At least eight people were killed and three others injured in a landslide on a major road in Ecuador’s central Tungurahua province, local authorities said.

The landslide led to the closing of the roadway in the resort city of Banos de Agua Santa and damaged houses in the area, reported Xinhua news agency, citing the Ecuadorian National Risk Management Secretariat.

“We are coordinating and deploying more machinery to help with the relief effort,” said Ecuadorian Transportation and Public Works Minister Roberto Luque on X, formerly known as Twitter.

Operations at three hydroelectric plants had also been disrupted by the heavy rains, added Luque. AGENCIES

 The Israeli Ministry of Energy and Infrastructure has announced a strategic plan for the country’s energy transition from traditional fossil fuels to biological, synthetic, and hydrogen fuels by 2050.

The plan’s purpose is to adapt the country’s economic growth to global climatic requirements and modernization, Xinhua news agency reported, citing a statement issued by the ministry on Sunday.

Under the comprehensive plan, Israel will ensure reliable fuel supply to every economic sector, enhance emergency preparedness in fuel supply, and promote the production and broader application of green fuels.

These goals would be aligned with the Israeli government’s carbon reduction targets and expected changes in the country’s energy mix. Specifically, the plan aims to shut down the massive oil refineries in Haifa Bay, switch to imports instead of local production of petroleum distillates, and establish six or seven hydrogen fueling stations by 2030.

It will also promote transport electrification and the use of hydrogen power, synthetic fuels, and biofuels, to meet the Israeli government’s target of reducing CO2 emissions from the transportation sector by 96 per cent by 2050. AGENCIES

 Iranian Interim President Mohammad Mokhber and Pakistan’s Prime Minister Shehbaz Sharif have reiterated the two countries’ commitment to further improving ties, according to a statement published on the website of the Iranian president’s office.

The two leaders made the remarks on Sunday during a phone call, during which they also discussed bilateral relations as well as regional issues, including the situation in Gaza, Xinhua news agency reported.

Aiming to increase their annual bilateral trade to $10 billion in the near future, Iran and Pakistan should make efforts to swiftly remove the obstacles in the field of economic and trade cooperation, said Mokhber.

The Iranian Interim President added Iran always viewed Pakistan as its “strategic companion and partner”, underscoring his country’s commitment to improving their ties in all areas.

The Pakistani Prime Minister, for his part, also voiced his country’s willingness to further cement and strengthen its relations with Iran, particularly in the area of trade and economy, reaffirming his government’s commitment to reaching the trade target, according to the Iranian statement.

Sharif also wished Iran success in its upcoming presidential election, scheduled for June 28, according to the statement. AGENCIES

Nikhil Gupta, who has been accused of involvement in an alleged plot to assassinate a Sikh separatist here has been extradited to the United States and is in federal custody, according to prison records.

The Federal Bureau of Prisons inmate records on Sunday showed him locked up in the Metropolitan Detention Centre in Brooklyn, where prisoners due for appearances in federal courts here are kept.

According to a spokesperson for the federal court of the Southern District of New York, quoted by NBC TV network, he is scheduled to appear in court on Monday.

Gupta was arrested in the Czech Republic on June 30 last year and the US had asked for his extradition. His extradition was held up by his appeal to the Czech Constitutional Court earlier this year against his extradition, which was rejected last month clearing the way for him to be sent to the US.

The alleged plot raised concerns in the US because an Indian police officer is accused of masterminding it.

According to court documents, Gupta, who also uses the name “Nick”, is charged with participating in a plot with an unnamed Indian “senior field officer” to assassinate the leader of a “US-based organisation that advocates for the secession of Punjab state” and the establishment of a “Sikh sovereign state called Khalistan”.

The group’s leader, who is not named in the court documents, is Gurpatwant Singh Pannun, a lawyer with US and Canadian citizenships, who lives in New York and runs a campaign for Khalistan.

He is designated as a terrorist by the Indian government.

In a filing in the New York court in January, Gupta’s lawyer Jeffrey Chabrowe said that according to his family’s media interviews he “faces basic human rights violations while in custody in Prague” and was kept in “extended” solitary confinement without consular access.

According to the charging document in the court, Gupta was recruited by the “senior field officer” to “orchestrate the assassination.”

He, in turn, the document said, contacted a person he believed was a “criminal associate, but was, in fact, a “confidential source working with US law enforcement”.

That person introduced him to a “purported hitman” who was an undercover US law enforcement officer who was offered $100,000 to carry out the assassination, the document said.

Gupta arranged for an advance of $15,000 to be delivered by an associate to the presumed “hitman”, who was also given details about Pannun and also told him that a Canada-based Khalistan leader Hardeep Singh Nijjar, who was killed in British Columbia had been a “target”, according to the document.

The prosecution said that he had himself described his “involvement in narcotics and weapons trafficking” and asked the “senior field officer’s” help in getting cases against him in India dismissed.

Gupta’s lawyer Charbrowe asked the court in January to compel the prosecution to provide more details about the case to the defence to enable it to defend him.

He said that according to Gupta’s Czech lawyer Petr Slepica, the defendant had been interviewed several times by “groups of senior US officials” while the lawyer has not been given any documents about the case except for indictment – the charging document.

Federal Judge Victor Marrero dismissed the request saying that under the Rules of Criminal Procedure, the prosecution has 14 days after Gupta is produced in court to give the information to the defence.

State Department Spokesperson Matthew Miller said in April that “we have made clear to the government of India that we want to see them conduct a full investigation, and we continue to look forward to the results of that investigation”. AGENCIES

Eight people were found inside a refrigerated lorry in China’s central Henan province, where they are said to have suffocated, Chinese state media reported on Monday.

The lorry’s driver found the eight individuals in the cargo space of his vehicle near a motorway exit some 140 km south of the provincial capital, Zhengzhou, and alerted emergency services, according to the local government.

All eight were reportedly unconscious when they were found. Attempts to revive them were unsuccessful, and they were declared dead early on Sunday morning.

Authorities have launched an investigation into the incident, including into the vehicle’s driver. Further details as well as the identities of the “illegal passengers,” as authorities described them, remained initially unclear. AGENCIES

Equity mutual fund inflows reached a record Rs 34,697 crore in May, an 83.42 per cent jump from the previous month, marking 39 consecutive months of positive trends, the Association of Mutual Funds of India (AMFI) said on Monday.

Net inflows into equity mutual funds surpassed the Rs 30,000 crore level for the first time.The open-ended sectoral and thematic equity funds saw net buying of Rs 19,213.43 crore in May.The overall assets under management of the mutual fund industry stood at Rs 58.91 lakh crore.

“Major contributions came from the sector and thematic categories, with the HDFC Manufacturing Fund’s NFO attracting nearly Rs 9,500 crore,” said Pankaj Shrestha, Head of Investment Services, Prabhudas Lilladher Group.

Additionally, SIP contributions hit a record Rs 20,904 crore, highlighting a growing trend towards disciplined, long-term investing, the market experts said.

Despite potential high volatility from FII selling, ongoing general elections, GDP data, and other minor events in May, investors remained steadfast in their pursuit of returns on the back of the Indian growth narrative, buoyed by confidence in the incumbent government securing a record third consecutive term.

“The forthcoming 100-day action plan and a comprehensive Union Budget will provide a clearer picture of the government’s priorities for the economy,” said Gopal Kavalireddi, Vice President of Research at FYERS.

In recent years, sector/thematic funds have gained popularity among investors given the market scenario and some of the sectors performing well.

“That said, investors must be cautious while investing in such funds. They are cyclical in nature and hence investors should have the necessary skills or have the right set of advice in place to track sector dynamics and time their entry and exit from these funds,” said Himanshu Srivastava, Associate Director–Manager Research, Morningstar Investment Research India.   AGENCIES

South Korean fabless semiconductor company FADU said on Monday it has partnered with US data storage firm Western Digital Corp. to co-develop next-generation technology for solid-state drives (SSDs) targeted at business applications.

The collaboration focuses on developing Flexible Data Placement (FDP) technology, which aims to optimise the performance, reliability and lifespan of SSDs.

Demand for FDP has been growing, with major global tech companies, such as Meta and Google, endorsing the technology.

Founded in 2015, FADU specialises in chip design for data centres and is known for its high-performance SSD controllers.

“FDP technology allows us to optimize the placement of data on SSD storage, marking a significant achievement in storage technology,” said FADU CEO Lee Ji-hyo.

“Through our partnership with Western Digital, we will implement the most advanced FDP technology to deliver storage solutions that not only dramatically improve performance but also significantly increase the lifespan of SSDs,” Ji-hyo added.   AGENCIES

Household consumption expenditure on goods and services in both the rural and urban areas of India, which reflects the standard of living and well-being of the population, has shown a robust increase over the last decade, according to the latest survey released by the Ministry of Statistics.

The monthly per capita household consumption in rural India jumped by over 40 per cent in 2022-23, after adjusting for inflation, compared to the corresponding figure recorded for 2011-12, according to the survey.

In absolute terms, the monthly per capita consumption expenditure in the country’s rural areas shot up to Rs 2, 008 in 2022-23 from Rs 1, 430 in 2011-12.

Urban India also recorded a robust gain of 33 per cent with per capita household consumption expenditure rising to Rs 3, 510 in 2022-23 from Rs 2, 360 in 2011-12, after adjusting for inflation.

Without adjusting for inflation, the figures stood at Rs 6, 459 for urban households and Rs 3, 773 for rural households in 2022-23, compared to Rs 2, 630 and Rs 1, 430 respectively in 2011-12, which are higher than the real term increase after adjusting for inflation.

Household consumption expenditure includes spending on food, fuel, electricity, medical services, transport and education.

The survey shows that in 2022-23, food accounted for about 46 per cent of the average rural household’s consumption, while urban households allocated about 39 per cent of their monthly per capita consumption to food.

The survey also reveals that there has been a gradual decline in the per capita consumption of cereals such as rice and wheat in both rural and urban India as people are consuming more pulses, milk, vegetables, fruits, eggs and meat. This change in the consumption pattern reflects an improvement in the standard of living over this period that has been made possible due to the rise in incomes as India has emerged as the world’s fastest-growing major economy.

The survey was carried out in 8, 723 villages and 6, 105 urban blocks covering as many as 2.62 lakh households across the country.   AGENCIES

 As India embarks on its ambitious semiconductor journey, the country will require 2.5 lakh 3 lakh skilled professionals by 2027 across Research and Development (R&D), design, manufacturing and advanced packaging domains, a report showed on Monday.
De-risking initiatives by the world’s leading electronic manufacturers, coupled with targeted government initiatives and India’s talent pool, have led the country to occupy a key position in the global semiconductor manufacturing space, according to the report by TeamLease Degree Apprenticeship.

Expected to become a $100 billion industry by 2030, the expansion is poised to generate approximately 1 million global jobs by 2025–2026, aligning with India’s broader economic and industrial growth objectives.

The Electronics Sector Skill Council (ESSC) currently offers over 35 apprenticeship courses under the National Apprenticeship Promotion Scheme (NAPS) scheme to address skill shortages at various levels of entry level work. To address this gap, the TeamLease Degree Apprenticeship is actively collaborating with academia, government bodies, and industry leaders. Also Read – Viney Equity Market co-leads Rs 715 cr investment in Vikram Solar Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, emphasised upon the need to increase employment in India, especially in light of the $15 billion investment in three semiconductor plants. This investment results from the India Semiconductor Mission (ISM) and the Production Linked Incentive (PLI) scheme. Advancements in AI-driven technologies are pushing India towards higher value activities in the semiconductor industry. AI-powered chip design and smart manufacturing are creating a demand for professionals skilled in artificial intelligence (AI), Internet of Things (IoT) and 5G, said Reddy. Building an ecosystem for higher value creation activities and cultivating a competent work force through degree apprenticeships and training programmes is crucial to establish India as a significant player, the report mentioned. The PLI scheme, in particular, offers a $1.7 billion incentive package for companies establishing semiconductor manufacturing facilities in the country.  AGENCIES

The Confederation of Indian Industry (CII) on Monday said they are confident that under the astute leadership of Prime Minister Narendra Modi, the country would continue its economic transformation and emerge among the top three in the world. In a statement, Sanjiv Puri, President of CII, congratulated PM Modi for assuming charge for the third consecutive term. “Building upon a strong growth rate of 8.2 per cent for 2023-24, the new government under his visionary leadership can usher in the next phase of reforms to make the most of the global opportunities and build on the robust fundamentals of the Indian economy,” said Puri.

India is forecast to surpass Japan to become the world’s fourth-largest economy in the near future. 

The government recently said India is expected to overtake Japan and Germany to emerge as the world’s third-largest economy by 2027.

This is a pivotal moment for India, and Indian industry is keen to work with the incoming government to further accelerate the developmental journey of the nation, he noted.

Chandrajit Banerjee, Director General, CII, said that under PM Modi’s visionary leadership, “We shall see the unfolding of a golden chapter in India’s development journey.”

PM Modi on Monday took charge and signed his first file for the welfare of the farmers.

This will benefit 9.3 crore farmers with a total distribution expected to reach around Rs 20,000 crore.

Banerjee said that the CII would intensify its initiatives for building stakeholder consensus on the next generation of reforms and “Work closely with the new government on unlocking the potential of India’s demographic dividend through education, healthcare and skill development”.  AGENCIES