The General Command of the Syrian Army and Armed Forces issued an administrative order to end the call-up of reserve officers and terminate the retention and call-up of non-commissioned officers and reserve personnel.Effective on July 1, 2024, the call-up of reserve officers who have completed one year or more of actual reserve service by June 30, 2024, will be terminated, Xinhua news agency reported.

Additionally, the retention and call-up of non-commissioned officers and reserve personnel who have completed six years or more of actual reserve service by the same date will cease. The order also included the discharge of those who have reached the age of 40.

The order specified that the retention and call-up of non-commissioned officers and reserve personnel will end for those who have reached the age of 40 and have completed two years or more of actual reserve service by June 30, 2024.

Subsequent discharges will follow for those who reach the age of 40 and complete two-year service.

This decision represents a change in how reserve forces are managed, due to the changing situation on the ground in the country.

AGENCIES

Following the release of four hostages from the Gaza Strip, tens of thousands of people once again protested in Israel in favour of an agreement with Hamas for the release of the 120 remaining abductees.

Tens of thousands gathered at the main rally in the coastal city of Tel Aviv on Saturday, Israeli media reported.

Thousands of anti-government protesters also gathered in Haifa and Jerusalem to demand a hostage deal and new elections.

Protests also took place in Caesarea, Beersheba and many other places in the country.

For months, there have been repeated mass protests in Israel against Prime Minister Benjamin Netanyahu’s government and in favour of the release of the hostages still being held in the Gaza Strip.

In a speech, the son of a man killed in captivity asked his father for forgiveness for the failure of the country and of Netanyahu to free him and the other hostages from captivity.

The army had recently announced his death and that of three other hostages.

There were clashes with police in Tel Aviv when protesters attempted to block a motorway, according to reports.

The police also used water cannon on the protesters.

According to the military, there are still 120 Israeli hostages in the Gaza Strip. However, it is feared that the majority of them are no longer alive.

The US, Qatar and Egypt have been indirectly mediating between Israel and Hamas for some time to achieve a ceasefire and an exchange of hostages for Palestinian prisoners.

Last week, US President Joe Biden unexpectedly presented details of a draft agreement to end the war in three phases.

AGENCIES

 The UK Navy on Sunday said that a vessel caught fire after being hit by a projectile in the Gulf of Aden.

The United Kingdom Maritime Trade Operations (UKMTO) agency, which is part of Britain’s Royal Navy, said that the vessel was hit “by an unknown projectile on the aft section” at about 2340 GMT on Saturday, about 70 nautical miles (130 kilometres) south-west of Aden in Yemen.

The hit “resulted in a fire,” the UKMTO said, adding that no casualties were reported. Damage control was underway, and the vessel was proceeding to its next port of call. The agency did not provide details about the vessel hit but advised to transit the area with caution.

The Gulf of Aden, off the Yemeni coast, links the Arabian Sea and the Red Sea. The Houthi militia has repeatedly fired on merchant ships in the area since the start of the war in Gaza in October.

The Houthi militants have said the attacks are intended to support the Palestinian militant group Hamas by making it more difficult for cargo ships to reach Israel.

In late March, the UKMTO said that the number of maritime incidents in the Red Sea and the Gulf of Aden has risen by 475 per cent since the Yemeni Houthi attacks on merchant ships began.

The route, which runs along Yemen, is one of the most important shipping routes for world trade. Freighters used it to travel from the Indian Ocean to reach the Mediterranean via the Suez Canal in Egypt. In response to the attacks, the United States and the UK have carried out several military strikes against Houthi positions in Yemen.

The European Union has also launched a military operation to protect merchant shipping in the Red Sea. AGENCIES

 The US military said that the delivery of urgently needed humanitarian aid for Gaza residents has resumed after a temporary pier on the territory’s coast was repaired.

The temporary harbour had been damaged in rough seas at the end of May, just a few days after its completion. Due to strong waves, four US military ships anchored in the area broke free from their moorings.

The regional command Centcom on Saturday said in a statement that at about 10:30 am local time (0730 GMT), it “began delivery of humanitarian assistance ashore in Gaza.”

“Today, a total of approximately 492 metric tonnes (1.1 million pounds) of much-needed humanitarian assistance was delivered to the people of Gaza. To date, USCENTCOM has assisted in the delivery of more than 1,573 metric tonnes (3.5 million pounds) of humanitarian aid,” the statement continued.

The regional command stressed that “no US military personnel went ashore in Gaza.”

“This ongoing effort in support of the US Agency for International Development (USAID) to deliver additional aid to Palestinian civilians in Gaza is entirely humanitarian in nature and involves aid commodities donated by several countries and humanitarian organisations,” Centcom said.

Under the provisional arrangement, freighters will initially bring aid supplies from Cyprus to a floating platform a few kilometres off the coast of the Gaza Strip.

The goods are then loaded onto smaller ships that can sail closer to the coast. These then dock at the temporary pier attached to the coast. There, the supplies are received by aid organisations and then distributed in the Gaza Strip by lorry. AGENCIES

 Adani Airport Holdings Limited (AAHL) on Sunday said it handled an impressive one million tonnes of air cargo in fiscal year 2023-2024 (FY24).

This represents a significant 7 per cent growth (YoY) compared to the previous fiscal, when the total cargo handled was 9,44,912 metric tonnes, the company said in a statement.

Seven airports facilitated over 10 lakh metric tonnes of cargo in FY24, capturing a robust 30.1 per cent market share.

“At Adani Airport Holdings Limited, we have been consistently setting new benchmarks for operational efficiency. The cargo terminals have achieved a remarkable milestone, handling over 1 million tonnes this fiscal year,” said Arun Bansal, CEO, AAHL.

In FY24, 65 per cent of the cargo managed by the company was international.

The international cargo tonnage amounted to 6,62,258 metric tonnes, recording a notable 9 per cent growth (YoY) compared to the previous fiscal’s 6,06,348 metric tonnes.

Top commodities included automobiles, pharmaceuticals, perishables, electricals/electronics and engineering goods.

“This achievement solidifies our position as key facilitators in both international and domestic airfreight operations in India,” Bansal added.

Mumbai International Airport witnessed the highest recorded volumes for the fiscal year in March 2024.

Sardar Vallabhbhai Patel International Airport (Ahmedabad) successfully handled Indigo’s first A320 neo freighter on May 18, said the company.

International cargo operations at Chaudhary Charan Singh International Airport (Lucknow) achieved the highest-ever volume of 700 tonnes in March 2024. AGENCIES 

It was an eventful and extremely volatile week for the stock market where one saw wild gyrations in both directions. At the end of it, it left the weak-hearted gasping for breath, waiting to recover their composure. The net price movement does not reflect the extent of wild swings that one saw.

The Exit Polls on Saturday indicated a sweeping majority for the BJP-led NDA, but final results showed that the BJP fell short of the absolute majority by a good 32 seats. With the allies, they were able to go past the number of 272, and the Prime Minister, along with his Cabinet, will be sworn in on Sunday, June 9, for a third term.

The BSESENSEX gained 2,732.05 points or 3.69 per cent to close at 76,693.36 points, while NIFTY gained 759.45 points or 3.37 per cent to close at 23,290.15 points. The broader indices saw BSE100, BSE200 and BSE500 gain 3.50 per cent, 3.12 per cent and 3.17 per cent respectively.

BSEMIDCAP was up 2.94 per cent, while BSESMALLCAP was up 3.11 per cent. Let us look at the intra-week movements on the benchmark indices. Post exit polls, BSESENSEX gained 2,487 points while NIFTY gained 808 points. On Tuesday post results, markets saw BSESENSEX lose 6,234 points intraday while NIFTY lost 2,057 points. Over the next three days, markets saw BSESENSEX gain 6,561 points while NIFTY gained 2,039 points.

At the end of it all, the BSESENSEX saw a movement of intra-week, 15,282 points, while in the case of NIFTY, it was 4,904 points. Markets gained on four of the five trading sessions and lost on one.

Coming to retail investors and what they did in the markets, contrary to their perception, they were net sellers when markets rose on Monday and big buyers when markets fell on Tuesday. They bought small on Wednesday when markets recovered.

The data from the exchanges shows that retail investors bought directly. To this, one must add what retail investors put in through SIPs in mutual funds, which have now crossed Rs 25,000 crore monthly.

The rally on Friday post-RBI meeting saw auto stocks, FMCG and IT companies stage a super rally. The top sectoral gainers for the week were BSEIT 8.17 per cent, BSEFMCG 6.93 per cent and BSEAUTO 6.78 per cent. The biggest loser was BSEPSU, which was down 1.84 per cent.

In its bi-monthly review meeting, RBI kept interest rates unchanged on expected lines. They expect GDP to grow at 7.2 per cent in the year 2025.

The Indian Rupee gained nine paise or 0.11 per cent to close at Rs 83.37 to the US Dollar.

Dow Jones gained on three of the five sessions and lost on two. At the end of the week, the Dow gained 112.67 points or 0.29 per cent to close at 37,798.99 points.

In primary market news, Le Travenues Technology Limited, the owners of the online travel company ‘IXIGO’ tap the capital markets. The issue consists of a fresh issue of Rs 120 crore and an offer for sale of 6,66,77,674 shares in a price band of Rs 88-93. The issue would open on Monday, June 10, and close on Wednesday, June 12.

The company is present in all three verticals such as airline tickets, rail tickets and bus tickets. The company reported an EPS of Rs 0.57 for the year ended March 23. The same has improved significantly to Rs 1.75 for the nine months ended December 23.

Revenues for the year ended March 23, which were at Rs 517.5 crore, are now in the nine months at Rs 378.7 crore. Based on the EPS for the full year, the PE multiple comes at an exorbitant 154.39-163.16 times.

Considering the nine months earnings, this is more comparable with its peer set. Looking at the current market mood, investors may apply for the above share.

Coming to the markets in the week ahead, expect them to remain volatile and witness two-sided moves. While FPIs have not turned bullish on India as yet, they seem to be confused more than bearish as they were till the end of the last month.

They bought on Monday and Friday and sold on the remaining three days. With a new high on the intraday basis made on BSESENSEX on Friday and a closing basis on both BSESENSEX and NIFTY on Friday, expect markets to rally further in the early part of the week.

As government formation and the ensuing budget is likely to be presented in the first fortnight of July, the composition of the cabinet and how the government settles down will be the focus of attention. Post new highs in the earlier part of the week, expect markets to witness profit taking and settling down from the new levels it has attained.

In terms of support, the levels witnessed on Tuesday at the lower levels of 70,234 and 21,281 points will act as strong support, while we could see levels of 24,000-24,200 on NIFTY and 78,800-79,400 on BSESENSEX as ultimate targets in the near term.

The strategy for the week would be to allow markets to run their course and resort to profit-taking only when the fall starts. It’s not necessary that the upside targets have to be made this week itself. They could happen when the budget is announced, as there would be various expectations from them this time around. The key mantra to making money would be to trade, as volatility and trading opportunities galore would exist.

Trade cautiously.  AGENCIES

 This year Apple’s annual Worldwide Developers Conference (WWDC) is set to kick off on June 10, and artificial intelligence (AI) is expected to take centre stage along with many other features.

WWDC is an event where the tech giant updates all its products with new software and features. This year, it is expected to unveil iOS 18 for the iPhone along with updates to other operating systems.

It is expected that Apple will incorporate AI into its operating systems, with a focus on enhancing Siri. The updated Siri is rumoured to use large language models to better understand user queries and take actions within Apple’s own apps. Apple may brand these AI features as ‘Apple Intelligence’ and integrate them across its apps.

At the event, Apple is likely to compete with companies like Google and Microsoft in the AI space with the release of iOS 18. This update is expected to bring significant new capabilities and designs centred around AI integration.

It is anticipated that many of the iOS 18 features will also be included in iPadOS 18. Additionally, it is rumoured that the upcoming watchOS 11 might introduce new workout types and watch faces, although it may not be a major update this year. AGENCIES

 South Korea’s top automaker Hyundai Motor and its sister company Kia captured the largest share of the US market for electric vehicles (EVs) in the first five months of 2024, data showed on Sunday.

The two carmakers accounted for 11.2 per cent, or 48,838, of the 437,246 EVs sold in the US market over the January-May period, according to data compiled by the Korea Automobile Manufacturers Association.

This marks a sharp rise from 6.8 per cent in 2023 and 10.6 per cent in 2022. In 2020, Hyundai and Kia only accounted for 3.2 per cent of the US EV market, reported Yonhap news agency.

The two carmakers’ combined share was 40.5 percentage points behind the US giant Tesla, narrowing from the 73.2 percentage point difference tallied in 2020.

EVs also made up nearly 40 per cent of the eco-friendly models sold by Hyundai and Kia in the US over the five-month period. The ratio was estimated at 17.2 per cent in 2020. AGENCIES

India is poised to become a large-scale global electronics manufacturing destination in years to come under the visionary leadership of Prime Minister Narendra Modi, Pankaj Mohindroo, Chairman, India Cellular and Electronics Association (ICEA), said on Sunday.According to Mohindroo, the remarkable growth in mobile phone manufacturing over the last decade, which has reached 50 billion, has laid the foundation for a very robust growth in overall electronics.

“We will now as a nation have to accelerate in all sectors, not only in mobile manufacturing but also in IT hardware, laptops, desktops, servers, consumer electronics, auto electronics and all other verticals of electronics for India to become a global manufacturing destination for electronics,” Mohindroo told IANS.

In a recent report, ICEA mentioned that as India aims to reach $300 billion in electronics production by FY26, it will trigger demand for semiconductors worth $90-$100 billion, largely driven by domestic mobile manufacturing.

Mohindroo further mentioned that the country needs a very passionate leadership as it has had in the last 10 years to catalyse “India towards a very large scale global electronic manufacturing destination, which is a quadruple growth of 400 per cent as we have had in the last 10 years”.

As per ICEA data, the domestic market is expected to grow from $65 billion to $180 billion over the next 5 years, making electronics among India’s 2-3 top-ranking exports by 2026.

Of the $300 billion, exports are expected to increase from the projected $15 billion in 2021-22 to $120 billion by 2026. AGENCIES

 Photo-sharing app Instagram expanded its gap with South Korea’s top search engine Naver in terms of hours used, data showed on Sunday, amid the growing popularity of short-video clips shared on the social media service operated by Meta Platforms.

According to data compiled by industry tracker Wiseapp, South Korean users spent a combined 389 million hours on Instagram, making it the third-most used app in the country in May, beating Naver by 46.41 million hours.

Instagram outstripped Naver by 13.86 million hours to become the third-most used smartphone app here for the first time in April, reports Yonhap news agency.

Video-sharing service YouTube stood as the most used app for the month with 1.8 billion hours, followed by the mobile messenger KakaoTalk with 565 million hours, the data also showed.

Instagram was also more frequently used by users than Naver in May. Wiseapp said South Korean users activated Instagram on their smartphones 1.78 billion times, while Naver was operated 1.43 billion times.

KakaoTalk held a comparable figure of a whopping 78.7 billion activations, the data showed.

Experts say the growing presence of Instagram aligns with the popularity of its “Reels” launched in 2021, which refers to short videos shared on the platform.

Naver kicked off a similar service dubbed Clip in August last year, although it has not yet made a significant impact on the app’s hours used or frequency of activation. AGENCIES