US-based Corning International Corporation and homegrown Optiemus Infracom Limited on Tuesday broke ground on the Bharat Innovative Glass Technologies (BIG Tech) facility in Tamil Nadu to produce high-quality, finished cover-glass parts for mobile consumer electronics.

The BIG Tech facility, located at the SIPCOT Pillaipakkam industrial park in the Kanchipuram District, Tamil Nadu, will help strengthen local supply chains and create substantial employment opportunities.

“Today’s ground-breaking for BIG Tech not only marks a significant investment in our state’s industrial capabilities but also reinforces Tamil Nadu’s position as a hub for innovation and technological advancement,” MK Stalin, Chief Minister, Tamil Nadu, said in a statement.

Earlier this year, BIG Tech inked an MoU with Tamil Nadu Government to set up a plant to make cover glass for mobile phones.

As per the MoU, the company said to set up the cover glass manufacturing plant at an outlay of about Rs 1,003 crore.

“By actively supporting our customers as they advance their supply chains, we’re giving more consumers in the region an opportunity to experience the renowned durability of Gorilla Glass,” David Velasquez, VP and General Manager of Corning Gorilla Glass, said.

The new facility further underscores Corning’s continued investment in the country across multiple industries, specifically those aligned with emerging market trends in the region.

“Establishing India’s first cover-glass finishing operation for mobile consumer electronics is a major milestone in our journey to meet the growing demand for high-quality, advanced cover glass,” said Ashok Gupta, Executive Chairman, Optiemus Infracom. AGENCIES

The Central government is likely to increase its welfare spending on social schemes by Rs 50,000 crore in the upcoming budget, due to robust tax collection and record dividend from the Reserve Bank of India (RBI), according to the global brokerage Jefferies.

As per the report, the Central government will not face any economic challenges in carrying forward capital expenditure and development works in the coming budget. The government enjoys a financial cushion of approx 40 to 50 basis points.

Jefferies said that the budget for FY25 will have a positive impact on affordable housing, consumer companies, price-sensitive industries, and capex companies.

Increasing income tax collection allows the government to give tax exemptions. This may provide relief to taxpayers. An increase in consumer spending will also support economic growth.

Jefferies suggested that India could bring back the Credit Linked Subsidy Scheme (CLSS) for urban housing.

Jefferies believes that the Budget for capital expenditure could be increased by Rs 30,000 crore and government welfare schemes spending could be increased by Rs 50,000 crore in the upcoming budget. AGENCIES

The Centre on Tuesday announced it has begun the auction of spectrum worth Rs 96,238.45 crore for telecom services. The total quantum of spectrum being auctioned is 10,522.35 MHz in various bands, valuing Rs 96,238.45 crore at reserve prices, said the Ministry of Communications.

The following spectrum bands will go up for bidding in the auction — 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz and 26 GHz — that starts at 10 a.m.

The auction will see participation from three bidders: Bharti Airtel, Vodafone Idea and Reliance Jio Infocomm.

“To augment existing telecom services and maintain continuity of services, the government will hold the spectrum auction on Tuesday,” said the ministry.

The 1800 MHz spectrum band has been allocated Rs 21752.4 crore at reserve price, followed by the 800 MHz band at Rs 21,341.25 crore.

“This is in line with the government’s commitment to facilitate affordable, state-of-art high-quality telecom services to all the citizens,” the ministry added.

The Department of Telecommunications (DoT) initiated the spectrum process on March 8.

Spectrum will be assigned for a period of 20 years. Successful bidders will be allowed to make payments in 20 equal annual instalments, duly protecting the NPV at the interest rate of 8.65 per cent.

Spectrum acquired through this auction can be surrendered after a minimum period of 10 years. There will be no Spectrum Usage Charges (SUC) for spectrum acquired in this auction, said the ministry.  AGENCIES

Artificial intelligence (AI) health startup Cloudphysician on Tuesday said that it raised $10.5 million in a Series A funding round led by Peak XV Partners, with participation from Elevar Equity and venture debt firm Panthera Peak.The fresh funds will be used to propel the company’s growth and operations within India and expand into multiple emerging markets and established markets such as the US.

In addition, the funds will be used to further enhance its innovative AI platform, RADAR, to improve its co-pilot features using data, the company said.

“We aim to scale our business and continue transforming critical care delivery in India and global markets. We remain committed to our vision of leveraging AI and advanced technology to ensure high-quality care is accessible to all, regardless of location,” Co-founders Dr Dhruv Joshi, and Dr Dileep Raman, said in a statement.

Cloudphysician is a full-stack AI and operations company that partners with hospitals to manage patients in their ICU and Emergency departments.

“They are building an India-first business which has the opportunity to become the world’s first independent, scaled-up business in this space,” said Mohit Bhatnagar, Managing Director at Peak XV.

Founded in 2017, Cloudphysician has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients. AGENCIES

About 50 per cent of Indian organisations encountered one or more fraud incidents during and after the pandemic, with a substantial majority (77 per cent) perceiving a noticeable increase in fraudulent activities due to the Covid-19 pandemic, a new report revealed on Tuesday.According to the consulting firm Grant Thornton Bharat, nearly half attributed this rise in fraudulent activities to the shift from onsite to remote work environments and the subsequent lack of stringent internal controls.

Specifically, cyber incidents accounted for 64 per cent of these frauds, underscoring businesses’ critical vulnerabilities as they navigate increasingly digital landscapes.

“Our survey highlights the growing awareness among organisations regarding fraud prevention, with 60 per cent of companies now prioritising cybersecurity and anti-fraud technologies on their strategic agenda,” said Samir Paranjpe, Partner, Grant Thornton Bharat.

The report surveyed over 250 CXO respondents from a wide spectrum of sectors, representing different roles and responsibilities, including business and strategy, finance, information technology, risk and compliance, and legal.

Moreover, the report revealed that one-fourth of the organisations have suffered losses of Rs 1 crore and above, with three-fourths of such organisations facing financial damages exceeding Rs 5 crore.

The most affected industries include Technology, Media and Telecommunications (58 per cent), financial services (51 per cent), and manufacturing (46 per cent), highlighting the critical need for tailored anti-fraud strategies to address their unique vulnerabilities.

Further, the report said that post-COVID-19, 73 per cent of organisations have improved their governance and compliance frameworks, 63 per cent have implemented enhanced awareness training for employees, third parties, and customers, and 62 per cent are conducting continuous control assessments of high-risk areas at regular intervals. AGENCIES

The World Bank’s Board of Executive Directors has approved $150 million in financing for Sri Lanka to improve the quality and utilisation of its primary healthcare services, according to a statement.

The World Bank on Monday said the project would help improve the quality of care and increase the use of primary medical care institutions, which provide essential health services to local communities, reports Xinhua news agency.

Capacity challenges and the absence of a formal referral mechanism have led to the underutilisation of primary healthcare facilities and overcrowding in tertiary care facilities in Sri Lanka, according to the statement.

The previous World Bank-supported project already enhanced 550 Primary Medical Care Institutions with essential equipment, medicines, health workers and basic laboratory testing facilities.

The new project will scale up these efforts to cover 100 per cent of Primary Medical Care Institutions across all districts of Sri Lanka, expanding to over 1,000 facilities with a more comprehensive service package and improved quality of care, it said. AGENCIES

Wikileaks founder Julian Assange has left the UK reportedly after reaching a deal with US authorities that will see him plead guilty to criminal charges. 

Assange, who was charged with conspiracy to obtain and disclose national defence information, would spend no time in US custody as per the conditions finalised in a tentative deal with the US Justice Department.

“Julian Assange is free. He left Belmarsh maximum security prison (London) on the morning of 24 June, after having spent 1901 days there. He was granted bail by the High Court in London and was released at Stansted airport during the afternoon, where he boarded a plane and departed the UK,” Wikileaks said in a post on social media platform X.

“After more than five years in a 2×3 metre cell, isolated 23 hours a day, he will soon reunite with his wife Stella Assange, and their children, who have only known their father from behind bars,” the post added.

“As he returns to Australia, we thank all who stood by us, fought for us, and remained utterly committed in the fight for his freedom,” it added.

Reacting to the development, his wife Stella Assange said, “Throughout the years of Julian’s imprisonment and persecution, an incredible movement has been formed. People from all walks of life from around the world who support not just Julian… but what Julian stands for: truth and justice.” AGENCIES

A “very interventionist” attitude still prevails in the United States although the world has entered a “new era,” Mexican President Andres Manuel Lopez Obrador said.

During a routine daily press conference on Monday, Lopez Obrador questioned remarks made on Sunday by former US Secretary of State Mike Pompeo, who criticised a Mexican government initiative to overhaul the judiciary branch to combat corruption, reports Xinhua news agency.

“They cannot stop doing that (intervening in the affairs of another country), unfortunately, even though we are living in a new era,” he told reporters at the National Palace in Mexico City.

“We still have to suffer this interventionism, which I feel will gradually fade away to the extent that Mexico’s government is not a subservient government,” he added.

According to Lopez Obrador, in Washington, “they have the bad habit of sticking their noses in other places,” since their foreign policy stems from the era of the Monroe Doctrine, in which they would build up or tear down nations, send invading troops and even appoint leaders at will.

Pompeo’s statements, contained in an opinion piece published in the US newspaper The Wall Street Journal, were made with the coming US presidential elections in mind, said the Mexican president.

Lopez Obrador has often chided the US for continuing to follow an outdated doctrine devised in the 19th century to protect its economic interests in Latin America and the Caribbean. AGENCIES

Ukraine is expecting to sign a security agreement with the European Union (EU) in the near future, Ukrainian Foreign Minister Dmytro Kuleba has said.”Ensuring a just and lasting peace for Ukraine will guarantee Europe’s long-term security and adherence to international law,” Kuleba was quoted as saying by the Ukrainian Foreign Ministry’s press service on Monday.

Speaking about Ukraine’s military needs, the minister said that the country is requiring more air defence systems, including Patriot and SAMP/T, Xinhua news agency reported.

Besides, Ukraine needs constant supplies of air defence missiles, artillery systems and shells, long-range missiles, drones, and electronic warfare systems, Kuleba added.

In mid-June, Ukrainian President Volodymyr Zelensky announced that Kiev had signed 17 security agreements and was preparing to sign another ten. AGENCIES

A suspect was charged with two counts of 1st-degree murder in a mass shooting outside a school in Ottawa, the Toronto Police Service said.

The shooting occurred earlier this month in the parking lot of North Albion Collegiate Institute, the police said in a news release on Monday.

The motive of the suspect, a 14-year-old boy involved in the shooting, remains unclear, reports Xinhua news agency, citing the police release.

The boy was scheduled to appear at the Ontario Court of Justice on Monday, the release said.

Nine men gathered in the parking lot area after a soccer game, and two suspects got out and began shooting at the group before fleeing the area.

Delroy “George” Parkes, 61, was pronounced deceased on the day of the shooting, while 46-year-old Seymour Gibbs succumbed to his injuries three days later.

Another three men suffered gunshot wounds, the police said. AGENCIES