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  • Shriram Finance Consolidates Its Green Finance Business under Shriram Green Finance

    Shriram Finance Strengthens Green Finance Division with Launch of Shriram Green FinanceBengaluru, 21 December 2024: Shriram Finance Limited (Shriram Finance), the flagship company of the Shriram Group, has strengthened its commitment to green financing by consolidating all its green financing initiatives under Shriram Green Finance, dedicated to funding initiatives beyond electric vehicles. This marks a significant step towards accelerating sustainable initiatives and fostering environmentally responsible growth by expanding the scope of funding opportunities.

    Building on its existing expertise in financing electric vehicles, Shriram green finance will provide sharper focus and clarity to its sustainability efforts.

    Shriram Green Finance, consolidates the green finance business with a vision to build a robust green finance portfolio through financing EVs, battery charging stations, renewable energy products and solutions, energy efficient machinery, etc. By leveraging its extensive customer base, particularly in semi-urban and rural areas, Shriram Finance has the potential to play a transformative role in green financing. The company has set a target to achieve an Asset Under Management (AUM) of ₹5,000 crores for this vertical over the next 3–4 years.

    Shriram Green Finance will raise global and domestic funds which are focussed on green investments for onward lending to its constituency. Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited, said, “The launch of Shriram Green Finance vertical is a milestone in Shriram Finance’s journey toward fostering sustainable and inclusive growth. As one of India’s leading financial institutions, we are deeply committed to environmental stewardship and our responsibility to empower stakeholders with sustainable financial solutions. This initiative is a testament to aligning our strategies with the global shift toward a greener economy and we are charting a course for long-term value creation that balances profitability with purpose.”

    Mr. Y. S. Chakravarti, Managing Director and Chief Executive Officer, Shriram Finance Limited, said, “At Shriram Finance, we view sustainability as an essential driver of progress. The Green Finance vertical exemplifies our vision to build sustainable ecosystem that benefits all stakeholders. This initiative underscores our dedication to enabling customers and partners to thrive in a low-carbon economy.”

    India’s electric vehicle (EV) sector is undergoing rapid expansion, driven by ambitious government policies, technological advancements, and growing environmental awareness. EV sales, charging infrastructure sector is growing rapidly as well with fast-charging and battery-swapping technologies being prioritized to enhance convenience.

    While India’s energy efficient machinery segment is still at a very nascent stage, India’s renewable energy sector has experienced remarkable growth over the past decade driven by ambitious government initiatives and a growing focus on sustainability. All these present an opportunity for Shriram Finance.

    Shriram Green Finance will initially focus on building the EV portfolio across India, with initial focus in Karnataka, Kerala, National Capital Region (NCR) and Maharashtra. Shriram Finance is actively engaging with OEMs manufacturing EVs to establish long-term partnerships, ensuring seamless and accessible vehicle financing solutions.


    Mansi Praharaj

  • Malaysia: MH370 search to resume in 2024 after new ‘credible’ data discovered

    Malaysia has agreed in principle to resume the search for flight MH370, the Malaysia Airlines passenger jet that mysteriously vanished on 8 March 2014, making it the most intriguing case in aviation history.

    Malaysia Airlines Boeing 777-200ER (9M-MRO) taking off at Roissy-Charles de Gaulle Airport (LFPG) in France. Photo courtesy: Laurent ERRERA, Soerfm/ Wikipedia.
    Malaysia Airlines Boeing 777-200ER (9M-MRO) taking off at Roissy-Charles de Gaulle Airport (LFPG) in France. Photo courtesy: Laurent ERRERA, Soerfm/ Wikipedia.

    The Boeing 777 was on its way to Beijing, China, from Kuala Lumpur, the Malaysian capital with 239 people on board, when it disappeared from the radar on the aforementioned date.

    Several countries, including Malaysia, have tried to locate the wreckage over the years, but with little success.

    The latest development was confirmed by Malaysia’s Transport Minister Anthony Loke on Friday, December 20. Loke said the Malaysian Cabinet approved in principle an USD 70 million “no find, no fee” deal with US-based marine exploration firm Ocean Infinity to find the aircraft. This means if the company fails to find the wreckage, they’ll not get paid.

    In a statement, Ocean Infinity CEO Oliver Plunkett hailed the development as “great news”. “We look forward to sharing further updates in the new year once we’ve finalised the details and the team gets ready to go,” Plunkett said.

    The Malaysian government, however, is yet to finalise the specific deal of the new search, Loke said.

    Ocean Infinity had tried a similar search in 2018, which ended unsuccessfully after three months, as per reports.

    Before that, a multinational effort from Malaysia, Australia and China, that cost USD 150m ended in 2017, following two years of search.

    As per the Malaysian lawmaker, the new search will cover a 15,000 sq km patch in the southern Indian Ocean. This was based on new data that Malaysia found to be “credible”.

    “We hope this time will be positive,” Loke said.

    The minister said if successful, it would give closure to the families of those on board.

    What happened to Flight MH370?

    The aircraft took off from Kuala Lumpur in the early hours of 8 March 2014. Just less than an hour after takeoff, it lost communication with air traffic control.

    Radar showed that the aircraft deviated from its planned flight path.

    While there’s consensus about the fact that the plane crashed somewhere in the southern Indian Ocean, the theories surrounding it are vast.

    Some even said that the pilot, Zaharie Ahmad Shah, had gone rogue.

  • Maiden World Meditation Day observed, Narendra Modi asks everyone to make it a part of life

    World observes maiden Meditation Day
    World Meditation Day observed. Photo Courtesy: Unsplash

    In a bid to raise awareness about meditation and its benefits, the UN General Assembly proclaimed December 21 as World Meditation Day, recalling the right of everyone to the enjoyment of the highest attainable standard of physical and mental health.

    “Additionally, the General Assembly acknowledged the link between yoga and meditation as complementary approaches to health and well-being,” read the UN website.

    Indian PM Narendra Modi has called upon everyone to make meditation a part of their daily lives on World Meditation Day, on Saturday.  

    Prime Minister Modi said meditation is a powerful way to bring peace and harmony to one’s life, as well as to our society and planet.

    In a post on X, he wrote: “Today, on World Meditation Day, I call upon everyone to make meditation a part of their daily lives and experience its transformative potential. Meditation is a powerful way to bring peace and harmony to one’s life, as well as to our society and planet. In the age of technology, Apps and guided videos can be valuable tools to help incorporate meditation into our routines.”

    Marking the event, Indian spiritual leader Sri Sri Ravi Shankar led the meditation session at the UN headquarters in New York.

    After delivering the speech, Ravi Shankar wrote on X: “Gave the keynote address at the launch of the 1st World Meditation Day at @UN Headquarters, facilitated by Permanent Representative of India @AmbHarishP in the presence of @UN_PGA H.E. Philemon Yang, USG Atul Khare @UN_OpSupport, senior UN officials, PRs, members of the diplomatic corps and other dignitaries.”

    “With the efforts of the Permanent Missions of India, Sri Lanka, Nepal, Mexico, Liechtenstein and Andorra, all 193 member states came together to acknowledge the power of meditation in bringing health and harmony to all of humanity. #WorldMeditationDay,” he said.

    Benefits of meditation

    Beyond individual benefits, meditation fosters empathy, collaboration, and a sense of shared purpose, contributing to collective well-being. Celebrated for its universality, meditation is practiced across all regions of the world by people of all ages, backgrounds, and lifestyles, read the UN website.

    The World Health Organization (WHO) recognises the significant benefits of meditation, particularly mindfulness meditation. WHO’s discussions on stress management underscore the importance of learning coping mechanisms, such as meditation, to support mental and physical well-being.

    According to WHO, meditation can be a powerful self-care tool to support treatment and enhance overall well-being, particularly in managing symptoms of anxiety. Incorporating mindfulness meditation into your daily routine, even for just a few minutes, can help you achieve a sense of calm and focus.

    Additionally, WHO acknowledges the mental health benefits of practices like yoga, which often incorporate meditative elements. On the International Day of Yoga, WHO highlighted yoga’s contributions to lifelong health and well-being, emphasizing its role in promoting healthier populations and a more equitable and sustainable world.

  • Canada: Jagmeet Singh says NDP will vote to bring down Trudeau’s government 

    Jagmeet Singh says he will vote to topple Canadian PM Justin Trudeau's government
    Jagmeet Singh says he will vote to topple Canadian PM Justin Trudeau’s government. Photo Courtesy:  Jagmeet Singh Instagram page

    Canadian Prime Minister Justin Trudeau’s government inched further towards uncertainty after key ally and New Democratic Party (NDP) leader Jagmeet Singh said his party would introduce a motion to topple the government next year.

    Singh made the announcement just minutes before Trudeau shuffled his Cabinet.

    In his letter shared on social media, Singh said he is committed to voting ‘non-confidence’ in the government after the House returns on January 27.

    Singh’s announcement is a shift from his party’s previous stance when the political outfit had given confidence to the government.

    He wrote in the letter: “The NDP will vote to bring this government down and give Canadians a chance to vote for a government who will work for them. No matter who is leading the Liberal Party, this government’s time is up.”

    “I called for Justin Trudeau to resign,” he said.

    Singh’s stance clearly shows that the chances for Trudeau’s government to remain in power remain slim.

    Canada is scheduled to vote in the next election on or before October.

    With the Liberals remaining in power with minority support now, there is the possibility that Canada will witness early polls if the Parliament votes in favour of the no-confidence motion.

    All the opposition parties in the country are now demanding the ouster of the Trudeau-led government.

    Conservative leader Pierre Poilievre has repeatedly called for an election as soon as possible, while Bloc Québécois Leader Yves-François Blanchet said a confidence vote must happen as soon as possible to trigger an early 2025 election, reported BBC.

    Singh’s announcement came just days after Chrystia Freeland, Trudeau’s deputy Prime Minister and finance minister, resigned.

    She said she quit the position over disagreements with Trudeau on how to respond to incoming US President-elect Donald Trump’s threat of tariffs.

    She announced her resignation in a letter to Trudeau on Monday, in which she said the two have been “at odds about the best path forward for Canada”, and pointed to the “grave challenge” posed by Trump’s policy of “aggressive economic nationalism”, reported BBC.

    She announced her resignation hours before she was supposed to provide an annual fiscal government update in the Parliament.

    The move may push Trudeau’s already shaky minority government to the brink, BBC reported, highlighting the challenges the government is facing.

  • 28-year-old Indian-origin man jailed in Singapore for hurting rival gang member

    An Indian-origin man was jailed for six weeks in Singapore on Friday, December 20, after he pleaded guilty to one count of voluntarily causing hurt to a rival gang member.

    A representational image of a jail. Photo Courtesy: Unsplash
    A representational image of a jail. Photo Courtesy: Unsplash

    Visnu Suriamurthi, 28, was also fined SGD 2,000 after admitting to a separate illegal gambling offence, reported “The Straits Times”.

    A member of Visnu’s group, Asvain Pachan Pillai Sukumaran, has been charged with the murder of Mohammad Isrrat Mohammad Ismail (29), following a brawl that happened at around 6 am on August 20, 2023, outside the Concorde Hotel and Shopping-Mall in the Orchard Road hotel-tourist belt.

    The case of 30-year-old Sukumaran, also of Indian origin, is still before the courts. He allegedly took Ismail’s knife and stabbed him multiple times with it.

    A recalcitrant offender, Visnu was sent to jail twice in 2022 for voluntarily causing hurt, a record which District Judge Ong Luan Tze took into account during sentencing.

    Judge Ong told Visnu: “You are still young… Take some time to think about how you want your future to pan out, and after this case, to seriously consider not coming back to court.”

    Visnu admitted himself to a hospital to seek treatment and was arrested by police at the premises.

    So far, more than 10 men have been hauled to court for their roles in the fatal brawl.

  • North Korean hackers stole USD 1.3 billion through crypto hacks in 2024: Reports

    North Korean hackers stole $1.3bn through crypto hacks
    North Korean hackers stole $1.3bn through crypto hacks. Photo Courtesy: Unsplash

    A new study has shown that North Korean hackers accounted for more than half of the USD 2.2 billion cryptocurrencies stolen in 2024.

    Research firm Chainalysis claimed North Korea stole USD 1.3 billion of digital currencies.

    Some of the thefts appear to be linked to North Korean hackers posing as remote IT workers to infiltrate crypto and other technology firms, the report was quoted as saying by BBC.

    The news of theft of the digital currencies emerged at a time when price of cryptocurrencies more than doubled this year amid reports that US President-elect Donald Trump would be more friendly towards it.

    Overall, the amount of cryptocurrency stolen by hackers in 2024 increased by 21 percent from last year but it was still below the levels recorded in 2021 and 2022, the report said as quoted by BBC.

    “Given that centralised exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating,” the study added.

  • Chinese man arrested on charges of acting as Beijing’s agent in California polls

    Chinese man arrested on charges of acting as Beijing's agent in local US polls.
    Chinese man arrested on charges of acting as Beijing’s agent in local US polls. Photo Courtesy: Pixabay

    A Chinese man has been arrested for allegedly acting as an illegal agent of the China (PRC) while serving as the campaign manager for a political candidate who was elected in 2022 to the city council of a California city, the US Department of Justice said on Friday.

    The Chinese national was identified as Yaoning “Mike” Sun, 64.

    “Sun (who) was arrested today is expected to make his initial appearance this afternoon in the Central District of California,” US Department of Justice said in a statement.

    Sun is also charged with conspiring with another man, Chen Jun, who was sentenced to prison last month for bribery and acting as an illegal agent of the PRC government.

    According to the complaint, Sun served as the campaign manager and close personal confidante for a Southern California politician (referred to in the complaint as Individual 1) who ran for local elected office in 2022.

    During the campaign, Sun communicated with Chen regarding his efforts to get Individual 1 elected.

    Chen allegedly discussed with Chinese government officials how the PRC could “influence” local politicians in the United States, particularly on the issue of Taiwan.

    In November 2022, shortly after Individual 1 was elected to office, Chen instructed Sun to prepare a report on the election that was sent to Chinese government officials, who responded positively and expressed thanks, according to the complaint.

    About a month after Individual 1’s election, Chen arranged a lunch at a Rowland Heights restaurant with Sun and others, a gathering that Chen described to a PRC official as a “core member lunch,” the complaint alleges.

    Chen subsequently described the lunch as “successful” as participants agreed to establish a “US-China Friendship Promotional Association”.

    While Individual 1 did not attend the meeting, Chen identified Individual 1 as being part of “the basic team dedicated for us”, in a communication to a Chinese government official.

    In early 2023, Chen instructed Sun to write another report for Chinese officials describing “[Sun] and [Chen] cultivating and assisting [Individual 1’s] success,” according to the complaint.

    In February 2023, as the second report to PRC officials was being finalised, Sun forwarded to Chen a proposal to combat “anti-China forces” by participating in a U.S. Independence Day parade in Washington, D.C, according to the complaint. 

    Sun proposed that the PRC government provide an USD 80,000 budget to support his and Chen’s efforts in the United States.

    After Chen and Sun discussed a planned trip to China to meet with “leadership”, and after Chen directed Sun to schedule a meeting with the Chinese consul general in Los Angeles, Sun and Individual 1 travelled to China in August 2023.

    If convicted, Sun faces a statutory maximum penalty of 10 years in prison for acting as an illegal agent of a foreign government.

    Sun also faces a statutory maximum penalty of five years in prison for conspiracy to commit an offense against the United States.

    A federal district court judge will determine any sentence after considering the US Sentencing Guidelines and other statutory factors.

    The FBI is investigating the case.    

  • R Ashwin reveals Sachin Tendulkar, Kapil Dev called him after he announced shock retirement

    R Ashwin posts on X revealing names of people who called him after he announced retirement.

    For over a decade, Indian cricket icon Ravichandran Ashwin’s name has made it to the headlines, mostly for his exploits with the ball — and occasionally with the bat — but on Wednesday, December 18, he not only made the top news, but also sent shockwaves across the fraternity by announcing a shock retirement as an international cricketer with immediate effect. 

    This retirement saw the end of a sensational international career, ending a glorious chapter in the country’s cricket history.

    Right after the maverick offspinner hung his boots, Ashwin shared the names of people who called him. The list included the names of his father and two cricket heroes of India — Sachin Tendulkar and Kapil Dev.

    Thanking Tendulkar and Dev, Ashwin wrote on Instagram: “If someone told me 25 years ago that I would have a smartphone with me and the call log on the last day of my career as an Indian cricketer would look like this, I would have had a heart attack then only. Thanks @sachin_rt and @therealkapildev paaji #blessed.”

    Earlier, Tendulkar had also posted his remark on X following Ashwin’s announcement where he said he admired the spinning icon for his approach towards the game.

    “Ashwin, I’ve always admired how you approached the game with your mind and heart in perfect sync. From perfecting the carrom ball to contributing crucial runs, you always found a way to win. Watching you grow from a promising talent to one of India’s finest match-winners has been wonderful. Your journey shows that true greatness lies in never being afraid to experiment and evolve. Your legacy will inspire one and all. Wishing you all the very best for your 2nd innings,” Sachin Tendulkar wrote on X.

    Ashwin, who picked up 765 international wickets, remains one of the greatest names in Indian cricket.

  • Latteys Industries Limited Reports Exceptional Results for Q2 FY 2024


    Latteys Industries Limited, an NSE-listed leader in energy-efficient solar submersible pumps, has announced remarkable financial results for the Quarter and Half Year ending September 2024.


     


    Key Financial Highlights:


    1. Revenue Growth: The company’s revenue surged from Rs. 1,575 lakhs to Rs. 1,873.46 lakhs, marking an 18.90% increase compared to the same period last year.


    2. Net Profit: The net profit witnessed an impressive growth of 176.38%, rising from Rs. 25.37 lakhs to Rs. 70.12 lakhs. Sequentially, net profit grew by 86.20% compared to the previous quarter.


    3. Earnings Per Share (EPS): EPS saw a threefold increase, jumping 200% from Rs. 0.04 to Rs. 0.12.


     


    Solar Submersible Pumps


     


    Latteys Industries continues to expand its presence in the solar water pump segment and is currently empanelled for installations in Madhya Pradesh, Maharashtra, Gujarat, and Uttar Pradesh. With additional orders on the horizon, the company is well-positioned to contribute significantly to India’s green energy initiatives. Efforts are underway to further expand operations into unrepresented regions, strengthening the company’s market footprint.


     


    During the year, Latteys Industries secured a prestigious order worth approximately Rs. 30 crore for the design, manufacture, supply, installation, testing, and commissioning of 1,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) under Component-B of the PM-KUSUM scheme. The project includes a complete system warranty and repair/maintenance services for five years and was awarded by the Rajasthan Horticulture Department, Jaipur.


     


    Total Orders In Hand as of Date: 37.525 and additional orders are expected to be signed soon.


     


    Leadership Commentary


    Commenting on the company’s performance, Mr. Kapoor Chand Garg, Promoter of Latteys Industries Limited, said: “We are delighted with the company’s performance and deeply value the trust our clients place in us. Our commitment to delivering high-quality, sustainable solutions remains unwavering, and we are confident in our ability to achieve even better results year after year.”


     


    Latteys Industries’ strong focus on sustainability and energy efficiency aligns with its mission to cater to growing demands across agriculture, industry, and domestic markets.


     


    About Latteys Industries Limited


    Founded in 2004, Latteys Industries Limited is a leading manufacturer of advanced pumping solutions catering to Agricultural, Industrial, Domestic, and Horticultural needs. With a robust portfolio of over 700 models—including Submersible, Self-Priming, Centrifugal Monoblock, Shallow-Well, and Horizontal Openwell Submersible Pumpsets—the company operates a state-of-the-art manufacturing facility in GIDC Naroda, Gujarat.


     


    The facility boasts an annual production capacity of approximately 1,80,000 pumps, making Latteys Industries a trusted name in the pumping solutions industry. The company operates through seven branches located in Kanpur, Patna, Delhi, Ranchi, Jaipur, and Indore, ensuring a strong PAN-India presence.


     


    Safe Harbor


    Certain statements in this release concerning our future growth prospects may be seen as forward-looking statements, which involve a number of risks and uncertainties that could cause the actual results to differ materially from such statements. The company does not undertake to update any such forward-looking statements made from time to time.

  • Narendra Modi, King Charles III discuss Commonwealth, climate action and sustainability

    The Prime Minister, Shri Narendra Modi interacting with the Prince Charles, during the visit to the science museum to view the Exhibition on 5000 years of Science and Innovation, in London on April 18, 2018. Photo Courtesy: PIB

    India’s Prime Minister Narendra Modi and Britain’s King Charles III held a telephonic conversation when they reaffirmed their commitment to further strengthen the Comprehensive Strategic Partnership between the two nations.

    “Recalling the historic relations between the two countries, they both reaffirmed commitment to further strengthen the Comprehensive Strategic Partnership between India and the UK,” read a statement issued by the Ministry of External Affairs on Friday.

    They exchanged views on Commonwealth of Nations and the recently concluded Commonwealth Heads of Government Meeting in Samoa.

    During the conversation, discussions were also held on a number of subjects of mutual interest, including climate action and sustainability.

    “Prime Minister expressed his appreciation for His Majesty’s sustained advocacy and initiatives on these issues and briefed him on the multiple initiatives undertaken by India,” read the statement.

    Following his conversation, Modi posted on X: “It was a pleasure to speak with HM King Charles III today. Reaffirmed commitment to bolster India-UK ties. Exchanged views on issues of mutual interest, including the Commonwealth, climate action and sustainability.”