The Indian Panorama

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  • Indian Origin Chintan Mehta and Munish Kumar on Wells Fargo Expanded Technology Leadership Team

    Indian Origin Chintan Mehta and Munish Kumar on Wells Fargo Expanded Technology Leadership Team

    CIOs named to support Corporate Strategy, Digital Platform & Innovation, and Wealth & Investment Management businesses

    SAN FRANCISCO (TIP): Wells Fargo & Company (NYSE: WFC) announced, May 8, two new leaders joining the Technology organization. Chintan Mehta was named chief information officer (CIO) and head of Digital Technology & Innovation, and Munish Kumar was named CIO and head of Wealth & Investment Management Technology. Both will have a joint reporting relationship to Saul Van Beurden, head of Technology, and the relevant line of business leaders. Mehta’s appointment is effective immediately, and Kumar will join the company in August.

    As CIOs, Mehta and Kumar will have responsibility for all technology underlying the company’s Corporate Strategy, Digital Platform & Innovation, and Wealth & Investment Management businesses. They will work with business leaders to deliver the tools and maintain the platforms needed to serve Wells Fargo customers, while contributing to the company’s technology transformation.

    “Chintan and Munish bring extensive technology and business knowledge, making them both uniquely positioned for these roles,” said Van Beurden. “In addition, their demonstrated leadership will be an important addition to the organization’s ongoing technology transformation. I am pleased to welcome Chintan and Munish to the Technology leadership team.”

    Most recently, Mehta was CIO of Wells Fargo’s digital ecosystem, a position he held since 2017. In this role, he was responsible for leading the delivery of all digital experiences and capabilities for Wells Fargo businesses and its 70 million customers. Previously, he was global chief technology officer at Walgreens from 2015 to 2017, where he was responsible for product management, design, engineering, and operations across retail, pharmacy, and health care businesses. He also held technology leadership positions with increasing levels of responsibility at American Express and Barclays Bank PLC in London. Mehta has an M.S. in Computer Science from the University of Hertfordshire in the United Kingdom.

    Kumar brings more than 20 years of experience and joins Wells Fargo from JPMorgan Chase, where he was managing director of digital sales, marketing and personalization, and analytics technology, a position he held since 2015. In this role, he oversaw a team of 400 technologists responsible for creating personalized experiences for customers through technology. From 2008 to 2014, Kumar held a technology leadership role in the company’s asset and wealth management business where he developed and managed the retail and institutional trading platforms, including Institutional Allocation Platform and Chase Online Trading. Previously, he held technology leadership roles at Bear Stearns and Citigroup. Kumar has a Bachelor of Technology and Computer Science from Punjabi University in India.

    About Wells Fargo

    Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment, and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com), and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

    Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

  • Wells Fargo, TD Bank turn over Trump financial records to House Dems

    Wells Fargo, TD Bank turn over Trump financial records to House Dems

    WASHINGTON (TIP): Wells Fargo and TD Bank have turned over President Trump’s financial records to the House Financial Services Committee, Fox News confirmed on Thursday, May 23, amid a contentious legal battle between the Trump administration and congressional Democrats seeking access to sensitive files.

    The committee, led by Chairwoman Maxine Waters, D-Calif., is one of several panels that have issued subpoenas and requests for Trump’s financial files.

    NBC News first reported that Wells Fargo turned over a few thousand documents to the committee, and TD Bank provided a handful.

    The banks are two of the nine financial institutions with which congressional Democrats are seeking cooperation. The push has led to an escalating legal battle on multiple fronts.

    On Wednesday, May 22,  a federal judge in New York ruled that two other banks, Deutsche Bank and Capitol One, were required to comply with congressional subpoenas seeking access to Trump’s financial records.

    The House Financial Services Committee and the House Intelligence Committee both have requested the documents from Deutsche Bank and Capitol One in their investigations of possible “foreign influence in the U.S. political process.”

    “We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations,” Deutsche Bank said in a statement to Fox News after the ruling.

    Meanwhile, the House Ways and Means Committee is seeking the president’s tax returns and has issued subpoenas for the files.

    Treasury Secretary Steven Mnuchin said he would not comply with the subpoena for the president’s tax returns last week, but this week, a confidential draft IRS memo was revealed calling the disclosure “mandatory” unless the president asserts executive privilege over the financial documents.

    The Washington Post first reported on the 10-page memo, which does not mention Trump by name, but appears to add a new level of pressure to the White House. Mnuchin, though, has maintained that the Democrats’ requests for Trump’s tax returns “lacks a legitimate legislative purpose” and said his department will not “disclose the requested returns and return information.”

    The IRS on Wednesday, May 22, pushed back on that report, stating the memo does not represent an official position for the agency.

    The standoff between the congressional Democrats and the administration is likely to lead to a court battle, with Trump reportedly indicating he’s prepared to fight all the way to the Supreme Court.

    Trump declined to reveal his tax returns during the 2016 presidential election, claiming he was under audit. Political candidates aren’t required to disclose their tax returns, though traditionally all candidates do.

    Meanwhile, President Donald Trump’s fight to stop the release of his financial records is on the fast track for a key court decision after a three-judge appellate panel agreed Thursday to hear oral arguments later this summer, according to a May 23 Politico report.

    In a two-page order, the D.C. Circuit Court of Appeals’ judges scheduled oral arguments for July 12 in the case that pits the president’s attorneys against House Democrats, who issued a subpoena to the accounting firm Mazars USA for eight years of Trump’s financial records.

    The court date will come several weeks after a lower court rejected the president’s attempts to block the subpoena, arguing that the request was politically motivated. Trump’s lawyers immediately appealed the ruling, and the president called the opinion “ridiculous” and “totally wrong,” and noted Judge Amit Mehta was an appointee of President Barack Obama.

    In the next round of legal sparring, Trump will go before a panel of judges that includes another Obama appointee, Patricia Millett, as well David Tatel, a Bill Clinton appointee, and Neomi Rao, who joined the D.C. Circuit in March as a Trump appointee.

    Under the order approved Thursday, Trump’s first round of legal briefs spelling out its arguments are due June 10, followed by a response from lawyers for the House committee and Mazars by July 1. A final reply brief from the Trump attorneys is due July 9.

    Democrats have said they will suspend the deadlines in their subpoena for production of the Trump financial documents while the president’s appeal works its way through the courts. Mazars, meantime, has said it will still keep working to collect and prepare the documents but won’t turn over any until the judges’ render an opinion.

    House Oversight Chairman Elijah Cummings (D-Md.) sent the subpoena to Mazars last month as part of the panel‘s investigation into whether Trump committed financial crimes before he became president.

    The panel’s focus has been on trying to corroborate claims made by Trump’s former personal attorney Michael Cohen, who earlier this year gave the committee documents purporting to show Trump artificially inflated and deflated the value of his assets for his personal financial benefit.

    (Source: FOX News / Politico / News Agencies)

  • Wells Fargo fires whistleblowers & low-level employees in an attempt to tackle Fraud Accounts Scandal

    Wells Fargo fires whistleblowers & low-level employees in an attempt to tackle Fraud Accounts Scandal

    NEW YORK (TIP): Wells Fargo admitted to firing 5,300 employees for engaging in these shocking tactics. The bank earlier this month paid $185 million in penalties and has since apologized.

    CNNMoney reports that is hearing from former Wells Fargo workers around the country who tried to put a stop to these illegal tactics and got fired for doing so.

    One such account published by CNNMoney quotes Bill Bado, a former Wells Fargo banker in Pennsylvania who was fired for refusing to follow phony account on the pretext of “Tardiness” at work.

    Bado had refused orders to open phony bank and credit accounts. The New Jersey man had called an ethics hotline and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.

    HR official describes ‘retaliation’

    One former Wells Fargo human resources official even said the bank had a method in place to retaliate against tipsters. He said that Wells Fargo would find ways to fire employees “in retaliation for shining light” on sales issues. It could be as simple as monitoring the employee to find a fault, like showing up a few minutes late on several occasions.

    “If this person was supposed to be at the branch at 8:30 a.m. and they showed up at 8:32 a.m, they would fire them,” the former human resources official told CNNMoney, on the condition he remain anonymous out of fear for his career.

    It’s possible Wells Fargo could face legal consequences for any retaliation that occurred against employees who called the ethics line.

    “It is clearly against the law for any company (or executives of such companies) to try to suppress whistleblowing,” Harvey Pitt, former chairman of the SEC, told CNNMoney in an email.

    Retaliating against whistleblowers is a major breach of trust. Ethics hotlines are exactly the kind of safeguards put in place to prevent illegal activity from taking place and provide refuge to employees from dangerous work environments.

    Wells Fargo CEO John Stumpf made precisely that point when he testified before angry Senators.

    “Each team member, no matter where you are in the organization, is encouraged to raise their hands,” Stumpf told lawmakers. He mentioned the anonymous ethics line, adding, “We want to hear from them.”

     

    The Other side

    One former employee was fired after flagging issues directly to Stumpf, according to Senator Bob Menendez.

    At the Senate hearing, Menendez read the New Jersey woman’s 2011 email to Stumpf, where she described improper sales tactics she felt were “wrong.”

    “Did you read that email?” Menendez asked Stumpf.”I don’t remember that one,” Stumpf replied.”Okay, well she was fired. … So much for the safe haven,” Menendez said.

    Elizabeth Warren also unleashed a verbal barrage at Wells Fargo CEO John Stumpf on Tuesday, Sep 20, calling the embattled bank boss “gutless” and demanding he step down.

    “You should resign…You should be criminally investigated,” Warren told Stumpf during a fiery one-sided exchange at the Senate Banking Committee’s Wells Fargo hearing.

    “If you have no opinions on the most massive fraud that’s hit this bank since the beginning of time, how can it be that you get to continue to collect a paycheck?” Warren asked Stumpf.

    Warren slammed Stumpf for failing to fire any senior executives linked to the scandal, while Wells Fargo’s aggressive sales tactics helped pump up the bank’s stock price.

    “You squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket,” Warren added.

    Several senators also spoke about the plight of the mostly 5,300, low-level employees who were fired related to the scandal.

    In response, Wells Fargo spokeswoman said: “We do not tolerate retaliation against team members who report their concerns in good faith.” She emphasized that employees are encouraged to immediately report unethical behavior to their manager, HR representative or 24-hour ethics line.

    Stumpf has apologized for the scandal and on Tuesday admitted the bank didn’t do enough to stop improper sales. He also detailed new steps to try to assess and limit the damage, including expanding an internal search for fake accounts by two years.

  • Wells Fargo to pay $185 million settlement for ‘outrageous’ sales culture

    Wells Fargo to pay $185 million settlement for ‘outrageous’ sales culture

    LOS ANGELES, CA (TIP): Calling it “outrageous” and “a major breach of trust,” local and federal regulators hammered Wells Fargo & Co. for a pervasive culture of aggressive sales goals that pushed thousands of workers to open as many as 2 million accounts that bank customers never wanted.

    Those practices, first uncovered by the Los Angeles Times in 2013, led to a massive $185-million settlement package announced Thursday.

    The settlements put to rest a lawsuit filed last year by Los Angeles City; Atty. Mike Feuer as well as investigations by two federal regulators: the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.

    The bank did not admit any wrongdoing in the settlements, but it apologized to customers and announced steps to change its sales practices. It will pay $100 million to the CFPB – the largest fine the federal agency has ever imposed – as well as $50 million to the city and county of Los Angeles and $35 million to the OCC.

    The bank will also pay refunds to customers who paid fees on accounts they never wanted.

    “It’s outrageous for a bank to use a customer’s private information without permission to open an unwanted account,” Mike Feuer said. “Customers must be able to trust their banks.”

    Feuer credited a 2013 LA Times story for sparking his investigation.

    His office sued the bank last year, alleging Wells Fargo “victimized their customers by using pernicious and often illegal sales tactics,” including unrealistic quotas and policies that have “driven bankers to engage in fraudulent behavior.”

    Feuer’s suit caught the attention of federal regulators, who conducted their own investigations. The CFPB, citing an analysis by Wells Fargo, said bank employees may have opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers’ authorization.

    The investigations found that employees illegally transferred funds from genuine accounts into unauthorized ones, created PINs for unwanted debit cards and made up bogus email addresses to secretly sign customers up for online banking.

    Richard Cordray, director of the CFPB, said that those actions were so abusive and so widespread that the agency levied its largest fine to date.

    “It reflects the severity of these violations, the breadth of the unfair and abusive practices and how seriously we take them,” Cordray said. “We found this conduct to be quite surprising.”

    The bank had consistently said such practices were not widespread and that workers who cheat to meet sales goals are disciplined or fired. The CFPB said 5,300 workers have been fired for improper sales practices since 2011.

    In a statement Thursday, Wells Fargo confirmed the settlements and said it has set aside $5 million to cover refunds to customers. The bank hired an outside firm that looked for potentially bogus accounts, a process that was finalized before the settlements were announced.

    The bank said it has already provided refunds to about 100,000 customers, paying a total of $2.6 million so far with payments averaging $25.

    “Wells Fargo is committed to putting our customers’ interests first 100% of the time, and we regret and take responsibility for any instances where customers may have received a product that they did not request,” the bank said in its statement.

    The bank will send notices to customers asking them to stop by a branch so that employees can help “close any accounts or discontinue services you do not recognize or want.”

    Bank spokeswoman Mary Eshet said the bank has already lowered sales goals, worked to structure employee incentives around customer satisfaction and hired more workers to monitor its sales staff. She said the bank has also started a “mystery shopper” program to look for bad behavior.

    Regulators stopped short of accusing Wells Fargo executives of encouraging employees to open unauthorized accounts, but said the badly structured incentives and lack of oversight pushed employees to game the system, either to improve their pay or to keep their jobs.

    In levying such a steep fine on Wells Fargo, the CFPB’s Cordray said his agency is sending a message to the entire banking industry that it must make sure sales tactics do not harm consumers.

    “What happened here is Wells Fargo built an incentive-compensation program that made it possible for Wells Fargo employees to pursue underhanded sales tactics,” he said. “Companies need to pay very close attention … to ensure that customers are protected.”

    Ed Mierzwinski, consumer program director at the U.S. Public Interest Research Group, said the CFPB’s $100-million fine, while a relatively small sum for a company the size of Wells Fargo, is big enough that other banks will pay attention.

    “It’s a message to all the bank lawyers out there that this kind of behavior should never happen again,” he said. “It’s a very strong message to other institutions about the gravity of this appalling conduct. $100 million is real money, even to a big bank.”

    Despite the refunds, some customers say it won’t be so easy to undo the damage caused by the bank’s practices.

     

  • Indian American Suresh Ramamurthi Named ‘Digital Banker of the Year’

    Indian American Suresh Ramamurthi Named ‘Digital Banker of the Year’

    NEW YORK (TIP): Suresh Ramamurthi, chairman and chief technology officer of Weir, Kan.-based CBW Bank, has been honored as one of the 2016 “Digital Bankers of the Year” by American Banker, for leading the development and launch of the industry’s first digital banking architecture that enables real-time payments across multiple channels.

    “Suresh Ramamurthi has been on American Banker’s radar for some time now. Ramamurthi, one of the finalists for the 2016 Digital Banker of the Year, keeps innovating. In the past 12 months, he and his team have introduced a healthcare payment portal based on a faster payment platform they created,” said Penny Crosman, editor at large of American Banker, in a recent article. “The technology behind CBW’s new application, and many of its APIs, is a system built by Ramamurthi’s team at Yantra Financial Technologies, where he’s also CEO, that uses debit networks to instantly disburse payments across multiple channels, including cards, the automated clearing house and internal systems.”

    Each year at its annual Digital Banking Summit, American Banker recognizes the professionals that guide the development, implementation and advancement of digital banking technologies at his or her bank, and provide customers with a top-notch digital banking experience. Winners are selected based on their role in progressing the capabilities and adoption of digital banking at their institution or within the industry, as well as the technology’s impact on the customer experience. Previous honorees include: Heather Cox, chief client-experience, digital and marketing officer at Citigroup; Niti Badarinath, senior vice president and head of mobile banking at U.S. Bank; and Jim Smith, executive vice president and head of digital channels at Wells Fargo.

    The bank, with resources from Yantra Financial Technologies, leverages the digital banking architecture to offer the ONECard and BlastPay solutions. ONECard is a consumer account product that enables consumers to view and manage their funds, send money instantly within the U.S. as well as to India, and create multiple accounts and debit cards linked to these cards. BlastPay is an FDIC insured business bank account that supports the disbursement of mass payments across multiple channels.

    “Accelerated payments support a wide range of use cases and provide valuable, industry-specific benefits, yet most financial institutions are hesitant to introduce new products and payment methods because of regulatory and compliance concerns,” said Ramamurthi. “However, by respecting the compliance restraints of the banking industry and incorporating risk management features at the outset, we have successfully modernized the payments process to meet the needs of various customers and business verticals.”

    Ramamurthi is also the recipient of several other recent accolades, including American Banker’s 2015 “Innovator of the Year” and the 2015 Payments Innovation Award by Your Electronic Payments Core of Knowledge (EPCOR). Ramamurthi was also named in Bank Innovation’s 2015 Innovators to Watch and was recognized by Bank Technology News for leading one of the Top 10 Community Bank IT Projects. This consistent recognition demonstrates Ramamurthi’s commitment to transforming how businesses and individuals send and receive money.

  • US Powerball lottery has three winners | Record $1.6bn lottery jackpot

    US Powerball lottery has three winners | Record $1.6bn lottery jackpot

    At least three winning tickets for the record $1.6bn Powerball lottery jackpot have been announced as per officials and media reports.

    The winning tickets in the Powerball jackpot were sold in California, Tennessee and Florida.

    The previous draw was the 19th without a grand prize winner, which requires all six numbers to match.

    Officials said it would take several hours to know if there were any other winning tickets.

    The identity of the winners is not yet known.

    Thousands of people queued up outside shops across the US on Wednesday, hoping to defy the odds of 292.2 million to one.

    California Lottery tweeted that the winning ticket in the state was sold at a 7-Eleven store in Chino Hills, a suburb east of Los Angeles.

    7-Eleven store clerk M. Faroqui celebrates with customers after learning the store sold the only winning Powerball ticket on Wednesday, Jan. 13, 2016 in Chino Hills, Calif. One winning ticket was sold at the store located in suburban Los Angeles said Alex Traverso, a spokesman for California lottery. The identity of the winner is not yet known. (Will Lester/The Sun via AP)
    7-Eleven store clerk M. Faroqui celebrates with customers after learning the store sold the only winning Powerball ticket on Wednesday, Jan. 13, 2016 in Chino Hills, Calif. One winning ticket was sold at the store located in suburban Los Angeles said Alex Traverso, a spokesman for California lottery. The identity of the winner is not yet known. (Will Lester/The Sun via AP)

    Television pictures showed a cheering crowd gathering at the shop after the result was announced.

    The winners will share a prize of $1.586bn. They can collect their winnings in annual payments over 29 years, or opt to share a lump-sum payment of $930m.

    The government will also share in the big prize, however, levying a 39.6% federal income tax on the winners – and the payout will also be subject any taxes that the winners’ home states may impose.

    How did the jackpot get so big?
    No-one has won the draw since 4 November. The prize is based on ticket sales so high jackpots usually create a snowball effect until a winning combination is picked. A new format introduced in October makes these massive jackpots more likely, meaning more records could be broken in future.

    Here’s four tips from Wells Fargo Advisors if you win the Powerball Lottery.

    Take lottery winnings in a lump-sum. If you’re disciplined enough not to spend the money all at once, you may want to consider taking it all in a lump-sum. Typically, receiving your winnings in this manner will give you more money in the end than if you were to be given payments over the years. For example, if you receive $1 million and pay half of that in taxes, you’ll end up with $500,000 to invest. At a hypothetical 10% rate of return, your winnings would have the opportunity to grow to more than $3.3 million in 20 years. By comparison, if you chose to receive your windfall in 20 annual installments of $50,000 and invest each year at that same 10%, you would end up with approximately $2.8 million — a difference of more than $500,000. The more money you can get invested right away, the better off you could be.*

    Choose the installment option if you’re a spendthrift. On the other hand, if having an account with a lot of money in it is too tempting for you to handle, take your fortune over a period of several years. You may not have this option with every type of windfall, but if you happen to win the lottery, the sponsor may invest your winnings for you. You may get a better rate of return by taking the money in a lump-sum, but that’s no use if you end up spending all of it without planning.

    Keep income taxes in mind. Most likely, about half of what you win or inherit will go to pay federal and state income taxes. And remember, a multimillion dollar payout this year would put you in the highest federal tax bracket at 39.6%. Add state income taxes to that, and you may end up losing half of your money to taxes. In cases where winning lottery tickets are purchased outside your home state, it’s possible that you would be taxed in your home state and the state where you purchased the ticket. Careful tax planning can help you keep as much of the money as possible.

    What happens when you die? If you’re married, the money – no matter how much – may be transferred to your spouse free from estate taxes. However, if you’re single, the amount totals more than $5,430,000, and you die this year, your heirs may have to turn over 40% of it to the federal government in the form of estate taxes.

  • In taking economic war to Islamic State, US developing new tools

    In taking economic war to Islamic State, US developing new tools

    WASHINGTON (TIP): Since last month, US warplanes have struck Islamic State’s oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group’s black-market earnings from oil by about a third.

    In finding their targets, US military planners have relied in part on an unconventional source of intelligence: access to banking records that provide insight into which refineries and oil pumps are generating cash for the extremist group, current and former officials say.

    The intent is to choke off the Islamic State’s funding by tracking its remaining ties to the global financial system. By identifying money flowing to and from the group, US officials have been able to get a glimpse into how its black-market economy operates, people with knowledge of the effort have said.

    That in turn has influenced decisions about targeting for air strikes in an effort that began before Islamic State’s Nov. 13 attacks on Paris and has intensified since, they said. While Islamic State’s access to formal banking has been restricted, it retains some ties that US military and financial officials can use against it, the current and former officials said.

    “We have done a really good job of largely keeping the Islamic State out of the formal financial system,” said Matthew Levitt, who served as deputy assistant secretary for intelligence at the US Treasury in the George W. Bush administration. “But we haven’t been entirely successful, and that may not be a bad thing.”

    Reuters was unable to verify key aspects of the campaign, including when it started or exactly which facilities have been destroyed as a result. Two current officials who confirmed the operations in outline declined to comment on their details.

    It was unclear how US intelligence, Treasury, and military officials working on what the government calls “counter threat finance” operations have used banking records to identify lucrative Islamic State oil-related targets in Syria and whether that involved local banks.

    A report this year by the intergovernmental Financial Action Task Force found there were more than 20 Syrian financial institutions with operations in Islamic State territory. In Iraq, Treasury has worked with government officials to cut off bank branches in the group’s territory from the Iraqi and international financial systems.

    Gerald Roberts, section chief of the FBI’s terrorist financing operations section, said that Islamic State’s recruits from outside Syria often come with financial trails that officials tracking them can “exploit.”

    “We are seeing them using traditional banking systems,” he said at a banking conference last week in Washington, adding that young, tech-savvy Islamic State members are also familiar with virtual currencies such as Bitcoin.

    Islamic State, also known as IS, ISIS or ISIL, is sometimes forced to use commercial banks because the amounts involved are too large to move using other means, said Levitt.

    The US Treasury’s Financial Crimes Enforcement Network (FinCEN) uses a set of “business rules” to screen the roughly 55,000 reports it receives daily from financial institutions for signs of activity involving Islamic State, a spokesman said. He declined to describe the rules, but law enforcement sources say names, IP addresses, email addresses, and phone numbers are among the data that intelligence authorities try to match.

    The matches allow FinCEN “to connect the dots between seemingly unrelated individuals and entities,” the FinCEN spokesman said. At present, FinCEN finds about 1,200 matches suggesting possible Islamic State-linked financial activity each month, up from 800 in April, the spokesman said.

    Bank of America, JP Morgan and Wells Fargo declined to comment on whether they provided financial reports to the US government. Such reports are supplied confidentially.

    Citigroup, HSBC, and Standard Chartered did not immediately respond to requests for comment.

    “Tidal Wave II” The use of financial records linked to Islamic State is only one part of the intelligence-gathering exercise for air strikes in Syria that also includes methods such as aerial surveillance by drones, officials said.

    One former military official familiar with the process said that any financial intelligence collected by FinCEN would require “significant vetting” before the military acted on it.

    Earlier this month, US-led coalition planes struck 116 fuel trucks used to smuggle Islamic State oil 45 minutes after dropping leaflets warning drivers to flee, a Pentagon spokesman said. Coalition strikes destroyed another 283 Islamic State fuel trucks on Saturday, the Pentagon said.

    On November 8, a coalition air strike destroyed three oil refineries in Syria near the border with Turkey.

    US defense officials estimate that Islamic State, an adversary the United States calls the wealthiest terrorist group of its kind in history, was earning about $47 million per month from oil sales prior to October.

    That month, the US military launched an intensified effort to go after oil infrastructure, dubbed “Tidal Wave II,” named after the bombing campaign targeting Romanian oil fields in World War Two.

    The Pentagon estimates the strikes have reduced the Islamic State’s income from oil sales by about 30 percent, one US defense official with knowledge of the previously unreported estimate said. Reuters was unable to confirm this.

    The use of financial records in helping to pick US targets was first disclosed last week at the banking conference in Washington. At the conference, Kurt Gredzinski, the Counter Threat Finance Team Chief at US Special Operations Command, cited the importance of information provided by banks in the war against Islamic State.

  • Wells Fargo names Secaucus small business winner in national contest

    Wells Fargo names Secaucus small business winner in national contest

    SECAUCUS, N.J. (TIP): Wells Fargo (NYSE: WFC) recently named Secaucus-based Curiosity Lab Inc. a grand prize winner in the Wells Fargo Works Project contest, which ran from May 1 – June 30, 2015. This business was one of five entrants selected as a grand prize winner from a pool of 25 finalists. Curiosity Lab Inc., which is run by a former mechanical engineer and high school teacher Anubha Bhatla, will receive $25,000, along with six months of guidance and mentorship from a small business professional, as well as tailored solution for their business.

    Small business owners from across the country were invited to enter the contest by submitting a short video or essay that answered five questions addressing why they became a business owner, their mission and purpose, and their business goals and objectives. In its second year, the contest drew more than 4,200 entries from a diverse range of small businesses across the country.

    “I am so thrilled to receive this award from Wells Fargo,” said Anubha Bhatla, founder of Curiosity Lab, Inc. “I am grateful to Wells Fargo for believing in our ideas and providing us this incredible opportunity. Through supporting small business owners Wells Fargo is enriching lives at so many levels.”

    Curiosity Lab Inc. is a science laboratory for youth, ages 2 to 15, which uses a four-step approach through science, engineering, math and workshops to ignite curiosity in children to explore the world around them. As a grand prize winner, founder Anubha Bhatla said she hopes to improve the company’s visibility, design a kid-sized laboratory, build a strong digital marketing strategy and develop a website.

    The business was conceived out of the founder’s own curiosity and passion to find answers about how the world works around her. A former Columbia University teaching assistant and mechanical engineer, Anubha Bhatla admits she has always had an insatiable appetite to learn more. “Life is a question and everyone must find their own answer,” said Bhatla. Curiosity Lab, Inc. aims to spark the interests in students and build upon their inquisitiveness to learn about the world through fun, interactive, science teaching model and visual storytelling.

    “Wells Fargo would like to congratulate Curiosity Lab Inc. on being named a grand prize winner in the Wells Fargo Works Project contest,” said Lisa Stevens, Wells Fargo’s head of Small Business. “We were thrilled to again engage business owners across the country through the contest, and we enjoyed hearing their inspirational stories of entrepreneurship. Working with small business owners is one of the most important things that we do, and we are committed to helping them create a path for long-term financial success through a wide range of tools and resources.”

    The Wells Fargo Works Project contest is part of Wells Fargo Works for Small Business SM – a broad initiative to deliver resources, guidance and products to help business owners achieve financial success.

    “With this award, we hope to expand our services to children throughout the Tri-state and partner with educational institutions to bring this model into the classrooms. Our goal is to ignite the curiosity in each and every child and help them build on their learning to find their true passion in life,” Bhatla added.

    Wells Fargo recently expanded the support it offers business owners by launching the Business Plan Center.

    The free online resource, available on WellsFargoWorks.com, features the Business Plan Tool, a step-by-step guide to develop a written business plan. It also offers a Competitive Intelligence Tool, which provides business owners with key insight on competitors and their market that can be used as part of the planning process.

    Visit WellsFargoWorks.com/project to review contest entries, and learn more about Wells Fargo Works for Small Business.

  • Wells Fargo to Help send Smiles to India on Diwali with Operation Smile

    Wells Fargo to Help send Smiles to India on Diwali with Operation Smile

    Wells Fargo is helping to kick off the Diwali season by continuing its collaboration with Operation Smile, an international medical charity, to help provide life-changing surgeries for children and young adults in India born with cleft lip and cleft palate.  The collaboration between Wells Fargo and Operation Smile is expected to fund hundreds of surgeries in India.

    Wells Fargo also will be celebrating Diwali with the Asian Indian community by participating in a series of regional events, including some of the largest melasand concerts throughout the country.

    This year, Wells Fargo will continue the holiday tradition of offering its customers with an opportunity to order Diwali-themed debit cards, with several new designs for 2015.

  • US BUSINESS MAGAZINE HONOURS INDIAN-AMERICAN WOMAN

    US BUSINESS MAGAZINE HONOURS INDIAN-AMERICAN WOMAN

    An Indian-American woman has made it to the list of the top 30 female Business leaders in Austin Business Journal’s “2015 Profiles in Power & Women of Influence”, a media report said.

    Rina Patel, area president for Wells Fargo in Austin, was recognised as a “female powerhouse on the Austin business scene” during the 21st annual Profiles in Power awards last month, according to the business magazine.

    “Rina Patel has shown tremendous flexibility in her career, as illustrated by her career path. She has been willing to take on new roles and to relocate to new communities to develop her leadership skills and knowledge — and it’s paid off,” the Austin Business Journal reported on Friday.

    On her career progression, it said that Patel has grown over the past 11 years by jumping from teller, to banker, to service manager, to store manager in various stores, to district manager overseeing 15 stores, to her current role as an area president. At Wells Fargo, she manages more than 375 team members.

    Patel also serves on the boards of the Girl Scouts of Central Texas.

    “Often times as women, we focus on working on ourselves and how to become a better leader through our interpersonal skills. What is often missed in our development is having a strong balance of these three areas. This is a critical key piece to further your career path into leadership roles,” Patel was quoted as saying by the business magazine.

  • Record job openings could signal boost to wages

    Record job openings could signal boost to wages

    Job openings hit a record high in April, and data signal that employers are having trouble filling spots and holding onto workers, trends that should support wages, economists said earlier today, June 9.

    The U.S. Department of Labor reported that job openings at U.S. workplaces rose to a record 5.38 million at the end of April, up 22% from a year earlier and the highest since the series began in late 2000. As has been the case since February, openings have outpaced hires.

    “This could be one reason we are seeing wages beginning to accelerate,” said Neil Dutta, head of U.S. economics at Renaissance Macro Research.

    Dutta explained that while businesses are posting job openings, some aren’t being filled, signaling a worker shortage and tightness that could support accelerating wages. Even though there are more than eight million unemployed workers, hiring managers may be having trouble finding employees with the right skill sets at current wage rates. So businesses may have to raise compensation.

    Here’s another good sign for wage growth: The number of workers who quit in April was up 11% from a year earlier. That trend signals that more workers have become confident in the economy, willing to exchange some career stability for new job opportunities.

    More quits “should be supportive of increased wage pressure in the coming months,” Sarah House, an economist with Wells Fargo Securities, wrote in a research note.

    The Labor Department’s report on underlying employment trends is based on its monthly Job Openings and Labor Turnover survey, also known as JOLTS. Federal Reserve Chairwoman Janet Yellen has said she pays close attention to the report.

    The report on openings echoed other positive jobs data released Tuesday. The National Federation of Independent Business said there was a rise in optimism among its members in May, with growth for hiring plans and current job openings. Similarly, a separate report on private employers recently found that small businesses picked up hiring in May, adding the most workers in five months.

    “The latest NFIB and JOLT surveys illustrate that the bigger than expected gain in employment in May was no fluke. Labor market conditions are strengthening and wage growth will accelerate further,” according to a research note from Capital Economics.

    A tighter labor market that leads to higher wages should create a virtuous cycle in which families spend more and further support growth.

  • WELLS FARGO LIGHTS UP DIWALI

    WELLS FARGO LIGHTS UP DIWALI

    WELLS FARGO LIGHTS UP DIWALI BY HELPING GIVE CHILDREN A LIFETIME OF SMILES

    SAN FRANCISCO/ NEW YORK (TIP): Wells Fargo & Company (NYSE: WFC) is lighting up Diwali with community celebrations and partnerships throughout the country. In addition to supporting Diwali Festivals and other events across the country, Wells Fargo is working to help bring smiles during the New Year by collaborating with Operation Smile to provide free surgeries for children in India born with cleft lip and cleft palate.

    From Sept. 15 to Oct. 26, Wells Fargo will donate $3 to Operation Smile, an international children’s medical charity, for every Wells FargoExpressSend® money transfer to India from an eligible account.* At approximately $240 per surgery, the collaboration between Wells Fargoand Operation Smile is expected to help fund hundreds of life-changing surgeries for children and young adults in India. Wells Fargo will make a $25,000 minimum donation to Operation Smile with a maximum donation of$50,000. More information about the collaboration is available
    atwww.wellsfargo.com/diwalismiles.

    “Operation Smile is honored to be partnering with Wells Fargo this Diwali season,” said Lisa Jardanhazy, Corporate & Public Relations vice president for Operation Smile. “Every three minutes a child is born with a cleft. These children have twice the odds of dying before their first birthday, and those who survive have difficulty eating, speaking, hearing or breathing. We are grateful for Wells Fargo’s support to allow us to help these children, which truly falls in line with the giving and celebratory nature of Diwali.”

    Additionally, for the second year, Wells Fargo was the major supporter of the Diwali celebration in Times Square in New York City on Sept. 20. This year, Wells Fargo kicked off the festivities by encouraging attendees and followers of the event to help light the ceremonial diya. By sharing the hashtag #DiwaliSmiles prior to the event on social media platforms such as Twitter and Instagram, people onsite and following online helped collectively raise the electronic diya’s flame until it reached the top and kicked off the star-studded Bollywood concert and event.

    “Wells Fargo is excited to celebrate Diwali with our customers at events across the country, as well as around the world through social media,” said Michael Lacorazza, senior vice president and Head of Integrated Marketing at Wells Fargo. “We’re also very proud to support the work done by Operation Smile, which makes an incredible difference in the lives of children and their families. I encourage everyone to join us this year as we celebrate Diwali and support such a worthy cause.”

    Other Diwali events Wells Fargo will be supporting across the country this year, among many, include the Diwali Festival in Pleasanton, Calif. and a Bollywood Movie Night out in seven cities, including Washington D.C., Houston, Dallas, Los Angeles, New York, New Jersey and the Bay Area.

    “At Wells Fargo, we’re committed to supporting the diverse communities where our customers live and work,” said Micky Randhawa, Wells Fargo’s East Bay Regional President. “We are looking forward to celebrating Diwali with our customers and team members at events like the one in Times Square, and online with
    #DiwaliSmiles. We’re thrilled to be partnering with an organization that helps make such a meaningful impact on the lives of children and young adults in India.”

    Wells Fargo knows that many families send money to loved ones in India to celebrate Diwali, and the company offers a $0 transfer fee forExpressSend® customers sending more than $500 to India from an eligible Wells Fargo account. Also, new ExpressSend® customers with an eligible Wells Fargo account receive a $0 transfer fee on their first transfer when they sign up and send money from their account by December 31, 2014.

    Wells Fargo has continuously contributed to local communities since the company’s inception in 1852. In 2013, Wells Fargo invested a record $275.5 million in 18,500 nonprofits, educational programs, and schools, including to organizations specifically serving the Asian community, such as South Asian Young Women Entrepreneurs (SAY WE). In 2012, The Chronicle of Philanthropy named Wells Fargo the #1 corporate donor in the United States.

    Open to residents of the 50 U.S. states and D.C. only. Void where prohibited. Wells Fargo will donate $3 to Operation Smile for each transfer made to India from an eligible ExpressSend account between 9/15/14-10/26/14. Wells Fargo will make a $25,000 minimum donation to Operation Smile with a maximum of $50,000. This does not constitute an endorsement of any product or service by Operation Smile. To learn more about Operation Smile visit: operationsmile.org

    About Wells Fargo

    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. In 2013, the Company invested $275.5 million in grants to 18,500 nonprofits, and team members contributed more than 1.69 million volunteer hours around the country. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and atwellsfargo.com/stories.

    About Operation Smile

    Operation Smile, headquartered in Virginia Beach, Virginia, is an international children’s medical charity with a presence in more than 60 countries, whose network of more than 5,400 medical volunteers from over 80 countries is dedicated to helping improve the health and lives of children. Since its founding in 1982, Operation Smile has provided more than 220,000 free surgical procedures for children and young adults born with cleft lip, cleft palate and other facial deformities. To build long-term self-sufficiency in resource poor environments, Operation Smile trains doctors and local medical professionals in its partner countries so they are empowered to treat their local communities. Operation Smile also donates medical equipment, supplies and provides year-round medical treatment through its worldwide centers.

    (Press Release)

  • Wells Fargo Celebrates Diwali with the Tri-State Asian Indian Community at Event in Times Square

    Wells Fargo Celebrates Diwali with the Tri-State Asian Indian Community at Event in Times Square

    NEW YORK (TIP): For the second year, Wells Fargo is helping to celebrate Diwali through the event at Times Square. The event is a day-long celebration of performances, celebrity appearances and ethnic Indian food. Wells Fargo will help kick off the festivities by encouraging attendees and followers of the event to help light the ceremonial diya.

    By sharing the hashtag #DiwaliSmiles prior to the event on social media, people onsite and following online can help collectively raise the digital diya’s flame until it reaches the top, and kick off a star-studded Bollywood concert and event. This year, Wells Fargo is teaming up with Operation Smile, an international nonprofit organization, to provide free surgeries for children in India born with palate and lip deformities.


    15
    Wells Fargo’s Rahul Baig being interviewed by Showbiz India

    From Sept. 15 to Oct. 26, Wells Fargo will donate $3 to Operation Smile for every Wells FargoExpressSend® money transfer to India from an eligible account.* At approximately $240 per surgery, the collaboration between Wells Fargo is expected to help fund hundreds of lifechanging surgeries for children and young adults in India. *Open to legal residents of the 50 U.S states and D.C. only. Wells Fargo will make a minimum of $25,000 and a maximum of $50,000 donation.

    WHO: ? Atul Kamra, Senior Managing Director and Head of Advice, Wells Fargo Advisors ? Ajit Varma, Vice President for Programs in Asia – India, Operation Smile ? Wells Fargo Tri-state team members and Asian Connection members ? Community members

    WHEN: Saturday, September 20, 2014, 4:30 p.m. EST Media check-in begins at 3:30 p.m. – RSVP required due to stage/VIP area restrictions. One-on-one interviews and photo opportunities will be made available on site. On-site contact – Jitin Hingorani, (512) 773-6679

    WHERE: Corner of 42nd and Broadway, Times Square. In front of the main stage

    About Wells Fargo: Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy.

    With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. In 2013, the Company invested $275.5 million in grants to 18,500 nonprofits, and team members contributed more than 1.69 million volunteer hours around the country. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and atwellsfargo.com/stories.

  • Wells Fargo Launches ‘Wells Fargo works for small Business’

    Wells Fargo Launches ‘Wells Fargo works for small Business’

    TIP Reporter
    EDISON, NJ (TIP): The Wells Fargo group held a South Asian media luncheon on May 16th in Edison, NJ to launch’Wells Fargo works for small Business’, a broad initiative to deliver resources, guidance and services to help more small businesses achieve financial success. The event started with ameet and greet. Kevin Friedlander (Northeast Corporate Communication Manager), Wells Fargo delivered welcome remarks which werefollowed by a keynoteon The Commitment to South Asian community by Linnette Shaver- Johnson (Wells Fargo area President, NJ).

    Linnette talked about Wells Fargo works project including their online video series and The Contest where eligible small business owners could win up to $25,000 along with mentorship and tailored solutions for their businesses. Nancy Wong (SVP Asian Segment Manager) also spoke at the event. Wells Fargo Works for small Business provide wide ranging support for business owners throughout the U.S. to help them build knowledge, access capital and expand their community of support.

    Wells Fargo Works for small Business encompasses the company’s commitment to helping small businesses grow. About Wells Fargo: -Wells Fargo and Company is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more 9,000 locations, 12,500 ATMs and the internet (www.wellsfargo.com) The Event was organized by Jitin Hingorani of Jingo Media.

  • US drivers return to the road as fuel prices fall

    US drivers return to the road as fuel prices fall

    NEW YORK: A recovering economy and cheaper prices at the pump have boosted US gasoline demand in recent months, following five years of decline, a change that some experts say could continue into 2014. The economic slowdown and expensive gasoline had forced motorists to drive less or buy smaller, more efficient cars since 2007, but consumption in the second half of this year has been back on the rise. People are driving further, tempted back behind the wheel by a 40-cent per gallon fall in gasoline prices since September.

    Pump prices on Thursday’s Thanksgiving holiday were the lowest in three years, the Energy Information Administration (EIA) said last week. From July to October, demand outstripped monthly government forecasts. Sales by refiners and other suppliers have shown year-on-year increases in six of the first nine months of 2013, the most monthly gains since 2010. The increase cannot be found in all regions – gasoline demand in the East Coast continues to slump – but analysts say that in most of the nation there are signs of life. “The slowdown in demand coincided with the slowdown in the global economy, and now that we are moving the other way we are going to see demand pick up,” said Mark Vitner, senior economist at Wells Fargo, who expects demand to rise in 2014.

    Much stands in the way of a sustained boost in gasoline consumption. Fuel efficiency continues to slice away at demand, and an aging population is expected to drive less in the long run. Gasoline demand had been steadily declining since 2007 as motorists drove less and car fuel efficiency improved. The US government still forecasts a 0.4 per cent fall in gasoline demand in 2014.

    But demand is expected to rise 0.5 per cent this year, after declining by 0.8 per cent to 10.5 million barrels per day in 2012, according to the EIA, the statistical arm of the Department of Energy. In July, August and September of 2013, the distance driven per driver was higher than 2012, according to the latest data from the University of Michigan’s Transportation Research Institute. Fuel efficiency That increase has counteracted improvements in fuel economy over the past year, said Michael Sivak, research professor at the University of Michigan.

    “The wild card here is the price of gasoline. If it drops substantially, the amount of driving would increase and the demand for fuel-efficient vehicles would decrease,” Sivak said, acknowledging that if prices rose the opposite would happen. In the longer term, however, gasoline demand is widely expected to continue to be dented by improving fuel efficiency. Even pickup trucks have become more efficient in recent years, shadowing a steady improvement in cars and SUVs over the past decade.

    New US vehicles available in showrooms are on average 20 per cent more fuel-efficient than vehicles introduced five years ago, according to AutoNation Chief Executive Mike Jackson. Full-sized pickup trucks like the Ford F-150, the General Motors Co Chevrolet Silverado and the Chrysler Group LLC Ram 1500 pickup trucks have tightened fuel efficiency greatly in the last five years, according to Ford Motor Co sales analyst Erich Merkle. “Gasoline prices have a short-term impact on consumer choices, but, long-term, a lot of it has more to do with the demographics of drivers and their needs,” said Merkle

  • History making Indian Diwali at Times Square mesmerizes visitors

    History making Indian Diwali at Times Square mesmerizes visitors

    NEW YORK (TIP): Diwali maybe a month away but for Indian Americans at Times Square, festivities started as early as September 22 when the entire cast of Besharam made a special appearance at the ‘Maharashtra Tourism Diwali at Times Square’. But Diwali at Times Square was much more than just the special performances from the Besharam team. Roughly about 30,000 people attended the Diwali event on Sunday at the busiest area for pedestrians in the world where 3,00,000 people visit every day. In a bid to tap major international source markets and increase tourist arrivals, the Maharashtra Tourism Development Corporation (MTDC) participated in the early Diwali celebrations. Speaking on the occasion Minister for Tourism, Government of Maharashtra, Chhagan Bhujbal said, “Due to this event, the image of Maharashtra is going to be boosted in all international markets, not just in the USA. We want foreign tourists to come to Maharashtra, explore its rich cultural heritage and UNESCO world heritage sites like Ajanta, Ellora and Elephanta caves.


    img010

    They should also visit Tadoba Tiger Sanctuary, near Nagpur, where any tourist would spot tigers. It is my pleasure to invite all international tourists to indulge in the luxurious Deccan Odyssey train which covers the beautiful Maharashtra.” Mr. Satish Soni, Director – Tourism, Government of Maharashtra said, ‘It’s an extravagant event for Maharashtra tourism in a foreign land. We are glad at its grand success as thousands of people visited and enjoyed the event at the magnificent Times Square. We appeal to the people of the world to come to Maharashtra for an unforgettable experience. “There were many enquiries for the Deccan Odyssey train followed by the wildlife reserves, mostly from foreigners and local Americans,” said one of the organizers at the tourism booth. The festivities showcased Indian music, cuisine and fashion. Times Square between 45th to 47th streets was bustling with tourists and visitors dressed in traditional attire as they lined up to get the saffron Kolhapuri turbans, pointed mustache masks, Gandhi caps and chudis (bangles). The cultural festival included dance, diya, rangoli painting, Indian arts and crafts, fashion show, photo booths with ethnic outfits, celebrity autograph/photo booth and much more. The event saw some famous dancers performing Lavani, and other well-known Marathi dances styles, Bhangra, fusion etc.


    img11

    Dhol – Tasha and Tutari enthralled the crowds eagerly waiting to catch a glimpse of their favorite Bollywood stars. Groups like Sangharsh and Sankalp promoted Govinda festival by forming human pyramids. Late in the evening at the Light Up Times Square concert had the music maestro Shankar Mahadevan also created a sensation through his voice and musical troupe. “Where in my dreams did I think that I will sing Ganpati bhajan at Times Square,” said Mahadevan. The concert also saw Canada based group Culture Shock perform live on a mix of songs. Although Indian Americans dominated the crowd many tourists as well as local Americans enjoyed the festivities. “This is my first ever encounter with India. I have heard a lot about the country that it is colorful and vibrant but experienced it for the first time. I loved the energy and the sense of community and also the samosas. My next holiday destination is India for sure,” said Suzan Lew. The festival encountered mixed reactions from the Indian Americans. “Diwali is a festival of lights and what better place to celebrate than Times Square. It is like a mela out here, I have never seen such a crowd in the US. Only Indians can party like this, I am proud to be an Indian,” said Pragya Mahajan who wore a saffron turban. “Celebrating Diwali at Times Square is celebrating the cultural capital of the world (India) at the cultural capital of the United States,” said Sunny Doshi, a new Jersey resident.

    While there were positive responses to the event, many Indian Americans were disappointed with the ‘westernized’ Diwali celebrations and poor management. “Speakers at the very end did not work. We tried to go forward but feared stampede and because there were no screens to look at we headed back,” said Reetu Kumar who had come with her 68 year old grandmother. The night culminated into the star studded performances from Bollywood actors Ranbir Kapoor, and debutant Pallavi Shardha who made a special appearance along with Rishi and Neetu Kapoor to promote their upcoming film Besharam. The crowd gathered at Times Square went ballistic on catching a glimpse of one of Bollywood’s most eligible bachelors. Dressed in a black ‘sherwani’, the young Kapoor danced and interacted with his fans as his father recalled visiting the city years ago and expressing gratitude for the adulation shown to him and his family. Congratulating Maharashtra Tourism for its achievement, Rishi Kapoor said, “I am proud to be a part of Maharashtra.” Complimenting ASB Communications and Event Guru, Shankar Mahadevan said, “Congratulations for pulling this off. To do this at Times Square was close to impossible. God bless”. “I came to the USA over 36 years ago and I still remember being awed by Times Square when I first saw it. I told myself even at that time that I will showcase the diversity and richness of India at this location. I am so thankful to all those who came here today. I am equally thankful to Maharashtra Tourism Development Corporation, Air India, MoneyGram, DishWorld, Wells Fargo, Bank of Baroda and all other sponsors without whose support this event would not have been possible”, said Neeta Bhasin, President, ASB Communications, the conceptualizer of the event.

  • Legendary Bollywood stars to perform at the Iconic ‘Diwali at Times Square’

    Legendary Bollywood stars to perform at the Iconic ‘Diwali at Times Square’

    NEW YORK, NY (TIP): The iconic and history-making ‘Diwali at Times Square’ on Sunday, September 22, 2013 will witness participation of some of the biggest stars of Bollywood, the organizers, Event Guru and ASB communications, announced here on September 12. The event is sponsored by Maharashtra Tourism, Air India, MoneyGram, Royal Albert Palace, Wells Fargo and Bank of Baroda. So do mark September 22nd2013 in your calendar because that is the day when you will get to experience and savor the cultural potpourri that is India in Manhattan when Times Square celebrates Diwali. First time ever this historic event is being celebrated at the largest and the most popular cross road of the world – Times Square.

    The first-of-its-kind international initiative to promote Indian culture, heritage and diversity will span Broadway from West 45th to West 47th street. The event will take place from 11am to 6pm, followed by the ‘Light Up Times Square’ concert which will showcase live performances from some of the biggest names in Bollywood. All present will get a peek at the cultural kaleidoscope that is India by savoring Indian music, dance, food and films. The Title Sponsor of the show Maharashtra Tourism will be showcasing the much talked about and looked forward to Deccan Odyssey train through a re-creation of the same. All present will also be given an opportunity to take home a little bit of the Indian culture through an interactive exercise by the presenting sponsor Air India, wherein, they could learn how to drape the saree. Apart from this they will also get an opportunity to learn how to wear a turban or even learn how to play the dhol (Indian drum). A spokesperson for the organizers, giving details of entertainment segment said, “To kick start entertainment we shall have the melodious and ethereal voice of Shankar Mahadevan resonate in Times Square and enthrall all those present with his most popular songs medley.

    As if that wasn’t enough we shall have Ranbir Kapoor, the heart throb of India, the maverick superstar whose lineage boasts of the likes of Prithviraj Raj Kapoor, Raj Kapoor and Rishi Kapoor. “Ranbir Kapoor will perform and interact with the audiences present about his new film Besharam. And over and above all this pulsating entertainment we will get to see the most popular Bollywood couple Neetu and Rishi Kapoor accompany him on stage too. Pallavi Sharada, the debutante heroine of the film, will also perform on a song from Besharam. If this isn’t enough to give you an adrenaline rush then you will be jolted into a musical culture shock by the famous group from Canada Culture Shock. So do come one and all and share in this fantastic free for all experience of Dilwali at Times Square on 22ndSepetmber 2013. For further inquiry do visit www.diwalitimessquare.com and facebook.com/DiwaliTimesSquare

  • Diwali, “the Timeless Festival of Lights” comes to Times Square

    Diwali, “the Timeless Festival of Lights” comes to Times Square

    NEW YORK, NY: Come September 22nd and “Celebrity appearances, musical performances, Asian Indian Cuisine, ethnic Indian dances, fashion show and a “Light Up Times Square” concert will be the highlights of the first ever Diwali at Times Square, New York”, said Ms Neeta Bhasin, President of ASB Communications who have conceptualized and are managing the mega event. She was speaking at a press conference organized by Event Guru and ASB Communications at the up end The Atelier- Sky Lounge August 29th.

    The Consul General of India in New York, Ambassador Dnyaneshwar Mulay and the principal sponsors of the Times Square Diwali, Air India Regional Manager for Americas, Mr. Riwo Norbhu, MoneyGram Senior Marketing Manager Ms Zainab Ali, and Mr. Dinesh Kamble, Senior Manager at Maharashtra Tourism joined Neeta Bhasin at the press conference which was attended by a large number of media persons from both the print and electronic media, and a select gathering of the Indian American community’s best faces. Welcoming them all and introducing the sponsors, Neeta said that she was greatly impressed by the Maharashtra Tourism department which took just seven days to agree to become the title partners.We have, therefore, christened the Times Square Diwali as “Maharashtra Tourism (Mumbai) Diwali at Times Square”. “Air India”, she said, “are our valuable presenting partners”.

    She introduced Zainab Ali of MoneyGram as “our constant partners in all ventures” and thanked all sponsors present and those who were not around, including Bank of Baroda, Wells Fargo and “many others”. The CE of Bank of Baroda, Mr. Dhimant P. Trivedi could not make it to the press conference but was mentioned by Neeta as one who has always been supportive of every community event. Speaking on why she chose to have Diwali at the Times Square, Neeta said that she was keen to showcase India’s rich heritage and culture to the mainstream in America. “And what other place better that the Center of the World-the Times Square!” she said. Times Square, she said, attracts on an average 350,000 pedestrians each day. Neeta said she felt the need and urge to organize an event that would make the mainstream take notice of the Indian American community which has given to America the second largest group of professionals. “Unfortunately, despite our strengths and contribution, we, the Indian Americans, have not received the kind of recognition from the mainstream as Indians in U.K. or Australia.

    Diwali at Times Square is an attempt at the legitimate recognition of the Indian American community.” Outlining details of the Diwali celebrations on September 22nd when “every Indian American will own Times Square for the day”, Neeta said the event will take place from 11 A.M. to 6 P.M., followed by the “Light Up Times Square” Concert which will showcase live performances from some of the biggest names in Bollywood. “The concert will also feature a breath-taking laser light show”, she disclosed. Inviting the Indian Americans to the history-making event, being the first ever Diwali at the Times Square, Neeta exhorted them to “come in traditional outfit and be the proud owners of Times Square for the day.” A message from Maharashtra Minister for Tourism, Mr. Bhujbal was screened at the press conference. The Minister welcomed all and said, “I thank everyone for being present here for the curtain raiser of Maharashtra Tourism (Mumbai) Diwali at Times Square.” He found many similarities between New York and Mumbai. He said if New York was America’s financial capital, Mumbai was India’s financial capital. Both cities are cradles of diverse cultures, he said. Speaking about the state of Maharashtra, Mr.

    Bhujbal described it as a large state with varied topography and enormous scenic beauty. He added that the state was rich in heritage and was a repository of age old culture. In fact, there were four world heritage sites in Maharashtra that included Ajanta, Ellora and Elephanta. One of the most favored tourist destinations, the state, he said is “one of the most developed states of India”. He extended invitation to the gathering to come and holiday in Maharashtra. He said he was happy to have a global platform in the shape of Times Square in New York to showcase the state of Maharashtra, its variety and richness of heritage and culture. Ambassador Mulay, a scholar, writer and poet, besides being an ace career diplomat, spoke of the 5000 years old civilization of India and how over the centuries India absorbed different cultures and grew richer and more diverse. He also spoke of the geographical diversity of India; The Himalayas in the North, the plains, and the seas to the East, the West and the South. Speaking about Diwali, Mr. Mulay said, “Diwali is the king of all festivals. Despite religious connotations, Diwali is a secular festival, the most representative festival of India”. He gave a great description of the event when he said it would be appropriate to say “the Timeless festival comes to Times Square”. Mr. Mulay had a word of appreciation, bordering admiration, for America and New York. ” The beauty of the US is that it is always able to institutionalize.

    New York is a place of meeting, meeting and greeting- a rendezvous. Diwali, too, is a festival of meeting and greeting”, Mr. Mulay said. Appreciating the organizers’ vision, Mr. Mulay said, “It is not only a good idea but a great idea” and added that the event will be “a great celebration of growth of India and growth of Indian American diaspora”. “1.2 billion hearts will throb to see Diwali being celebrated at the Times Square”, he said and called upon all Indian Americans to “participate in full vigor”. On the occasion, he also recalled how Ranju Batra, who was also present, has been making strenuous and constant effort to have a Diwali commemorative stamp issued by the US Postal department and hoped “we will see the Diwali stamp this Diwali”. Air India Regional Manager for Americas Mr. Riwo Norbhu who seemed to believe in the dictum “Brevity is the soul of wit” said, “At Air India we all are very proud to celebrate Diwali at Times Square”. MoneyGram Senior Marketing Manager Zainab Ali who was in a hurry to catch a flight to LA, made a brief remark. She said, “MoneyGram has been part of many community celebrations.When my friend Neeta broached the subject I felt it was a great idea. I have never seen a person who worked as hard as Neeta to see that the idea takes a shape. Her effort will see 1.2 billion Indians in India celebrating Diwali at Times Square. MoneyGram will be happy to support her now and always”. All eyes are now turned to September 22nd.

  • RAJASTHAN MINISTER INAUGURATES RAJASTHAN CHAPTER OF INOC (I)

    RAJASTHAN MINISTER INAUGURATES RAJASTHAN CHAPTER OF INOC (I)

    NEW YORK (TIP): Rajasthan government Minister for Urban Development and Housing Shanti Dhariwal inaugurated on May 25 Rajasthan chapter of Indian National Overseas Congress (I) at Mint Restaurant in Long Island, New York. Inaugurating the chapter, the Minister said Rajasthan has been making all-round progress in many fields under the able leadership of Chief Minister Ashok Gehlot.

    He said the party is sure to return to power in view of numerous welfare measures undertaken by the Congress government. He took pains to describe various schemes undertaken for the weaker sections and the middle classes. Tom Suozzi, former Executive of Nassau County, in his remarks praised the role of Indian-Americans for their hard work and dedication in making Nassau County a better place to live.

    He introduced four of his running mates of which three are Indian-Americans and the other – an American with an Indian connection and who had worked with Mother Teresa in Kolkata. George Abraham, president of Indian National Overseas Congress (I) who presided over the function said that Rajasthan was the 12th chapter to be formed since the inception of INOC in 2000 and the INOC has become the voice of the Indian Diaspora. He said following the story of the massive victory in Karnataka will surely be repeated in the state elections to be held soon.

    The INOC-I will be playing its part to ensure the success, he said. Shudh Parkash Singh, senior vice president of INOC-I, said the Diaspora Indians will work hard to bring back the Congress to power in federal and state level elections. The Minister honored five prominent personalities – Jagdish Chandra, head of ETV Hindi and Urdu TV channels; Padam Mehta, chief editor and publisher of Manak; Capt. Stanley George of New York Police Department; Kanak Golia, a prominent businessman and Naveen C Shah, CEO of Navika Group of Companies.

    Stanley George was promoted to Captain of New York Police Department (NYPD) in 2007, the largest police department in the world. He is the first Indian Malayalee to reach the position and is currently the only captain of NYPD. After his graduation in Kerala, he migrated to the US and began his career as a civilian accountant in NYPD in 1989. He joined the Police Academy and graduated as police officer – he became Sergeant in 2000, Lieutenant in 2003 and Captain in 2007.

    He had worked in various units such as counterterrorism, criminal justice and patrol service bureau. He was recognized by President APJ Abdul Kalam in New York for his rescue and recovery service during the 9/11 tragedy. Kanak Golia is the president and CEO of Perfume Center of America, a multinational global company he founded in 1993. A wholesale distributor that prides itself on service, its clientele is worldwide.

    The company stocks over 4,000 major designer brands from France, Italy, Germany, Spain and the US. He has been distinguished as a recipient of the Top 10 Asian American Business Awards. Golia grew up in Johdpur, Rajasthan with his brother and three sisters. While managing his father’s business, he continued his academic career in accounting and law and served as Vice President of the Department of Law at the University of Rajasthan.

    Golia also serves as a Board of Trustee of New York Hospital for Queens; he and his wife Prabha Golia are instrumental in developing new cancer center and they were bestowed with Pacesetter Award, New York Hospital’s highest honor. They had established Kanak and Prabha Golia Foundation focused on women’s education, medical care for the disabled and orphanages. Naveen C. Shah is a prominent CPA and President and CEO of Navika Group of Companies, a premier commercial, real estate and hospitality enterprise in the US.

    He is also a partner of accounting and tax associates. Shah migrated to the US in 1982 and became a CPA in 1984. He has served as Board of Director of many professional and banking institutions and had been on the business banking advisory board of Wells Fargo and South Asian Business Advisory Board of Merrill Lynch. He is the founding member and past president of Rajasthan Association of North America (RANA); Indian Association of Long Island (IALI), Nargis Dutt Memorial Foundation to name a few.

    Shah founded Navika Capital Group LLC in 2005 with an objective to invest capital in commercial real estate and branded hotels in the US. Under his stellar leadership, the Navika Group has excelled in its performance and currently has substantial real estate and hospitality asset base under its ownership. It has an ownership stake in 43 prime real estate properties including 35 branded hotels in high value markets and is the direct result of Shah’s business acumen. Chandra Prakash Sukhwal, vice president of Rajasthan chapter, said Congress Party had made India a super power in the comity of nations and provided a strong and stable government in the center.

    He said a new slogan “Chalo Rajasthan, Jeeto Rajasthan” has been coined by Rajasthani non- residents to ensure the victory of Congress Party in Rajasthan. Sukhwal was a senior Congress leader who had worked with Indira Gandhi and Rajiv Gandhi before migrating to the US. Minister was presented Proclamations from Nassau County Chief Executive Edward Mangano and another from New York State Senate by Dilip Chauhan on behalf of the New York State Senator Toby Stavisky. Sushil Goyal, President of Rajasthan chapter of INOC-I welcomed the gathering. Sushma Kotahwala, Secretary, acted ably as emcee of the event.

  • Making Dollars & Sense

    Making Dollars & Sense

    South Asian Young Women Entrepreneurs Unveil Six-City Financial Education Tour
    NEW YORK (TIP): In celebration of National Women’s History Month in March, South Asian Young Women Entrepreneurs (SAY WE), a network of business-minded executives in the fields of technology, finance, entertainment and fashion, announced the launch of a six-city financial education tour, in association with the Consulate General of India (New York) and powered by Wells Fargo. “Making Dollars & Sense: Financial Education for South Asian Women Business Owners” will kick off in San Francisco on April 18.

    The panel of financial experts and successful South Asian women entrepreneurs will provide insights, tips and resources on topics such as building business credit, reinvesting in a business, protecting credit and maximizing relationships with business bankers. After the first event, the tour will stop in Los Angeles, Houston, Dallas, New Jersey, and culminate in New York City on May 30.

  • NY’s Twin Silver Diwali Events

    NY’s Twin Silver Diwali Events

    Hours before the Diwali Mela, there was a pre-Diwali dinner and Awards Ceremony hosted by AIA at the Pierre hotel, a first for the association. This evening was for approximately 200 people, including corporate heads of sponsoring companies, names, etc. This was a “special thank you, celebrating those who support both the Indian- American community, and the exposure of the culture,” said Ranju Batra AIA President.

    “I especially want to thank our sponsors. State Bank of India for the Fireworks, Star Plus TV for Grand Television Media Sponsor, Bank of Baroda for “Kids Fun Zone, India Tourism, Bank of India and Air India for Platinum Sponsor, Toyota, McDonald’s, New York Life who had major presence at the Diwali, wells Fargo for support. I also would like to thank our media sponsors: Rajeev Bhambri, HR Shah, Dr. Visanath, Kamlesh Mehta, Dr. Sudhir Parikh, Penny Sandhu, Sunil Hali, Prof. Indrajit Saluja, and Sudhir Vaishnav to name a few. Lastly, I am grateful to my Executive Committee and my family.” said Ranju Batra. Three rare and special awards were issued; and three special Flags flown on Capital Hill dome.

    A “Silver Diwali Bright Light Award” were bestowed upon three members of congress: Eliot L. Engel, Carolyn B. Maloney and Gregory W. Meeks, with the names of both ambassadors inscribed upon each award. In addition, Cong. Maloney presented 3 American flags flown on the Capitol Hill Dome in honor of India’s Amb. Hardeep Singh Puri, Pakistan’s Amb. Abdullah Hussain Haroon and United States’ Ravi Batra, remarking that Amb. Puri representing India, Amb Haroon representing Pakistan, and attorney Ravi Batra representing the United States, have “made the world safer with their mutual respect and affection.” Amb. Puri called Amb. Haroon “a very dear friend, who wins a gold medal as an ambassador for all the respect and friends he has earned for Pakistan,” and acknowledged Ravi as “the missing link between the two of them.” Amb. Haroon regaled the audience with the history of Diwali and its traditions, that his mother was born on Diwali, and that

    India and Pakistan had to get closer and start to disarm the border between them. Ravi said “these two ambassadors had enhanced the peace-trajectory of 1.5 billion people of the Sub-Continent with willing governments.” “Cong. Maloney has given wings to my pet project – issuance of a Diwali Stamp – by issuance of a Congressional letter in support of the Diwali Stamp. Now, please call your member of Congress and have them sign the Maloney Diwali Stamp Letter” said AIA-NY president Ranju Batra. Aside from the dignitaries and elected officials present, there were leaders from society, banking, media, and noted author Vikram Seth. “This gathering speaks to the actual triumph of “good” over “evil,” and “light” over “darkness.” It even speaks to the power of “goodness” and “mutual respect” said Ranju Batra.

    The program started with justices of the New York Supreme Court leading every American in the audience in a pledge of allegiance to the United States. This was followed by welcome remarks by Rajeev Bhambri, COO of India Abroad, presidential remarks by Ranju Batra, and remarks by elected officials. Senator Ruth Hassell-Thompson spoke
    of her grandson wanting to attend Diwali celebration and Mt. Vernon Mayor Ernie Davis spoke of culture and achievement. NYC council member Dan Halloran celebrated the community’s hard work and achievements. Also presentwere India’s Consul General Prabhu Dayal, India’s Secretary in GOI P.K. Misra and Manjeev S. Puri, India’s Deputy Permanent Representative to the UN. During dinner, the twin keynote speeches were given by Amb. Puri and Amb. Haroon. Bollyarts provided spellbinding dance performances. Sudhir Vaishnav was slated to give the vote of thanks. Traditional boxes of burfi were given to all
    attendees.