Oil prices jump as Gulf of Mexico rigs evacuated

Oil prices rose sharply on Tuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane. U.S. light crude rose $1.31 a barrel from Friday’s close to a peak of $71.11, its highest since mid-July, before easing to around $71.00, up $1.20, by 0900 GMT. U.S. markets were closed on […]

RInfra consortium inks MoU for Rs 70 bn Versova-Bandra sea link project

Reliance Infrastructure (RInfra) said Tuesday that its consortium has inked an MoU with Maharashtra State Road Development Corporation (MSRDC) for the Rs 70 billion Versova-Bandra Sea Link Project in Mumbai. “Reliance Infrastructure Limited – Astaldi SpA (Italy) Consortium signed an agreement with MSRDC today for construction of prestigious Versova-Bandra Sea Link Project in Mumbai,” the […]

GST on overseas air tickets violates international norms: IATA chief

Levying GST on overseas air tickets violates international norms and also weakens the competitiveness of carriers, IATA chief Alexandre de Juniac said Tuesday. He also flagged various concerns about the Indian aviation sector, including high jet fuel prices, infrastructure woes and privatisation of airports. The International Airport Transport Association (IATA) is a grouping of more […]

Air India gets Rs 2100Cr govt borrowing

National carrier Air India has been assured of Rs 2100 crore from the Centre in the form of guaranteed borrowing, Ministry of Civil Aviation Secretary RN Chaubey said on Tuesday. On May 22, Chaubey had said that the option of selling Air India would not be available if the bidding amount ascertained was inadequate. “There […]

Suresh Prabhu inaugurates new domestic terminal building at Gorakhpur Airport

Union Civil Aviation Minister Suresh Prabhu inaugurated Monday the new domestic terminal building at Gorakhpur Airport along with Uttar Pradesh Chief Minister Yogi Adityanath. Earlier in the day, the chief minister flagged off the IndiGo Gorakhpur-Delhi-Gorakhpur flight. “Happy to inaugurate the new Domestic Terminal building of #GorakhpurAirport along with Hon’ble CM of Uttar Pradesh, Shri […]

Domestic airlines may post higher losses at $1.65 to 1.90 billion, says CAPA

The domestic airlines industry is expected to post higher losses at USD 1.65-1.90 billion this fiscal year, up from projected USD 430-460 million, amid the headwinds due higher costs and lower yields, a report said. Besides, airlines need to raise over USD 3 billion in near-term based on June quarter estimates, with full-service carriers requiring […]