logo
Air India received nine notices for safety violations in six months, Indian minister says

Air India received nine notices for safety violations in six months, Indian minister says

Business Recorder19 hours ago
NEW DELHI: Air India has received nine show cause notices in the last six months, junior civil aviation minister Murlidhar Mohol told lawmakers on Monday, amid heightened scrutiny of the airline in the aftermath of a deadly crash.
The notices were related to five safety violations, Mohol added, without giving any details on the violations.
'Enforcement action has been completed in respect of one violation,' he said.
Air India has come under scrutiny after a Boeing 787 Dreamliner crashed in the Indian city of Ahmedabad last month, killing 260 people.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Indian refiners' June crude processing drops 4.2% from a month earlier
Indian refiners' June crude processing drops 4.2% from a month earlier

Business Recorder

timean hour ago

  • Business Recorder

Indian refiners' June crude processing drops 4.2% from a month earlier

Indian refiners' crude throughput declined by 4.2% month-on-month in June to 5.41 million barrels per day (22.13 million metric tons), according to provisional government data released on Tuesday. Refinery throughput in May was at 5.47 million barrels per day (23.11 million metric tons). On a year-on-year basis, refinery throughput fell 0.3%. India's fuel consumption fell 4.7% in June from the previous month to 20.31 million metric tons, oil ministry data showed. India is the world's third-biggest oil importer and consumer. 'Looking at the last years, refinery runs every year declined from May into June, likely driven by seasonally declining domestic oil demand due to the monsoon,' said Giovanni Stau novo, an analyst at UBS. Indian Oil to upgrade Panipat diesel refinery for green jet fuel production Meanwhile, Oil Minister Hardeep Singh Puri said India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions. U.S. President Donald Trump threatened to hit buyers of Russian exports with sanctions unless Russia agrees a peace deal over the conflict in Ukraine, potentially complicating Moscow's oil sales to China, India and Turkey. India's monthly oil imports from Russia in June surged 17.4% to about 2 million barrels per day, data provided by trade sources showed. India's state-run Oil and Natural Gas Corporation is exploring building a 200,000-240,000 barrel-per-day refinery at Jamnagar in the western Indian state of Gujarat, a company source said last week.

Wall Street mixed as markets balance trade talks against tariffs' impact on results
Wall Street mixed as markets balance trade talks against tariffs' impact on results

Business Recorder

time5 hours ago

  • Business Recorder

Wall Street mixed as markets balance trade talks against tariffs' impact on results

Wall Street struggled for direction on Tuesday as investors weighed signs of progress in U.S. trade talks and perused a spate of second-quarter company earnings, some of which showed a hit from President Donald Trump's tariff policies. At 09:38 a.m. ET, the Dow Jones Industrial Average rose 68.00 points, or 0.16%, to 44,393.01, the S&P 500 gained 5.04 points, or 0.08%, to 6,310.64, and the Nasdaq Composite lost 19.88 points, or 0.09%, to 20,954.29. Tariffs have started to take a bite out of Wall Street giants. General Motors saw its second-quarter profit skid 32% to $3 billion, with the automaker blaming hefty tariff costs for carving out $1.1 billion from its results. The company's shares lost 6.5%, while peer Ford also dipped 1.4%. 'Everyone's watching GM very closely and the numbers did disappoint, and specifically related to tariffs,' said Mark Malek, chief investment officer at Muriel Siebert. 'The fact that they (GM) did come out and say that there's going to be a forecast based on increases in tariffs is something that is going to play out throughout the day.' RTX slashed its 2025 profit outlook after taking a direct hit from Trump's tariff war, sending its shares down 3.9%. Wall Street Week Ahead: Industrial sector's gains to be tested as earnings ramp up Lockheed Martin did not fare much better — its second-quarter profit nosedived nearly 80% after booking a hefty $1.6 billion pre-tax loss. Yet, despite the trade turbulence from Washington, the robust U.S. economy has powered major indexes to fresh all-time highs. Treasury Secretary Scott Bessent is set to meet his Chinese counterpart next week, potentially discussing an extension to the August 12 deadline set for tariffs on China. With just over a week before the August 1 deadline for most U.S. trading partners, Bessent stressed that the administration was focused on striking high-quality trade deals, not just quick ones. Meanwhile, negotiations stalled with optimism for a breakthrough deal with India waning, according to Indian government officials, and as the EU weighed new countermeasures against the U.S. Still, a slew of positive earnings surprises has kept markets near record territory. Analysts expect S&P 500 companies to report a healthy 6.7% jump in second-quarter profits, with Big Tech leading the charge, data compiled by LSEG showed. Investors piled into tech titans on Monday, with Google-parent Alphabet powering Wall Street gains ahead of its results. The company is scheduled to kick off earnings for the 'Magnificent Seven' megacaps along with Tesla on Wednesday. Tesla rose 0.1% on Tuesday. The healthcare sector jumped 1.3% to lead sectoral gains after falling for the last three sessions. Meanwhile, Philip Morris fell 7.5%, after reporting second-quarter revenue behind expectations, while Coca-Cola slipped 1% despite beating quarterly profit estimates. The stocks dragged the consumer sector to the bottom. After last week's mixed economic cues, traders have all but ruled out an interest-rate cut next week. They now see about a 58% chance of a reduction in September, according to the CME's FedWatch tool. Advancing issues outnumbered decliners by a 2.21-to-1 ratio on the NYSE and by a 1.65-to-1 ratio on the Nasdaq. The S&P 500 posted seven new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 22 new lows.

TSX flat as investors await trade updates
TSX flat as investors await trade updates

Business Recorder

time5 hours ago

  • Business Recorder

TSX flat as investors await trade updates

Canada's main stock index was subdued on Tuesday, pressured by technology stocks, as investors awaited potential trade deals between the U.S. and its partners. The Toronto Stock Exchange's S&P/TSX composite index was down 0.03% at 27,307.73 points. Trade negotiations appeared shaky after EU diplomats said the 27-nation bloc was considering broader counter-measures against Washington. Prospects for an interim trade deal between India and the U.S. have also dimmed, according to Indian government sources. Meanwhile, U.S. Treasury Secretary Scott Bessent announced plans to meet his Chinese counterpart next week, potentially discussing an extension to the August 12 deadline set for tariffs on China. The Bank of Canada said in a survey Canadian businesses see less chance of a worst-case tariff scenario but remain cautious, while keeping hiring and investment in check. 'The TSX should do relatively well throughout this earnings period,' said Ian Chong, portfolio manager at First Avenue Investment Counsel. He added that while there will be a tariff impact, it will be 'relatively muted' since the full-blown 35% tariff on Canada has not been set yet. On the TSX, materials stocks gained 1.1% after gold prices retreated from a five-week high. Conversely, the information and technology subindex slipped 1.8%, tracking declines in its Wall Street peers. In the U.S., Alphabet and Tesla will kick off the results season for the 'Magnificent Seven' stocks on Wednesday.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store