BUSINESS
Akasa Air completes 6 months of operations; flies over 1mn passengers
Six months into operations, the airline is operating more than 700 weekly flights across 14 domestic destinations including Mumbai, Bengaluru, Delhi, Chennai, Cochin, Ahmedabad, Guwahati, Agartala, Goa, Vizag, Pune, Lucknow, Hyderabad and Varanasi across 23 unique routes. With 36 daily flights from Bengaluru, Akasa Air is the third largest domestic carrier in the city.
Pakistani rupee plunges against US dollar
The US dollar closed at 261.5 rupees on Tuesday. On Wednesday, the local currency depreciated by 4.61 rupees, or 1.73 per cent, against the US dollar, official figures showed. The rupee's four-session winning streak ended on Tuesday following a depreciation of 0.6 per cent, Xinhua news agency reported.
Spreading Wings: Akasa Air plans to procure over 100 aircraft
Akasa Air has completed six months of operation, and with the delivery of one aircraft every 15 days, the airline has reached a fleet size of 17 aircraft and has flown over one million passengers since its launch in August 2022. Akasa Air has been expanding its network across the country in a phased manner with a commitment towards making travel accessible in India through the introduction of routes in Tier 2 and 3 cities.
Russian-Indian consortium TMH-RVNL lowest bidder for Vande Bharat sleeper trains
The next lowest financial bidder is the consortium of BHEL-Titagarh Wagons. The Indian Railways had invited bids to roll out 200 Vande Bharat sleeper trains. As per the tender conditions, the second lowest bidder can make 80 trains at the price quoted by the lowest bidder.
Axis Bank completes acquisition of Citibank's consumer businesses in India
The deal has been closed with Axis Bank paying a total purchase consideration (after customary & contractual adjustments) of Rs 11,603 crore to Citibank India, a statement by Axis Bank said. The transaction comprises the sale of the consumer businesses of Citibank India, which includes loans, credit cards, wealth management, and retail banking operations.
Layoffs hit Nike, impacted workers write about 'unexpected life event' on LinkedIn
Most job cuts affected Nike recruiters who said that they have been laid off. Nike, however, did not comment on the social media posts about these job cuts. The employees posted on LinkedIn after Nike announced the resignation of Ratnakar Lavu, the top technology executive at the company.
Coal production rises 15% during April-February 2022-23
Coal India Ltd (CIL) reported production of 619.70 million tonnes up to February 2023 as compared to 542.38 million tonnes during the same period of the last fiscal, an increase of 14.26 per cent. Total coal despatch was 793.86 million tonnes during April 2022-February 2023 as compared to 740.96 million tonnes during same period of last year, a growth of 7.14 per cent which shows steady and efficient amount of coal despatch to various sectors.
Pakistan inflation hits all-time high
According to Arif Habib Corporation, this is the highest-ever CPI increase based on data available from July 1965, Dawn reported.
In February, 2022, inflation clocked in at 12.2 per cent. According to data released by the Pakistan Bureau of Statistics (PBS), inflation in urban and rural areas increased to 28.82 per cent and 35.56 per cent year-on-year respectively.
FTX fraud: Indian-origin Nishad Singh pleads guilty to criminal charges
Singh pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finance laws. Bankman-Fried, along with Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research, have all pleaded guilty in the ongoing case.
Adani Group secures $3 billion credit from 'undisclosed' sovereign wealth fund: Report
Adani's management reportedly told investors that the sovereign wealth fund was from the Middle East, although this information was not included in the memo. The Reuters' sources requested anonymity as they were not authorised to speak with the media. This announcement comes after Adani's management told bondholders on Tuesday that it expected to repay or prepay share-backed loans worth between $690 million and $790 million by the end of March.
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