Latest News
-
Air India CEO: Investigation into Ahmedabad crash raises questions
Air India CEO, in a memo dated Monday, said that a preliminary investigation into last month's crash of an Air India passenger plane which killed 260 people raised additional questions and that the investigation was far from being concluded. According to the preliminary report released on Saturday by India's Aircraft Accident Investigation Bureau, confusion was present in the cockpit just before the Boeing Dreamliner crashed. Air India CEO Campbell Wilson stated in a memo that the report "triggered a whole new round of speculations in the media... It provided greater clarity as well as opened up additional questions." He said: "The preliminary investigation has not yet concluded, and I urge everyone to refrain from drawing premature conclusions." The memo stated that the preliminary report had found no mechanical or other maintenance issues and that all necessary maintenance was completed. Shortly after takeoff, the Boeing 787 Dreamliner departing from Ahmedabad in India bound for London began to lose thrust. It sank shortly thereafter. The 242 passengers and 19 people on the ground, except for one, were all killed. In the final moments of the flight, a pilot is heard asking another pilot on the cockpit recorder why he has cut off the fuel. The report stated that "the other pilot replied that he had not done so." The report added that both fuel cutoff switches on the plane's engines were flipped nearly simultaneously but did not specify how. The preliminary report did not suggest any immediate action by Boeing or GE whose engines were installed on the aircraft. ALPA India, the Indian pilots' representative at the Montreal-based International Federation of Air Line Pilots' Associations (IFALPA), has denied any presumption of a pilot's error and demanded a "fair fact-based investigation". Campbell wrote in his memo that "the pilots had passed the mandatory pre-flight alcohol breathalyzer and there were not observations regarding their medical status." Sumeet S. Sabharwal (56), the pilot in command of the Air India aircraft, had 15,638 total hours of flying experience. According to the Indian Government, he was also an Air India Instructor. Clive Kunder was his co-pilot, a 32-year old man with 3,403 total hours of experience. Air India is under increased scrutiny in multiple areas following the crash. The European Union Aviation Safety Agency announced on July 4 that it would be investigating Air India Express after a report revealed that the airline had failed to replace engine parts in an Airbus A320 within the timeframe required and falsified documents to show compliance. (Reporting by Aditya Kalra in New Delhi and Chandini Monnappa in Bengaluru; Additional reporting by Hritam Mukherjee; Editing by Nivedita Bhattacharjee, Raju Gopalakrishnan and Aidan Lewis)
-
Air India CEO: Investigation into Ahmedabad crash raises questions
Air India's CEO stated in a Monday memo that a preliminary investigation into last month's crash of 260-passenger Air India jet raises more questions and that the investigation is not over. According to the preliminary report released on Saturday by India's Aircraft Accident Investigation Bureau, there was confusion in the cockpit just before the crash of Boeing Dreamliner. Air India CEO Campbell Wilson stated in a memo that the report "caused a new round speculations in the media... It provided greater clarity as well as opened up additional questions." He said: "The preliminary investigation has not yet concluded, and I urge everyone to refrain from drawing premature conclusions." The memo stated that the preliminary report had found no mechanical or other maintenance issues and that all necessary maintenance was completed. Shortly after takeoff, the Boeing 787 Dreamliner departing from Ahmedabad in India bound for London began to lose thrust. It sank shortly thereafter. The 242 passengers and 19 people on the ground, except for one, were all killed. AAIB's report states that in the final moments of the flight, a pilot could be heard asking another on the cockpit recorder why he had cut off the fuel. The report stated that "the other pilot replied that he didn't do so." The report added that both fuel cutoff switches on the plane's engines were flipped nearly simultaneously but did not specify how. The preliminary report did not suggest that Boeing or GE would take immediate action, whose engines had been installed on the aircraft. ALPA India, the Indian pilots' association at the International Federation of Air Line Pilots' Associations in Montreal, has denied any presumption of error by a pilot and demanded a "fair fact-based investigation". Campbell wrote in his memo that "the pilots had passed the mandatory pre-flight alcohol breathalyzer and there were not observations regarding their medical status." Sumeet S. Sabharwal (56), the pilot in command of the Air India aircraft, had 15,638 total hours of flying experience. According to the Indian Government, he was also an Air India Instructor. Clive Kunder was his co-pilot, a 32-year old man with 3,403 total hours of experience. Air India is under increased scrutiny in multiple areas following the crash. The European Union Aviation Safety Agency announced on July 4 that it would be investigating Air India Express after a report revealed that the airline had falsified documents to show compliance and failed to replace engine parts as required. (Reporting by Aditya Kalra in New Delhi and Chandini Monnappa in Bengaluru; Additional reporting by Hritam Mukherjee; Editing by Nivedita Bhattacharjee, Raju Gopalakrishnan and Aidan Lewis)
-
Sources say that the Caspian Pipeline increased oil exports in June by 8% from May.
CASPIAN PIPELINE CONSORTIUM RAISED OIL EXPORTS IN JUNE BY 8% FROM MAY TO 6.177 MILLION TONS - TWO SOURCES Two industry sources said on Monday that the Caspian Pipeline Consortium (CPC), which transports oil via Russia's Black Sea Terminal from Kazakhstan, increased its exports in June by 8% compared to May. Last month, the oil exports via CPC's pipeline increased to 6.177 millions metric tons or 1.63million barrels per day. The consortium that handles over 80% of Kazakhstan's oil exports does not comment on the production activity. Sources said that only oil exported from Kazakhstan via this route increased to 5.580 millions tons last month from 5.386 in May as the country ramped production up to match a record monthly high. CPC, which includes Chevron, ExxonMobil and other shareholders, expects oil exports this year to be down by 2.6% compared to the initial plan of 74 million tonnes. Reporting by
-
Minister: Serbia wants to waive sanctions on the Russian oil company NIS for a fifth time
Dubravka Djedovic Handanovic, Serbian Mining and Energy Minister, said that the talks between Belgrade and Washington over delaying sanctions against Russian owned Serbian oil company NIS a fifth consecutive time were marred by difficulties. NIS has secured a fourth reprieve that is set to expire July 29. This puts Serbia in an unstable position, as it attempts to balance energy security with geopolitical demands. Djedovic handanovic, Serbia's minister of state for RTS TV, said that negotiations are tough because they are between two powerful countries, Russia and America. NIS is owned by Gazprom Neft, a Russian company, and Gazprom. It operates Serbia's sole oil refinery, which supplies a large part of the country's crude oil needs. Sanctions could threaten its crude supply. The facility's annual capacity is 4.8 million tonnes. The Office of Foreign Assets Control of the U.S. Treasury placed initial sanctions on Russia's petroleum sector on 10 January, and gave Gazprom a 45-day deadline to sell its NIS holdings. The U.S. Department of the Treasury didn't immediately respond to an inquiry for comments on the talks. She said, "We will use all the means available to continue dialogue with both parties... to defend our position." Gazprom Neft, in an effort to avoid sanctions, transferred to Gazprom a stake in NIS of approximately 5.15% on February 26. Gazprom owns 11.3% of NIS. The Serbian Government owns 29.87% of NIS, while the rest is held by small investors. NIS imports 80% of the oil it needs via Janaf, Croatia's pipeline operator. The rest is covered by the crude oil produced in Serbia. (Reporting and editing by Bernadettebaum; Aleksandar Vasovic)
-
Wizz Air will cease operations in Abu Dhabi
Wizz Air, the low-cost carrier, announced on Monday that it would be closing its Abu Dhabi operations after six years in order to concentrate on its primary European market. It cited geopolitical uncertainty and limited access to markets as reasons for its decision. Wizz, a company that originally focused on Central and Eastern Europe, but has expanded to Britain, Italy, and Austria, announced it will focus on its more profitable European business in the future. The shares of the London-listed carrier rose by 1.5% at the opening of trading. Stocks are down 62% in the last two-year period due to problems with Pratt & Whitney GTF engine issues that led to grounding some aircraft. Wizz stated that the geopolitical instabilities had caused repeated airspace closures near Abu Dhabi. This had a negative impact on demand. The hot climate of the Middle East also affected engine efficiency and made it difficult to operate the low-cost model. The airline stated that it could not grow as much in the region, due to the failure to secure flying rights on certain routes. Stephen Furlong, Davy analyst, said: "They couldn't make any money in the Middle East." Wizz announced that it would stop all local flights on September 1, 2025. Customers will be contacted regarding refunds. Wizz Air CEO Jozsef Varradi stated in a press release that "supply chain constraints, geographic instability, and restricted market access have made our original ambitions increasingly difficult to maintain." He added, "This was a tough decision but it was the right choice given the circumstances."
-
Indonesia reduces search for 17 missing persons after Bali ferry tragedy
An official reported that Indonesian rescuers have scaled back their search for 17 missing people after a ferry capsized near Bali island earlier this month. On July 3, the ferry KMP Tunu Pratama Jaya was carrying 65 passengers when it sank after almost 30 minutes of leaving East Java's Banyuwangi Port to Bali. Ribut Eko Suyatno is an official with Indonesia's search-and-rescue agency. He said that as of Monday afternoon 18 people had been confirmed dead and 30 others were still alive. Local media reported that all passengers except one Malaysian were Indonesians. On Monday, the national search was officially ended. It lasted around two weeks, involved 500 people (including rescuers and police), and included around 500 military and police personnel. Suyatno stated that a provincial-level search team would continue the search for missing persons for the next 7 days. After today, East Java's search agency will continue to search for missing persons. Suyatno stated that around 100 people will be involved. Rescuers located over the weekend the wreckage of KMP Tunu Prtama Jaya, which also carried 22 vehicles. Suyatno said that officials are preparing now to recover the wreck. Local media reported that preliminary reports from Indonesia's Transportation Safety Committee indicated that the ferry sank after seawater entered its engine room when the door was opened. The committee stated that the ferry started tilting before sinking. It added that they were still investigating the cause of the accident. (Reporting and editing by Ros Russell. Ananda Teresia)
-
Days after preliminary report, CEO of Air India says that the investigation into fatal Air India crash is still not over.
In an internal memo sent on Monday, CEO Campbell Wilson stated that the investigation into last month's Air India Dreamliner accident in Ahmedabad is "far from being over." He added that further investigations are welcome and cautioned against drawing "premature" conclusions. The memo was seen by after a preliminary report showed confusion in cockpit just before Air India jetliner crash and death of 260 people. According to the Indian report released on the deadliest aviation incident in the past decade, the Boeing 787 Dreamliner that was bound for London out of the Indian city Ahmedabad started to lose thrust shortly after takeoff. The memo stated that there were no mechanical or maintenance issues and that all necessary maintenance had been performed. Aditya K. Kalra, New Delhi; Chandini M. Monnappa, Bengaluru and Hritam. Mukherjee. Editing by Nivedita B. Bhattacharjee.
-
South Korea is preparing to issue an order to airlines to inspect fuel switches on Boeing jets
The foreign media spokesperson for the South Korean transport ministry said that the ministry was preparing to issue an order to all airlines operating Boeing jets in the country to inspect fuel switches, in line with a 2018 U.S. Federal Aviation Administration advisory. The spokesperson didn't give an estimated time for the inspections. Boeing did not respond immediately to a comment request. Fuel switch locks are under scrutiny following a preliminary report on the crash of a Boeing 787-8 plane operated by Air India that killed 260 passengers last month. The report mentioned an FAA advisory issued in 2018. The FAA's advisory, which did not mandate it, recommended that operators of Boeing models including the 787 inspect the locking mechanism of the fuel shutoff switches to make sure they cannot be accidentally moved. According to a report on Sunday, which cited a document as well as sources, the FAA and Boeing have privately notified airlines and regulators of the safety and lack of need for checks on the fuel switch locks in Boeing planes. Air India's preliminary report stated that the airline did not carry out the FAA suggested inspections, as the FAA 2018 advisory was not an order. It also stated that maintenance records indicated the throttle control modules, which include the fuel switches on the aircraft involved in the accident, were replaced in 2019 or 2023. Reporting by Lisa Barrington, Writing by Abhijith Gaapavaram, Editing by Himani Sakar and Jamie Freed
The rupee has fallen to a two-week-low on the back of corporate dollar bids and outflows
As traders reported, the rupee fell below 86 dollars per Indian rupee on Monday, its lowest level for more than two months. This was due to corporate dollar demand, and equity related outflows.
The rupee ended the day at 86.9850 per dollar, down by 0.2% from Friday's close of 85.80. The currency had a low earlier in the day of 86.0475, its lowest level since June 25,
The rupee was under pressure from the dollar demand of a large Indian conglomerate, as well as other companies. This is in addition to possible outflows from Indian equity markets.
India's benchmark equity indices, the BSE Sensex, and Nifty 50, both declined by 0.3% even though most regional peers were ticking higher.
The common currency and stocks in Europe both fell after U.S. president Donald Trump threatened to levy a 30% tax on imports from the region over the weekend. This heightened his ongoing trade conflict.
The S&P 500 Futures fell 0.3%.
Investors see the threats as a Washington negotiating strategy to force the other side into a deal, ING stated in a report.
India is one of the few major U.S. trading partners who have yet to receive a tariff notice. Indian negotiators will be returning to the U.S. for a second round of negotiations, centered on differences over auto parts, steel, and farm products.
Amit Pabari is the managing director of FX advisory firm CR Forex. He said that "all things considered, the chances of rupee gaining more ground are limited". Pabari believes the rupee will face resistance at the 85.40 to 85.50 level.
India's consumer price inflation data is due later today. According to a survey of 50 economists, benign food prices and high base probably helped Indian inflation to slow down to a more-than-six-year low in June at 2.50%. (Reporting and editing by Eileen Soreng; Jaspreet Klra)
(source: Reuters)