Morning Tidings

Tag: cut

  • Pilot unions urge Air India / Ministry of Civil Aviation to cut pay

    Pilot unions urge Air India / Ministry of Civil Aviation to cut pay

    The ICPA stated that the ‘international allowance’ was revised to government rates, which it found to be shocking.

    Two pilot unions of the national carrier Air India have urged the Civil Aviation Minister and the airline’s chairman and managing director to withdraw their pay cuts and restore their monthly flight allowance to conform to industry standards. Most other airlines in India have withdrawn their austerity measures. The appeal was in the form of letters and addressed to the Minister of Civil Aviation, Hardeep Singh Puri and the Chairman and Managing Director of Air India, Rajiv Bansal.

    In its letter written on 23 March, at the Central Office of the Indian Commercial Pilots Association (ICPA) in Chennai, it has six offices – attracting the minister’s attention to the pilots for “taking the brunt of unjustified deductions with pay” Can cut wages by about 58% from April 2020, and 55% from October 2020 ”, at a time when Air India has been the only major Indian airline to operate the most repatriation flights through the peak of the novel coronavirus epidemic. Experts in the aviation industry are familiar with the context in which the letter was written that as a breakup, it will work on a 40% deduction on all allowances of salary allowances, which is a small part of the gross package. % To 70%. In addition, instead of the prescribed 70-hour payment which is the industry norm, pilots are being paid on an actual flight basis. Also, a 40% reduction on hourly rate payments is.

    The ICPA said that by “snatching fixed salaries”, which is the industry norm, the pilots, and also pilots who were infected with the COVID-19 virus, were affected. It stated that despite being available for flight it was unfair to deny pilots their monthly flight allowance in general, yet their services were not used for various reasons. In this way, the strength of an ICPA pilot of about 1,000 crew would have affected about 350 pilots. Apart from them, there were about 250 pilots who could not fly due to delays in license renewal by the Directorate General of Civil Aviation and airport entry pass renewal.

    The ICPA stated that the ‘international level allowance’ was revised to government rates, which was found to be very poor, as Air India management followed the industry practices and standards for other allowances. Pilots are paid $ 200 (approx. 14,490) for the first 36 hours and $ 6 (approx. 435) per hour thereafter. It has now been changed to reflect government guidelines that vary from country to country. The union urged the minister to ensure that this allowance was reinstated or in this case treated pilots with other public sector units, when any pay cuts that came into force from March 2020 after the epidemic Was considered.

    The ICPA reported that all private airlines in India had scaled back austerity measures. The expert said in the case of Vistara, the effective cut on gross was less than 17%, 20% in Air Asia, 28% in IndiGo, while SpiceJet paid its crew according to their actual flight hours.

    In the case of Air India, a pay cut was implemented for pilots in its other airline groups – its low-cost subsidiary, Air India Express which employs about 320 pilots and its regional airline subsidiary Alliance Air, with around 320 pilots. . Both these airlines have foreign national pilots along with their rolls. They have also had pay cuts but not to the extent of their Indian counterparts. These two airlines do not have a separate consortium, but are ICPA members.

    In another letter, also on 23 March, another Air India Pilot Union, Indian Pilot Guild, based in Mumbai, highlighted the important role played by the airline under the ‘Vande Bharat Mission’ repatriation flight schedule. Citing figures from the Ministry of Civil Aviation of 18 March, it said that Air India has flown 27,50,385 passengers, which is 15,92,072 passengers (inbound) and 11,58,313 passengers (outbound).

    IPG, which represents 367 pilots – 342 general members and 25 associate members – and operates long-haul flights of Air India, said that with the increase in domestic and international passenger load factors, the airline’s operations division Now introduced a revised policy that pre-flight COVID-19 to enable better crew access with testing. The aviation expert said that the IPG considered it a cause for concern.

    Additionally, all leave for pilots alone was being canceled or discontinued. The IPG said it only stood out for the reason that the pay was reinstated, particularly with aircraft usage leading to the number of hours in operation before the epidemic.

    The IPG, urging the termination of its letter, said that the pay cut applicable from April 1, 2020, would be retroactively withdrawn from January 1, 2021. Like the ICPA, the union has also been referred to a pay cut. Implemented by other Indian airlines from January this year and conforms to industry standards.

    Both papers have focused on the strong need for industrial harmony and the importance of restoring employee morale, particularly for airline sales. The IPG letter states, “With this rigid style of management on the eve of privatization, there is no vested interest in dealing with pilots consistently, so one cannot help but wonder.”

    All pilots i.e. under ICPA and IPG, Flies more than 160 aircraft operated by Air India and its subsidiaries.

    In a separate development, Shiv Sena member, Gajanan Kirtikar, wrote to the Ministry of Civil Aviation on Wednesday that, among other things, pay cuts for Air India employees were done in a manner in the context of cost-cutting measures. In which “no other government department or company” had so far.

    On Saturday, March 27, the Minister of Civil Aviation had said that the airline was running a loss of ₹ 20 crore every day, with a cumulative debt of ₹ 60,000 crore. He said that the government wanted to complete 100% of the airline’s sales by May or June this year.

    Neither the Ministry of Civil Aviation nor the CMD of Air India responded HinduEmail for his comments on this issue.

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  • There is no reason to cut the forecast for FY 2012

    There is no reason to cut the forecast for FY 2012

    Vaccines, COVID-19 awareness, low probability of lockdown, insurance offer on development: RBI Governor

    Despite fresh threats from rising COVID-19 cases, the Reserve Bank of India (RBI) chief maintained the central bank’s forecast for GDP growth at 10.5% in FY 2018.

    Reserve Bank of India Governor Shaktikanta Das said on Thursday that the renewed increase in COVID-19 cases in many parts of India is a concern, this time around development will continue to be ‘unabated’.

    He said that the Reserve Bank is ‘fully committed’ to use all policy tools for the economy’s strong recovery from the catastrophic effects of the epidemic.

    “We have to keep in mind that this time compared to last year, we can say in March or April that we have some additional insurance against the impact of the COVID-19 epidemic,” The Times Network India Economic Address in Conclave 2021 ‘.

    “The first thing is that the two vaccines being rolled out,” he said, adding that the roll-out speed was ‘very fast’ and about 5 crore people had already been vaccinated.

    “The second aspect is that by and large, larger and larger ones are now used for the COVID-19 protocol. Therefore one would expect that those who have lowered their guard will drop their guard against the spread of COVID-19 [virus],” They said.

    “And third, at this point … doesn’t do the kind of lockdown we experienced last year. Because last year, it came as a huge shock. This time we all know what an epidemic is, despite some New strains have evolved, ”he said.

    ‘preliminary analysis’

    Mr. Das said, “The revival of economic activity that has taken place should continue to move forward and I do not support it [a downward revision], However I should not say this before the details are presented by our research teams. But my understanding and our preliminary analysis suggest that the 10.5% growth rate for the next year, which we had given, would not require downward revision. ”

    Mr. Das said in response to a question on keeping the bond yields under control, “The relationship between the central bank and the bond market should not be combative, it has to be supported.” We are repeatedly emphasizing that there should be gradual development of the yield curve and that there should not be sudden spikes or a knee-jerk reaction for certain numbers. “

    Mr. Das said that the borrowings of the government for the next year would remain in the same range as it was this year, Mr. Das said that the RBI would manage the borrowings and there should be no reduction in yields.

    “A haphazard or haphazard yield curve will act as a barrier to growth. This will undermine the process of economic reform not only in India but in all other countries. Therefore, all central banks are worried. “Mr. Das said.

    He said that bond yields are important because they are the benchmark for the cost of money for the private sector. “So we are emphasizing the gradual evolution of the yield curve,” he said.

    Talking about the financial sector in the new decade, Mr. Das said that in the dynamic world of financial services, and after the epidemic, financial technologies (fintech) will challenge the financial sector with innovations.

    “The use of fintech for customer services will effectively control costs and expand banking and non-banking businesses. The increasing use of digital payments brought by COVID-19 could increase digital lending in the current decade as companies accumulate consumer data and enhance credit analytics, ”he said.

    “This, in turn, presents new and complex trade-offs. [among] Financial stability, competition and data security; Thereby warranting new regulatory frameworks and novel methods of monitoring. It is imperative for financial sector regulators to monitor global growth and formulate policy responses to risks and opportunities.

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  • Petrol, diesel prices cut for the second day

    Petrol, diesel prices cut for the second day

    Petrol and diesel prices were cut for the second consecutive day on Thursday as the second wave of COD-19 cases led to a drop in international oil prices on the prospects of a faster recovery in consumption.

    According to the price notification of state-owned fuel retailers, the price of petrol was cut by 21 paise per liter and diesel by 20 paise.

    Petrol is now priced at ₹ 90.78 per liter in Delhi and one liter of diesel. Is 81.10.

    Rates have been reduced across the country based on local incidence of taxation (VAT) and vary from state to state.

    On Wednesday, the first reduction in six months was reduced by 18 paise on petrol and 17 paise on diesel.

    Despite the rate cut since the increase in excise duty in March last year, the government had raised a record ₹ 21.58 per liter on petrol. Diesel prices were increased by .1 19.18 liters.

    Last month, Rajasthan, Maharashtra and Madhya Pradesh reached record highs, including crossing the Rs 100 level in some places, after the elections of five states, including West Bengal, Assam, Tamil Nadu and Kerala, were freezed by the end of February-end. .

    In Mumbai, the price of petrol was reduced from a 97.40 to a 97.19 liter on Thursday, while diesel rates were shown to be reduced from 88.42 to 88.20, which was price information.

    International oil prices were at their lowest since the rate decrease in early February as the second wave of the COVID-19 transition gave rise to prospects of rapid improvement in consumption.

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  • Petrol price has been cut by 18 paise, diesel by 17 paise.

    Petrol price has been cut by 18 paise, diesel by 17 paise.

    This is the first reduction in fuel prices in a year.

    In the first rate cut in a year, petrol price was cut by 18 paise per liter on Wednesday and diesel by 17 paise per liter as international oil prices were the lowest in early February.

    According to the price notification of state-owned fuel retailers, the price of petrol in Delhi ranged from a 90.99 per liter to 91.17 per liter.

    Diesel now comes for 30 81.30 liters in the national capital, down from the earlier 81.47.

    Rates have been reduced across the country based on local incidence of taxation (VAT) and vary from state to state.

    This is the first reduction in fuel prices in a year. Prices were last reduced on March 16, 2020.

    Despite the rate being stagnant, the prices on petrol had registered an increase of .5 21.58 per liter in the last one year. Diesel prices were increased by .1 19.18 per liter.

    Last month, Rajasthan, Maharashtra and Madhya Pradesh reached record heights, including crossing the 100 mark at some places, when elections for five states, including West Bengal, Assam, Tamil Nadu and Kerala, were announced from late February.

    In Mumbai, the price of petrol was reduced to 97.57 from 797.57 on Wednesday, while diesel rates were reduced from 88.60 to rol 88.42, which was price information.

    International oil prices have plummeted since the beginning of February to lower rates as the second wave of the COVID-19 transition gave rise to prospects of rapid improvement in consumption.

    West Texas Intermediate for delivery in May was at $ 57.76 in New York on Tuesday, the lowest close since February 5 while Brent lost $ 3.83 to $ 60.79 a barrel for the same month, the lowest since February 8 Was.

    An increase in coronavirus cases is expected to cause a slowdown in the economy.

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  • North Korea cut diplomatic ties with Malaysia over US extradition

    North Korea cut diplomatic ties with Malaysia over US extradition

    North Korea’s foreign ministry said it was “announcing a complete end to diplomatic relations with Malaysia, which carried out major hostile acts against North Korea under US pressure.”

    North Korea on Friday announced an end to diplomatic relations with Malaysia over its decision to allow the extradition of a North Korean criminal suspect to the United States. This is the latest development of growing hostility between Washington and Pyongyang as the northern deadlock pressured the Biden administration over a nuclear standoff.

    The North Korea Foreign Ministry said in a statement that the US-based money laundering allegations against North Korean nationals living in Malaysia were perpetrated by an “absurd construction and (a) sheer conspiracy” by the “key enemy of our state”. “

    The ministry said it was “announcing a complete break-up of diplomatic relations with Malaysia, which carried out major hostile acts against (North Korea) under US pressure.”

    It warned that the United States would “pay a fair price.”

    It is unclear whether North Korea will expel its diplomats from Malaysia. North Korea has a history of retreating from its threats. For example, it has been said that it would cut off communications with rival South Korea, which happened countless times before reaching Seoul.

    Relations between North Korea and Malaysia have been frozen since the 2017 slaughter of a brother who was dropped at Kuala Lumpur International Airport in 2017 by North Korean leader Kim Jong Un. Observers believe that no Malaysian diplomat is currently in North Korea. Malaysia’s Foreign Ministry website said the North Korean embassy is led by Kim Yoo Song, Chare DeFaires and councilors and six other staff.

    An important measure would be to deepen diplomatic relations. Malaysia has long been regarded as one of North Korea’s important economic centers, dealing with trade, labor exports, and some illegal businesses in Southeast Asia. Experts say North Korea is taking a tough stance on US-requested extradition, which it sees as part of US efforts to pressure the North.

    “North Korea is taking a hard line because it feels it should not return (after extradition) because it will have a war of nerves with the Biden government over the next four years,” said Nam Sung-woo, a professor At Korea University of South Korea.

    Naam said that North Korea is also concerned that it may face similar problems in other Southeast Asian countries if it does not strongly respond to the Malaysian extradition decision.

    Threatening to cut ties with Malaysia was one of the strongest options, with North Korea expressing its anger with the Biden administration in Washington, Hong Min, a senior analyst at the Seoul Korea Institute for National Unification Are done without jeopardizing nuclear negotiations with them. said.

    North Korea has insisted that it will not engage in meaningful dialogue with Washington unless it considers what it considers Pyongyang’s “hostile” policy. But experts say North Korea, whose sick economy is hurting more due to the epidemic, will eventually try to return to diplomacy to find ways to get relief from the sanctions.

    Earlier this month, Malaysia’s top court rejected a claim by North Korean Mun Chol Myong that the US charge was politically motivated, ruling that he could be extradited. Mun lived in Malaysia for a decade and was arrested in May 2019 after US authorities requested his extradition.

    In his affidavit, Mun denies US allegations that he was involved in supplying banned luxury goods from Singapore to North Korea in violation of UN sanctions while working in the city-state.

    He denied that he lacked funds through front companies and issued bogus documents to support illegal shipments to his country. He stated in his affidavit that the US extradition request was intended to put pressure on North Korea on its missile program.

    Following that decision, Munn’s family hired a lawyer to challenge the validity of the extradition. Lawyer Emile Ezra said that after the new legal bid focused on Mun’s authority, the court refused to accept his affidavit and also imposed an injunction to stop his extradition.

    The statement from North Korea says that Mun has already been sent to the US. Ezra said that the police had not responded to her query and she could not confirm that Mun was still in Malaysia. He said he came to know from jail on Wednesday that Mun had been handed over to police custody.

    Home Ministry officials in Malaysia could not immediately be reached for comment.

    North Korea and Malaysia established diplomatic relations in 1973, but their ties suffered a major setback in 2017 over the assassination of Kim Jong Nam.

    Two women – one from Indonesia and the other Vietnamese – were accused of colluding with four North Koreans to kill Kim Jong Nam after seeing his face with a VX nerve agent. The day Kim died, four North Koreans fled to Malaysia.

    Malaysian authorities have never officially accused North Korea of ​​involvement in Kim’s death, but prosecutors made it clear throughout the trial that they suspected the North Korean relationship. North Korea has denied any role. The two women, who said they felt she was participating in a harmless prank for a TV show, were later released.

    South Korea’s espionage service said North Korea tried to kill Kim Jong Nam for many years, though he once sent a letter to Kim Jong Un in which he begged for himself and his family members after an assassination attempt Was sought Long-time North Korea watchers believe that Kim Jong-un ordered his brother’s assassination as part of efforts to oust potential rivals and tighten their grip on power.

    For a diplomatic title, Malaysia revoked the visa-free entry for the North Koreans and expelled the North Korean ambassador, before North Korea barred all Malaysians from exiting the country.

    To cut diplomatic relations each country would need to formally close its embassies, withdraw diplomats and liquidate local property. “But if North Korea does not take any action, then their diplomatic relations will be maintained.” Malaysia would not ask why they are not facing the threat of it, said Lee Jiehon, analyst at Seoul’s Asan Institute for Policy Studies.

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  • Nokia will cut 10,000 jobs over the next two years

    Nokia will cut 10,000 jobs over the next two years

    After assuming the top job last year, chief executive Pakke Lundmark has been making changes to the bid to replace the company to better compete with Nordic rival Ericsson.

    (For a quick snapshot of the top 5 tech stories, subscribe to our today’s Cash Newsletter. Click here to subscribe for free.)

    Finnish telecom group Nokia said on Tuesday that it planned to cut 10,000 jobs within the next two years to trim costs and invest more in research capabilities as part of its restructuring plan.

    After assuming the top job last year, chief executive Pakke Lundmark has been making changes to the bid to replace the company to better compete with Nordic rival Ericsson.

    He announced a new strategy in October, under which Nokia would have four business groups and said the company would “do whatever it takes” to take an edge in 5G, as it too is capturing Huawei’s stock.

    Lundmark is expected to present its long-term strategy, discuss action plans and set financial targets during the company’s capital markets on Thursday.

    Also read Nokia signs patent license treaty with Samsung

    The company said in a statement that it expects restructuring and associated charges of 600 million euros ($ 715 million) by 2023.

    “Decisions that could potentially impact our employees are never taken lightly,” Lundmark said in a statement. “My priority is to ensure that everyone affected is supported through this process.”

    Nokia expects that by the end of 2023 its cost base will be reduced by around 600 million euros. Half of the savings are expected in 2021.

    Also read Nokia blows into German patent battle with Lenovo

    These savings will offset the increase in costs related to research and development and future capabilities and salary inflation, the company said.

    Nokia’s estimate in February has been reduced from 20.6–21.8 billion euros (25–26 billion dollars) from 2021 to 21.9 billion euros in 2020.

    While both Nokia and Ericsson are gaining more customers as more telecom operators want to start 5G networks, the Swedish company has gained an edge partly due to winning 5G radio contracts in China.

    Nokia has not won any 5G radio contract in China and was also lost to Samsung Electronics on a part of a contract to supply 5G devices to Verizon.

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  • ‘Government. Can cut excise duty on fuel

    ‘Government. Can cut excise duty on fuel

    Duty Estimate of Budget ₹ 3.2 Lakh Crore. Can be met: ICICI Sec.

    Analysts said that the Center has cut excise duty on petrol and diesel by ₹ 8.5 per liter without affecting the revenue target from tax on both fuels.

    Petrol and diesel prices have historically been high after a steady increase in rates over the past nine months. There have been calls from opposition parties as well as sections of society to reduce excise duty to ease consumer pain.

    “We estimate excise duty on auto fuel in FY22, if it is not cut, at ₹ 4.35 lakh crore versus the budget estimate estimate 3.2 lakh crore.

    ICICI Securities said in a note, “Thus, even if excise duty is deducted by ₹ 8.5 per liter on or before April 1, the budget estimate for the fiscal year can be met.”

    The firm expressed optimism over the demand for excise duty cuts, given privatization and inflation concerns, but expected it to be more modest than the est 8.5 liter.

    Between March and May 2020, excise duty on petrol and diesel was increased by ₹ 13 and ₹ 16 per liter, and now stands at 31.8 per liter on diesel and ₹ 32.9 per liter on petrol.

    This increase was meant to reduce the gains derived from international crude oil prices coming down to a two-decade low.

    But, with oil prices recovering, it has not yet restored taxes to their original levels.

    ICICI Securities said, “If the deduction is more modest … then the excise duty for FY 2018 will be higher than the budget estimate.”

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