India aviation watchdog finds 263 lapses at Indian airlines in annual audit
The audits were carried out as part of International Civil Aviation Organization requirements and global best practices, the Directorate General of Civil Aviation (DGCA) said on Wednesday, cautioning that higher number of findings are normal for airlines with bigger fleet sizes.
Reuters reported on Tuesday that DGCA had found 51 safety lapses at Air India in its July audit, including lack of adequate training for some pilots, use of unapproved simulators and a poor rostering system. The audit was not related to the deadly Boeing 787 crash last month that killed 260 people in Ahmedabad.
The DGCA said it had also found 14 deficiencies at SpiceJet and 17 at Vistara, which is now part of Air India. The regulator found 25 lapses at Air India Express, Air India's budget carrier. Akasa Air is yet to be audited.
The regulator did not detail what kind of lapses were found but divided the list of breaches into "Level I", which are significant breaches, and "Level II", which are other non-compliances. In total, 19 "Level I" breaches were found at Indian airlines, the DGCA said.
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Crypto Insight
5 hours ago
- Crypto Insight
China's crypto liquidation plans reveal its grand strategy
Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association Last week's announcement of Hong Kong's LEAP Digital Assets Policy Statement 2.0 was made with much anticipation and fanfare. The government of Hong Kong promised a comprehensive regulatory framework that will unify licensing and 'expand the suite of tokenised products.' Yet beneath the hype and visible maneuvers lies a far more consequential move: Beijing's (the world's second largest holder of crypto) announcement of its intention to liquidate confiscated virtual currencies through Hong Kong's licensed exchanges. These events, while seemingly separate, are actually components of a carefully orchestrated strategy by China, designed to position Hong Kong as the dominant virtual asset hub and China's strategic market operator. A strategy of convergence: Hong Kong is poised to become the region's virtual asset hub. Still, it will also serve as the linchpin of China's global ambitions: a crypto hedge, a market price vehicle and a forward command post for PRC-crypto-liquidity. Regulatory foundations On the surface, Hong Kong's LEAP policy appears to be all the headlines. A proper understanding of strategy, however, demands looking beyond the surface. The true power of these policy decisions lies in the liquidity injection that China's crypto-liquidation decision will invariably create. This instrument will simultaneously grant Hong Kong unprecedented influence over global virtual asset markets. The foundation of Hong Kong's regulatory framework can be traced back to 2022 with the passage of the Amendment of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), which, after the Securities and Futures Commission had the opportunity to gain sufficient experience under the previous opt-in regime, formally brought virtual asset trading platforms (VATPs) under their remit via the AMLO mandatory licensing regime. This critical move secured alignment with Financial Action Task Force (FATF) standards and became the first cornerstone legislation for virtual assets. The next critical legislation that came about was the Stablecoin Ordinance, set to commence on Aug. 1, 2025, establishing a dedicated licensing regime for fiat-referenced stablecoin issuers. The Hong Kong Monetary Authority (HKMA) oversees this regime, mandating one-to-one reserves, robust redemption mechanisms and rigorous risk controls. In June 2025, introducing the LEAP Digital Assets Policy Statement 2.0 further developed Hong Kong's framework. LEAP unifies licensing, expands the suite of tokenized products and advances use cases of cross-sector collaboration and talent development. Going beyond FATF-directed regulatory tinkering, LEAP aspires to be the architecture that will 'scale Hong Kong to new heights of global digital asset leadership' and signal Hong Kong's readiness to embrace the future of digital assets. Laws and regulations alone cannot, however, command markets. It is liquidity that will decide the day. China's decision to channel confiscated digital assets through Hong Kong's licensed VATP will strategically inject real, tangible liquidity into the ecosystem. This is no longer an FATF compliance checklist exercise — it is a strategic lever. Through enabling controlled liquidation, Hong Kong stands to become a market price vehicle capable of rapidly modulating supply and demand, another key driving factor of virtual asset value. Liquidity as a weapon Liquidity is the lifeblood of any market. Without liquidity, even the most sophisticated market will falter. Just look at the London Stock Exchange. Under China's grand strategy, unlike the United States, which holds a vast Strategic Bitcoin Reserve and is placed under a rigid 'hold-only' policy, liquidity injected into Hong Kong's exchanges will actively convert seized assets into market liquidity. This setup will grant Hong Kong — and by extension China — the ability to influence price, stabilize markets and respond to geopolitical pressures as it sees fit. Just as control of the rare earth metals gave China all the cards in the latest rounds of trade negotiation with the US, so too will control over crypto liquidity, effectively controlling the value of the US's newly minted crypto reserve. This is a subtle, yet profound, shift in the balance of power. The ability of a single nation to control liquidity flows is to control market narratives and outcomes. Implications and countermeasures This grand strategy fundamentally alters the balance of power within the cryptosphere. Hong Kong will have a decisive advantage in absorbing institutional capital and deepening market liquidity, leveraging its unique position as the conduit for the PRC's crypto liquidation moves. At the same time, by scaling 'Hong Kong to new heights of global digital asset leadership,' China will have a powerful geopolitical tool in its hands, able to control global cryptocurrency valuations through calculated market liquidity management. Meanwhile, the US will face a strategic dilemma: Should it continue with a passive crypto stockpile with limited or no market influence? Or should the US consider new mechanisms to counterbalance Hong Kong's growing control over crypto liquidity? Understanding the dynamic in this interplay is important for market participants, lawyers, risk practitioners and lawmakers. After all, compliance frameworks must be adjusted to address increased scrutiny and risks associated with liquidity-driven market movements. In contrast, risk management strategies anticipating volatility stemming from strategic liquidity flows and a keen understanding of how liquidity control will shape the market narratives and outcomes are key. The key to the Web3 markets is therefore liquidity and information. While Hong Kong's LEAP policy garners all the media attention, the true chess move lies in China's crypto liquidation and injection policy. This injection will turn Hong Kong into a dynamic market price vehicle, capable of wielding liquidity as a weapon that few jurisdictions can match. Contrast this with the US, which is constrained by a rigid 'hold-only' reserve policy, and it lacks the flexibility to influence market liquidity or respond effectively to price volatility. Singapore, which, despite a mature regulatory framework, faces limitations in market scale, and Dubai, though ambitious, struggles with fragmented regulatory remits and high operational costs that hinder rapid scaling. Hong Kong 'holds all the cards.' Only this time, China is also making all the liquidity cards. As such, the city's unique combination of mature regulatory framework, direct access to the world's second-largest crypto holdings and the ability to deploy such liquidity strategically at their discretion grants it an unparalleled high ground in the Web3 ecosystem. Hong Kong can modulate global crypto prices in real time, attract institutional capital and foster innovation within a stable, investor-friendly environment. Liquidity is the ultimate leverage in this contest, and Hong Kong holds the switch. Understanding this layered strategy is essential for those who seek to navigate the rapidly evolving digital asset landscape with clarity and foresight. Those who fail will find themselves outmaneuvered. Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association. Source:
Khaleej Times
7 hours ago
- Khaleej Times
Opec+ makes another large oil output hike in market share push
Opec+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia. The move marks a full and early reversal of Opec+'s largest tranche of output cuts plus a separate increase in output for the UAE amounting to about 2.5 million bpd, or about 2.4 per cent of world demand. Eight Opec+ members held a brief virtual meeting, amid increasing US pressure on India to halt Russian oil purchases — part of Washington's efforts to bring Moscow to the negotiating table for a peace deal with Ukraine. President Donald Trump said he wants this by August 8. In a statement following the meeting, Opec+ cited a healthy economy and low stocks as reasons behind its decision. Oil prices have remained elevated even as Opec+ has raised output, with Brent crude closing near $70 a barrel on Friday, up from a 2025 low of near $58 in April, supported in part by rising seasonal demand. 'Given fairly strong oil prices at around $70, it does give Opec+ some confidence about market fundamentals,' said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks. The eight countries are scheduled to meet again on September 7, when they may consider reinstating another layer of output cuts totalling around 1.65 million bpd, two Opec+ sources said following Sunday's meeting. Those cuts are currently in place until the end of next year. Opec+ in full includes 10 non-Opec oil producing countries, most notably Russia and Kazakhstan. The group, which pumps about half of the world's oil, had been curtailing production for several years to support oil prices. It reversed course this year in a bid to regain market share, spurred in part by calls from Trump for Opec to ramp up production. The eight began raising output in April with a modest hike of 138,000 bpd, followed by larger-than-planned hikes of 411,000 bpd in May, June and July, 548,000 bpd in August and now 547,000 bpd for September. 'So far the market has been able to absorb very well those additional barrels also due to stockpiliing activity in China,' said Giovanni Staunovo of UBS. 'All eyes will now shift on the Trump decision on Russia this Friday.' As well as the voluntary cut of about 1.65 million bpd from the eight members, Opec+ still has a 2-million-bpd cut across all members, which also expires at the end of 2026. 'Opec+ has passed the first test,' said Jorge Leon of Rystad Energy and a former Opec official, as it has fully reversed its largest cut without crashing prices. 'But the next task will be even harder: deciding if and when to unwind the remaining 1.66 million barrels, all while navigating geopolitical tension and preserving cohesion.'
Khaleej Times
8 hours ago
- Khaleej Times
India to maintain Russian oil imports despite Trump threats, government sources say
India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. India's top supplier Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp , Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
