowd around them.
Owned by Sudarshan MS and Francis Xavier along with two others, ‘De3-The Eatery’ was started in March 2013 and serves Continental, Italian and American food. One can spot it in Shanthinagar, Kammanahalli and Jayanagar. “We always wanted to do something different and focus on quality and cleanliness. The idea of starting a food truck came in as we wanted to popularise the concept of mobile and clean restaurants with an open kitchen. So when people see how their food is being prepared, they get a sense of satisfaction,” says Sudarshan.

Many of these food trucks have a clear idea of their target customers. ‘The Great Indian Bhukkad’ was started by Suraj Agarwal in 2014 and caters mainly to the students of PES University, Banashankari. Parked at the college premises, it offers a variety of rolls and wraps among other Chinese dishes. “Our USP is that we cater only to students and our prices are reasonable. The students know that we serve clean and hygienic food and really appreciate the taste. We are glad that we have been able to establish a relationship of trust with them,” says Suraj.

‘Spitfire BBQ Truck’, which was started in 2014 by Sidhanth Sawkar and Gautami Shankar, moves around in Sahakara Nagar, Kammanahalli, Indiranagar and Koramangala. As the name suggests, it serves barbecued delights. “Bengalureans today are getting into food culture professionally. As the city is a melting pot of different cultures, people here are open to different types of food. Everyone has high expectations from us not just because of the food we provide but also the personal bond that we have built with our customers,” says Sidhanth.

Their experience of working in the food industry in the United States led Siddharth and Bharath to start ‘Off Road Food Truck’ (ORFT). The place, which was started in January this year, often stops in Sahakara Nagar and Kammanahalli and serves burgers, sandwiches, Spanish rice, chicken and fried ice creams. “We were working for different restaurants in the US. It was our interest for food that brought us together. Our idea was to go up to people and serve them rather than they coming to us,” says Siddharth. According to him, cleanliness, affordability and convenience are the things that attract the crowd to ORFT.

Some of these trucks are area specific too. ‘Frying Wagon’ in RT Nagar was started merely two months ago but has been seeing great business. The truck serves Chinese dishes and rolls and the dishes are served only on eco-friendly paper plates. Vijay Kesarkar and Soujanya Vijay, the owners, say, “Our business is picking up and now people are aware of us. They look for cleanliness, quality and hygiene and come to us because we meet their requirements. Our prices are reasonable thanks to which, we have a lot of students coming to us. Even the IT crowd comprises a chunk of our customers.”

‘Meals on Wheels’ is another such truck that can be spotted near Richard’s Park in Frazer Town. Serving Chinese cuisine with a twist, one can often see foodies relishing a variety of momos, Chinese ‘bhel’ and saucy lollipops here. “The concept of food trucks is becoming popular in India and people in the City are more open to it now. The business too is growing at a fast pace,” says Syed Harris, who owns the truck along with Aftab and Maaz.

source: http://www.deccanherald.com / Deccan Herald / Home> Supplements> MetroLife / by Surupasree Sarmmah / DHNS – June 29th, 2015

Two-Day Tourist Guides’ National meet begins in city

June 19, 2015Arts, Culture & Entertainment, Business & Economy, Travel & Tourismmpositiveone@gmail.com

7.02 million foreign tourists visit India

Soheb Samad, Regional Director, Southern Region of India Tourism (fourth from right ), is seen inaugurating the two-day Convention of Tourist Guides organised by the Tourist Guides Federation of India (TGFI) at Hotel Radisson Blu in city this morning. Others seen are (from left) former TGFI Vice President Anahita Tarapore, S. Mahalingaiah, President of Indian Association of Tour Operators, TGFI President Narendra Singh Rathore, Executive Committee member Sudhakar Embar, General Secretary Dr. Ajay K. Singh, Mikael Delafuente, Regional Director, Alliance Francaise de Bengaluru, Dr. Arun Raj, Superintendent of ASI, Bengaluru and Ramakrishna Aithal, President, Tourist Guides’ Association of India

Mysuru :

The two-day 18th annual National Convention of Tourist Guides organised by the Tourist Guides Federation of India (TGFI) began at Hotel Radisson Blu Plaza in city today.

Inaugurating the convention, Soheb Samad, Regional Director, Southern Region of India Tourism, said that 7.02 million foreign tourists visited India, thus giving a boost to the tourism industry. India Tourism has launched Athiti Devobava programme to attract more tourists from abroad, he added.

Stressing the role of tourist guides and stakeholders in tourism industry, Soheb Samad said Yoga and Medical Tourism had put Mysuru and Karnataka on the world tourist map. The tourism industry has generated 9 percent employment in the country, he added.

Samad said the tourist guides should give correct information and image of the country when explaining to tourists and added that the Ministry of Tourism has been imparting training for the tourist guides to enhance their language and knowledge.

Pointing out that learning is a continuous process in tourism industry, he said that the Ministry would consider the protection and welfare of tourist guides on priority basis. The tourist guides should aim at providing quality service to the tourists, he added.

Speaking on the occasion, Dr. Arun Raj, Superintendent of Archaeological Survey of India (ASI), Bengaluru, said that the tourist guides were the ‘Real Ambassadors’ of India, adding they should update their knowledge by attending refresher courses in tourism. ‘Every tourist guide should know the tangible and intangible history of the land.’

As many as 170 tourist guides from all over India are participating in the two-day National Convention. TGFI President Narendra Singh Rathore, former Vice President Anahita Tarapore, Vice President K. Monikantan, General Secretary Dr. Ajay K. Singh, Mikael Delafuente, Regional Director, Alliance Francaise de Bengaluru and others were present.

source: http://www.starofmysore.com / Star of Mysore / Home> General News / Saturday – June 13th, 2015

TechXpo to host Chinese delegates

May 7, 2015Business & Economympositiveone@gmail.com

Mangaluru:

Delegates from China will attend TechXpo 15 that gets under way at P A College of Engineering (PACE) on Friday.

The college’s mechanical engineering department will host an auto engineering show. Chinese delegate Schichun Tao, sales director, Asia Pacific, Middle East, North Africa and Latin America of Launch Tech Pvt Limited will be the chief guest .

A seminar will be conducted on technologies related to high performance lubricants, automobile diagnostics evolution and future trends.Indoor exhibits on latest technologies in the automotive industry, outdoor exhibits on modified and vintage cars and bikes will be open to public. Free auto diagnostic scanning for new generation cars with OBD 2 and Entice 15, a technical competition, will be held. Joy Yan, sales manager, Launch Tech, Sasi Menon, retail head, Mobil 1, and Shamnas Mohammd, managing director, Candour Auto Tech, will be present.

source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Mangaluru / TNN / May 07th, 2015