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The Kerala State Disaster Management Authority (KSDMA) has issued a public warning regarding the potential environmental hazards following the listing of the Liberian-registered container ship MSC Elsa III, which lost several containers off the Alappuzha coast on Saturday. The vessel, en route from Vizhinjam to Kochi, was carrying dangerous materials, including low sulphur fuel oil and marine gas oil, raising concerns about safety and environmental risks. Coast guard officials have been alerted and are intensifying surveillance in the area, urging the public to report any sightings of containers or oil leaks. The incident, attributed to possible stability issues or container lashing failures, poses a threat to fishing boats and other vessels. Prakash Iyer, chairman of the Cochin Port Users Forum, emphasized the need to prioritize the safety of the crew while the exact cause of the listing is investigated. 
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May 24 2025, 7 pmeznews.inIn Mumbai, Union Finance Minister Nirmala Sitharaman chaired the 29th meeting of the Financial Stability and Development Council (FSDC) on June 10, 2025, attended by key officials including RBI Governor Sanjay Malhotra and Union Minister of State for Finance Pankaj Chaudhary. The FSDC, established in December 2010, aims to enhance financial stability and inter-regulatory coordination while promoting the development of India's financial sector. The meeting focused on macro-prudential supervision, particularly monitoring large financial conglomerates, and discussed strategies to improve financial literacy and inclusion. The council's efforts underscore the government's commitment to maintaining a resilient financial system that supports economic growth and protects stakeholder interests, as India aspires to strengthen its position in the global economy. The FSDC plays a crucial role in shaping policies to navigate the complexities of the financial landscape.
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Jun 10 2025, 4 pmeznews.inOdisha is solidifying its status as a mango-growing hub with the Annual Mango Festival, running from June 10 to 12 at the Nabard Regional Office in Bhubaneswar. Established in 2003-04, the festival is part of Nabard’s tribal development fund initiative aimed at promoting small orchard-based livelihoods among tribal families. This initiative has successfully transformed degraded lands into income-generating assets through mango cultivation. Nabard is also facilitating mango exports via the “Export Pathshala” program, with two farmer producer organizations (FPOs) from Bolangir recently exporting 50 quintals of mangoes to Europe. The festival serves as a strategic platform for connecting farmers directly with urban consumers, ensuring better prices by eliminating middlemen. With over 50 participants from 20 FPOs, this year’s event underscores Nabard's commitment to enhancing rural incomes and building sustainable livelihoods, with Palladium as the organizing partner.
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Jun 10 2025, 6 pmeznews.inAndhra Pradesh Chief Minister N. Chandrababu Naidu has announced the formation of a special taskforce aimed at accelerating industrial growth as part of the Swarnandhra Vision 2047 initiative. The taskforce, co-chaired by Tata Sons Chairman N. Chandrasekaran and supported by the Confederation of Indian Industry (CII), will focus on ten key sectors, including agriculture, dairy, fisheries, horticulture, logistics, IT, healthcare, and education. Naidu emphasized that these sectors are crucial for the state's transformation agenda. The taskforce comprises notable members, including CII Director General Chandrajit Banerjee, Apollo Hospitals Executive Vice Chairperson Preetha Reddy, and several industry leaders from various sectors. This initiative reflects the state government's commitment to fostering economic growth and development in Andhra Pradesh.
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Jun 10 2025, 6 pmeznews.inThai Airways is considering expanding its operations to tier II cities in India, driven by the anticipated arrival of its new Airbus A321neo aircraft in 2026, according to Chief Commercial Officer Korakot Chatasingha. This initiative aligns with the airline's strategy to establish Bangkok as a regional aviation hub, capitalizing on the growing travel demand between Thailand and India. Currently, Thai Airways operates over 75 weekly flights to India, with Delhi being its largest destination. Chatasingha noted that secondary cities remain largely untapped, presenting new opportunities for growth. The airline aims to enhance its partnerships, including a recent joint business agreement with Turkish Airlines, and is exploring increased capacity to meet rising travel demands, particularly from southern Indian cities like Bengaluru, Hyderabad, and Chennai. With over two million Indian tourists visiting Thailand in 2024, the airline is poised to capitalize on this burgeoning market.
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Jun 10 2025, 3 pmeznews.inFollowing the sinking of the MSC Elsa-3 off the Kerala coast, the shipping industry is urging for enhanced Port State Control (PSC) measures to ensure national safety and bolster India's international credibility. Industry insiders advocate for increasing the number of PSC officers, filling existing vacancies, and equipping offices with modern inspection tools and digital reporting systems. Currently, over 97% of India's export-import cargo is transported by foreign-flagged vessels, making PSC inspections crucial for maintaining safety standards. Despite a significant rise in port numbers and vessel traffic over the past three decades, the number of sanctioned PSC officers has remained stagnant, with nearly 40% of positions unfilled. This shortage has led to single inspectors managing complex foreign ships, raising concerns about maritime safety. Experts warn that neglecting these issues could expose India to risks from substandard vessels, undermining its ambitions as a serious maritime power.
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Jun 10 2025, 2 pmeznews.inIndia's automotive sector faces a potential supply-side crisis due to ongoing export restrictions and shipment delays from China concerning rare earth magnets, according to Crisil Ratings. These low-cost yet essential components are critical for the production of electric vehicles (EVs) and other automotive technologies. A disruption lasting over a month could hinder the production of passenger vehicles, including EVs, which are set for aggressive rollouts. Currently, automakers have a 4-6 week inventory, but prolonged delays could lead to production deferrals by mid-2025. With over 80% of India's rare earth magnet imports sourced from China, the country is already feeling the impact, as none of the 30 pending import requests have been approved. In response, the Indian government and automakers are exploring alternative suppliers and enhancing domestic production capabilities to mitigate risks and reduce dependency on Chinese imports.
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Jun 10 2025, 2 pmeznews.inIndia's Foreign Direct Investment (FDI) landscape remains robust, with no overall declining trend, despite occasional fluctuations linked to global interest rate changes, according to Commerce and Industry Minister Piyush Goyal. Over the past eleven financial years (2014-25), India attracted $748.78 billion in FDI, marking a 143% increase from the previous eleven years. In 2024-25, FDI reached $81 billion, the highest in three years, with Singapore leading as the largest source at $14.94 billion. Goyal emphasized the government's commitment to fostering FDI, stating they are receptive to suggestions and ready to implement new measures. While FDI fell 24.5% year-on-year to $9.34 billion in the January-March quarter of 2024-25, it grew 14% overall during the previous financial year. Key sectors attracting investment include services, telecommunications, and non-conventional energy. Goyal is currently in Switzerland to enhance trade and investment ties.
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Jun 10 2025, 2 pmeznews.inTea prices at the Coonoor auctions have been adversely affected by subdued export demand and lower arrivals, attributed to poor climatic conditions in production areas. Global Tea Auctioneers reported that 1,791,740 kg of leaf tea was offered, achieving an 80% sale rate, while 563,305 kg of dust tea saw a 61% sale rate. Prices for high-quality CTC leaf teas fell by ₹5-6, although some premium lots occasionally fetched ₹2-3 more. Medium sorts remained stable but were sometimes lower by ₹1-2, while plainer grades saw similar trends. Primary whole leaf grades dropped by ₹3-4, with select quality lots selling for ₹2-3 more. The CTC dust sale experienced minimal demand, with primary orthodox dust grades holding steady or increasing slightly, while secondary and finer dust grades declined by ₹2-3. Overall, the auction reflected a challenging market environment for tea producers.
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Jun 10 2025, 12 pmeznews.inLarsen & Toubro (L&T) has signed memorandums of understanding (MoUs) with two Norwegian firms to enhance its shipbuilding operations at its Kattupalli facility near Chennai. The agreements, formalized during a delegation visit led by Union Minister Sarbananda Sonowal, include a partnership with Ulstein Design & Solutions, focusing on commercial shipbuilding synergies, and another with DNV, aimed at collaboration across various sectors such as shipbuilding, port infrastructure, and sustainability. L&T's Precision Engineering Systems, which oversees the shipbuilding division, reported an order book of approximately ₹34,000 crore as of March 31, 2025. The Kattupalli facility, equipped with advanced technology for shipbuilding and modular fabrication, has been pivotal in constructing India's first nuclear-powered submarine and continues to support a diverse range of maritime projects, including offshore vessels and high-tech ships for global clients.
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Jun 10 2025, 12 pmeznews.inThe Kerala government's decision to forgo criminal proceedings against the merchant vessel MSC Elsa – 3, which sank off its coast last month, has sparked backlash from opposition parties and shipping stakeholders. The Congress party plans a protest, accusing the government of negligence and failing to investigate the incident properly, particularly concerning the hazardous cargo that sank. KPCC president Sunny Joseph criticized the government for prioritizing compensation through the vessel's insurance over accountability, claiming it has betrayed coastal communities and fisherfolk. Maritime lawyer Joy Thattil emphasized the government's responsibility to address environmental concerns and wreck removal, suggesting that the decision to pursue an insurance claim instead of legal action undermines statutory obligations under various maritime laws. Legal experts express confusion over the lack of criminal proceedings, highlighting the potential implications for coastal pollution and community safety.
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Jun 10 2025, 12 pm
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