Nirankari sect head Baba Hardev Singh killed in Canada accident: reports

New Delhi, Mar 16: Due to the coronavirus pandemic, most airlines in the world will be bankrupt by the end of May and only a coordinated government and industry action right now can avoid the catastrophe, said global aviation consultancy firm CAPA in a note on Monday.

"As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants," it stated.

Across the world, airlines have announced drastic reduction in their operations in the wake of the coronavirus outbreak. For example, Atlanta-based Delta Air Lines stated on Sunday that it would be grounding 300 aircraft in its fleet and reduce flights by 40 per cent.

The US has suspended all tourist visas for people belonging to the European Union, the UK and Ireland. Similarly, the Indian government has suspended all tourist visas and e-visas granted on or before March 11.

CAPA, in its note on Monday, said, "By the end of May-2020, most airlines in the world will be bankrupt. Coordinated government and industry action is needed - now - if catastrophe is to be avoided."

Cash reserves are running down quickly as fleets are grounded and "what flights there are operate much less than half full", it added.

"Forward bookings are far outweighed by cancellations and each time there is a new government recommendation it is to discourage flying. Demand is drying up in ways that are completely unprecedented. Normality is not yet on the horizon," it said.

India's largest airline IndiGo -- which has around 260 planes in its fleet -- said on Thursday that it has seen a decline of 15-20 per cent in daily bookings in the last few days.

The low-cost carrier had stated that it expects its quarterly earnings to be materially impacted due to such decline.

CAPA said the failure to coordinate the future will result in protectionism and much less competition.

"The alternative does not bear thinking about. An unstructured and nationalistic outcome will not be survival of the fittest.

"It will mostly consist of airlines that are the biggest and the best-supported by their governments. The system will reek of nationalism. And it will not serve the needs of the 21st century world. That is not a prospect that any responsible government should be prepared to contemplate," the consultancy firm said.

Washington, May 29: Reiterating his offer to mediate on the border dispute between India and China, US President Donald Trump has said that he spoke with Narendra Modi about the "big conflict" and asserted that the Indian Prime Minister is not in a "good mood" over the latest flare-ups between the two countries.

Speaking with the reporters in the Oval Office of the White House on Thursday, Trump said a "big conflict" was going on between India and China.

"I like your prime minister a lot. He is a great gentleman," the president said.

"Have a big conflict …India and China. Two countries with 1.4 billion people (each). Two countries with very powerful militaries. India is not happy and probably China is not happy," he said when asked if he was worried about the border situation between India and China.

"I can tell you; I did speak to Prime Minister Modi. He is not in a good mood about what is going on with China," Trump said.

A day earlier, the president offered to mediate between India and China.

Trump on Wednesday said in a tweet that he was "ready, willing and able to mediate" between the two countries.

Responding to a question on his tweet, Trump reiterated his offer, saying if called for help, "I would do that (mediate). If they thought it would help" about "mediate or arbitrate, I would do that," he said.

India on Wednesday said it was engaged with China to peacefully resolve the border row, in a carefully crafted reaction to Trump's offer to arbitrate between the two Asian giants to settle their decades-old dispute.

"We are engaged with the Chinese side to peacefully resolve it," External Affairs Ministry Spokesperson Anurag Srivastava said, replying to a volley of questions at an online media briefing.

While the Chinese Foreign Ministry is yet to react to Trump's tweet which appears to have caught Beijing by surprise, an op-ed in the state-run Global Times said both countries did not need such a help from the US President.

"The latest dispute can be solved bilaterally by China and India. The two countries should keep alert on the US, which exploits every chance to create waves that jeopardise regional peace and order," it said.

In Beijing, Chinese Foreign Ministry spokesman Zhao Lijian said on Wednesday that both China and India have proper mechanisms and communication channels to resolve the issues through dialogue and consultations.

Trump previously offered to mediate between India and Pakistan on the Kashmir issue, a proposal which was rejected by New Delhi.

The situation in eastern Ladakh deteriorated after around 250 Chinese and Indian soldiers were engaged in a violent face-off on the evening of May 5 which spilled over to the next day before the two sides agreed to "disengage" following a meeting at the level of local commanders.

Over 100 Indian and Chinese soldiers were injured in the violence.

The incident in Pangong Tso was followed by a similar incident in north Sikkim on May 9.

Manila, Apr 13: The Asian Development Bank (ADB) on Monday tripled the size of its response to novel coronavirus disease (COVID-19) pandemic to 20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB's 6.5 billion dollars initial response announced on March 18, adding 13.5 billion dollars in resources to help ADB's developing member countries counter the severe macroeconomic and health impacts caused by COVID-19.

The 20 billion dollar package includes about 2.5 billion dollars in concessional and grant resources.

"This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction and throw economies into recession," said ADB President Masatsugu Asakawa.

"Our expanded and comprehensive package of assistance, made possible with the strong support of our board, will be delivered more quickly, flexibly and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn," he said in a statement.

ADB's most recent assessment released on April 3 estimates the global impact of the pandemic at between 2.3 and 4.8 per cent of gross domestic product. Regional growth is forecast to decline from 5.2 per cent last year to 2.2 per cent in 2020.

The new package includes the establishment of a COVID-19 pandemic response option under ADB's countercyclical support facility.

Up to 13 billion dollars will be provided through this new option to help governments of developing member countries implement effective countercyclical expenditure programs to mitigate impacts of the COVID-19 pandemic, with a particular focus on the poor and the vulnerable.

Grant resources will continue to be deployed quickly for providing medical and personal protective equipment and supplies from expanded procurement sources.

Some 2 billion dollars from the 20 billion dollar package will be made available for the private sector. Loans and guarantees will be provided to financial institutions to rejuvenate trade and supply chains.

Enhanced microfinance loan and guarantee support and a facility to help liquidity-starved small and medium-sized enterprises, including those run by female entrepreneurs, will be implemented alongside direct financing of companies responding to or impacted by COVID-19.

The response package includes a number of adjustments to policies and business processes that will allow ADB to respond more rapidly and flexibly to the crisis. These include measures to streamline internal business processes, widen the eligibility and scope of various support facilities and make the terms and conditions of lending more tailored.

All support under the expanded package will be provided in close collaboration with international organisations, including the International Monetary Fund, World Bank Group, World Health Organisation, UNICEF, other UN agencies and the broader global community.