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Journey of Indian Origin Harry S. Banga among Richest people in Hong Kong

Harindarpal Singh Banga is among the list of Top 50 richest people according to Forbes Magazine

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Harry S. Banga is one of the richest people in Hong Kong
Harry S. Banga is one of the richest people in Hong Kong. Pixabay

Hong Kong, Sep 11, 2017: He grew up in Chandigarh and never thought he would be a billionaire and one of the richest people in Hong Kong. But Harry S. Banga has done that successfully in the fields of commodities, ship management and asset management.

With a net worth of $1.02 billion, Harindarpal Singh Banga, as the chairman of the fairly young Caravel Group, not only figures among the list of Top 50 richest people (Forbes Magazine) in Hong Kong but is known as the tycoon who has staged a comeback in the commodities sector in a big way.

“It’s been a great journey. (I am) So proud of achieving what we have done. Obviously, there were a lot of ups and downs. Never realised on leaving Chandigarh that I will be where I am today. By the grace of god, it has been a wonderful and successful journey. One day I will write a book,” Banga told IANS during an interview in the swanky headquarters of the Caravel Group in the Central Plaza skyscraper in Hong Kong’s busy Wan Chai commercial area.

Banga, who started as a shippie, has reasons to feel proud.

He exited the Noble Group, in which he was a co-founder in 1988, just before it started crumbling on the business front. Setting up the Caravel Group in 2013 with an $800 million investment, Banga was soon back in the big league of Hong Kong billionaires early this year.

“We have three verticals within the Caravel Group. The first one is Asset Management. It is purely investing in liquid assets in equity, fixed income and debt investment and some private equity investment. The other part is brick and mortar business in Caravel International which has got two verticals. One is Caravel Resources under which we do the commodities business. Then we have Caravel Maritime and Caravel Fleet Management Limited.

“Today we are the third largest ship management company in the world. We have 450 ships under our management, close to $20 billion dollars of assets. Total officers and crew are about 18,000 — the majority of them from India,” he explained.

With operations spread in 19 countries across most continents, Banga says that doing business with China is easier.

“Seventy per cent of our total turnover comes from China. I have been dealing with China since 1983. Dealing with officials and corporates in China, I find them very easy to develop and do business with.

“Our business mainly focuses around China, which is the main consumer of commodities today. Today, we are the largest international trading company supplying iron ore to China. Total volume is 40 million tonnes. The originating countries are India, Australia, South Africa and Brazil. Caravel Carbon does the thermal coal business. Sixty per cent of that goes into China and 40 percent to India to power plants, cement plants etc,” he said.

Though his company has offices in India, the business dealing is limited.

“While in other countries in Europe, Australia, America it is either a green light or red light — it is all very clear. Though in the last three years it is changing, in India it is permanent amber light. So, you don’t know if it is red or green. They do come with a policy in India but it takes a long time to understand that policy,” said Banga, who was honoured with the Pravasi Bharatiya Award in 2011 by the Indian government.

“Ours (India) is not easy. We have religion issues, caste issues, language issues, states have their own issues. All these things are very challenging. New Delhi takes decisions. The implementation is in districts. It is a very different world there (in the districts). In Beijing, one guy decides, everyone implements,” he said.

Banga is worried that too many young people in India are getting education and skills, but not enough jobs are available.

“In India, we have the beauty product and health product e-retail company called Nykaa. That is one of the major investments that we have,” he added.

Born in Amritsar, Banga, 66, did his schooling and bachelor of engineering in Chandigarh before moving out in the 1970s.

“I became the youngest captain at the age of 27-and-a-half. I worked with companies in London, Geneva and Hong Kong, where I arrived in 1984,” he said.

Among other things, Banga has an eye for contemporary paintings and antiques. (IANS)

 

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Dalai Lama says that India and China have great potential

The spiritual leader feels that both the countries are doing compassionate works

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Dalai Lama talks about India and China
Tibetan spiritual leader Dalai says that India and China can work together. VOA

New Delhi, Nov 19

Tibetan spiritual leader the Dalai Lama on Sunday said India and China have “great potential” and they could work together at a “practical level”.

“I think, a great potential… India and China combined are doing more compassionate work… At a practical level also. Imagine two billion people working together,” he told reporters here after inaugurating Smile Foundation’s initiative, The World of Children.

The spiritual leader, who has lived in India in self-imposed exile since 1959, said neither country had the “ability to destroy the other”.

“Whether you like it or not, you have to live side by side,” he said.

Underlining the ancient spiritual connection between the two countries, he said Chinese Buddhist Hsuan Tsang visited Nalanda (now in Bihar) and brought Nalanda Buddhist traditions to China.

“All thinkers of Nalanda are Indian. So Nalanda’s tradition is India’s tradition,” he said.

The Nalanda traditions had turned Tibetans, who were warriors, into more compassionate, peaceful and non-violent nation, he said.

“So sometimes in Delhi, teasing my Indian friend, (I say) if Tibet still remained in the previous way of life, like Mongols, Chinese invasion may not have taken place,” the Dalai Lama said in a lighter vein.

He said nobody in the world wanted violence but it was happening “because our minds are dominated by destructive emotions due to short-sightedness”.

“Nobody wants problems. Yet, many problems are our own creation.”

The Dalai Lama said the existing modern education was oriented to material values. India can take lead in improving the education system by combining modern education with ancient knowledge, he said. (IANS)

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Donald Trump Planning to meet Putin during his Asia tour

Donald Trump's first trip to Asia is the longest international tour.

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US President Donald Trump
US President Donald Trump. wikimedia commns
  • US President Donald Trump said on Sunday that he expected to meet his Russian counterpart Vladimir Putin during his Asia tour.

“I think it’s expected we’ll meet with Putin, yeah. We want Putin’s help on North Korea, and we’ll be meeting with a lot of different leaders,” Donald Trump told reporters on Air Force One before landing at the Yokota Air Base in Japan, Efe reported.

Putin is scheduled to participate in the Asia-Pacific Economic Cooperation (APEC) summit in Da Nang, Vietnam, which Trump will also attend as part of his long Asia tour.

The North Korean nuclear threat is expected to dominate Donald Trump’s meetings in Japan and the next two stages of his tour, South Korea and China, where he will have a highly anticipated sit-down with Chinese President Xi Jinping.

The remainder of the tour will be more focused on economic issues, with Trump scheduled to take part in the APEC meeting in Da Nang and then in the Association of Southeast Asian Nations (ASEAN) Summit and the East Asia Summit in the Philippines.

Donald Trump’s first trip to Asia is the longest international tour by a US head of state since the one then-President George H.W. Bush embarked on in 1992.

Bush became ill at the end of that trip, famously vomiting on the Japanese prime minister’s lap at a formal dinner before fainting.(IANS)

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‘Dalai Lama is a Political Figure under the cloak of Religion, Meeting or Hosting the Dalai Lama is a major offence’ Warns China

In April this year, China had reacted violently to a visit by the Dalai Lama to Tawang, in India’s northeast border state of Arunachal Pradesh, large parts of which is claimed by Beijing.

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Dalai Lama
The 14th Dalai Lama, Wikimedia

Beijing, October 21, 2017 : As US Secretary of State Rex Tillerson prepares to visit India next week, China on Saturday warned that it will be deeply offended if any foreign leader meets with or any country invites the Dalai Lama.

On the sidelines of the 19th National Congress of the Communist Party of China, a Chinese Minister dubbed the Tibetan spiritual leader as a “political figure under the cloak of religion”.

“Any country or any organisation or anyone accepting to meet with the Dalai Lama in our view is a major offence to the sentiment of the Chinese people,” said Zhang Yijiong, Executive Vice Minister of the United Front Work Department of the ruling Communist Party of China (CPC).

“Also, since they have committed to recognising China as a sole legitimate government representing China, it contravenes their attempt, because it is a serious commitment,” Zhang added.

China accuses the Dalai Lama of stoking unrest and secessionist activities in Tibet from where the spiritual leader fled to India in 1959 after a failed uprising.

The Dalai Lama has urged for more autonomy for Tibet.

Beijing opposes any country or leader keeping in touch with the Dalai Lama.

“I want to make it clear that the 14th Dalai Lama, the living Buddha handed down by history is a political figure under the cloak of religion,” said Zhang.

In February this year, Tillerson had told members of the Senate Foreign Relations Committee during his confirmation hearing that he is committed to promoting dialogue on Tibet and receiving the Dalai Lama.

Top US Democrat Nancy Pelosi had visited the Dalai Lama in Dharamsala, India, in May, and sought to draw the world’s attention to human rights in Tibet, triggering protests by China.

China resorts to different tactics if any country hosts the Dalai Lama. For instance, Beijing blocked a major highway leading to Mongolia, crippling the economy there after Ulan Bator hosted the leader late last year.

Mongolia later apologised and promised Beijing never to invite the Dalai Lama.

“Officials, in their capacity as officials, attending all foreign-related activities represent their governments. So I hope governments around the world speak and act with caution and give full consideration to their friendship with China and their respect for China’s sovereignty,” Zhang added.

The comments from the Chinese Minister also comes days after Tillersoon described India as a partner in a strategic relationship and said the US would “never have the same relationship with China, a non-democratic society”.

According to reports, last month China refused to fund travel for visiting scholars at University of California, San Diego, apparently in retaliation for inviting the Dalai Lama to be its 2017 commencement speaker.

In April this year, China had reacted violently to a visit by the Dalai Lama to Tawang, in India’s northeast border state of Arunachal Pradesh, large parts of which is claimed by Beijing. (IANS)