• The GCC Financial Forum 2019
India’s Jet grounds four planes after failing to pay lessors

India’s Jet grounds four planes after failing to pay lessors

India’s Jet Airways has grounded four planes after failing to pay lessors, the airline said, in the latest evidence of financial distress at the debt-laden carrier. The airline -- India’s second-largest by market share -- is buckling under the weight of debts worth $1.1 billion and is urgently seeking funds to continue flying.

The Mumbai-based carrier has been badly hit by fluctuating global crude prices, a weak rupee and fierce competition from budget rivals which has sparked price wars. Millions of dollars have been wiped off its market capitalisation over the past year. “Four aircraft have been grounded due to non-payment of amounts outstanding to lessors under lease agreements,” the carrier said in a statement to the Bombay Stock Exchange late Thursday.

“The company is actively engaged with all its aircraft lessors and regularly provides them with updates on efforts undertaken by the company to improve its liquidity,” it added. Jet Airways first hit turbulence in August when it failed to report its quarterly earnings or pay its staff, including pilots, on time.

Chief executive Vinay Dube later reported a loss of $178 million for July-September and announced a cost-cutting programme amounting to 20 billion rupees ($280 million) over the next two years. In January the airline admitted it had failed to meet debt payments to banks as it seeks investment to help turn around its fortunes.




US growth easing: Fed

US growth easing: Fed

The Federal Reserve believes US growth will “step down” this year from last year’s rapid pace amid rising global risks, including from tense trade relations, according to minutes released Wednesday. And given the grea

High-level US-China trade talks resume

High-level US-China trade talks resume

With eight days left in their trade truce, top US and Chinese officials were due yesterday to return to the daunting task of bridging a chasm between the world’s two largest economies. US President Donald Trump has repeatedly cla

Batelco Q4 profit jumps 119pc

Batelco Q4 profit jumps 119pc

Batelco (BATELCO), the regional telecommunications group with operations across 14 countries, yesterday reported a 119 per cent jump in its fourth-quarter net profit attributable to equity holders of the company to BD4.1 million or (US


Sangamam pays tribute to CRPF Martyrs

Sangamam pays tribute to CRPF Martyrs

Sangamam Irinjalakuda held the inauguration of its 2019 executive committee at Bang Saeng Thai restaurant on Thursday evening. Chief Guest was SPAC Chairman P Unnikrishnan. The meeting paid tribute to the martyrs of the Pulwama at

Holistic approach to reduce stress

Holistic approach to reduce stress

Indian Embassy in Bahrain yesterday launched a new yoga initiative aimed at bringing wellness into workplaces to help workers deal with dayto-day stress.  The new initiative, a yoga-based approach is organised by the Indian embass

All eyes on Sharm el-Sheikh

All eyes on Sharm el-Sheikh

His Majesty King Hamad bin Isa Al-Khalifa will lead Bahrain’s delegation to the first Arab-EU Summit, which kick-offs tomorrow in the presence of European and Arab leaders at Egypt’s Red Sea resort of Sharm el-Sheikh. The R

Lending a helping hand

Lending a helping hand

The supporting activities of the second edition of the Strongest Bahraini Championship were held yesterday at Bahrain International Circuit (BIC) under the patronage of HH Shaikh Khalid bin Hamad Al Khalifa. The move was part of humani

Saudi bags $10bn oil deal

Saudi bags $10bn oil deal

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud met China’s President Xi Jinping yesterday and bagged a $10-billion oil deal. Prince Mohammed arrived in Beijing on Thursday following visits to Pakistan and India. &ld

Hsieh upsets Pliskova

Hsieh upsets Pliskova

Hsieh Su-wei won the last six games to beat fourth seed Karolina Pliskova 6-4, 1-6, 7-5 yesterday in Dubai and will face a woman she has never beaten, Petra Kvitova, in the semi-finals. Second seed Kvitova, winner of the event in 2013,

Kim Kardashian sues fashion company

Kim Kardashian sues fashion company

Reality TV star Kim Kardashian West has filed a lawsuit against an online retailer for using her name and image without permission to advertise their own designs. Kim on Wednesday filed a case against Missguided USA, seeking damages in