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Clippers leading scorer Norman Powell to miss third gameBefore UnitedHealthcare CEO Brian Thompson was gunned down in Midtown Manhattan this week, he was steering his company through court battles and legislative threats at a time of public frustration over health insurance industry tactics. UnitedHealthcare’s parent company - which generates $400 billion in annual revenue - has been under increasing scrutiny by lawmakers and federal officials for allegedly hurting consumers with monopolistic practices. Some Democratic lawmakers have accused UnitedHealthcare of intentionally denying claims to boost profits. And Thompson himself has been accused of insider trading. Thompson, 50, was well liked internally at UnitedHealth, where he had risen in the ranks over 17 years before being named CEO of the insurance giant in 2021, according to his LinkedIn profile and company statements. He had previously run the Medicare business within UnitedHealthcare. Legal scrutiny around UnitedHealthcare’s Medicare business regarding potentially overbilling the government affected Thompson personally during that time, said a former colleague, who spoke on the condition of anonymity given the sensitivity of Thompson’s death. “He called me and said, ‘I’m from Iowa, my parents have difficulty explaining what I do, let alone being sued for a billion dollars,’” he said. Colleagues described him as smart and affable, with an Iowa farm background that allowed him to explain complexities of health care in relatable terms. Known affectionately as “BT,” with the build of a former high school athlete, Thompson had the presence to give major speeches and lead corporate events - and a self-effacing manner that drew staff to him in more intimate settings, remembering personal details about hundreds of UnitedHealth employees, colleagues said. Thompson was known within the company for his focus on keeping premiums low, said one UnitedHealthcare staffer who spoke on the condition of anonymity to protect their job. Thompson was on his way to present at UnitedHealth Group’s annual investor conference Wednesday when he was shot from behind by a masked gunman. Bullet casings recovered at the crime scene echoed words critics use to deride insurance company tactics - “delay, deny, defend” - according to a person with knowledge of the investigation, who spoke on the condition of anonymity to discuss the ongoing probe. He told his wife, Paulette Thompson, 51, a physical therapist, that there were “some people that had been threatening him,” according to NBC News. Thompson joined UnitedHealth Group in 2004 and over the next two decades rose quickly through the ranks of the company’s largest unit, UnitedHealthcare, which provides employer and individual health coverage to 50 million people in the United States. He enjoyed being part of a major company with lots of resources, believing that it enabled him to figure out big problems, said the former colleague. That former colleague described Thompson as possessing strong business acumen and being likable, but also unafraid to be blunt and direct. As a public university graduate in an industry replete with Ivy League pedigrees, Thompson was fueled in part by wanting to prove himself, said the former colleague. “I just saw a guy that wanted to be somebody and the reason he was going to be somebody was because of the chip that he had on his shoulder,” the former colleague said. “He had a much more modest background than probably a lot of the circles that he was running in. I don’t think it generated insecurity, but I think it motivated him.” He was also a top executive of the parent company, though not its public face, typically playing a supporting role to CEO Andrew Witty in calls with financial analysts. Some colleagues saw him as a potential successor to the 60-year-old Witty, who has run UnitedHealth Group - the nation’s fourth-largest company - since February 2021. Scrutiny on the company has mounted in recent years. Under Thompson, UnitedHealthcare ramped up its use of tactics such as “prior authorization,” in which physicians must submit additional paperwork to justify their treatments and prescriptions, according to reports by congressional investigators and federal watchdogs. The company also increasingly relied on automated programs to immediately reject claims, lawmakers and watchdogs have said. Industry analysts have said that denying claims has helped UnitedHealthcare and other insurers cut costs and boost profits. The tactics have been faulted by lawmakers, federal officials and advocacy groups who say the health insurance giant has wrongly denied care to customers. UnitedHealthcare has defended its practices, saying that lawmakers’ scrutiny is misplaced and that it is working to prioritize patient care. The Department of Health and Human Services’ Office of the Inspector General investigated UnitedHealthcare and other health insurers that operated managed-care organizations, or MCOs. The probe focused on insurers’ Medicaid denials in 2019 - during part of which, Thompson ran UnitedHealthcare’s Medicaid business - and concluded that the program had high rates of prior authorization denials. “These findings raise serious concerns that Medicaid MCOs are systematically and improperly denying necessary care which they are required by law to provide to the low-income children and families, seniors, and people with disabilities who rely on these plans for access to critical health care services,” congressional Democrats in September 2023 wrote to UnitedHealthcare. Consumers’ frustrations with the company spilled out in protests long before Thompson’s killing. When Witty, UnitedHealth Group’s CEO, testified in Congress in May, he was swarmed by protesters from People’s Action. The progressive advocacy group blamed the company for wrongly denying care. “Stop using prior authorization to kill people,” Jennifer Coffey, a woman from Manchester, New Hampshire, said to Witty. In a subsequent interview, Coffey and fellow protesters shared their stories of having their care requests rejected by UnitedHealthcare. “Regulators shouldn’t have to be looking over insurers’ shoulders every time a senior citizen falls or suffers a stroke,” Sen. Richard Blumenthal (D-Connecticut) said in a video accompanying a Senate report released in October that faulted UnitedHealthcare and other insurers for repeatedly turning down Medicare Advantage patients’ requests. Blumenthal oversaw the investigation. When asked for comment, a spokesman for UnitedHealthcare pointed to a company statement. “While our hearts are broken, we have been touched by the huge outpouring of kindness and support in the hours since this horrific crime took place,” the statement said. “Our priorities are, first and foremost, supporting Brian’s family; ensuring the safety of our employees; and working with law enforcement to bring the perpetrator to justice.” Earlier this year, a local firefighters’ pension fund and the California Public Employees’ Retirement System, which calls itself the nation’s largest public pension fund, filed a lawsuit against UnitedHealth Group, Thompson and two other senior executives. The suit alleged that they took part in deceitful business practices designed to artificially inflate UnitedHealth’s revenue and stock price, and then, in the case of Thompson and one other executive, sold their stock before news of a federal investigation into the company became public. The Wall Street Journal reported in February that the Justice Department had launched an antitrust probe into UnitedHealth Group. Thompson, the suit said, sold more than 31 percent of his UnitedHealth stock for $15 million less than two weeks before the investigation became public. The case is ongoing. The latest filing in the case came on Wednesday, the day Thompson was killed, according to court records. It was a judge’s order, stating that Thompson’s responses to the suit were due by March 1. James Scullary, a spokesman for the California Public Employees’ Retirement System, said that the organization had not issued a statement related to the lawsuit or “any other pending matters.” “We were shocked to hear of the events in New York and have shared our condolences with the company’s leadership,” he said. Thompson grew up the son of a grain elevator worker and farmer in Jewell, Iowa - population 1,100 - and was the valedictorian of his high school, according to news reports. He graduated from the University of Iowa with a bachelor’s degree in business administration with an accounting major in May 1997, with special honors and highest distinction, meaning his GPA was 3.95 or above, the university said. He lived in the upscale Whistling Pines neighborhood of Maple Grove, a small city outside of Minneapolis, according to public records. Thompson’s compensation package last year was valued at $10.2 million, the fourth highest among top executives at UnitedHealth Group, the insurer’s parent company. “Brian was a wonderful person with a big heart and who lived life to the fullest,” his wife said in a statement to the Minneapolis Star Tribune. “He will be greatly missed by everybody. Our hearts are broken, and we are completely devastated by this news. He touched so many lives.” Thompson had been living separately from his wife and their two teenage sons in recent years, interviews with colleagues and neighbors showed. Jim Pitzner, Thompson’s neighbor, said that Thompson had moved into a home on 62nd Avenue N. in Maple Grove a few years ago. Property records show Thompson purchased the five-bedroom, five-bath home for around $1 million in 2018. It’s now worth about $1.5 million. Thompson’s sons visited occasionally, he said. Otherwise, Pitzner said, Thompson traveled often and was rarely home. “He had a crazy travel schedule. The house is probably modest compared to what a CEO makes. It was just kind of a home base,” Pitzner said. - - - Daniel Gilbert, Aaron Schaffer and Caroline O’Donovan contributed to this report.
CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now! Thousands of protesters marched through Barcelona on Saturday demanding lower rents in Spain's second city. Barcelona, which has already taken action to stop the spread of holiday rental apartments, is the latest Spanish city to see protests for cheaper housing. Backed by left-wing parties and unions, the demonstrators gathered in central Barcelona behind a giant banner declaring "Lower the rents". "Today a new political cycle starts concerning housing," Carme Arcarazo, spokesperson for the Catalan Tenants Union, the main organiser, told reporters. "Investors must not be allowed to come to our cities and play with the apartments like a game of Monopoly," she added. The union would target "profiteers" who are taking "half of our salaries", Arcarazo said. PAY ATTENTION : Standing out in social media world? Easy! "Mastering Storytelling for Social Media" workshop by Legit.ng. Join Us Live! The demonstrators demanded a 50 percent cut in rents, leases with an unlimited term and a ban on "speculative" sales of buildings. They threatened to start a rent strike. An estimated 22,000 people took part in a similar demonstration in Madrid on October 13. Campaigns have been launched in other cities. Read also Investors seek 750 mn euros in damages over Wirecard collapse According to the Idealista specialised website, rental prices per square metre have risen 82 percent across Spain over the past decade. The average salary has gone up by 17 percent in that time, according to the national statistics institute. Facing pressure over a housing crisis, the government in 2023 passed legislation calling for more social housing, greater restrictions on rents in high demand areas and penalties for owners who do not occupy properties. But rents have continued to rise while the government has battled city and regional authorities to get some parts of the law applied. PAY ATTENTION : Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire Source: AFPPRESS RELEASE AUCKLAND, New Zealand and READING, UK – November 19, 2024 – Endace , the world leader in packet capture, announces the formation of a new company in the Kingdom of Saudi Arabia to continue expansion in the Middle East, further demonstrating Endace’s commitment to the Middle East Region. Having successfully deployed a number of very large infrastructure projects in the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates, Endace is expanding its footprint in the region with the establishment of a new Middle East Regional Headquarters – Endace Arabia LLC – located in Riyadh, Kingdom of Saudi Arabia. Endace will build a local team to assist customers in the Middle East to secure their mission critical networks by leveraging Endace’s Always-On packet capture. “This is an extremely significant market,” says Endace CEO, Stuart Wilson. “Endace products are already deployed in mission-critical networks across the Globe to secure critical infrastructure against cyberattacks. With our close partnership with StarLink we are uncovering strong growth opportunities for Endace capabilities in Defense, Government, Critical Infrastructure and Enterprise across the Middle East region.” “It’s encouraging to see organizations in the Middle East recognizing the critical importance of cybersecurity and prioritizing investments to implement the foundations of robust cyber defense for critical infrastructure. They are not only adopting but in many cases actually defining global best practice,” Wilson says. “StarLink has proven to be a fantastic partner in the region, providing local expertise and broad reach in promoting the adoption of Endace technology.” “StarLink and Endace have been collaborating strategically in Saudi from the very first project. With Endace now incorporated and expanding its local team, we can jointly provide this critical technology for cyber defense to a much wider set of customers across the region. We are looking forward to a closer and stronger collaboration,” says Mohammad Abou Okdeh, Regional Director for KSA at StarLink Saudi Arabia. About Endace Endace’s scalable, always-on packet capture gives Network Operations and Security teams the deep visibility they need for fast, accurate incident investigation with rich forensic evidence at their fingertips from all their tools. EndaceProbes provide enterprise-class packet sniffing in on-prem, public and private cloud environments, with rapid, centralized search and one-click access to full pcap data from leading security and performance solutions (including Palo Alto Networks, Fortinet, Cisco, Splunk, Elastic, and many others). Analyze network traffic using a single, unified console across all on-premise, private, or public cloud infrastructure for total hybrid cloud visibility. Capture every packet. See every threat. www.endace.com
11. SMU Mustangs 11-2 (8-0 Atlantic Coast Conference regular season) What's next: at No. 6 Penn State, State College, Pa., Dec. 21, Noon ET Head coach: Rhett Lashlee (three seasons, 29-11 overall) About Lashlee: The 41-year-old is enjoying success in his first college head coaching gig and has guided the Mustangs to back-to-back 11-win seasons. He was offensive coordinator at SMU from 2018-19 before heading to Miami for two years and returning to take the head job. He was named Atlantic Coast Conference Coach of the Year this season. Resume SMU notched ranked wins over then-No. 22 Louisville and then-No. 18 Pitt but really served notice while racking up 66 points in a win over TCU. The Mustangs lost two games by a total of six points: 34-31 to Clemson in the ACC title game and 18-15 to BYU. Postseason history This is SMU's first trip to the playoffs during the CFP era. The Mustangs have lost their past four bowl games, including two under Lashlee. The program had a memorable run in the early 1980s behind stars like Eric Dickerson and Craig James but numerous NCAA violations sank the Mustangs and they eventually served a two-year death penalty. The road to Atlanta SMU hits the road for the first-round matchup at No. 6 Penn State. The winner advances to play No. 3 Boise State (12-1) in the quarterfinals in the Fiesta Bowl on Dec. 31. Names to Know QB Kevin Jennings He threw for 304 yards and three TDs in the ACC title game, his fourth game over 300 yards passing this season. Jennings had a strong regular season with 2,746 yards and 19 TDs in the air and four scores on the ground. He can hurt teams with his feet, proven by a 113-yard outing against Louisville. "What is new now is the amount of criticism I receive from everyone. I get a lot of comments and messages from people on social media always criticizing everything after each game," Jennings said. RB Brashard Smith Stellar runner averaging 5.9 yards per carry to go with 1,270 yards and 14 TDs on the ground. LB Kobe Wilson Stands out against both the run and the pass, leading the team in tackles (110) and adding three sacks and two interceptions. S Isaiah Nwokobia He has enjoyed an outstanding season with 91 regular-season tackles and three interceptions while patrolling the back end. He has nine career interceptions. DT Jared Harrison-Hunte A force with 6.0 sacks, one interception and 38 tackles. He's in his first season with SMU after four at Miami. He has 15 career sacks. --Field Level MediaCOPPER MOUNTAIN, Colo. (AP) — For a pair of lower-level downhill events, this sure had plenty of Olympic medal-capturing and World Cup-winning ski racers. The stage belonged to Lindsey Vonn , the 40-year-old who took another step on her comeback trail Saturday with her first races in nearly six years. Vonn wasn't particularly speedy and finished in the middle of the pack on a cold but sunny day at Copper Mountain. Times and places weren't the mission, though, as much as getting used to the speed again and gaining the necessary points to compete on the World Cup circuit this season. Vonn accomplished both, finishing 24th in the first downhill race of the day and 27th in the second. She posted on social media after the FIS races that she had enough points to enter World Cup events. The timing couldn't be more perfect — the next stop on the women's circuit is Beaver Creek, Colorado, in a week. Vonn, who used to own a home in nearby Vail, hasn't committed to any sort of timetable for a World Cup return. “Today was a solid start and I had a blast being in start with my teammates again!” Vonn wrote on X . “While I’m sure people will speculate and say I’m not in top form because of the results, I disagree. This was training for me. I’m still testing equipment and getting back in the groove.” Her competition — a veritable who's who of high-profile ski racers — applauded her efforts. “I don't expect her to come back and win — just that she comes back and she has fun,” said Federica Brignone of Italy, a former overall World Cup champion and three-time Olympic medalist. “She's having fun, and she’s doing what she loves. That’s the best thing that she could do.” In the first race on a frigid morning, Vonn wound up 1.44 seconds behind the winning time of 1 minute, 5.79 seconds posted by Mirjam Puchner of Austria. In her second race through the course later in the morning, Vonn was 1.53 seconds behind Cornelia Huetter of Austria, who finished in 1:05.99. Huetter is the reigning season-long World Cup downhill champion. “It’s really nice to compare with her again, and nice to have her (racing) again,” Huetter said. “For sure, for the skiing World Cup, we have a lot of more attention. It's generally good for all racers because everyone is looking.” Also in the field were Nadia Delago of Italy, who won a bronze medal in downhill at the 2022 Beijing Olympics, and Puchner, the Olympic silver winner in super-G in Beijing. In addition, there was Marta Bassino of Italy, a winner of the super-G at the 2023 world championships, and two-time Olympic champion Michelle Gisin of Switzerland. Story continues below video “For me, it was really a training, but it was fun to have a World Cup race level right here,” Gisin said. “It was a crazy race.” Vonn remains a popular figure and took the time after each run to sign autographs for young fans along with posing for photos. When she left the sport, Vonn had 82 World Cup race victories, which stood as the record for a woman and within reach of the all-time Alpine record of 86 held by Swedish standout Ingemar Stenmark. The women’s mark held by Vonn was surpassed in January 2023 by Mikaela Shiffrin, who now has 99 wins — more than any Alpine ski racer in the history of the sport. Shiffrin is currently sidelined after a crash in a giant slalom event in Killington, Vermont , last weekend. Vonn’s last major race was in February 2019, when she finished third in a downhill during the world championships in Sweden. The three-time Olympic medalist left the circuit still near the top of her game. But all the broken arms and legs, concussions and torn knee ligaments took too big a toll and sent her into retirement. She had a partial knee replacement last April and felt good enough to give racing another shot. “It's very impressive to see all the passion that Lindsey still has,” Gisin said. Also racing Saturday was 45-year-old Sarah Schleper, who once competed for the United States but now represents Mexico. Schleper was the next racer behind Vonn and they got a chance to share a moment between a pair of 40-somethings still racing. “I was like, ‘Give me some tips, Lindsey,’” Schleper said. “She’s like, ‘Oh, it’s a highway tuck, the whole thing.’ Then she’s like, ‘It’s just like the good old days.’" AP skiing: https://apnews.com/hub/alpine-skiing
NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. People are also reading... Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. The business news you need Get the latest local business news delivered FREE to your inbox weekly.
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NEW DELHI (AP) — India’s former Prime Minister Manmohan Singh, widely regarded as the architect of India’s economic reform program and a landmark nuclear deal with the United States, has died. He was 92. Singh was admitted to New Delhi’s All India Institute of Medical Sciences late Thursday after his health deteriorated due to a “sudden loss of consciousness at home,” the hospital said in a statement. “Resuscitative measures were started immediately at home. He was brought to the Medical Emergency” at 8:06 p.m., the hospital said, but “despite all efforts, he could not be revived and was declared dead at 9:51 p.m.” Singh was being treated for “age-related medical conditions,” the statement said. A mild-mannered technocrat, Singh became one of India’s longest-serving prime ministers for 10 years and leader of the Congress Party in the Parliament's Upper House, earning a reputation as a man of great personal integrity. He was chosen to fill the role in 2004 by Sonia Gandhi, the widow of assassinated Prime Minister Rajiv Gandhi . But his sterling image was tainted by allegations of corruption against his ministers. Singh was reelected in 2009, but his second term as prime minister was clouded by financial scandals and corruption charges over the organization of the 2010 Commonwealth Games. This led to the Congress Party’s crushing defeat in the 2014 national election by the Hindu nationalist Bharatiya Janata Party under the leadership of Narendra Modi . Singh adopted a low profile after relinquishing the post of prime minister. Prime Minister Modi, who succeeded Singh in 2014, called him one of India’s “most distinguished leaders” who rose from humble origins and left “a strong imprint on our economic policy over the years.” “As our Prime Minister, he made extensive efforts to improve people’s lives,” Modi said in a post on the social platform X. He called Singh’s interventions in Parliament as a lawmaker “insightful” and said “his wisdom and humility were always visible.” Rahul Gandhi, from the same party as Singh and the opposition leader in the lower house of the Indian Parliament, said Singh’s “deep understanding of economics inspired the nation” and that he “led India with immense wisdom and integrity.” “I have lost a mentor and guide. Millions of us who admired him will remember him with the utmost pride,” Gandhi wrote on X. The United States offered its condolences, with Secretary of State Antony Blinken saying that Singh was “one of the greatest champions of the U.S.-India strategic partnership.” “We mourn Dr. Singh’s passing and will always remember his dedication to bringing the United States and India closer together,” Blinken said. Born on Sept. 26, 1932, in a village in the Punjab province of undivided India, Singh’s brilliant academic career took him to Cambridge University in Britain, where he earned a degree in economics in 1957. He then got his doctorate in economics from Nuffield College at Oxford University in 1962. Singh taught at Panjab University and the prestigious Delhi School of Economics before joining the Indian government in 1971 as economic advisor in the Commerce Ministry. In 1982, he became chief economic adviser to the Finance Ministry. He also served as deputy chair of the Planning Commission and governor of the Reserve Bank of India. As finance minister, Singh in 1991 instituted reforms that opened up the economy and moved India away from a socialist-patterned economy and toward a capitalist model in the face of a huge balance of payments deficit, skirting a potential economic crisis. His accolades include the 1987 Padma Vibhushan Award, India’s second-highest civilian honor; the Jawaharlal Nehru Birth Centenary Award of the Indian Science Congress in 1995; and the Asia Money Award for Finance Minister of the Year in 1993 and 1994. Singh was a member of India’s Upper House of Parliament and was leader of the opposition from 1998 to 2004 before he was named prime minister. He was the first Sikh to hold the country’s top post and made a public apology in Parliament for the 1984 Sikh Massacre in which some 3,000 Sikhs were killed after then-Prime Minister Indira Gandhi was assassinated by Sikh bodyguards. Under Singh, India adopted a Right to Information Act in 2005 to promote accountability and transparency from government officials and bureaucrats. He was also instrumental in implementing a welfare scheme that guaranteed at least 100 paid workdays for Indian rural citizens. The coalition government he headed for a decade brought together politicians and parties with differing ideologies that were rivals in the country’s various states. In a move hailed as one of his biggest achievements apart from economic reforms, Singh ended India’s nuclear isolation by signing a deal with the U.S. that gave India access to American nuclear technology. But the deal hit his government adversely, with Communist allies withdrawing support and criticism of the agreement growing within India in 2008 when it was finalized. Singh adopted a pragmatic foreign policy approach, pursuing a peace process with nuclear rival and neighbor Pakistan. But his efforts suffered a major setback after Pakistani militants carried out a massive gun and bomb attack in Mumbai in November 2008. He also tried to end the border dispute with China, brokering a deal to reopen the Nathu La pass into Tibet, which had been closed for more than 40 years. His 1965 book, “India’s Export Trends and Prospects for Self-Sustained Growth,” dealt with India’s inward-oriented trade policy. Singh is survived by his wife Gursharan Kaur and three daughters. Associated Press writer Sheikh Saaliq in New Delhi contributed to this report.
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