Business

5G much safer than previous networks: Huawei

MUMBAI: Chinese telecom equipment manufacturer Huawei‘s India chief executive Jay Chen on Thursday said 5G is more safer than previous networks and only quantum computing can help break into the architecture. Asserting that the company, which has made the entire world paranoid from the security front has never been found violating a security protocol in its three decades of presence. Speaking at an event, Chen also said that it is the only vendor willing to sign the “backdoor agreement”, through which it is committing for ensuring that no entity will have backdoor access to data. It can be noted the possibility of user data being used by Chinese entities because of Huawei’s network equipment has made many people concerned, especially at the cusp of a massive roll-ou...

Domestic air passenger traffic rise by 1.18% in Sep

NEW DELHI: Indicating further slowdown in the aviation sector, the domestic air passenger traffic this September increased by just 1.18 per cent compared to the same month last year, according to data released by the DGCA on Thursday. In August this year, the domestic passenger growth was 3.87 per cent compared to the same month last year. The domestic air traffic last month consisted of 11.79 million passengers compared to 11.35 million passengers in the same month last year, a jump of 1.18 per cent, as per data. Regarding September data, a senior official of Directorate General of Civil Aviation (DGCA) said, “The numbers are disappointing. They have pulled down our projection (for 2018-19)…to 4-6 per cent. The good news is that we have managed to withstand the sad exit of Jet...

Runway incursion: 2 SpiceJet pilots suspended

NEW DELHI: The licences of two SpiceJet pilots was on Thursday suspended for three months each for entering the runway without clearance while operating a flight at Delhi airport this August. While air traffic control (ATC) had asked them to stop at holding point of a runway, they crossed the same leading to the incursion. The incident had occurred on August 27, 2019, when the captain and co-pilot were operating a Boeing 737 (VT-SYF) as SG-8723 from Delhi to Mumbai. The order into this issued by joint DG, Directorate General of Civil Aviation (DGCA), B S Rai on Thursday says: “..investigation has revealed (ATC) gave taxi instruction to SG-8723 to ‘hold at holding point of runway 10’ and crew of SpiceJet confirmed that aircraft is holding at (that) point. However, it crossed holding point w...

Sensex zooms 453 points to close at 39,052

NEW DELHI: Rising for the fifth straight session, equity indices on Thursday ended in green with the benchmark BSE sensex soaring over 400 points, led by gains in banking and auto stocks, amid sustained foreign fund inflows. The 30-share BSE index rose 453.07 points or 1.17 per cent to close at 39,052.06. While, the broader NSE Nifty ended 122.35 points or 1.07 per cent up at 11,586.35. Domestic traders were enthused after finance minister Nirmala Sitharaman hinted at more stimulus measures as she urged international investors to pump funds into India. Top gainers in the sensex pack include Yes Bank, Tata Motors, IndusInd Bank, Bajaj Auto, Tata Steel, SBI and Asian Paints, with their shares rising as much as 15.19 per cent. While, HCL Tech, Vedanta, Power Grid, ONGC, Kotak Bank, Tech Mahin...

IMF urges major economies to prepare for coordinated action

WASHINGTON: The International Monetary Fund (IMF) on Wednesday urged the largest economies of the world, including India, to be prepared to engage in a coordinated policy action, a day after it downgraded the 2019 global growth rate to 3 per cent – the slowest pace since the 2008 global financial crisis. The remarks by Vitor Gaspar, director of the IMF’s fiscal affairs department, came a day after the IMF painted a grim picture of the global economy. “It is timely for the largest economies to be prepared to engage in a coordinated policy action if downside risks to the global economic growth materialise,” Gaspar told PTI in an interview. “More explicitly, in case there is a severe slowdown in the global economy, we need to be ready to work together, to face it...

Etihad, Air Arabia launch new low-cost airline

UBAI: Etihad Aviation Group, the owner of low-cost carrier Air Arabia, on Wednesday announced the signing of an agreement to launch ‘Air Arabia Abu Dhabi‘ – the first low-cost carrier of the UAE capital. Etihad and Air Arabia will set up an independent joint venture company that will operate as a low-cost passenger airline with its hub in Abu Dhabi International Airport. The new airline will complement Etihad’s services from Abu Dhabi and will cater to the growing low-cost travel market in the region. “With the emirate’s diverse attractions and hospitality offerings, travel and tourism play a vital role in the economic growth of the capital and the UAE. By partnering with Air Arabia and launching Abu Dhabi’s first low-cost carrier, we are serving t...

PMC scam: Former director being questioned by EOW

MUMBAI: The economic offences wing (EOW) of Mumbai Police on Wednesday called Surjit Singh Arora, one of the former directors of the scam-hit Punjab & Maharashtra Co-operative (PMC) Bank, for questioning.Arora was being questioned by the special investigation team of the EOW at the city police headquarters, an official said. Arora was a director of PMC Bank and was also on its loan committee, he said. “We are trying to get certain details about the bank’s loan disbursement process,” the official said. The EOW has already arrested promoters of HDIL group Rakesh and Sarang Wadhawan, former PMC Bank chairman Waryam Singh and former managing director Joy Thomas after the alleged Rs 4,355 crore scam came to light. Ambrane 10000mAh Lithium Polymer Power Bank (Capsule-10K, B...

Fundamentals of economy ‘very very strong’: CEA

NEW DELHI: Chief economic advisor (CEA) K V Subramanian on Wednesday called upon the industry to start making investments, stressing that the fundamentals of the economy are “very very strong”. On more than Rs 40,000 crore of dues pending to small companies, he nudged large corporates to ensure timely payment to the MSME sector as small players are dependent on cash flows. Large companies must play a critical role in clearing cash dues to smaller companies, he said at an event organised by industry chamber Ficci being attended by several corporates. Finance minister Nirmala Sitharaman on Monday had said that according to returns filed by large corporates to the corporate affairs ministry, as much as Rs 40,000 crore was due to the MSME sector. The CEA further said the slowdown i...

Oil minister Pradhan flexes India’s market muscle for better OPEC terms

NEW DELHI: India on Tuesday leveraged its position as the world’s third-largest oil consumer to seek better commercial terms from OPEC, the cartel of 14 oil exporting countries that accounts for 80% of the country’s oil imports. At a meeting with OPEC secretary-general Mohammad Sanusi Barkindo here, oil minister Dharmendra Pradhan sought lower OSP (official selling price), credit period of 90 days against 30 days at present, freight discount and open credit based on credit worthiness of Indian state-run refiners who are the main importers. Indian state-run refiners buy bulk of the crude under term contracts that follow the OSP set by the national oil company of the exporting country. The OSP is often higher for Asian customers ususally because of, among other reasons, a premium in the pric...

Reduce taxes on telecom industry: Jio president

NEW DELHI: Reliance Jio, the country’s biggest telecom operator, has petitioned the government to reduce the taxation on the Indian telecom industry ahead of spectrum auctions, and said that overall levies need to be brought down as the sector is under “severe duress” and needs the attention of the government. Mathew Oommen, president of Jio, said that license fee on telecom companies should be brought down to 1%, against the 8% now, while the Rs 35,000 crore worth of GST refunds and Rs 50,000 crore of money the government holds in USOF (Universal Services Obligation Fund) kitty should be used to reduce the stress of the industry. “The sector needs attention, and there is no question about this … Also, there is a need to do away with multiple taxes that we are paying,” Oommen said when ask...

Singh brothers said Rs 1k cr siphoned off in RFL case

NEW DELHI: The economic offences wing (EOW) of Delhi Police told a court here on Tuesday that Fortis Healthcare‘s former promoters Malvinder Singh and his brother Shivinder, arrested for allegedly misappropriating funds of Religare Finvest Ltd (RFL), have disclosed that an amount of about Rs 1,000 crore has been transferred to various persons from the entities linked to corporate loan book which was then allegedly siphoned off. The submission was made before Chief Metropolitan Magistrate Deepak Sherawat who extended by two days the police custody of the Singh brothers and Sunil Godhwani, the former chairman and managing director of Religare Enterprises Ltd (REL). All the three accused were produced from police custody on Tuesday. The investigating officer of the Delhi Police (EOW), i...

Despite slowdown India retains fastest-growing tag, alongside China: IMF

NEW YORK: In the gloomy global economic picture painted by the International Monetary Fund (IMF), India retains its rank as the world’s fastest-growing major economy, tying with China, with a projected growth rate of 6.1 per cent for the current fiscal year, despite an almost one per cent cut in the forecast. However, the IMF’s World Economic Outlook (WEO) released on Tuesday projected India’s economy to pick up and grow by 7 per cent in the 2020 fiscal year. The WEO cut India’s growth rate by 0.9 per cent from the 7 per cent made in July and by 1.2 per cent from the 7.3 per cent in April. In contrast to the dark view of the economy within India, when viewed globally, the nation’s picture seems brighter despite the cuts. IMF revises India’s growth projec...