Air fares have finally begun their descent to more reasonable levels this holiday season. On Saturday, Vijay Mallya-owned Kingfisher and low cost carriers — IndiGo and SpiceJet — decided to follow Jet and Air India in cutting fuel surcharge for domestic flights.
While full service carriers have dropped surcharge by Rs 400, LCCs — that had not raised them in last two rounds of jet fuel price hikes — have also reduced by Rs 200 to Rs 300. Now all Indian carriers, whether full service or low cost, have uniform fuel surcharge: Rs 1,950 for short flights and Rs 2,700 for those over one hour flying time.
LCCs like IndiGo and SpiceJet and AI (domestic) don't charge the congestion fee of Rs 150 that Jet and Kingfisher do. In fact, with the difference in fuel surcharge gone, LCCs would be under pressure to cut basic fares. They are looking at re-introducing attractive advance booking fares to stimulate demand. At present, full service carriers' fares are about 20% higher than LCCs and the latter want this gap to be 25-30% to be significantly cheaper.
The airlines' worst fears are coming true as the combined impact of economic glut and terror alerts has cast its shadow on passenger numbers in the ongoing peak travel season. The number of fliers is going to further drop from January to March (traditionally the leanest travel season). "We have to stimulate demand by attractive fares," said SpiceJet director Ajay Singh.
Sunday, December 7, 2008
Sat phones may help India trace jihadi trail
They have for long been a big chink in the Indian security apparatus. Not licensed to be sold here, Thuraiya satellite phones have been a favourite with the anti-India terror groups who use them to go about their deadly agenda without the fear of their calls getting intercepted.
However, as Mumbai cops gather evidence to strengthen their already-formidable case against Pakistan-based jehadi group, Lashkar-e-Taiba, a unique characteristic of Thuraiya satellite phone is proving to be of great help.
All the satellite phones have built-in GPS devices which help the Thuraiya `switch' -- master control facility -- in Sharjah to record the movement of a phone as it makes or receives calls.
Sources indicated that investigators, working together with the FBI, have already procured the details from Thuraiya which will help them plot the journey of the Lashkar gang when they set out from Kazghar Creek in Pakistan on their ghastly mission against India.
The Thuraiya switch at Sharjah will also have records of the co-ordinates of Lashkar leaders who used their satellite phones to communicate with their boys heading for Mumbai.
"The evidence will destroy Pakistan's deniability", asserted top intelligence sources, while indicating that Americans are working hard to get the evidence from Sharjah which will help them plot the movement of the gang as well as key Lashkar operatives -- Zakiurr Rahman and Muzammil.
Mohammad Ajmal, the arrested terrorist, has told interrogators that Zakiurr Rahman and Muzammil had instructed them to throw both the satellite phone and the GPS device into the sea after reaching Mumbai. While the jehadis scrupulously carried out their brief to kill innocents and cause mayhem, they forgot to jettison the two devices -- a lapse which threatens to spoil the celebrations over the Mumbai strikes in the Muridike headquarters of Lashkar and which has created complications for Pakistan.
Source: Agencies
However, as Mumbai cops gather evidence to strengthen their already-formidable case against Pakistan-based jehadi group, Lashkar-e-Taiba, a unique characteristic of Thuraiya satellite phone is proving to be of great help.
All the satellite phones have built-in GPS devices which help the Thuraiya `switch' -- master control facility -- in Sharjah to record the movement of a phone as it makes or receives calls.
Sources indicated that investigators, working together with the FBI, have already procured the details from Thuraiya which will help them plot the journey of the Lashkar gang when they set out from Kazghar Creek in Pakistan on their ghastly mission against India.
The Thuraiya switch at Sharjah will also have records of the co-ordinates of Lashkar leaders who used their satellite phones to communicate with their boys heading for Mumbai.
"The evidence will destroy Pakistan's deniability", asserted top intelligence sources, while indicating that Americans are working hard to get the evidence from Sharjah which will help them plot the movement of the gang as well as key Lashkar operatives -- Zakiurr Rahman and Muzammil.
Mohammad Ajmal, the arrested terrorist, has told interrogators that Zakiurr Rahman and Muzammil had instructed them to throw both the satellite phone and the GPS device into the sea after reaching Mumbai. While the jehadis scrupulously carried out their brief to kill innocents and cause mayhem, they forgot to jettison the two devices -- a lapse which threatens to spoil the celebrations over the Mumbai strikes in the Muridike headquarters of Lashkar and which has created complications for Pakistan.
Source: Agencies
Will the $15b-loan bail out help US auto industry?
Facing massive job losses, the White House and congressional Democrats are working to provide about $15 billion in loans to prevent Detroit’s weakened auto industry from collapsing. After yielding to President George W Bush on a key point, House Speaker Nancy Pelosi said the House would consider legislation next week to provide “short-term and limited assistance” to the US auto industry while it undergoes “major restructuring.”
“Congress will insist that any legislation include rigorous and ongoing oversight to guarantee that taxpayers are protected and that resources are directed to ensure the longterm viability and competitiveness” of the industry, Pelosi said in a statement. The Senate is also scheduled to be in session next week. The legislation, which was being crafted this weekend, would act as a lifeline to General Motors Corporation, Ford Motor Co. and Chrysler LLC while meeting demands from many skeptical lawmakers that Congress refrain from writing a blank check for the beleaguered industry. Officials in both parties said a key breakthrough on the long-stalled bailout came when Pelosi bowed to Bush’s demand that the aid come from a fund set aside for the production of environmentally friendlier cars. The California Democrat spoke to White House chief of staff Josh Bolten during the day to signal her change in position, they added.
Pelosi said the billions of dollars that had been set aside to modernize plants to develop the green cars would be repaid “within a matter of weeks.” Democrats said her hope was to include the funds in an economic recovery bill that lawmakers are expected to prepare for President-elect Barack Obama’s signature shortly after he takes office. Officials in both parties also said the legislation would include creation of a trustee or group of industry overseers to make sure the bailout funds were used by automakers for their intended purpose. The funds are designed to last until March, giving the incoming Obama administration and the new Congress time to consider the issue anew.
A Democratic aide said Pelosi was seeking a provision that would bar the automakers from using any of the funds to pursue a legal challenge to states seeking to implement tougher auto emission standards. The aide spoke on condition of anonymity because the legislation was not yet drafted.
Source: Agencies
“Congress will insist that any legislation include rigorous and ongoing oversight to guarantee that taxpayers are protected and that resources are directed to ensure the longterm viability and competitiveness” of the industry, Pelosi said in a statement. The Senate is also scheduled to be in session next week. The legislation, which was being crafted this weekend, would act as a lifeline to General Motors Corporation, Ford Motor Co. and Chrysler LLC while meeting demands from many skeptical lawmakers that Congress refrain from writing a blank check for the beleaguered industry. Officials in both parties said a key breakthrough on the long-stalled bailout came when Pelosi bowed to Bush’s demand that the aid come from a fund set aside for the production of environmentally friendlier cars. The California Democrat spoke to White House chief of staff Josh Bolten during the day to signal her change in position, they added.
Pelosi said the billions of dollars that had been set aside to modernize plants to develop the green cars would be repaid “within a matter of weeks.” Democrats said her hope was to include the funds in an economic recovery bill that lawmakers are expected to prepare for President-elect Barack Obama’s signature shortly after he takes office. Officials in both parties also said the legislation would include creation of a trustee or group of industry overseers to make sure the bailout funds were used by automakers for their intended purpose. The funds are designed to last until March, giving the incoming Obama administration and the new Congress time to consider the issue anew.
A Democratic aide said Pelosi was seeking a provision that would bar the automakers from using any of the funds to pursue a legal challenge to states seeking to implement tougher auto emission standards. The aide spoke on condition of anonymity because the legislation was not yet drafted.
Source: Agencies
Saturday, December 6, 2008
Hong Kong to create 250K jobs through infra projects
Hong Kong's government aims to create 250,000 jobs by launching 10 big infrastructure projects in 2009, its financial secretary said on Saturday, in an effort to slow the growing jobless rate in an economic downturn.
"(The) Hong Kong SAR government will facilitate the launch of 10 major infrastructure projects next year, hoping to bring in 250,000 jobs," John Tsang said in a radio programme, adding he had urged all government departments to propose ways of creating more jobs.
He gave no time frame for the 250,000 job target. Tsang had said earlier this week that he expected Hong Kong's economy to worsen in coming few months. The government recently cut its 2008 GDP growth forecast to 3 to 3.5 percent from 4 to 5 percent.
The unemployment rate rose to 3.5 percent in August-October, from 3.4 percent in July-September quarter. The government said the jobless rate was a lagging indicator and had yet to truly reflect the impact of the global financial crisis.
Economists see it topping 4 percent within a few months as Hong Kong is now in recession and as a trading and financial hub is being hit by the global economic downturn. The jobless rate has come down from a record 8.5 percent in the past five years as the economy has rebounded, but it now looks set to rise sharply in the next year as a global economic downturn hurts Hong Kong businesses.
Source: Agencies
"(The) Hong Kong SAR government will facilitate the launch of 10 major infrastructure projects next year, hoping to bring in 250,000 jobs," John Tsang said in a radio programme, adding he had urged all government departments to propose ways of creating more jobs.
He gave no time frame for the 250,000 job target. Tsang had said earlier this week that he expected Hong Kong's economy to worsen in coming few months. The government recently cut its 2008 GDP growth forecast to 3 to 3.5 percent from 4 to 5 percent.
The unemployment rate rose to 3.5 percent in August-October, from 3.4 percent in July-September quarter. The government said the jobless rate was a lagging indicator and had yet to truly reflect the impact of the global financial crisis.
Economists see it topping 4 percent within a few months as Hong Kong is now in recession and as a trading and financial hub is being hit by the global economic downturn. The jobless rate has come down from a record 8.5 percent in the past five years as the economy has rebounded, but it now looks set to rise sharply in the next year as a global economic downturn hurts Hong Kong businesses.
Source: Agencies
3M to cut 1,800 jobs globally in Q4
3M Co is cutting 1,800 jobs in the fourth quarter and ordering some workers to take vacation or unpaid time off for the last two weeks of the year.
3M spokeswoman Jackie Berry told the Star Tribune for a story posted Friday night that the worsening economy forced the cuts. She told the newspaper she didn't have a dollar amount on how much the company expects to save. The company is also postponing merit pay for next year, she said.
The Maplewood-based manufacturer had earlier announced 1,000 job cuts in the third quarter, which ended Sept. 30. The 1,800 new layoffs will come from the U.S., Western Europe and other developed nations.
Berry didn't say where specific cuts would be made, but told the Star Tribune "several hundred" will be in the United States.
Berry and other 3M spokespeople did not immediately return phone messages left by The Associated Press.
Along with the job cuts, 3M is pushing hundreds of workers to take vacation or unpaid time off for one to two weeks this month, the newspaper reported.
Berry said merit pay is normally distributed annually in April.
"What we have done is delay that merit increase," she said. "It's not part of the 2009 plan. However, that could change if the economic conditions are better than expected."
Source: Agencies
3M spokeswoman Jackie Berry told the Star Tribune for a story posted Friday night that the worsening economy forced the cuts. She told the newspaper she didn't have a dollar amount on how much the company expects to save. The company is also postponing merit pay for next year, she said.
The Maplewood-based manufacturer had earlier announced 1,000 job cuts in the third quarter, which ended Sept. 30. The 1,800 new layoffs will come from the U.S., Western Europe and other developed nations.
Berry didn't say where specific cuts would be made, but told the Star Tribune "several hundred" will be in the United States.
Berry and other 3M spokespeople did not immediately return phone messages left by The Associated Press.
Along with the job cuts, 3M is pushing hundreds of workers to take vacation or unpaid time off for one to two weeks this month, the newspaper reported.
Berry said merit pay is normally distributed annually in April.
"What we have done is delay that merit increase," she said. "It's not part of the 2009 plan. However, that could change if the economic conditions are better than expected."
Source: Agencies
No raise for Hewlett-Packard employees
If you are a Hewlett-Packard employee, you don’t have a raise coming your way. According to an internal memo, the company plans to use the funds meant for raises and bonuses to fund pension plans and other benefits. Interestingly, the memo also indicates that the upper management has nothing to worry.
Employees have been notified by e-mail that they won’t receive a salary increase in fiscal 2009, which began in November. The world’s largest personal-computer maker is freezing salaries as part of Chief Executive Officer Mark Hurd’s efforts to contain costs. The company has already gone ahead and cut jobs, closed offices and merged data centers to lift profit. It is also limiting travel, curtailing hiring and eliminating “favorite science projects” to save on research costs in 2009, Chief Financial Officer Cathie Lesjak said last month on a conference call.
Hewlett-Packard, which has 320,000 employees, declined to confirm the salary freeze. “In this difficult macroeconomic environment, we believe it is prudent and responsible to reduce costs where possible,” said spokeswoman Emma McCulloch. “HP has a longstanding and disciplined approach to managing costs in order to invest in the company’s growth.”
Hewlett-Packard, based in Palo Alto, California, the shares have dropped 34 per cent this year.
Hurd, who became CEO in 2005, received $25.3 million in total compensation in fiscal 2007.
Source: Economic Times
Employees have been notified by e-mail that they won’t receive a salary increase in fiscal 2009, which began in November. The world’s largest personal-computer maker is freezing salaries as part of Chief Executive Officer Mark Hurd’s efforts to contain costs. The company has already gone ahead and cut jobs, closed offices and merged data centers to lift profit. It is also limiting travel, curtailing hiring and eliminating “favorite science projects” to save on research costs in 2009, Chief Financial Officer Cathie Lesjak said last month on a conference call.
Hewlett-Packard, which has 320,000 employees, declined to confirm the salary freeze. “In this difficult macroeconomic environment, we believe it is prudent and responsible to reduce costs where possible,” said spokeswoman Emma McCulloch. “HP has a longstanding and disciplined approach to managing costs in order to invest in the company’s growth.”
Hewlett-Packard, based in Palo Alto, California, the shares have dropped 34 per cent this year.
Hurd, who became CEO in 2005, received $25.3 million in total compensation in fiscal 2007.
Source: Economic Times
No raise for Hewlett-Packard employees
If you are a Hewlett-Packard employee, you don’t have a raise coming your way. According to an internal memo, the company plans to use the funds meant for raises and bonuses to fund pension plans and other benefits. Interestingly, the memo also indicates that the upper management has nothing to worry.
Employees have been notified by e-mail that they won’t receive a salary increase in fiscal 2009, which began in November. The world’s largest personal-computer maker is freezing salaries as part of Chief Executive Officer Mark Hurd’s efforts to contain costs. The company has already gone ahead and cut jobs, closed offices and merged data centers to lift profit. It is also limiting travel, curtailing hiring and eliminating “favorite science projects” to save on research costs in 2009, Chief Financial Officer Cathie Lesjak said last month on a conference call.
Hewlett-Packard, which has 320,000 employees, declined to confirm the salary freeze. “In this difficult macroeconomic environment, we believe it is prudent and responsible to reduce costs where possible,” said spokeswoman Emma McCulloch. “HP has a longstanding and disciplined approach to managing costs in order to invest in the company’s growth.”
Hewlett-Packard, based in Palo Alto, California, the shares have dropped 34 per cent this year.
Hurd, who became CEO in 2005, received $25.3 million in total compensation in fiscal 2007.
Source: Economic Times
Employees have been notified by e-mail that they won’t receive a salary increase in fiscal 2009, which began in November. The world’s largest personal-computer maker is freezing salaries as part of Chief Executive Officer Mark Hurd’s efforts to contain costs. The company has already gone ahead and cut jobs, closed offices and merged data centers to lift profit. It is also limiting travel, curtailing hiring and eliminating “favorite science projects” to save on research costs in 2009, Chief Financial Officer Cathie Lesjak said last month on a conference call.
Hewlett-Packard, which has 320,000 employees, declined to confirm the salary freeze. “In this difficult macroeconomic environment, we believe it is prudent and responsible to reduce costs where possible,” said spokeswoman Emma McCulloch. “HP has a longstanding and disciplined approach to managing costs in order to invest in the company’s growth.”
Hewlett-Packard, based in Palo Alto, California, the shares have dropped 34 per cent this year.
Hurd, who became CEO in 2005, received $25.3 million in total compensation in fiscal 2007.
Source: Economic Times
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