Wednesday, September 23
A preliminary investigation into last month’s deadly Air India crash has found that both engine fuel control switches were abruptly moved from “RUN” to “CUTOFF” just seconds after takeoff, cutting fuel supply and causing the Boeing 787-8 Dreamliner to lose thrust and crash within 30 seconds. The crash in Ahmedabad killed over 270 people, including 19 on the ground, and left just one survivor.The Aircraft Accident Investigation Bureau’s report says the fuel switches for both engines flipped to “CUTOFF” one after another, within a second, and were later switched back to “RUN”—but too late to recover power and prevent the crash.Cockpit voice recordings revealed confusion among the pilots. One was heard asking, “Why did you cut off the fuel?” to which the other replie
Asia’s oldest stock exchange was preparing to celebrate its 150th anniversary when a storm of bad news upended the festivities. On Monday, a report revealed deepening losses in equity derivatives among India’s retail traders, fueling concerns that the Securities and Exchange Board of India may impose tighter curbs. Just days earlier, the regulator barred Jane Street Group from dealing in local markets, alleging the trading giant manipulated prices to make billions of dollars at the expense of small investors — charges the US firm has denied. Buoyed by a boom in derivatives trading, BSE saw its revenue surge in recent years, even as the regulator began curbing the options frenzy late last year. Now, with mounting fears of even stricter oversight and larger rival National Stock Exchang
The EU is prepared to take the necessary steps to safeguard its interests if the U.S. proceeds with imposing a 30% tariff on European goods starting Aug 1, European Commission President Ursula von der Leyen said on Saturday. Von der Leyen, who heads the EU's executive arm, said in a statement that the bloc remained ready "to continue working towards an agreement by Aug 1". "Few economies in the world match the European Union's level of openness and adherence to fair trading practices," she continued. "We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required."
Mumbai: Housing finance companies (HFCs) are expected to post modest earnings for the June quarter, as industry-wide loan disbursals rose about 8% year-on-year, analyst estimates show. However, margins are likely to come under pressure due to heightened competition from banks and the impact of recent rate cuts.Additionally, provisioning costs may rise amid slower recoveries, potentially resulting in flat growth in profit after tax.According to estimates by brokerage firm PL Capital, the assets under management (AUM) of HFCs are expected to surpass ₹3.7 lakh crore as of the end of the June quarter, marking a 1% sequential growth. However, loan disbursals may decline by over 26% quarter-on-quarter due to seasonally weak demand."Bank credit to HFCs has been slowing due to weaker demand, dec
Try as it might to appease President Donald Trump, Canada remains a prized target in his trade wars and subject to the whiplash of his changes of heart.The giant North American neighbors are rushing to conclude a new trade accord by July 21 but the process is proving painful for Canada.Overnight Thursday, Trump threatened to slap a 35 percent tariff on imports from Canada starting August 1. But products complying with an existing accord, the United States-Mexico-Canada Agreement (USMCA), are expected to remain exempt, a Trump administration official and a source in Canada told AFP."An agreement is of course possible but that shows how difficult it is for the Canadian government to negotiate with the US president," said Daniel Beland, a political science professor at McGill University in Mo
Mumbai: Analysts expect Priya Nair, the first woman MD & CEO in Hindustan Unilever's (HUL) history, to build her revival strategy around growth at India's biggest consumer goods maker, with the news of her appointment from next month boosting the stock by about 5% in D-Street's evident vote of trust in the incoming leadership.London-based Nair takes charge at a time when the FMCG major is facing slowing growth and intense competition from fast moving D2C brands and new-age players. Under the watch of the exiting leadership, sales barely climbed 2% while the stock slid around 10%.The leadership transition, which would see the 92-year-old HUL get its first woman boss, comes as incumbent leader Rohit Jawa, who was appointed in June 2023, steps down after the shortest CEO tenure in the com
