Obama invites Indra Nooyi for consultation on economy

November 14, 2012
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Washington, November 14: United States President Barack Obama has invited at least three Indian-Americans, including PepsiCo CEO Indra Nooyi, as part of his wider consultations with leaders from business, labour, civic community and Congress on the current economic crisis.

Neera Tandon, president of the Center for American Progress, an eminent U.S. think-tank based in Washington; and Deepak Bhargava from the Center for Community Change are the other Indian-Americans invited for consultations, said a White House official.


The President this week would meet leaders from the business, labour, progressive and civic communities, as well as congressional leadership, to have discussions on the best ways to move the economy forward and find a balanced approach to reduce deficit, he said.


“On Tuesday, Obama will attend a meeting with labour and progressive leaders….” Ms. Tandon and Mr. Bhargava have been invited to attend the White House meeting with Mr. Obama later on Tuesday.


Others attending the meeting are Kay Henry from the Service Employees International Union (SEIU); Lee Saunders from the American Federation of State, County and Municipal Employees (AFSCME); Dennis Van Roekel from the National Education Association (NEA); and Rich Trumka from the American Federation of Labour and Congress of Industrial Organisations (AFL-CIO).


Those invited for the meeting on Wednesday include Mark Bertolini (President, Chairman and CEO, Aetna); and Ursula Burns (Chairman and CEO, Xerox), Kenneth I.

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News Network
September 16,2020

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Moscow, Sept 16: Russia's sovereign wealth fund has agreed to supply 100 million doses of its coronavirus vaccine, Sputnik-V, to Indian drug company Dr Reddy's Laboratories, the fund said on Wednesday, as Moscow speeds up plans to distribute its shot abroad.

The deal comes after the Russian Direct Investment Fund (RDIF) reached agreements with Indian manufacturers to produce 300 million doses of the vaccine in India, which is a major consumer of Russian oil and arms.

Dr Reddy's, one of India's top pharmaceutical companies, will carry out Phase III clinical trials of the vaccine in India, pending regulatory approval, RDIF said in a statement.

Deliveries to India could begin in late 2020, it said, adding this was subject to the completion of trials and the vaccine's registration by regulatory authorities in India.

Russia was the first country to license a novel coronavirus vaccine before large-scale Phase III trials were complete, stirring concern among scientists and doctors about the safety and efficacy of the shot.

The Phase I and II results had shown promise, G V Prasad, co-chairman of Dr Reddy's, was cited in the RDIF statement as saying.

"Sputnik V vaccine could provide a credible option in our fight against COVID-19 in India," he said.

There was no detail about the price of the vaccine but RDIF has said previously it was not aiming at making a profit, just covering costs.

The agreement comes as India's coronavirus cases surged past 5 million on Wednesday, piling pressure on hospitals grappling with unreliable supplies of oxygen that they need to treat tens of thousands of critical patients.

India is only the second country in the world to cross the grim milestone and said this week it is considering granting an emergency authorisation for a vaccine, particularly for the elderly and people in high-risk workplaces.

The RDIF has already reached vaccine supply deals with Kazakhstan, Brazil and Mexico. It has also signed a memorandum with the Saudi Chemical company.

Russia has billed Sputnik-V as the first vaccine against the coronavirus to be registered in the world. Phase III trials, involving at least 40,000 people, were launched in Russia on Aug. 26 but have yet to be completed.

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Agencies
September 15,2020

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Washington, Sept 15: Billionaire philanthropist Bill Gates has said India's willingness to play a "big role" in manufacturing Covid-19 vaccine and allow it to supply to other developing countries will be a critical part in containing the coronavirus pandemic globally.

In an exclusive interview to PTI, Gates, whose foundation is focusing on fighting the pandemic, called it the "next biggest thing" the world has been confronted with after the World War.

The Microsoft co-founder said the world is looking to India for large scale production of Covid-19 vaccine once it is rolled out.

"Obviously, all of us want to get a vaccine out in India as fast as we can, once we know that it's very effective and very safe, and so the plans are coming into focus that sometime next year, it's very likely that roll-out will take place and take place in fairly big volume," he said.

"The world is also looking to India for some of that capacity to be available to other developing countries. Exactly what that allocation formula looks like will have to be figured out," Gates added.

Scientists and pharmaceutical companies globally are racing against time to find a vaccine for the coronavirus pandemic which has killed about 9,32,000 people and infected around 24 million. Some of the vaccine candidates have entered the third and final phase of testing.

"This is not like a world war, but it's the next biggest thing after that that we've ever had," he said.

The Bill and Melinda Gates Foundation, one of the world's largest charities, has been involved in global efforts to contain the pandemic. In India, the foundation has entered into a partnership with the Serum Institute to accelerate the manufacturing and delivery of Covid-19 vaccines.

"India's willingness to play a big role in the manufacturing and to allow some of those vaccines to go to other developing countries will be an absolutely critical part of that," said Gates.

"India will be helping to make sure we have equity. We have a model that shows that getting the vaccine out to those who need it the most will save half the lives that you'd lose if you only send it out to the rich countries," he said.

In the telephonic interview, the Microsoft co-founder who has donated billions of dollars to fight poverty and diseases, talked extensively about India's strength in production of vaccines and referred to companies like Serum Institute, Bio E and Bharat Biotech.

"We've been brokering the idea of taking a vaccine and manufacturing it in India, even if it comes from AstraZeneca, Oxford or Novavax or Johnson & Johnson. We've publicly talked about the arrangement where a Serum will be able to make very high volume of the AstraZeneca and the Novavax vaccine," said Gates.

"There's discussions with Bio E, their connection with the Johnson & Johnson vaccine, and whether they'll be able to ramp that up," he said.

Gates also said that the foundation has been having "great discussions" with India's NITI-Aayog, adding the ICMR is looking at the regulatory aspects of the Covid-19 vaccines.

"I'm actually very impressed with how our discussions with the government on these issues and the companies, including the Western companies collaborating with these new companies, that's all gone very well," Gates said.

The American business magnate said he was optimistic that by the first quarter of next year, that several of these vaccines will reach the phase three emergency licence approval.

"We still could be disappointed in that. But we have a variety of constructs and the early data from the phase one and phase two, for example the antibody levels, looks pretty promising for quite a few of these vaccines," he said.

He said the focus should be to keep the cost of the vaccines low and it should be ensured that they can be made in very high volume.

"We have to remember that even once a vaccine is approved, the bar for that vaccine in terms of the effectiveness was set as 50 per cent, and so we still may want to continue with other vaccines to get higher effectiveness," he said.

Gates also complimented India's digital cash transfer scheme.

"Getting payments out through digital cash transfers, that has been a fantastic thing, and obviously, India has done that at a scale that no other country ever has," he said.

"The whole Aadhaar digital financial system in India has proven to be once again a huge asset," he said, adding it can be extended to all the countries of the world.

The philanthropist also referred to the foundation's annual Goalkeepers report saying it normally takes stock of the ongoing progress on things like economic growth, literacy, child survival and average lifespan.

"This year's report, unfortunately, we're unable to say that there's been progress. In fact, we talk about the setback, and one way we dimensionalise that for like vaccine coverage globally, which went from 84 per cent to 70 per cent, is we say that's a 25-year setback," he said.

Asked whether India's economic downturn will impact implementation of social welfare schemes, Gates said the foundation is a huge believer that investments in health pay off very strongly.

"It's tragic that all health activities have been so disrupted, and that will lead to increased deaths from other diseases, not just COVID," he said.

"In fact, in many places, and I'm not sure if India will be included in this, but there's a chance that there would be more deaths from other diseases because of the health disruption than from COVID itself," he said.

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News Network
September 24,2020

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A bottled-water and vaccine tycoon has become China's wealthiest person in a day also marked by massive losses among the world's tech elite.

Zhong Shanshan's net worth reached $58.7 billion on Wednesday, $2 billion more than Jack Ma's, according to the Bloomberg Billionaires Index. Zhong is now Asia's second-richest person, behind India's Mukesh Ambani, and is the 17th wealthiest in the world, ahead of Charles Koch and Phil Knight.

Nicknamed “Lone Wolf” for his eschewing of politics and clubby business groups, Zhong's fortune has jumped $51.9 billion in 2020, more than anyone else in the world except Amazon.com Inc.'s Jeff Bezos and Tesla Inc.'s Elon Musk. Both suffered heavy declines on Wednesday as tech stocks stumbled and Tesla plunged after its “Battery Day” event fell short of expectations. Musk's fortune dropped by almost $10 billion.

The initial public offering of bottled-water company Nongfu Spring Co. -- which turned out to be Hong Kong's most popular among retail investors -- propelled Zhong to China's top three richest earlier this month. That came after the April listing of vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. pushed his net worth to $20 billion by early August.

Zhong now leads a wealth ranking in China that is typically dominated by people who made their fortunes from tech companies.

While Zhong has surpassed Ma as China's wealthiest, the tech tycoon might soon regain the top spot, which he's held for most of the past six years after Alibaba went public in the U.S. Ant Group's IPO next month is poised to boost his fortune, with his stake estimated at $28 billion if the company achieves the $250 billion valuation people familiar with the matter have said it's targeting.

Wednesday was brutal for U.S. tech stocks, which tumbled the most since earlier this month. The plunge in Musk's wealth was the biggest among the people on the Bloomberg ranking of the world's 500 richest, followed by Bezos, whose net worth dropped by $7.1 billion. Musk is now worth $93.2 billion and Bezos $178 billion. Zhong added almost $4 billion Wednesday, more than anyone else in the index.

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