WOW air to enter India, offers Rs 13,499 fare for 15 North American cities : Bulletin: Business Today
Business Today

Daily News Podcast: WOW air offers Rs 13,499 fare for North American cities

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May 16, 2018

Manipal-TPG combine revise bid: Why Fortis Healthcare remains such an attractive asset

India's second largest hospital chain Fortis Healthcare is now well and truly in the midst of a bidding war with the original suitor-Manipal-TPG combine-making its third offer for the healthcare chain after the Fortis board recommended that shareholders accept the Munjal-Burman offer. On Monday, Manipal-TPG revised their offer to Rs 180 per share from its earlier offer of Rs 160 apiece, which is 8 per cent higher than the current winner Munjal-Burman combine. This entails investing Rs 2,100 crore into Fortis as against Munjal-Burman's proposal of Rs 1,800 crore. The bidding war has raised the value of each Fortis share nearly 50 per cent

WOW air to enter India, offers Rs 13,499 fare for 15 North American cities

After disrupting the aviation market in Iceland, Mogensen is bringing his low-cost carrier to India - New Delhi to begin with - and offering one-way fares as low as Rs 13,499. The introductory fares would connect passengers from New Delhi to any of the 15 North American cities - New York, Los Angeles, Boston, Chicago, and Toronto - and London that are part of $484-million WOW's current network. There will be a stopover in Reykjavik (Iceland). The services will start in December this year subject to getting slots at the Delhi airport. Serial entrepreneur Skuli Mogensen founded WOW air in 2012, four years after selling his last venture - Oz Communications - in the mobile software space to Nokia. Mogensen says that he was almost in the retirement mode when he decided to start an airline in his native country Iceland

PNB posts record Rs13,417 crore loss

State-run Punjab National Bank (PNB) has reported a Rs 13,417-crore loss for the January-March period. It is the largest quarterly loss posted by an Indian lender, reeling under a $2-billion fraud, tighter loan classification norms and losses in its bond portfolio. The bank had reported a profit of Rs 262 crore in the same quarter a year ago. In February the bank had reported a massive fraud where companies linked to jewellers Nirav Modi and Mehul Choksi fraudulently secured letters of undertaking (LoUs) from its Brady House branch in Mumbai to borrow from banks abroad. Punjab National Bank has now estimated its total exposure to group firms of Modi and Choksi, including LoUs and other credit exposure, at Rs14,356 crore.

Jet Airways begins UDAN flights, offers fares starting Rs 967

Jet Airways that announced the commencement of its UDAN flights from June 14 yesterday, is now offering budget fares starting as low as Rs 967. The airlines announced yesterday that the first of its UDAN flights, the government's regional connectivity scheme, would be operated between Lucknow-Allahabad-Patna.  Jet Airways had bagged four routes in the second round of bidding in January where a total of 325 routes were awarded to various operators. Besides, Lucknow-Allahabad-Patna, Jet Airways will operate its UDAN flights on New Delhi-Nashik, Nagpur-Allahabad-Indore and Lucknow-Bareilly-Delhi routes. At least half of the seats in the UDAN flights are offered at subsidised rates. The participating carriers get a certain amount of viability gap funding (VGF) that is shared between the Centre and the particular state. To fund the scheme, the civil aviation ministry is collecting a levy of Rs 5,000 per departure from airlines operating in major routes, including Mumbai and Delhi.

Facebook Disabled 583 Million Fake Accounts

Facebook has revealed that it removed more than half a billion fake accounts and millions of pieces of violent or obscene content during the first three months of 2018, pledging more transparency while shielding its chief executive from new public questioning about the company's business practices. The findings, its first public look at internal moderation figures, illustrate the huge task Facebook faces in cleaning up the world's largest social network, where artificial-intelligence systems and thousands of human moderators are fighting back a wave of offensive content and abuse.Along with fake accounts, Facebook said in its transparency report that it had removed 21 million pieces of objectionable content, 2.5 million pieces of hate speech and almost 2 million items related to terrorism by Al Qaida and ISIS in the first quarter of 2018.

Focus on renewables can create 1.5 million jobs in India: ILO report

Going green has its advantages. Employment projections suggest that the net effect on job numbers created in the sustainability sector will be positive. In India, the transition to a green economy will inevitably cause job losses in certain sectors as carbon- and resource-intensive industries are scaled down. But these will be more than offset by new job opportunities, according to the ILO report World Employment and Social Outlook 2018: Greening with jobs.
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