British fighter jet, famed for being stuck, leaves India
July 22 (UPI) -- A British fighter jet that had been famously stranded at an Indian airport finally took off Tuesday after a nearly 40-day stay.
The presence of the Royal Navy's F-35B fighter jet, a highly advanced stealth aircraft worth almost $117 million, at Thiruvananthapuram International Airport in the state of Kerala became an object of fascination, inspiring several memes and even a post across the Kerala Department of Tourism's social media platform that scored millions of views plus thousands of likes and reposts.
"A U.K. F-35B aircraft, which landed following an emergency diversion on June 14, departed today from Thiruvananthapuram International Airport," said a British High Commission spokesperson. "A U.K. engineering team, deployed since July 6, completed the repairs and safety checks, allowing the aircraft to resume active service."
The stealth jet had been grounded in Kerala since June 14 due to hydraulic issues and trouble with its auxiliary power unit. According to The Economic Times, the jet incurred over $10,000 in fees for parking at the airport. It's slated to land on a British aircraft carrier stationed in Australia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
India's private sector sees robust growth despite inflation and job concerns, PMI shows
By Anant Chandak BENGALURU (Reuters) -Growth in India's private sector remained robust in July, supported by strong manufacturing and international demand, but rising inflation and weaker employment generation tempered the expansion, a business survey showed. Moderation in overall growth came alongside a drop in business confidence to an over two-year low. Firms expressed concerns over rising price pressures and heightened competition while uncertainty surrounding trade negotiations with the U.S. also likely weighed on sentiment. July's HSBC Flash India Composite Purchasing Managers' Index, compiled by S&P Global, registered 60.7, a slight dip from June's final reading of 61.0. The figure remained well above the 50-level that separates growth from contraction and marked sustained expansion for the past four years. "The strong performance was bolstered by growth in total sales, export orders and output levels. Indian manufacturers led the way, recording faster rates of expansion than services for all of the three aforementioned metrics," noted Pranjul Bhandari, chief India economist at HSBC. Manufacturing was the engine of growth this month with its flash PMI climbing to 59.2, the highest reading in over 17 years, from 58.4. In contrast, the services activity index fell to 59.8 from 60.4, indicating a softer albeit historically sharp rate of expansion. Overall new orders expanded at the fastest pace in a year, bolstered by robust demand from overseas clients in Asia, Europe, and the U.S.. New orders for manufactured goods, in particular, rose to a near five-year high. Bhandari noted that despite the strong performance, there were signs of caution. "Business confidence fell to its lowest mark since March 2023, while employment growth moderated to its weakest pace in 15 months," she said. A recent Reuters poll of independent economists highlighted growing concerns about joblessness and underemployment in the world's fastest-growing major economy, which has failed to create enough well-paying jobs for millions of youth entering the workforce each year. According to recently introduced official government data the unemployment rate remained steady at 5.6% in June but the way this is measured is inaccurate, economists say. Meanwhile, inflationary pressures intensified with both input costs and output charges rising in July. Firms reported higher prices for materials such as aluminium, cotton, and foodstuffs and passed these higher expenses on to clients. Retail inflation eased to an over six-year low last month due to lower food prices but any acceleration in inflation could dampen expectations for more interest rate cuts from the Reserve Bank of India.
Yahoo
an hour ago
- Yahoo
Rural Asset Finance secures £120m facility backed by BBB guarantee
A new agreement between the British Business Bank and Rural Asset Finance is set to unlock around £120 million in funding for smaller rural and agricultural businesses across the UK. The deal, part of the Bank's ENABLE Guarantee programme, is expected to significantly expand access to competitive finance in the sector. The facility is being supported by funding from NatWest Bank and BCI Capital, with the British Business Bank guaranteeing a portion of NatWest's contribution. The agreement also includes sustainability-linked incentives that could lower borrowing costs if environmental performance targets are met. Michael Strevens of the British Business Bank said the transaction 'builds on the work we have done through the ENABLE Guarantees programme,' and is designed to improve funding access for non-bank lenders like Rural Asset Finance. He added that linking pricing to sustainability goals could lead to 'further expansion of small business lending in sustainable areas, including farm renewable energy installations.' Rural Asset Finance, established in 2019, specialises in providing tailored finance solutions to UK farmers and rural enterprises, combining asset finance and business loans to support modernisation, diversification, and sustainability efforts. Matthew Smart, Managing Director of Rural Asset Finance, described the new facility as a 'highly competitive offering' that puts the company in a strong position to support both advanced food production and alternative income strategies. 'Food production and diversification on UK farms are key to ensuring a healthy, robust future for the industry and the wider rural economy,' he said. NatWest Bank, a key funding partner, emphasised the strategic value of the initiative. Matthew Whittle, Relationship Director at NatWest, said the ENABLE Guarantee would 'help unlock capital, reduce costs and ultimately increase access to competitive funding for agricultural and rural businesses.' BCI Capital's Will Haynes echoed the importance of supporting specialised lenders. 'Rural Asset Finance plays a crucial role in enabling growth and resilience across the UK's agricultural and rural business landscape,' he said, adding that the partnership reflects BCI's commitment to underserved sectors and sustainable growth. The ENABLE Guarantee scheme, administered by the British Business Bank, is designed to encourage increased lending to small and medium-sized enterprises by allowing lenders to reduce the capital needed to support such loans, with the UK Government taking on part of the risk. "Rural Asset Finance secures £120m facility backed by BBB guarantee" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
an hour ago
- CNBC
CNBC's Inside India newsletter: Leaving, but not letting go — India's wealthy move abroad, but stay invested
Thirty-seven-year-old Indian national KM is three months away from calling Dubai his second home. The start-up founder — who recently amassed nearly 100 million Indian rupees ($1.16 million) in assets and crossed the high-net-worth threshold — is relocating from India's financial capital, Mumbai, to enjoy lower taxes and a better lifestyle. The start-up founder, who only wished to be identified by his initials due to privacy concerns, is among a sizable number of wealthy Indians looking to relocate from the South Asian powerhouse. While there is no fixed definition of who qualifies as "rich," a widely accepted threshold for individuals in the high-net-worth bracket is 50 to 250 million Indian rupees, while those whose wealth exceeds 250 million Indian rupees are considered ultra-high-net-worth. Affluent individuals are those with a net worth between 10 million and 50 million Indian rupees. India is home to 85,698 individuals with assets exceeding $10 million, according to a recent report from Knight Frank. That accounts for 3.7% of the global population with that net worth, more than the U.K.'s 2.4%, but less than China's 20.1%. With India's booming economy poised to overtake Japan to become the world's fourth largest, and a time of strong market returns, I was puzzled by KM's decision to relocate. KM told me that it was an "instinctive decision." "India's economy is booming and the large consumer pool is beneficial for my company. So, I will keep it as my business headquarters, but I feel Dubai is a better place to live in," he said. KM previously considered relocating to either Singapore, Portugal or Spain, but settled on Dubai because of its "tax-free structures, good education system, global diaspora and proximity to Mumbai." A recent survey by wealth management firm Kotak Private, conducted in association with consultancy EY, revealed that one in five of the 150 ultra-high-net-worth individuals polled plan to emigrate from India while retaining their Indian citizenship. Such a phenomenon comes as wealthy Indians are considering other residencies for strategic purposes, rather than a permanent relocation, Himanshu Kohli, co-founder of multi-family office Client Associates, told me. "Their decisions are typically driven by long-term generational thinking rather than dissatisfaction towards India," he said. "This isn't about abandoning India — it's about expanding one's footprint and ensuring families have global options in an increasingly interconnected world," Kohli noted, adding that many remain invested in India through start-ups and real estate. Besides the United Arab Emirates, several countries such as Singapore, Portugal, the U.K. and the U.S. have rolled out attractive initiatives to attract the wealthy. These include significantly lower tax rates, which are more favorable than India's. For instance, the UAE has zero taxes on personal income, capital gains and inheritance. By contrast, India employs a progressive income tax structure, where individuals earning around 1.2 million Indian rupees are slapped with a 15% tax, which increases with their income bracket. Meanwhile, the country has a 12.5% tax on most long-term capital gains. India's higher tax structure compared to other countries has led to a perception that the wealthy are emigrating to avoid taxes. That, however, "is not the whole story," Dhruba Jyoti Sengupta, CEO of Wrise Wealth Management Middle East, tells me. "India, still views wealth within domestic constraints," he said. By this, he means that India's policies focus on domestic wealth management rather than building strategies with global exposure. And so, Sengupta argues that India's wealthy "are not fleeing taxes. They're buying freedom, mobility, peace of mind and the ability to plan for the future. As the next generation is coming up, they want options." He also flagged regulatory challenges in wealth and legacy planning, as well as social concerns such as traffic congestion in metropolises, pollution, and infrastructure gaps, as other pressing issues prompting migration. India's wealth drain is not unique to the country. While the reasons for relocating may differ, the issue remains a perennial challenge, especially in developing economies, as it undermines investor confidence and long-term growth. The movement of wealth can affect job creation and innovation. A loss of tax revenues can also affect state coffers, while large capital outflows may even weaken the local currency. India is expected to lose about 3,500 millionaires this year, the Henley Private Migration Report forecasted. The estimates are based on individuals who reside in their new country for over six months and excluded those who acquire residency rights but don't relocate. Although India is among the top countries for millionaire emigration, the number of projected departures has declined in absolute terms over the past two years, data from Henley shows. This is thanks in large part to more people staying put to accumulate wealth and capture the country's exponential growth, Neil Bahal, founder of investment firm Negen Capital, told me. "India is facing strong consumption from its large population, so many millionaires want exposure to that. It's only those who are in their retirement phase or looking to expand their businesses overseas who are moving abroad," he noted. Bahal is also confident that India will see an increase in the return of its wealthy in the coming years, given the country's exponential growth. As it stands, many remain bullish on India and allocate around 60% to 65% of their investments domestically, hoping to reap multi-fold returns. Whether the emigration of wealthy Indians will slow or pick up steam is hard to predict. But what is critical for New Delhi is to make systemic shifts that make it an attractive place to live and invest in. For instance, political analyst Sanjay Baru highlighted the urgent need to deregulate and end the so-called "regulation raj," or the excessive bureaucratic control over businesses." The bureaucracy in India remains a challenge," Baru, who was a former spokesperson to the late Prime Minister Manmohan Singh, told CNBC's Inside India, adding that the country also needs to look at facilitating the ease of doing business. On a social level, Sunaina Kumar, a senior fellow at the think tank Observer Research Foundation, suggests that the government continue to invest in urban planning and build better infrastructure to reduce the "gridlock" in major cities. This would make them more livable and attractive to settle down in, she said. Kumar also suggested that the government explore ways to intentionally engage with the wealthy who remain in India, as well as those who have emigrated. This could be achieved by creating pathways to offer monetary contributions to philanthropic and social impact programs. Another option is for business owners to create jobs for Indians in entities both locally and abroad, Kumar said. While these improvements may help address some of the systemic issues in India, they will take time to execute. If successful, India may eventually become another wealth hub like the UAE or Switzerland — one that keeps its wealthy individuals or spurs the return of those like KM. "Wealth-friendly policies and better living standards will move the needle for India. There is no way I will want to stay away if those are fixed – after all, this is the place that has and will continue to generate returns on my wealth," KM said. Arun Kumar, previously a professor of economics at Jawaharlal Nehru University, said that the government's unemployment data understates the true scale of joblessness and masks structural distress in the economy. BNP Paribas analyst Santanu Chakrabarti revealed his top picks for Indian banks, adding that he expects banking margins to hit their lowest point in the first half of FY26, paving the way for a future recovery. JSW Steel's Joint Managing Director & CEO Jayant Acharya said he remains "hopeful" that the Indian government will take proactive measures to safeguard the country's domestic steel industry from potential dumping by China. India's growth forecast lowered. The Asian Development Bank cut its estimate of the country's economic expansion for FY26 — which runs from April 1, 2025, to March 31, 2026 — to 6.5% from the 6.7% expected in April. Jane Street is allowed to resume trading. The Securities and Exchange Board of India granted permission to the firm on Monday. The regulator's recent action has raised questions about the line between arbitrage and market manipulation. India's passport strength jumps in ranking. According to the Henley Passport Index, which measures the number of destinations holders can visit without a prior visa, the South Asian country's passport climbed to the 77th place from the 85th spot in the past six markets were trading in negative territory on Thursday. The benchmark Nifty 50 was down 0.62% while the BSE Sensex index had declined 0.7% as of 1:45 p.m. Indian Standard Time (4:15 a.m. ET). The benchmark 10-year Indian government bond yield had ticked up to trade at 6.324%.July 25: Bank loan and deposit growth data for the week ending July 11 July 28: Industrial output in June July 30: Coworking space operator Indiqube Spaces IPO, electronics refurbishing company GNG Electronics IPO July 31: Hotel operator Brigade Hotel Ventures IPO, Indian government fiscal deficit in June
