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Jet Airways shares slump after reports of Etihad's non-binding offer

Agencies
May 13, 2019

Bengaluru, May 13: Bengaluru: Shares of Jet Airways Ltd fell as much as 11.4 per cent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Etihad, which owns an about 24 per cent stake in Jet, submitted a bid for the airline, the unit of State Bank of India (SBI) overseeing the sale of the stricken carrier said on Friday.

That had raised hopes of a bailout for cash-strapped Jet, which has about USD 1.2 billion in bank debt.

The Mint newspaper said on Monday that Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80 per cent haircut on their outstanding loans to Jet Airways, the newspaper said, citing banking sources.

Shares of the carrier, which have tumbled almost 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet and SBI were not immediately available for comments.

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M.Abdul Rahman
 - 
Wednesday, 15 May 2019

Wish Jet Airways start flying again soon

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coastaldigest.com web desk
July 27,2020

New Delhi, Jul 27: A month after banning 59 Chinese applications, the government of Indian has now reportedly banned 47 more apps of Chinese origin in the country. According to sources, the 47 banned Chinese apps were operating as clones of the earlier banned apps. 

The list of the 47 Chinese applications banned by the Indian government will be released soon.

India has also prepared a list of over 250 Chinese apps, including apps linked to Alibaba, that it will examine for any user privacy or national security violations, government sources said. The list also includes Tencent-backed gaming app PUBG.

Some top gaming Chinese applications are also expected to be banned in the new list that is being drawn up, sources said. The Chinese applications, that are being reviewed, have allegedly been sharing data with the Chinese agencies.

Today's decision follows after a high-profile ban of 59 Chinese apps including TikTok, as border tensions continued in Ladakh after a violent, fatal face-off between the Indian and Chinese armies. The government said these apps were engaged in activities that were prejudicial to the sovereignty, integrity and defence of India.

A government press release announcing the ban stated: "The Ministry of Information Technology, invoking it's power under section 69A of the Information Technology Act read with the relevant provisions of the Information Technology (Procedure and Safeguards for Blocking of Access of Information by Public) Rules 2009 and in view of the emergent nature of threats has decided to block 59 apps since in view of information available they are engaged in activities which is prejudicial to sovereignty and integrity of India, defence of India, security of state and public order".

A day later, Google said it has removed all the banned applications from the Play Store. Following the ban, TikTok refuted the claims that suggest it will pursue legal action against the Indian government for banning the app in India.

Reacting to the 59 apps banned by India, the Chinese Foreign Ministry said the country is "strongly concerned regarding the decision of the Indian government".

“China is strongly concerned, verifying the situation,” Chinese Foreign Ministry spokesperson Zhao Lijian was quoted as saying by news agency ANI.

"We want to stress that the Chinese government always asks Chinese businesses to abide by international and local laws-regulations. The Indian government has a responsibility to uphold the legal rights of international investors including Chinese ones," Zhao Lijian said.

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News Network
February 6,2020

Shivamogga, Feb 6: A youth, who allegedly uploaded pornography and inappropriate videos of children on social media, was arrested by the district CEN police after a tip-off from the CyberTipline.

The accused is a resident of Sorab taluk and is said to be below 18 years. He uploaded the objectionable content during April and May last year. He was traced based on the IP address of his computer and the mobile call records shared by the investigating agencies.

He was arrested in January under the provisions of the Information Technology Act 2000 and sent to judicial custody, said police sources.

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News Network
April 22,2020

Madikeri, Apr 22: The quality of water in the River Cauvery in Kodagu district has improved significantly following the nationwide Lockdown.

The discharge of effluents from home stays and resorts situated on the banks of the river in the district has stopped due to lack of visitors. The discharge of waste water had made the river impure all these years.

The suspension of boat ride in Dubare has reduced the pollution from diesel motorboats in the river. For the last few years, the water quality of the river had reached 'C' category from 'B' category during the summer.

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