Year: 2023

  • Dr. M.S. Swaminathan: A Legacy of Agricultural Innovation and Humanitarianism

    The world mourns the passing of Dr. M.S. Swaminathan, a pioneering figure in the field of agriculture and a relentless advocate for sustainable development and food security. Dr. Swaminathan’s contributions to agriculture, particularly in the context of India, are immeasurable, and his legacy will continue to inspire generations to come.

    Born on August 7, 1925, in Kumbakonam, Tamil Nadu, India, Dr. M.S. Swaminathan displayed a keen interest in agriculture from a young age. He pursued his education with dedication, earning a Bachelor of Science degree in Agriculture from the University of Madras. His thirst for knowledge led him to the United States, where he obtained a Ph.D. in Genetics from the University of Wisconsin in 1952.

    Dr. Swaminathan’s most significant contribution to agriculture was his pivotal role in India’s Green Revolution. In the mid-1960s, India was grappling with food shortages, and millions of its citizens faced starvation. Dr. Swaminathan’s innovative work in crop breeding, particularly wheat and rice, played a crucial role in increasing crop yields. He introduced high-yielding varieties of these staple crops, which led to a remarkable increase in food production.

    This transformation in agriculture, known as the Green Revolution, not only saved countless lives but also established India as a self-sufficient food producer. Dr. Swaminathan’s dedication to improving crop genetics and farming practices earned him the nickname “Father of the Green Revolution in India.”

    While the Green Revolution brought immediate relief, Dr. Swaminathan was acutely aware of its environmental consequences. He recognized that the excessive use of chemical fertilizers and pesticides could lead to soil degradation and harm the ecosystem in the long term. Consequently, he became a strong advocate for sustainable agriculture.

    Dr. Swaminathan stressed the importance of biodiversity, organic farming, and integrated pest management techniques to ensure food security while preserving the environment. His commitment to sustainable practices paved the way for the adoption of eco-friendly farming methods and the protection of India’s rich agricultural heritage.

    Dr. Swaminathan’s influence extended far beyond the borders of India. His expertise was sought after by international organizations and governments facing food security challenges. He served as the Director-General of the International Rice Research Institute (IRRI) and played a pivotal role in developing strategies to combat global hunger. His collaborative efforts with other scientists and organizations contributed to advancements in agricultural research worldwide.

    Beyond his scientific achievements, Dr. Swaminathan was a compassionate humanitarian. He believed that access to food was a fundamental human right. Throughout his life, he advocated for policies and programs aimed at alleviating poverty and ensuring equitable access to food resources.

    As we reflect on his life and legacy, it is clear that Dr. Swaminathan’s contributions transcend borders and generations. His passion for feeding the hungry and protecting the planet serves as a timeless inspiration for scientists, policymakers, and advocates working towards a more sustainable and equitable world.

    In the face of the challenges posed by climate change, rising populations, and evolving agricultural practices, Dr. Swaminathan’s principles of innovation, sustainability, and compassion will continue to guide our efforts to ensure a food-secure and resilient future for all. His memory will forever be etched in the annals of agricultural history as a beacon of hope and progress.

  • Hail to the Fraudster in Chief

    Hail to the Fraudster in Chief

    And on Tuesday (September 26), Justice Arthur F. Engoron ruled in New York that Trump did, in fact, persistently commit fraud by overvaluing his assets, possibly by as much as $2.2 billion.

    “Finally, Trump declared on social media that “my Civil Rights have been taken away from me” and that he borrowed money from “sophisticated Wall Street banks” that presumably wouldn’t have been easily deceived by fraud. If you know anything about Wall Street’s attitudes toward Trump, that’s a real hoot. For years, only one major Wall Street player, Deutsche Bank, was willing to deal with him at all, leading to much puzzlement about that bank’s motives. And eventually Deutsche Bank also pulled the plug, citing concerns about his financial claims. Trump did manage to pay off that debt, although it’s a mystery where he found the cash. But as I just explained, getting lucky is no excuse for fraud.”

    By Paul Krugman

    Ever since debt was invented in ancient Sumer, there have probably been people enriching themselves through bad investments. The trick is to make these investments using other people’s money.

    Suppose, for example, that a wheeler-dealer uses borrowed funds to make risky investments in New Jersey casinos. If the investments somehow end up making money, he can pocket the profits. But if the investments fail, he may — if he’s been tricky about the wording in his loans or manages to persuade his creditors not to go after his other assets — be able to walk away and leave other people holding the bag. That is, it’s heads he wins, tails the creditors lose. He may also be able to siphon off some of the borrowed money, say by having the casinos pay him or businesses he owns large sums for various services before they go bust.

    As readers may have guessed, this isn’t a hypothetical example. It is the story of Donald Trump’s New Jersey casino empire, a venture ending in multiple bankruptcies that was a disaster for outside investors but appears to have been quite profitable for Trump.

    The problem for someone who wants to play that game is how to persuade lenders to play along. Why would any people risk their money in such dubious ventures?

    Well, there are a couple of ways to pull this off. One, perhaps the main story with those casinos, is sheer power of persuasion, perhaps supported by a cult of personality: Convince lenders that these dubious ventures are actually good investments or that you’re a uniquely effective businessman who can turn straw into gold.

    Alternatively, you can try to persuade lenders that they’re safe by offering collateral that seems sufficient to protect them but isn’t, because you’ve inflated the value of the assets you put up and possibly also inflated your personal wealth to make it seem you are both a brilliant businessman and a reliable borrower.

    Which is why making false claims about the value of assets you control is illegal. And on Tuesday, Justice Arthur F. Engoron ruled in New York that Trump did, in fact, persistently commit fraud by overvaluing his assets, possibly by as much as $2.2 billion.

    Trump and his lawyers offered, as I read it, three main defenses against accusations of fraud.

    First, they argued that the value of real estate is, to some extent, subjective. Indeed, if you own a building, you don’t know for sure what it’s worth until you try to sell it.
    But while there’s some wiggle room in valuing real estate, it’s limited. And Engoron ruled that Trump went far beyond those limits, creating a “fantasy world” of indefensible valuations. For example, the Trump Organization treated rent-regulated apartments as being worth as much as noncontrolled apartments. The judge made special note of Trump’s claim that he had a 30,000-square-foot residence in New York, when the true number was only 11,000; square footage isn’t subjective.

    Second, Trump’s lawyers argued that banks that lent to him got repaid in full, so there was no harm done. Of course, that wasn’t true for lenders caught up in Trump’s earlier bankruptcies. More generally, playing heads-I-win-tails-you-lose based on fraudulent valuations isn’t legal even if sometimes the bets come up heads.

    Finally, Trump declared on social media that “my Civil Rights have been taken away from me” and that he borrowed money from “sophisticated Wall Street banks” that presumably wouldn’t have been easily deceived by fraud. If you know anything about Wall Street’s attitudes toward Trump, that’s a real hoot. For years, only one major Wall Street player, Deutsche Bank, was willing to deal with him at all, leading to much puzzlement about that bank’s motives. And eventually Deutsche Bank also pulled the plug, citing concerns about his financial claims. Trump did manage to pay off that debt, although it’s a mystery where he found the cash. But as I just explained, getting lucky is no excuse for fraud.

    What’s remarkable about Engoron’s finding that Trump committed large-scale fraud (it’s now a ruling, not a mere accusation) is what it says about the man who became president and the voters who supported him.

    Back in 2016, some observers warned conventional political analysts that they were underrating Trump’s chances because they didn’t appreciate how many Americans believed that he was a brilliant businessman — a belief based largely on his role on the reality TV show “The Apprentice.” What we now know is that the old joke was, in Trump’s case, the simple truth: He wasn’t a real business genius; he just played one on TV.

    But the truth is that this was obvious, to anyone willing to see, from the beginning of Trump’s political rise.

    I’d like to predict that this ruling will finally destroy Trump’s public persona. In reality, however, his supporters will probably brush this ruling off, partly because they’ll view it as the product of a left-wing conspiracy, partly because at this late date, few of those who backed him will be willing to admit that they were taken in by a charlatan. But they were. And the fact that so many Americans were and remain fooled should lead to some serious national soul-searching.
    (Paul Krugman is opinion columnist with New York Times)

  • Sixteen Indian American middle schoolers in STEM challenge finals

    Sixteen Indian American middle schoolers in STEM challenge finals

    WASHINGTON, D.C. (TIP): A total of 16 Indian American youngsters are among 30 finalists in the inaugural Thermo Fisher Scientific Junior Innovators Challenge (Thermo Fisher JIC), the nation’s premier middle school science, technology, engineering and mathematics (STEM) competition.
    The 30 finalists were selected by a nationwide panel of scientists, engineers and educators from a pool of top 300 Junior Innovators announced earlier this month, Society for Science announced Sep 20.
    The finalists will attend the Thermo Fisher JIC Finals Week in Washington, DC next month, where they will compete for more than $100,000 in awards, including the top $25,000 Thermo Fisher Scientific ASCEND (Aspiring Scientists Cultivating Exciting New Discoveries) Award. A panel of judges will evaluate their scientific research and their communication, creativity and collaboration skills during team challenges.
    “I applaud the top 30 Thermo Fisher Scientific Junior Innovator Challenge finalists! I look forward to meeting them in Washington, DC,” said Maya Ajmera, President & CEO of the Society for Science and Executive Publisher of Science News.
    “These young people are truly inspiring, with many of them seeking to solve problems within their own communities. They give me hope for the future.”
    The Thermo Fisher JIC, a program of the Society for Science, seeks to inspire young scientists, engineers and innovators who will solve the grand challenges of the future.
    A full list of the finalists can be viewed here: https://www.societyforscience.org/jic/2023-finalists/.
    Indian American finalists and their projects:
    Inika Adapala, 7th Grade, Stratford Middle School, San Jose, California; Communication App for Patients With Locked-in Syndrome. Advait Badrish, 7th Grade, Redmond Middle School, Washington; HeartNN: A High-Accuracy Neural Network for Cardiac Auscultation.
    Krishna Bhatt, 8th Grade, BASIS Independent Silicon Valley, San Jose, California; A Novel Wearable for Active Prevention of Falls Through GRU-Based Gyroscopic Inference and Center of Mass Manipulation.
    Adyant Bhavsar, 7th Grade, Challenger School – Strawberry Park, San Jose, California; From Waste to Wattage: Converting Wasted Mechanical Energy Into Electricity Through Triboelectrification and Electrostatic Induction.
    Pranavi Chatrathi, 7th Grade, Pioneer Heritage Middle School, Frisco, Texas; Side Impact Car Crash: An External Airbag To Reduce Injury Severity Through Reduction in B. Pillar Intrusion. Sharanya Munjal Chudgar, 8th Grade, Challenger School – Shawnee, San Jose, California; Solar-Tracking Litterminator.
    Maya Gandhi, 8th Grade, Fairmont Private School – Anaheim Hills Campus, Anaheim, California; Optimizing Plant Microbial Fuel Cell Energy Output: The Effect of Anodic Substance and Configuration.
    Shanya Gill, 6th Grade, Stratford School – Sunnyvale Raynor Middle School, San Jose, California; Prevention of Casualties and Property Damage Using Thermal Imaging and Software-Based Occupancy Detection.
    Akshadha Mehta, 7th Grade, Dodgen Middle School Marietta, Georgia; FAP-BRIX: A Practical Solution To Lessen Plastic Pollution. Kinnoree Rabeya Pasha, 8th Grade, Granite Ridge Intermediate School, Fresno, California; Analyze the Effects of Soil Management Practice on Water Holding Capacity of Soil To Reduce Water Application and Increase Crop Yield Using Precision Agriculture Technology.
    Maan Mamta-Sanjay Patel, 7th Grade, McCullough Junior High School, The Woodlands, Texas; Nature’s Super Shapes: How Voronoi Tessellations Affect Structural Strength.
    Nikita Prabhakar, 7th Grade, Discovery Middle School, Madison, Alabama; A Non-Invasive Integrated Sensor for Monitoring Menorrhagia.
    Amritha Praveen, 8th Grade, Aptakisic Junior High School, Buffalo Grove, Illinois; Improving Mental Health Using Artificial Intelligence-Powered Music Therapy.
    Aswath Rajesh, 8th Grade, DeLaura Middle School Satellite Beach, Florida; Ecofriendly Polymeric Material: Paving the Way for Circular Bio-Economy.
    Keshvee Sekhda, 8th Grade, North Gwinnett Middle School, Sugar Hill, Georgia; IdentiCan: The App That Detects Breast, Lung and Skin Cancer.
    Rayyan Yaqoob, 7th Grade, Good Tree Academy, Plano, Texas; The Effect of Targeting Multiple Neural Pathways Using Nutraceuticals on the Cognition of Drosophila: A Novel Multi-Target Approach Using Curcumin, Magnesium, and Coenzyme Q10.

  • Indian-origin man from London campaigns for patients’ rights after son’s death

    Indian-origin man from London campaigns for patients’ rights after son’s death

    LONDON (TIP): An Indian-origin man from London who lost his son due to what he terms as a “cascade of errors” by medics has launched a new charity foundation to campaign for the rights of patients.
    Jay Patel registered Patients Lives Matter earlier this month after his 30-year-old son, Balram, died due to “failures” in treatment and care from a hospital in London. The coroner’s office has since told him that it is opening an investigation into the conditions leading up to Balram’s death last month.
    “Balram died in a huge amount of pain, and discomfort, and before his time, due to a cascade of errors and failures in treatment and care from the hospital consultant and a number of staff,” said his father in a mission statement for the new foundation.
    “We feel very strongly that the government is taking steps ‘after the event’ so as to speak to see what went wrong with patient care and/or patient treatment. However, totally inadequate steps are available at the time of the incident to rectify the failure and ensure little or no harm comes to the patient. Whether you are the patient, a parent, a family member, a friend or none of the above we want to hear from you,” he said.
    Patel said he wants to lobby Parliament and get them to listen and effect a change. His son suffered from six life threatening conditions and was “developmentally delayed” with a mental age of eight to 10 years old.
    “He was our baby. He was happiness personified, loved life to the fullest and made everyone he came in contact with happy, as well as those that didn’t even meet him but just heard his voice or knew about him,” said Jay Patel.
    “We are deeply saddened for the loss of our Balram but we are mortified that he passed in a huge amount of unnecessary pain, before his time and this was due to the lack of care, inappropriate medical treatment, and delay in appropriate treatment. A coroner’s investigation has now been opened and the coroner is investigating the delays in Balram’s treatment and the treatment itself,” he said.
    Through Patients Lives Matter, he is campaigning for simple steps towards a swift and straightforward second opinion on treatment plans, with an independent body governing this process.

  • Indian-origin eight-year-old girl receives UK’s first kidney transplant without need for lifelong drugs

    Indian-origin eight-year-old girl receives UK’s first kidney transplant without need for lifelong drugs

    LONDON (TIP): An eight-year-old Indian-origin girl was on Friday, September 22, declared the first person in the UK’s National Health Service (NHS) history to have a transplant without the need for lifelong drugs after medics reprogrammed her immune system.
    Aditi Shankar, suffering from a rare genetic condition, received a stem cell transplant using bone marrow taken from her mother, Divya, who also donated her kidney.
    The pioneering treatment at Great Ormond Street Hospital (GOSH) in London means that Aditi’s new kidney works without the continued need of immunosuppressant drugs to stop her body from rejecting it.
    “This is the first time I have cared for someone in 25 years who has not required immunosuppression after kidney transplantation,” said Professor Stephen Marks, Clinical Lead for Renal Transplantation at GOSH and Professor of Pediatric Nephrology and Transplantation at University College London Great Ormond Street Institute of Child Health.
    “We hope that our research will provide the option for more children, like Aditi, for whom kidney transplant was not previously an option, to have the opportunity to have a life-changing kidney transplant,” he said.
    According to the medics, this became possible because Aditi had an immune condition for which she received her mother’s bone marrow six months before receiving a kidney transplant for severe irreversible kidney failure.
    This reprogrammed her immune system to be the same as her donor kidney, so her transplanted organ would not attack Aditi’s body.  “The past three years Aditi’s energy had been lost to dialysis. After her kidney transplant, almost instantly, we saw a big change in her energy levels. We take our organs for granted, but we all have such a gift in us,” said Uday Shankar, Aditi’s father.
    “The past three years she has been restricted with a Hickman line [a tube which delivers treatments and takes blood samples directly from a vein] and all she wanted to do was for her line to go away so she could go and splash in the water. She is now starting swimming lessons,” he shared.
    Usually, organ transplant recipients are on immunosuppressant medications for the life of their kidney transplant. Using the same donor for the bone marrow and kidney transplant means that the immune system is reprogrammed so that it becomes a match for the new kidney – reducing the problems associated with rejection as much as possible. As the first in the UK, it is hoped that Aditi’s treatment success will lead to further investigations into how a bone marrow transplant followed by a kidney transplant from the same living donor could be used to treat more seriously ill children and adults with kidney failure and other conditions.
    However, the experts said that this will only be for seriously ill patients who have no other alternative, as the risks associated with a double transplant are greater than that of a regular kidney transplant.
    “The teams had to use all their expertise and some out-of-the-box thinking to sort the scientific, ethical and practical challenges that the case presented. We are absolutely delighted to see how well she is doing and are incredibly proud to share this success with Aditi and her family. We are already working to see how this breakthrough can underpin further research to help more families,” said Dr Giovanna Lucchini, the bone marrow transplant consultant, and Dr Austen Worth, immunology consultant.
    Great Ormond Street Hospital is the UK’s largest center for pediatric kidney transplantation and stem cell transplantation and also leads on research projects in the field.

  • Indian American Nihar Malaviya becomes CEO of Penguin Random House

    Indian American Nihar Malaviya becomes CEO of Penguin Random House

    NEW YORK (TIP) : Indian American publishing executive Nihar Malaviya has been named as permanent CEO of New York-based Penguin Random House, nine months after he was appointed the interim chief executive.
    Malaviya, 48, succeeded Markus Dohle, who departed weeks after a federal judge struck down Penguin Random House’s attempted merger with Simon & Schuster, a deal Dohle had pushed for.
    Penguin Random House, the world’s largest trade publisher, has been undergoing a company-wide reorganization in 2023, with numerous senior editors either laid off or departing under a voluntary retirement plan.
    Bertelsmann, the German media conglomerate, has owned Random House since 1998. Random House and Penguin merged in 2013. “In Nihar Malaviya, the right leader is at the helm of Penguin Random House at the right time,” Bertelsmann Chairman and CEO Thomas Rabe said in a statement Monday.
    “Nihar has proven exactly this over the past nine months, and I am delighted that he is now taking over responsibility for Penguin Random House on a permanent basis.”
    “As interim CEO, Nihar has set an important strategic course. Most importantly, he has transformed the structures at Penguin Random House so that the publishers and publishing groups can work more creatively and entrepreneurially,” he said.
    “I am confident that he will continue to develop the Group with great vigor. I look forward to continuing to work with him as CEO of Penguin Random House and on the GMC,” Rabe added.
    Malaviya has been a member of Bertelsmann’s Group Management Committee (GMC), a body of top executives that advises the Group’s Executive Board, since his appointment as interim CEO.
    Prior to his appointment as interim CEO of Penguin Random House on January 1, 2023, Malaviya served as President & Chief Operating Officer of Penguin Random House US since 2014.
    During his tenure in publishing, Malaviya has spearheaded the creation of a variety of industry-first capabilities in data science, supply chain, technology, and consumer insights, according to a news release.
    The objective was always to reach the widest possible audience for the company’s authors and their books across multiple formats and platforms, it said.
    “As leader of the Penguin Random House Global Executive Committee, Malaviya is focused on elevating the publishing independence and creative autonomy of the company’s imprints and driving the creation of competitive advantages that position the company for growth,” the release stated.
    Malaviya began his career at Bertelsmann in 2001 as a participant in the Bertelsmann Entrepreneurs Program. In 2003, he moved within the group to Random House, successfully taking on a number of leadership positions.
    Malaviya is a two-time recipient of the Bertelsmann Entrepreneur Award for Strategy Execution.
    He holds an MBA in Finance and Marketing from the NYU Stern School of Business, as well as a Bachelor of Science in Computer Science.
    Malaviya also serves on the board of directors of the Association of American Publishers and Poets & Writers. He resides in New Jersey with his wife and two children.

  • Indian American digital marketing expert Rupal Gadhia to head MBA admissions at Harvard Business School

    Indian American digital marketing expert Rupal Gadhia to head MBA admissions at Harvard Business School

    NEW YORK (TIP): Indian American brand and digital marketing expert Rupal Gadhia returns to her alma mater, Harvard Business School (HBS) in October as the next managing director of MBA Admissions and Financial Aid. In her new role, Gadhia (MBA 2004), will partner with a variety of internal and external stakeholders including current HBS students, alumni, faculty, and administrators, the Boston based top business school announced. She will oversee an admissions process that aims to deliver a high-quality, MBA class with wide-ranging talents and experiences. She is also tasked with building upon previous efforts to increase access and affordability and remove financial barriers for applicants and students from diverse socioeconomic backgrounds, according to a news release. Gadhia’s post-HBS career began in brand management with Sara Lee and Campbell Soup Company, followed by a move to Booz & Co as a management consultant. Leveraging her passion for brand and consulting, she joined the Brand Union, managing North American strategy and research for consumer and corporate clients and was recruited to Interbrand to lead the relationship for two of their largest clients.
    In 2017 she was recruited to Genpact as global vice president of brand and digital marketing and helped guide the company through a brand transformation, leading a global team made up of the creative, editorial, talent marketing, digital, social, and brand groups.
    In her most recent role, Gadhia was senior vice president and global head of marketing for SharkNinja’s robots and home environment categories, where she was focused on bringing new innovations to market.
    “We are thrilled to have Rupal take on this pivotal role at this pivotal time, when the need for leaders of competence and character has never been greater,” said Matt Weinzierl, senior associate dean and chair of the MBA program.
    “Her authentic belief in—and experience with—the transformational experience of the HBS MBA, combined with her superb analytical, marketing, and strategic skills, will inspire the world’s most promising young leaders to join the HBS MBA community of which she has been such an engaged and active member.”
    “Returning to HBS in this role is the opportunity of a lifetime,” said Gadhia. “The School had such a profound impact on my life and career that leading the admissions effort was the unquestioned next step for me.”
    “Business, and business leaders, are integral to solving the world’s most pressing issues, including significant global macroeconomic, social, and political challenges” said Jana Pompadur Kierstead, executive director of the MBA program. “Through her work Rupal can ensure that our MBA program is accessible to all and grow the pipeline of leaders who will one day make a difference in the world.”
    Gadhia succeeds Chad Losee (MBA 2013), who had headed the School’s MBA admissions and financial aid office since
    Gadhia’s parents were in Uganda when Idi Amin was in power and left Africa as refugees and settled down in Rochester, New York. Gadhia was born and raised in Rochester.
    “I spent my weekdays in public school as one of the only Indian kids in the classroom and my weekends surrounded by Indian families that were like family to me—because my real grandparents, cousins, aunts and uncles were continents away,” she recalled in an interview published by HBS.
    “I was born to Indian parents and was given two choices for a career: a doctor or an engineer. You can imagine the conversation when I told my parents I thought my calling was interior decorating. That did not go over well!” Gadhia said, “So, I picked the shortest path and became an engineer to check that box. After graduating and working as an engineer for a year, I went to HBS, where most of my elective classes were in marketing and social enterprise,” she said. “Upon graduation, I was torn between working in social enterprise or brand management—so I called my mentor and asked her for advice. She told me to first get some skills that could actually benefit a nonprofit. That led me to Sara Lee and the Campbell Soup Company in marketing/brand management,” Gadhia said.
    Asked what she saw as the greatest opportunity for MBA Admissions, Gadhia said, “I’m very excited about the opportunities ahead. Younger generations are contemplating the benefit of the MBA, so we have to showcase how the HBS MBA can provide students with the skills, relationships, and opportunities that can help them throughout every chapter of their career.”
    “We also have the opportunity to excite prospective students about the important role that business is playing in addressing some of society’s most complex problems. There are so many examples to point to in terms of faculty research and initiatives and ventures being led by students and alumni,” she said.
    “And while there is a lot of scrutiny on college admissions these days, I am confident that we can maintain our community values of being respectful and accountable to the law while continuing to strive for the diversity and inclusion that is so critical to educating leaders who will make a difference in the world,” Gadhia said.

  • Indian American entrepreneur Apoorva Mehta quits Instacart

    Indian American entrepreneur Apoorva Mehta quits Instacart

    SAN FRANCISCO (TIP): Instacart’s Indian American co-founder Apoorva Mehta has ended his 11-year tenure with the company he founded in 2012 with a $1.3 billion fortune as the online grocery-delivery giant went public.
    As the San Francisco-based company made its stock market debut, Mehta, 37, relinquished his board position as executive chairman to current CEO Fidji Simo, a former Meta Platforms Inc executive, after transitioning to the role from CEO in August 2021.
    The young entrepreneur, who became a billionaire in 2020, is exiting with “a $1.3 billion fortune,” Fortune reported. His addition to the Forbes coveted list of billionaires comes after Instacart’s value rose from $7.9 billion to $13.7 billion.
    Instacart, which is incorporated as Maplebear Inc, priced its IPO at $30 a share on Sep 18, “giving it a $9.9 billion valuation,” according to media reports. “The following day they “jumped more than 40% “when they began trading in New York and “were at $40.02 by afternoon.”
    According to the Associated Press, the IPO is “a long-awaited step for Instacart,” after it “filed privately for an IPO in May 2022, but delayed those plans last fall when the markets were roiling due to recession fears.”
    The company raised $660 million in its initial public offering, selling 22 million shares at $30 apiece, the news agency reported. That pricing gave Instacart “a market value of around $10 billion, significantly lower than the $39 billion value placed on it after a fund-raising round in 2021.”
    Data shared on the company website reveals that it “provides delivery and pick up from 85% of US grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers.
    It offers retail enablement solutions for more than 1,400 retail banners across more than 80,000 locations, according to the website.
    Mehta founded Instacart in 2012. The demand for the company’s delivery model has skyrocketed due to the coronavirus pandemic.
    Citing estimates from Instacart, Forbes reported then that the company’s “order volume has gone up by as much as 500 percent in the past 12 months,” with the average customer spending up to 35 percent more per order.
    Instacart also provides in-store technology, like smart carts and electronic shelf tags, and sells online ads to food companies and retailers. It says it has 7.7 million active customers who spend about $317 per month on the platform.
    Mehta was born in India and grew up in Canada and Libya. He studied engineering at the University of Waterloo and worked as a design engineer at Blackberry and Qualcomm.
    He moved to Seattle, Washington, to work at Amazon as a supply chain engineer where he worked on Amazon’s Fulfillment Engine “to deliver packages quickly and efficiently to customers,” his LinkedIn profile says.
    In a blog on the company’s website, Mehta wrote that an incident in a small town outside of Toronto was one of the reasons he wanted to start Instacart.
    “I remember waiting at a bus stop carrying bags of groceries in the freezing cold,” he wrote. “Fast forward to 2012, I realized that while a lot had changed in the world, grocery shopping was the same. I wanted to change that. I wanted to make grocery shopping effortless.”
    He also wrote about trying his hand at “at least” 20 companies before starting Instacart. “While every single one of them eventually failed, I learned a lot through this journey, including things like rapid prototyping, business strategy, and managing my own psychology through the inevitable ups and downs of building a company.”
    Mehta had a knack for fundraising as well. Over the last decade, he has raised “more than $2.8 billion from investors including Sequoia Capital and Andreessen Horowitz,” according to PitchBook.

  • Elon Musk livestreams from Texas ‘unfiltered’ situation of migrants from US-Mexico border

    Elon Musk livestreams from Texas ‘unfiltered’ situation of migrants from US-Mexico border

    TEXAS (TIP): Amidst the ongoing migrant crisis in the US, billionaire Elon Musk visited the Texas border with Mexico and live-streamed his tour of the area to give people a sense of the real situation of the migrant crisis, reported Fox News.

    “Went to the Eagle Pass border crossing to see what’s really going on,” Musk posted on the X app on Thursday, September 28.

    Musk, wearing a black cowboy hat, live-streamed on his platform and said that he was going to go around and speak with officials and “eyeball the situation to get the real story.” “This is real-time, unfiltered,” he said. “What you see is what I see” Musk said.

    The SpaceX founder and CEO has displayed major interest in the ongoing crisis at the border. He has also posted about the migrant situation frequently on his social media platform ‘X’, Fox News reported. Earlier on Tuesday, he said that he had spoken with US Representative for Texas Tony Gonzales and discussed the ongoing crisis. In the conversation, Gonzales confirmed it was a “serious issue”. Being an immigrant himself, Musk said, he is “extremely pro-immigrant”. However, he explained that there needs to be expanded immigration that allows hardworking and honest people to legally come to the US, but not allow immigrants who are going to break the law, reported Fox News. During his visit the southern border in Eagle Pass, Texas on Thursday, he raised one of the fears that the flow of illegal immigrants into the country could lead to the collapse of social services, just as New York City was buckling under the pressure of migrants being bused there from Texas.

    Moreover, after Musk’s livestream, he was flooded with comments. One user said, “Good to see Elon having to do the job of the MSM and of the politicians who are literally paid to do this but refuse.” Several users loved and praised that Musk was live streaming from the border town, according to Fox News.

    Earlier this week, Mexico made an agreement with the United States to deport migrants from its border cities to their home countries and take several actions, CNN reported.

    As part of the agreement, Mexico agreed to “depressurize” its northern cities, which border El Paso, San Diego and Eagle Pass, Texas, where the mayor has declared a state of emergency. They will also implement more than a dozen actions to prevent migrants from risking their lives by using the railway system to reach the US-Mexico border, according to Mexico’s National Migration Institute.

  • Owner of Adani Power’s Largest Public Investor a ‘Single Person Company’: Report

    Owner of Adani Power’s Largest Public Investor a ‘Single Person Company’: Report

     NEW YORK (TIP): The controlling shareholder in the largest public investor in Adani Power Ltd (APL) is a “single person company” established in the UAE in 2019, reveal corporate records accessed by the Indian Express.

    The company in question is Opal Investment Pvt. Ltd – which is one of the foreign portfolio investors in Adani Power Ltd (APL). The Wall Street Journal had in February reported the firm has links with the Adani family.

    The company is based out of Mauritius. It was  formed by Trustlink International Ltd, a financial-services firm with ties to the Adani family, WSJ had reported. The records accessed by the Indian Express, saying that the controlling shareholder of Opal Investment Pvt. Ltd is a ‘single person company’ takes the SEBI investigation one step further.

    Opal Investment Pvt. Ltd is one of the 13 overseas funds under the SEBI scanner. The markets regulator identified one Zenith Commodities General Trading LLC as the controlling shareholder in Opal. One Adel Hassan Ahmed Alali of UAE is its beneficial owner, IE reported. In July 2020, Adel also became a director of Opal Investments (Mauritius) and is recorded with the address of Trustlink International, a corporate service provider, the newspaper reported.

    The one-man setup in Dubai owns and controls Opal Investment’s APL shares worth over Rs 8,000 crore at the present market value.

    In its Adani report earlier this year, Hindenburg Research had claimed that Opal Investment had no website, “no employees on LinkedIn” and no marketing materials or records that “any of its principals have presented at any investment conferences.” It further added that “Opal’s investment portfolio has zero diversification” and consisted “solely of Adani Power shares.”

    A web of ‘related’ connections

    As mentioned earlier, after the Mauritius fund was linked to Adani, Opal Investment dropped its corporate agent Trustlink International and built a website on May 26, 2023. On its Home and About pages, opalinvest.net says that Opal Investment Pvt. Ltd was incorporated in Mauritius on October 4, 2005 and has been granted a Category 1, Global Business License by the Financial Services Commission, Mauritius. The website says that “the principal activities of the company are that of investment holding and general trading activities” and that “the company is operated by professionals.” The website has a gallery of stock photos and lengthy paragraphs that vaguely describe what the company does.

    The Hindenburg report also pointed out that Opal Investment was formed the same day as Krunal Trade & Investment Pvt Ltd. Vinod Adani is a director at Krunal Trade & Investment. Subir Mittra, the chief executive of the Adani family office, is also a director at Krunal Trade, WSJ had reported, citing Mauritius filings.

    Both the entities were set up in Mauritius by Trustlink international on October 4, 2005.

    One of Trustlink’s directors, Louis Ricardo Caillou, is on the board of Opal. Caillou is also named as a board member of Krunal Trade & Investment Pvt. Ltd.

    Separately, Opal came to own an 8.91% stake in APL. This happened after Mauritius-based Growmore Trade and Investment Pvt. Ltd purchased a 26% stake in Adani Power Maharashtra Ltd (APML), an unlisted subsidiary of Adani Power Ltd.

    The 8.91% investment was valued at approximately Rs 2,500 crore (then $550 million) in April 2011.

    An unknown petitioner had objected against this deal, alleging that Growmore is just a shell company by construct. All the shares of Growmore are held by Opal Investments Pvt Ltd, of which little is known.

    However, the deal was eventually cleared by Gujarat high court in 2012.

    As part of the deal, Growmore was allotted a 26% stake in APML, which owns Tiroda power plant in Maharashtra’s Gondia, for Rs 567 crore (then $128 million) at the face value of Rs 10 per share, the IE report added.

    On the back of the Tiroda project, APML’s holding company APL had already raised Rs 3,000 crore in 2009 through an IPO by issuing shares at Rs 100 or ten times the face value.

    Due to incremental growth in APL’s share capital, Opal Investment’s stake stood at 4.69%; however, it is  still its largest public holding as on March 31, 2023, IE noted.

    (With inputs from agencies)

     

  • Democratic Senator Dianne Feinstein of California dies at 90

    Democratic Senator Dianne Feinstein of California dies at 90

    WASHINGTON, D.C. (TIP): U.S. Senator Dianne Feinstein of California, a centrist Democrat who was elected to the Senate in 1992 in the “Year of the Woman” and broke gender barriers throughout her long career in local and national politics, has died. She was 90, says an Associate Press report. Feinstein, the oldest sitting U.S. senator, was a passionate advocate for liberal priorities important to her state – including environmental protection, reproductive rights and gun control – but was also known as a pragmatic lawmaker who reached out to Republicans and sought middle ground. She was elected to the San Francisco Board of Supervisors in 1969 and became its first female president in 1978, the same year Mayor George Moscone was gunned down alongside Supervisor Harvey Milk at City Hall by Dan White, a disgruntled former supervisor. Feinstein found Milk’s body.

    After Moscone’s death, Feinstein became San Francisco’s first female mayor. In the Senate, she was one of California’s first two female senators, the first woman to head the Senate Intelligence Committee and the first woman to serve as the Judiciary committee’s top Democrat. Although Feinstein was not always embraced by the feminist movement, her experiences colored her outlook through her five decades in politics. “I recognize that women have had to fight for everything they have gotten, every right,” she told The Associated Press in 2005, as the Judiciary Committee prepared to hold hearings on President George W. Bush’s nomination of John Roberts to replace Sandra Day O’Connor on the Supreme Court.

    “So, I must tell you, I try to look out for women’s rights. I also try to solve problems as I perceive them, with legislation, and reaching out where I can, and working across the aisle,” she said.

    Her tendency for bipartisanship helped her notch legislative wins throughout her career. But it also proved to be a liability in her later years in Congress, as her state became more liberal and as the Senate and the electorate became increasingly polarized.

    A fierce debater who did not suffer fools, the California senator was long known for her verbal zingers and sharp comebacks when challenged on the issues about which she was most fervent. But she lost that edge in her later years in the Senate, as her health visibly declined and she often became confused when answering questions or speaking publicly. In February 2023, she said she would not run for a sixth term the next year. And within weeks of that announcement, she was absent from the Senate for more than two months as she recovered from a bout of shingles.

    Amid the concerns about her health, Feinstein stepped down as the top Democrat on the Judiciary panel after the 2020 elections, just as her party was about to take the majority. In 2023, she said she would not serve as the Senate president pro tempore, or the most senior member of the majority party, even though she was in line to do so. The president pro tempore opens the Senate every day and holds other ceremonial duties.

    One of Feinstein’s most significant legislative accomplishments was early in her career, when the Senate approved her amendment to ban manufacturing and sales of certain types of assault weapons as part of a crime bill that President Bill Clinton signed into law in 1994. Though the assault weapons ban expired 10 years later and was never renewed or replaced, it was a poignant win after her career had been significantly shaped by gun violence.

    Feinstein remembered finding Milk’s body, her finger slipping into a bullet hole as she felt for a pulse. It was a story she would retell often in the years ahead as she pushed for stricter gun control measures.

    She had little patience for Republicans and others who opposed her on that issue, though she was often challenged. In 1993, during debate on the assault weapons ban, Sen. Larry Craig, R-Idaho, accused her of having an insufficient knowledge of guns and the gun control issue. Feinstein spoke fiercely of the violence she’d lived through in San Francisco and retorted: ”Senator, I know something about what firearms can do.”

    Two decades later, after 20 children and six educators were killed in a horrific school shooting in Newtown, Connecticut, first-term Republican Sen. Ted Cruz of Texas similarly challenged Feinstein during debate on legislation that would have permanently banned the weapons.

    “I’m not a sixth grader,” Feinstein snapped back at the much younger Cruz — a moment that later went viral. She added: “It’s fine you want to lecture me on the Constitution. I appreciate it. Just know I’ve been here a long time.”

    Feinstein became mayor of San Francisco after the 1978 slayings of Moscone and Milk, leading the city during one of the most turbulent periods in its history. Even her critics credited Feinstein with a calming influence, and she won reelection on her own to two four-year terms. With her success and growing recognition statewide came visibility on the national political stage.

    In 1984, Feinstein was viewed as a vice presidential possibility for Walter Mondale but faced questions about the business dealings of her husband, Richard Blum. In 1990, she used news footage of her announcement of the assassinations of Moscone and Milk in a television ad that helped her win the Democratic nomination for California governor, making her the first female major-party gubernatorial nominee in the state’s history.

    Although she narrowly lost the general election to Republican Pete Wilson, the stage was set for her election to the Senate two years later to fill the Senate seat Wilson had vacated to run for governor.

    Feinstein campaigned jointly with Barbara Boxer, who was running for the state’s other U.S. Senate seat, and both won, benefiting from positive news coverage and excitement over their historic race. California had never had a female U.S. senator, and female candidates and voters had been galvanized by the Supreme Court hearings in which the all-male Senate Judiciary Committee questioned Anita Hill about her sexual harassment allegations against nominee Clarence Thomas.

    Feinstein was appointed to the Judiciary panel and eventually the Senate Intelligence Committee, becoming the chairperson in 2009. She was the first woman to lead the intelligence panel, a high-profile perch that gave her a central oversight role over U.S. intelligence controversies, setbacks and triumphs, from the killing of Osama bin Laden to leaks about National Security Agency surveillance.

    Under Feinstein’s leadership, the intelligence committee conducted a wide-ranging, five-year investigation into CIA interrogation techniques during President George W. Bush’s administration, including waterboarding of terrorism suspects at secret overseas prisons. The resulting 6,300-page “torture report” concluded among other things that waterboarding and other “enhanced interrogation techniques” did not provide key evidence in the hunt for bin Laden. A 525-page executive summary was released in late 2014, but the rest of the report has remained classified.

    The Senate investigation was full of intrigue at the time, including documents that mysteriously disappeared and accusations traded between the Senate and the CIA that the other was stealing information. The drama was captured in a 2019 movie about the investigation called “The Report,” and actor Annette Bening was nominated for a Golden Globe for her portrayal of Feinstein.

    In the years since, Feinstein has continued to push aggressively for eventual declassification of the report.

    “It’s my very strong belief that one day this report should be declassified,” Feinstein said. “This must be a lesson learned: that torture doesn’t work.”

    Feinstein sometimes frustrated liberals by adopting moderate or hawkish positions that put her at odds with the left wing of the Democratic Party, as well as with the more liberal Boxer, who retired from the Senate in 2017. Feinstein defended the Obama administration’s expansive collection of Americans’ phone and email records as necessary for protecting the country, for example, even as other Democratic senators voiced protests. “It’s called protecting America,” Feinstein said then.

    That tension escalated during Donald Trump’s presidency, when many Democrats had little appetite for compromise. Feinstein become the top Democrat on the Judiciary panel in 2016 and led her party’s messaging through three Supreme Court nominations — a role that angered liberal advocacy groups that wanted to see a more aggressive partisan in charge.

    Feinstein closed out confirmation hearings for Justice Amy Coney Barrett with an embrace of Senate Judiciary Committee Chair Lindsey Graham, R-S.C., and a public thanks to him for a job well done. “This has been one of the best set of hearings that I’ve participated in,” Feinstein said at the end of the hearing.

    Liberal advocacy groups that had fiercely opposed Barrett’s nomination to replace the late liberal icon Justice Ruth Bader Ginsburg were furious and called for her to step down from the committee leadership.

    A month later, Feinstein announced she would remain on the committee but step down as the top Democrat. The senator, then 87 years old, did not say why. In a statement, she said she would “continue to do my utmost to bring about positive change in the coming years.”

    Feinstein was born on June 22, 1933. Her father, Leon Goldman, was a prominent surgeon and medical school professor in San Francisco, but her mother was an abusive woman with a violent temper that was often directed at Feinstein and her two younger sisters. Feinstein graduated from Stanford University in 1955, with a bachelor’s degree in history. She married young and was a divorced single mother of her daughter, Katherine, in 1960, at a time when such a status was still unusual.

    In 1961, Feinstein was appointed by then-Gov. Pat Brown to the women’s parole board, on which she served before running for the San Francisco Board of Supervisors. Typical of the era, much of the early coverage of her entrance into public life focused on her appearance, and she was invariably described as stunning, tall, slender and raven-haired.

    Feinstein’s second husband, Bert Feinstein, was 19 years older than she, but she described the marriage as “a 10” and kept his name even after his death from cancer in 1978. In 1980, she married investment banker Richard Blum, and thanks to his wealth, she was one of the richest members of the Senate. He died in February 2022.

    In addition to her daughter, Feinstein has a granddaughter, Eileen, and three stepchildren.

    (With inputs from agencies)

  • A Shutdown looms as McCarthy’s last-ditch plan to keep government open fails

    A Shutdown looms as McCarthy’s last-ditch plan to keep government open fails

    WASHINGTON, D.C. (TIP): House Speaker Kevin McCarthy’s last-ditch plan to keep the federal government temporarily open collapsed in dramatic fashion Friday, September 29,  as a robust faction of hard-right holdouts rejected the package, making a shutdown almost certain, says an AP report. Mr. McCarthy’s right-flank Republicans refused to support the bill despite its steep spending cuts of nearly 30% to many agencies and severe border security provisions, calling it insufficient.

    The White House and Democrats rejected the Republican approach as too extreme. The vote was 198-232, with 21 hard-right Republicans voting to sink the package. The Democrats voted against it.

    The bill’s complete failure a day before Saturday’s deadline to fund the government leaves few options to prevent a shutdown that will furlough federal workers, keep the military working without pay and disrupt programs and services for millions of Americans.

    A clearly agitated Mr. McCarthy left the House chamber. “It’s not the end yet; I’ve got other ideas,” he told reporters.

    The outcome puts Mr. McCarthy’s speakership in serious jeopardy with almost no political leverage to lead the House at a critical moment that has pushed the government into crisis. Even the failed plan, an extraordinary concession to immediately slash spending by one-third for many agencies, was not enough to satisfy the hard right flank that has upturned his speakership.

    Republican leaders planned to convene behind closed doors late Friday to assess next steps.

    The federal government is heading straight into a shutdown after midnight Saturday that would leave 2 million military troops without pay, furlough federal workers and disrupt government services and programs that Americans rely on from coast to coast. Congress has been unable to fund the agencies or pass a temporary bill to keep offices open.

    The Senate was pushing ahead Friday with its own plan favored by Republicans and Democrats to keep the government open while also bolstering Ukraine aid and U.S. disaster accounts. But that won’t matter with the House in political chaos.

    The White House has brushed aside Mr. McCarthy’s overtures to meet with President Joe Biden after the speaker walked away from the debt deal they brokered earlier this year that set budget levels.

    “Extreme House Republicans are now tripling down on their demands to eviscerate programs millions of hardworking families count on,” White House press secretary Karine Jean-Pierre said.

    Ms. Jean-Pierre said, “The path forward to fund the government has been laid out by the Senate with bipartisan support — House Republicans just need to take it.”

    Catering to his hard-right flank, Mr. McCarthy had returned to the spending limits the conservatives demanded back in January as part of the deal-making to help him become the House speaker.

    His package would not have cut the Defense, Veterans or Homeland Security departments but would have slashed almost all other agencies by up to 30% — steep hits to a vast array of programs, services and departments Americans routinely depend on.

    It also added strict new border security provisions that would kickstart building the wall at the southern border with Mexico, among other measures. Additionally, the package would have set up a bipartisan debt commission to address the nation’s mounting debt load.

    Ahead of voting, the Republican speaker all but dared his hold-out colleagues to oppose the package a day before Saturday’s almost certain shutdown. The House bill would have kept operations open through October 31.

    “Every member will have to go on record where they stand,” Mr. McCarthy said.

    Asked if he had the votes, Mr. McCarthy quipped, “We’ll see.”

    But as soon as the floor debate began, Mr. McCarthy’s chief Republican critic, Rep. Matt Gaetz of Florida, announced he would be voting against the package, urging his colleagues to “not surrender.”

    The hard right, led by Mr. Gaetz, has been threatening Mr. McCarthy’s ouster, with a looming vote to try to remove him from the speaker’s office unless he meets the conservative demands. Still, it’s unclear if any other Republican would have support from the House majority to lead the party.

    Mr. Gaetz said afterward that speaker’s bill “went down in flames as I’ve told you all week it would.”

    He and others rejecting the temporary measure want the House to instead keep pushing through the 12 individual spending bills needed to fund the government, typically a weeks-long process, as they pursue their conservative priorities.

    Some of the Republican holdouts including Mr. Gaetz are allies of Donald Trump, who is Mr. Biden’s chief rival in 2024. The former president has been encouraging the Republicans to fight hard for their priorities and even to “shut it down.”

    The margin of defeat shocked even Republican members. Rep. Mike Garcia, R-Calif., said, “I think what this does, if anything, I think it’s going to rally people around the speaker and go, hey the dysfunction here is not coming from leadership in this case. The dysfunction is coming from individuals that don’t understand the implications of what we’re doing here.’”

    Mr. Garcia said, “For the people that claim this isn’t good enough, I want to hear what good enough looks like.”

    Another Republican Rep. Ralph Norman of South Carolina, a member of the Freedom Caucus who supported the package, suggested the House was losing its leverage with the failed vote: “We control the purse strings. We just ceded them to the Senate.”

    Rep. Rosa DeLauro of Connecticut, the top Democrat on the Appropriations Committee, criticized the proposed Republican cuts as hurting law enforcement, education and taking food out of the mouths of millions. She said 275,000 children would lose access to Head Start and make it harder for parents to work.

    “This is a pointless charade with grave consequences for the American people,” Ms. DeLauro said.

    (with inputs from agencies)

  • Mercedes on track to continue record sales in 2023 amid surging demand

    Mercedes on track to continue record sales in 2023 amid surging demand

    New Delhi (TIP)- German luxury carmaker Mercedes-Benz expects 2023 to turn out to be its best year in terms of sales in India as the demand for high-end cars continues to grow post the Covid pandemic, according to a top company official. The carmaker, which sold 15,822 units in the Indian market in 2022, its highest ever in the country so far, anticipates the overall luxury car segment to post its best ever performance this calendar year.
    In an interaction with PTI, Mercedes-Benz India MD and CEO Santosh Iyer said the company reported a 13 per cent year-on-year growth in its sales at 8,528 units in India in the first half of 2023, its best-ever half-yearly sales in the country.
    “We are now coming into the third quarter of this year, and we feel the trend should continue which should mean that we should be able to end this year on a record high once again,” he noted.
    Iyer said the company expects double digit sales growth this year even as multiple challenges exist in the market.
    “There is a lot of uncertainty still coming from the exchange rate…interest rates are further going up. So you know we still have three and a half months to go for the year to get over… so outlook wise we can still be confident it should be around the double digit mark,” he stated. Iyer noted that more and more customers are now opting for costlier trims across its product range, which was not the case earlier.
    He said that Mercedes-Benz globally believes that it is more important to provide the right experience and right kind of equipment to a customer than just focus on attaining sales numbers.
    “We feel what’s more important is to do the right things, get the right products, equipment, get the right customer experience, because that should then drive volumes.
    It will be an outcome of what we are trying to do,” he noted.
    On the overall domestic luxury car market, which roughly accounts for just 1 per cent of the overall passenger vehicle industry currently, he noted that the segment could end somewhere in the region of 45,000 cars this year making it the best so far.
    “This year we can see the market growing with everybody participating and that’s a great sign for the overall health of the luxury car market,” Iyer stated.
    He noted that demand is increasing with new set of buyers, including women and salaried employees, also opting for luxury cars.
    He said that Mercedes-Benz globally believes that it is more important to provide the right experience and right kind of equipment to a customer than just focus on attaining sales numbers.

  • US consumer confidence Declines, fueled by energy costs

    US consumer confidence Declines, fueled by energy costs

    New York (TIP)- US consumer confidence fell again in September, extending a slump from August as Americans voiced concerns about rising food and energy prices, according to survey data published on September 26. “Consumers continued to be preoccupied with rising prices in general, and for groceries and gasoline in particular,” Conference Board Chief Economist Dana Peterson said in a statement. She added that people “also expressed concerns about the political situation and higher interest rates.” The decline in consumer confidence was notable among those with household incomes of $50,000 or more, according to the Conference Board.
    An increase in oil prices pushed up energy costs in the United States over the summer, and inflation along with it, causing headaches for the Federal Reserve as it attempts to slow price increases through interest rate hikes.
    The Fed has raised its benchmark lending rate 11 times since March 2022 in a bid to bring inflation back down to its long-term target of two percent. While higher interest rates have succeeded in sharply slowing inflation since last year, the recent rise in energy costs fueled an uptick in price increases over the summer, keeping up the pressure on the Fed. “Consumer confidence fell more than expected in September, to the lowest level since May, on weakness in the expectations component,” High Frequency Economics Chief US Economist Rubeela Farooqi wrote in a note to clients. “While household perceptions about labor market conditions improved modestly in September, they have weakened in the last two months, which could be a headwind for consumers, spending and growth going forward,” she added.
    Source: AFP

  • Ambani siblings to receive only a fee, no salary for board meetings

    Billionaire Mukesh Ambani’s three children as directors of Reliance Industries Ltd will be paid only a fee for attending board and committee meetings, the company said in a resolution seeking shareholder nod for their appointment on its board.
    While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children – twins Akash and Isha (both 31) and Anant (28 years) – will get only a sitting fee and a commission on the profit earned by the firm.
    The terms of the appointment of the three are the same as the ones on which Ambani’s wife Nita was appointed to the company board in 2014. She earned a sitting fee of ?6 lakh and a commission of ?2 crore in the 2022-23 fiscal year (April 2022 to March 2023), according to the company’s latest annual report. Ambani, 66, had at the company’s annual shareholders meeting last month announced that his three children Akash, Isha and Anant would be inducted into Reliance’s board of directors (BoD).
    He also stated that he would continue to be the chairman and CEO of the company for five more years, with a focus on grooming and empowering its ‘next-gen’ leaders.
    Reliance has now sent out a postal ballot to shareholders seeking a nod for their appointment as board of directors of the company.
    “They shall be paid remuneration by way of fee for attending meetings of the Board or Committees thereof or for any other meetings as may be decided by the Board, reimbursement of expenses for participating in the Board and other meetings and profit-related commission,” the notice said.
    Reliance has five broad verticals – the oil-to-chemical (O2C) business that houses the world’s largest single-location refining complex and petrochemical plants, telecom and digital business, retail (both physical and online), new energy, and recently launched financial services.
    Ambani first talked of a succession plan at the oil-to-telecom conglomerate in 2022, where he announced that each of his three children would head various divisions of the company (Akash to head telecom, Isha to head retail, and Anant to head new energy). He did not divulge the succession plan for Reliance’s mainstay oil-to-chemicals or O2C business division.
    Reliance shareholders at the annual general meeting (AGM) last month gave a nod to Ambani getting another five-year term till 2029 as the head of India’s most valuable company. And just like the past three years, he has opted to draw nil salary during this period. Source: PTI

  • Aditya L1 on its way to Lagrange Point 1: Isro reveals how its new home looks

    Aditya L1 on its way to Lagrange Point 1: Isro reveals how its new home looks

    India’s Aditya L1 mission is cruising in space as it continues to move closer to its new home at the Lagrange Point 1. The spacecraft took off from India on September 2.
    Lagrange points are unique locations in space where the gravitational forces of two large bodies balance the centripetal force felt by a smaller object. This makes them ideal for spacecraft as they require minimal fuel for orbit corrections.
    Of the five Lagrange points (L1 to L5) in any two-body system, L1 is particularly significant. Located between the two primary bodies, in this case, the Sun and Earth, it allows for continuous observation of these bodies and unobstructed views of other celestial entities.
    Aditya-L1 will operate in a ‘Halo orbit’ around the Sun-Earth L1 point, approximately 15 lakh kilometers from Earth. These orbits are three-dimensional and periodic, providing an out-of-plane motion component relative to the primary bodies. The orbit’s size ensures that it can be continuously viewed from Earth, appearing to form a halo around Lagrange Point.
    The mission aims to provide comprehensive observations of the Sun’s photosphere, chromosphere, and corona. It will join several operational spacecraft that have previously been at the Sun-Earth L1 point, including the International Sun-Earth Explorer (ISEE-3), the Genesis mission, ESA’s LISA Pathfinder, China’s Chang’e 5 lunar orbiter, and NASA’s Gravity Recovery and Interior Recovery (GRAIL) mission.
    Currently, Nasa’s Wind mission observes the unperturbed solar wind before reaching the magnetosphere of Earth from L1 along with Solar and Heliospheric Observatory, Advanced Composition Explorer and the Deep Space Climate Observatory, which monitors space weather and climate, deep space Earth observation.
    These missions have significantly contributed to our understanding of space and our ability to monitor space weather events.
    The spacecraft at the Sun-Earth L1 point provide crucial early warnings on adverse space weather events, helping to protect both orbiting space assets and ground-based infrastructure.
    Despite the sparse population at the L1 point and the vast separation between spacecraft, ISRO plans to carry out periodic close approach assessments for Aditya L1.
    This is due to the large positional uncertainty and sensitivity to other perturbative forces. With support from NASA-JPL, these analyses will ensure the safety of the mission and avoid any potential close approaches with neighboring spacecraft.
    Aditya L1 is expected to reach its destination on January 6, 2024.
    Source: India Today

  • Audio and video calls arriving on X only for premium users

    Audio and video calls arriving on X only for premium users

    X Corp is planning to soon roll out audio and video calls to premium, subscription-only users, as X CEO Linda Yaccarino confirmed last month that video calls will arrive on the platform as part of its transition into an “everything app.”
    Tech veteran-turned-investor Chris Messina revealed the new code in X app which supports audio and video calls from other Verified users from people they follow, or from people in their address book. “As hinted in Linda’s sizzle reel, X will be adding audio and video calls shortly,” Messina posted on X rival Threads. “You will, of course, have to pay for that feature, because Skype is dead,” he added. According to the feature’s description, “Take messaging to the next level with audio and video calls”.
    “Turn the feature on and then select who you’re comfortable using it with”.
    Last month, Yaccarino said that the company is at the verge of breaking even, after it went through a massive churn in the last few months including huge layoffs and platform changes.
    In her first TV interview since she took over as X Corp CEO, Yaccarino said that video calls are arriving soon on the platform, as it aims to become an “everything app” like China’s WeChat.
    “I’ve been at the company for eight weeks. The operational run rate right now… we’re pretty close to break even,” she was quoted as saying.
    The X CEO informed that soon, “you’ll be able to make video chat calls without having to give your phone number to anyone on the platform”.
    She also spoke about other features like long-form videos and creator subscriptions, along with future plans around digital payments.
    Musk always wanted Twitter to become “an everything app” like China’s WeChat. Source: IANS

  • After moon mission, ISRO eyes Venus, exo-planets

    After moon mission, ISRO eyes Venus, exo-planets

    After the success of the Moon mission, ISRO has set sights on unlocking the mysteries of dying stars and exo-planets some of which are known to have atmosphere and are considered habitable, Indian Space Research Organisation Chairman S Somanath said.
    Delivering a lecture organised by the Indian National Science Academy (INSA), Somanath said the space agency was also planning a mission to study the planet Venus, two satellites to study space climate and its impact on the earth, and conceptualising a project to land a spacecraft on Mars. He said the XPoSat or the X-Ray Polarimeter Satellite, meant to study bright X-ray pulsars or stars that are in the process of death, was ready for launch in December this year.
    “We are also conceiving a satellite called ExoWorlds, a mission for looking at exo-solar planets or planets that are outside our solar system and orbiting other stars,” Somanath said.
    He said there were more than 5,000 known exo-planets of which at least 100 were considered to have atmospheres. The ExoWorlds mission will study the atmosphere of exo-planets and whether they are livable or they host life. Somanath said the plans for a Mars Lander Mission too were at the conceptual stage. On the need to study Venus, the ISRO chief said the planet also has an atmosphere with atmospheric pressure 100 times that of earth near the surface.
    Source: PTI

  • Your omega 3 fish oil pills may be rancid, unhealthy, reveals study

    Your omega 3 fish oil pills may be rancid, unhealthy, reveals study

    Are you one of those who daily pop omega-3 fatty acid supplements like fish oil for its health benefits? Beware, they may be rancid pills, and not healthy as claimed, suggests a new study.
    Derived from plants (algae) as well as seafood (fish, krill, etc.) , omega-3 supplements — sometimes labelled as fish oil — are often taken because of research that suggests they may provide health benefits.
    Rancidity is measured by the amount of oxidation of the oil in the supplement.
    As supplements become more oxidised, the nutritional benefits delivered to the consumer are reduced.
    “Our study suggests many of these supplements are not fresh — and thus may not provide a potential health benefit,” said Leigh A. Frame, Associate Professor of clinical research and leadership at George Washington University in the US.
    Higher levels of omega-3 have been associated with a wide range of benefits to multiple organs, including the brain and eyes, but the most common reason for its popularity with consumers is to help the cardiovascular system.
    The researchers conducted six years of tests on 72 of the most popular brands of omega-3 supplements, using the recommended rancidity limits that are voluntarily set by GOED, a global trade group that represents omega-3 manufacturers.
    The results, published in the Journal of Dietary Supplements, found a total of 45 per cent of flavoured and unflavoured supplements tested positive for rancidity, with 32 per cent of flavoured supplements testing positive and 13 per cent of unflavored pills. Source: IANS

  • Chinese virologist warns ‘Disease X’ could be next pandemic

    Chinese virologist warns ‘Disease X’ could be next pandemic

    Another Covid outbreak, akin to the recent deadly pandemic, may be “highly likely”, warned Chinese virologist Shi Zhengli, best known as ‘batwoman’, in a new study.
    In the study, Shi and colleagues from the Wuhan Institute of Virology evaluated the human spillover risk of 40 coronavirus species. The findings published in the English-language journal Emerging Microbes and Infections in July reported 20 ‘highly risky’ coronavirus species. “If a coronavirus caused diseases to emerge before, there is a high chance it will cause future outbreaks,” she was quoted as saying by the South China Morning Post (SCMP). Of the 40 species, six are already known to have caused diseases that infected humans, while there is evidence that a further three caused disease or infected other animal species.
    “It is almost certain that there will be future disease emergence and it is highly likely a (coronavirus) disease again,” the study warned.
    The study was based on an analysis of viral traits, including population, genetic diversity, host species and any previous history of zoonosis – diseases that jump from animals to humans, the SCMP reported.
    Shi and her colleagues also identified important hosts of the pathogen, which include natural hosts such as bats and rodents, or possible intermediate hosts, including camels, civets, pigs or pangolin.
    The study comes as the former chair of the UK Vaccine Taskforce Kate Bingham in a new book warned of a next pandemic that could come from a million unknown viruses and kill about 50 million people.
    According to the experts, thousands of different viruses could evolve to spark a pandemic. There is also a risk that viruses could jump between species and “mutate dramatically”. Source: IANS

  • Stem cell therapy shows promise for reducing Alzheimer’s symptoms

    Scientists have transplanted stem cells into mice and found reduction of brain abnormalities typical of Alzheimer’s disease. The team, led by researchers at the Stanford University in the US, transplanted blood stem and progenitor cells into mice, effectively leading to the replacement of a type of neural cell, called microglia, that’s defective in mice with the disease.
    “This cell therapy approach is unique in the field because most researchers are working to find pills or injectables to treat Alzheimer’s disease,” said Marius Wernig, a professor of pathology at Stanford.
    The results were published in the journal Cell Stem Cell in August.
    Despite extensive research on Alzheimer’s, what causes the neurodegenerative disorder and how it develops are not well understood.
    Most therapies focus on clearing the buildup of amyloid plaques found in the brains of people with Alzheimer’s disease, though it is not clear if these plaques are merely a sign of Alzheimer’s pathology or are directly causing dementia.
    However, there is a clear association between nonfamilial Alzheimer’s disease, which tends to strike later in life and does not stem from an inherited gene variant, and various mutations in microglia.
    Microglia cells protect other brain cells against invaders and function as a cleanup crew, taking out the metabolic trash that can accumulate in the brain.
    Scientists have observed that some genetic variations in microglia show a strong correlation with an increased risk of Alzheimer’s disease.
    One such correlation involves a gene called TREM2, which plays an essential role in in how microglia detect and address neurodegeneration.
    “Certain genetic variants of TREM2 are among the strongest genetic risk factors for Alzheimer’s disease,” Wernig said.“The data are convincing that microglial dysfunction can cause neurodegeneration in the brain, so it makes sense that restoring defective microglial function might be a way to fight neurodegeneration in Alzheimer’s disease,” he added.
    In the study, mice with a defective TREM2 gene received hematopoietic stem and progenitor cell transplants from mice with normal TREM2 function.
    The researchers found that the transplanted cells reconstituted the blood system and that some of them efficiently incorporated into the recipients’ brains and became cells that looked and behaved like microglia.
    “We showed that most of the brain’s original microglia were replaced by healthy cells, which led to a restoration of normal TREM2 activity,” Wernig said.
    Next, they investigated whether the restored TREM2 activity was enough to improve the brain health of the TREM2-deficient mice.
    “Indeed, in the transplanted mice we saw a clear reduction in the deposits of amyloid plaques normally seen TREM2-deficient mice,” Wernig said.
    They were also able to show a restoration of microglial function and reduction of other disease markers, indicating that functional restoration of this one gene had widespread positive effects.
    The researchers said they could transplant cells engineered to have supercharged TREM2 activity that may have an even greater effect. Source: PTI

  • Khandavi chaat

    Khandavi chaat

    Ingredients
    Two cup gram flour, Half tea spoon turmeric powder, One teaspoon chopped green chilli, One tablespoon white sesame seed, Half tablespoon mustard seed, Two table spoon refined oil, One sprig curry leaves, One tablespoon lemon juice, Salt to taste
    Method
    – Take a mixing bowl. Add gram flour, turmeric powder, green chilli, lemon juice, salt and make a batter out of it.
    – Take a pan and put it on a slow gas range.
    – Add one and half cup of water to the pan and boil it.
    – To this boiling water add the above gram flour mixture and cook well.
    – Pour this mixture on a hard flat surface and spread into a thin sheet.
    – Cut and roll this sheet into small bite size khandvies.
    – Mean while take a pan and put it on gas range and heat it. Pour some refined oil in the pan.
    – Once the oil is heated add curry leaves, sesame seed, mustard seed and salt for the tampering.
    – Pour the tampering on top of khandvies.
    – Serve with the chaat.

  • Advantages of hibiscus for healthy hair

    Advantages of hibiscus for healthy hair

    Hibiscus is a natural wonder plant that works like a miracle for hair and skin. Hibiscus strengthens the roots of the hair, encourages hair growth, and reduces hair loss because it is a rich source of vitamins, antioxidants, and amino acids. Also, it aids in preserving the scalp’s natural pH balance, preventing problems like dandruff and itching.
    Hibiscus gives your hair a gorgeous sheen that will make it look more vivid and alive when used on a regular basis, according to NIH. Hibiscus is a wonderful botanical for unlocking the beauty of your locks, whether you use it in shampoos and conditioners, oils, or hair masks. Therefore, we’ve compiled a list of some of the top hibiscus for hair advantages below.
    Protects Against Early Graying
    Since hibiscus is so rich in natural colors, vitamins, and antioxidants, it aids in the production of melanin, a pigment that occurs naturally in the human body. Also, Hibuscus can be used as a natural hair dye to completely hide all gray hair.
    Treats Dandruff
    Hibiscus for hair has an astringent effect and lessens sebaceous gland oil production. All of the hibiscus plant’s antibacterial characteristics also inhibit the formation of the fungus that causes dandruff on the scalp and stop it from returning.
    Conditions The Hair
    Do you know that the high amount of amino acids included in hibiscus seeds helps to nourish the hair and also makes it strong, healthy, and lustrous? In addition to this, the hibiscus’ ultra-emollient quality aids in nourishing your hair and restoring its suppleness.
    Good For Hair Growth
    Hibiscus oil, powder, or anything else will undoubtedly aid in the growth of your hair. It occurs because hibiscus is high in vitamin C, whose lack is known to result in hair loss. The flower encourages bald areas and dormant follicles to regenerate hair.

    It Helps Prevent Baldness
    Hibiscus promotes thicker hair and slows hair loss. Also, hibiscus is said to be just as good at treating baldness as prescription medications.
    Source: Jagran

  • DIY hacks that will change your makeup game

    DIY hacks that will change your makeup gameWhether you are a legit beauty pro or a total newbie, you can always benefit from a few makeup tips. Like, why struggle with your cat eye or contour when there are so many easy hacks to make the process 100 times smoother? So go ahead and adopt these amazing makeup tips and tricks of all damn time for the best results.
    Eyebrow hack
    On busy days when you don’t have time to fill in the eyebrows, do the next best thing: quickly comb up your arches with a spoolie brush (aka those little mascara wands). It takes 10 seconds max, and it’s an easy way to make sure each of your brow hair are in the right spot before you go in with any products.
    Melt your pencil liner to help it glide
    Creamy makeup products blend better when they’re warmed up. So if your kohl eyeliner pencil skips or tugs on your eyelid or takes multiple coats for a decent color payoff, melt it down slightly before you start lining. To do so, hold the tip of your kohl liner under the flame of a lighter for a second or until it gets tacky, let it cool slightly (swatch it on your hand to make sure it’s not too hot or melted), then watch the consistency change right before your eyes.
    Outline your cat eye
    If you are struggling with nailing your winged eyeliner look, try drawing the outline of the shape first and then filling it in. Extend a line beyond your lower lash line to create the bottom of your cat eye first. Then, decide on the thickness you want for your wing, and trace the top line from the end point of your flick to your upper lash line. Once you have the shape mapped out on both sides and everything looks symmetrical, fill in the open space.
    Use a spoon as mascara shield
    Nothing is more annoying than making your eyeshadow look perfect, and then swiping on mascara and ruining the whole thing with smudges. The fix? Hold a spoon so it’s shugging your eyelid, then apply your mascara like you normally would. As you sweep the mascara wand against your lashes and the back of the spoon, the residue will coat the back of the utensil rather than your skin.
    Set your lip color with a tissue
    and powder
    For lip colour that lasts hours, just swipe on your shade, lay a tissue over your mouth, then dust translucent powder over the top to set the colour from budging or bleeding. This process may seem extra, but the payoff is worth it. The translucent powder alone could alter your lip shade, but using the tissue as a shield will protect it from lightening or dulling.
    Source: Free Press Journal

  • Shakira charged for tax evasion of $7.1 million in Spain

    Shakira charged for tax evasion of $7.1 million in Spain

    Shakira has landed in legal trouble over alleged tax evasion in Spain. According to a report by NBC News, Spanish authorities have charged the singer for tax evasion of $7.1 million, in Barcelona on September 26.
    As per the report, Shakira allegedly failed to pay the said amount to the Spanish government in 2018. She allegedly used an offshore company in a tax haven to evade paying the tax amount. Barcelona prosecutors have notified Shakira of the charges in Miami, where she resides.
    Notably, Shakira is set to face trial in Barcelona on November 20 in a separate legal case in which prosecutors allege her to have failed to pay $15.4 million in tax. In that case, prosecutors allege that she failed to pay tax for the 2012-14 period during which she spent more than half of the time in Spain.
    Shakira used to spend time in Spain, with her former boyfriend and popular footballer Gerard Pique. The couple who have two children from their relationship, split up last year after 11 years of being together. Reportedly, the breakup took place due to infidelity by Pique who cheated on Shakira with a woman named Clara Chia Marti.