ECONOMY | PAGE 2 BACK PAGE | PAGE 20 Big Four study-abroad nations losing ground INTERNATIONAL | PAGE 10 New CJI: Rise from the bottom ofthe pyramid KOCHI, SATURDAY, MAY 10, 2025 Trump says 80% tariff on China ‘seems right' FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 3, 20 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 79,454.47 ▼ 880.34 NIFTY: 24,008 ▼ 265.80 NIKKEI 225: 37,503.33 ▲ 574.70 HANG SENG: 22,867.74 ▲ 91.82 `/$: 85.38 ▲ 0.34 `/€: 96.02 ▲ 0.72 BRENT: $63.36 ▲ $0.52 GOLD: `96,061 ▼ `603 India offers to slash tariff gap by two-thirds to seal US trade deal PAK USED 300-400TURKISH DRONES PREVIOUS NIGHT: INDIA Blasts in J&K, parts of Punjab and Rajasthan ● Goyalmayvisit USlaterthismonth ● Pakattackson SHUBHAM BATRA, SHIVANGI ACHARYA & IRA DUGAL New Delhi, May 9 Srinagarairport, Awantiporaairbase thwarted:Sources THE GOVERNMENT HAS offeredtoslashitstariffgapwith the US to less than 4% from nearly 13% now, in exchange for an exemption from President Donald Trump's ‘current and potential’ tariff hikes, two sources said, as both nations move fastto clincha deal. This would mean that the average tariff differential between India and the US, calculatedacrossallproductswithoutweightingfortradevolume, AGENCIES New Delhi, May 9 BLASTS WERE HEARD and sirens sounded in the Jammu region and south Kashmir as manypartsoftheUnionTerritory plungedintodarknessonFriday, officialssaid. DroneattacksonSrinagarairportandsouthKashmir'sAwantiporaairbasewerethwartedlate onFriday,officialssaid. Defence officials said drones were also sighted in Jammu, Samba and neighbouring PathankotdistrictinPunjaband theywerebeingengaged. Sounds resembling that of blasts were heard in Punjab's PathankotandFerozepuronFriday evening, prompting the authorities to clamp a blackout there and several other districts amidamilitarystandoffbetween IndiaandPakistan. In Srinagar, mosque loudspeakers were used to convey to localstoswitchofftheirlightsas aprecautionarymeasure. Aday after India intercepted several missiles over its skies, Jammuagainsawablackoutand sirens ring out on Friday night. Around 8.30 pm, explosions IN THE NEWS SIP flows in April at an all-time high FLOWS THROUGH SIPS hit an all-time high of `26,632 crore in April, according to data from AMFI on Friday, reports Ananya Grover. ■ PAGE 7 Sebi seeks higher F&O position limits SEBI HAS CLEARED a proposal for open interest calculation with a higher limit on index options, report Ananya Grover and Nesil Staney. ■ PAGE 7 Vanguard cuts Ola valuation by 80% VANGUARD HAS MARKED down Ola’s valuation to $1.25 billion, a drop of 80% from the peak, according to an SEC filing in the US. ■ PAGE 4 Jammu city in a blackout for a second successive night on Friday amid the ongoing military conflict between India and Pakistan Tensions drag indices down Financial sector ups cybersecurity PTI India opposes IMF plan for Pak BENCHMARKS FELLFORthe second consecutive session on Friday,as Indo-Pak tensions escalated further,reports KishorKadam. ■ PAGE 7 BANKSAND INSURANCE firms have started beefing up theircybersecuritydefence, report Urvi Malvania & Sachin Kumar. ■ PAGE 20 INDIAON FRIDAYopposed IMF’s fresh lending programme for Pakistan saying there is a possibilityof misuse. ■ PAGE 20 werealsoheardinthecityaswell asintheSambasector. “Blackout in Jammu now. Sirens can be heard across the city,” Jammu and Kashmirchief ministerOmarAbdullahposted on X.He is currently in Jammu. “Intermittent sounds of blasts, probably heavy artillery, can nowbeheardfromwhereIam,” he posted. In Punjab, air raid sirens wailed in Ferozepur,Pathankot, Amritsar and Hoshiarpur dis- tricts sending people into tizzy. Officials said the blackout was enforced in Ferozepur, Pathankot,Amritsar,Hoshiarpur, Fazilka,MuktsarandSangrur. Continued on Page 6 SWEETENING THE DEAL THETELECOM REGULATORY Authorityof India (Trai) on Fridaylaidthegroundworkforthe rollout of satellite-based internet services in the country, by releasing its long-awaited recommendations that levies a 4% adjusted gross revenue (AGR) charge on satellite communicationcompaniessuchas Starlink,Eutelsat OneWeb and Jio Satellite.The regulator has also proposed a five-yearvalidity for satellite spectrum, extendable bytwo more years. The Trai recommendations come just two days after the government issued a letter of intent to Starlink, signalling imminentcommercialentryof satellite broadband firm in India. Other players like Eutelsat OneWeb and the Jio-SES joint venture are already licensedandawaitingspectrum »INSIDE« would be reduced by9 percentage points, in one of the most sweeping changes to bring down trade barriers in the world's fifth largest economy. The United States is India's THE WEEK-LONG PAUSE in theIndianPremierLeague(IPL) has rattled advertisers and broadcaster JioHotstar, raising the spectre of a crash in event ad revenues. The broadcaster could see as much as 35% of the estimated `5,500 crore IPL-linked advertising revenues–roughly`2,000crore– wiped off if the suspension ultimately leads to a cancellation of the event, according to Karan Taurani, senior vicepresident at Elara Capital. Thesuspensionimpactsthe closing stretch of the season, with 16 matches still to be played — 12 league games and four playoff fixtures."From a financialstandpoint,eachcan- 16 IPL matches are still to be played in the current season — 12 SACHIN KUMAR Mumbai, May 9 celled match erases approximately `100-125 crore in combined sponsorship,broadcast and match day income, leaving a net shortfall of `5060 crore per game even after JAPANESE LENDER SUMITOMO MitsuiBankingCorporation (SMBC) will buy a 20% stake in Yes Bank from State Bank of India (SBI) and other lenders for about `13,483 crore, making it the biggest foreign investment in country’s banking sector. Under the deal, SMBC will acquire a 13.19% stake from SBI and 6.81% from seven other lenders, including Axis Bank, Bandhan Bank, Federal Yes Bank share sale SBI Shares (mn) 4,134.4 % stake 13.19 Price(`) 21.50 Value (` cr) 8,888.97 Close (May 9) Other banks* `20 9.77% 2,136.8 6.81 21.50 4,594.19 *HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank, Bandhan Bank Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank. SMBC is a wholly owned ■ Hardware subsidies of `20K–`50K per terminal likely for rural and remote users had pushed for a spectrum fee of less than 1% with minimal or no other levies. Additionally,Trai has introduced a floor on spectrum charges, recommending a minimum annual payment of `3,500 perMHz forfirms providing either fixed or mobile satellite services. Continued on Page 6 ■ In 2024, central rights revenue comprised 70% of IPL teams' revenue on an average ■ Rajasthan Royals earned `553.6 cr from central rights, accounting for 84% of its total income insurance claims," says Amitt Sharma, Founder & CEO, VDO.AI. Of course, the broadcaster has the option to offer alternative slots -- for instance, carry- largest trading partner, with bilateral trade totalling nearly $129 billion in 2024.The trade balance is currentlyin favourof India,whichrunsa$45.7billion surpluswith the US. HANDY RETURNS are higher than what many companies like Starlink urged for league games and four playoff fixtures INDIA, NEW ZEALAND WRAP UP FIRST ROUND OF FTATALKS PAGE 2 Trump announced on Thursday his administration's first ‘breakthrough deal’ with Britain. Continued on Page 11 SMBC buys 20% stake inYes Bank ■ The terms that ■ Out of estimated `5,500 crore IPL-linked advertising revenues, roughly `2,000 crore may be wiped off if the event is cancelled and Japan are the next two nations in line to finalise a deal with US INDIAREVIEWS US DEMANDS FOR LOWER CURBS ON GM CROP IMPORTS PAGE 2 IPL’s time-out could lead to a 35% ad revenuewipeout DECISION PENDING ■ After the UK, India $129 bn in 2024 Advertisers, broadcaster rattled as suspension hits the closing stretch GEETIKA SRIVASTAVA & ALOKANANDA CHAKRABORTY New Delhi, May 9 surplus with the US largest trading partner, with bilateral trade totalling nearly as licence fee annually allocation to begin services. In its recommendations, Trai suggested that satellite operators pay spectrum charges equivalent to 4% of their AGR, along with an additional 8% AGR as licence fee, terms that are higher than what companies like Starlink and Amazon’s Kuiper Systems had urged for.During the consultative process, these firms $45.7 bn ■ The United States is India's ■ Firms will need to pay additional 8% AGR spectrum fee set at `3,500 per MHz, till they accrue revenues to payAGR 4% 13% differential between India and the US is likely to come down to less than MOVING TOWARDS ROLLOUT ■ Minimum annual is currently in favour of India, which runs a from nearly now ■ This average tariff Traisets4%AGRfee,5-year validityforsatcomspectrum URVI MALVANIA Mumbai, May 9 ■ The trade balance ing over the spending to the next season or allocating it to other properties, preferably sports-related,ontheplatform. Continued on Page 6 KOCHI subsidiary of Sumitomo Mitsui Financial Group (SMFG), Japan’ssecond-largestbanking group with total assets of $2 trillion as of December 2024. “India represents a key market for us, and we see immense long-term potential in its dynamic and fast-growing economy,” Toru Nakashima,President&Group CEO, SMFG and Akihiro Fukutome, President & Chief Executive Officer, SMBC said in a statement. SBIwillget`8,889crorefor itsstake.The deal hasdelivered stellarreturns forthecountry's largest bank. Continued on Page 11