Philippines flagged an unprecedented show of maritime assertion by China after dozens of Chinese fishing vessels were seen being escorted by the Chinese Coast Guard and Navy near the Iroquois Reef and the Sabina Shoal in the West Philippine Sea that Manila claims as its own as part of its exclusive economic zone.

Philippines flagged an unprecedented show of maritime assertion by China after dozens of Chinese fishing vessels were seen being escorted by the Chinese Coast Guard and Navy near the Iroquois Reef and the Sabina Shoal in the West Philippine Sea that Manila claims as its own as part of its exclusive economic zone. China refers to the West Philippine Sea as the South China Sea and the dispute has been internationalised by the latter nomenclature. China-Philippines tensions: Latest escalation The Filipino military's Western Command (WESCOM) issued a statement earlier this week that said that the number of Chinese fishing vessels "swarming" the Iroquois Reef rose to 47 in June 2023. "China must cease its swarming of vessels to respect our sovereign rights," Ariel Coloma, spokesperson for the Western Command, said in an official statement. Also watch | US-Philippines exercise in South China sea; China irked by America's growing presence in sea × The Philippine military said their flights had also recorded the presence of three China Coast Guard ships and two Chinese navy vessels "regularly loitering" at Sabina Shoal, which is inside the country’s special economic zone. "These developments raise alarming concerns about China's intentions and actions within these disputed waters," WESCOM said. Open Source Intelligence Monitor on social media said that the area is close to the oil and natural gas-rich Reed Tablemount. Philippines' rights over West Philippine Sea internationally recognised The Philippines won a landmark arbitration case in 2016 that invalidated China's expansive claims in the West Philippine Sea that Beijing continues to designate as the South China Sea. According to trade figures published by Reuters, about $3 trillion worth of sea-borne goods pass through the disputed maritime region every year. Also read | Did China operate 'balloons' to spy on several countries, including India and Japan? The ruling, which treaty ally the United States backs and China refuses to recognise, clarified Philippine sovereign rights in its 200-mile exclusive economic zone (EEZ) to access offshore oil and gas fields, including the Reed Bank, where a natural gas exploration project operated by Philippine firm PXP Energy Corp has been stalled. In recent years, satellite imagery has shown China’s increased efforts to reclaim land in the West Philippine Sea by physically increasing the size of islands or creating new artificial islands altogether. Beijing has literally piled sand onto existing reefs, and constructed ports, military installations, and airstrips. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Philippines accuses China of violating its special economic zone with 'swarming' fishing vessels

Military tanks, a helicopter and an ambulance are just some of the items that can be found resting on the seabed near the Jordanian city of Aqaba, in a bid to form the country's first underwater military museum and promote marine life. Aqaba residents stood at the shore watching and taking photos as a helicopter and a tank was slowly submerged into the water. The city's Special Economic Zone, which is responsible for promoting business and tourism in the city, hopes the underwater structures will encourage more diving enthusiasts to visit by enhancing the environment for marine life.

Jordan hopes underwater tanks will draw tourists and fish

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls.

Modi was declared an absconder under Section 82 of the code of criminal procedure in the case.

A case of diversion of diamonds and pearls from Special Economic Zone (SEZ) units in Surat by Modi was booked in December 2014, by the DRI, Mumbai Zonal Unit.

The case was about the diversion of duty-free imported goods by the SEZ units of Nirav Modi's companies in Surat - Firestar International Pvt. Ltd., Firestar Diamond International Pvt. Ltd. and Radashir Jewellery Comp. Pvt. Ltd. These units were allegedly into import and export of diamonds, pearls and jewellery.

In the units situated at SEZ, the goods were allowed to be imported customs duty-free for the purpose of export.

However, during the investigation by the DRI, it was revealed that the duty-free diamonds and pearls imported by Modi's companies were clandestinely diverted into the local market and substituted by the locally procured diamonds and pearls.

The companies had allegedly paid Rs. 48.21 crores (customs duty along with interest and penalty) in that case.

During the investigation, the DRI had also seized the export consignments ready for dispatch for Hong Kong and Dubai, lying at Sahar Air Cargo in Mumbai, which was highly overvalued.

The department filed prosecution in the Surat Court against Modi for his alleged role in the evasion of customs duty.The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22.

As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder.

This will enable the DRI in addition to other things to attach his properties. On October 1, the Enforcement Directorate (ED) attached assets worth Rs 637 crore belonging to Modi in connection with the PNB scam.

Modi and his uncle Mehul Choksi have been accused of allegedly defrauding PNB of $ 2 billion.

While Choksi is in Antigua, Modi is in the United Kingdom and needs to be extradited as non-bailable warrants have been issued by different courts against him.&nbsp;

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls.

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. Modi was declared an absconder under Section 82 of the code of criminal procedure in the case. A case of diversion of diamonds and pearls from Special Economic Zone (SEZ) units in Surat by Modi was booked in December 2014, by the DRI, Mumbai Zonal Unit. The case was about the diversion of duty-free imported goods by the SEZ units of Nirav Modi's companies in Surat - Firestar International Pvt. Ltd., Firestar Diamond International Pvt. Ltd. and Radashir Jewellery Comp. Pvt. Ltd. These units were allegedly into import and export of diamonds, pearls and jewellery. In the units situated at SEZ, the goods were allowed to be imported customs duty-free for the purpose of export. However, during the investigation by the DRI, it was revealed that the duty-free diamonds and pearls imported by Modi's companies were clandestinely diverted into the local market and substituted by the locally procured diamonds and pearls. The companies had allegedly paid Rs. 48.21 crores (customs duty along with interest and penalty) in that case. During the investigation, the DRI had also seized the export consignments ready for dispatch for Hong Kong and Dubai, lying at Sahar Air Cargo in Mumbai, which was highly overvalued. The department filed prosecution in the Surat Court against Modi for his alleged role in the evasion of customs duty.The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22. As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder. This will enable the DRI in addition to other things to attach his properties. On October 1, the Enforcement Directorate (ED) attached assets worth Rs 637 crore belonging to Modi in connection with the PNB scam. Modi and his uncle Mehul Choksi have been accused of allegedly defrauding PNB of $ 2 billion. While Choksi is in Antigua, Modi is in the United Kingdom and needs to be extradited as non-bailable warrants have been issued by different courts against him.

Nirav Modi declared absconder in Directorate of Revenue Intelligence case

China has aimed at making the free trade port system and operational mode of Hainan "more mature" by 2035.

A free trade port system will be "basically established" in Hainan by 2025, according to the guidelines on supporting Hainan's efforts to deepen reform and opening up jointly released by the Central Committee of the Communist Party of China (CPC) and the State Council, as reported by the Xinhua news agency.

Further, an investment fund will be set up to support the Hainan's development of a free trade port.

China's President Xi Jinping on Friday announced a decision by the CPC Central Committee to support building Hainan into a pilot free trade zone and further build it into a free trade port.

He further welcomed the investors to contribute to the development of the port. He made these statements at the 30th anniversary of the establishment of Hainan Province and the Hainan Special Economic Zone.

Further various multinational companies have also been invited to set up their regional offices at Hainan.

Hainan has been declared at the Special Economic Zone.&nbsp

China has aimed at making the free trade port system and operational mode of Hainan 'more mature' by 2035

China has aimed at making the free trade port system and operational mode of Hainan "more mature" by 2035. A free trade port system will be "basically established" in Hainan by 2025, according to the guidelines on supporting Hainan's efforts to deepen reform and opening up jointly released by the Central Committee of the Communist Party of China (CPC) and the State Council, as reported by the Xinhua news agency. Further, an investment fund will be set up to support the Hainan's development of a free trade port. China's President Xi Jinping on Friday announced a decision by the CPC Central Committee to support building Hainan into a pilot free trade zone and further build it into a free trade port. He further welcomed the investors to contribute to the development of the port. He made these statements at the 30th anniversary of the establishment of Hainan Province and the Hainan Special Economic Zone. Further various multinational companies have also been invited to set up their regional offices at Hainan. Hainan has been declared at the Special Economic Zone.

China aims at establishing Hainan free trade zone by 2035

Mining conglomerate Vedanta will invest up to $451 million (3000 crore Indian Rupees) in copper operations in India to double the capacity to 8 lakh tonnes by 2019, making the firm India&#39;s largest producer of the metal. 
 
The firm led by billionaire Anil Agrawal has a custom smelter, a refinery, phosphoric acid plant, sulphuric acid plant, copper rod plant and three captive power plants at Tuticorin in southern Indian state of Tamil Nadu as well as a refinery and two copper rod plants at Silvassa (Dadra and Nagar Haveli). 
 
&quot;We will invest 2,500-3,000 crore Indian Rupees in our copper operations to double the capacity from 400-kilogramme tonnes at present. This will happen by 2019,&quot; CEO of Vedanta&#39;s copper business R Ramnath told PTI. 
 
Copper, which accounts for over 30 per cent of Vedanta&#39;s total revenue, is an important industrial metal with extensive use in sectors such as power, telecom, consumer durables and electrical goods. 
 
The company has been granted around 250 acres of land by the Tamil Nadu state government in the special economic zone area in Titucorin, where it will set up another smelter of 400 kilo tonnes capacity, he added. 
 
After the addition of this facility, Vedanta will become India&#39;s largest copper producer. 
 
At present, India has a total copper capacity of 10 lakh tonnes, of which Hindalco accounts for 5 lakh tonnes followed by Vedanta (4 lakh tonnes) and state-run Hindustan Copper (1 lakh tonnes). 
 
In April-June quarter of 2016-17, Vedanta&#39;s revenue from copper business stood at $696 million, lower by 21 per cent year-on-year and 15 per cent sequentially. 
 
Production from the Tuticorin smelter stood at 100,000 tonnes of cathodes during the June quarter. 
 
The company said it expects the Tuticorin smelter to produce 4,00,000 tonnes of cathodes in 2016-17 fiscal, ending March 2017. 
 
(1 crore = 10 million ; 1 lakh = 100,000) 
 
(PTI) 
&nbsp;

After the addition of a facility in India's Tuticorin, Vedanta will become India's largest copper producer

Mining conglomerate Vedanta will invest up to $451 million (3000 crore Indian Rupees) in copper operations in India to double the capacity to 8 lakh tonnes by 2019, making the firm India's largest producer of the metal. The firm led by billionaire Anil Agrawal has a custom smelter, a refinery, phosphoric acid plant, sulphuric acid plant, copper rod plant and three captive power plants at Tuticorin in southern Indian state of Tamil Nadu as well as a refinery and two copper rod plants at Silvassa (Dadra and Nagar Haveli). "We will invest 2,500-3,000 crore Indian Rupees in our copper operations to double the capacity from 400-kilogramme tonnes at present. This will happen by 2019," CEO of Vedanta's copper business R Ramnath told PTI. Copper, which accounts for over 30 per cent of Vedanta's total revenue, is an important industrial metal with extensive use in sectors such as power, telecom, consumer durables and electrical goods. The company has been granted around 250 acres of land by the Tamil Nadu state government in the special economic zone area in Titucorin, where it will set up another smelter of 400 kilo tonnes capacity, he added. After the addition of this facility, Vedanta will become India's largest copper producer. At present, India has a total copper capacity of 10 lakh tonnes, of which Hindalco accounts for 5 lakh tonnes followed by Vedanta (4 lakh tonnes) and state-run Hindustan Copper (1 lakh tonnes). In April-June quarter of 2016-17, Vedanta's revenue from copper business stood at $696 million, lower by 21 per cent year-on-year and 15 per cent sequentially. Production from the Tuticorin smelter stood at 100,000 tonnes of cathodes during the June quarter. The company said it expects the Tuticorin smelter to produce 4,00,000 tonnes of cathodes in 2016-17 fiscal, ending March 2017. (1 crore = 10 million ; 1 lakh = 100,000) (PTI)

Vedanta to invest $451 million to double copper capacity