October 5, 2022

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Focus on India – Billionaire Rakesh Jhunjhunwala dies at 62; US claims India concealed Russian origin of fuel shipped to US

RIYADH: Stock market investor Rakesh Jhunjhunwala, nicknamed the Indian Warren Buffett with an estimated net worth of $6 billion, died Sunday morning at the age of 62, local media reported.

A chartered accountant by profession hailing from the desert state of Rajasthan, Jhunjhunwala first became interested in stocks while in college and later ran a stock trading company, RARE Enterprises.

The cause of death was not immediately known.

The promoter of the very new Indian airline, the very low-cost Akasa Air, Jhunjhunwala appeared a few days ago during its public launch. He is survived by his wife and three children.

Top politicians and business leaders mourned his death on social media.

“Rakesh Jhunjhunwala was indomitable,” Prime Minister Narendra Modi wrote on Twitter.

Anshu Jain, former co-CEO of Deutsche Bank, has died

Anshu Jain, a top financial executive best known for helping German lender Deutsche Bank AG take on Wall Street’s biggest firms, died overnight Saturday after a five-year battle with cancer, his family said. He was 59 years old.

Jain, who was born in India, spent two decades building Deutsche Bank into one of the best universal banks in the world. He was the first non-European to lead the German institution.

In the aftermath of the 2008 financial crisis and ensuing European debt crisis, Jain pushed Deutsche to remain Europe’s ‘last man standing’ as US companies forged ahead in global banking .

He resigned from the German lender in 2015 and had been chairman of US financial services firm Cantor Fitzgerald since 2017.

“He will be remembered for his leadership in financial services and his deep commitment to conservation,” said Larry Fink, chief executive of BlackRock Inc, who said he knew Jain well.

Born in the Indian city of Jaipur, Jain received his bachelor’s degree from the University of Delhi before completing an MBA from the University of Massachusetts at Amherst.

US claims India concealed Russian origin of fuel shipped to US

The United States has expressed concern to India that it is being used to export fuel made from Russian crude, through deep-sea transfers to conceal its origin, to New York in violation of US sanctions, a senior Indian central banker said on Saturday.

The US Treasury Department told India that an Indian vessel picked up oil from a Russian tanker on the high seas and brought it to a port in Gujarat on the west coast, where it was refined and shipped said Reserve Bank of India Deputy Governor Michael. Patras.

US sanctions against Moscow for its invasion of Ukraine in February prohibit the import into the United States of energy products of Russian origin, including crude oil, refined fuels, distillates, coal and gas.

“The fine production was put back on this ship, and it set sail with no destination. In the middle of the sea, it received its destination, so it went to New York,” Patra said at an event for celebrating 75 years of Indian independence.

(Contributed by Reuters)