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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News Network
August 2,2020

Bengaluru, Aug 2: Within a year of returning to power for the fourth time as Chief Minister in Karnataka, septuagenarian B.S. Yediyurappa has consolidated his position in the ruling BJP to stay the course till the next Assembly elections in mid-2023.

"A combination of factors helped Yediyurappa to consolidate and stay the course for the remaining term of his office to ensure the saffron party retains power in the state though he is unlikely to stake claim for the chief minister's post again as he would be 80 years old by 2023," a party source told news agency here.

Since the 77-year-old seasoned politician assumed office on July 26, 2019, the first year has been tumultuous for him, as he had go through a "trial by fire" what with the party's mighty high command and detractors testing his patience in the face of natural calamities like drought, floods and the Covid pandemic.

The first 7-8 months of the term were spent in tackling drought and floods, winning 12 of the 15 by-elections in December to secure a majority for the ruling party in the lower house and expanding the cabinet in February.

Even as Yediyurappa was settling down to seriously govern after presenting the state budget for fiscal 2020-21 in early March, the coronavirus outbreak overwhelmed him, as the pandemic spread and wreaked havoc, disrupting life, livelihood, economic growth and development.

"While the emphatic victory in the by-elections ensured the government's stability till the assembly term up to mid-2023, the second cabinet expansion on February 6 posed a challenge to Yediyurappa, as he could induct only 10 of the 12 MLAs who defected from the Congress and the Janata Dal-Secular (JD-S) and won the by-elections, triggering a revolt in the party by the loyalists left out of the ministry," the source recalled.

Though Yeddiyurappa has been leading the battle against the virus from day 1 and initially succeeded in controlling it from spreading during the extended lockdown till May 31, reopening the state under Unlock since June has undone the gains, as positive cases shot up to 1,29,287 so far, including 73,219 in Bengaluru after 53,648 recovered from across the state till date, while 2,412 succumbed to the deadly disease since March 9.

"For a state of 7 crore population, the data reveals that the pandemic has been fought on war-footing to contain it from spreading in all the 30 districts, although there are no signs of it going away till a vaccine is found. The chief minister has been trying to balance unlocking the state and containing the infection," a member of the health task force told IANS.

With six cabinet posts in the 34-member ministry being vacant, filling them will be a daunting task for Yediyurappa, as at least 20 legislators, including 5-6 newly elected turncoats and party's veterans are lobbying to become ministers at any cost.

By appointing 20 party legislators as heads of state-run board and corporations, nominating 5 as members of the state legislative council, including JD-S defector A.H. Vishwanath in July and getting 2 Congress defectors R. Shankar and M.T.B. Nagaraj elected as MLCs in June with 2 others, Yediyurappa ensured that these lawmakers would not be in the reckoning for the 6 cabinet posts, as dozen MLAs are already pitching for them.

Nagaraj and Vishwanath lost in the December 5 by-elections, while Shankar was not given a ticket to contest in the by-poll but was assured of making him an MLC with another disgruntled member C.P. Yogeshwar, who lost in the 2018 May assembly polls to JD-S leader and former chief minister H.D. Kumaraswamy of the 14-month-old JD-S and Congress coalition government from May 23, 2018 to July 23, 2019.

Resignations of 17 rebels, including 14 from the Congress and 3 from the JD-S led to the fall of the coalition government, as Kumaraswamy lost the majority in the 225-member assembly on July 23, 2019 in their absence.

Though Yediyurappa led the party to win 105 seats in the 2018 assembly elections and formed a government on May 17, 2018, he resigned 3 days later on May 19, 2018, as he fell 8-9 seats short of the halfway mark (113) for a simple majority in the lower house.

In a post-poll alliance, the JD-S and the Congress formed the coalition government to keep the BJP out of power in May 2018, after the assembly elections gave split verdict and the Congress lost power then.

"The record victory of the ruling party in the May 2019 general elections, when 25 of its 27 contestants won out of 28 Lok Sabha seats from the state, reinforced the popular belief that Yediyurappa is the party's mascot in winning elections and an unquestionable leader of the politically dominant Lingayats in the state," the source pointed out.

When Yediyurappa left the BJP and floated a regional outfit (Karnataka Janata Party) in January 2013, he delivered a body blow to the BJP in the May 2013 state assembly polls, as the votes got split and was defeated by then Congress.

"Besides the party's high command, everyone in the party's state unit, including leaders and cadres are aware of Yediyurappa's popularity across the state, as has the wherewithal to connect with masses and win elections," the source added.

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News Network
July 24,2020

Bengaluru, Jul 24: To condemn violence on healthcare workers and to voice issues concerning medical fraternity, Karnataka Association Of Resident Doctors (KARD) has called for a nationwide symbolic protest from July 24.

"In order to condemn violence on healthcare workers and to voice all our issues, we have called nationwide symbolic protest from July 24. We will protest symbolically by wearing black bands, across the state and have sought support from residents pan-India," KARD said in a statement.

"We, the resident doctors of Karnataka have been undergoing various difficulties while executing our duties during the COVID-19 pandemic," it added.

"Arrest and legal action against culprits involved in K.C General hospital incident. Arrest and legal action against culprits involved in Belgaum incident. Condemnation of atrocities on doctors in Bidar and action against the official. Ensuring safety protocols at all hospitals and COVID care centres with adequate security and police personnel," KARD demanded.

"No hierarchy in a pandemic"- common work pattern for all doctors irrespective of hierarchy/cadre. Immediate release of funds for a stipend for an already sanctioned hike. COVID duty and night duty allowances. Ensuring an adequate supply of N-95 masks, face shields, surgical gowns in all non-COVID working areas. An adequate supply of good quality PPEs for all COVID working areas," KARD demanded.

Earlier, the nurses of Karnataka Institute of Medical Sciences (KIMS) in Hubli called off the protest after receiving assurance from Nitish Patil, the Dharwad district Deputy Commissioner (DC).

The protest was staged on Wednesday afternoon in front of KIMS by nurses who alleged that the administration had not provided adequate Personal Protective Equipment (PPE) kits, masks and sanitary facilities amid the COVID-19 pandemic situation. 

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News Network
March 23,2020

Kasaragod, Mar 23: The district administration on Monday decided to abandon efforts to map out the movement details of the NRI who came from Dubai recently and came into contact with many in North Kerala.

The district has been completely locked down since Monday morning, on the directive of the Central Government. Prohibitory orders have been slapped in the district since Sunday night to restrict socialisation of the people.

As the person now in isolation have allegedly been non-cooperative, the authorities were finding it difficult to sketch out a rote map as his movement and socialisation has been so vast and wide since his arrival here on March 12.

The middle aged and popular NRI who landed at Karipur airpprt on March 11 had been in Calicut till midnight prior to boarding the Maveli Express to make it to his hometown Kasaragod, which is 160 kms away from Calicut. He had come into contact with very many, including two MLAs of the district, prior to getting tested positive and getting isolated in the hospital.

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