Daily News Podcast: Govt working on turnaround plan for debt-hit Air India : Bulletin: Business Today
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Daily News Podcast: Govt working on turnaround plan for debt-hit Air India

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August 10, 2018

Govt working on turnaround plan for Air India, may allow airlines to raise external commercial borrowing
As the Civil Aviation Ministry plans Rs 11,000-crore bailout package for ailing Air India, Aviation Secretary RN Choubey on Thursday confirmed that the centre is working on a turnaround plan to make the debt-ridden airline competitive. Also, the centre is working on ways to let all airlines raise external commercial borrowing to meet the rising operational costs. The decision seems to have been taken in wake of private airlines facing loss due to high fuel cost and falling rupee value.

Audit panel rejects Jet accounts; board defers Q1 results
Jet Airways deferred announcing their June quarter numbers to an unspecified date. The development came after the company's AGM on Thursday. In a BSE filing late in the evening, the airline, which had its AGM earlier in the day, said the board of directors decided not to review the unaudited financial performance for the June quarter. Amid rising concerns over the airline's financial health and proposed salary cuts, a new committee will be set up to improve public perception and negative publicity about it.
 
GoAir to start international operations in October; to connect Kerala's Kannur to Saudi Arabia's Dammam
Travelling abroad is going to become a little easier as the fifth Indian carrier is set to take Indian passengers abroad. Starting from October, GoAir is commencing its international operations. The airline has been given permission to start international operations from the new Kannur international airport to Dammam in Saudi Arabia, Civil aviation secretary RN Choubey told reporters. GoAir operates only domestic flights despite meeting the eligibility criteria for flying on international routes as it has a fleet of over 20 aircraft.

Samsung Galaxy Note 9 launched at Unpacked event in New York
The Samsung Unpacked event in New York saw the launch of several new devices. Samsung launched the Galaxy Note 9, coupled with an improved S Pen, Samsung Galaxy Watch, Samsung Galaxy Home. Out of the amazing line-up Samsung had prepared for the evening, the Galaxy Note 9 remained the showstopper for the event. The new Samsung Galaxy Note 9 comes with diamond cut finish for cleaner design. It will come with 128GB or 512GB of internal storage, which can be further expanded to 1TB among other features.

Supreme Court sends Jaypee Infratech back to NCLT, bars promoters from bidding
A year after IDBI Bank dragged Jaypee Infratech Limited (JIL) to bankruptcy court for defaulting on Rs 526 crore loan - and after a protracted battle that made the rounds of the NCLAT and the Supreme Court - the ball is back in the National Company Law Tribunal's court. The top court today asked the Allahabad bench of the NCLT to deal with the insolvency proceedings against Jaypee Infratech, allowing a second round of bidding. Significantly, in a major setback to the Jaypee group, the Court barred parent firm Jaiprakash Associates Ltd (JAL) as well as the group's promoters from participating in it. The fresh Committee of Creditors (CoC) that will now have to be set up will include homebuyers.

Carry driving license, RC on your phone! Govt validates digital copies
States have been asked to accept driving licence, registration certificate or other documents in 'electronic form' presented through DigiLocker or mParivahan platforms, the government said today. It also said that impounding of documents will be reflected electronically through 'eChallan' system. This is in response to a number of grievances and RTI applications received in the ministry

SFIO arrests Bhushan Steel's former MD Neeraj Singhal for siphoning off Rs 2,000 crore
In its first arrest, the Serious Fraud Investigation Office (SFIO) on Thursday took under its custody the former promoter and managing director of Bhushan Steel Limited, Neeraj Singhal, for siphoning off over Rs 2,000 crore through several loans availed by BSL from the public sector banks using its 80 associate companies. Neeraj Singhal was produced before the court, which sent him to judicial custody till August 14.
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