Tag: Investments

Indian Americans among top investors in residential property in US

MUMBAI (TIP): A Times of India report published July 21 says that the pall of gloom owing to protectionist policies has not kept Indians residing in the US from investing in real estate. By purchasing residential property worth $7.8 billion during the 12-month period ending March 2017, Indians emerged as the fifth largest investors in real estate in the US. Backed by mortgage finance, these properties were largely acquired for use as primary residence or for use by a child studying in the US.

Chinese nationals were the biggest buyers, purchasing residential property worth $31.7 billion in the same period. They were followed by the Canadians, British, Mexicans and, lastly, Indians.

Between April 2015 and March 2016, Indians had invested $6.1 billion and occupied third place on the list of biggest buyers. However, a surge of investments from other nationalities resulted in Indians slipping to fifth position in 2016-17.

The bulk of buyers from China, India, and Mexico were working and residing in the US, while most buyers from Canada and the UK were non-resident buyers, adds the report, “2017- Profile of international activity in US residential real estate” released recently by the National Association of Realtors (NAR).

More than a third of the Chinese buyers purchased residential property in California. Compared to the other major foreign buyers, Indians were not as concentrated in any state in the US and the location of their jobs largely determined their purchase. While California, New Jersey, Texas, Massachusetts, and Kentucky were top destinations, more than two in five Indian buyers purchased in another state.

In aggregate, foreign buyers purchased $153 billion of residential property in US between April 2016 and March 2017, which is a 49% jump from the figure of the corresponding previous period of $102.6 billion. In terms of number of units, foreign buyers purchased 2.84 lakh residential properties in US in April 2016-March 2017, up 32% from the previous period’s figure of 2.14 lakh properties.

On an average, foreign buyers paid $536,852 for their properties, 12% more than the average price during the previous 12-month period. The average purchase price of properties bought by Indians was $522,440.

“The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of US property over the past year,” said Lawrence Yun, NAR’s chief economist. “While the strengthening of the US dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the US is a safe and secure place to live, work and invest,” he added.

While a stronger dollar makes it more expensive to purchase US property, fears of a further weakening of a local currency against the dollar prompts some foreign buyers to accelerate their purchase.

Referring to the value of the Indian rupee, the report says it depreciated modestly (by 2%) relative to the dollar over the entire survey period. However, post-demonetization in November 2016, which caused a severe liquidity squeeze, the rupee reversed course and began to appreciate.

From November 2016 to March 2017 (the end of the survey period), the rupee had appreciated nearly 3% against the dollar. Data from June 2017 shows that the rupee had strengthened nearly 5% against the dollar from November 2016, suggesting that terms could improve for Indian buyers of US real estate next year.

(Source: TOI)

Jul 21, 2017 – 5:08 am EDT
AMAZON INVESTS OVER RS 2,000 CR IN INDIA BIZ

NEW DELHI (TIP): Global e-tailing giant Amazon has invested over Rs 2,000 crore (over $310 million) in India in the past two months as it looks to consolidate its position in the country and fend off local rivals like Flipkart.

The US-based firm pumped in Rs 1,680 crore in June into its online marketplace business in India, while Rs 341 crore was invested in the preceding month in the wholesale business. As per regulatory filings with the Corporate Affairs Ministry, Amazon Corporate Holdings and Amazon.com.incs has made these investments in the two Indian entities.

The capital infusion will also provide more arsenal to the Indian entity that has been aggressively investing in expanding infrastructure and adding solutions to enhance consumer and seller experience. Last year, Amazon founder Jeff Bezos had committed investments to the tune of $5 billion into the Indian market. Estimates suggest that the company has already invested over $2 billion in the last few quarters in the Indian market.

Amazon India, which has recently completed four years of operations, has been directing its investments towards building warehouses, strengthening logistics and increasing product assortment.

Besides, money is also being invested in marketing and promotions as the company looks to bring more consumers into shopping online on its platform. Bezos, as part of investor calls, has highlighted the importance of the Indian market to its operations on multiple occasions and has assured that the company will continue to invest in India. When contacted, an Amazon India spokesperson said: “We remain committed to our India business with a long-term perspective to make e commerce a habit for Indian customers and invest in the necessary technology and infrastructure to grow the entire ecosystem.”

With Tiger Global-backed Flipkart raising $1.4 billion earlier this year, the competition is intense and the rivals are already believed to be gearing up for the festive season. Amazon has invested Rs 341 crore in Amazon Wholesale India, the wholesale B2B arm of Amazon India.

The company has also made an additional investment of Rs 1,680 crore in its India unit as it looks to further strengthen operations in the booming e commerce market. Source: PTI

Jul 10, 2017 – 2:24 am EDT
Indian American lawyer dies after being struck by a train in California

SAN MATEO, CA (TIP): Indian American lawyer Kirtee Kapoor, who was head of Davis Polk & Wardwell’s India group and a partner at the firm in Menlo Park, California, died after being struck by a train in San Mateo, California, June 5, according to a belated report.

He was killed by Caltrain at the Watkins Avenue crossing. “Early reports indicate this was an intentional act,” Caltrain spokesperson Tasha Bartholomew said in a statement.

“Kirtee was a truly wonderful man. His optimism, warmth, honesty and wisdom were inspiring. He will be remembered as a great partner of the firm, a beloved colleague and adviser, and a steadfast friend to so many”, Davis Polk group said in a statement.

Born in Bangalore, India, Kirtee earned his LL.B. from the University of Delhi Faculty of Law, where he was Editor-in-Chief of the Student’s Law Review and Moot Court Society President. He received his B.C.L. from Balliol College, University of Oxford and was an Inlaks Scholar. He was a Hauser Global Scholar and Graduate Editor of the Journal of International Law and Politics at New York University School of Law, where he earned his LL.M.

Kirtee joined Davis Polk’s New York office as an associate in 1999, and over the next 18 years spent time in several of their offices advising clients on significant M&A matters and in investments and other transactions around the world. He was elected to the partnership in 2007 and moved to Hong Kong later that year. In 2015, he joined the Northern California office.

Jun 16, 2017 – 9:09 pm EDT
India’s GDP takes a hit by 1.3 per cent

Congress leader Chidambaram says figures prove Cong right on note ban

NEW DELHI (TIP): Senior Congress leader P Chidambaram said, June 1, the new GDP growth figures had proved the Congress and the opposition right about the consequences of demonetization with the growth taking a hit by 1.3 per cent. Former Finance Minister said the Indian economy was rapidly declining and unless the government took corrective measures it would decline further.

“I don’t how long the government can fool itself and the people of the country. We have warned the government and are forewarning the people unless corrective measures are taken, the economy will go down even further,” Chidambaram said after the Central Statistical Office published new GDP numbers revealing a major slowdown.

Earlier in the day, Congress vice-president Rahul Gandhi attacked the government for sluggish economy and declining GDP. “Falling GDP, rising unemployment…Every other issue is manufactured to distract us from this fundamental failure,” Gandhi said in a veiled reference to vigilantism and cow slaughter ban debate as issues the government was using to deflect attention from its “failures”. Reacting to the CSO numbers later, Chidambaram said, “As we had predicted the economy has taken a big hit. By the new methodology of calculation, Gross Value Addition has declined from 7.9 per cent in 2015-16 to 6.6 per cent in 2016-17.”

The former FM said the economy was slowing down in the middle of 2016 and instead of taking corrective measures, the government came up with an “extraordinarily foolish measure of demonetization”.

“Demonetization set back the economy even further,” he said noting that all three indicators of a vibrant economy -investment to GDP ratio, credit growth and jobs created – were poor. Chidambaram said, “All is not well. We are not on the right course. Investments are declining. Credit growth is negative for most sectors and there are no jobs.”

Former Prime Minister Manmohan Singh had also described demonetization as a monumental failure and legalized plunder predicting a fall in GDP growth rate because of the move.

Jun 5, 2017 – 12:05 pm EDT
New Jersey Native Bhavesh Patel Named Chairman of AAHOA

SAN ANTONIO (TIP): New Jersey native Bhavesh Patel has been named the new chairman of the Asian American Hotel Owners Association (AA1IOA) at the group’s annual convention in San Antonio, Texas. Calling it “one of the greatest accomplishments of his life,” Bhavesh Patel told the Cinnaminson Patch that AAHOA is made up of over 16,000 members who own half of the hotels in the country. “They’ve placed their trust in me to be their representative on the national stage,” he said, adding, “I’m excited to take on the responsibility and work to make AAI IOA even greater.”

Bhavesh Patel is a principal of ADM Hotels, a family-owned, full-service real estate company specializing in hospitality management, development and investments. His portfolio features several multi- brand and independent hotel properties in the northeast.

He has been on the AAHOA Board of Directors since 2009, and was elected secretary by the other members of the board in 2014. The group’s officers are elected to the position of secretary and automatically ascend to treasurer, vice chair and chair annually.

Bhavesh Patel said he wants his tenure as chairman to be marked by even greater member engagement in AAI lOA’s educational programs, one of the central pillars of the organization’s mission. “You have to know the ins and outs of running a hotel to be the best you can be.” Patel said.

AAHOA elected a new executive board during the San Antonio convention. Texas hotelier and current North Texas Regional Director Biran Patel was elected as the group’s new secretary.

A second-generation hotelier, Biran Patel began his career in the hotel industry as a teenager while his family lived at the hotel they owned. A member for more than 15 years, Biran Patel has served on five AAI IOA committees, was previously an AAHOA regional ambassador and has led North Texas as regional director since 2014, according to a AAI IOA press release.

Officers are elected to the position of secretary, and ascend through the treasurer and vice chairman roles before becoming chairman. Biran Patel will become chairman at the 2020 AAHOA convention. Other successful candidates at this year’s AAHOA elections include Piyush Patel (Director at Large); Lina Patel (Female Director at 1-arge – Eastern Division); Purvi Panwala (Young Professional Director at Urge – Eastern Division); Nitin (Nick) Patel (Alabama Panhandle Regional Director); Bharat Patel (Florida Regional Director); Girish (Gary) Patel (Gulf Regional Director); Naresh (Nick) Patel (North Central Regional Director); Sunil (Sunny) Patel (Northeast Regional Director); and Mayur (Mike) Patel (North Texas Regional Director). Georgia Regional Director Kapil (Ken) Patel, South Carolina Regional Director Mahesh (Mike) Patel, and Washington District Regional Director Vinaykumar (Vinay) Patel were re-elected.

May 26, 2017 – 10:26 pm EDT
Indian American Congresswoman Pramila Jayapal Terms Trump’s Budget as ‘Cruel’

WASHINGTON (TIP): Indian American Congresswoman Pramila Jayapal, Vice Ranking member of the House Budget Committee, lashed out at Trump administration’s latest budget proposal by calling it ‘Cruel.’

“There is only one way to describe the Trump budget – cruel. It pulls the rug out from under people who are already struggling to make ends meet. Simply put this is a $54 billion assault on Americans living on the brink. This budget proposal continues the trend of transferring taxpayer dollars into the pockets of the wealthy at the expense of our nation’s working families. It attacks women’s health care by defunding Planned Parenthood, destroys Medicaid, cuts funding for the Children’s Health Insurance Program and guts nutrition assistance programs that help families put food on their tables. This budget continues down the path of tearing apart families by proposing funding for a billion dollar border wall, and it neglects the health and safety of everyone by making a 31 percent cut to EPA funds that keep our air and water clean”, she said.

“A budget is a statement of our values. My values and the values of the people of Washington’s 7th District could not be more different from those expressed in this proposal. I believe our budget should invest in jobs and opportunities for working families who are desperately in need of support. This budget, in total contradiction to the populist platform that the President campaigned on, does exactly the opposite. It guts investments in working people to give tax cuts to the wealthy. That’s just wrong”, she further added.

She also vowed that as a member of the House Budget Committee, she is determined to fight against this budget and protect the communities from harm.

May 26, 2017 – 10:02 pm EDT
PAYTM GETS RS 9,079 CRORE IN ITS WALLET FROM SOFTBANK
TO INTRODUCE NEW FINANCIAL PRODUCTS
1. ? The funding will help Paytm expand its soon-to-be launched payments bank operations as well as grow its user base and introduce more financial products for consumers
2. ? SoftBank has committed investments of over $10 billion in India. While it has pumped in close to $2 billion into Indian startups like Snapdeal, Ola and Housing.com in the past few years, it has also written off a significant portion of that on account of loss in valuation
3. ? With this round of funding, SoftBank joins long-time partner Alibaba Group as a major shareholder and will take a seat on the Paytm Board
NEW DELHI (TIP): Digital payments platform Paytm today announced that Japanese internet and telecom major SoftBank Group has pumped in $1.4 billion (over Rs 9,079 crore) into it.

This is the largest round of funding from a single investor in India. SoftBank joins long-time partner Alibaba Group as a major shareholder and will take a seat on the Paytm Board. Paytm plans to invest Rs 10,000 crore (approximately $1.6 billion) over the next three to five years towards its commitment to enabling half a billion Indians join the mainstream economy.

As a part of this vision, the company will soon launch the Paytm Payments Bank, a mobile-first product that will reach every corner of the nation.

This investment will help Paytm grow its leadership in the country’s payment ecosystem, expand its user base and build a suite of financial services products for its users, a company statement said.

Masayoshi Son, Chairman & CEO, SoftBank Group Corp., said, “In line with the Indian government’s vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments. We are excited to partner with Paytm in this journey and will provide them with all our support.”

Paytm founder and CEO Vijay Shekhar Sharma said, “We are at an inflection point in our journey with Paytm. We believe we have a great opportunity to bring financial inclusion to half a billion Indians.”

Eric Jing, CEO, Ant Financial, said, “India has presented us with the world’s largest opportunity in terms of financial services and we are confident its market will grow exponentially over the next decade”. In January 2014, it launched the Paytm Wallet, which has emerged as India’s biggest digital wallet with over 220 million users and is accepted as the preferred mode of payment by over 5 million offline merchants across India.
May 20, 2017 – 7:02 am EDT
Brexit has already made UK less attractive place to do business, KPMG study says

LONDON (TIP): The UK has already become a less attractive place to do business as a result of the Brexit vote, according to a new survey. Professional services firm KPMG questioned 100 of the largest UK listed companies and foreign owned subsidiaries, as well as 60 companies from across the other G7 nations, and found that respondents deemed the UK less attractive than they did this time last year in terms of both tax competitiveness and appeal as a destination for foreign direct investment.

“As in 2015, the Irish tax regime tops the rankings with 74 per cent of UK companies selecting it as one of their ‘top three’ and the UK again taking second place,” KPMG wrote in the accompanying report. “What is noticeable however, is the widening gap between Ireland and the UK which was just 1 per cent in 2015 but has grown to 9 per cent in the past year,” they said. The survey showed that amongst the 60 non-UK companies surveyed this year, the UK fell from first to fifth place in the rankings, trailing Ireland, Luxembourg, the Netherlands and Singapore. “Not only does this demonstrate a sharp decline in perceptions of the UK’s tax regime, there also seems to be a clear divide in sentiment between UK versus non-UK businesses,” KPMG said.

Asked why their perception of the UK had changed, non-domestic businesses mostly cited the prospect of sensitivity to disruptions in trade deals and tariffs as a result of Brexit, and an end to the UK’s access to the single market. One concern was also the risk to the mobility of skilled labour.

“The material change this year is that finance executives are now grappling with the question of how Brexit might impact current and future investment in the UK,” said Robin Walduck, tax partner at KPMG in the UK. “It’s in this area we see a striking divergence between the views of UK companies and their G7 peers, providing some insight as to why the UK has started to fall out of favour.”

Mr Walduck said that those companies already investing or located in the UK, are broadly confident about the country’s future prospects. But those “on the outside looking in” are less optimistic. “As Brexit negotiations get underway, this begs the question whether UK respondents are being too bullish with misplaced optimism, or if non-UK respondents are being too quick to discount the UK,” he said.

But while some companies have in the past hinted that a hard Brexit could mean that they re-evaluate their position in the UK, this year’s survey also shows that broadly speaking companies are not planning to withdraw their entire operations from the country. However, the number of businesses seeking to move functions into the UK -which KPMG says is a crucial source of foreign direct investment – has dropped materially for both UK and non-UK participants this year.

The survey was conducted between December 2016 and February 2017 and 56 per cent of the companies interviewed had a turnover of over £1bn, according to KPMG. A total of 22 of the companies interviewed were members of the FTSE 100 bluechip index, with another 21 in the FTSE 250. (PTI)

Apr 7, 2017 – 3:01 am EDT
Hoboken Mayor Dawn Zimmer proposes municipal tax cut

HOBOKEN, NJ (TIP): Hoboken Mayor Dawn Zimmer introduced on Wednesday, March 15 a municipal budget to the City Council that includes a 1.25% municipal tax cut.

“Through hard work and collaboration with the City Council, this is the seventh straight year we’ve held the line on municipal taxes”, Zimmer said.

Zimmer claimed in a statement to The Indian Panorama that since she “became Mayor, we have made fiscally responsible decisions that have resulted in a budget surplus, improved credit rating to AA+ from junk bond status and balanced budgets each year that fund critical projects for our City”.

The Mayor added: “And, I’m proud that our budget includes a capital plan with substantial investments in upgrading our water main system. In total, we are making a $42 million investment in our water mains over the next six years. As you may know, the $7 million water main replacement on Washington Street is already underway.”

Mar 19, 2017 – 5:47 am EDT
GOVERNMENT LOOKING AT MORE FDI REFORMS

Relief for investors in defence, telecom and broadcasting

NEW DELHI: India is set to make further changes in its overseas investment regime, scrapping the need for approvals in sectors where licences are also required, such as defence, telecom and broadcasting, eliminating one layer completely from the process.

“Clearance for FDI (foreign direct investment) separately after securing a licence adds another layer of approval from same authorities,” said a senior government official. “Anyone who has gone through one level of scrutiny for licence from the authorities concerned should not need to go through the same checks again.”

Conditions related to FDI can be examined by the licensing authority, the person said. A big-ticket defence order expected to be floated soon should make quick progress once these changes are effected.

Under current rules, investors have to apply for licences in many sectors besides clearances from multiple ministries, including security from home affairs. After securing licences, they are required to apply for approval of foreign investment, if any, which again goes through an inter-ministerial clearance process.

Defence investment, for instance, is subject to industrial licensing under the Industries (Development & Regulation) Act, 1951. The licence is given by Department of Industrial Policy and Promotion in consultation with the ministries of defence, external affairs and home, a process that takes time.

“Why should there be a need for another level of clearance from same authorities?” said the official cited above.

Up to 100% FDI is allowed in defence on a case-to-case basis. India is the world’s biggest importer of defence goods, accounting for 13% of global purchases during 2012-16.

The government is looking to give a push to domestic manufacturing of defence equipment to reduce imports and also create more local jobs. Since 2000, the defence sector has attracted just over $5 million in FDI.

In the case of telecom too, 100% FDI is allowed but subject to licensing by the Department of Telecommunications. Similarly, broadcasting is subject to rules and conditions framed by the ministry of information and broadcasting.

Telecom has been among the biggest recipients of FDI with $24 billion in inflows since 2000, 7.4% of the total.

The government has already announced its intent to scrap the Foreign Investment Promotion Board (FIPB) and leave FDI clearance to the relevant ministries or departments in sectors where government approval is needed. The official cited above said removing the additional clearance could be taken up at the same time.

“Abolition of FIPB will be truly be impactful if government approval is done away with in FDI policy across sectors,” said Akash Gupt, partner, PwC.

“If a licensor would grant FDI approval under licensing requirement but RBI would eventually be monitoring the compliance of same under FEMA (Foreign Exchange Management Act), it would need some consistency and connecting of dots.”

A transition framework for replacing the FIPB process should be in place before the end of the financial year. The departments of industrial policy and promotion and economic affairs have begun consultations on the process.

Keen to attract foreign funds in the country, the government has put a number of sectors on the automatic route.

Mar 3, 2017 – 2:23 pm EST
Four Indian Americans chosen for Presidential Early Career Awards for Scientists and Engineers

WASHINGTON (TIP): On January 9, President Barack Obama named 102 scientists and researchers including Four Indian-Americans as recipients of the Presidential Early Career Awards for Scientists and Engineers (PECASE), the highest honor bestowed by the United States Government on science and engineering professionals in the early stages of their independent research careers.

The ‘Fab Four’ Indian scientists are Pankaj Lal from Montclair State University, Kaushik Roy Chowdhury from Northeastern University, Manish Arora from Icahn School of Medicine at Mount Sinai and Aradhna Tripati from University of California, Los Angeles.

‘I congratulate these outstanding scientists and engineers on their impactful work,” President Obama said. “These innovators are working to help keep the United States on the cutting edge, showing that Federal investments in science lead to advancements that expand our knowledge of the world around us and contribute to our economy.”

Pankaj Lal, PhD, is an associate professor in the Department of Earth and Environmental Studies and associate director PSEG Institute for Sustainability Studies, Montclair State University. He undertakes integrative, interdisciplinary research that explores interconnections among society and the environment.

Kaushik Roy Chowdhury is Associate Professor in the Electrical and Computer Engineering Department at Northeastern University and Faculty Fellow of the College of Engineering. He was earlier Assistant Professor in the same university from 2009-2015.

Manish Arora, B.D.S., M.P.H., Ph.D., is the Director of Exposure Biology at the Senator Frank Lautenberg Environmental Health Sciences Laboratory in the Department of Preventive Medicine. Dr. Arora is an environmental epidemiologist and exposure biologist.

Aradhna Tripati is Associate Professor. Department of Earth and Space Sciences, Department of Atmospheric and Oceanic Sciences, Institute of the Environment and Sustainability at University of California, Los Angeles.

The Presidential Early Career Awards highlight the key role that the Administration places in encouraging and accelerating American innovation to grow the economy and tackle greatest challenges.

The awards, established by President Clinton in 1996, are coordinated by the Office of Science and Technology Policy within the Executive Office of the President. Awardees are selected for their pursuit of innovative research at the frontiers of science and technology and their commitment to community service as demonstrated through scientific leadership, public education, or community outreach.

Jan 13, 2017 – 3:59 pm EST
SPICEJET, INDIGO RAISE RED FLAG OVER FDI NORMS

NEW DELHI (TIP): IndiGo and SpiceJet have raised “security” concerns over the government’s decision to allow 100% foreign ownership by non-airline players in the Indian carriers. SpiceJet CMD Ajay Singh and IndiGo president Aditya Ghosh recently raised this issue during their meeting with commerce and industry minister Nirmala Sitharaman. According to sources, the two airlines said aviation is a “sensitive sector” and the FDI policy relaxation would have “security implications”.

Spokespersons of IndiGo and SpiceJet could not be immediately reached for comments. The meeting also assumes significance as the government is considering removal of an anomaly restricting FDI in the civil aviation sector. The sector is facing a Catch-22 situation where a foreign investor, excluding overseas airlines, can acquire up to 100% stake in a local carrier. However, at present they cannot seek a scheduled operator’s permit since it can only be given to a company where substantial ownership and effective control is in the hands of Indian nationals

As this condition restricts and prevents foreign investors from acquiring a domestic airline, there is a need to amend Aircraft Rules, 1937, to facilitate FDI in the sector.Due to this anomaly , the moment foreign investors buy 51% or a controlling stake in a domestic airline, the scheduled air operator permit gets withdrawn. “So, this sectoral norm needs to be amended,” sources added.

As per the current policy, 100% foreign investment is allowed in scheduled air transport service, domestic scheduled passenger airlines and regional air transport. Only non-airline players will be allowed to bring in 100%FDI in local carriers.

Jan 6, 2017 – 4:48 pm EST
On his third US tour, Chhattisgarh CM eyes investment in ‘Priority Industries’

NEW YORK CITY (TIP): Every time he comes to the US, he ‘takes home something new.’ On his third US tour, Chief Minister of Chhattisgarh, Dr Raman Singh wooed investors to invest in new sectors, highlighting the tremendous potential across those sectors in the state that has been declared as the ‘Best fiscally managed State’ by Reserve Bank of India. Singh, currently on an official tour of the US, highlighted investment opportunities in Chhattisgarh in front of a gathering at the Indian Consulate, New York on November 29. Senior state government officials accompanied him at the interactive luncheon event, jointly hosted by US India Business Council (USIBC) and the Consulate.

In his welcome address, Subodh Kumar Singh, Secretary to Chief Minister and Commerce & Industries, described how some of the key initiatives under Raman Singh’s leadership including railway network, industrial infrastructure and smart cities in Chhattisgarh has become the main driver of growth and development in the State. He also briefed the audience about the priority industries for investment – food processing, energy, life sciences, defense, information technology, electronics, and manufacturing.

Dr Mukesh Aghi, President of USIBC in his special remark, stressed on enhanced investment partnership between US and India.

There was a brief Power Point presentation by Vivek Dhand, Chief Secretary of Chhattisgarh, that highlighted recently implemented reforms including single window system, tax reforms, construction permits, environment & labor reforms, inspection reforms and commercial dispute and paperless courts. Given that the state came into existence only 16 years ago, he took the opportunity to mention that the World Bank has recently ranked Chhattisgarh fourth in Ease of Doing Business as per Ranking 2016 among all Indian states and Union Territories.

While giving introduction of Dr Raman Singh, the longest ever serving Chief Minister from BJP, Deputy Consul General Dr Manoj Kumar Mohapatra said, “Indo-US relationship is measured by number of visits. In the last two years Prime Minister Modi and President Obama met more than 12 times. That shows the defining partnership.”

Describing Chhattisgarh as ‘Heart of India’, the Chief Minister said, “I just want to tell you what it was 16 years back and what it is today.” Mentioning the reforms and policies undertaken during his tenure that has made the state a frontrunner in ease of doing business, Dr Singh said, “Chhattisgarh is the best destination for investment not just in the core sectors of mines and minerals but also in areas like IT, engineering and solar energy.”

Noting that investors may not be fully aware of the investment opportunities in the young, not so known resource-rich state, Dr Singh invited investors to visit Chhattisgarh to see the investment potential of the state. “Come, see, and then invest.”

A token of appreciation was presented to him by Dr Mukesh Aghi, followed by a Q&A session.

During the brief Q & A session, Prof. Indrajit S Saluja asked the chief minister to clarify on the allegation of a Rs. 36000 crore scam in the public distribution system in the State. Dr. Singh categorically denied there was any scam. He said it was a conspiracy. 60 lakh families benefitted from the scheme and nobody complained. “Our PDS model is unique. So far, no other state could follow that model”, Mr. Singh said.

Later, speaking with The Indian Panorama Chief Editor I S Saluja, in an exclusive interview, Dr Singh appealed to the NRIs to invest in Chhattisgarh. “Our state is the destination for investment. You will get all facilities there. The infrastructure is top class. I want investments in sectors like IT, engineering and solar energy. I am sure if they (NRIs) visit the state they will be convinced to invest. So, I want them to visit (Chhattisgarh).”

When asked if he wants to invite the media to visit Chhattisgarh so that they can project the bright side of the state, Dr Singh said, “Of course. I would invite my media friends here to visit Chhattisgarh. Every year in the first week of November we organize special event to showcase the development activities of our state. I will invite the media from US to come and have a fair idea about our activities.”

Dr Singh also said that he will ask his officials to be in direct touch with the ethnic media in US for a closer relationship to help boost the image of his state.

Nov 30, 2016 – 7:35 pm EST
BILLIONAIRE WARREN BUFFETT INVESTS IN 4 US AIRLINES

NEW YORK (TIP): Warren Buffett’s Berkshire Hathaway Inc on Monday said it has bought shares in the four biggest US airlines: American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Continental Holdings Inc.

The investments mark an unexpected reversal for Berkshire, which has avoided the airline sector for nearly two decades after a troubled investment in the former US Air Group, a forerunner to American. They also expand Berkshire’s bet on the US economy, and in particular transportation. Berkshire already owns the BNSF railroad and the NetJets luxury plane unit, and in January paid $32.1 billion for aircraft parts maker Precision Castparts.

According to a regulatory filing, Berkshire as of Sept. 30 owned 21.8 million American shares worth $797 million, 6.3 million Delta shares worth $249.3 million, and 4.5 million United shares worth$237.8 million.

Buffett told CNBC television that Berkshire later invested in Southwest, and was disclosing that stake to avoid misleading investors into believing he was avoiding the carrier.

It is unclear whether Buffett or one of his deputies, Todd Combs and Ted Weschler, invested in the airlines.

Shares often rise when investors perceive that Berkshire has given them its imprimatur.

Buffett usually handles larger Berkshire investments such as Kraft Heinz Co, Wells Fargo & Co, Coca-Cola Co and International Business Machines Corp.

His Omaha, Nebraska-based conglomerate also owns roughly 90 companies such as BNSF, Geico car insurance and Dairy Queen ice cream.

The airline investments are “really important for investor confidence” in that sector, said Adam Hackel, an airline analyst at Imperial Capital LLC in New York.

Berkshire did not respond to requests for comment.

In after-hours trading, American shares rose 3.8 percent, Delta 3.4 percent, Southwest 3.3 percent and United 2.2 percent.

US airlines have benefited in recent years from lower fuel costs, labor peace, higher fees from checked bags and other once-free services, and reduced competition through mergers.

Such factors helped the four largest US carriers post a record$21.7 billion combined profit in 2015, and command more than two-thirds of the domestic market. Source: Reuters

Nov 19, 2016 – 11:57 am EST
TATA STRIKES DEAL WITH S AFRICAN CAR HIRE COMPANY

JOHANNESBURG (TIP): Automobile manufacturer Tata has struck a deal with a major South African car hire company to supply Tata Bolt 1.2 Turbo hatchbacks for its national rental fleet.

Tata declined to disclose the exact number of vehicles, except to say that it was “a substantial number.”

The Bolt, which was recently introduced in South Africa, will be offered at a competitive hire charge which will be one of the lowest in the country, including 100 kilometres free per day and standard insurance cover.

“We are very pleased to have secured this order as it will mean that many renters countrywide will now have the opportunity to experience the quality and benefits offered in our newest car range, which is particularly well equipped for an entry level model,” said Kyri Michael, the CEO of Accordian Investments, which markets and distributes Tata cars and light commercial vehicles in South Africa.

“Our deal to supply Tempest Car Hire with our new Bolt hatchbacks will certainly help to increase brand awareness of Tata as a manufacturer of cars and light commercials,” Michael added.

The new Tata Bolt has been finding favour with particularly younger buyers in South Africa because of its affordability and features that include air conditioning, electric windows, Bluetooth connectivity and a touchscreen infotainment system, not found in similarly-price competitor vehicles. Tempest Fleet executive Jody Naidoo said that he was glad his company could offer such a spacious and well equipped car in the very popular A Category. “It certainly offers outstanding value for money at the budget end of the local rental market,” said Naidoo.

Oct 7, 2016 – 6:52 am EDT
Defense secretary: US will sharpen ‘military edge’ in Asia

SAN DIEGO (TIP): Defence secretary Ash Carter said on sept 29 the US will “sharpen our military edge” in Asia and the Pacific in order to remain a dominant power in a region feeling the effects of China’s rising military might.

Carter made the pledge in a speech aboard the aircraft carrier USS Carl Vinson in port in San Diego.

The Pentagon chief described what he called the next phase of a US pivot to Asia — a rebalancing of American security commitments after years of heavy focus on the Middle East.

His speech, aimed at reassuring allies unsettled by China’s behavior in the South China Sea, came three days after he made remarks at a nuclear missile base in North Dakota about rebuilding the nuclear force. Those comments prompted a strong reaction from the Russian foreign ministry, which issued a statement saying it had interpreted Carter’s statement as a declared intention to lower the threshold for using nuclear weapons.

Carter said the Pentagon will make its attack submarines more lethal and spend more to build undersea drones that can operate in shallower waters where submarines cannot.

“The United States will continue to sharpen our military edge so we remain the most powerful military in the region and the security partner of choice,” he said. He added, “We’re going to have a few surprises as well,” describing them only as “leap-ahead investments.”

With a broad complaint that China is “sometimes behaving aggressively,” Carter alluded to Beijing’s building of artificial islands in disputed areas of the South China Sea.

“Beijing sometimes appears to want to pick and choose which principles it wants to benefit from and which it prefers to try to undercut,” he said. “For example, the universal right to freedom of navigation that allows China’s ships and aircraft to transit safely and peacefully is the same right that Beijing criticizes other countries for exercising in the region. But principles are not like that. They apply to everyone, and every nation, equally.”

Carter’s speech was meant to set the scene for a meeting on Friday in Hawaii with his counterparts from the 10 member countries of the Association of Southeast Asian Nations, or ASEAN. The association focuses mainly on trade issues, but in recent years, with US encouragement, has sought to engage in a range of defence and military issues. The US is not a member of the organization but has sought to use it as a forum for further developing security partnerships amid regional concern about China’s military buildup.

On Carter’s flight from San Diego to Hawaii later on Sept 29, a senior defence official aboard the plane told reporters that Carter expects to hear concerns from some Southeast Asian ministers, including those from Singapore, Indonesia and the Philippines, about the threat they perceive from an expected return of extremists who have been fighting for the Islamic State group in Syria and Iraq.

The official, who spoke on condition of anonymity under ground rules set by the Pentagon, said “hundreds” of IS fighters already have returned to Southeast Asia from Syria and Iraq and said up to 1,000 more may return as the Islamic State group faces increased military pressure.

Carter has described Pentagon efforts to execute a “pivot” to Asia by shifting, or rebalancing, US forces and attention toward the Asia-Pacific region after a decade and a half of Mideast-focused strategies and operations.

In April, he said he was putting “the best people and platforms forward to the Asia-Pacific” by increasing the number of US military personnel in the region and by sending and stationing advanced weapons system there. He said that includes F-22 and F-35 stealth fighter jets, P-8 Poseidon maritime surveillance aircraft, continuous deployments of B-2 and B-52 strategic bombers and the newest surface warfare ships like the amphibious assault ship USS America.

Among the Asia problems that have arisen for the Pentagon since Carter last met with the region’s defence ministers is a sudden and steep deterioration in relations with the Philippines.

When Carter visited the Philippines in April, he praised the strength of the partnership. He said his visit had inaugurated “a major new era in a longstanding alliance.” He was referring to the US-Philippines Enhanced defence Cooperation Agreement. “I’m proud to say this alliance is as close as it’s been in years.”

Sep 30, 2016 – 9:51 am EDT
Chinas outbound investment exceeds FDI in 2015: Report

Beijing, Sep 22 (PTI) For the first time, Chinas outbound investment has exceeded the Foreign Direct Investment (FDI) it received, official data for 2015 showed today, as the cash- rich Communist giant looks for new overseas avenues to invest capital amid slowing growth in the worlds second largest economy.

Chinas outbound direct investment (ODI) hit an all-time high of USD 145.67 billion in 2015, exceeding the USD 135.6 billion in FDI it received, making it a net capital exporter for the first time, said Zhang Xiangchen, deputy international trade representative with Chinas Ministry of Commerce (MOC).

It is the worlds second-largest source of outbound investment, exceeded only by the United States, he said.

The investment in the countries implementing its Silk Road initiative soared 38.6 percent year on year, the data showed.

Investment in One Belt and Road (Silk Road) countries stood at USD 18.93 billion and represented 13 per cent of the countrys ODI last year, said Zhang.

Zhang told reporters at a news conference that One Belt and Road investment is essential to the fast development of Chinas ODI.

The One Belt and Road initiative, proposed by President Xi Jinping in 2013, refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road — a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes.

As of July, Chinese enterprises had established 52 economic cooperation zones in the countries while paying USD 900 million in taxes and creating nearly 70,000 local jobs, the data said.

The MOC said earlier the One Belt and Road Initiative had boosted business cooperation between Chinese and foreign firms.

During the first eight months of 2016, nearly 4,000 engineering contracts were signed by Chinese companies in 61 countries along the routes, with combined contract value of 69.82 billion US dollars.

China needs to fully take advantage of the international market and resources as its economy and companies transform, said Zhang, adding that Chinese firms are keen to become active players in global innovation, manufacturing and the market.

Chinas economy grew at its slowest pace in a quarter of a century last year and the country is looking for new foreign avenues for investing its surplus capital in order to boost its falling growth.

Sep 22, 2016 – 11:12 pm EDT
Mauritius hopes to remain major FDI source to India

Mauritius today expressed hope to remain one of the biggest investment routes to India post revision of the bilateral tax treaty, as the two nations move ahead with talks on trade liberalisation pacts.

After meeting Finance Minister Arun Jaitley, Mauritian Minister of Finance and Economic Development Pravind Kumar Jugnauth said the negotiations on Preferential Trade Agreement (PTA) and Comprehensive Economic Cooperation Partnership Agreement (CECPA)are moving ahead.

“In fact, there is now a delegation from Indian side visiting Mauritius. There has been a preliminary draft agreement which will need to be further looked up and discussed.

“We are looking forward that through that agreement we can extend opportunities for both Mauritius and India. We have to increase trade and investment,” he said.

When asked if FDI inflows to India from Mauritius will reduce following revision of the bilateral Double Taxation Avoidance Convention (DTAC), Jugnauth expressed hope that the island nation will continue to “play the role of the biggest investment route to India” because it benefits both the nations.

“We need to monitor the situation and we will review and discuss as and when there is necessity,” the visiting minister added.

He said the two countries have successfully agreed for changes and the protocol on DTAC has already been signed.
“We are looking now how to consolidate the relationship between India and Mauritius,” he said.

After long-drawn negotiations, the amendment to the 1983 DTAC was signed by India and Mauritius in May. With the changes, India can impose capital gains tax on investments routed through Mauritius.

For two years starting April 1, 2017, capital gains tax would be levied at 50 per cent of the prevailing domestic rate and after that, full rate would be applicable.

Mauritius accounted for 33 per cent of the total FDI inflows to India during April 2000 to March 2016.

Jugnauth also expressed hope that India would support Mauritius in number of major projects it was implementing.

Sep 15, 2016 – 9:23 am EDT
Gujarat eyes tourism investment worth Rs 8000 cr at IITIS

NEW DELHI (TIP): Gujarat Tourism is offering 32 tourism projects to attract private investments at the forthcoming Incredible India Tourism Investor’s Summit (IITIS) to be held from September 21-23 in New Delhi.

The total estimated value of the projects is around Rs 8,000 crore which includes innovative projects with global appeal like Dev Ni Mori Buddhist tourist site development (Rs 1,200 crore), Sant Nagari, highlighting lives and contributions of India’s saints (Rs 600 crore), Giant Wheel at Sabarmati Riverfront (Rs900 crore) etc.

J. Haider, Principal Secretary-Tourism, Government of Gujarat, says, “Gujarat will be a key partner State at IITIS. We will highlight around Rs 8,000 crore worth of projects in the summit. These will include major religious tourism projects like Dev Ni Mori, Sant Nagari and others. At the same time, we will be putting forward modern tourism projects like the Giant Wheel at Sabarmati Riverfront, Global Village, Mini India at Adalaj in Ahmedabad, cruise tourism, aero sports etc.”Haider further informed that the state government aims to take up all these projects on Public Private Partnership (PPP) mode.

Sep 2, 2016 – 8:42 am EDT
CBI, ED GET DETAILS OF MALLYA’S ASSETS ABROAD

NEW DELHI: In what could take the probe against Vijay Mallya forward, the CBI and the Enforcement Directorate (ED) have received “crucial details” about properties and investments of the former liquor baron from several countries. Mallya had fled to London on March 2 and has refused to cooperate with investigators.

Sources in the two agencies said the UK, France, the US, Mauritius, Cayman Islands, Hong Kong, South Africa, Switzerland and some other countries were asked — through a judicial request and through the Financial Intelligence Unit (FIU) — to provide details about Mallya’s shareholding in companies abroad, his movable and immovable properties and his travel details. It is suspected that of the Rs 6,027 crore taken by Mallya as loan from banks, some part was diverted to these countries.

Sources in the CBI and the ED told TOI that they had received “crucial details about Mallya’s investments/properties” from these nations. The development comes at a time when the ED and the CBI have enlarged the probe against Mallya and his companies to unearth the “larger conspiracy” to cheat the consortium of 17 banks, led by State Bank of India, from which he took loans of around Rs 6,027 crore between 2005 and 2010.

The ED is also preparing to attach properties/shares worth around Rs 5,000 crore belonging to Mallya, sources said. It has already attached properties worth Rs 1,411 crore till now.

The CBI has claimed that Mallya deliberately didn’t repay the banks in conspiracy with group companies and their promoters. Meanwhile, there has been no response from Interpol on issuing a red corner notice against Mallya several months after a request was made. He fled to London on March 2 without informing the authorities and has refused to reply to notices sent to him.

Aug 26, 2016 – 8:22 am EDT
ATA Convention celebrations draw record breaking crowds

CHICAGO, IL (TIP): The ATA Convention hosted by American Telugu Association [ATA] was marked by breathtaking spectacle drawing record-breaking attendance inundating the sprawling convention center with vibrant Telugu fervor at the silver jubilee festivities held on a grand mega scale showcasing the rich Telugu cultural heritage and its burgeoning Telugu constituency in America at the 3-day ATA Convention held on July 1-3, 2016 at the Rosemont Convention Center in Rosemont, IL.

The Rosemont city wore a colorful Telugu look as unprecedented number of attendees preliminarily estimated at 10,000 thronged the convention center to experience ostentatious showcasing of rich Telugu culture through music, dance, pageantry surpassed only by dazzling fashion shows, contemporary cinematic music and colorful epic dance presentations eclipsed by celebrities, large contingent of political leaders, Telugu icons and eminent personalities overwhelmed only by the presence of Tollywood movie stars.

Convener Chandrasekhar Reddy Palvai praised the unwavering dedication and hard work of the entire ATA chairs & co-chairs that truly brought such phenomenal results. Convention Director K.K. Reddy characterized it as a magnificent journey of 25 years culminated in such an extraordinary convention and added this as a symbol of triumph of the towering Telugu spirit. ATA President Sudhakar Perkari lauded the remarkable ATA team work that brought about this splendid outcome. ATA Founder/President Hanumanth Reddy expressed the gleeful joy at the presence of such huge masses of Telugu people under one roof and added is a shining testament to innate culture of Telugu people; while Convention Co-Convener Krishna Mushyam saluted the rallying spirit of Telugu fellowship in such magnitude.

Honored for their services and contribution
The convention was set in motion with a grand gala banquet on Friday July 1st with Illinois Governor Bruce Rauner and Union Minister Venkaiah Naidu inaugurating the 3-day celebrations paying rich accolades to the Telugu culture in their remarks as ecstatic gala attendees rendered prolonged applause. Governor Bruce Rauner issued a proclamation declaring July 2nd and 3rd 2016 as American Telugu Association Day in the state of Illinois. Governor Rauner commended the Telugu community for keeping up the great cultural heritage and added if he gets an opportunity he would love to visit India. Venkaiah Naidu, Union Minister for Parliamentary Affairs in his address inspired the families to stay rooted in Telugu culture while appreciating the other languages and cultures. Venkaiah Naidu stressed on the ripe climate in India ideal for global investments. Dinkar Karumuri exhaustively introduced Governor Rauner and described him as an outstanding champion of the Indian American community and added his presence at ATA gala is a shining testimony of his steadfast goodwill to the Telugu community.

With the invocation dance, the gala banquet in its splendor showcased the outstanding success stories of Telugu people in the United States who were applauded for their valuable contribution to the societies both in India and America. Some of the prominent attendees include Ambassador Dr. Ausaf Sayeed, Consul General of India, Democratic Nominee for U.S.Congress Raja Krishnamoorthi, and Prominent MP Kavitha Kalvakuntla, Deputy Telangana Chief Minister Kadiam Srihari, Cook County Commissioner Tim Schneider, GMR Chairman Grandhi Mallikarjuna Rao ATA Benefactors Dr. Prem Reddy and Dr. Paila Malla Reddy joined by a large contingent of MPs and MLAs from A.P and Telangana state represented by all political parties including TRS, YSRCP, TDP and Congress. Other Prominent Leaders from USA include Maryland Delegate Aruna Miller, Ambassador Vinai Thummalapally, Ex-Nasscom chair BV Mohan Reddy.

On Saturday July 2nd, the ATA Convention set the stage on fire with a huge 100-group dance troupe presenting an epic inaugural dance presentation ‘Jyothi Prajwalana’ that evoked applause and standing ovation. Key note address by Union Minister Venkaiah Naidu was stirring as he inspired Telugus in America to instill and nurture Telugu language to the succeeding generations. Venkaiah Naidu said that the most successful people in North America are Indians and added half of them are Telugu’s. Lieutenant Governor Evelyn Sanguinetti presented Illinois Governor’s proclamation to ATA leaders. Rasamayi Balakrshinan Troupe provided an upbeat ‘Dhoom Dham’ Telangana traditional dance and musical presentation. Youth forum was inaugurated by ATA founder Hanumanth Reddy, convener Chandrasekhar Reddy Palvai and Director K.K. Reddy. Re-enactment of ‘Bahubali’ movie with its huge cast held the audience in rapt attention. TV hosted event ‘SYEATA’ had youth performing colorful cultural and western presentations. Kuchipudi dance by Padmaja Reddy displayed wide swath of emotions. Kavitha Kalvakuntla, Telangana Member of Parliament applauded the sense of unity of Telugu people showcased at the convention. Iftekhar Shareef, Reception Chair introduced Kavitha Kalvakuntla, Telangana MP and the Telangana MPs and MLAs giving an eloquent summation of their role in continuously steering the newly-formed 29th Indian state towards the trajectory of success. Earlier, Swami Chidatmananda spoke. Kamala Chimata, Convention Coordinator who presented the overview said the convention is replete with exhaustive schedule of close-fitting events meaningfully designed for the families.

On Sunday July 3rd, the convention drew wall-to-wall crowds to witness the spectacular fashion show, contemporary dance presentations and grand musical show presented by Mani Sharma and group that send the crowds ecstatic at every song belted out. In the afternoon, heated debates with political leaders participated by TRS, YSRCP, TDP & Congress party reached a fierce pitch battle between the party leaders held by Chalma Reddy and moderated by renowned TV host Venkata Krishna and managed by Vikram Kattamreddy. Some of the politicians participated in the Political Forum include Telangana Dy CM Kadiam Srihari, L. Ramana, Pedireddy Ramachandra Reddy, Jithender Reddy, Madhu Yashki, Keshav Rao, Roja, Ambati Rambabu, Srikanth Reddy, Malla Reddy and others.

The evening segment began with youth-centric dance and musical presentations. ATA felicitated their past presidents, its board and trustees. Chandrasekhar Reddy lauded the undying commitment of over 60 committees; while K.K.Reddy expressed jubilation having such a fine contingent of committed teams.

Some of the Tollywood movie actors who attended the convention included Actors Kajol Agarwal, Jagapathi Babu, Nani Babu Ghanta, Rashi Khana, Bhanu Sree, Lavanya Tripathi, Rashmi Gautam, Jyothi, Ramya Sree Neeliya,Rachna Mourya.

Some of the prominent political elected leaders who attended included Ganta Srinivas Rao, Nayani Narasimha Reddy, Dr. Venugopala Chary, Ambati Rambabu, Roja and Jatinder Reddy.

The Youth committee organized Lake Michigan dinner cruise for youth 16 and above and 200 Youth participated. The business forum included workshops by CEO’s and Entrepreneurs who presented workshops about doing business in India and the US. The Women’s Forum workshops were designed to empower and motivate women. Health and wellness seminars focused on preventive health screening and medical advice from leading medical experts, Matrimonial services were provided to parents of prospective brides and grooms. Seminars for Senior Citizens were organized to educate seniors about Government benefits, health Insurance options and navigation and dealing with the loss of a partner as they grow older in America. Yoga and meditation sessions were conducted throughout the day and many attendees took advantage learning and practicing these relaxation techniques. Vendor’s booths carried mouth-watering Telugu delicacies, jewelry, fashion apparels and accessories and real estate companies promoted their housing projects in India. Convention attendees were treated a great shopping experience and were able to support participating vendors. Painstaking efforts were made to serve authentic native Telugu cuisine for record number of guests.

The leaders of the American Telugu Association and the Convention team received glowing accolades for their remarkable dedication in securing runaway success of the silver jubilee convention.

The convention drew to a grand conclusion with high decibel musical concert rendered by well-known Tollywood music director Mani Sharma along with a team of singers and musicians belting out exciting tunes until the wee hours past midnight which served as a grand finale to a memorable Telugu convention.

(Photographs and Press release courtesy Asian Media USA)

Jul 10, 2016 – 9:09 am EDT
CRY America & Sharmila Tagore call for support to give underprivileged children the opportunities to realize their dreams

NEW YORK (TIP): Child Rights and You America Inc, a 501c3 non-profit that works to ensure children their rights, hosted its annual benefit dinner ‘Pledge 2016’ on June 10th 2016, at The Taj Pierre in New York.

The annual event witnessed high profile guests come together to support the cause of children. Legendary actress Sharmila Tagore, Ernst & Young Partner Don MacNeal, Comedian Dan Nainan and Center 10 founder Roopa Unnikrishnan were the speakers at the event.

India has made tremendous economic strides in the last decade, but its children continue to battle deprivation of their rights. With their rights vastly ignored, millions of children are out of the safety net, forced into labor, malnourishment, abuse and illiteracy.

Speaking at Pledge 2016, Shefali Sunderlal, President, CRY America said, “Only 54% of children complete their education in India due to obstacles such as child labor, child marriage, distance from schools and gender discrimination. CRY America works with grass-root Projects, communities and local authorities to ensure children have quality education, healthcare and are protected from causes which hinder their development.”

“Investments in children are essential to a child’s and the communities well-being. Ensuring children get their due enables them to reach their full potential and realize their dreams. Thus far, CRY America has impacted the lives of 618,915 children living across 3,084 villages & slums through support to 70 Projects. This has been possible only because of the support received from 25,000 donors and 2,000 volunteers across the USA”, she added.

Legendary Indian actress, Sharmila Tagore shared, “Lack of education and healthcare holds back the development of children. Together, we have a powerful voice and the resources to help organizations like CRY ensure that children have the right to live, learn, grow and play. Support CRY America and make a difference to a child’s life and your own!”

The evening raised $110,000, which will be directed towards funding several Projects that ensure lasting change for children. Items auctioned at the dinner included paintings donated by prominent Indian Artists Ram Kumar, Jehangir Sabavala, JMS Mani, Prakash Deshmukh, Pravin Utge, & Deepa Vedhpathak; designer clothes donated by JJ Valaya, Sabyasachi, & Anita Dongre; jewelry donated by Velvetcase.com, Raj Jewels, & Amrapali; a cricket ball autographed by Saurav Ganguly, a baseball autographed by Bill & Hillary Clinton, Abbey Road Album autographed by the Beatles, among others.

Since its inception 13 years ago, CRY America has enabled people to take responsibility for the situation of underprivileged children. Sunderlal concluded, “CRY America believes that ‘YOU’ have the power to change children’s futures and give wings to their dreams. Your support will allow us to ensure that thousands of children are able to go to sleep educated, healthy and protected. Your solidarity is needed today, more than ever.” She appealed for people to join CRY America as donors, volunteers and supporters and visit www.america.cry.org for more information.

Jul 1, 2016 – 9:20 am EDT
FIIS STAY PUT, BUT INFLOWS AT 5-YEAR LOW

CHENNAI (TIP): Foreign institutional investors (FIIs) have not logged out of equity markets in a big way after ‘Brexit’. But their investments in the stock markets stands at only around $3 billion (19,238 crore) so far in 2016 (till June 28) on a net basis, the lowest for a six-month period in five years.

Net investments by FIIs in the Indian markets has plunged about 51% on a year-on-year basis during the period. FIIs are exiting stocks of healthcare companies, a defensive bet and a traditional favorite, in a big way. They are also showing little interest in financial services firms, which include banks, following the increase in stressed assets and tepid growth.

The benchmark Sensex and the broad-based Nifty have advanced by only 1.6% and 2.3% respectively so far in 2016 as both overseas and domestic investors are not showing much appetite for equities. “There is a lot of uncertainty. FIIs are sitting on the sidelines as the expected uptick in corporate earnings did not happen and there is no clarity on Fed rate hikes,” says G Chokkalingam, founder and managing director, Equinomics Research and Advisory.

“Most of the money is coming through ETFs (exchange traded funds that are passive investment vehicles),” says Deven R Choksey, MD, KR Choskey Shares and Securities. “The churn in the portfolio has also been quite high,” he says.

After investing nearly $3 billion in healthcare companies in 2015, overseas investors turned negative on the sector selling stocks to the tune of $392 million till the end of May. Healthcare firms accounted for substantial chunk of net FII inflows into stock markets in 2015 with their investments in the sector jumping nearly ten-fold in value terms during the year.

Despite fears over possible flight of capital, overseas investors have pulled out a mere 418 crore after the Brexit announcement from the Indian stock markets. The markets have also not taken a hit after the initial plunge.

Experts believe that the markets would now take cues from the progress of the monsoon. “Brexit and Rexit are not risks. Only the exit of the monsoon is a risk,” Chokkalingam quips.

After betting big on the Indian markets in the first half of 2015, FIIs exited stocks in the latter half with their net investments coming at just 17,808 crore for the entire year. Overseas investors turned bullish on Indian markets only from March this year.

Jul 1, 2016 – 6:22 am EDT
RCom, Aircel combined entity to have ‘Rs 25,000 crore business’

NEW DELHI (TIP): The Reliance Communications and Aircel merger is likely to be announced within 15 days, after months of extended negotiations, and the new entity is expected to have Rs 25,000 crore business from the first day of its operation.

“The deal is almost in final stage. Synergies between the two companies have been worked. The merger should be announced within 10-15 days. The resultant entity will have revenue of about Rs 25,000 crore from day 1,” said a source.

In a BSE filing on Thursday, RCom said that Maxis Communications Berhad and Sindya Securities and Investments, the shareholders of Aircel, expect to sign binding definitive documentation and announce the proposed transaction for the combination of the Indian wireless business very shortly.

Last month, the two firms had decided to extend by 30 days the discussion period for their possible merger.

This was for the second time the companies had extended the discussion period for the merger. Previously, on March 22, they had extended the merger talks by 60 days.

Last December, the RCom and Aircel announced that they have entered 90-day ‘exclusivity period’ for the deal that will exclude RCom’s tower and optical fibre assets for which a separate sale process is ongoing, the company said in a statement.

The RCom-Aircel merged entity is estimated have EBIDTA (cash flow) Rs 7,000 crore and finance cost about Rs 3,000 crore, the source said.

“RCom and Aircel have had nil free cash flow since long time but the resultant entity is being structured in a manner to have Rs 4,000 crore free cash flow which it can use for investments in network,” the source said.

RCom’s net debt at the end of 2015-16 was Rs 41,362.1 crore. Debt of Aircel could not be ascertain. At the end of last fiscal, RCom’s consolidated revenue stood at around Rs 22,000 crore. RCom and Aircel talks, if successful, would lead to a combined entity holding 19.3 per cent of the total spectrum allocated to the industry — highest in the country by an entity.

The proposed combined entity will hold spectrum across all allocated bands — 800Mhz, 900Mhz, 1,800Mhz, 2,100Mhz and 2,300 MHz — for 2G, 3G and 4G services.

Shares of RCom closed at Rs 49.7 a unit, up by 4.19 per, on BSE.

Jun 24, 2016 – 9:16 am EDT
Dream Hotel Group Signs Doha, Qatar Location: Announces Expansion Plans with Six Hotels in New Destinations

Dream to Open Hotels in Nashville, Dallas, Palm Springs, Times Square, Long Island City and Doha, Qatar

NEW YORK, NY (TIP) : Renowned hotel brand and management company Dream Hotel Group LLC signed, May 3, its first hotel in the Middle East with Qatar-based Al Alfia Holding to develop a Dream Hotel in Doha, the state capital.

Sant Singh Chatwal with Sheikh Sultan Bin Jassim Bin Mohamed Al-Thani with whom he signed $300 million Dream -Doha deal in New York, May 3.

To cap off a red letter day, Dream Hotel Group took the opportunity to announce $1.5 billion in new hotel development, including Doha and five other locations, all with independent hotel development partners. Future U.S. locations include Nashville, Dallas, Palm Springs, and two additional New York properties in Times Square and Long Island City.

“We are thrilled that the Dream brand of hospitality, marked by vibrant nightlife and dining opportunities, has resonated so widely,” said Dream Hotel Group CEO Jay Stein. “These six new developments double the footprint of our founding brand and give our loyal guests many more options to explore the other side of themselves.”

The new locations mark a thrilling new chapter for Dream Hotels, the group’s founding luxury lifestyle brand–positioning them as international hospitality innovators. The Dream Hotels brand is on track to have five hotels operating in renowned U.S. cities by early 2019, with an additional opening in Doha, Qatar, Dream Hotels’ first foray into the Middle East.

Sant Singh Chatwal and Sheikh Sultan Bin Jassim Bin Mohamed Al-Thani with Dream Hotel team pose for a photograph, after the signing of deal, in New York. Seen from left to right: Jay Stein, Sheikh Sultan Bin Jassim Bin Mohamed Al-Thani, Sant Singh Chatwal, Johnny De Gouveia

“We’ll be announcing additional properties in the coming months, continuing to solidify our burgeoning portfolio,” added Stein. “The expansion stands as testimony to the passion that the Dream team shows me every day in bringing rich experiences to our guests.”

“We always believed in the Dream brand, but it’s exciting to see so many of our development partners believing in the same dream and turning it into a reality,” noted David Kuperberg, Chief Development Officer, Dream Hotel Group.

The news follows that of the highly anticipated David Rockwell-designed Dream Hollywood slated to open this fall in the heart of Hollywood on the corner of Selma Avenue and N. Cahuenga Boulevard at 6417 Selma Ave.

Dream Hollywood will be a driving force in the ongoing revitalization of Hollywood. The hotel features 179 guest rooms and suites, five dining and nightlife venues in or adjacent to the property, and a spacious 11,000-square-foot rooftop. Developed by FC Development in partnership with Dream Hotel Group, the property is expected to open in September 2016.

Dream Nashville will be located in the heart of the city’s historic downtown–featuring 169 rooms. Designed by Meyer Davis, the property is expected to open in mid-2018, developed by locally owned 4PANT, LLC, which is led by Royal Investments and City Development in partnership with Dream Hotel Group.

Opening in the second half of 2018, Dream Dallas will be a 260-room Dream Hotel Group development.

Slated to open in 2018, Dream Palm Springs will have 175 rooms and will be developed by Praetor Investments/Selene Developments in collaboration with Dream Hotel Group.

The first of two planned New York openings for the group, Dream Times Square will open in the second half of 2018. Designed by Meyer Davis, the 239-room property located in New York’s iconic entertainment destination will be developed by SoHo Properties in partnership with Dream Hotel Group.

Dream Long Island City will see the lifestyle hotel group’s foray into the city’s underutilized Queens Borough, a gallant follow-up to the celebrated Dream Hotels properties in Midtown and Downtown. The 254-key property is expected to open in 2019, developed by Barone Management in Partnership with Dream Hotel Group. Times Square and Long Island City will double the Dream Hotels footprint in New York, totaling four properties in the city.

Dream Doha, which is 300 million dollars project a development with Al Alfia Holding with design by Meyer Davis, will open in late 2019. The ambitious 325-room property, featuring nine dining and nightlife venues, is the first Middle Eastern development for the brand and a pivotal step in the expansion strategy. Joining Dream Phuket Hotel & Spa and Dream Bangkok in Thailand, Dream Doha marks the third international property for the group.

Born in 2004, Dream Hotels are rooted in the insatiable human need to explore the other side of oneself, and the provision of a playground to do just that. With strong foundations in delivering the maximum and highest level experience to guests, each property has upscale amenities, obsessive-meets-compulsive service, built-in nightlife that seems to come naturally, and rare raw energy drawn from some of the most stimulating cities in the world. A far cry from just another bed to lay your head on for a night or two, Dream Hotels offer an introduction to another you. The creation of a new persona for all who experience their properties, Dream Hotels’ visitors push the boundaries of their expectations for hotel stays. For more information or to book your stay, please visit www.dreamhotels.com.

About Dream Hotel Group

Dream Hotel Group is a hotel brand and management company with a rich, 30-year history of managing properties in some of the world’s most highly competitive hotel environments. Home to its Dream Hotels, Time Hotels, The Chatwal and Unscripted Hotels brands, Dream Hotel Group encompasses three business lines: Proprietary Brands, Hotel Management and Dining, and Nightlife. The Company is committed to the philosophy that forward-thinking design, service and guest experiences should be available across market segments. Dream Hotel Group is dedicated to offering travelers an authentic connection to their chosen destination through a truly original approach.

After thoughtful evaluation, and to leverage its world-renowned Dream Hotels brand, the Company decided to sunset both the Hampshire Hotels Management and Debut Hotel Group names. The change to Dream Hotel Group will capitalize on the Company’s most recognized assets to help raise awareness among guests, hotel owners and hotel developers.

www.dreamhotelgroup.com

Jun 6, 2016 – 10:15 am EDT