Global LNG markets seen ‘finely balanced’ in 2024 as demand under control

SINGAPORE/LONDON: New liquefied natural gas (LNG) projects coming online this year and high stocks in Europe and North Asia in early 2024 capping demand are seen curbing spot price growth for the next six months as analysts forecast a “finely balanced” market. Asian spot prices averaged around $18 per million British thermal units (mmBtu) this […]

SpiceJet gets fresh lifeline: Mumbai-based business couple Harihara and Preeti Mahapatra to invest Rs 1,100 crore

Businessman Harihara Mahapatra and his wife Preeti, based in Mumbai, have announced their plans to invest Rs 1,100 crore in SpiceJet, acquiring a 19% stake in the company. Aries Opportunities Fund will hold 3% while Elara Capital will hold 8% after the conversion of warrants, according to a funding proposal reviewed by ET. Last week, […]

Air India borrows $120 million from Japan’s SMBC to buy Airbus plane

MUMBAI: Japanese lender SMBC on Wednesday said the Tata Group-owned Air India has borrowed USD 120 million from it for purchasing a wide-body aircraft from Airbus. The transaction has partly financed Air India’s purchase of an A350-900 aircraft from Airbus, which was delivered in October 2023, according to an official statement. SMBC said this is […]

First for desi airlines: IndiGo flies more than 10 crore passengers in a calendar year

NEW DELHI: IndiGo’s record-breaking spree continues unabated. The Rahul Bhatia-founded low cost carrier has become the first Indian carrier to cross the 10-crore passenger mark in a calendar year. This feat was achieved when a passenger, Ritesh Banglani, checked in for 6E-6118 Delhi-Bengaluru flight on Monday. IndiGo had earlier become the first desi airline to […]

Nissan to set up joint EV research with China’s Tsinghua University

BEIJING: Nissan Motor said on Sunday it would establish a joint research centre with China’s leading Tsinghua University next year, focussing on research and development of electric vehicles (EVs), including charging infrastructure and battery recycling. Nissan and other Japanese automakers have faced a severe sales challenge this year in China, the world’s biggest auto market, […]

India eyes economic gains as China’s stimulus fuels surge in global mining demand

NEW DELHI: In a turn of events for India’s economic landscape, China’s sustained stimulus efforts and the industrial recovery in developed nations are set to catalyse a surge in global mining demand throughout 2024. As projected by Fitch Ratings, the neutral sector outlook is buoyed by significant government spending programs in India, Europe, and the […]

LATAM Airlines expects record earnings, boosted traffic in 2024

MEXICO CITY: LATAM Airlines projected on Thursday record earnings for next year of between $2.6 billion and $2.9 billion as passenger numbers grow and it reduces its debt load after coming out of bankruptcy last year. The expected record earnings, measured in adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR), […]

Indian Railways can help save Rs 1.28 lakh crore annually in diesel costs with its freight & cargo hauling: Ashwini Vaishnaw

Railway Minister Ashwini Vaishnaw has said that India can potentially save Rs 1.28 lakh crore annually in diesel costs by 2031 if it successfully transports an additional 1500 million tonnes of cargo through trains. Speaking at the 68th National Railways Awards, Vaishnaw stated that India’s economic growth is expected to result in an additional 3000 […]