kochi l saturday l February 15, 2025 l `9.00 l PAGES 18 l late 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 for eighth straight day 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, are 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 dia by many billions of dollars,” Trump told a joint news conferINDIA and the US on Friday de- ence with Modi. “We’re also cided to bolster their ties paving the way to ultimately through a mega trade deal that provide India with the F-35 will see bilateral trade hit an stealth fighters,” he said. unprecedented $500 billion in “The leaders pledged to accelfive years and a new defence erate defence technology coopframework that will rekindle eration across space, air decooperation across space, air fense, missile, maritime and defence, missile, maritime, and undersea technologies, with the undersea technologies. US announcing a review of its Notably India will get the cov- policy on releasing fifth genera, eted F-35 fighter jets from tion fighters and undersea the US, which is keen to systems to India,” the expand defence sales joint statement said. and co-production with In the wake of Trump India. New Delhi will announcing reciprocal also consider importing tariffs, a major part of oil and gas from the US the discussion was to narrow the trade defiaround trade issues and cit to a large extent. taking measures to have At a joint press meet a road map for a bilateral We believe after talks with US Prestrade agreement. “Today , that ident Donald Trump, collaboration we have set a target of and Prime Minister Narenmore than doubling bicooperation dra Modi said India and lateral trade to $500 bilthe US can have a MEGA between India lion by 2030. Our teams and America partnership for prosperwill work on early concan shape a ity by aligning Trump’s clusion of a mutually better world MAGA (Make America beneficial Trade AgreePrime Minister Great Again) with his ment. We will strengthen Narendra Modi own MIGA (Make India the oil and gas trade to Great Again). Reflecting ensure India’s energy sethe tone and substance curity Investment in en. of their nearly four-hour meet- ergy infrastructure will also ining, which included formal crease,” Modi said. talks, dinner, and a press conferPresident Trump acknowlence, the joint statement men- edged India’s decision to reduce tioned “cooperation” 18 times, tariffs on certain imports and “collaboration” 11 times, and expressed his intention to begin “trade” 16 times. discussions on trade dispari“Starting this year, we’ll be ties, aiming to reach an increasing military sales to In- agreement. India rejects US offer to mediate on China row J AYA N T H J A C O B @ New Delhi J AYA N T H J A C O 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 US to fast-track extradition of 2008 Mumbai terror attack accused Tahawwur Rana to facilitate easier trade of defence goods and services between the US and India 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 New Delhi and Beijing, 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 talks 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 we have with them on a bilateral plane, and we will continue to do so,” Misri said. His comment was in response to a question during a media briefing about Trump’s proposal that he was ready to mediate between India and China over the territorial disputes. 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. Man targets bank, loots `15l in cash G O P I K A V A R R I E R @Thrissur Gone in 180 seconds 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 helmet, arrived in a two-wheeler, parked it in front of the branch and rushed inside. He was carrying an open backpack. 2.11pm Suspect, wearing a helmet, arrives at branch, goes in 2.13pm Threatens staff with a knife, breaks glass of cash counter and bags the money 2.14pm Leaves bank on his two-wheeler Grab of the CCTV visual of the suspect inside the bank at Potta, Thrissur Inside, he threatened the 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 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 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 ● More on P4 or Ernakulam.  Forest dept, devaswom board interest-free `530-cr loan for Wayanad differ on jumbo provocation with ‘impractical’ deadline E x pre s s N e w s Servi c e @Kozhikode A day after three people died when two elephants ran amok during the festival at Manakulangara Bhagavathi Temple in Koyilandy the Mala, bar Devaswom Board and the forest department are presenting contradictory views on what could have provoked one of 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 c o n s e r v a t o r, s o c i a l f o r e s t r y, Kozhikode, said bursting of firecrackers provoked elephant Peethambaran to attack the other jumbo, Gokul. This was confirmed from visuals captured by the media and statements of 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 posal of 16 infrastructure development projects worth `535 crore. The proposed projects Six months after the devastat- include construction of public ing landslides in Wayanad buildings in the new rehabilikilled nearly 300 people, the tation townships and reconCentre has sanctioned an inter- struction of the Chooralmala est-free, long-term loan of bridge and the Vellarmala and `529.50 crore to Kerala to im- Mundakkai schools that were plement 16 projects washed away in the Central loan a for the rehabilitalandslides. tion of the victims, challenge: UDF The Union govalbeit on a strict and The Opposition UDF ernment is yet to “impractical” spendtake a call on the termed the Central ing deadline. state’s request for a loan a challenge to The loan, to be re`2000-crore special Kerala. Instead of paid in 50 years, has providing a Wayanad package. The money been granted under was sought for scifinancial package, the Scheme for Speentific rehabilitagranting a loan cial Assistance to amounts to mocking tion and reconstrucStates for Capital In- the state, said Leader tion works. A case in vestment (SASCI). A this regard is sub juof Opposition note dated February dice in the Kerala V D Satheesan. 11, received by addiHigh Court. tional chief secretary (finance), The strict conditions on said the fund was allocated for spending, mainly the March 31 the 2024-25 fiscal and should be deadline, is a concern for the utilised before March 31, 2025. Kerala government. Only payFinance Minister K N Balagopal ment of funds to actual benefisaid spending the money by the ciaries will be treated as exstipulated date would be chal- penditure, fund release to lenging. The sanction is based intermediaries will not, said ● More on P4 on the state government’s pro- the note. E x pre s s N e w s Servi c e @T’Puram A relative of Ammukutty Amma breaks down when her body is brought to her house at Kuruvangad in Kozhikode on Friday | E Gokul Maintenance Rules). Under Rule 10(4) (vi), making an elephant stand in scorching sun for long durations or bursting crackers near it shall not be permitted. Rule 10(4) (xiii) says at the time of procession, an elephant shall have chains (idachangala and malachangala) tied to its legs. The report said steps were being taken 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. Malabar Devaswom Board commissioner T C Biju said the temple followed all necessary precautionary ● More on P4 measures.  press Intake State’s Jan retail inflation highest in India | P4 ‘Mufti’ cops must carry ID cards, says HC | P7 2nd US planeload of deportees lands in Amritsar today H arpree 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, officials said. A third US plane carrying deportees is also expected to land on February 16. The development came days after a US aircraft carrying 104 deportees landed at the Amritsar airport last week. Of them, 33 each were from 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 CM Bhagwant Singh Mann launched a tirade against the Centre, calling it a conspiracy to defame the state. Mann questioned why Amritsar was chosen for the landing, as there are hundreds of airports in the country . 18 pages, including 4 pages of KOCHI Express