INDIAN billionaires saw their combined fortunes more than double during the Covid-19 pandemic, and the club expanded up by 39 per cent to include 142 members, a new study showed on Monday (17).
In its annual inequality survey released on the first day of the World Economic Forum's online Davos Agenda summit, Oxfam India said the wealth of the 10 richest Indians could fund the school and higher education of children in the country for 25 years.
Its findings also showed that an additional one per cent tax on the richest 10 per cent Indians can provide the country with nearly 1.77 million extra oxygen cylinders, while a similar wealth tax on the 98 richest billionaire families would finance Ayushman Bharat, the world's largest health insurance scheme, for more than seven years.
The Covid-19 pandemic saw a huge rush for oxygen cylinders and insurance claims during the second wave last year.
On wealth inequality, the Oxfam report added that 142 Indian billionaires collectively own the equivalent wealth of $719 billion (£528.14 bn). If each of the 10 richest Indian billionaires were to spend $1 million daily, it would take them 84 years to exhaust their current wealth, while an annual wealth tax applied to multi-millionaires and billionaires would raise $78.3 bn (£57.52 bn) a year. That amount would be enough to increase the Indian government’s health budget by 271 per cent.
Noting that Covid-19 may have begun as a health crisis, but has become an economic one now, Oxfam said the wealthiest 10 per cent have amassed 45 per cent of the national wealth, while the share of the bottom 50 per cent of the population is a mere six per cent.
It added that the “inadequate” governmental expenditure on health, education and social security has gone hand-in-hand with a rise in the privatisation of health and education, thus making a full and secure Covid-19 recovery out of reach for the common citizen.
The study urged the government to revisit its primary sources of revenue generation, adopting more progressive methods of taxation and assessing its structural issues that permit such wealth accumulation by the rich.
Additionally, the government should also redirect revenue towards health, education and social security, treating them as universal rights and as a means of reducing inequality, thereby avoiding the privatisation model for these sectors, Oxfam said.
"We call upon the government to redistribute India's wealth from the super-rich to generate resources for the majority by reintroducing the wealth tax and to generate revenue to invest in the education and health of future generations by imposing a temporary one per cent surcharge on the rich for health and education," it said.
On gender inequality, Oxfam India said women accounted for 28 per cent of all job losses and lost two-thirds of their income during the pandemic.
India's 2021 budget allocation for the ministry of women and child development is less than half of the total accumulated wealth of the bottom 10 of India's billionaire list, the report noted. A two per cent tax on individuals with an income of more than Rs 100 mn (£980,000) could increase the ministry's budget by 121 per cent, it added.
On health inequality, the report said a four per cent wealth tax on the 98 richest families in India would finance the ministry of health and family welfare for more than two years and noted that their combined wealth is 41 per cent more than the union budget of India.
And on education inequality, the study said a one per cent of tax on wealth of the 98 billionaires in India can fund the total annual expenditure of the department of school education and literacy under the ministry of education.
Similarly, a four per cent tax on the wealth of the 98 billionaires would be enough to fund the Mission Poshan 2.0, the government’s nutrition programme, for 10 years.
More than 1,600 officers deployed across London on Saturday
Far-right activist Tommy Robinson to lead "Unite the Kingdom" march
Anti-racism groups to stage counter-protests in Whitehall
Police impose conditions on routes and timings of demonstrations
LONDON police will deploy more than 1,600 officers across the city on Saturday as rival demonstrations take place, including a rally organised by far-right activist Stephen Yaxley-Lennon, known as Tommy Robinson, and a counter-protest by anti-racism campaigners.
The "Unite the Kingdom" march, called by Robinson, is due to gather near Waterloo Bridge and head towards the southern end of Whitehall for a rally.
The event, which Robinson has promoted for months, is being billed by him as the "UK's biggest free speech festival." He has urged supporters to join "for freedom, for your children, and for Charlie Kirk," referring to the American conservative activist shot dead this week in Utah.
Robinson added in a message: "Bring your smiles, flags, and patriotic pride. No masks, open alcohol, or violence." He said the event will also feature far-right figures from Europe and North America. Among those expected are French politician Eric Zemmour, Petr Bystron of Germany’s AfD party, commentator Katie Hopkins, and Canadian psychologist Jordan Peterson.
Stand Up To Racism will stage a counter-protest at the other end of Whitehall. Organisers have called Robinson’s event "a festival of hate."
Police security measures
The Metropolitan Police said barriers will be in place to keep the two groups apart. Around 1,000 officers will be specifically on duty for the marches, with 500 reinforcements drafted in from other forces. Police have imposed conditions on the routes and timings, requiring both demonstrations to end by the evening.
"We will approach them as we do any other protests, policing without fear or favour, ensuring people can exercise their lawful rights but being robust in dealing with incidents or offences should they occur," said Commander Clair Haynes, who is leading the operation.
The force said the policing plan also takes into account other large events on Saturday, including Premier League football matches and concerts.
Wider political context
A similar rally held by Robinson in July 2024 drew tens of thousands. He has said he expects hundreds of thousands to attend on Saturday.
The demonstration comes after months of tensions in Britain over immigration, freedom of speech, and government restrictions. More than 28,000 people have crossed the Channel in small boats this year, with asylum claims reaching record levels.
Last month, the government banned the group Palestine Action, sparking large protests. Nearly 900 people were arrested at a London rally last Saturday against the ban. Critics have also accused authorities of targeting free speech, following the arrest of Irish writer Graham Linehan at Heathrow Airport over online comments. Prime Minister Keir Starmer responded by urging police to focus on "the most serious issues," while Metropolitan Police chief Mark Rowley said laws should be changed so that officers are not "policing toxic culture wars debates."
Robinson’s background
Robinson, 42, has long been active in far-right movements in England. He has a string of criminal convictions but maintains a large online following.
His influence grew after his account on X was reinstated in late 2023 following Elon Musk’s takeover of the platform.
Musk has shared Robinson’s posts and previously called for his release from prison after an 18-month contempt of court sentence in 2023.
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At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)
INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.
At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.
Bhatt was born in 1984 in Poquoson, Virginia, to immigrant parents from Gujarat, India. His father, an aerospace engineer, worked at NASA. He grew up in a household where English was a second language and money was limited. He later attended Stanford University, where he studied physics and earned a master’s degree in mathematics.
In 2013, Bhatt co-founded Robinhood with Vlad Tenev, a fellow Stanford graduate. The platform introduced commission-free stock trading to retail investors in the United States and later expanded into retirement accounts and high-yield savings products. The company gained widespread attention during the Covid-19 pandemic, when trading activity surged around so-called meme stocks.
Robinhood went public in 2021 at the height of the retail investing boom. Bhatt served as co-CEO with Tenev until 2020, when he moved into the role of chief creative officer. In 2024, he stepped down from his executive position but continues to serve on Robinhood’s board of directors while retaining his 6 per cent stake.
Robinhood’s stock has seen significant gains over the past year, rising by about 400 per cent. The increase has been linked to a boost in cryptocurrency-related sales, new products such as individual retirement accounts and high-yield savings, and a strong performance in 2024, when the company reported USD 3 billion (£2.2 billion) in revenue.
Bhatt’s recognition in the Forbes 400 list underscores the continuing influence of technology entrepreneurs in the American financial sector. His career reflects the trajectory of several Indian-origin leaders in the United States, who have made a mark in technology and finance in recent years.
Forbes’ annual ranking of the 400 wealthiest Americans is based on estimates of net worth, which include publicly disclosed stakes in companies, real estate holdings, and other assets. Bhatt joins the ranks of young billionaires who have built fortunes through technology-driven ventures.
In addition to his role with Robinhood, Bhatt has been noted for his early life influences. Growing up in Virginia, he was exposed to science and technology through his father’s aerospace career. His academic path at Stanford provided the foundation to pursue entrepreneurial opportunities in financial technology.
Robinhood, under the leadership of Bhatt and Tenev, has changed how millions of Americans approach investing by lowering barriers to entry. While Bhatt is no longer in an executive role, his continued stake in the company keeps him closely tied to its growth and future direction.
Bhatt’s inclusion in the 2025 Forbes 400 as one of the youngest billionaires highlights his role in shaping retail investing and signals the growing presence of Indian-origin entrepreneurs in the US technology and finance industries.
(With agency inputs)
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Starmer dismissed Mandelson on Thursday after reading emails published by Bloomberg in which Mandelson defended Jeffrey Epstein following his 2008 conviction. (Photo: Getty Images)
A CABINET minister has said Peter Mandelson should not have been made UK ambassador to the US, as criticism mounted over prime minister Keir Starmer’s judgment in appointing him.
Douglas Alexander, the Scotland secretary, told the BBC that Mandelson’s appointment was seen as “high-risk, high-reward” but that newly revealed emails changed the situation.
“If Keir knew then what we know now, he would not have made that appointment,” he later told LBC.
Starmer dismissed Mandelson on Thursday after reading emails published by Bloomberg in which Mandelson defended Jeffrey Epstein following his 2008 conviction. Mandelson wrote to Epstein: “I think the world of you and I feel hopeless and furious about what has happened … Your friends stay with you and love you.”
Stephen Doughty, the Foreign Office minister, told MPs the messages showed Mandelson’s relationship with Epstein was “materially different from that known at the time of his appointment.”
Mandelson, who admitted during vetting that he had maintained links with Epstein and regretted doing so, is said to feel ill-treated.
Labour MPs criticised the handling of the affair. Paula Barker said the delay in removing Mandelson had “eroded trust,” Charlotte Nichols said he should “never have been appointed,” and Sadik Al-Hassan questioned the vetting process.
The episode has drawn wider scrutiny of Starmer’s decision-making. It comes after deputy prime minister Angela Rayner resigned last week over unpaid stamp duty. Some MPs turned attention to Morgan McSweeney, Starmer’s chief of staff, who played a role in Mandelson’s appointment.
In a letter to staff, Mandelson said being ambassador was “the privilege of my life” and he regretted the circumstances of his departure. James Roscoe, his deputy, will serve as acting ambassador.
The Financial Times reported that Global Counsel, the lobbying firm co-founded by Mandelson, is preparing to cut ties with him.
TWO Conservative MPs have launched a petition to stop Leicester City Council cutting back this year's Diwali celebrations.
Shivani Raja, MP for Leicester East, and Neil O'Brien, who represents nearby Harborough, Oadby and Wigston, started the Change.org petition on Wednesday (10) after the council announced plans to remove key elements from the October 20 event.
Safety experts have decided to cut the stage show, Diwali Village and fireworks from this year's celebrations on Belgrave Road, known as Leicester's Golden Mile. The changes follow concerns about crowd safety after 55,000 people attended last year's event.
Under the new plans, the festival will keep its lights display of more than 6,000 bulbs and the Wheel of Light. However, there will be no fireworks, Diwali Village at Cossington Park, food stalls, cultural performances, rides or activities.
The council will still close Belgrave Road so people can visit restaurants and shops safely.
"Let's not allow this festival to become a shadow of its former self," the petition said. The MPs want the council to bring back the full Diwali experience and work with community leaders and the Belgrave Business Association to create a safe plan that keeps the traditions.
A Safety Advisory Group made up of police and emergency services said the extra activities "compromise public safety".
Leicester City mayor Sir Peter Soulsby said last week: "I completely understand and share the great desire to make Leicester's Diwali celebrations as good as can be. I thought that some of the suggestions put forward by the local community were achievable, but the Safety Advisory Group has rejected them all. I'm disappointed that as a result there won't be any additional activities, and I hope this is something the SAG will review next year."
The council said it needs to prevent "potentially dangerous crowd massing" seen in the past two years. The MPs had earlier written to Leicestershire Police asking them to reconsider the restrictions, arguing that the decision "will undermine the unique atmosphere that makes these celebrations so special and could damage Leicester's reputation as a centre for multicultural celebration".
They suggested police should provide more officers instead of cutting the festival.
Graham Callister, the council's head of festivals, events and cultural policy, said scaling back would create "additional space needed – and more importantly, less congestion – to safely welcome the crowds".
Councillor Vi Dempster explained: "Unfortunately, Leicester's annual Diwali festival has become a victim of its own success. We're being strongly advised by our emergency service partners and crowd control experts that it cannot continue safely in its current format due to the unrestricted and growing crowd numbers that it attracts, and that's a warning we must take extremely seriously."
The Leicester Diwali celebration is often described as one of the biggest outside India and has run on the Golden Mile for over 40 years.
(PTI)
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Chandra Nagamallaiah (R) was stabbed and beheaded on duty; Yordanis Cobos-Martinez was arrested and charged for the killing.
A STAFF MEMBER at Downtown Suites Dallas, US, was killed on Wednesday (10) morning. Chandra Nagamallaiah, 50, was stabbed and beheaded on duty in front of his wife and son, according to reports.
Yordanis Cobos-Martinez, 37, was arrested and charged in the killing, which reportedly stemmed from an argument over a broken washing machine, media reports said, citing the Dallas Police Department.
Police responded to a stabbing at Downtown Suites around 9am and the officers found Cobos-Martinez covered in blood and armed with a machete, the report said. He allegedly struck Nagamallaiah multiple times with a bladed weapon and beheaded him. Dallas Fire-Rescue found the victim dead at the scene.
Cobos-Martinez was charged with capital murder and allegedly admitted in a recorded interview to killing Nagamallaiah with a machete, according to the affidavit cited by NBC 5.
A witness told police she and Cobos-Martinez were cleaning a room when Nagamallaiah told him not to use a broken washing machine, according to the affidavit.
Cobos-Martinez allegedly grew angry that Nagamallaiah asked the witness to translate instead of speaking to him directly, the affidavit stated. Surveillance video also showed Cobos-Martinez leaving the room, returning with a machete and attacking Nagamallaiah.
The victim’s wife and son tried to fight off Cobos-Martinez, who was allegedly searching Nagamallaiah’s pockets during the attack. Nagamallaiah tried to escape but fell, said witness Stephanie Elliott.
“He just kept hitting him until he decapitated him,” Elliott said. “I could not believe anybody would do another human being that way.”
"Our hearts are absolutely broken for the victim's family, who witnessed this unimaginable act of violence," said Kamalesh “KP” Patel, AAHOA chairman. "Hotels are not just workplaces for our members and their teams – they are homes, businesses and community spaces. The brutality of this crime is beyond comprehension and our thoughts and prayers are with the loved ones, the property owners, and all staff who are grieving this senseless loss."
AAHOA president and CEO Laura Lee Blake called it one of the most horrific crimes to impact a hotel workplace in recent memory.
“Our hotelier community is devastated and we stand united with our members and their teams during this incredibly painful time,” Blake said. “No one should ever face such violence while simply doing their job.”
The association is providing resources to help hoteliers and staff manage difficult situations, including guidance on handling confrontational guests, de-escalating conflicts and strengthening hotel security.
"We are committed to advocating for enhanced security measures and the implementation of comprehensive safety protocols to protect members of our community," Patel said. "We encourage AAHOA members and the industry to reach out for support or resources you may need during this time. AAHOA is dedicated to creating a platform where concerns can be raised and solutions collaboratively developed. Let us use this moment to reinforce our commitment to each other's safety and well-being, continuing to foster a professional environment that preserves and upholds the integrity and resilience of our industry."