Showing posts with label companies news. Show all posts
Showing posts with label companies news. Show all posts

Friday, April 12, 2019

Boeing says 737 Max 8 is 'not suitable' for challenging airports

Company News
Before last month’s crash of a flight that began in Ethiopia, Boeing Co. said in a legal document that large, upgraded 737s “cannot be used at what are referred to as ‘high/hot’ airports."

At an elevation of 7,657 feet -- or more than a mile high -- Addis Ababa’s Bole International Airport falls into that category. High elevations require longer runways and faster speeds for takeoff. The Ethiopian airport’s altitude hasn’t been cited as a factor in the downing of Flight 302 and likely didn’t cause the crash. But it could have exacerbated the situation because an airplane’s performance degrades at higher altitudes, said a 737 pilot who flies into high-elevation airports such as Denver and agreed to speak on background since he’s not authorized to talk with the media.

Data released last week from the Ethiopian Airlines flight indicated the pilots didn’t cut the 737 Max 8 airplane’s speed after takeoff when they should have. The preliminary report on the disaster said the plane’s anti-stall system pushed the nose of the plane down less than two minutes into the flight because of a malfunctioning sensor. The pilots struggled to control the plane as it hurtled toward the ground at 575 miles per hour.

“The faster the airplane is going, the more force of air there is on its wings and control surfaces which requires more force on the pilots’ part to pull the control” column, said Robert Mark, a commercial pilot and senior editor with Flying Magazine.


 Boeing cited the performance of the 737 Max 8 in a case brought before the US International Trade Commission in 2017. Boeing charged that unfair competition from Bombardier -- which beat out Boeing for a large order from Delta Air Lines -- threatened its 737-700 and Max 7, the smallest of its upgraded single-aisle jets. By pointing out the limitations of the Max 8, the planemaker sought to preserve market share for the 700 and Max 7.

Thursday, March 28, 2019

Going beyond digital: Google Pay goes offline to take on Amazon Pay, Paytm

Company News

Google showcased an innovation for its mobile payments app Google Pay on Wednesday, wherein merchants at stores can initiate payment requests by punching in a customer’s mobile number on their point-of-sale (POS) terminals.

With this the California-based firm is taking on PhonePe and Paytm in their own home ground and is also challenging its US rival Amazon.

Google also unveiled two other services through which its payments application users can book train tickets and buy gold.

“Digital payments has been a phenomenal story for India,” said Ambarish Kenghe, director, product management, Google Pay, India. “We want to address use cases that are close to our (customer’s) heart.” Unified Payments Interface (UPI) transaction volumes have outpaced all other forms of digital payments including wallets, mobile banking, and credit and debit cards. It has grown 40 times in 18 months, from 17 million transactions in August 2017 to 673 million in February 2019.

Chart Google Pay’s monthly active users have grown three times, from 14 million in March 2018 to 45 million in March 2019. Total money value flowing through Google Pay equals $81 billion at an annualised run-rate level. Google Pay is betting big on this growth and has formed partnerships with payments companies Pine Labs and Innoviti to enable UPI payments across a massive footprint of POS terminals spanning 200,000 stores in over 3,500 cities and towns.


 “The reality is that hundreds of millions of Indians still go into the stores to buy and transact. We are going to enable thousands of large-format retail stores (transact) through Google Pay,” said Sajith Sivanandan, Business Head, Google Pay, India.

Tuesday, March 19, 2019

Jet Airways fate hangs in balance over funding delays, depleting sales

Companies News

Jet Airways' fate hangs in balance with fast depleting sales and non-committal stance by Etihad Airways on fresh infusion of funds.

On Monday, the airline's founder chairman Naresh Goyal wrote to staff seeking more time to finalise a resolution plan given its complexities. Goyal's email said he is still in talks with lenders and Etihad, but aviation sources indicated that he is looking for a new investor to keep the company afloat.

On Tuesday morning, civil aviation minister Suresh Prabhu directed the department secretary to hold an emergency meeting on grounding of Jet's flights and asked for a status report.

The delay in fund infusion is leading to massive cancellations and employees are increasingly losing confidence in management commitments. Travel agents too are becoming apprehensive about the future of the airline and a few corporate houses have asked their employees to follow discretion while booking Jet tickets.Jet insiders say its truncated schedule of 200 flights each day is not sustainable to meet expenses.

Amit Kelkar, vice president of Jet Aircraft Maintenance Engineers Welfare Association, wrote to the civil aviation ministry on Tuesday, stating that with repeated payment defaults, members had lost confidence in the management. The letter also warned of safety risks, as engineers were not getting paid.

The National Aviators Guild which represents pilots is meeting this afternoon to decide its future course of action. Earlier this month, the union had written to labour minister Santosh Gangwar about pay delays.


 A section of employees however is still hopeful of a positive outcome over the course of the next few days...Read More

L&T CEO calls Mindtree takeover 'pyaar, not war'; says Siddhartha made move

Companies News

Larsen & Toubro MD and CEO S N Subrahmanyan on Tuesday said that V G Siddhartha approached the construction major to sell his stake in Mindtree. He said the deal shouldn't be seen as hostile as it's "pyaar, not war and protects Mindtree against hostile takeover" as someone else would have moved if L&T didn't.

On Monday, L&T made a bid at hostile takeover of the multinational information technology and outsourcing company headquartered in Bengaluru by buying Siddhartha's stake and offering shareholders Rs 980 apiece via an open offer.

Mindtree on Tuesday came out with a scathing condemnation saying: "The attempted hostile takeover bid of Mindtree by L&T is a grave threat to the unique organisation we have collectively built over 20 years."

The L&T chief said that the group doesn't plan to integrate MindTree with its IT services firm L&T Infotech and it will be run as an independent company.

Subrahmanyan added, "The money that L&T has put in is important for us. It is the blood and sweat of L&T employees-- some of the tallest projects... To earn a return is important for us. Based on a particular shareholder who was very keen, we have gone ahead.

It's an 80-year old company. We will go out of our way to make the investment succeed."

 On possible conflicts of interest between Mindtree and L&T Infotech, he quipped: "There are groups that have multiple IT companies. Tatas, Hindujas etc have got the same. There are matured people who will sort out the matter if there are such conflicts..."Read More

Thursday, March 14, 2019

The days of national airlines are over: Why flag carriers must be shut down

Companies News

Malaysian Prime Minister Mahathir Mohamad told reporters he's studying whether to sell, shut down or refinance Malaysia Airlines Bhd., the troubled national carrier. A decision needs to be made soon. In 2018, the perpetually money-losing airline accounted for about half of the $1.5 billion in losses suffered by its parent, Khazanah Nasional Bhd., Malaysia's sovereign wealth fund.

On purely economic terms, Mahathir’s decision should be easy. In 2014, following the loss of planes and lives in the MH370 disappearance and the tragic downing of MH17 over Ukraine, Khazanah announced a restructuring intended to make the airline profitable by 2018. It’s failed for one central reason: Malaysia Airlines remains a state-owned flag carrier, slow-moving and burdened by political expectations. At a time when low-cost airlines offer a perfectly adequate and more competitive alternative, Malaysia isn’t the only country that should rethink whether it really needs a national airline.

The concept of a flag carrier dates back to the establishment in the mid-1940s of the International Civil Aviation Organization (ICAO), a United Nations regulator. Every nation was given the opportunity to operate international air services. Some countries, including the U.S., chose to let private companies do the flying. Others decided to establish, subsidize and protect flag carriers, even to the point of restricting competition on key routes.


 Those airlines had goals other than profits. For decades, according to Brian Summers at Skift, "nearly every national airline within 12 hours of New York flew to John F. Kennedy Airport, or wanted to -- whether the flights lost money or not."

Facebook faces more questions from CBI on data theft of Indian users

Companies News

The Central Bureau of Investigation (CBI) has sent a second round of questions to Facebook (FB), seeking further information on the alleged theft of data of Indian users of the social networking site. This follows Facebook’s initial replies on the matter to the CBI.

The agency was not satisfied with the response, which was more about the processes regarding privacy of personal data, it is learnt.

The CBI had registered a preliminary enquiry (PE) in August 2018 after receiving a reference from the Ministry of Communications and Information Technology.

The recent query was raised on some specific points based on the evidence gathered by the probe agency. Sources in the know said the questions were around the charges of harvesting personal data of Facebook users without their consent for political purposes.

An email sent to Facebook did not elicit any response.

Besides Facebook, the CBI had also sought reply from British consultancy firm Cambridge Analytica and Global Science Research (GSR). In an initial reply, Analytica denied the allegations of breaching the data of Indians, said a source.


 The CBI is probing whether Cambridge Analytica allegedly received data from Global Science Research, for illicit harvesting of personal data by using Facebook. The data analytical firm had earlier also faced allegations that it used personal information harvested from 87 million Facebook accounts to help Donald Trump win the 2016 US Presidential election...Read More

Wednesday, March 13, 2019

Ramdev's Patanjali Ayurved ups offer for bankrupt Ruchi Soya to Rs 4,350 cr

Companies News

Baba Ramdev's Patanjali Ayurved has sweetened its offer for bankrupt Ruchi Soya to Rs 4,350 crore as upfront cash to banks. As earlier offered, it will also infuse Rs 1,700 crore into the company.
The revised offer will mean the lenders will have to write off 60 per cent of their dues. Adani Wilmar had reportedly offered Rs 4,300 crore in August last year, but withdrew this January, citing delay in the resolution process.

Patanjali's earlier offer was for Rs 4,100 crore. Adani had proposed an additional Rs 1,700 crore, as Patanjali did, for fund infusion.

Adani was declared the highest bidder but Patanjali objected, saying its offer was better. A source said the Adani offer was earlier selected as settlement of bank loans has higher weight in the evaluation (of the lenders) than the infusion of funds into the debtor company.

Indore-headquartered Ruchi Soya, once one of the largest processors of edible oils, filed for bankruptcy in December 2017. Its accumulated debt was Rs 12,000 crore; sales had fallen from Rs 31,500 crore in 2014-15 to Rs 12,000 crore in 2017-18.

A banking source said with the revised offer, the stage was finally set for acquisition of Ruchi Soya. It had attracted over two dozen bids.

These were from private equity majors KKR and Aion Capital, beside consumer goods entities ITC, Godrej Agrovet and Emami, apart from Patanjali and Adani Wilmar.

 Experts said the firm's five port-based refining plants were the key reason for bidder interest.

Venture capital firm Lightbox invests $4 mn in female wellness startup Nua

Companies News

Venture capital firm Lightbox has made its first investment from its $200 million third fund. It has invested $4 million in Nua, a female wellness brand. Existing investor Kae Capital has also participated in this Series A funding round. Nua, operated by Lagom Labs, creates products and services revolved around women’s health and wellness.

Currently, the firm makes sanitary pads and sells them online. After listening to hundreds of women, Nua co-founders Ravi Ramachandran and Swathi Kulkarni created a solution that is configured to a woman's individual cycle, delivered directly to her home, every month.

“I think in Nua, we found a team that has thought through how to create an amazing experience for women and do it in a manner that is delivering massively amazing value,” said Prashant Mehta, partner at Lightbox, in an interview.

With international brands like Whisper and Stayfree taking up the bulk of the market share in India, Nua is a newcomer in the space. But what differentiates the company is that it works on an innovative direct-to-consumer model where women are able to customise sanitary pad boxes based on their individual needs. It delivers the products to their doorstep on a subscription basis. The firm has also built a strong community of nearly 1 lakh women. Nua said it delivers the easy-to-store and dispose sanitary pads across the country, with tier 2 and tier 3 cities accounting for 50% of sales.


 “If you think about fem-care, there are already companies at the high end of the spectrum, you can always get very high-end products, but this team (Nua) really felt that it was important to bring care and wellness ideas to millions of women and not just the top echelon of women group,” said Mehta of Lightbox--which has backed ventures such as tech company InMobi, Rebel Foods (Faasos) and online travel firm Cleartrip.

Monday, March 11, 2019

Jet shares rise on report that airline has secured $293-mn loan from PNB

Companies News

Shares of Jet Airways Ltd rose as much as 4.8 per cent to Rs 255, the highest in over a month, after a report said the debt-laden carrier has secured a loan of Rs 20.50 billion ($293.07 million) from the Punjab National Bank (PNB).

The airline has raised foreign currency term loans worth Rs 11 billion and a non-fund based credit facility of Rs 9.50 billion from PNB, according to copies of loan documents reviewed by Indian daily Mint.

Jet and PNB did not immediately respond to a request for comment.

The loan documents mention that Jet will use the credit facility for its working capital needs, but the money would be mainly used to pay rental dues to aircraft lessors and salary arrears, Mint reported, citing a source familiar with the matter.

Jet said last week another three aircraft had been grounded due to its failure to make payments, taking the total number to 28, but it has not specified the lessors involved.


 The airline has an option to sell down as much as Rs 2.50 billion of the term loan to other investors, Mint added...

Sunday, March 10, 2019

Govt directs J&J to pay Rs 74 lakh to first victim of faulty hip implant

Companies News

The expert committee under the central government that was to look into compensation for patients affected by faulty hip implants of Johnson & Johnson (J&J) has asked a compensation of Rs 74 lakh to be paid to the first patient.

Central drug regulator Central Drugs Standard Control Organisation (CDSCO) has directed J&J to pay the compensation amount within 30 days.

The expert committee had earlier suggested that patients should be paid based on the disability caused.

According to estimates, more than 4,000 patients were affected by the company’s faulty implants.
The government wrote to J&J’s subsidiary DePuy Synthes, which made the devices, asking them to provide compensation till 2025.

Since 2011, a number of people have complained about the hip implants supplied by the company. The Maharashtra Food and Drug Administration (FDA) took up the case and an FIR was filed in 2014, naming DePuy Synthes.

But the authorities could not push for compensation due to legal issues. The case went to the Bombay High Court. The court advised the FDA to continue with the inquiry.

The committee, set up in 2017 by the Union health ministry to review the matter, submitted its report in February.


  In its report, made public on Tuesday, the panel said the company did not take any corrective action for patients suffering because of these implants.

Govt lowers sale price of Bt cotton seeds for a 450-gram packet to Rs 730

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Companies News

The Centre has marginally lowered the maximum sale price of Bt cotton seeds (BG-II) for a 450-gram packet to Rs 730 for the 2019-20 season. The licence, or trait fee, charged by companies has also been slashed by almost 49 per cent to Rs 20.

The new price of a Bt cotton seed packet weighing 450 grams and 120 grams refugia for the 2019-20 season — October to September — will be Rs 730, including a trait fee of Rs 20. The maximum sale price of Bt cotton seeds in 2018-19 was Rs 740, including trait value of Rs 39.

According to a gazette notification issued last week, for the second consecutive year after the central government started fixing its prices, following recommendations of a committee, the sale price of Bt cotton seeds, along with the trait fee, has been lowered.The licence fee is inclusive of all taxes. The planting of cotton crop starts in June.

For the 2019-20 cotton season, the retail price of BG-I genetically modified cotton seed varieties was not touched, while the licence fee was maintained at zero, as was the case in the previous season. However, it is of little consequence as BG-I cotton is already off-patent.

Lowering the retail price and the licence fee for Bt cotton seed packets (BG-II varieties) for the second year might impact the margins of seed companies, especially original licence holders, as it occupies almost 95 per cent of the country’s cotton market.


 ChartBt cotton seed prices were first lowered in 2016-17 by a panel constituted by the Centre under the Cotton Seeds Price Control Order in December 2015.The panel brought down the price to Rs 800 a packet from the previous Rs 830-1,030, while trait value was lowered by about 70 per cent, from Rs 163 a packet to Rs 49...Read More

Friday, March 8, 2019

Credit Suisse to expand in-house workforce in India with new Pune facility

The Credit Suisse logo is seen at the headquarters in downtown Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini/File Photo

Companies News

Global financial service provider Credit Suisse seeks to change Indian operations from service delivery centres to technology leadership centres with the launch of their smart facility in Pune. Credit Suisse announced its expansion to a new, smart working facility in the 44-acre EON Free Zone campus within the Special Economic Zone in Kharadi, Pune this week, as part of its strategy to establish India as a centre for technology innovation for the bank globally.

“We're giving more accountability to the teams here so that increasingly the decision makers for many IT services and solutions that we deliver to the bank globally will be based in India. In addition, we partner with top academic institutions such as COEP in Pune and BITS Pilani among others to develop future local IT talent with domain-specific skills," said Burns. However, a primary focus will still remain on lateral hiring and experienced talent to drive these operations, said the management.

Credit Suisse has approximately 14,000 staff in India, which includes a mix of in-house employees and vendors, across multiple centres, primarily in Pune and Mumbai, the majority of which provide various corporate function services with a focus on technology to the bank globally. Of the total staff, approximately 5,000 are in-house employees, of which around one-third are in IT roles.

"Our investment in the EON II facility highlights our continued commitment to India and our vision of establishing the country – and particularly Pune and Maharashtra – as a premier technological hub supporting our ability to serve the corporate and personal needs of our clients across our businesses globally," said Mihir Doshi, Chief Executive Officer, Credit Suisse India.


 The state-of-the-art office, called EON II, will co-exist with the present workspace in EON I. From EON II, teams will lead the development and roll-out of cutting-edge technology and innovative methodologies, such as Agile, Cloud Computing, Machine Learning and Robotics, to support Credit Suisse’s global business operations...Read More

Thursday, March 7, 2019

Barbie at 60: An iconic doll that has evolved to keep up with the times

Companies News

She is turning 60 this year and still doesn't have a single wrinkle.

Blonde or brunette, slender or curvy, black or white, princess or president, Barbie is a forever favourite for young girls, even if she has caused controversy over the years.

The iconic doll has evolved to keep up with the times -- check out her Twitter feed.

And despite fierce competition in the toy industry, 58 million Barbies are sold each year in more than 150 countries.

"In an industry where success today is three to five years, 60 years is a huge deal!" said Nathan Baynard, director of global brand marketing for Barbie.

Around the world, Barbie is as universally known as Coca-Cola or McDonald's, Baynard said during a recent visit to Mattel's design studio in El Segundo, a suburb of Los Angeles.


 In all, more than one billion Barbie dolls have been sold since she made her debut at the American Toy Fair in New York on March 9, 1959.

Wednesday, March 6, 2019

Former Adidas executive gets jail term for bribing basketball players in US

Companies News

A former Adidas executive was sentenced Tuesday to nine months in prison for bribing young basketball players in a case illustrating the excesses of amateur sports in the US.

Jim Gatto, who was Adidas marketing director at the time, was convicted of making the payments to star high school basketball players in a bid to tie them to the sportswear company later in their careers.

The payments had three goals: first, to get them to go to a university sponsored by Adidas, second, to work with the company if they went pro and third, to sign with Christian Dawkins, an agent who collaborated with Gatto.

Evidence showed that the family of Dennis Smith Jr, who is now a point guard with the New York Knicks NBA team, received $40,000 through this process.

Dawkins was sentenced to six months in prison on Tuesday, as was Merl Code, who was consulting for Adidas and took part in the scheme, according to prosecutors.

A witness who testified during the trial of the three men said that Deandre Ayton -- the first player selected in the 2018 NBA draft -- would also have been a recipient of the scheme.


 The trial has shed light on the practices of high-level university sports, which generate billions of dollars each year but whose athletes are unpaid outside of college scholarships.

Patanjali files case against 13 firms for illegal export of its products

Companies News

Baba Ramdev’s Patanjali Ayurved has reportedlymoved the Delhi High Court against 13 exporters, accusing them of repackaging its products for exports illegally.
Economics Times, quoting a person familiar with the case reported that 13 exporters were allegedly buying items that the company sells only in India and repackaging them for export to Middle East, Canada and Australia.
The exporters repack the items as though they have clearance from the FDA in respective foreign markets, which is not only illegal but also unethical, ET reported.
According to the report, the Delhi High Court would hear Patanjali's case on Wednesday.
For a company that started as a small pharmacy in 1997, Patanjali has launched more than two dozen mainstream FMCG products — from toothpaste, shampoos and other personal care products to modern convenience foods such as cornflakes and instant noodles.

  Annual sales have doubled every year since 2013 to touch Rs 10,500 crore.

Wednesday, February 27, 2019

Star India standalone profit after tax dips 44% in FY18 on higher expenses

Star India Logo

Companies News:

Star India’s standalone profit after tax was down 44 per cent in FY18 as expenses increased at a faster pace while revenue growth was sluggish. According to the company’s filings with the Registrar of Companies, Star India's revenue for FY18 rose 5.8 per cent to Rs 9,199 crore as against Rs 8,698 crore in FY17. The company’s net profit slumped from Rs 1,155 crore in FY17 to Rs 642 crore in FY18, a 44 per cent decline.

Data provided by financial data accessed by business intelligence platform Tofler indicates that the company’s total expenditure for the year grew 18.6 per cent to Rs 8,242 crore. In September 2017, Star India won the global media rights to the Indian Premier League for Rs 16,347.50 crore for five years (2018-2022).

Sources reveal that the Uday Shankar-led network’s payout to the Board for Control of Cricket in India (BCCI), included Rs 4,300 crore in the first year of the deal, while the remaining amount is to be equally divided over the rest four years. Sources said a part of the payout would have been accounted in FY18 financials, though the details are not available. This would account for the steep increase in Star India’s expenditure for the fiscal under consideration.

Other expenses, which accounted for 87 per cent of the total expenses, went up 20 per cent year-on-year to Rs 7,182.5 crore in FY18. Queries to Star India went unanswered.


 Star India hosted the first IPL season on its network from April 2018, and the revenues for the same will be reflected in the FY19 numbers. Industry estimates peg Star India’s revenue from IPL 2018 at Rs 2,000 crore.

India-Pak tensions: Vistara waives cancellation fee for Leh, 3 other cities

Companies News:

Vistara airlines stated that no cancellation fee would be charged if a ticket has been booked to or from Amritsar, Jammu, Srinagar or Leh for travel up to March 31.

For those passengers who could not make it to the airport to fly "to or from" the aforementioned cities on Wednesday, the airline said it is waiving the no-show fees and providing full refund.

"For customers booked to or from Amritsar, Jammu, Srinagar or Leh for travel up to March 31, 2019, we are offering free cancellation with full refund," Vistara said in a Twitter post on Wednesday night.
"For those who want to cancel their bookings to or from these cities for travel up to March 31, please email your request along with PNR details and phone contact...We will strive to respond to all such requests within 4 hours, between the hours of 7am and 11pm," the airline said.

Vistara said it would be entertaining cancellation with full-refund requests only. "We will not be accepting any date change requests for these flights within the period specified."

Due to rising tensions between India and Pakistan, the Airports Authority of India (AAI) issued a notice to airmen (NOTAM) earlier on Wednesday, saying flight operations at the airports in Srinagar, Jammu, Leh, Pathankot, Amritsar, Shimla, Kangra, Kullu Manali and Pithoragarh would remain shut from February 27-May 27.


 IndiGo tweeted that it would take zero-cancellation fee for all Indian soldiers who are on leave and have been asked to resume their duties.

Mukesh Ambani's plans to take on Amazon and Walmart hit a legal firewall

Companies News:

There’s a wrinkle in plans made by Asia’s richest man to take on Amazon.com Inc and Walmart Inc on his home turf in India: his telecom and retail businesses can’t share data.

Billionaire Mukesh Ambani, chairman of Reliance Industries Ltd., has outlined how he will marry the might of his group’s 9,900-plus retail stores and 280-million strong telecom user base to bolster his e-commerce venture. A senior Reliance executive says that any data sharing on customers between the two, could run into a legal wall.

“They are different companies so there are data privacy rules,” Ashwin Khasgiwala, Reliance Retail Ltd.’s chief financial officer said at a conference in Mumbai on Tuesday. “They’re different platforms,” he said while declining to elaborate on how the group plans to overcome it.
While its brick-and-mortar retail businesses are housed in Reliance Retail, the telecom operations are in a separate legal entity Reliance Jio Infocomm Ltd. Legal hurdles in sharing information can stymie a variety of lucrative uses of that data to sell more products to customers.

Ambani, who calls data the ‘new oil’ and has warned of ‘data colonization’ by overseas firms in India, can potentially find workarounds for the legal snarl. One option would be to merge the two Reliance units.


 Data sharing between “two legal entities is going to be very difficult,” said Abheek Singhi, head of Boston Consulting Group’s consumer practice in India. “My view would be at some point in time, at least from a legal entity perspective, it will come together.”Read More

Indigo to China Airlines: Worsening pilot shortage sours Asia's travel boom

Companies News:

An unprecedented travel boom in Asia has spawned new budget carriers and millions of first-time fliers, but a shortage of pilots is threatening to choke that demand.

Bamboo Airways Co. in Vietnam was the latest low-cost carrier to start services this year and more are expected to join the race. In Southeast Asia alone, LCCs have about 1,400 aircraft on order, compared with fewer than 400 for full-service carriers, according to CAPA Centre for Aviation. With the supply of pilots lagging behind, the airlines will struggle to find skilled cockpit crew.

“There’s a real crunch coming,” Peter Harbison, executive chairman of Sydney-based CAPA said in Singapore. “For new airlines, it’s much, much harder and it’s going to be a real struggle.”

Global traffic is set to double in the next two decades with the biggest increase expected in the Asia-Pacific region, where almost 4 billion passenger journeys are expected, according to the International Air Transport Association. Boeing Co. forecasts the region needs 16,930 new planes and about 261,000 pilots through 2037. That means the current fleets and the number of pilots will need to double during that period, according to the planemaker.

The strain is already showing. IndiGo, Asia’s biggest budget carrier by market value, last month decided to scrap dozens of flights every day through March after many of its pilots exhausted their annual limit on flying hours. Taiwan’s China Airlines Ltd. averted a crisis this month by agreeing to improve working conditions at an annual cost of almost $4 million after the pilots union, citing fatigue among other complaints, went on a seven-day strike.


 Even some outside Asia are running into problems: Emirates, the world’s biggest long-haul airline, said in April that a shortage of pilots forced it to cut flights...Read More

Mukesh Ambani world's 10th richest with networth of $54 bn: Hurun Report

Companies News:

With a networth of $54 billion, Reliance Industries Chairman Mukesh Ambani has broken into the global top 10 richest billionaire list complied by Hurun Research.

"The only Asian in the Top 10, Ambani's wealth is based on telecom, retail and energy, and bucked the poor stock market trend in India last year," Hurun Research said in a statement.
The Hurun Global Rich List 2019 is topped by Amazon chief Jeff Bezos for the second year in a row, while the senior Ambani is placed 10th with a network of Rs 3.83 trillion, thanks to a rally in RIL shares, which had topped the Rs 8-lakh-crore-mark last month. Ambani owns almost 52 percent in Reliance.

Anil Ambani, held in contempt of court by the Supreme Court last week for not paying up Ericsson Rs 540 crore, has lost over $5 billion, from $7 billion seven years ago to $1.9 billion this year, even though both the brothers got off with more or less same amount of inherited wealth.
"Having started off similarly after the break-up of the family wealth, Mukesh added $30 billion to his wealth in the past seven years, while Anil has lost over $5 billion during the same period," says the Hurun report.

Other individuals from India who were named in the list include S P Hinduja (40th), Azim Premji (57) and Cyrus Poonawalla.

Cyrus S Poonawalla, chairman of the Poonawalla group that run Serum Institute, with a networth of $13 billion is not only ranked as the fourth richest Indian but also breaks into the top 100 global ranking.


 Steel giant ArcelorMittal's Lakshmi Mittal stands at fifth position, followed by Kotak Mahindra's Uday Kotak ($11 billion), Gautam Adani ($9.9 billion) and Sun Pharma's Dilip Shanghvi ($9.5 billion)...Read More