WhatsApp’s Jan Koum and Brian Acton feature in Forbes’ latest list of billionaires

Marking one of the biggest acquisitions so far, Facebook acquired WhatsApp for a whopping $19 billion last month. While we’ve been hearing the rags to riches tales around its creators Jan Koum and Brian Acton, here’s yet another feather in their cap. The duo has now secured a place in Forbes’ list of imminent billionaires.


While 38-year-old Koum takes the 202nd rank in the Forbes list, 42-year-old Acton takes the 551st spot. According to Forbes’ estimate,  Koum holds about 45 percent stake in the company, while his co-founder Brian Acton’s stake is estimated at over 20 percent. That makes Koum worth $6.8 billion and Acton worth not less than $3 billion.


The duo are also known for their transformation from strugglers to billionaires. “37-year-old Jan Koum, born in the Ukraine, went to the US when he was 16-years-old. His family struggled living on food stamps, venture capitalist Jim Goetz revealed had said in a blog post. His house had no electricity or hot water. In fact, Koum’s family picked up their food stamps only a couple of blocks away from WhatsApp’s offices in Mountain View, California, said earlier report by Wired’s David Rowan.


Acton’s story shows us that persevering in spite of rejection worked miracles for him. In 2009, Facebook turned Acton down for a job. But Facebook wasn’t the only one to miss a golden opportunity, as Acton, who formerly worked at Yahoo, also appears to have been rejected by Twitter in 2009. Five years later, here they are.


In 2009, amidst the aftermath of the financial crisis, Koum and Brian Acton, longtime Yahoo employees, went on to create a messaging service that they hoped would become the biggest cross-platform in the world. Koum reportedly came up with the idea for his company in 2009 after his gym banned the use of cell phones...

Source: Technology News in Hindi

From T2 News

Google launches indoor maps in India

 Technology giant Google has launched indoor maps in India that will help users browse through and locate specific locations inside venues like malls and museums.

The service, available as part of Google Maps, is already available in countries like the U.S., Japan, Singapore, Hong Kong and the Netherlands.

“Using indoor maps, users will find it easy to locate stores, especially in an unfamiliar shopping mall or when they plan a visit to a museum like Salar jung in Hyderabad. With Indoor Google Maps in India, people can access detailed floor plans for 75 popular indoor venues with a few easy swipes,” Google India Director and Product Manager (Maps) Suren Ruhela told PTI.

The service will be available free to Android and iOS users, he added.

Some of the major locations include Ambience Mall in Gurgaon and Select City Walk in Delhi.

“To date, we’ve worked with 75 partners across 22 cities in India to bring indoor maps,” he said, adding that the list will be expanded in the coming days.

Apart from the metros, indoor maps will cover locations in cities like Bhopal, Coimbatore, Chandigarh, Dehradun, Jaipur, Kochi, Lucknow, Ludhiana and Moradabad.

Apart from malls, indoor maps would be available for National Gallery of Modern Art in Delhi, Salar jung museum in Hyderabad and Hyderabad International Convention Centre.

Source: Technology News in Hindi

From thehindu News

Pharma stocks edge higher

 Intraday volatility continued as key benchmark indices alternately moved between positive and negative terrain in early afternoon trade. The barometer index, the S&P BSE Sensex, was currently down 6.17 points or 0.03%, off close to 130 points from the day's high and up about 30 points from the day's low. The market breadth, indicating the overall health of the market, was positive.

Pharma stocks gained. Dr. Reddy's Laboratories rose after the company said it has launched anti-bacterial Moxifloxacin generic in the US market on 4 March 2014. Most capital goods stocks gained.

The market edged higher in early trade on firm Asian stocks. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in nearly six weeks. A bout of volatility was witnessed as key benchmark indices trimmed gains in morning trade. Intraday volatility continued as key benchmark indices recovered from lower level after giving away almost entire intraday gains in mid-morning trade. The Sensex slipped into the red later. Intraday volatility continued as key benchmark indices alternately moved between positive and negative terrain in early afternoon trade.

Foreign institutional investors (FIIs) bought shares worth a net Rs 185.61 crore on Tuesday, 4 March 2014, as per provisional data from the stock exchanges.

At 12:20 IST, the S&P BSE Sensex was down 6.17 points or 0.03% to 21,203.56. The index fell 33.57 points at the day's low of 21,176.16 in early afternoon trade. The index jumped 123.47 points at the day's high of 21,333.20 in early trade, its highest level since 24 January 2014.

The CNX Nifty was down 4.35 points or 0.07% to 6,293.60. The index hit a low of 6,287.80 in intraday trade. The index hit a high of 6,333.90 in intraday trade, its highest level since 23 January 2014.

The BSE Mid-Cap index was up 31.73 points or 0.48% at 6,597.32. The BSE Small-Cap index was up 9.72 points or 0.15% at 6,525.51. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,187 shares gained and 1,168 shares fell. A total of 119 shares were unchanged.

Among the 30-share Sensex pack, 16 stocks fell and rest of them rose. Tata Power Company (down 2.94%), Bharti Airtel (down 1.48%) and Tata Motors (down 1.07%) edged lower from the Sensex pack.

Pharma stocks gained. Cipla (up 0.86%), Lupin (up 0.6%), Ranbaxy Laboratories (up 0.59%) and Sun Pharmaceutical Industries (up 0.27%) rose.

Dr. Reddy's Laboratories rose 0.95% after the company said it has launched anti-bacterial Moxifloxacin generic in the US market on 4 March 2014. The company made the announcement during trading hours today, 5 March 2014.

Dr. Reddy's Laboratories announced that it has launched Moxifloxacin Hydrochloride tablets, 400 milligram (mg), a therapeutic equivalent generic version of Avelox (Moxifloxacin HCI) tablets 400 mg in the US market on Tuesday, 4 March 2014, following the approval by the United States Food & Drug Administration (US FDA).

The Avelox (Moxifloxacin HCI) tablets brand had US sales of approximately $195 million for the twelve months period ended 31 December 2013 according to IMS Health data. Avelox tablets are used in adults for the treatment of infections of the lungs, airways and sinuses.

Dr. Reddy's Moxifloxacin Hydrochloride tablets, 400 mg is available in bottle counts of 30, the company said in a statement..

Source: News in Hindi 

From BS News

As India sets election dates, traders brace for stock rally

The Election Commission has set 7 April as the start of parliamentary elections, with voting to be held in nine staggered phases until 12 May2. If history is any guide, investors should be very much looking forward to it.

The benchmark BSE Sensex has gained in the month before elections in each of the previous six elections, with the biggest advance coming in 2009 when the Congress-led United Progressive Alliance (UPA) won a majority.

The gains in the run-up to elections can be explained by a mix of expectations for policy reforms and election spending, according to traders.

Traders expect especially strong gains this year as solid foreign investor flows, a more stable rupee on the back of a narrowing current account deficit are more than offsetting global uncertainties such as the US Federal Reserve’s tapering of its monthly bond buying.

Still, although markets widely expect a victory for the main opposition party Bharatiya Janata Party (BJP), whether it can clinch a majority could be the joker in the pack, although similar uncertainties about outcomes in previous elections have not prevented gains.

“A pre-election rally is definitely underway. Flows, positioning, macro are all pointing towards its extension in the coming months,” said G. Chokkalingam, founder of Equinomics, a research and fund advisory company. 

Source: Hindi News

From livemint News

Global billionaire wealth scales new heights; India disappoints: Forbes

 The total wealth of billionaires living in India has dropped to $191.5 billion, even as the overall fortune of the group globally has grown to a record high of $6.4 trillion.

Thanks to a weak economy and decline in the rupee value against US dollar, the collective wealth of India’s billionaires’ at $191.5 billion was a tad lower than last year even as the number of the super rich people in the country was 56, one more than 2013.

The ranks of the world’s billionaires continued to “scale new heights and stretch to new corners of the world”.

There were as many as 1,645 billionaires with an aggregate net worth of $6.4 trillion, up from $5.4 trillion a year ago. This included a record 268 new 10-figure fortunes, and 42 new women billionaires.

According to Forbes, the US led the world with 492 billionaires thanks to the tech boom and strong stock market, followed by China with 152 and Russia with 111 super rich people.

“But wealth is spreading to new places,” Forbes said, adding that the latest Forbes list saw inclusion of billionaires for the first time from Algeria, Lithuania, Tanzania and Uganda.

Moreover, for the first time, an African, Aliko Dangote of Nigeria, made it to the top 25.

On the contrary, a weak economy and falling rupee took its toll on the wealth of Indian billionaires this year.

The country is home to 56 billionaires in all with a collective net worth of $191.5 billion which is a little lower than last year’s haul of 55 names worth $193.6 billion.

Some of the most striking billionaires who saw their fortunes erode in the past year include, Mukesh Ambani, Laxmi Mittal, Sashi and Ravi Ruia among others.

In 2008, Ambani was the world’s fifth richest person with a net worth of $43 billion and has seen a steep decline in his wealth since. This year, Ambani’s wealth is down by $2.9 billion though he hangs on to his perch as India’s richest person with $18.6 billion networth.

Steel tycoon Lakshmi Mittal has also been witnessing a steep fall over the last 10 years. In the latest Forbes list Mittal is ranked in the 52nd position, while in the year 2005, he enjoyed a rank as high as 3rd on the global rich list.

Moreover Shashi & Ravi Ruia also saw their fortune erode and this year the brothers are the biggest dollar losers, down by $3.6 billion as shares of their London-listed Essar Energy tumbled.

Source: Hindi News

From BL News

Commerce minister wants gold import curbs eased

 India's trade minister said on Tuesday he had raised the issue of easing some curbs on gold imports with the finance ministry, as they were encouraging smuggling and hurting the gems and jewellery industry, an important export sector.

The government imposed the restriction on imports last year, in order to narrow a worrying high current account deficit, and any relaxation of the curbs could revive Indian demand and support global prices.

"We have to have a balance. Over-regulation, too much of tariffs, lead to another problem ... of smuggling," commerce minister Anand Sharma told a news conference.

"We have to ensure adequate availability of gold for the gems and jewellery industry, which is a very important sector for our exports."

Finance minister P Chidambaram said last month he would cap the current account deficit below $45 billion as against $88 billion last year and he is expected to review the gold curbs by mid-March ahead of an election expected by May.

Last year, the government raised import duty on gold to a record 10 percent and tied gold consumption to exports of gold jewellery to bolster India's external finances, which came under strain from a decision to scale back US monetary stimulus.

Jewellery exports have suffered a drop of more than 50 percent since the start of the year.

Despite the rule ensuring the supply of gold to exporters, jewellery makers have suffered delays receiving imported gold because of the lengthy customs clearances.

Source: Hindi News

From TOI News

India Manufacturing Expansion Strongest in Year

India's manufacturing-sector activity expanded at its fastest pace in a year in February, providing some relief to the South Asian economy that has been struggling with high inflation and weak growth.

The seasonally adjusted HSBC HSBA.LN -1.34% India Manufacturing Purchasing Managers' Index, prepared by Markit, rose to 52.5 from 51.4 in January, according to a survey released Monday. A reading above 50 indicates expansion while one below shows contraction.

HSBC said a bigger increase in new orders, both from the export and home markets, helped drive the expansion. The consumer goods segment was the best performer.

"New order flows have firmed, with the improvement in external demand and the reduction in macroeconomic uncertainty since last summer," said Leif Eskesen, HSBC's chief economist for India and Asean. "This, in turn, has provided a lift to output growth," he added.

Rising borrowing costs, bureaucratic red-tape, infrastructure bottlenecks and the slow pace of change in policies needed to address these issues have hurt Indian manufacturing, dragging economic growth to its weakest levels in a decade.

Data Friday showed India's manufacturing output during the last quarter of 2013 contracted 1.9% from a year earlier. That dragged the economy, which grew just 4.7% in that quarter, the seventh successive month of below-5% growth.

Inflation, too, has remained uncomfortably high for years now in Asia's third-largest economy, creating the risk of stagflation.

Although price rises have eased in recent months, they still remain well above levels conducive to facilitating growth. "Underlying inflation pressures remain potent, which was evident from the jump in the input price component of the PMI survey," Mr. Eskesen said. "This will keep the RBI (Reserve Bank of India) hawkish and likely compel it to raise rates a bit further this year," he added.

That could spell bad news for Indian industry, which has been urging the central bank to not only halt the rate increases but also to adopt a more dovish stance and bring them down to facilitate an economic recovery.

Still, the RBI has been raising interest rates as it believes inflation could be a bigger threat to India's growth if allowed to persist for too long.

Late January, it increased the main lending rate for the third time since September.

India's consumer inflation was at 8.79% in January. The RBI wants to bring it down to 8% by next January and 6% in the following 12 months.

Source: Hindi News

From WSJ News