Some airlines have started talks with various foreign missions in India to take care of the stranded passengers from those countries
Air India, Jet Airways and Kingfisher Airlines on Monday cancelled their flights to the UK and other parts of Europe in the wake of huge clouds of volcanic ash emanating from Iceland, reports PTI.
Air India and Jet would, however, operate their flights to the US and Canada by taking a diversion, sources in the airlines said.
An Air India spokesperson said the airline will operate its flights from New Delhi to New York and New York to Delhi and also Mumbai-New York and New York-Mumbai flights with a diversion through a polar route. A polar route refers to an aircraft route across the uninhabited polar ice cap region.
Jet Airways has also started its Delhi-Toronto and Mumbai-New York flights with a technical stopover at Athens in Greece.
Some airlines have started talks with various foreign missions in India to take care of the stranded passengers from those countries.
Maintaining that they had already provided full accommodation and other facilities to hundreds of passengers for the past 2-3 days, they also said they were finding it difficult to continue this facility any longer.
Airline sources also said the carriers could not be held liable for disruption of flight operations under such circumstances.
Under the brand licensing agreement, Videocon will assume the responsibility of selling and after sale services of Philips consumer television sets in India
Netherlands-based consumer durables major Philips on Monday said it has entered into a five- year licensing agreement with Videocon to market its television sets in India, reports PTI.
"We have entered into a brand licensing agreement with Videocon under which it will assume the responsibility of selling and after sale services of Philips consumer television set in India," Philips India chief executive Murali Sivaraman told reporters in New Delhi.
He further added that under this agreement, Videocon, which has a large integrated presence in the country, will sell Philips colour television sets manufactured by Videocon according to the specifications and standards maintained by Philips globally.
The company expects that with the help of the large sales and distribution network of Videocon, it will increase the presence of television sets in the country significantly.
Philips, which has been operating in India for more than 80 years, earlier said that it is strategically shifting its focus to the healthcare and lifestyle segments.
Videocon recently failed to acquire Finland-based consumer electronics maker Elcoteq. Last September, both companies had announced that they have signed a non-binding letter of intent (LoI) for negotiating and finalising a potential Definitive Transaction Agreement.
We are at the crossroads of either a move towards ‘normalisation’ or towards a super-bubble
The market started the week shedding 80 points from the previous week’s close. The downfall continued throughout the week with the Sensex shedding almost 2% on a weekly basis and ending lower after a straight nine-week rally. While the sentiment was subdued due to the row over the unit-linked insurance plan (ULIP) issue between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) at the beginning of the week, concerns over a possible interest rate hike by the central bank made investors stay away from the market, dragging down indices.
US wholesale inventories rose more than expected in February and sales at wholesalers reached their highest level in 16 months, brightening prospects for better first-quarter financial and earnings growth. European finance ministers have been meeting to work out a solution for the Greek debt crisis. However, the Greek prime minister has said that the nation is going through austerity measures and any proposal for external help will be evaluated on the basis of the nation’s interest. World Trade Organisation chief Pascal Lamy said that the recovery in the global job market will be delayed. China’s economy grew at a faster pace than expected, raising the need for its central bank to tighten its monetary policy. The economy grew at 11.9% in the March quarter, the fastest since 2007.
Closer home, industrial output in February grew at a slower rate than expected. Output rose 15.1% in February from a year earlier, less than a rise of 16.7% in January, and a 16% rise expected by analysts. The Reserve Bank of India (RBI) has allowed foreign institutional investors to use their government bond holdings and foreign sovereign securities with ‘AAA’ ratings as collateral for stock market transactions. The meteorological department has said that a second consecutive dry season is unlikely. The monsoon season last year was the worst in the past 37 years, creating a shortage in sugarcane and oilseed production. Data from the weather office shows that out of about 20 droughts since 1901, 17 were followed by near-normal rainfall. The weather office will issue its formal monsoon forecast in the second half of April. The wholesale price index (WPI) rose an annual 9.9% in March, the fastest pace in 17 months, driven by higher food and fuel prices. The food articles’ index rose an annual 16.65% in March and the fuel price index rose 12.71%. In the 12 months to 3rd April, the food price index rose 17.22% and the fuel index was up 12.43%. The chief economic adviser to the finance ministry has said that the economy has probably grown 8.5% in the March quarter. The finance minister and the RBI governor met ahead of the monetary policy review.
The government hinted that a rate hike may be on the cards—ahead of RBI’s next week’s monetary policy meet—as growth is surging and inflation remains high. Analysts expect interest rates to be hiked by 25 bps or even 50 bps. The RBI raised the cash reserve ratio (CRR) for banks by a more-than-expected 75 bps in January and followed it with a between-meeting surprise 25 bps point increase in the key repo and reverse repo rates in March.
The government expects private companies to invest half of the projected $1-trillion investment in infrastructure between 2012 and 2017. Difficulties in acquisition of land, and underdeveloped bond markets, have been coming in the way of long-term infrastructure projects. A new regulation from SEBI has tightened disclosure norms for foreign institutional investors. Foreign investors now have to disclose to the regulator whether investments are in the form of multi-class vehicles (MCVs), segregated portfolio companies (SPCs) or protected cell companies (PCCs). Gem and jewellery exports rose 16% in 2009-10, compared to the same period a year ago, driven by increased sales of cut and polished diamonds.