Skip to content
Search

Latest Stories

Jet Airways pilots threaten strike amid more flight cancellations

INDIA'S beleaguered Jet Airways was staring at a fresh crisis on Sunday (14) as hundreds of pilots and other top staff threatened to go on strike over unpaid salaries.

The airline, which has debts of more than $1 billion, also cancelled more international flights to Europe and North America for the upcoming week.


More than 1,100 pilots, engineers and ground managers will decide Monday whether to go on strike to demand salaries which have not been paid since January, an official from the National Aviator's Guild union told AFP.

On Saturday several hundred staff staged a protest at Delhi international airport demanding to be paid.

A Jet spokesperson declined to comment on the proposed strike.

Jet has "suspended" all flights to South and Southeast Asian nations as well as services from Chennai to Paris and Toronto, it said in a statement.

Flights to and from London and Amsterdam would be "cancelled" until at least Tuesday, according to the statement, quoted by the Press Trust of India news agency.

Jet has also stopped taking reservations for many international flights, in some cases up to June 10. It called this a "pro-active measure" after recent cancellations.

Hundreds of flights have been cancelled in recent weeks after the company failed to pay leasing fees and creditors ordered its planes grounded.

Jet's fleet has been cut from 120 in January to just seven planes.

The government held a crisis meeting Friday, which was the deadline for prospective bidders to express an interest in acquiring a 75 percent stake in the beleaguered airline.

Etihad Airways, which already has 24 percent, submitted an expression of interest to buy up to 75 percent, according to media reports.

Naresh Goyal, who founded the airline but quit as chairman last month, has also lodged a bid, as have some private equity groups, newspapers said.

State Bank of India, which heads a lenders' consortium now in charge of the airline, has given Jet until Monday to submit an operations plan before it considers a $145 million cash injection.

More For You

London business district
A general view shows the London's financial district from an office window in Canary Wharf. (Photo: Getty Images)

Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

Keep ReadingShow less
BP-Reuters

Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

Keep ReadingShow less
Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less