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Express Tribune
10 minutes ago
- Business
- Express Tribune
India unveils $234m drone scheme in response to Pakistan conflict
A view shows Falcon, a surveillance drone, on display at the drone exhibition at Bharat Drone Shakti 2023 organised by the Indian Air Force and Drone Federation of India at the Hindon Airbase in Ghaziabad, India, September 25, 2023. PHOTO: REUTERS Listen to article India will launch a $234 million incentive programme for civil and military drone makers to reduce their reliance on imported components and counter rival Pakistan's programme built on support from China and Turkey, three sources told Reuters. India's push to build more home-grown drones stems from its assessment of the four-day clash with Pakistan in May that marked the first time New Delhi and Islamabad utilized unmanned aerial vehicles at scale against each other. The nuclear-armed neighbours are now locked in a drones arms race. New Delhi will launch a 20 billion Indian rupees ($234 million) programme for three years that will cover manufacture of drones, components, software, counter drone systems, and services, two government and one industry source, who did not want to be named, told Reuters. Details of the programme have not been previously reported and its planned expenditure is higher than the modest 1.2 billion rupees production-linked incentive scheme New Delhi launched in 2021 to promote drone start-ups, which have struggled to raise capital and invest in research. India's civil aviation ministry, which is leading the incentives programme, and defence ministry did not immediately respond to e-mails seeking comment. Reuters previously reported that India plans to invest heavily in local industry and could spend as much as $470 million on unmanned aerial vehicles over the next 12 to 24 months, in what government and military officers said would be a staggered approach. In the past, India has mainly imported military drones from its third-largest arms supplier, Israel, but in recent years its nascent drone industry has scaled up its cost-effective offerings, including for the military, although reliance on China continues for certain components such as motors, sensors and imaging systems. Through the incentives, India is aiming to have at least 40% of key drone components made in the country by the end of fiscal year 2028 (April-March), the two government sources said. "During (the India-Pakistan) conflict there was quite a lot of use of drones, loitering munitions and kamikaze drones on both sides," Indian Defence Secretary Rajesh Kumar Singh said last week. "The lesson that we've learned is that we need to double down on our indigenisation efforts to ensure that we build a large, effective, military drone manufacturing ecosystem." India bans import of drones but not their components and the government has planned additional incentives for manufacturers that procure parts from within the country, the two government sources said. The state-run Small Industries Development Bank of India would also support the incentive programme by providing cheap loans for working capital, research and development needs for the firms, the government sources added. Currently, there are more than 600 drone manufacturing and associated companies in India, according to estimates shared by an industry source involved in the discussions for the incentives programme.
Yahoo
19 minutes ago
- Business
- Yahoo
Intel CEO considers strategic shift in chip manufacturing
Intel CEO Lip-Bu Tan is reportedly considering a significant change to the company's chip manufacturing strategy to attract major clients. Under the proposed strategy, Intel's foundry business would offer external customers a more advanced generation of chipmaking technology, Reuters reported, citing sources familiar with the matter. The potential shift marks a departure from the plans set by Tan's predecessor and could involve substantial financial implications. Tan officially took charge in March 2025, succeeding Pat Gelsinger. Since assuming leadership, Tan has been proactive in reducing costs and seeking new avenues to revitalise the struggling US chipmaker. He also expressed concerns regarding the current 18A manufacturing process. Industry analysts told the news agency that the next-generation process could enhance Intel's competitiveness against Taiwan Semiconductor Manufacturing Co (TSMC). To discontinue external sales of the 18A and its variant 18A-P processes, Intel may need to write off these assets. It is estimated that such a write-off could result in a financial loss running into hundreds of millions or potentially billions of dollars. Tan is considering reallocating resources towards the 14A chipmaking process, where Intel expects to hold an edge over TSMC, as per the two sources. This strategy aims to attract large clients such as Apple and Nvidia, who currently rely on TSMC for chip production. Tan has instructed the company to prepare options for discussion with Intel's board, potentially including the cessation of marketing 18A to new clients. A decision on the matter may not be reached until a later board meeting due to its complexity and financial stakes. Intel responded to the report by dismissing it as 'hypothetical scenarios or market speculation'. The company stated that its primary customer for the 18A process has been Intel itself, with plans to increase production of 'Panther Lake' laptop chips by late 2025. These chips are described as the most advanced designed and manufactured in the US. 'Lip-Bu and the executive team are committed to strengthening our roadmap, building trust with our customers, and improving our financial position for the future. We have identified clear areas of focus and will take actions needed to turn the business around,' Reuters quoted Intel as saying in a statement. In 2024, Intel reported a net loss of $18.8bn, marking its first unprofitable year since 1986. Recent reports indicate that Intel may reduce its factory workforce by 15% to 20% to address ongoing financial challenges. "Intel CEO considers strategic shift in chip manufacturing" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
19 minutes ago
- Business
- Yahoo
Bank of Italy selects 4 systemic risk countries for lenders, including Russia
MILAN (Reuters) -The Bank of Italy said on Friday it had selected the United States, Great Britain, Switzerland and Russia as countries outside the European Union that its banks have significant exposure to, under rules designed to govern systemic risks. The Bank of Italy used end-2024 data to measure banks' exposure to those countries in relation to their overall exposure. Top Italian lenders Intesa Sanpaolo and UniCredit are both present in Russia, the former serving only corporate clients while the latter owns a retail bank. UniCredit said in an update of the investor document relating to its takeover bid for Banco BPM that its Russian unit had increased its holdings of local government bonds in the first quarter to 754 million euros ($888.06 million) from 574 million in December. ($1 = 0.8490 euros)
Yahoo
27 minutes ago
- Business
- Yahoo
France joins European push for satellite internet on trains
By Gianluca Lo Nostro (Reuters) -France's state-owned rail company SNCF will launch a tender soon to add satellite internet to its trains, becoming the latest European rail operator to explore space-based systems for onboard connectivity. In a statement to Reuters, SNCF said on Friday it was pursuing an "innovative approach to strengthen connectivity and resilience" by combining terrestrial networks with low Earth-orbit satellite solutions. The company said the strategy aims to ensure service continuity across its entire network, including isolated sites, and guarantee better internet access for train passengers. "The satellite plus 4G/5G combination would eliminate dead zones and offer stable, fast service adapted to new uses such as streaming or video conferencing," SNCF said. Elon Musk's Starlink and France's Eutelsat are among the companies being considered, a source familiar with the matter told Reuters. SNCF would not discuss with Reuters whether it was in talks with specific providers. A Eutelsat spokesperson confirmed the company's interest in the deal as it is already in talks with SNCF about setting up a pilot project as they have already done in Britain and Kazakhstan. "As one of only two LEO (low Earth orbit) operators currently in service, and the only French player, we intend to bid for the contract with our French partners such as Orange business services," the spokesperson said. Starlink, which initially focused on consumer services, has expanded into enterprise markets, particularly in transportation and maritime sectors. Eutelsat, propped up by the French government in its push for LEO services, provides internet access through its OneWeb network of more than 600 LEO satellites. The move follows similar initiatives across Europe. Italy's state railway Ferrovie dello Stato ran a two-week trial in June with two providers, including Starlink, Infrastructure Minister Matteo Salvini said in May. Scotland's ScotRail also launched a six-week Starlink trial in May. Most European trains rely on cellular networks for internet access. However, connection quality varies with mobile network coverage, often dropping in rural areas or tunnels. The high speeds of trains also create technical challenges as systems must constantly switch between mobile towers, causing intermittent service. Satellites, on the other hand, offer consistent coverage everywhere, including remote areas where cellular towers are sparse or nonexistent. Sign in to access your portfolio
Miami Herald
34 minutes ago
- Miami Herald
Japan Flights Cancelled Amid Impact of Manga Doomsday Prediction
Rumors about an impending natural disaster, sparked by an old comic book, have hit Japan's tourism boom, leading some airlines to suspend flights to the country. Hong Kong's Greater Bay Airlines is one of them, announcing an indefinite suspension of flights to Tokushima on Wednesday. This follows the viral spread of predictions linked to a manga depicting a catastrophic earthquake and tsunami, reportedly foreseen for July 2025, according to Japan Today. The downturn underscores how digital-era rumors can disrupt real-world economies by influencing consumer behavior-here, curbing a significant boom in Japan's tourism sector. Japan logged an all-time monthly high of 3.9 million travelers in April 2025 before arrivals fell in May, particularly from Hong Kong, where superstition over the manga's forecast drove an 11 percent year-on-year drop, according to the most recent data cited by Japan Today. Steve Huen of Hong Kong-based EGL Tours said the warnings circulating on social media "had a significant impact," halving his agency's Japan bookings. With tourism central to many regions' economies, persistent fears threaten both travel patterns and business revenues, despite reassurances from scientists and even the manga's creator. Where the Trend Came From The trend originated from a manga titled The Future I Saw by Ryo Tatsuki. First published in 1999 and re-released in 2021, the comic's initial edition referenced a major natural disaster in March 2011-the month Japan endured a deadly earthquake, tsunami and nuclear disaster at Fukushima in Japan's northeast. Some readers now claim the latest edition predicts a new catastrophe specifically on July 5, 2025, sparking waves of alarm on social media in Hong Kong and neighboring Asian territories, Reuters reports. How Superstition and Social Media Amplified the Impact In Hong Kong, where fears about the prediction gained the most traction, some agencies reported dramatic reductions in Japan-bound travel. Steve Huen of EGL Tours stated that bookings had halved, only sustained by steep discounts and the introduction of earthquake insurance. "The rumors have had a significant impact," Huen said. Effect on Travel and Flight Cancellations Greater Bay Airlines announced that it would suspend its service to Tokushima, western Japan, from September, citing insufficient demand. Other carriers signaled similar moves. The trend was especially pronounced among travelers from Hong Kong, with Japanese government statistics confirming an 11 percent decrease in arrivals from the region in May compared with the previous year, according to Reuters. Creator and Scientific Reaction Ryo Tatsuki, the manga's creator, issued a statement through her publisher denying she was a prophet and downplaying interpretations of her work. "I am not a prophet," Tatsuki said. Seismologist Robert Geller from the University of Tokyo told Reuters that even scientifically-based earthquake prediction was "impossible." "None of the predictions I've experienced in my scientific career have come close at all," Geller said. He emphasized accurate earthquake prediction remains scientifically impossible. Japan's Earthquake Risk in Context Japan, positioned on the Pacific "Ring of Fire," faces frequent seismic activity. Over 900 minor earthquakes have hit islands off Kyushu's southern tip in recent days. However, scientific authorities stressed there is no credible basis for the July 2025 disaster forecast, according to Reuters. Continued Demand and Adjustments Despite the anxiety, some travelers continue to visit. Serena Peng, a Seattle resident visiting Tokyo, described having initial doubts after seeing online speculation but ultimately continuing with her trip. "I'm not super worried right now, but I was before," Peng said outside Tokyo's Senso-ji temple. Steve Huen, executive director of EGL Tours, said: "The rumors have had a significant impact…Japan-related business halve[d]. Discounts and the introduction of earthquake insurance…prevented Japan-bound travel from dropping to zero." Branden Choi, a traveler from Hong Kong, said: "If possible, I might delay my trip and go after September." University of Tokyo seismologist Robert Geller said: "None of the predictions I've experienced in my scientific career have come close at all." Airlines and tour companies are expected to continue monitoring booking trends and adjust schedules as traveler sentiment evolves. Japanese tourism officials and industry stakeholders have ramped up efforts to reassure visitors of their safety, emphasizing reassurances by scientists. Related Articles US Allies Plan To Flex Aircraft Carrier Muscles Near ChinaMap Tracks US Coast Guard Missions Near ChinaAmerica Has A New Type Of MillionaireUS Ally Detects Chinese Military Near Coast: Photos 2025 NEWSWEEK DIGITAL LLC.
