Companies & Sectors
Kingfisher to extend lockout as meeting with workers fail

The meeting between Kingfisher management and striking pilots and engineers failed to resolve the issues, including non payment of salaries since past six months

Mumbai: Embattled Kingfisher Airlines, which has been grounded since 29th September, on Wednesday said it will have to extend its 20th October deadline to resume operations, as a meeting with the striking employees today failed to resolve the deadlock, reports PTI.


On 10th October, the airline had said it would resume operations from 20th October.


"We will have to look at extending the lockout for a few more days... The meeting with the representatives of pilots and engineers was very good. The discussions are moving in the right direction," airline chief executive Sanjay Agarwal told reporters after emerging from a meeting with the employee representatives this evening.


When asked about the next meeting, he said, "We will be meeting again shortly," without offering a direct answer.


The meeting held at the Shaw Wallace House, a UB property in the southern tip of the city, was also attended by airlines' HR head and four pilots and engineers each.


On the outcome on the issue of salary, which has not been paid for the past seven months and on which employees have been striking since the past three weeks, he did not offer a direct answer, but just said that discussions are going on in the right direction and they will be meeting soon again.


Two engineers, who attended the meeting but did not want to be named, also said that the meeting was very positive and they will be meeting shortly.


However, two senior pilots, who did not attend the meeting, said the meeting failed, indicating that there are fissures among the pilots and the engineers, who are the prime-movers behind the strike. In fact, the strike was started by the engineers on 29th September.


When specifically asked whether they are ready to climb down from their demand for complete payment of their salary dues, the engineers said their basic agenda is to get their salaries, but indicated that it is negotiable.


Kingfisher Airlines, launched in May 2005, has never made profit, and is sitting on a debt pile of over Rs8,000 crore including over Rs420 crore of tax arrears, apart from the accumulated loss of over Rs8,000 crore.


Hyderabad's last Nizam named all-time richest Indian, sixth in the world

With an inflation adjusted fortune of $400 billion, Mansa Musa I, the obscure 14th century African king would have been considerably richer than the world's current richest man, Carlos Slim, who ranks in 22nd place with a relatively paltry $68 billion. The poorest man on the list is 82-year-old Warren Buffett, who at his peak had net worth of $64 billion

London: When you think of India's all-time richest people, what are the names that cross your mind? No, it's not the Tatas, Birlas or Ambanis, it's Osman Ali Khan, the last Nizam (or ruler) of Hyderabad, reports PTI.
According to a new inflation-adjusted list of the world's richest people of all time, the Nizam, who ruled Hyderabad between 1886-1967, was ranked sixth with $236 billion.
Osman Ali Khan died in 1967 at age of 80.
Mansa Musa I of Mali, the obscure 14th century African king - was named the richest person in all history, British newspaper 'The Independent' reported.
With an inflation adjusted fortune of $400 billion, Mansa Musa I would have been considerably richer than the world's current richest man, Carlos Slim, who ranks in 22nd place with a relatively paltry $68 billion.
The list, compiled by the Celebrity Net Worth website, ranks the world's 24 richest people of all time. The list advertises itself as the top 25, but only 24 names appear in the list.
Although the list spans 1,000 years, some aspects of wealth appear consistent throughout history; there are no women on the list, only three members are alive today, and 14 of the top 25 are American.
The list uses the annual 2199.6% rate of inflation to adjust historic fortunes a formula that means $100 million in 1913 would be equal to $2.299.63 billion today.
Mansa Musa I ruled West Africa's Malian Empire in the early 1300s, making his fortune by exploiting his country's salt and gold production.
Second on the list are the Rothschild family, whose descendants are still among the richest people on the planet.
Starting out in banking in the late 18th Century, Mayer Amschel Rothschild's finance house accumulated a total wealth of $350 billion.
Meanwhile, John D Rockefeller, third on the list, is the richest American to have ever lived, worth $340 billion in today's US dollar at the time of his death in 1937.
In comparison, the poorest man on the list is 82-year-old Warren Buffett, who at his peak net worth, before he started giving his fortune to charity, was $64 billion.




5 years ago

What about King of Travancore?

Tata Motors eyes No 2 slot with launch of new vehicles

Tata's newly launched SUV Safari Storme, priced between Rs9.95 lakh to Rs13.66 lakh will compete with M&M's Scorpio and XUV 500 and Renault's Duster which was recently launched in the market

Gurgaon: Aspiring to wrest the number two slot in Indian passenger vehicle market, Tata Motors on Wednesday said it will launch six new products in the next one year, reports PTI.


Launching a new version of its sports utility vehicle (SUV) Safari Storme, priced between Rs9.95 lakh and Rs13.66 lakh, the Tata group company said that while its focus will be on the volumes segment, it will also continue to introduce new products in the fast growing SUV market.


"In the next one year there will be six new offerings from us. It will be a mix of brand new models and refreshes," Tata Motors Managing Director Karl Slym told reporters.


Spelling out the roadmap for the company, the newly appointed Managing Director said, "We see ourselves as a strong number two player and that is where my vision is for the short to medium term, and eventually become the number one in the long term."


Currently the number one position in the passenger vehicle market is occupied by Maruti Suzuki India, followed by Hyundai Motor. There is a see-saw battle between Tata Motors and Mahindra and Mahindra (M&M) for the third position.


Slym said Tata Motors needed some course correction in order to grow its sales.


"We need to go to the market where the customers are. We do have good products such as the Nano, Manza and Aria. But those are not selling well as much as we would like to because we are not there where the customers are."


Asked about the company's product portfolio strategy to challenge for the number one spot, Slym said, "We need to have more presence in the volume segment, where 70% of sales are from from small cars. Not only that we also need to be present in the SUV segment, where we have just introduced the Safari Storme to add to the existing Safari.


When asked about the company's globalisation plan for Nano, he said the next generation Nano is likely to be launched in the US and Europe three years from now and the company would consider exporting completely built units or assembly of completely knocked down units.


He further said that since the company already has distribution presence in Poland, Spain and Italy, it would make sense for the company to start with these markets as and when Tata Motors decides to launch the Nano in Europe. He however did not give a timeline for the launch.


Commenting on the new Safari Storme, Slym said the new product will further enhance the company's strength in the SUV segment.


The Safari Storme which is powered by a 2.2 litre diesel engine will compete with Mahindra and Mahindra's Scorpio and XUV 500 and Renault's Duster which was recently launched in the market.


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