The expected entry of China’s BYD Auto into the South Korean consumer electric vehicle (EV) market this year will likely intensify competition within the low-cost segment of the market, which globally has seen a stagnation in growth as of late due to the so-called EV adoption chasm, according to industry watchers on Tuesday.The Chinese EV maker has applied for emissions and noise certification for its midsized EV sedan Seal with the National Institute of Environmental Research under the South Korean environment ministry on June 5, marking the beginning of BYD’s domestic release procedure.

The process, which checks factors, such as the driving range on a single charge, is known to take around two to three months. Performance evaluations linked to a review for EV subsidies are conducted separately by the Korea Environment Corp, reports Yonhap news agency.

In terms of size and performance, BYD’s Seal model, whose entry price trim is set at 179,800 yuan ($24,730), is comparable to Tesla (NASDAQ:TSLA)’s Model 3 and Hyundai Motor’s Ioniq 6.

Market watchers expect the model to become eligible for EV subsidies when released. Some, however, note the use of lithium iron phosphate (LFP) batteries in the model could work against the model due to the low recyclable value of LFP batteries.

Other more affordable BYD models, including the Dolphin hatchback and the Atto 3 compact crossover, are also reportedly being considered for release in the country.

BYD has already applied for trademarks for six models in the domestic market, including those for the Seal, Dolphin and Atto models.

If BYD successfully launches its passenger EV cars in South Korea with competitive pricing, it could impact the domestic electric vehicle market, currently dominated by Hyundai Motor and Kia.

South Korean automakers have already seen a decrease in the domestic EV market share, dropping 3.5 percentage points to 76.6 percent last year, especially in line with the release of Tesla’s Model Y vehicles produced in China.

Local automakers, too, are moving to introduce more affordable models with a better value proposition, notably improved battery capacity.

Hyundai plans to unveil the EV version of its mini SUV Casper at the upcoming Busan International Mobility show later this month. Kia’s EV3, the company’s third and latest EV model after the larger EV6 and EV9 models, is widely expected to become a hit. AGENCIES

Apple has announced to shut down its buy now, pay later (BNPL) service called ‘Apple Pay Later’ in the US. The service, which let users take out “pay later” loans that can be paid in four payments over six weeks, was launched in the US in October last year. “Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay,” the tech giant told 9to5Mac website.

With the introduction of this new global installment loan offering, “we will no longer offer Apple Pay Later in the US,” said the company.

Apple Pay Later was announced alongside iOS 16 release.

“Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders,” said the iPhone maker.

According to a support document, “Apple Pay Later is no longer offering new loans” but “existing Apple Pay Later loans and purchases are not affected.” AGENCIES

A fire broke out at a house in the US’ Georgia state on Monday, leaving six people including three children dead and five others injured, according to media reports.The deceased were aged from 6 to 74, and the five survivors were rushed to a hospital in Atlanta, the state capital, Xinhua news agency reported, citing local authorities.

Some of the survivors had serious injuries, local authorities said.

Firefighters were dispatched to the scene in Coweta County, southwest of Atlanta, close to 5 a.m., and there were 11 people inside the home when the fire broke out, according to the media reports.  AGENCIES

A Texas-based railway company must pay some US$400 million to a Native American community after it transported crude oil through the group’s reservation without authorisation, a US judge in Seattle ordered on Monday.

According to German news agency (dpa), the Seattle Times reported that Railway company BNSF has had permission from the indigenous Swinomish Indian Tribal Community to use tracks that run through the community’s territory in Washington state since 1991.

However, the agreement stipulates that a maximum of 25 wagons are allowed to pass through per day, and the community must be informed of the type of cargo.

The Swinomish people sued in 2015 after BNSF sent significantly more train cars carrying crude oil to nearby refineries without having received specific permission for the freight or the quantity.

A previous ruling had already deemed the company to have acted in violation of the 1991 agreement. In the current case, the court was to determine how much the company earned from the transportation of crude oil as well as the proportion owed to the indigenous community.

The judge said that it is unclear how BNSF invested its “ill-gotten” profits and what returns were generated as a result. He assumed that those responsible made far more profit from their misconduct.

“The court finds that, in the interest of justice and equity, a supplemental enhancement in an amount that approximates the money market return is appropriate here,” the judge added.

The Swinomish people’s territory is situated on the Pacific coast in the north-west of the US. Fishing holds significant cultural and economic value for the community. AGENCIES

Three people, including the shooter, were killed in a shooting incident in Toronto, the largest city in Canada.According to local media, police were called to an office building in the Don Mills area for reports of gunshots at approximately 3:25 p.m. local time (1925 GMT) on Monday, reports Xinhua news agency.

Two men and a woman were found dead at the scene, with one of the men identified as the shooter, said the police, adding that they believe an altercation took place before the shooting.

A daycare center and an elementary school located near the scene were placed in lockdown as police investigated the shooting.

By 6:30 p.m. local time (2230 GMT) Monday, all children from the two facilities had been returned to their parents, CBC News reported. AGENCIES

In FY24, Indian red chilli exports hit a record $1.5 billion, driven by robust demand from China and Bangladesh. With a 15% increase in volume and an 18% rise in value, India emerges as a key player in the global spice trade, particularly catering to the preferences of major markets like China, Thailand, Bangladesh, and the USA.

Highlights

Record Red Chilli Exports in FY24: Indian red chilli exports reached a record $1.509 billion in FY24, a 15% increase from the previous year’s $1.30 billion. In rupee terms, exports totaled ₹12,492 crore, an 18% growth over ₹10,564 crore in FY23. The significant rise was driven by robust demand from China and Bangladesh.

Volume and Value Surge in Exports: According to Spices Board data, red chilli export volume increased by 15% in FY24 to 6.01 lakh tonnes from 5.24 lakh tonnes the previous year. Red chilli exports, worth $1.50 billion, comprised about 34% of India’s total spices exports, which were valued at $4.46 billion in FY24.

China: The Largest Buyer: China was the top importer of Indian red chillies in FY24, purchasing over 1.79 lakh tonnes valued at ₹4,123 crore. This represents a 14% increase in volume and a 21% increase in value from FY23’s 1.57 lakh tonnes worth ₹3,408 crore. China’s imports rebounded due to growing demand in oleoresin and culinary sectors.

Thailand’s Rising Demand: Thailand emerged as the second-largest buyer of Indian chillies by value in FY24, with imports valued at ₹1,404 crore, a 10.6% increase from ₹1,269 crore the previous year. Volume-wise, exports to Thailand grew by about 10% to 59,838 tonnes, up from 54,512 tonnes in FY23.

Significant Growth in Exports to Bangladesh: Chilli exports to Bangladesh surged by 67% in FY24, reaching 90,570 tonnes, up from 53,986 tonnes the previous year. In value terms, exports to Bangladesh increased by 35% to ₹1,210 crore, compared to ₹892 crore in FY23. This marked a significant rise in both volume and value.

Increased Shipments to the USA: Exports to the USA also saw substantial growth in FY24, with a 24% increase in volume to 36,413 tonnes from 29,173 tonnes in FY23. In value terms, chilli exports to the USA rose by 42% to ₹1,141 crore, compared to ₹803 crore the previous year, highlighting the increasing demand.

Major Producing States: Red chillies are a major commercial cash crop in India, with increasing production of both green and red varieties. Andhra Pradesh is the largest producer of red chillies, followed by Telangana, Madhya Pradesh, and Karnataka. This rise in production has contributed to the significant growth in exports.

Conclusion

In conclusion, India’s red chilli exports have reached unprecedented heights in FY24, fueled by escalating demand from key importing nations. The surge in exports, especially to China and Bangladesh, reflects the growing recognition and preference for Indian spices worldwide. With consistent efforts to enhance production and quality, coupled with strategic market positioning, India is poised to maintain its dominance in the global spice market, contributing significantly to the country’s economic growth and agricultural prosperity. AGENCIES

 Russia’s Pacific Fleet began deploying its forces as part of the exercises scheduled to take place from June 18 to 28, local media reported on Tuesday.

“The Pacific Fleet forces have initiated the deployment from their base locations to designated areas within the planned bilateral exercise, which will take place on June 18-28 in the Pacific Ocean, in seas of Japan and Okhotsk under the general management of the Pacific Fleet Commander Admiral Viktor Liina,” the fleet’s press service was quoted by TASS news agency as saying.

The drills will involve around 40 ships and vessels. Some 20 aircraft and helicopters of naval aviation, including Tu-142M3, Il-38, and Il-38N aircraft, Ka-29, and Ka-27 helicopters, will be part of the anti-submarine and search-and-rescue operations. Marine units and the Bal and Bastion coastal missile systems will also be in the maneuvers, reports Xinhua news agency.

For the first time, this year’s exercises will take the form of bilateral operations, involving the Primorye Flotilla of diverse forces and the unified command of the troops and forces in the northeast of Russia.

“Throughout various phases, the sailors will practice anti-submarine warfare, the organization of all types of defense for ship detachments during sea crossings, the execution of joint missile strikes against mock enemy ship groups, and drills to repel attacks by drones and unmanned boats,” the press service added. AGENCIES

Ahead of his visit to North Korea on Tuesday, Russian President Vladimir Putin praised Pyongyang for its support in Moscow’s fight against Ukraine.Putin praised North Korea’s “unwavering support for Russia’s special military operation in Ukraine,” using the Kremlin’s wording to refer to the war, in a letter published in Pyongyang’s official newspaper Rodong Sinmun.

The Russian leader also thanked North Korea for its solidarity on important international issues, adding that it was “committed and like-minded” and ready to counter the West’s aspiration to restrain the establishment of a multipolar world order.

According to Putin, both countries have plans to collaborate on building a security architecture in Eurasia, countering Western sanctions, and establishing independent transaction systems.  AGENCIES

Thirty-six lawmakers from across the European Union have called on member states to vote against plans by the bloc’s executive to require tech companies to monitor their platforms for child sexual abuse content, citing data security concerns.In an open letter made available to dpa, the politicians said they were convinced the proposed measures are incompatible with EU basic rights.

The European Commission in 2022 presented the proposed Regulation to Prevent and Combat Child Sexual Abuse, designed to curb the spread of material showing the sexual abuse of children.

The law would make it compulsory for social media platforms to scan private encrypted chats on social media platforms for certain identifiers that might flag child grooming or the sharing of child sexual abuse material (CSAM), and to report any suspicious activity. Under current law, this monitoring of online activity is voluntary.

Critics have slammed the proposed measure as “chat control.” They see it as an attempt to scan all online communication, including encrypted messages, raising fears of mass surveillance.

EU member states representatives are expected to discuss the issue on Wednesday.

The open letter calling on members to vote against the proposal was signed by lawmakers from national parliaments as well as the European Parliament, including from Germany and Austria.

In the letter, the lawmakers call for the protection of the right to anonymous and pseudonymous use of the internet as well as for a strengthening of end-to-end encryption.

In order to effectively combat child sexual abuse, more resources and targeted coordination among European law enforcement authorities are needed, they say.

“Instead of effectively protecting children from sexualised violence online, the compromise draft continues to massively encroach on the protection of everyone’s digital privacy,” co-initiator Tobias Bacherle, a lawmaker for the German Green Party, told dpa. AGENCIES

Patients nationwide in South Korea experienced increased healthcare disruptions on Tuesday, having to return home without treatment or endure long waits, as neighbourhood clinics closed as part of a general strike by doctors protesting the medical school quota hike.Some community doctors across the nation closed their clinics for the day to participate in a one-day walkout organised by the Korea Medical Association, a major lobby group for doctors, protesting against the government’s medical reform initiative, reports Yonhap News Agency.

The health ministry said that only 4 per cent of the country’s 36,371 community clinics, excluding dental and oriental medicine practices, have submitted mandatory reports for business suspension for Tuesday.

Healthcare service disruptions for patients were, however, pronounced as the walkout came amid significantly reduced services at general hospitals nationwide due to a monthslong strike by trainee doctors.

The previous day, Seoul National University Hospital in central Seoul and three of its affiliated hospitals also went on an indefinite walkout, demanding that the government reconsider the medical school quota increase and withdraw punitive measures against protesting trainee doctors.

A 33-year-old patient surnamed Kim, was taken aback after discovering that the otolaryngologist’s office in her neighborhood in Seoul’s southern Seocho district, where she visited for sudden deafness, was closed.

“I am in big trouble. I was told to preserve the ‘golden time’ for treatment because I can permanently lose my hearing if not treated promptly,” the patient said, as she urgently checked a nearby clinic for service availability.

Including Kim, seven patients visited the clinic in Seocho during a 20-minute period on Tuesday, only to walk away after discovering a notice of service closure posted on the office front.

A normally busy paediatrics office located in an apartment-crowded area in Suwon, south of Seoul, was also among the clinics that suspended services for the day.

A notice posted on its entrance said, “Hospital closed due to an internal situation. We are sorry for the inconvenience.”

Three of the four paediatrics clinics in another apartment-heavy area in Yongin, south of Seoul, were closed, resulting in a waiting list of more than a dozen patients at the clinic that remained open.

“I’ve heard a lot about the medical-government conflict, but I have never been so directly affected by it as I am today,” a resident told Yonhap News Agency.

“I am very disappointed with both the government and the medical sector for aggravating the issue to this extent,” the resident said.

University general hospitals nationwide, already experiencing disruptions due to the prolonged absence of trainee doctors, suffered further setbacks as senior doctors took the day off to join the general walkout.

No critical emergency medical situations were reported due to the one-day walkout, however, as only a fraction of the neighbourhood clinics across the nation participated in Tuesday’s collective action. AGENCIES