Kannur l saturday l February 15, 2025 l `9.00 l PAGES 12 l city EDITION K45 lakh crore wiped out from equity markets so far this year The decline, driven by weak quarterly earnings, high valuations, and FII outflows, saw K24 lakh crore loss in the past week alone indices in the red eight times in a row On Friday, the BSE Sensex and NSE Nifty closed in the red for the eighth consecutive session, with the Sensex dropping 199.76 points to 75,939.21 and the Nifty falling 102.15 points to 22,929.25. The decline has been much steeper in the midcap and smallcap segments, mostly owing to FII sell-off, as they shifted focus to other emerging markets 1.5% market cap dips below $4 trillion mark ■ Market capitalisation of BSE firms, which was I479 lakh crore on September 27, 2024, fell to I401 lakh crore by February 14 ■ Bloomberg data (which excludes ETFs and ADRs) shows India’s market cap dipped below the $4 trillion for the first time in over 14 months. President Trump’s tariff policies, too, is a factor in the dip by which Rupee depreciated against the U.S. dollar year-to-date CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Def, trade deals to ease tariff sting 10-year defence partnership framework, $500-billion mega trade deal in the works; India to get F-35 fighter jets from US Trump told a joint news conference with Modi. “We’re also INDIA and the US on Friday de- paving the way to ultimately cided to bolster their ties provide India with the F-35 through a mega trade deal that stealth fighters,” he said. will see bilateral trade hit an “The leaders pledged to accelunprecedented $500 billion in erate defence technology coopfive years and a new defence eration across space, air deframework that will rekindle fense, missile, maritime and cooperation across space, air undersea technologies, with the defence, missile, maritime, and US announcing a review of its undersea technologies. policy on releasing fifth generaNotably India will get the cov- tion fighters and undersea sys, eted F-35 fighter jets from tems to India,” the joint the US, which is keen to statement said. expand defence sales In the wake of Trump and co-production with announcing reciprocal India. New Delhi will tariffs, a major part of also consider importing the discussion was oil and gas from the US around trade issues and to narrow the trade defitaking measures to have cit to a large extent. a road map for a bilaterSpeaking to the media al trade agreement. We believe at a joint press meet af“Today, we have set a that ter talks with US Presi- collaboration target of more than douand dent Donald Trump, bling bilateral trade to cooperation Prime Minister Naren$500 billion by 2030. Our dra Modi said India and between India teams will work on an and America the US can have a MEGA early conclusion of a can shape a partnership for prospermutually beneficial better world ity by aligning Trump’s Trade Agreement. We Prime Minister MAGA (Make America will strengthen the oil Narendra Modi Great Again) with his and gas trade to ensure own MIGA (Make India India’s energy security. Great Again). Investment in energy inReflecting the tone and sub- frastructure will also increase,” stance of their nearly four-hour Modi said. meeting, which included formal President Trump acknowltalks, dinner, and a press confer- edged India’s decision to reduce ence, the joint statement issued tariffs on certain imports and after the meeting mentioned expressed his intention to begin “cooperation” 18 times, “collab- discussions on trade disparioration” 11 times, and “trade” ties, aiming to reach an agree16 times. ment. He also suggested that the “Starting this year, we’ll be trade deficit with India could be increasing military sales to In- addressed through the sale of dia by many billions of dollars,” oil and gas. India rejects offer to mediate on China row JAYA N T H JACO B @ New Delhi JAYA N T H JACO B @ New Delhi Prime Minister Narendra Modi with US President Donald Trump at the White House, in Washington, DC, on Friday | PTI KEY HIGHLIGHTS US to sell more military hardware, including F-35 stealth combat jets, to India 10-yr defence framework 2008 to facilitate easier trade of defence goods and services between the US and India US to fast-track extradition of 2008 Mumbai terror attack accused Tahawwur Rana Joint weapons production, defence technology transfer on the cards India to buy P-8I long-range maritime surveillance and antisubmarine plane India to buy more oil and gas from U.S. Target set to double bilateral trade to $500 billion by 2030 U.S. to back India’s bid to join Int’l Energy Agency as a full member INDIA on Friday rejected Donald Trump’s offer to mediate in the ongoing tensions between India and China, after the US president expressed his willingness to help stop what he called the “vicious skirmishes” along the India-China border. Speaking to reporters, Foreign Secretary Vikram Misri said India always addresses issues with neighbouring countries through bilateral discussions and this approach remains unchanged in the case of China. “We have always adopted a bilateral approach to dealing with these issues. It’s no different between India and China. We have been discussing any issues that we have with them on a bilateral plane, and we will continue to do so,” Misri said. The foreign secretary’s comment was in response to a question during a media briefing about Trump’s proposal that he could mediate between India and China o ve r t e r r i t o r i a l d i s p u t e s a n d skirmishes. Earlier, at the joint presser with Modi, Trump had said: “I look at India, I do see the skirmishes on the border, which are quite vicious, and I guess they continue to go on. If I could be of help, I’d love to help, because that should be stopped.” Trump said he enjoyed a “very good relationship” with China in his first term and that he got along with Chinese President Xi Jinping very well. “We were very close, as leaders go,” he said. Man loots `15 lakh cash in daring bank heist G OPIKA VARRI E R @Thrissur A knife-wielding robber hit a private bank in Thrissur and made away with `15 lakh on Friday afternoon, in a daring robbery that left the town stunned. The entire heist was executed in broad daylight, in under three minutes. The incident took place around 2.13pm at the Federal Bank branch at Potta opposite the Little Flower Church. The suspect, wearing a blue, full sleeve t-shirt with white stripes, black gloves and a hel- Gone in 180 seconds 2.11pm Suspect, wearing a helmet, arrives at branch, goes in 2.13pm Man threatens staff with a knife, breaks glass of cash counter and bags the cash 2.14pm Leaves bank in his twowheeler met, arrived in a two-wheeler, parked it in front of the branch and rushed inside. He was carrying an open backpack. Inside, he threatened the Grab of the CCTV visual of the suspect inside the bank at Potta, Thrissur staff with a knife and asked them to hand over the key to the cash counter. “He showed no hesitation. When we refused, he told us to enter the restroom Forest dept, devaswom board differ on jumbo provocation E x p r e s s N e w s Se r v i c e @Kozhikode A day after three people died when two elephants ran amok during the festival at Manakulangara Bhagavathi Temple in Koyilandy, the Malabar Devaswom Board and the forest department are presenting contradictory views on what could have provoked the jumbos. While the forest department asserted that bursting of firecrackers near the elephant led to the tragedy, the devaswom board claimed the temple only used the ordinary ‘kathina’, the sound of which does not usually provoke jumbos. The report submitted by the forest conservator, social forestry Kozhikode, said , bursting of the firecracker provoked the elephant Peethambaran to attack the other jumbo, Gokul. This was confirmed from visuals captured by the media and statements of the mahouts and witnesses, said the report submitted to the district collector and principal chief conservator of forests. It said the assistant forest conservator found the elephants were not chained at the time and firecrackers were burst carelessly It also said the temple authorities . violated provisions in the Kerala Captive Elephants (Management and Maintenance Rules). Under Rule 10(4) (vi), making an elephant stand in scorching sun for long durations or bursting crackers near the elephant for ceremonial purposes A relative of Ammukutty Amma breaks down on seeing her body at her house at Kuruvangad in Kozhikode on Friday | E Gokul shall not be permitted. Rule 10(4) (xiii) says at the time of procession elephant shall have chains (idachangala and malachangala) tied to their legs. The report said steps were being taken at the Koyilandy range office to take legal action against the violations. The forest department said the district monitoring committee had given registration to the temple and granted nod to parade four elephants for the festival. “The distance that should be maintained between elephants and between the elephants and the public are clearly mentioned in the order,” the report said. Contradicting this, Malabar Devaswom Board commissioner T C Biju said the temple followed all necessary pre● More on P4 cautionary measures.  and locked us in,” one of the employees told the police. As per the police, the man then shattered the glass of the cash counter with a chair, picked three bundles of cash and shoved them in his backpack, before rushing outside and leaving in the same scooter. The police said the branch has eight employees. However, barring three – the manager, an attendant and a clerk in the cash counter – all were on lunch break at the time. One of the employees who was threatened said there was around `45 lakh in cash at the counter, but the robber took only three bundles. Rural SP B Krishnakumar said a 20-member special investigation team led by Chalakudy DySP Sumesh would probe the case. “We are checking CCTV visuals of the route the suspect took. Other details, including the vehicle he used, are being collected. Trains and interstate buses are being searched,” he said. After the robbery the suspect took pocket , roads and it is assumed he went towards either Angamaly or Er● More on P4 nakulam. Punjab CM cross 2nd US planeload of deportees lands in Amritsar today H a r p r ee t B a j w a @ Chandigarh A US aircraft carrying 119 illegal immigrants is likely to land at the Amritsar airport on Saturday, the second such batch of Indians deported by the Donald Trump dispensation as par t of its crackdown ag ainst ille g al immigration. According to official sources, the aircraft is expected to land at the Guru Ram Dass International airport in Amritsar around 10 pm on Saturday. Among the 119 Indian immigrants, 67 hail from Punjab, 33 from Haryana, eight from Gujarat, three from Uttar Pradesh, two each from Goa, Maharashtra and Rajasthan and one each from Himachal Pradesh and Jammu and Kashmir, ofPM: Need to combat ficials said. human trafficking A third US plane carrying deportees is also During his joint press expected to land on Febconference with Trump, Prime ruary 16. Minister Modi said there’s a T h e d eve l o p m e n t need to combat human came days after a US airtrafficking, which is the root craft carrying 104 deporcause of illegal immigration. tees landed at the AmritIndia, he said, is committed to sar airport last week. Of taking back its undocumented them, 33 each were from citizens living in the US Haryana and Gujarat and 30 from Punjab. Political leaders in Punjab have questioned the choice of Amritsar for the the US flight’s touchdown. Punjab Chief Minister Bhagwant Singh Mann launched a tirade against the Centre, calling it a conspiracy to defame Punjab. Mann questioned why Amritsar was chosen for the landing, as there are hundreds of airports in the country “Illegal immigration is not only Punjab’s prob. lem, but is a national issue,” Mann fumed. The Punjab government recently formed a special investigation team to probe illegal human trafficking. The SIT has filed 10 FIRs against fraudulent consultants. `529-cr loan for Wayanad with riders E x p r e s s N e w s Se r v i c e @T’Puram Six months after the devastating landslides in Wayanad killed nearly 300 people and sparked a political slugfest between the state and the Centre over financial grant, the Union government has sanctioned an interest-free, long-term loan of `529.50 crore to Kerala to implement 16 projects for the rehabilitation of the victims, albeit on a strict and “impractical” spending deadline. The loan, to be repaid in 50 years, has been granted under the Scheme for Special Assistance to States for Capital Investment (SASCI). A note dated February 11, received by the additional chief secretary (finance), said the fund was allocated for the 2024-25 fiscal and should be utilised before March 31, 2025. Finance Minister K N Balagopal said spending Loan a challenge to state: UDF The Opposition UDF termed the Central loan a challenge to Kerala. Instead of providing a Wayanad financial package, granting a loan amounts to mocking the state, said Leader of Opposition V D Satheesan. the money by the stipulated date would be challenging. The sanction is based on the state government’s proposal of 16 infrastructure development projects worth `535 crore. The proposed projects include construction of public buildings in the new rehabilitation townships and reconstruction of the Chooralmala bridge and the Vellarmala and Mundakkai schools that were washed away in the landslides on July 30, 2024. Meanwhile, the Union government is yet to take a call on the state’s request for a `2000-crore special package. The money was sought for scientific rehabilitation and reconstruction works. A case in this regard is sub judice in the Kerala High Court. The strict conditions on spending, mainly the March 31 deadline, is a concern for the Kerala government. Only payment of funds to actual beneficiaries will be treated as expenditure, fund release to intermediaries ● More on P4 will not, said the note.  EXPRESS READ At 6.76%, state’s Jan retail inflation highest in India Mental health patients still face rights violations: Min ‘Mufti’ cops must carry ID cards, says HC T’Puram: The new year has brought no respite to the financial woes of Malayalis as prices of essential commodities continued to spiral. The state recorded the highest retail inflation in the country in January, at 6.76%, even as national average cooled to a five-month low of 4.31% | P4 T’Puram: While the state takes pride in its achievements in health sector, experts say conditions for mental health patients in government-run centres remain largely unchanged. Health Minister Veena George said patients in these facilities often face human rights violations | P5 Kochi: Taking into consideration cases of criminals impersonating police, customs, and CBI officers to carry out illicit activity, the Kerala HC has ruled that cops on ‘mufti’ duty must carry their identity cards and a copy of the order authorising them to perform their duties in civilian attire | P5 Centre, farmer unions meet, next round on February 22 H a r p r ee t B a j w a @ Chandigarh The first meeting between a Central team led by Union Minister Pralhad Joshi and farmers’ representatives to discuss their demands, including a legal guarantee for MSP on crops, was held here in a cordial atmosphere on Friday. The next round of talks is slated for February 22. Union agriculture minister Shivraj Singh Chouhan is expected to take part in the next meeting. The over two-and-a-half-hour meeting with a 28-member delegation from the Samyukta Kisan Morcha (Non-Political) and the Kisan Mazdoor Morcha was held after a year-long protest by farmers. The two outfits have been spearheading the ongoing farmers’ protest at Shambhu and Khanauri on the Punjab-Haryana border for the past one year. Following the meeting at the Mahatma Gandhi State Institute of Public Administration here, Joshi said the talks were held in a cordial atmosphere.