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News

  • Flight safety is at risk: Jet Airways' a...

    A lobbying body of aircraft engineers at Jet AirwaysNSE 3.43 % has written to the airlines regulator Directorate General of Civil and the aviation ministry saying the stress from months of unpaid salaries has put the safety of the airline’s flights at risk. “We the engineers who inspect, troubleshoot and certify the public transport airplanes for its airworthiness are in tremendous stress due to non-payment of salaries on time, since last 7 months. As of now 3 month’s salary is overdue to us,” Amit Kelkar, vice president of Jet Aircraft Maintenance Engineers Welfare Association wrote in the letter. “It has been arduous for us to meet our financial requirements, result of which have adversely affected the psychological condition of Aircraft Engineers at work and therefore the safety of public transport airplanes being flown by Jet Airways across India and the world is at risk,” he added. Jet has delayed salaries, defaulted on loan repayments and lease rentals, grounded planes and cancelled flights in the worst financial crisis in its existence. A resolution plan drawn up with lenders has hit a dead end as its strategic investor partner Etihad has pulled out and refused any further investment. Meanwhile, minister Suresh Prabhu has called for an emergency meeting on Jet grounding its flights. “Jet Airways’ senior management had a series of meetings with us to resolve our overdue salaries and after much deliberation, finally released a payment schedule in Dec 2018 which would clear our dues in full, by the end of this financial year. However, it defaulted on it and our confidence in the company’s commitments has been shaken,” Kelkar wrote in the letter. In a later mail, Kelkar said the planes were safe to fly are being maintained “at the higest levels of safety standards since 25 years.”

    2019-03-23 TO 2019-03-31
  • Like it or not, you can't avoid our prod...

    India's manufacturing industry is still underdeveloped and it doesn't have the ability to produce competitively, the Global Times has opined. That's why its long-running attempt to boycott Chinese products has failed so far, an opinion piece in the state-run newspaper says. "Some Indian analysts have been appealing for a boycott of Made-in-China products. Especially after India's latest bid to list Masood Azhar as a global terrorist in the UN was suspended by China, the hashtag "#BoycottChineseProducts" has become popular on Twitter. But why has the boycott attempt failed for so many years? This is because India cannot produce the products by itself," said a blog published yesterday. "Like it or not, they still have to use Chinese-made products because India still lacks the ability to produce on a large scale," it added. The paper, which is affiliated to China's ruling Communist Party, said that it's the "forces inside India" that is hampering the country's reform process. Quoting Rahul Gandhi, the paper said Indian politicians should not use China to solicit votes. "New Delhi should understand this: Diverting Indian people's attention towards China will only make its internal problems more serious," said the piece. Relations between China and India have improved over the years and Beijing is also trying to address the trade deficit issue, it said. "And it would be dangerous if candidates in the coming general election use the "China threat theory" to hype up nationalism and gain popularity. Sensationalising China affairs may help political careers, but it will not help improve India's economy, manufacturing or people's livelihoods," it warned. The paper further advised Indian politicians to improve the country's real strength instead of just shouting slogans on Twitter.

    2019-03-23 TO 2019-03-31
  • Lok Sabha elections 2019: PM Modi launch...

    Prime Minister Narendra Modi on Saturday launched Bharatiya Janata Party's (BJP) 'Main Bhi Chowkidar' campaign for upcoming Lok Sabha elections, urging everyone, who cares of the country, to come forward to fight corruption, dirt, social evils. The Modi-led BJP has launched this campaign to counter the Congress's 'Chowkidar Chor Hai' jibe. Congress President Rahul Gandhi has time and again hurled the 'Chowkidar Chor Hai' barb at PM Modi over the alleged scam in the Rafale fighter jet deal. While sharing a video with a hashtag #MainBhiChowkidar, PM Modi urged people show how all Indians were "chowkidars (watchmen)" and kick-started the BJP's campaign for the 2019 General Elections.

    2019-03-19 TO 2019-03-24
  • Lakshmi Vilas Bank raises Rs 459 crore v...

    Private sector lender Lakshmi Vilas Bank Saturday said it has raised Rs 459.59 crore through qualified institutions placement (QIP). The Chennai-headquartered lender said it has raised funds at the rate of Rs 72 per share. "This fundraising via QIP will help the bank in strengthening its capital base and will enable the bank to further raise tier II capital," Lakshmi Vilas Bank said in a statement. The QIP closed on March 15, 2019. SREI Capital Market Ltd acted as the book running lead manager to the QIP issue.

    2019-03-19 TO 2019-03-24

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