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Arab Times
5 hours ago
- Business
- Arab Times
Air India fires executives after party video sparks outrage post-crash
NEW DELHI, India, June 28: Four senior executives at Air India SATS (AISATS) have been asked to step down after a video of an office party went viral, drawing widespread condemnation. The controversy erupted just days after the tragic crash of Air India flight AI171 on June 12, 2025, which claimed 270 lives and plunged the nation into mourning. The video, widely shared on social media, showed AISATS Chief Operating Officer Abraham Zachariah and several other employees dancing to loud music during a celebration at the company's Gurugram office. The timing of the event, so soon after one of India's most devastating aviation disasters, was criticized as highly inappropriate and lacking compassion. Flight AI171, a Boeing 787-8 Dreamliner bound for London, crashed shortly after takeoff, striking a hostel at Ahmedabad's BJ Medical College. Of the 260 people onboard, only one passenger survived. As grieving families awaited the return of their loved ones' remains, the video prompted a wave of outrage online, with many accusing the company of insensitivity and poor judgment. In response to the backlash, AISATS released an official statement: "At AISATS, we stand in solidarity with the families affected by the tragic loss of AI171 and deeply regret the lapse in judgment reflected in a recent internal video. The behaviour does not align with our values, and firm disciplinary action has been taken against those responsible as we reaffirm our commitment to empathy, professionalism, and accountability." While the company did not confirm the exact date of the party, sources stated that four senior employees were dismissed for their involvement in organizing the event. AISATS is a joint venture between Air India—now under the ownership of the Tata Group—and Singapore-based SATS Ltd., a prominent global provider of airport services.
Daily Express
5 hours ago
- Business
- Daily Express
Borneo key in Indonesia's nuclear push
Published on: Saturday, June 28, 2025 Published on: Sat, Jun 28, 2025 Text Size: For illustrative purposes via Unsplash Indonesia has taken a major step toward building its first commercial nuclear power plant, with PT Thorcon Power Indonesia submitting licensing documents for a molten salt reactor (MSR) project on Kelasa Island, Central Bangka. Thorcon, a Singapore-based company, aims to deploy a 500 MW MSR prototype, eventually expanding to local manufacturing. The plant is based on U.S.-developed technology using thorium, a metal more abundant than uranium and with high energy potential. Indonesia sees nuclear as key to its net-zero goals, with the International Energy Agency estimating nuclear could contribute 5 percent to its 2050 emissions cuts, according to NucNet . Borneo figures prominently in this vision. A U.S.-backed small modular reactor (SMR) site has been identified in West Kalimantan, while Danish and Indonesian firms plan a Borneo-based SMR facility to produce low-emission ammonia. Russia has also expressed interest in collaborating on nuclear projects, including floating reactors suitable for the archipelagic nation. Indonesia expects nuclear energy to enter the national grid before 2040. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
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Business Standard
20 hours ago
- Automotive
- Business Standard
HDFC MF buys ₹137 crore stake in Sundram Fasteners via open market deal
HDFC Mutual Fund on Friday bought shares of auto components supplier Sundram Fasteners for Rs 137 crore through an open market transaction. According to the bulk deal data on the BSE, HDFC Mutual Fund purchased 13.70 lakh shares or 0.65 per cent stake in Sundram Fasteners, at an average price of Rs 1,000 apiece. This took the deal value to Rs 137.02 crore. After the stake buy, HDFC Mutual Fund's holding in Chennai-based Sundaram Fasteners rose to 5.02 per cent from 4.37 per cent. Details of the sellers of Sundaram Fasteners shares could not be ascertained on the exchange. Shares of Sundaram Fasteners went marginally lower to close at Rs 999.25 per piece on the BSE. In a separate bulk deal on the NSE, Singapore-based Cube Mobility Investments offloaded 7.9 million units or 0.59 per cent unitholding in Cube Highways Trust for Rs 101 crore through an open market transaction. As per the data, these units were disposed of at an average price of Rs 127.50 per unit, taking the deal value to Rs 101.04 crore. Details of the buyers of Cube Highways Trust's units could not be identified on the National Stock Exchange (NSE). The Cube Highways Trust's units ended flat at Rs 127.50 per unit on the NSE. On Thursday, Cube Mobility Investments divested a 3.62 per cent unitholding in Cube Highways Trust for Rs 615 crore.
Time of India
20 hours ago
- Business
- Time of India
Air India venture sacks four seniors for office party soon after plane crash
Four senior executives at Air India SATS (AISATS) have been asked to resign after a video of an office party in Gurugram went viral, sparking widespread outrage. The video surfaced just days after the devastating Air India flight AI171 crash on June 12, 2025, which killed 259 people and left the nation in mourning. The clip, which featured AISATS Chief Operating Officer Abraham Zachariah and other staff members dancing to loud music, was widely circulated on social media. The timing of the celebration—held shortly after one of India's deadliest aviation disasters—was widely condemned as tone-deaf and deeply insensitive. Flight AI171, a Boeing 787-8 Dreamliner en route to London, crashed into a hostel for medical students at Ahmedabad's BJ Medical College shortly after takeoff. Of the 260 people on board, only one survived. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 'Swing is King': Mr. Hemant's Strategy Finally Explained in Free Session TradeWise Learn More Undo — TheSquind (@TheSquind) As grieving families awaited the repatriation of victims' remains, the video drew sharp criticism for its perceived lack of empathy. Many users on social media slammed the company for insensitivity and poor judgment. Live Events In response, AISATS issued a statement saying, 'At AISATS, we stand in solidarity with the families affected by the tragic loss of AI171 and deeply regret the lapse in judgment reflected in a recent internal video. The behaviour does not align with our values, and firm disciplinary action has been taken against those responsible as we reaffirm our commitment to empathy, professionalism, and accountability.' While AISATS did not specify when the party occurred, sources confirmed that four senior staff members were terminated for their direct involvement in organizing the event. AISATS is a joint venture between Air India, now owned by the Tata Group, and Singapore-based SATS Ltd., a global leader in airport services. The company emphasized that disciplinary action had been taken to uphold its ethical standards, but the damage to its public image amid a national tragedy has already drawn significant backlash.
Time of India
a day ago
- Business
- Time of India
ETtech Deals Digest: Startups raise $738 million in June, down 60% on-year
ETtech ETtech ETtech ETtech Indian startups raised about $738.5 million in funding between June 1 and 27, marking a 60% decrease from the full month last year, when they had raised a total of $1.8 billion across 207 month, startups, primarily in the seed, early and late stages, secured funding through 68 rounds, according to data from market intelligence platform May 2025, startups raised around $1.06 billion from 79 week — from June 21 to June 27 — startups raised around $276.3 drone manufacturing startup Raphe mPhibr raised $100 million in an equity funding round led by Silicon Valley investor General Catalyst. The round also saw participation from existing investors, including stock market investor Amal Parikh, Think Investments, and other family firm Cred closed a funding round of about $72 million at a sharply reduced valuation of $3.5 billion. This marks a steep 45% cut from the $6.4 billion valuation at which the company last raised capital in 2022. Singapore's sovereign wealth fund GIC , through its investment arm Lathe Investment, led the Singapore-based wealth management platform raised $53 million in a fresh funding round, led by two UK-based family offices. In August 2024, the company had raised $27 million as part of the same round, and this extension takes the total funds raised in the round to $80 million.Y Combinator-backed cross-border payments startup Aspora raised $53 million in Series B funding, co-led by Sequoia and Greylock, with Quantum Light Ventures also contributing to the non-banking finance company (NBFC) Flexiloans raised around $43.8 million in a mix of primary and secondary capital. The round was led by existing investors Nandan Nilekani's Fundamentum, US-based impact investor Accion Digital Transformation, American asset management firm Nuveen, and Denmark-based asset management major Maj Invest.
