Indian airlines combined losses could reach $1.9 billion this year: Report

Agencies
September 4, 2018

New Delhi, Sept 4: Indian airlines are expected to post combined losses of up to $1.9 billion this financial year led by full-service carriers like Air India and Jet Airways driven by rising costs and low air fares, aviation consulting firm CAPA India said.

The loss forecast for the 12 months ending March 31 is up from an estimated $430 million to $460 million sector-wide loss in January largely due to the depreciation of the rupee and a rise in oil prices, CAPA said in a report released on Monday evening.

Ticket prices have not risen to compensate for higher costs, and CAPA said with the exception of Interglobe Aviation Ltd`s IndiGo, none of the airlines have strong enough balance sheets to comfortably withstand higher costs and lower yields.

"Most carriers are ill-equipped to withstand cyclical downturns," CAPA said in the report. "Airlines have completely lost pricing power as a result of the rapid influx of capacity."

India is the fastest-growing domestic aviation market in the world and carriers have placed orders for hundreds of new Airbus SE and Boeing Co jets.

But airlines have struggled to stay profitable despite filling nearly 90 percent of seats and seeing a more than doubling of domestic passenger numbers over the last four years.

India is one of the cheapest domestic airline markets in the world and promotions such as $50 one-way tickets on the two-hour flight from Mumbai to Delhi are easy to find.

CAPA estimated Indian airlines, including money-losing state-owned Air India Ltd, need an additional $3 billion of capital in the near term to shore up their balance sheets.

The government in June said it had failed to attract bidders for a 76 percent stake in the national carrier, which is dependent on handouts to keep operating.

Jet Airways (India) Ltd last month reported a quarterly loss of 13.23 billion rupees ($185.79 million) and said it was seeking to cut costs, inject capital and monetise its frequent flyer programme.

Budget carrier IndiGo, the country`s largest airline, in July reported its lowest quarterly profit in three years, with earnings down 97 percent due to rising fuel costs and foreign exchange losses.

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News Network
June 29,2020

Kolkata, Jun 29: Sweet-loving Bengalis have something to cheer about in COVID-19 time as the West Bengal government decided to come out with a "sandesh" which will contain honey from Sundarbans and increase immunity, an official said on Sunday.

Cotton cheese made from cow milk will be mixed with pure honey from the Sunderbans to prepare the "Arogya Sandesh" which will also have extracts of tulsi leaves, an official of the Animal Resources Development Department said.

No artificial flavours would be added to the sweetmeat which will be available in the department's outlets in the city and neighbouring districts, he said.

The sandesh will boost the immune system as a whole but it is not a COVID-19 antidote, the official said.

Sunderbans Affairs Minister Manturam Pakhira said the honey for making Arogya Sandesh will be collected from beehives in places such as Pirkhali, Jharkhali and other parts of the Sunderbans and it will be stored in a scientific manner.

The sandesh is expected to hit the shelves in another two months and the pricing will be within the reach of the common man, the animal resources development department official said.

Earlier this month, a reputed sweetmeat chain of Kolkata came out with an "Immunity Sandesh" claiming that it contains various herbs and spices such as haldi (turmeric), tulsi, saffron, and cardamom and Himalayan honey, which will boost immunity to fight novel coronavirus.

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News Network
June 3,2020

New Delhi, Jun 3: Over 1 lakh scanned copies of Indians' national IDs, including Aadhaar, PAN card and passport, have been put on dark web for sale, cyber intelligence firm Cyble said on Wednesday.

The leaked data seems to have originated from a third party and not from the government system, according to a report by Cyble.

"We came across a non-reputed actor who is currently selling over 1 lakh Indian National IDs on the dark net. With such a low reputation, ideally, we would have skipped this; however, the samples shared by the actor intrigued our interest -- and also the volume. The actor is alleged to have access to over 1 lakh IDs from different places in India," Cyble said.

The personal data leaked by cyber criminals leads to various nefarious activities such as identity thefts, scams, and corporate espionage. Many criminals use the personal details in the IDs to win trust of the people over a phone call for fraudulent activities.

Cyber criminals leak personal data of 2.9 cr job-seeking Indians on dark web for free

The Cyble researchers acquired around 1,000 IDs from the seller and confirmed that the scanned IDs belong to Indians.

"Preliminary analysis suggests that the data originated from a third party, and no indication or artefact is indicating that it came from a government system. At this point, Cyble researchers are still investigating this further -- we are hoping to share an update soon," Cyble said.

The scanned ID documents indicate that the data may have been leaked from a company's data base in the segment where they have to comply with 'Know Your Customer' (KYC) norms.

"Cyble researchers have also learned about a surge in KYC and banking scams -- leaks such as this are often used by scammers to target individuals, especially elderlies," Cyble said.

The cyber intelligence firm has recommended people to refrain from sharing personal information especially financial information over phone, e-mail or SMS.

"Regularly monitor your financial transaction, if you notice any suspicious transaction, contact your bank immediately," the company said.

In May, Cyble showed two instances where personal data of 7.65 crore Indians have been put on sale in the dark web. In one instance, the seller claimed to have sourced data of 4.75 crore Indians from online directory Truecaller and in other, the seller claimed to have sourced from job websites.

Truecaller, however, had denied the claim of breach in its database.

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News Network
February 2,2020

Mount Maunganui, Feb 2: India registered a rare 5-0 whitewash against New Zealand after notching up a seven-run win in the fifth and final T20 International at Bay Oval here on Sunday.

Electing to bat, India posted 163 for three, riding on Rohit Sharma's 60 off 41 balls and a 33-ball 45 from K L Rahul.

The visitors then restricted the hosts to 156 for nine with Jasprit Bumrah claiming three wickets for 12 runs.

Chasing the target, the Black Caps were tottering at 17 for three in 3.2 overs.

Tim Seifert (50) and Ross Taylor (53) then added 99 runs for the fourth wicket as New Zealand recovered to 116.

Seifert clobbered a 30-ball 50 studded with five fours and three sixes, while Ross Taylor hit two sixes and five fours in his 47-ball 53-run innings.

However, once Seifert was dismissed in the 13th over, the hosts suffered a collapse, losing five wickets, including Taylor, for 25 runs to loss the plot in the end.

Brief Score:

India: 163 for 3 in 20 overs (Rohit Sharma 60; S Kuggeleijn 2/25)    

New Zealand: 156 for 9 in 20 overs (Ross Taylor 53, Tim Seifert 50; Jasprit Bumrah 3/12).

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