Skip to content
Search

Latest Stories

Troubled Jet Airways Shares Climb 18 Per Cent Amid Report Goyal Likely To Step Down

The shares of India’s financial crisis-hit airline, Jet Airways climbed 18 per cent on Monday (14) amid news that the founder and chairman of the airline Naresh Goyal was likely to move out of the board to give up majority shares owned by him.

Jet Airways shares on India’s benchmark Bombay Stoke Exchange (BSE) opened at Rs 254.80 and reached an intraday high of Rs 297 before closing at Rs 294.40 on Monday (14).


Citing sources, CNBC TV18 in its report stated that the airline was likely to give its nod for a resolution plan with its banks this week and the founder of the airline would cut his 51 per cent stake to 20 to 25 per cent and agree to his voting share being capped at 10 per cent, in a move to lift the airlines from crisis.

The media report has also said that Etihad may pump capital into the airline and raise its stake from 24 per cent it presently owns.

The airline in January said it had defaulted on debt payments on a consortium of Indian banks and the jet was in discussion with the banks led by State Bank Of India (SBI). The airline is in a turbulent situation and owes money to pilots, lessors, and vendors.

More For You

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
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less
Bank-of-England-Getty

The BoE also revised its economic growth forecast for 2025, reducing it by half. (Photo credit: Getty Images)

Bank of England cuts rates, lowers growth outlook

THE BANK OF ENGLAND (BoE) has cut interest rates by 0.25 percentage points to 4.5 per cent, with some policymakers supporting a bigger reduction to counter economic slowdown. However, the central bank signalled a cautious approach to future cuts, citing inflation concerns and global uncertainty.

The BoE also revised its economic growth forecast for 2025, reducing it by half. Chancellor Rachel Reeves, who has been advocating for faster economic growth, faces a challenge as inflation is now projected to be nearly double the 2 per cent target this year.

Keep ReadingShow less
Bank-of-England-Getty
A general view of the Bank of England on December 19, 2024 in London. (Photo credit: Getty Images)

Bank of England set to reduce interest rate amid weak growth

THE BANK OF ENGLAND is expected to cut its key interest rate on Thursday as it seeks to support weak economic growth, even though inflation remains above target.

Analysts predict the central bank will reduce borrowing costs by a quarter point to 4.50 per cent at its first rate meeting of the year.

Keep ReadingShow less