President Droupadi Murmu said on Thursday that the reforms carried out by the government over the last 10 years have made public sector banks more robust, profitable, and capable of driving the nation’s economic growth.

Addressing the joint session of Parliament, the President said that a lot of reforms have been carried out in the last 10 years that are benefitting the nation today.

She pointed out that SBI is at a record level of profit now, and that LIC ( Life Insurance Corp of India) is far more robust and the profits of public sector banks in the financial year 2023-24 rose 35 per cent compared to the previous year.

She said that the government’s reforms have made India’s banking sector among the strongest in the world. She mentioned the implementation of laws such as IBC (Insolvency and Bankruptcy Code) in this regard. The non-performing assets of public sector banks are also falling, she pointed out.

In Q4FY24, State Bank of India (NS:SBI), the country’s largest lender, reported a 24 per cent rise in net profit at Rs 20,698 crore for the quarter ended on March 31, 2024, aided by strong loan demand. SBI reported a net profit of Rs 16,695 crore in the year-ago period.

Life Insurance Corporation (NS:LIFI) of India reported a net profit at Rs 13,762 crore for the March quarter of the financial year 2023-24.

In the January-March quarter of the financial year 2023-24, banks reported robust credit growth, with a strong 15-25 per cent growth.

AGENCIES

 The super.money app, backed by e-commerce platform Flipkart, aims to democratise access to financial services by leveraging Unified Payments Interface (UPI) infrastructure, its Founder and CEO Prakash Sikaria said on Thursday.

super.money, a UPI super-app backed by Flipkart, has launched a Beta version of its Android app.

The app offers uncluttered user experience and focuses on great rewards for every transaction.

 “The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation,” said Sikaria.

He said the super.money app aims to democratise access to financial services by leveraging UPI infrastructure, “which is aligned to the government’s larger vision of financial inclusion”.

The team will continue to assess customer feedback in the coming weeks and improve the product further.

“We have been working on several exciting products that we will launch soon,” Sikaria added.

The UPI platforms processed 13,115 crore transactions in FY24, aggregating to nearly Rs 200 lakh crore in value, compared with 8,376 crore transactions worth Rs 139 lakh crore in FY23.

Driven by Digital Public Infrastructure (DPI) models like UPI, the country is now leading the global fintech ecosystem and several countries are ready to embrace the ‘India Stack’ solutions to empower the masses.

AGENCIES

President Droupadi Murmu on Thursday said the upcoming Union Budget will be an effective document of the government’s far-reaching policies and futuristic vision.

Along with major economic and social decisions, many historic steps will also be seen in this budget, President Murmu said during her address to the Parliament.

“The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development. My Government believes that there should be healthy competition among the states to attract investors from all over the world,” the President mentioned.

In 10 years, India has risen to become the fifth largest economy from the 11th ranked one, she said.

President Murmu said that from 2021 to 2024, India has grown at an average rate of 8 per cent annually.

“And this growth has not been achieved under usual circumstances. In recent years, we have seen the biggest pandemic in 100 years. India has achieved this growth amid the global pandemic and despite ongoing conflicts in different parts of the world,” the President told the Parliament.

Today, India alone is contributing 15 per cent of the global growth, she said.

“Now, my government is striving to make India the third largest economy in the world. Achieving this goal will also strengthen the foundation of a developed India,” President Murmu noted.

AGENCIES

On the occasion of World MSME Day, demonstrating a deep commitment to supporting the backbone of the Indian economy, PhonePe Payment Gateway (PG) on Thursday shared that it is already working with more than half of MSMEs (Micro, Small & Medium Enterprises) in Tier 2 cities and beyond to enable PG solutions.

This focus on empowering regional businesses fosters inclusive growth, helping these businesses scale faster.

While most payment gateways charge a standard transaction fee of 2 per cent, PhonePe PG has a special offer for new merchants to onboard for free, with no hidden charges, setup fees, or annual maintenance fees.

Additionally, PhonePe PG is reliable, ensures 100 per cent uptime for merchants, and comes with the industry’s best success rates. It proactively detects downtimes and ensures stable success rates of transactions with real-time instrument health-tracking capability.

“On this World MSME Day, PhonePe PG reiterates its unwavering commitment to empowering MSMEs and SMEs across India. We understand the unique challenges faced by businesses in Tier 2, Tier 3 cities, and beyond. By providing seamless payment solutions and fostering financial inclusion, we’re enabling them to reach new customers and markets that were previously inaccessible,” said Ankit Gaur, Head, PhonePe Payment Gateway & Online Merchants.

“We have a unique offering of zero transaction cost for the first three months since onboarding, to ensure more SMEs/MSMEs can adapt and use the convenience and security that payment gateways provide. For PhonePe PG, the commitment is to continue unlocking growth potential for businesses nationwide and contributing to a more vibrant national economy,” he added.

The PhonePe PG is also preferred by merchants as it comes with a hassle-free, no-code setup for effortless integration across all platforms. It is compliant and ensures 100 per cent secure transactions. MSMEs can also use Payments Link Solutions to collect payments easily through links that can be generated and shared with customers.

They can send their customers payment links via WhatsApp, Instagram, SMS, email, or any other platform of their choice to collect payments with ease.

To enable deeper connect with its merchants, PhonePe PG has also been running regular SME Connect Sessions across Ahmedabad, Pune, Jaipur, Kolkata, Hyderabad and Chandigarh.

The Connect sessions for SMEs are part of a multi-city initiative by PhonePe which is planned across emerging cities. They provide a platform for senior leadership and key decision-makers across SMEs to delve into optimising their online presence and leverage tech innovations to grow their business.

PhonePe PG also recently announced the launch of its referral programme. PhonePe PG Partner Programme is designed for anyone helping a business grow online.

As a referral partner, they can refer their clients to accept online payments from their customers and accelerate business growth. The programme offers businesses one of the most competitive commission rates in the industry, which is applicable for every transaction, helping significantly boost their referral earnings.

AGENCIES

Air India will start operating its wide-body A350-900 aircraft on the Delhi-London route with two daily flights from September 1.

The flights will mark the introduction of the plane on the international long-haul route, as Air India revamps and expands its operations to strengthen presence in international and domestic segments.

“The A350-900 will replace the currently deployed Boeing 777-300 ER and Boeing 787-8 Dreamliner on 14 of 17 weekly flights. As a result, an additional 336 seats will be available on the Delhi-London Heathrow route each week,” the airline said in a release on June 27.

Besides, the airline will introduce premium economy class seats in the A350-900 planes operating on the Delhi-London Heathrow route.

Air India will operate two daily flights between the national capital and London Heathrow with the A350-900 aircraft starting from September 1. The airline started operating the A350-900 plane on the international route from May 1 with services between Delhi and Dubai.

The Tata Group-owned airline operates 31 weekly flights to London Heathrow — 17 from Delhi and 14 from Mumbai. It also flies from Ahmedabad, Amritsar, Bengaluru, Goa and Kochi to London Gatwick. There are 17 weekly flights on this route. Besides, the carrier operates 6 weekly flights to Birmingham from Delhi and Amritsar.

Air India started inducting the A350 planes this year and are being used for domestic flights as well. The airline has placed an order for 40 A350 planes and 6 of them are in its fleet.

“The deployment of our flagship A350s and the B777s with upgraded cabin interiors to London Heathrow marks a significant milestone for Air India,” Air India CEO and MD Campbell Wilson said.AGENCIES

The evolution of mobile phones has been remarkable, transforming from bulky, brick-like devices with protruding antennas to today’s sleek, powerful smartphones.

Ironically, those early models had far less storage capacity than our current slim devices.

Smartphones have become indispensable personal assistants, serving countless functions from work and entertainment to banking and video production. This multifaceted role demands reliable storage of vast amounts of data, making the evolution of storage technology crucial to smartphone advancement.

As smartphones rapidly developed, becoming more powerful and feature-rich, they required increasingly responsive and faster storage solutions. The advent of 5G technology further intensified these demands.

Storage technology has risen to the challenge, with advancements leading to more efficient space utilisation, improved file compression, and better management systems.

These developments cater to the growing need for high-resolution media, sophisticated apps, and complex games, ensuring seamless user experiences. The progression of storage technology, though often overlooked, has been a critical component in the overall evolution of smartphones, enabling them to meet our ever-expanding digital needs.

One smartphone with impressive storage capacity is the newly-launched realme GT 6. The brand unveiled the device on June 20, giving fans a glimpse into all the exciting features it offers — including the impressive storage capacity of 16GB+512GB.

The announcement of this top variant at a reasonable price point has excited fans, as it’s the only smartphone offering 16GB+512GB storage for under Rs 40,000.

The GT 6 boasts an impressive combination of up to 16GB LPDDR5X RAM and 512GB of overclocked UFS4.0 storage.

This powerful duo ensures lightning-fast performance, whether you’re launching resource-intensive games or accessing large files. This storage configuration is a true game-changer in the smartphone industry. It not only allows users to store an extensive library of high-resolution photos, videos, and apps but also significantly enhances multitasking capabilities.

The ample RAM and lightning-fast storage work in tandem to eliminate lag, reduce load times, and provide a seamless user experience that rivals high-end computers. For power users and mobile gamers, this level of performance sets a new standard in mobile computing.

Building upon the impressive storage capabilities of the GT 6, the advantages of opting for a higher storage variant are numerous and significant. With up to 512GB of storage, users can enjoy a vastly expanded digital playground, storing an extensive library of apps, games, photos, and videos without constantly worrying about space constraints.

This abundance of storage not only enhances the overall user experience but also improves device performance, as ample free space allows for smoother system operations.

The higher storage capacity reduces reliance on cloud services, ensures better offline accessibility, and future-proofs the device against growing file sizes. For productivity enthusiasts and mobile gamers alike, this means less time managing storage and more time enjoying a seamless, lag-free experience with all their favourite content at their fingertips.

Ultimately, the GT 6’s high-capacity storage variant represents a significant leap forward in mobile computing, offering a vast level of convenience and performance.

The realme GT 6 stands as a testament to the remarkable evolution of smartphone technology, particularly in storage capabilities.

With its impressive 16GB RAM and 512GB storage, it offers users a vast digital playground for apps, media, and files.

By combining cutting-edge storage technology with powerful performance features, the realme GT 6 cements its position as the ultimate device in the mid-high segment, setting new standards for what users can expect from their smartphones.

The 16GB+512GB variant of realme GT 6 is now available to purchase at a competitive price of just Rs 39,999 (with offers) on realme.com and Flipkart.

AGENCIES

About eight in ten Indian Micro, Small and Medium Enterprises (MSMEs), or 81 per cent, plan to increase their Cloud spending in 2025, as they scale investments in customer relationship management (CRM), financial services and business intelligence software, a report showed on Thursday.Meanwhile, top digital adoption challenges that MSMEs currently face are high software costs, budgetary constraints, lack of tech skills, and integration hassles, according to the report by global technology company Zoho.

The number of MSMEs in India is expected to grow from 6.3 crore, to around 7.5 crore, making it a crucial sector for the country’s GDP growth.

“This MSME Day, we commemorate the vital role of these businesses in our country,” said Praval Singh, VP Marketing and Customer Experience, Zoho.

A prominent hurdle these businesses face as they scale is the lack of feature-rich and accessible solutions in the market, he added.

Nearly 73 per cent of the respondents claimed that they were optimistic about their growth in the next six months.

The businesses are, however, concerned about three aspects of the current macroeconomic landscape, which are economic uncertainty (54 per cent), inflation (44 per cent), and a shortage of skilled labour (33 per cent).

As the focus of MSMEs on digital experiences becomes stronger, and they aim to improve their growth prospects they bank on IT and Cloud solutions.

About 97 per cent of the respondents allocate up to 20 per cent of their revenue to their IT and Cloud needs, the findings showed.

AGENCIES

With Iran set to hold snap polls on Friday to elect the successor to late President Ebrahim Raisi, a three-way race — heading into a run-off — is likely, as per various surveys, though they differ on the positioning of the top three candidates.

Meanwhile, authorities hope for a heavier ‘legitimising’ turnout, given the unprecedented low percentage of voting in the 2021 elections and parliamentary polls earlier this year.

The turnout in the 2021 elections – which Raisi won – was 48.8 per cent – the lowest ever so far since the 1979 revolution. It further declined to around 41 per cent in the two-round Majles election in March and May this year. Part of the disenchantment of voters is over social and economic issues and the prevention of a large number of reformists. Mavericks like former President Mahmoud Ahmadinejad, barred from the presidential race, also do not pass vetting.

The predictions of the likely turnout, as per the surveys and analyses, depend on the orientation of the pollsters or analysts. While those by emigres, who do not enjoy the best of relations with the present Iranian dispensation, claim a much lower turnout would be recorded this time, those by in-country groups, related to government institutions, are more sanguine, report a slight bump up.

However, they also do not predict any radical breakout.

It was perhaps with this in mind, that Supreme Leader Ayatollah Ali Khamenei on Tuesday called for a “maximum” voter turnout in a message to the country’s “enemies”.

“The Islamic Republic has enemies. One thing that helps the Islamic Republic overcome its enemies is the elections. If a good turnout is seen in these elections, then it will make the Islamic Republic proud,” he said in his address at a religious function.

A day before the election, five of the six approved candidates, pegged as four hardliners/conservatives, of various intensities, and reformist, were in the race. Like previous some pervious instances, one of the hardline candidates — Vice President and Foundation of Martyrs and Veteran Affairs head Amir-Hossein Ghazizadeh Hashemi — dropping out and urging others to do so to coalesce support between one strong (hardline) candidate.

However, Hashemi, whose withdrawal was announced on the eve of polls, did not indicate any choice of candidate.

The other two — Tehran Mayor Ali Alireza Zakani and celeriac and former Minister Mostafa Pourmohammadi — do not figure much in the calculus.

However, the surveys rate the chances of the top three quite differently, as per reports.

The Iranian Students Polling Agency (ISPA), which is affiliated with the government’s Academic Centre of Education, Research, and Culture, in a survey published on Wednesday last week, has forecast a turnout of over 50 per cent, placing Jalili first, and Pezeshkian second – less than a percentage point ahead of Qalibaf.

However, its update on Monday had Pezeshkian now leading over Jalili, albeit by a small margin, while Qalibaf stayed in third place.

In both, none of the leading candidates was even the 30 per cent mark, indicating a run-off.

An update this week had the same positioning but with lower numbers for the candidates. It was also claimed that in a run-off, Qalibaf would beat Pezeshkian, and if the run-off was Qalibaf vs Jalili, the former would triumph then too.

A survey by the “privately-run” Shenaakht, coming out in the middle of the month, predicted well over 50 per cent turnout, and Qalibaf on top and both Pezeshkian and Jalili tied in second place – over 10 percentage points behind.

While for Jalili and Qalibaf, their closeness to Supreme Leader Khamenei and the IRGC background could weigh in their favour with their establishment, sole reformist candidate Pezeshkian, whose presence seems geared at drawing out reformist voters for higher voting, may find the going tough unless there is a massive turnout in his favour.

However, his ethnic background – being an Azeri – could cloud his chances. And then, his recent statements supporting Iran’s return to the nuclear deal and wider outreach to the West drew veiled censure from the Supreme Leader, who was scornful of those believing that “everything good comes from the US”. The other two peg more hopes from BRICS and the SCO.

Pezeshkian also strayed from consensus by expressing support for Ukraine in its conflict with Russia.

But, no matter who wins, any radical change in domestic and foreign policies is unlikely since the President is only the second in command. And then, it is the Supreme Leader who also certifies the winner.

AGENCIES

With Iran set to hold snap polls on Friday to elect the successor to late President Ebrahim Raisi, a three-way race — heading into a run-off — is likely, as per various surveys, though they differ on the positioning of the top three candidates.

Meanwhile, authorities hope for a heavier ‘legitimising’ turnout, given the unprecedented low percentage of voting in the 2021 elections and parliamentary polls earlier this year.

The turnout in the 2021 elections – which Raisi won – was 48.8 per cent – the lowest ever so far since the 1979 revolution. It further declined to around 41 per cent in the two-round Majles election in March and May this year. Part of the disenchantment of voters is over social and economic issues and the prevention of a large number of reformists. Mavericks like former President Mahmoud Ahmadinejad, barred from the presidential race, also do not pass vetting.

The predictions of the likely turnout, as per the surveys and analyses, depend on the orientation of the pollsters or analysts. While those by emigres, who do not enjoy the best of relations with the present Iranian dispensation, claim a much lower turnout would be recorded this time, those by in-country groups, related to government institutions, are more sanguine, report a slight bump up.

However, they also do not predict any radical breakout.

It was perhaps with this in mind, that Supreme Leader Ayatollah Ali Khamenei on Tuesday called for a “maximum” voter turnout in a message to the country’s “enemies”.

“The Islamic Republic has enemies. One thing that helps the Islamic Republic overcome its enemies is the elections. If a good turnout is seen in these elections, then it will make the Islamic Republic proud,” he said in his address at a religious function.

A day before the election, five of the six approved candidates, pegged as four hardliners/conservatives, of various intensities, and reformist, were in the race. Like previous some pervious instances, one of the hardline candidates — Vice President and Foundation of Martyrs and Veteran Affairs head Amir-Hossein Ghazizadeh Hashemi — dropping out and urging others to do so to coalesce support between one strong (hardline) candidate.

However, Hashemi, whose withdrawal was announced on the eve of polls, did not indicate any choice of candidate.

The other two — Tehran Mayor Ali Alireza Zakani and celeriac and former Minister Mostafa Pourmohammadi — do not figure much in the calculus.

However, the surveys rate the chances of the top three quite differently, as per reports.

The Iranian Students Polling Agency (ISPA), which is affiliated with the government’s Academic Centre of Education, Research, and Culture, in a survey published on Wednesday last week, has forecast a turnout of over 50 per cent, placing Jalili first, and Pezeshkian second – less than a percentage point ahead of Qalibaf.

However, its update on Monday had Pezeshkian now leading over Jalili, albeit by a small margin, while Qalibaf stayed in third place.

In both, none of the leading candidates was even the 30 per cent mark, indicating a run-off.

An update this week had the same positioning but with lower numbers for the candidates. It was also claimed that in a run-off, Qalibaf would beat Pezeshkian, and if the run-off was Qalibaf vs Jalili, the former would triumph then too.

A survey by the “privately-run” Shenaakht, coming out in the middle of the month, predicted well over 50 per cent turnout, and Qalibaf on top and both Pezeshkian and Jalili tied in second place – over 10 percentage points behind.

While for Jalili and Qalibaf, their closeness to Supreme Leader Khamenei and the IRGC background could weigh in their favour with their establishment, sole reformist candidate Pezeshkian, whose presence seems geared at drawing out reformist voters for higher voting, may find the going tough unless there is a massive turnout in his favour.

However, his ethnic background – being an Azeri – could cloud his chances. And then, his recent statements supporting Iran’s return to the nuclear deal and wider outreach to the West drew veiled censure from the Supreme Leader, who was scornful of those believing that “everything good comes from the US”. The other two peg more hopes from BRICS and the SCO.

Pezeshkian also strayed from consensus by expressing support for Ukraine in its conflict with Russia.

But, no matter who wins, any radical change in domestic and foreign policies is unlikely since the President is only the second in command. And then, it is the Supreme Leader who also certifies the winner.

AGENCIES

With Iran set to hold snap polls on Friday to elect the successor to late President Ebrahim Raisi, a three-way race — heading into a run-off — is likely, as per various surveys, though they differ on the positioning of the top three candidates.

Meanwhile, authorities hope for a heavier ‘legitimising’ turnout, given the unprecedented low percentage of voting in the 2021 elections and parliamentary polls earlier this year.

The turnout in the 2021 elections – which Raisi won – was 48.8 per cent – the lowest ever so far since the 1979 revolution. It further declined to around 41 per cent in the two-round Majles election in March and May this year. Part of the disenchantment of voters is over social and economic issues and the prevention of a large number of reformists. Mavericks like former President Mahmoud Ahmadinejad, barred from the presidential race, also do not pass vetting.

The predictions of the likely turnout, as per the surveys and analyses, depend on the orientation of the pollsters or analysts. While those by emigres, who do not enjoy the best of relations with the present Iranian dispensation, claim a much lower turnout would be recorded this time, those by in-country groups, related to government institutions, are more sanguine, report a slight bump up.

However, they also do not predict any radical breakout.

It was perhaps with this in mind, that Supreme Leader Ayatollah Ali Khamenei on Tuesday called for a “maximum” voter turnout in a message to the country’s “enemies”.

“The Islamic Republic has enemies. One thing that helps the Islamic Republic overcome its enemies is the elections. If a good turnout is seen in these elections, then it will make the Islamic Republic proud,” he said in his address at a religious function.

A day before the election, five of the six approved candidates, pegged as four hardliners/conservatives, of various intensities, and reformist, were in the race. Like previous some pervious instances, one of the hardline candidates — Vice President and Foundation of Martyrs and Veteran Affairs head Amir-Hossein Ghazizadeh Hashemi — dropping out and urging others to do so to coalesce support between one strong (hardline) candidate.

However, Hashemi, whose withdrawal was announced on the eve of polls, did not indicate any choice of candidate.

The other two — Tehran Mayor Ali Alireza Zakani and celeriac and former Minister Mostafa Pourmohammadi — do not figure much in the calculus.

However, the surveys rate the chances of the top three quite differently, as per reports.

The Iranian Students Polling Agency (ISPA), which is affiliated with the government’s Academic Centre of Education, Research, and Culture, in a survey published on Wednesday last week, has forecast a turnout of over 50 per cent, placing Jalili first, and Pezeshkian second – less than a percentage point ahead of Qalibaf.

However, its update on Monday had Pezeshkian now leading over Jalili, albeit by a small margin, while Qalibaf stayed in third place.

In both, none of the leading candidates was even the 30 per cent mark, indicating a run-off.

An update this week had the same positioning but with lower numbers for the candidates. It was also claimed that in a run-off, Qalibaf would beat Pezeshkian, and if the run-off was Qalibaf vs Jalili, the former would triumph then too.

A survey by the “privately-run” Shenaakht, coming out in the middle of the month, predicted well over 50 per cent turnout, and Qalibaf on top and both Pezeshkian and Jalili tied in second place – over 10 percentage points behind.

While for Jalili and Qalibaf, their closeness to Supreme Leader Khamenei and the IRGC background could weigh in their favour with their establishment, sole reformist candidate Pezeshkian, whose presence seems geared at drawing out reformist voters for higher voting, may find the going tough unless there is a massive turnout in his favour.

However, his ethnic background – being an Azeri – could cloud his chances. And then, his recent statements supporting Iran’s return to the nuclear deal and wider outreach to the West drew veiled censure from the Supreme Leader, who was scornful of those believing that “everything good comes from the US”. The other two peg more hopes from BRICS and the SCO.

Pezeshkian also strayed from consensus by expressing support for Ukraine in its conflict with Russia.

But, no matter who wins, any radical change in domestic and foreign policies is unlikely since the President is only the second in command. And then, it is the Supreme Leader who also certifies the winner.

AGENCIES

Elon Musk’s SpaceX has won a $843 million NASA contract to prepare for the safe and responsible deorbit of the International Space Station (ISS) in a controlled manner after the end of its operational life in 2030.

As part of the contract, SpaceX will develop and deliver the US Deorbit Vehicle that will provide the capability to deorbit the space station and ensure avoidance of risk to populated areas.

“Selecting a US Deorbit Vehicle for the International Space Station will help NASA and its international partners ensure a safe and responsible transition in low Earth orbit at the end of station operations,” said Ken Bowersox, associate administrator for Space Operations Mission Directorate at NASA Headquarters in Washington.

While SpaceX will make the deorbit spacecraft, NASA will operate it throughout its mission. In addition to the space station, it is expected to destructively break up as part of the re-entry process.

The ISS has seen astronauts from CSA (Canadian Space Agency), ESA (European Space Agency), JAXA (Japan Aerospace Exploration Agency), NASA (National Aeronautics and Space Administration), and State Space Corporation Roscosmos, since 1998.

Each agency was responsible for managing and controlling the hardware it provided.

While the US, Japan, Canada, and the participating countries of ESA have committed to operating the station through 2030, Russia has committed to continued station operations through at least 2028.

The ISS is currently in its 24th year of continuous crewed operations, and more than 3,300 experiments have, to date, been conducted in microgravity.

AGENCIES

 South Korea, the US and Japan began their first trilateral multi-domain exercise on Thursday, the Joint Chiefs of Staff (JCS) said, amid efforts to deepen security cooperation against threats from North Korea, recently emboldened by its deepening ties with Russia.

The three-day exercise, named Freedom Edge, got underway in international waters south of South Korea’s southern resort island of Jeju, the JCS said, after the three countries’ defence chiefs agreed to launch the drills early this month in line with their leaders’ agreement last year, Yonhap news agency reported.

Last August, President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Fumio Kishida agreed to hold “annual, named, multidomain” trilateral exercises regularly during their summit at Camp David as part of efforts to deter evolving nuclear and missile threats from North Korea.

The drills mobilised various warships and aircraft from the three sides, including the US Navy’s USS Theodore Roosevelt aircraft carrier, South Korea’s Seoae Ryu Seong-ryong destroyer and Japan’s JS Ise helicopter destroyer.

“Freedom Edge expresses the will of South Korea, the US and Japan to promote trilateral interoperability and protect freedom for peace and stability in the Indo-Pacific, including the Korean Peninsula,” the JCS said in a statement.

The exercise will focus on ballistic missile defence, air defence, anti-submarine warfare, search and rescue, maritime interdiction and defensive cyber training, the JCS said, adding the three sides will continue to expand Freedom Edge going forward.

The new exercise takes its name from key bilateral exercises the US holds regularly with the Asian neighbours — Freedom Shield with South Korea and Keen Edge with Japan.

While the three countries have held combined maritime and aerial exercises, Freedom Edge marks their first trilateral exercise to take place across multiple domains.

Freedom Edge also takes place amid growing concerns over deepening military ties between North Korea and Russia.

Last Wednesday, North Korean leader Kim Jong-un and Russian President Vladimir Putin held a summit in Pyongyang, where they signed a “comprehensive strategic partnership” treaty that calls for military assistance if one of them is attacked.

South Korea, the US and Japan have jointly condemned the expanding military cooperation between Moscow and Pyongyang.

AGENCIES