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New Delhi, The Union government has sanctioned 670 <keyword id="6358344" type="UNKNOWN" weightage="20" keywordseo="electric-buses">electric buses</keyword> for Maharashtra, Goa, Gujarat and Chandigarh, and 241 charging stations in Madhya Pradesh, Tamil Nadu, Kerala, Gujarat and Port Blair under Phase-II of the 'FAME India' Scheme. Union Minister of Heavy Industries Prakash Javadekar said on Friday, "This is a big push to Prime Minister's vision of eco-friendly Public transportation." Announcing this in a series of tweets, Javadekar said the decision reflects the government's commitment to reduce dependence on fossil fuel and to address issues of vehicular emissions." The Department of Heavy Industries (DHI) under the Ministry of Heavy Industries and Public Enterprises is administering the Faster Adoption and Manufacturing of (Hybrid &amp;) <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">Electric Vehicles</keyword> in India (FAME India) Scheme since April, 2015 to promote adoption of electric/hybrid vehicles (xEVs) in India. In the first phase of the scheme up to March 31, 2019, about 2,80,987 hybrid and electric vehicles were supported by way of demand incentive, amounting to about Rs 359 crore. Further, DHI sanctioned 425 electric and hybrid buses to various cities in the country with a total cost of about Rs 280 crores. The Department of Heavy Industry had also sanctioned 520 charging stations for Rs 43 crore (approx.) in cities like Bengaluru, Chandigarh, Jaipur and Delhi under Phase-I of <keyword id="2800532" type="PERSON" weightage="20" keywordseo="FAME-India-scheme">FAME India Scheme</keyword>. At present, Phase-II of FAME India Scheme is being implemented for a period of three years from April 1, 2019 with a total budgetary support of Rs 10,000 crore. This phase focuses on supporting electrification of public and shared transportation and aims to support through subsidies, approximately 7000 e-Buses, five lakh e-3 wheelers, 55,000 e-4 wheeler passenger cars and 10 lakh e-2 wheelers. In addition, creation of charging infrastructure is also supported to address the anxiety among users of electric vehicles. SEE ALSO: <a href="https://www.businessinsider.in/science/news/the-best-wildlife-photos-taken-this-year-reveal-a-pair-of-puffins-fighting-foxes-and-a-perfectly-camouflaged-hippo/slidelist/78297252.cms" data-type="tilCustomLink">The best wildlife photos taken this year reveal a pair of puffins, fighting foxes, and a perfectly camouflaged hippo</a> <a href="https://www.businessinsider.in/tech/news/the-senate-plans-to-subpoena-the-ceos-of-facebook-google-and-twitter-to-testify-before-congress-next-month/articleshow/78302874.cms">The Senate plans to subpoena the CEOs of Facebook, Google, and Twitter to testify before Congress next month</a>

Central government sanctions 670 electric buses, 241 charging stations for 9 states under FAME scheme

<ul><li>The government is planning to make way for local manufacturing for Electric Vehicles in India. </li><li> Buyers will get direct subsidies of upto ₹88 billion. </li><li>The incentives are expected boost demand for electric vehicles in India. </li></ul>To promote domestic electric vehicle manufacturing, the Indian government is offering incentives to both ends of the automobile market – the makers and the buyer. At least 40% of the inputs that bus manufacturers use have to be made in India. The limit will be higher at 50% for other electric vehicles such as two-wheelers, three-wheelers, cars and e-rickshaws. The proportion will be based on the on ex-factory price of the vehicles. Complying with these norms will ensure that companies receive benefits under the 'Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (<keyword id="105175" type="COMPANY" weightage="20" keywordseo="Fame-India">FAME India</keyword> Phase II)’ scheme, reported <a href="https://tech.economictimes.indiatimes.com/news/corporate/government-tightens-localisation-norms-for-electric-vehicles/68294648">ET</a>. The report further mentioned that direct subsidies of upto ₹88 billion will be given to consumers to promote EVs in India. The scheme is also expected to invest into setting up 300 new charging stations for electric/hybrid vehicle batteries, which will help “in allaying range of anxiety among consumers,” an ASSOCHAM spokesperson had told Business Insider. The Indian government had recently approved the FAME India Phase II scheme, having set aside a budget of ₹100 billion for it. The idea behind the implementation of the scheme is to offer upfront incentive on purchase of electric vehicles and also establish a necessary charging Infrastructure for electric vehicles, according to official documents. The benefits of the scheme will further be given only to those who use lithium ion batteries in their vehicles. This is the second phase of incentives for electric vehicles in India and it is expected to draw around ₹3.5 billion to be invested majorly in R&amp;D and manufacturing of batteries and its components in India. “Part of this allocation will also go towards development of motors using rare-earth magneticmaterials and electronic control systems used in hybrid and electric vehicles,” the spokesperson said. “This is expected to lead to reduction in cost of development of hybrid vehicles and bridge the viability gap.” According to <a href="https://www.moneycontrol.com/news/india/cabinet-approves-rs-10000-crore-package-for-phase-ii-of-fame-scheme-3596961.html">reports</a> under Phase 1 of the FAME scheme, which was launched in 2015, a whopping 2,65,335 electric/hybrid vehicles were given a boost through “demand creation” and steps taken under “charging infrastructure and technological support”. However, infrastructure for electric vehicles is still in the basic stages in India, with the government <a href="https://www.news18.com/news/auto/bjp-government-to-install-electric-vehicle-charging-stations-at-every-25-km-in-india-2040029.html">still planning</a> the installation of charging stations across the country with few successful installations. It can only hope that the second round of incentives achieve the goal. See Also: <a href="https://www.businessinsider.in/uber-and-ola-have-a-new-challenger-in-india-and-its-a-large-car-maker/articleshow/68163955.cms">Uber and Ola have a new challenger in India – and it’s a large car maker</a> <a href="https://www.businessinsider.in/can-latecomer-maruti-suzuki-rev-up-electric-car-sales-in-india/articleshow/67534315.cms">Can latecomer Maruti Suzuki rev up electric car sales in India?</a> <a href="http://cms">India and China in talks to manufacture e-vehicles together</a>

India’s new rules, incentives to boost electric vehicle manufacturing also has a discount for buyers

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">By Images_of_Money on Flickr</div></div></div>Oregon was the first state to implement the gas tax in 1919, and may be the first to abandon it.Starting this month, Oregon drivers have the option to pay-by-the-mile for road usage instead of by how much gas they purchase.<a href="http://www.myorego.org/" target="_blank">OReGO</a>, as the program is known, launched on July 1 with the a goal of enrolling 5,000 participants to test the three private partnerships set up by the state's Department of <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">Transportation</keyword> for this trial run.The scheme is designed to shift road tax revenues from a gasoline-based structure to what supporters believe is a more fair approach, given the increasing number of hybrid and electric vehicles.Under the scheme, drivers will pay 1.5 center per mile driven in the state, and then receive credit on their bill for the 30-cents-per-gallon paid at the pump as state gas tax."Oregon and other states know that the gas tax drivers pay at the pump isn't cutting it anymore," said Oregon Department of Transportation Director Matthew Garrett i<a href="http://www.oregon.gov/ODOT/COMM/Pages/NR15070101.aspx">n a press release</a>."As newer cars squeeze more miles out of each gallon of gas, and more hybrid and all-electric vehicles are sold, paying for road use by the mile instead of by the gallon ensures that everyone pays their fair share - no more, no less."Average miles-per-gallon of vehicles in the United States has improved considerably, from just 16 in 1980, to over 24 mpg in 2013, according to the <a href="http://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_transportation_statistics/html/table_04_23.html">Bureau of Transportation Statistics</a>. Portland, Oregon has the <a href="http://www.hybridcars.com/december-2009-dashboard/">most hybrid cars</a> registered of any American city.Several other states, including Washington, California, Colorado and others, are considering similar programs. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jeff-sachs-biggest-threat-human-race-technology-2015-5">Economist Jeff Sachs reveals the biggest threat to the human race </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NudmcxdTqsaXIuFZ0ILKnMz6ymYK9my_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Oregon wants to get rid of its gas tax and charge drivers by the mile instead

Proponents of passive investing will argue that just buying a Nifty 50 index fund and liquid fund is good enough. But it is good to diversify your investments across securities, asset classes, and types of stocks based on risk appetite, saving needs, and future goals. However, quite often, small investors find their money parked in one too many mutual funds. What is the optimal number of mutual funds to have in your investment portfolio? A five-fund portfolio that takes care of all your needs, according to investment advisory firm Kuvera. Over time, it will become incredibly hard to manage and rebalance your portfolio and make any changes to it. New investors should be aware of this and take proactive steps to not let their portfolios grow to too many funds. The only argument to add multiple funds is if there is minimal stock overlap – so invest in a Nifty 50 fund, a Nifty Next 50 fund, a value biased fund, an international fund and one debt fund. This is the ideal mix according to Kuvera. Just following the below rules will bring down the number of funds in your portfolio to 4-8 funds: 1. Only one scheme per Equity sub-category (e.g one large cap scheme). 2. If you are investing in market cap schemes (large, small, mid etc) then don't have a multicap scheme. 3. Avoid investing in Sector or Thematic schemes. Sector outperformance is notably hard to predict. 4. Invest in one fixed income scheme (debt or liquid). That's right, just one liquid scheme is enough. Take risk on the equity side of the portfolio. 5. If you have both equity and debt schemes then don't have balanced and hybrid schemes. Gaurav Rastogi is the CEO and co-founder of Kuvera.in, a direct <keyword id="6354820" type="DEFINITION" weightage="20" keywordseo="mutual-fund">mutual fund</keyword> investing platform

A common mistake mutual fund investors make⁠ can be fixed through five simple steps

The auto industry witnessed biggest drop in 16 years in December as the sales fell by 18.66% in the month to 1.2 million units. 
 
This major fall is attributed to <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>, which shook the industry. Now, the auto industry has high hopes from <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2017&amp;sortorder=effectivedate">Budget 2017</a> that it will bring some reprieve for the automakers. 
 
"Budget is something which we all are hoping that the government will bring measures to boost consumer sentiment," <a href="http://www.businessinsider.in/searchresult.cms?query=SIAM&amp;sortorder=effectivedate">Society of Indian Automobile Manufacturers</a> (SIAM) Director General Vishnu Mathur said. 
 
READ ALSO: <a href="http://www.businessinsider.in/indias-auto-sector-witnesses-biggest-drop-in-16-years-thanks-to-demonetisation/articleshow/56470498.cms">India’s auto sector witnesses biggest drop in 16 years, thanks to demonetisation</a> 
 
The auto industry hopes <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> to announce a slew of initiatives such as concrete policy on fleet modernisation, specially of commercial vehicles and passenger vehicles. 
 
"We have also pointed out that the incentive scheme for electric mobility under the FAME scheme must be extended as most of the automobile companies have been working towards this direction," Mathur said. 
 
In order to promote eco-friendly vehicles, the government had formally launched the FAME India scheme in 2015 offering incentives on electric and hybrid vehicles of up to Rs 29,000 for bikes and Rs 1.38 lakh for cars. It envisaged Rs 795 crore support for the first two fiscals. Faster Adoption and <keyword id="3496050" type="UNKNOWN" weightage="20" keywordseo="manufacturing-of-hybrid-and-electric">Manufacturing of Hybrid and Electric</keyword> vehicles in India (FAME India) is part of the National Electric Mobility Mission Plan. 
 
On the taxation side, Mathur said it is unlikely that the <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">GST </a>will be implemented from April 1. 
 
"However, we have been seeking moderation of taxation for the automobile industry and reduction of slabs from the current four, ranging from 12-30 per cent, to two slabs," he said. 
 
SIAM had proposed a base rate for small cars and two- wheelers and another 8 per cent addition to that for larger cars, he added.

Hit hard by demonetisation, auto industry hopes for incentive schemes, moderate taxes in Budget 2017

<ul class="summary-list"><li>Amazon CEO Andy Jassy said the company isn't planning to force employees back to the office.</li><li>He noted that most of Amazon's corporate workers are already on a hybrid scheme.</li></ul>Amazon CEO Andy Jassy said on Wednesday that the e-commerce giant doesn't plan on making its corporate employees return to the office via a company-wide mandate."We don't have a plan to require people to come back," he said in an onstage interview at Vox Media's Code Conference in Los Angeles, <a href="https://www.cnbc.com/2022/09/07/andy-jassy-says-he-wont-force-amazon-workers-to-return-to-the-office.html">per CNBC.</a> "We don't right now. We're going to proceed adaptively as we learn."Jassy noted that most Amazon corporate employees are working on a hybrid work schedule and that certain sections of the company, like its hardware and creative teams, are in the office more often, per CNBC."I do think there are some things that are harder to do remotely. I think it's a little harder to invent remotely," he said, per the outlet."At the end of the day, we have to deliver the right results for customers, and people understand whether they work remotely or in an office that that has to be the number one priority," he said, <a href="https://www.cnet.com/tech/amazon-has-no-plan-requiring-workers-to-return-to-office/">CNET reported</a>. "And so we're trying lots of experiments, and we'll see over the next year."In contrast to Amazon's approach, other high-profile companies have required employees to report for work at their offices at least several days a week.Since April, Google has <a href="https://www.businessinsider.com/google-to-bring-workers-back-to-office-three-days-week-2022-3">mandated</a> that its employees in several US locations return to the office at least three days a week, with the option to explore options like "work from anywhere" weeks. Last month, Apple ordered employees to work in the office at least three days a week, inciting a <a href="https://www.businessinsider.com/apple-employees-remote-work-office-three-days-2022-8">petition from office workers</a> who said they've shown throughout the COVID-19 pandemic that they can produce "exceptional work" from home.Investment banks such as Citigroup and Deutsche Bank also offer hybrid work schemes to their employees.On the other hand, Meta — which was then still called Facebook — <a href="https://www.businessinsider.com/facebook-staff-work-from-home-after-coronavirus-pandemic-twitter-2021-4">announced last April</a> that its employees could continue fully working from home even after the pandemic.Jassy had <a href="https://www.businessinsider.com/amazon-return-to-office-corporate-employees-may-continue-working-remotely-2021-10">previously called off Amazon's company-wide plan</a> to require corporate and tech workers to be in the office at least three days a week starting in January."At a company of our size, there is no one-size-fits-all approach for how every team works best," Jassy said in October. He said the decision to work from home or in the office would be left to individual teams.His declaration on Wednesday echoed his comments in January that remote work would continue to be a part of people's lives even after the pandemic. Jassy had referred to how companies have struggled to get all of their employees to return to the office after the Omicron variant prompted another bout of infections and temporary closures."I think people will come back in bigger numbers than before, but I think it's not going to look like what it was before," he said, <a href="https://fortune.com/2022/01/21/amazon-ceo-andy-jassy-omicron-return-to-office-remote-work/">Fortune reported.</a>

Amazon CEO says the company has no plans to make its corporate employees return to the office

<ul class="summary-list"><li>Ford is getting its workers in Cologne, Germany, to work fewer hours.</li><li>The carmaker said a "lower than expected demand for electric vehicles" brought on the shift.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-driving-xiaomi-su7-electric-vehicles-ev-2024-10">Ford</a> is slashing the work hours of its manufacturing plant workers in Cologne, Germany, citing a lowered demand for its electric vehicles."The significantly lower than expected demand for electric vehicles, specifically in Germany, requires a temporary adjustment of production volumes at the Cologne Electric Vehicle Centre," a Ford spokesperson said in a statement to German news outlet <a target="_blank" class="" href="https://nordot.app/1229169946924761565">Deutsche Presse-Agentur</a>.The news outlet reported that the American carmaker applied to the government to approve a temporary part-time work scheme for its employees in Cologne.Germany's <a target="_blank" class="" href="https://www.imf.org/en/News/Articles/2020/06/11/na061120-kurzarbeit-germanys-short-time-work-benefit">Kurzarbeit</a> work program allows employers to reduce their employees' work hours for a period of time instead of firing them. Under the scheme, the government pays the workers 60% of their original pay for the hours they do not work.The carmaker has more than 4,000 employees at its Cologne plant, according to its website. It also has another plant in Saarlouis, in southwestern Germany, which employs about 6,200 people.Ford did not respond to a request for comment from BI sent outside regular business hours.Ford's move in Germany comes as the EV industry <a target="_blank" class="" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">faces a tumultuous stretch.</a> Several carmakers — Ford included — have doubled down on efforts to make hybrid cars. That strategy caters to a market demographic of shoppers <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">who are</a> looking for <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">affordable and practical electric options</a> and may prefer hybrid vehicles over pure EVs.Ford in August announced that it would <a target="_blank" class="" href="https://www.businessinsider.com/ford-changes-ev-strategy-cancels-electric-suv-2024-8">cancel plans</a> for its <a target="_blank" class="" href="https://www.businessinsider.com/ford-pulling-back-electric-vehicle-production-again-2024-4">already delayed</a> electric three-row SUVs and delay production of its next electric pickup truck.In August, its finance chief, John Lawler, told reporters that Ford plans to replace the axed electric SUVs with hybrid models. The company <a target="_blank" class="" href="https://media.ford.com/content/fordmedia/fna/us/en/news/2024/08/21/ford-broadens-electrification-strategy-to-reach-more-customers--.html">said</a> the strategy pivot would initially cost nearly $2 billion.On October 28, Ford reported a third-quarter revenue of $46 billion and a net income of $0.9 billion, which was down $0.3 billion from the third quarter of 2023."We are in a strong position with Ford+ as our industry undergoes a sweeping transformation," Ford President and CEO Jim Farley said in the company's earnings report."We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software, and next-generation electric vehicles," he added.

Ford is slashing the working hours of some of its German factory employees amid what it calls a 'significantly lower than expected' demand for its EVs

New Delhi, Mar 6 () Nippon India Mutual Fund on Friday said it has marked down the value of its investments to zero in bonds issued by troubled private sector lender Yes Bank.In addition, the fund house has imposed a limit of Rs 2 lakh on fresh inflows into the impacted schemes till further notice, Nippon India MF said in a statement.This limit is imposed only on the new applications, switch-ins, systematic transfer plans and systematic investment plans received after March 5, it said.The announcement came hours after Yes Bank was placed under a moratorium, with the Reserve Bank capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. The central bank's action came after the bank failed to raise capital to address potential loan losses."Perpetual bonds of Yes Bank in the schemes of Nippon India MF have been marked down to zero," the fund house said."While Yes Bank has been marked down to zero, no segregation has been done. Segregation/side pocketing is only allowed on happening of Sebi defined triggers," the fund house spokesperson said. Nippon India Mutual Fund said it will review this decision on regular basis and take appropriate actions as clarity emerges on this matter."A limit on new applications, switch-ins, systematic transfer plans, systematic investment plans will help ensure that once clarity emerges, the interest of existing unitholders has not been significantly diluted in the interim through additional purchase activity while limiting the inconvenience to retail unitholders," the statement said."We continue to remain engaged with Yes Bank and closely monitor the developments in this matter," it added.Schemes such as Nippon India Hybrid Bond Fund, Nippon India Credit Risk Fund, Nippon India Equity Hybrid Fund, Nippon India Strategic Debt Fund, Nippon India Retirement Fund- Wealth Creation and Nippon India Equity Savings Fund invested in perpetual bonds of the bank.Earlier, many asset management companies have asked their clients, who have bank accounts with the troubled lender, to furnish details of alternate accounts for receiving redemption payouts.The RBI, in a notification, on Thursday said the financial position of Yes Bank has undergone a steady decline largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits.The bank has also experienced serious governance issues and practices in recent years which have led to steady decline of the bank, it added.The central bank has appointed SBI's former CFO Prashant Kumar as an administrator. SP ANUANU

Nippon India Mutual Fund marks down its investment in Yes Bank to zero

Industry players on Monday hailed the government's move to enhance the scheme outlay of Faster Adoption and Manufacturing of Electric Vehicles (<keyword id="19912965" type="General" weightage="20" keywordseo="fame" source="keywords">FAME</keyword>) <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> <keyword id="20527557" type="General" weightage="20" keywordseo="phase-ii" source="keywords">Phase II</keyword>, saying it will enhance infrastructure, foster widespread adoption and longevity of electric vehicles across the country. The Ministry of Heavy Industries announced that the scheme outlay of FAME India Phase II has been enhanced from Rs 10,000 crore to Rs 11,500 crore under FAME India scheme Phase II in order to give a further push to clean mobility in the country. The ministry also said that it is a "fund and term limited scheme", which means that the subsidies for demand incentive will be eligible for e-two-wheelers, e-three-wheelers, and e-four-wheelers sold till March 31, 2024 or till the time the funds are available, whichever is earlier. "We applaud the government's decision to enhance the FAME India Scheme Phase II outlay to Rs 11,500 crore. This timely boost in investment is a shot in the arm for the EV industry, accelerating its growth trajectory and paving the way for a cleaner, more sustainable future," VG Anil, CEO of EV battery manufacturer Arenq. The main objective of the scheme is to encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentives on purchase of EV and also by establishing a necessary charging infrastructure for electric vehicles. "This Rs 1,500 crore boost sends a clear message: India is serious about electrifying its mobility landscape. Lower upfront costs for EVs, coupled with enhanced charging infrastructure, will incentivize riders to choose eco-friendly travel, accelerating the transition to a zero-emission future," Mayank Bindal, Founder and CEO, <keyword id="20078292" type="General" weightage="20" keywordseo="snap-e-cabs" source="keywords">Snap E Cabs</keyword>, told IANS. The number of EV charging stations that are operating in the country has gone up to 12,146 (as of February 2 this year), according to the government data. "The extension of FAME II until the end of March with a substantial outlay of 1,500 crore is a positive move," said <keyword id="20300065" type="General" weightage="20" keywordseo="avinash-sharma" source="keywords">Avinash Sharma</keyword>, Co-Founder of ElectricPe. "This not only strengthens consumer-side subsidies but also enhances infrastructure, fostering widespread adoption and longevity of electric vehicles across the country," Sharma added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms">WD Black SN850X SSD review – a reliable gaming SSD</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms">OnePlus Open review – Feature-packed foldable in a premium design</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms">Vivo X100 review – Top-end camera centric smartphone with sleek design</a>

Industry hails extension of FAME II scheme to bolster EV infra

<ul class="summary-list"><li>An 80-year-old rancher was part of a 10-year conspiracy to cross-breed huge sheep for hunting, US officials said.</li><li>Officials said Arthur Schubarth cloned a prized Central Asian argali sheep and sold its hybrid offspring.</li></ul>A Montana rancher, who pleaded guilty to two wildlife-related felonies, tried to illegally breed a "giant hybrid sheep" species for higher returns in the hunting market, the Justice Department said.Arthur "Jack" Schubarth, 80, sought to create offshoots of a sheep species from Central Asia prized among hunters — the Marco Polo argali sheep, the <a target="_blank" href="https://www.justice.gov/opa/pr/montana-man-pleads-guilty-federal-wildlife-trafficking-charges-part-yearslong-effort-create">DOJ said in a Tuesday release.</a>He became the center of a 10-year conspiracy that involved sheep cloning, cross-breeding, and illegal import of animal parts like testicles, per prosecutors.By cross-breeding the argali with other sheep species, such as the Rocky Mountain bighorn, Schubarth sought to create huge sheep hybrids, per court documents seen by Business Insider.The argali is valued because it's the largest living wildlife sheep breed on Earth, and is considered a <a target="_blank" href="https://biologicaldiversity.org/w/news/press-releases/us-fish-and-wildlife-service-urged-to-reject-import-of-trump-jrs-argali-sheep-trophy-2019-12-19/">near-threatened species by the US</a>. It's hunted for sport due to its size and long horns.These large argali-based cross-breeds would have fetched Schubarth higher prices in the hunting preserve market, prosecutors said.Around 14.4 million people hunt in the US, and spend a combined $45.2 billion on their hunting activities, per the <a target="_blank" href="https://www.fws.gov/sites/default/files/documents/Final_2022-National-Survey_101223-accessible-single-page.pdf">Fish and Wildlife Service's five-year report published in 2022.</a>Schubarth bred his offshoot species from a single male argali sheep he kept at his ranch and called the "Montana Mountain King," prosecutors said.He came into possession of the "Montana Mountain King" by working in 2013 with another Montana resident, who was unnamed, to bring in biological tissue of an argali that was hunted in Kyrgyzstan.Schubarth then spent $4,200 making cloned embryos from the tissue, and in 2017, his male argali was born, prosecutors said.The rancher brought the "Montana Mountain King" to his property in Montana despite knowing he was breaking state animal trafficking laws, per court documents.He then extracted semen from the "Montana Mountain King," using it to inseminate dozens of ewes of different species, prosecutors said.According to court documents, Schubarth sold the male sheep's hybrid offspring for as high as $10,000 per animal for two years. Schubarth called the more pure-blooded specimens "Montana Black Magic," prosecutors said.In 2019, he also bought testicles of a Rocky Mountain bighorn for $400 so he could extract semen and breed bighorns crossed with the offspring of"Montana Mountain King," per court documents.Prosecutors said Schubarth also obtained false documents to hide that the sheep cross-breeds were illegal.He was convicted on one count of violating the <a target="_blank" href="https://www.aphis.usda.gov/publications/plant_health/fsc-lacey-act.pdf">Lacey Act</a> and one count of conspiring to violate the anti-wildlife trafficking law."This was an audacious scheme to create massive hybrid sheep species to be sold and hunted as trophies," said Ron Howell, Chief of Enforcement for Montana Fish, Wildlife &amp; Parks, in the DOJ statement.A lawyer for Schubarth did not immediately respond to a request for comment sent outside regular business hours by BI.

You Searched For "hybrid schemes" and got 10 results

Central government sanctions 670 electric buses, 241 charging stations for 9 states under FAME scheme

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India’s new rules, incentives to boost electric vehicle manufacturing also has a discount for buyers

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Oregon wants to get rid of its gas tax and charge drivers by the mile instead

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A common mistake mutual fund investors make⁠ can be fixed through five simple steps

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Hit hard by demonetisation, auto industry hopes for incentive schemes, moderate taxes in Budget 2017

BI India Bureau

Amazon CEO says the company has no plans to make its corporate employees return to the office

Matthew Loh

Ford is slashing the working hours of some of its German factory employees amid what it calls a 'significantly lower than expected' demand for its EVs

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Industry hails extension of FAME II scheme to bolster EV infra

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A Montana man trying to illegally create a 'giant sheep hybrid' went on a hunt for sheep parts and testicles, the authorities say

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