A 5.7-magnitude earthquake jolted off Indonesia’s eastern Highland Papua province on Friday morning without generating large waves, the country’s meteorology, climatology and geophysics agency said.

The tremors occurred at 7:11 a.m. local time, with the epicentre located 68 km northeast of Yalimo Regency and at a depth of 78 km beneath the earth’s surface, according to the agency.

No tsunami warning was issued, as the quake’s tremors were not anticipated to generate large waves, reports Xinhua news agency.

Officials have not received any initial reports of damage or casualties from the areas affected by the tremor, said Caroline, a senior official with the provincial meteorology agency, to Xinhua.

Indonesia, an archipelago, is situated on the seismically active “Pacific Ring of Fire,” rendering it susceptible to earthquakes. AGENCIES

Three people were killed and two civilians injured in Israeli air strikes targeting several areas in southern Lebanon, Lebanese military sources told the media.The sources, who spoke anonymously, said on Thursday that an Israeli warplane fired six air-to-surface missiles at the southeast village of Khiam, killing a Hezbollah member and wounding two civilians, Xinhua news agency reported.

In a separate incident, an Israeli drone fired four air-to-surface missiles at a car in the Tyre district of southwest Lebanon, killing a Hezbollah official, Abbas Ibrahim Hamza Hamada, who was a commander in the western region of the border area.

The sources added that an Israeli drone raided a civilian car in the village of Houmine in the Nabatieh district, killing its driver, Hadi Jumaa, whose father was reportedly close to Hezbollah.

Tensions along the Lebanon-Israel border escalated on October 8, 2023, following a barrage of rockets launched by Hezbollah toward Israel in solidarity with Hamas’ attack on Israel on October 7.

Israel then retaliated by firing heavy artillery toward southeastern Lebanon. AGENCIES

 A Ukrainian drone crashed into the Ilsky oil refinery in Russia’s Krasnodar region, injuring two people and causing a fire, regional authorities said on Friday.

The incident occurred at approximately 4 a.m. on Friday, the Emergency Department of the Seversky district reported. The crash caused damage to utility structures within the refinery. A fire covering an area of 50 square metres was extinguished, Xinhua news agency reported.

“Preliminary reports indicate that two people were injured,” the department said.

Krasnodar Governor Veniamin Kondratyev confirmed that administrative buildings at the refinery were damaged.

A boiler house near the Yuzhny bus station in Krasnodar was also affected.

“Regrettably, there are injured workers at these sites. They are receiving all necessary medical assistance,” Kondratyev said on his Telegram channel.

Earlier reports from the Krasnodar regional operational headquarters indicated that several municipalities in the region experienced a mass attack by Ukrainian armed forces early Friday.

The operational headquarters also reported that falling debris from a drone caused injuries to four people in Krasnodar. AGENCIES

There has been a massive 200 times increase in the number of space startups in the last two years owing to the major policy decision taken by Prime Minister Narendra Modi to open up the space sector, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, Jitendra Singh, has said.

According to the minister, the move also allowed public-private participation in a big way, adding that the share of India in the global space economy by 2030 is going to rise four times in comparison to 2021.

Chairing a high-level meeting to review the 100-day action plan of the Department of Space, the minister took stock of the present status, the opportunities and future space missions of India’s space sector.

ISRO Chairman S. Somanath, his team and senior officials were present in the meeting.

“Space startups have increased from 1 in 2022 to nearly 200 in 2024, witnessing an unprecedented rise of 200 times in these years,” said Minister Singh.

In 2023, nearly Rs 1,000 crore was invested in the space sector of India in just about eight months.

Further, the industry caters to nearly 450 MSMEs affirming the PM’s vision of “Sabka Prayas” during the Amrit kaal period.

Giving further insights into the space sector, Dr Jitendra Singh said the share of India in the global space economy by 2030 is going to rise four times in comparison to 2021.

In 2021, the Indian space industry contributed 2 per cent to the global share. This is expected to rise to 8 per cent by 2030 and further to 15 per cent by the year 2047. AGENCIES

Indian equity indices opened in green on Friday as Infosys (NS:INFY), Wipro (NS:WIPR), and Tech Mahindra (NS:TEML) were top gainers.At 9:40 a.m., Sensex was up 222 points or 0.28 per cent at 77,700 and Nifty was up 71 points or 0.30 per cent at 23,638.

Selling is being seen in banking shares. Nifty Bank is down by 109 points or 0.21 per cent at 51,665.

There is a bullish trend in small and medium stocks. The Nifty midcap 100 index is at 55,728, up 252 points or 0.48 per cent, and the Nifty smallcap 100 index is at 18,376, up 109 points or 0.60 per cent.

Tech Mahindra, Infosys, TCS (NS:TCS), HCL Tech (NS:HCLT), Wipro, Bharti Airtel (NS:BRTI), Bajaj Finserv (NS:BJFS), Titan (NS:TITN) and Power Grid (NS:PGRD) are the top gainers. Tata Steel (NS:TISC), Tata Motors (NS:TAMO), HUL, Kotak Mahindra (NS:KTKM), HDFC Bank (NS:HDBK) and Reliance (NS:RELI) are the top losers.

Tokyo, Shanghai, Hong Kong and Seoul are in the red. The markets of Bangkok and Jakarta are trading with gainers. The US markets closed positive on Thursday.

According to market experts, “The market is in a consolidation phase. There are no major triggers for aggressive buying or selling. Strong up moves will attract profit booking.”

“Even when the market consolidates, leading private sector banking stocks have the potential to move up further. Large delivery-based buying is happening in this segment,” they added. AGENCIES

South Korea’s Industry Minister Ahn Duk-geun met with Germany’s top economic policymaker in Seoul on Friday to discuss ways of enhancing bilateral relations on advanced industries, energy and broader economic ties, officials said.

Germany’s Vice Chancellor Robert Habeck, who doubles as federal minister for economic affairs and climate action, is in South Korea along with an economic delegation involving 13 companies, including Brainlab, Max Bögl Stiftung, Voss Holding, Haverkamp and Satorius, according to the Ministry of Trade, Industry and Energy.

During the meeting, the two sides agreed to strengthen cooperation on standards and data sharing fields for digital transition and for the industrial use of artificial intelligence.

They also vowed to strengthen cooperation on the future mobility and other advanced industries through joint research and development projects.

“It is crucial for like-minded people to work together amid rising global uncertainties,” Ahn said. “South Korea and Germany have similar industry structures and will become key partners in efforts for boosting industry competitiveness and achieving net-zero goals.”

Trade volume between the two nations reached an all-time high of US$33.9 billion last year, government data showed. AGENCIES

Mohan Kumar Singh, Principal Director General of the Directorate of Revenue Intelligence (DRI), said that illicit trade through smuggling and counterfeiting poses an immense threat and impacts legitimate economic activities resulting in government revenue losses and fuelling of organised crime.

“At DRI, we are acutely aware of the challenges of illicit trade and are dedicated to addressing them on a daily basis. In the financial year 2023-24, DRI detected 623 cases, averaging nearly 2 cases daily, resulting in contraband seizures valued at Rs 3,500 crore. A significant portion of these seizures involved narcotic drugs and psychotropic substances as well as smuggled gold. Also, other items that DRI has kept a close watch on are cigarettes, red sanders, fake currency, wildlife products as well as areca nuts.

“Given the nature of illicit trade one major way forward to tackle the menace is the need for emphasis on global cooperation among relevant international organizations. We have actively pursued this cooperation through various bilateral and multilateral agreements. Our experience shows that infiltration of global supply chains has emerged as a significant threat,” Singh said.

Singh was delivering the inaugural address at a seminar organised by FICCI Committee Against Smuggling and Counterfeiting Destroying the Economy (CASCADE) in Delhi.

FICCI CASCADE has intensified its campaign to combat illicit trade by organising the seminar titled, Global Challenges of Illicit Trade and the Way Forward.

The seminar focussed on addressing the complex issues surrounding illicit trade on a global scale and aimed to pave the way for collaborative solutions and proactive measures against this pervasive threat to economies worldwide.

Applauding FICCI CASCADE’s work in countering illicit trade, Singh said: “Global meetings and conferences have also played a crucial role in tackling the widespread nature and network of illicit trade operatives. Combating such networks requires a network of multiple stakeholders of government bodies as well as non-state actors. The dynamic nature of these threats necessitates forums such as this seminar to contribute effectively to the fight against illicit trade. I commend FICCI CASCADE for organising this seminar, which I am sure will contribute meaningfully to the global efforts of combating illegal trade.”

Anil Rajput, Chairman of FICCI CASCADE delivering the welcome address at the seminar said: “In India, DRI and other enforcement agencies have been playing an increasingly significant role in combating illicit trade through a substantial increase in seizures of illicit products like gold, cigarettes, currency, cosmetics and much more on a routine basis at the Indian airports, sea ports and border points. Today, illicit trade operatives exploit technology like AI to automate smuggling processes, from route planning to risk assessment and evasion tactics. Illicit traders are also employing AI algorithms to analyse border control data, law enforcement activities and surveillance patterns to exploit weaknesses and optimise their illegal operations, therefore, development of effective deterrence against this misuse of technology requires our unabated focus.

“I must emphasise that despite the increase in seizures, these represent only the tip of the iceberg and the magnitude of the problem is significantly higher and continues to grow exponentially year on year. Hence it is imperative that we act swiftly to enhance global cooperation in combating illicit trade. One proposed solution is establishing a ‘Global Forum’ comprising enforcement agencies from across the world, supported by a dedicated secretariat. FICCI CASCADE stands ready to collaborate with the government and enforcement agencies to develop a comprehensive strategy to bring alive such an initiative,” Rajput added.

Brigadier Girish Upadhya, Assam Rifles, during the seminar said: “Infrastructure in border areas is a challenge but we try our level best to stop contraband and the movement of illegal drugs. In 2023, Rs 1,125 crore worth of drugs and contrabands were caught and this year until now, Rs 1,109 crore worth of drugs and contrabands have been seized. We keep having monthly and quarterly meetings with other agencies to check smuggling and I believe movement in border areas needs to be electronically mapped to rein in these illicit activities.”

B. Shanker Jaiswal, Joint Commissioner of Police (Tech, Cyber & Licensing), Delhi Police, said: “Technology is an enabler and is a force multiplier. But no technology can be effective until and unless there are trained personnel to use it. Criminals use the dark web for transactions and this has become very challenging. We have to train our officers in such technologies to tackle the threat. Illicit trade can be drastically reduced if we are able to harness technology effectively. For example, we should be able to harness the massive databases that the government has created and take the help of AI in data mining to be one step ahead of smugglers and illicit trade operatives. I strongly believe data-driven policing is the future.” AGENCIES

 The National Stock Exchange (NSE) issued an advisory on Friday cautioning investors of certain individuals and entities promising assured returns on investment in the stock market.

The exchange said in a statement that investors are cautioned and advised not to subscribe to any such scheme/product offered by any person/entity offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law.

The NSE said that a Telegram channel named ‘Leverage Consultants’ operating through the mobile number ‘9257674662’ and an individual named ‘Amisha Thakur’ operating via mobile number ‘9366171650’ — is “providing securities market tips and assured returns on investment in the stock market”.

“It may also be noted that the said person/entity is not registered either as a member or authorised person of any registered member of the National Stock Exchange of India Limited,” said the NSE.

The stock exchange also advised investors not to share their trading credentials, such as user ID/password, with anyone.

“Exchange has provided a facility of ‘Know/Locate your Stock Broker’ under the link on its website, to check the details of the registered member and its authorised persons,” it mentioned. AGENCIES

India, on its way to becoming the global electronics manufacturing hub, has doubled down on the local manufacturing of multiple products — mobile phones and their components, televisions, semiconductors and other devices — and the momentum is only going to grow in the next five years riding on the production-linked incentive (PLI) scheme, according to industry experts.

Reports claim that India’s electronic manufacturing is projected to reach $250 billion in the next five years — from $105 billion (around 3 per cent of the GDP) in FY23. The country aims to reach $300 billion in electronics manufacturing by 2030.In April, electronic goods exports were recorded at $2.65 billion compared to $2.10 billion during April last year, registering a growth of 25.80 per cent, according to the Invest India data.

As per the India Cellular and Electronics Association (ICEA) data, mobile phone production surged from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, registering an increase of a massive 2,000 per cent, driven by the PLI scheme.

Pankaj Mohindroo, Chairman of ICEA, said that the ‘continuity’ in policymaking is critical to the electronics manufacturing growth.

“We are geared up for the five-year sprint till 2030 on the way to transforming India into a global hub for electronics manufacturing and Viksit Bharat,” he added.

Apple has been a shining story of the country’s local manufacturing dream.

The iPhone maker exported iPhones worth more than Rs 16,500 crore in the first two months of the current financial year — accounting for more than 80 per cent of the country’s total production/assembly of iPhones.

Foxconn, the key Apple supplier, led total exports at about 65 per cent.

For FY 24, Apple saw a total iPhone production of around $14 billion. The company has increased iPhone production and one out of seven iPhones in the world is now being manufactured in the country, according to Prime Minister Narendra Modi.

The global chipmaking industry is also looking to establish operations in India, as the country emerges as a promising alternative to China amid tensions between Beijing and the West.

Meanwhile, the PLI schemes for 14 sectors are projected to see investments worth Rs 3 lakh crore – Rs 4 lakh crore in the next couple of years, likely generating 2,00,000 jobs in sectors like semiconductors, solar modules and pharmaceutical intermediaries.

According to Paritosh Prajapati, CEO of telecom gear maker GX Group, under PM Modi’s leadership, India has witnessed major reforms in the last couple of years and the continuation of the new government will set those reforms into further action.

“Manufacturing has been a major sector where the automobile, electronics, and pharmaceutical sectors have been growing extremely fast,” he noted. AGENCIES

Japan’s Takeda Pharmaceutical gave India’s Sun Pharmaceutical and Cipla (NS:CIPL) the rights to commercialise the gastrointestinal drug Vonoprazan in the country.

The drug, which is sold in the form of tablets under the brand name ‘Voltapraz’, blocks a key step in the production of stomach acid, Sun Pharma (NS:SUN) said on Friday.

Takeda has granted both drugmakers non-exclusive patent licensing rights for the drug.

Cipla and Sun Pharma will independently commercialise the drug in India under their respective brands.

Vonoprazan (oral tablets) is a novel potassium-competitive acid blocker (P-CAB), used for the treatment of Gastroesophageal Reflux Disease (GERD).

Vonoprazan is also used in treating disorders such as erosive oesophagitis, gastric ulcer, duodenal ulcer, peptic ulcer, gastro-oesophageal reflux, reflux oesophagitis and Helicobacter pylori eradication, according to a Cipla statement. AGENCIES