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Harvard University Loses Almost $2 Billion in Endowment Value

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Harvard Management Company is housed in the Boston Federal Reserve building.

Harvard Management Company is housed in the Boston Federal Reserve building.

CAMBRIDGE, Mass. (Diya TV) — The Harvard Management Company lost almost $2 billion in endowment value during a disappointing fiscal year 2016, posting its worst endowment returns since the country’s financial crisis a few years ago and marking the latest in a string of underwhelming investment results for the world’s largest university endowment.

The negative two percent returns, which the university announced earlier this month, bring the endowment’s total value to $35.7 billion, down from the figure of $37.6 billion at the end of fiscal year 2015. Beyond the poor investment returns, several financial flows affect the endowment’s value, including the $1.7 billion HMC distributed to fund Harvard’s over a third of the Harvard’s annual budget.

Interim CEO Robert A. Ettl repeatedly characterized the news as “disappointing” in his annual endowment report. The returns come during a difficult year for large institutional investors, particularly universities, amid volatile global markets. Regardless, the University’s investment arm fell well short of its internal benchmark of returning 1 percent on its endowment — equivalent to hundreds of millions of dollars — during the turbulent fiscal year, which ended on June 30.

“Low interest rate environment and market volatility of the past fiscal year,” were contributing factors to the result, Ettl wrote in his report, adding that HMC’s internal performance was also to blame.

“[W]e recognize that execution was also a key factor in this year’s disappointing results,” he wrote.

Ettl became the interim chief executive of the Harvard Management Company in late May when Stephen Blyth took a then-temporary medical leave of absence; Blyth eventually resigned as CEO in July after only 18 months in the position. The University continues to search for Blyth’s permanent replacement and is considering at least two higher education investment professionals to next lead HMC.

This year’s returns represent the largest dollar loss on the endowment since 2009, when the country’s financial crisis drained $11 billion from the University. Fiscal year 2016 marks the first time Harvard has lost money on its investments since fiscal year 2012, when it returned a negative 0.05 percent.

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Harvard to host 17th annual India Conference this February

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CAMBRIDGE, Mass. (Diya TV) — For the 17th year in a row, the graduate students at Harvard University will host an India Conference. It will take place during the weekend of February 15-16, 2020. Two days of exciting discussions through panels, mixers and networking will fill the halls of the Harvard Business School and Kennedy School of Government.

The theme for this year’s conference is Foresight 20/20 – a look at what to expect from India in 2020 and beyond. As one of the largest student led conferences in the USA, the Harvard India conference attracts the biggest headliners from every field – from politics, business, entertainment & the arts. And this year is no different.

India Conference
India Conference at Harvard

With more than 100 speakers and 1000 attendees, the conference promises to have something for everyone. This year’s biggest draw from the entertainment genre is veteran Bollywood actor and self proclaimed ambassador to India, Anupam Kher. Kher has a long standing list of accolades within the film industry. In addition to his acting roles, he has been a producer, director and teacher at his own acting school. Most recently he played the role of Dr. Vijay Kapur on NBC’s primetime drama ‘New Amsterdam‘.

Some other notable speakers this year include founder of the India Today Group, Aroon Purie, Indian Olympic athelete Dutee Chand, comedian and actor, Vir Das, partner at Softbanks’ Vision Fund Lydia Jett & politician and India’s ruling party (BJP)’s sherpa to the G20, Suresh Prabhu.

The harsh winter in Harvard doesn’t seem slow down or dull these brilliant minds in any way. The India Conference at Harvard continues to retain its standing as the conference of choice for deliberating issues ranging from technology, media, politics and eduction to creating solutions for India’s path towards global leadership. The event features brainstorming sessions and sincere discussions on the very real and large scale problems that are uniquely Indian.

Diya TV is a media sponsor to the event and will be on-site covering conference. To receive a 20% discount use code RDAY20 here and to know more about the conference or speakers, head to the IndiaConference.com

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Indian Ambassador, Shringla speaks to U.S. Congress about Kashmir

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AMB. Shringla speaks to congress about Kashmir | Diya TV News

WASHINGTON (Diya TV)  — Indian Ambassador to the U.S. Harsh Shringla met with members of Congress at a private roundtable briefing, hosted by Southern California Congressman Brad Sherman. Sherman, who has been a supporter of India, took to Twitter recently to share his concerns about Kashmir and said serious questions about Kashmir were asked at the briefing.

President Trump is being urged to fix the H1-B visa process and do away with country-specific limits, with the latest effort for reform being spearheaded by 60 U.S. business school deans and CEO’s.

In an earthquake, seconds matter. So on the anniversary of the deadly 1989 Loma Prieta earthquake that rocked Northern California, state officials announced the launch of America’s first statewide earthquake early warning system.

Tabla Maestro Zakir Hussain will be coming to Boston next month to perform at the Berklee India Exchange, where he will also be conferred with an honorary doctorate by the esteemed music school. A Zakir Hussain Scholarship at Berklee is also being established.

And we have incredible video of three kids from India rescuing their dog from a snake that’s equal parts courageous and nuts.

Ravi Kapur contributed to this report.

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Federal Court rules Trump must turn over tax returns | Diya TV News

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Trump Tax Returns

NEW YORK (Diya TV) — A federal judge ruled President Trump must turn over eight years of his personal and corporate tax returns to Manhattan prosecutors, striking down the President’s argument that a sitting president cannot be criminally investigated. The ruling was quickly appealed and this case could end up in the Supreme Court to answer the constitutional question of whether presidents can be charged with a crime.

Meanwhile, the President celebrated a victory by FCC Chairman Ajit Pai, as a federal appellate court upheld most of the FCC’s repeal of net neutrality. It also ruled the FCC cannot preempt state net neutrality laws, meaning the rules of the road in states like California remain in place.

The U.S. House Foreign Affairs Committee announced their Asia-Pacific and Non-Proliferation Subcommittee will be holding a hearing asking State Department officials and human rights activists to chime in on Human Rights in Kashmir, the Tamils of Sri Lanka, Muslims in Assam and the human rights situation in Pakistan, which includes the Sindh Province.

Lockheed Martin announced they will build F-16 wings exclusively in India, helping in integrating Indian industry into the $165 billion fighter aircraft market.

Ravi Kapur contributed to this report.

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