Investment
Ramaswamy Investments Seem at Odds With His Position on 'Woke' Culture – The New York Times


The billionaire biotech mogul has railed against socially conscious companies. But his financial disclosure shows he has a stake in some of the leaders in the field.
Vivek Ramaswamy, a Republican presidential candidate who made a fortune in the biotech industry, has caught the interest of primary voters with fiery critiques of the socially conscious practices of U.S. corporations, which he laid out in a book, “Woke, Inc.: Inside Corporate America’s Social Justice Scam.”
But Mr. Ramaswamy himself owns valuable investments in many companies that have embraced environmental, social and governance principles, known as E.S.G. — the kinds of “woke” corporate practices he decries — according to a financial disclosure filed with the Federal Election Commission that was released on Friday.
While many of the companies in which Mr. Ramaswamy holds an interest are household names, they are also leaders in the corporate movement to address social and environmental issues.
Among the companies that Mr. Ramaswamy is invested in are Microsoft (his holdings are valued from $1 million to $5 million), Home Depot ($250,000 to $500,000), Lockheed Martin ($500,000 to $1 million) and Waste Management ($500,000 to $1 million). All adhere to various E.S.G. principles, according to reports posted on their websites.
Mr. Ramaswamy has argued that such goals are a distraction from earning a profit, and that social objectives should be left to elected officials.
Tricia McLaughlin, a senior adviser to Mr. Ramaswamy, said that he did not manage his own stock portfolio. “The first time Vivek learned of these positions was when he saw this financial disclosure report,” Ms. McLaughlin said on Friday. “Vivek’s stock portfolio is independently managed by a third party. The filer has authority to make trades and invest in stocks without his expressed consent or knowledge.”
Mr. Ramaswamy, a long-shot candidate who has said that he would go further than the Republican front-runner, former President Donald J. Trump, on conservative issues, has been unusually transparent about his wealth, earlier releasing 20 years of his tax returns.
But until he filed his financial disclosure with election officials, there were few details. The filing reported that Mr. Ramaswamy owned up to a $25 million investment in Rumble, the video platform that styles itself a refuge for right-wing commentators shunned elsewhere. He owns up to $300,000 in cryptocurrency, primarily Bitcoin, and an investment worth up to $100,000 in a cryptocurrency app named MoonPay. He also has interests in three private planes.
Mr. Ramaswamy, 37, is a Cincinnati native who holds degrees from Harvard and Yale. He founded Roivant Sciences in 2014, a company that develops and markets drugs, and that is the primary source of his wealth. Though he stepped down as chairman in February when he announced his candidacy, earlier reporting showed that he remained one of the largest shareholders. On the federal disclosure, the value of his Roivant holdings is listed as “over $50 million,” which is the largest category used on the form.
According to Ms. McLaughlin, Mr. Ramaswamy’s total worth is more than $1 billion.
Besides Roivant, Mr. Ramaswamy’s portfolio has diversified into investments in major U.S. companies that many Americans would recognize from their own retirement accounts. These holdings are valued between $39.6 million and $125 million. (The amounts on the form are reported within a range.) In addition, he reported over $50 million in holdings in Strive Enterprises, an investment company he created to manage funds that invest in companies without regard to social objectives.
Sales of Mr. Ramaswamy’s book “Woke, Inc.,” which lays out his case against corporations attempting to factor in social goals, earned its author $203,860 in royalties.
The report suggests one area in which Mr. Ramaswamy is more modest than other members of his ultrawealthy cohort: He owns just a single residence, in Columbus, Ohio. Its value was pegged between $1 million and $5 million.
Investment
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts
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NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary products and do not compete on similar products.
“Hence, the trade relationship will continue to grow and not be affected by day-to-day events,” Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Certain political developments have led to a pause in negotiations for a free trade agreement between the two countries.
On September 10, Prime Minister Narendra Modi conveyed to his Canadian counterpart Justin Trudeau India’s strong concerns about the continuing anti-India activities of extremist elements in Canada that were promoting secessionism, inciting violence against its diplomats and threatening the Indian community there.
India on Tuesday announced the expulsion of a Canadian diplomat hours after Canada asked an Indian official to leave that country, citing a “potential” Indian link to the killing of a Khalistani separatist leader in June.
Srivastava said these recent events are unlikely to affect the deep-rooted people-to-people connections, trade, and economic ties between the two nations.
Bilateral trade between India and Canada has grown significantly in recent years, reaching USD 8.16 billion in 2022-23.
India’s exports (USD 4.1 billion) to Canada include pharmaceuticals, gems and jewellery, textiles, and machinery, while Canada’s exports to India (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products.
On investments, he said that Canadian pension funds will continue investing in India on grounds of India’s large market and good return on money invested.
Canadian pension funds, by the end of 2022, had invested over USD 45 billion in India, making it the fourth-largest recipient of Canadian FDI in the world.
The top sectors for Canadian pension fund investment in India include infrastructure, renewable energy, technology, and financial services.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said the present frosty relations between India and Canada are certainly a cause for concern.
“However, the bilateral trade is entirely driven by commercial considerations. Political turmoil is of a temporary nature and should not be a reason to affect trade relations,” Saraf said.
He added that even with China, India has acrimonious relations but bilateral trade continues to remain healthy.
“In fact, bilateral trade is an effective tool to improve political relations. India must make special efforts to increase our bilateral trade with Canada,” Saraf said.
India and Canada have a strong education partnership. There are over 200 educational partnerships between Indian and Canadian institutions.
In addition, over 3,19,000 Indian students are enrolled in Canadian institutions, making them the largest international student cohort in Canada, according to GTRI.
According to the Canadian Bureau for International Education (CBIE), Indian students contributed USD 4.9 billion to the Canadian economy in 2021.
Indian students are the largest international student group in Canada, accounting for 20 per cent of all international students in 2021.
Benefits of educational partnerships are mutual and hence the current situation may have no impact on the relationship, Srivastava said.





Investment
Apple supplier Foxconn aims to double India jobs and investment


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Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
V Lee, Foxconn’s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
He did not give more details.
Foxconn already has an iPhone factory employing 40,000 people in the state of Tamil Nadu.
In August, the state of Karnataka said the firm will invest US$600 million for two projects to make casing components for iPhones and chip-making equipment.
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The company’s Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: “several billion dollars in investment is only a beginning”.
Taiwan election: Foxconn’s Terry Gou taps star-powered running mate
Last month, Foxconn’s billionaire founder Terry Gou said he would run for the Taiwanese presidency in next year’s election, as an independent candidate.
He said the ruling and independence-leaning Democratic Progressive Party (DPP) was unable to offer a bright future for the island and left Foxconn’s board following his decision to run.
The firm operates the world’s largest iPhone plant, in the city of Zhengzhou in Henan province.





Investment
Foxconn to double workforce, investment in India by ‘this time next year’

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Foxconn, Taiwan-based Apple supplier, has said that they are planning to double their investment and workforce in India within the next twelve months, according to V Lee’s LinkedIn post on the occasion of Prime Minister Narendra Modi’s 73rd birthday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
Notably, Foxconn already has an iPhone factory in the state of Tamil Nadu, which employs 40,000 people.
V Lee, Foxconn‘s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
In August this year, Karnataka governments had said that Foxconn has planned to invest $600 million for two projects in the state to make casing components for iPhones and chip-making equipment.
Earlier this month, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) had said, ‘India will be an important country in terms of manufacturing in future’.
In the past, it took 30 years to build the entire supply chain ecosystem in China, he noted, adding that while it will take an “appropriate amount of time in India” and the process will be shorter given the experience. The environment too is not quite the same, he said pointing to the advent of new technologies like AI and generative AI.
Meanwhile, Apple Inc. has announced plans to make the India-built iPhone 15 available in the South Asian country and some other regions on the global sales debut day, according to a Bloomberg report.
While the vast majority of iPhone 15s will come from China, that would be the first time a latest generation, India-assembled device is available on the first day of sale, they said, asking not to be identified as the matter is private.
Apple introduced the iPhone 15, updated watches and AirPods at a gala event at its US headquarters. Sales of new products begin typically around 10 days after the unveiling.





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