Private airlines company SpiceJet Limited on Wednesday told the Supreme Court that it has reached a settlement over its outstanding dues with Swiss company Credit Suisse and sought an urgent listing of its plea challenging the winding order passed by the Madras High Court. The plea for urgent listing of the case was mentioned by […]
Category: Business Standard
Business Standard
Specially-abled child incident a lesson for us, won’t appeal order: IndiGo
IndiGo’s outgoing Chief Executive Officer Ronojoy Dutta on Tuesday said the airline will not appeal against the Directorate General of Civil Aviation (DGCA) order in the case pertaining to denying boarding to a child with special needs. “We will not appeal against the DGCA order. It told us we should have contacted the airport doctor,” […]
Air India offers VRS for employees in first move to prune headcount
Tata-owned Air India has launched a Voluntary Retirement Scheme (VRS) for its employees- in the airline’s first drive to reduce headcount. The salt-to-steel conglomerate acquired the carrier last year. As of November 2019, the airline had 9,426 permanent employees. According to the VRS memo reviewed by Business Standard, permanent employees above 55 years of age […]
Why does India face a recurring power shortage despite enough coal stock?
India has the world’s fourth-largest coal reserve. It is the second-biggest producer of fossil fuel behind China and is home to the world’s biggest coal miner, Coal India, which accounts for 80% of the country’s domestic output. The minable capacity of already allocated coal blocks is around 15% to 20% higher than the expected demand […]
Brent tops $124 as European Union to ban 90% of Russia oil by year-end
European Union leaders handed Hungary concessions to agree an oil embargo on Russia over its invasion of Ukraine, sealing a deal in the early hours of Tuesday that aims to cut 90% of Russia’s crude imports into the bloc by the end of the year. As a result, oil prices extended a bull run as […]
US national average fuel price hits new record high at $4.619 per gallon
The US national average price for a gallon of regular fuel hit a fresh record high of $4.619, according to the American Automobile Association (AAA). The national average gas price has increased 2.3 cents, or up 0.5 per cent from the past week, and 44.1 cents, or up 10.6 per cent from a month ago, […]
Russia’s Gazprom to halt gas supplies to companies of Denmark, Germany
Russian energy giant Gazprom has said it would no longer supply gas to Denmark’s largest energy company Orsted and will halt deliveries to Germany under the Shell Energy Europe contract. Orsted has notified Gazprom Export that it would no longer make payments for gas in rubles, and Shell Energy Europe Limited said it would not […]
Oil prices’ bull run continues as EU agrees to ban Russian oil supply
LONDON (Reuters) -Oil prices extended a bull run on Tuesday after the EU agreed to a partial ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of peak U.S. and European summer driving season. Brent crude for July, which expires on Tuesday, rose $2.31, or 1.9%, to $123.98 […]
Oil price surge fans inflation fears, weakens US, European stocks
LONDON (Reuters) – European shares opened weaker on Tuesday and Wall Street was tipped for a fall, as surging oil prices fanned fears of further acceleration in global inflation, forcing the U.S. Federal Reserve and other central banks to keep raising interest rates. Markets ignored signs that China’s economic pain may be abating amid easing […]
Global refiners struggle to meet global demand amid high prices, shortage
Refiners worldwide are struggling to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages from big consumers like the United States and Brazil to smaller countries like war-ravaged Ukraine and Sri Lanka. World fuel demand has rebounded to pre-pandemic levels, but the combination of pandemic closures, sanctions on Russia and export […]
India sends one more consignment of 40,000 MT of diesel to Sri Lanka
India on Tuesday said it has delivered one more consignment of 40,000 metric tonnes of diesel to Sri Lanka to help ease the acute fuel shortage in the debt-ridden island nation which is grappling with its worst economic crisis. India extended an additional USD 500 million credit line to Sri Lanka last month to help […]
Russia-Ukraine war: EU leaders back push to ban most Russia oil purchase
European Union leaders agreed to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for the invasion of Ukraine. The sanctions would forbid the purchase of crude oil and petroleum products from Russia delivered to member states by sea but […]