Month: January 2019

“I believe in you”: Read the full text of Jet Airways CEO Vinay Dube’s letter to employees

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Embattled Jet Airways is struggling to stay aloft due to a crippling cash crunch. Lenders are worried, lessors are circling to ground planes and partner Etihad Airways is looking to increase its stake.

Jet Airways Ltd has reinstated three aircraft into its fleet after completing engine work, the airline said in a statement on Thursday.

On Thursday, CEO Vinay Dube wrote a letter to employees lauding their efforts to keep the airline going under difficult circumstances. Below is the full text of the letter he wrote.

Hi Everyone,

On a recent trip to Kerala I was hosted by an amazingly dedicated and enthusiastic team from Jet Airways led by Gangadhar Hegde, Area Manager for Kerala, Nilima Prabhu, Sales Manager for TRV, Vrinda Nair, Station Manager for TRV, and their respective teams. In my weaker moments I believe that I run the company, but when I meet groups of employees like I met in TRV, I’m reminded very quickly of our committed teams across the network who are actually running the company. And I can say with great pride that all of you continue to run a very good airline even under the most adverse of circumstances.

Based on OAG, an airline industry leader in data and analytics, Jet Airways ranked number 1 in arrival OTP amongst Indian carriers for both November ‘18 and December ‘18. OAG also put Jet Airways at the top of the operational reliability table for the month of December ‘18 based on the fewest cancellations by any Indian carrier. While flight cancellations, regardless of reasons, have an immense impact on our guests, frontline colleagues as well as our operational and commercial teams across the network, I want to highlight to you that it has been your hard work and dedication that has put us on top of Indian aviation’s reliability chart and despite some of our challenges this week, I’m confident that we will once again be at the top of the class in terms of key operational parameters for the month of January.

Our Chairman, the Board of Directors and your management team are working hard on a balance sheet transaction that will help us eliminate our current challenges. In fact, the airline’s key stakeholders are actively engaged towards finalization of the Resolution Plan. We are very close, and I ask for your continued patience. Given our ongoing challenges, this is a very tall ask. I must reiterate that we recognize that, appreciate that from the bottom of our hearts and do not take it for granted even for a minute.

We are working as fast as we can for a successful outcome recognizing the tremendous sacrifices all of you are making. I believe that we will be successful. Our guests are certainly rooting for us – sometimes it feels like the entire country is rooting for us. We are a part of India’s recent history; we are a part of the country’s economic engine and I believe we will come out of our current set of challenges. It might get tougher before it gets better, and our ascendancy will be gradual, but collectively, with your unstinted support and commitment, we will come out of this a stronger airline. I believe that as I believe in you.

You have my deepest respect and my most sincere gratitude.

Safety First

Vinay Dube

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oil prices extend rise as OPEC cuts tighten supply

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oil prices rose for a third straight day on Thursday, as production cuts curbed supply from OPEC and its allies, and US monetary policy appeared to be more favorable.

OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found Thursday, as Saudi Arabia and its Gulf allies over-delivered on the group’s supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines.

The Organization of Petroleum Exporting Countries (OPEC), along with allies including Russia, announced supply cuts effective Jan. 1 to tighten the market after worries over a global glut caused heavy price losses in late 2018.

“The doom and gloom about demand destruction and the perception that OPEC wouldn’t cut production has been put to rest,” Phil Flynn, oil analyst at Price Futures Group in Chicago. “The market, looking forward, is looking at a much tighter situation.”

WTI crude rose 94 cents to $55.17 a barrel, a 1.7 percent gain by 11:46 a.m. EDT [1646 GMT].

Brent crude futures for March delivery rose 49 cents to $62.14 a barrel.

WTI futures were up over 20 percent compared with their December close, while Brent was up just over 15 percent.

The March contract expires on Thursday.

Additionally supporting markets, the Federal Reserve on Wednesday signalled that its three-year-drive to tighten monetary policy may be at an end amid a cloudy outlook for the U.S. economy due to global headwinds and impasses over trade and government budget negotiations.

As it held interest rates steady, the U.S. central bank also discarded its promises of “further gradual increases” in interest rates, and said it would be “patient” before making any further moves.

“Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade,” ANZ bank analysts wrote in a note, calling it the second lowest weekly level since 2010.

U.S. sanctions imposed on state oil firm Petroleos de Venezuela SA (PDVSA) this week are also causing some supply disruptions.

Oil inventories have started to build up at Venezuela’s oil ports and terminals as PDVSA is finding it cannot export crude at its usual rate due to U.S. sanctions imposed this week.

As of Wednesday, Venezuela had 25 tankers with nearly 18 million barrels of crude – representing about two weeks of the country’s production – waiting to load or for authorisation to set sail, shipping data showed.

“With the likelihood of a forthcoming decline in Venezuelan production, producer cuts to rebalance the market will prove more effective,” Harry Tchilinguirian, strategist at BNP Paribas in London, told the Reuters Global Oil Forum.

Still, investors have been concerned over the outcome of U.S.-China trade talks, which resumed in Washington on Wednesday. The outcome could shape expectations for oil demand in the world’s largest economies, analysts said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This fashion photographer teaches the blind how to click brilliant images

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The first that strikes you about Richa Maheshwari is not her stunning looks or the physical strength she casually wields while disciplining her rambunctious Golden Retriever. It is her personal power, a kind of innate leadership quality that lingers around her like perfume. It is obvious that this Gurgaon-based fashion photographer and entrepreneur has a story unlike any other.

Born in Kanpur, a small town in Uttar Pradesh, Richa was brought up by her father and grandmother, and always defied social norms for what girls could or couldn’t do in “typical Marwari families”. A lot of the credit for her unconventional life choices goes to her grandmother, who wanted to live out her own ambitions through Richa and her two siblings, and encouraged them to take on challenges and risks.

“My grandmother passed away in 2015 but she left behind this gender equality and modern mindset in our family,” says Richa. “I am 30 years old and single, but there is no pressure on me to get married. That’s her legacy.”

An exceptional student, Richa went ahead to study fashion communication in college, and simultaneously began teaching English to ensure her own financial independence. A professor noticed her talent in photography and encouraged her to take it up as a career. Since it wasn’t a mainstream subject, Richa educated herself through copious amounts of self-driven research and multiple interactions with established photographers. She set up her own office in Surat – where she had a considerable network in the textile industry – as soon as she graduated.

“I had taken a 12-lakh-rupee loan for my education,” she shares. “I paid it back within one year of leaving college with my own earnings.”

For many years, Richa straddled two cities, Delhi and Surat, taking on commercial fashion assignments for textile businesses and national apparel brands. Her list of clients now includes Amway, Oriflame, Hamdard, Kalyan Silks, J Hampstead and many more. In 2015, she moved base entirely to Delhi, and hired a team of five full-time staffers and about 20 freelancers on call for shoots.

In the meantime, she gave TEDx talks, visited 42 countries as a solo woman traveller, tried all kinds of adventure sports, intrepidly fought off an armed stalker in her home, won several awards in documentary filmmaking and photography, and stood up for animal rights. She also went from weighing 72 kg in college to a super-fit 56 kg at present through sustained exercise and a vegetarian diet. And did we mention that she broke the Limca world record in the fitness category for maximum burpees in one minute (48!)?

But it wasn’t enough for Richa. She also wanted to give back to society by sharing the knowledge. So she began teaching photography to an unlikely group of students: those from the National Association for the Blind, Delhi.

“One thinks photography is a privilege of only the sighted, but the visually impaired have their own way of perceiving things,” says Richa. “They have a keen sense of distance perception, and are imaginative in their own ways.” She organised the first exhibition of their photos in October 2017, and is planning another one. Her travel plans carry on unabated: she wants to cover every country in the world in this lifetime.

A whole host of motivational posters line the walls of Richa’s studio. One of them stares at her straight across her work table: “Life’s too short to think small. Thing big, and don’t listen to people who say it can’t be done.” That may well be the motto of Richa’s life.

First published in eShe magazine

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold hits 9-month peak on Fed rate freeze; eyes monthly gain

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold rose on Thursday to its highest in nine months, after the US Federal Reserve pulled the reins on monetary tightening, weakening the dollar and keeping bullion on track for its fourth straight monthly gain.

Spot gold was up 0.4 percent to $1,324.52 per ounce at 10:32 a.m. ET (1532 GMT). Its session high was $1,326.30, the highest since April 26.

Spot gold has gained more than 3 percent so far this month.

US gold futures rose 1 percent to $1,323.80.

“The ongoing trend in precious metals markets continues. The much more dovish-than-expected Fed stance continues to support commodity prices across the board, weaken the dollar and support the precious metals complex as well,” said David Meger, director of metals trading at High Ridge Futures.

The dollar also modestly extended losses after data showed the number of Americans filing for unemployment benefits rose to a 1-1/2-year high, feeding concerns of an economic slowdown.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, have climbed 4.6 percent this month, the biggest monthly gain since September 2017.

On Wednesday, the Fed offered no alterations to its interest rate outlook, conceding quivers in the country’s “macroeconomic performance.” It said its balance sheet would remain larger than anticipated.

Analysts said market players see a much slimmer chance of a rate hike, while the US Treasury yield curve now portends possible Fed rate cuts. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

“The market now sees about a one-in-four chance of a 2019 Fed rate hike, while the curve is pointing to a small chance of a cut occurring as early as 2020,” INTL FCStone analyst Edward Meir said in a note.

While the news propelled world stocks to their biggest January gains on record, risks to the global economy remain, with market participants focused on trade talks between the United States and China.

Investors worry Washington’s criminal charges against Chinese company Huawei and its chief financial officer could hurt the talks.

If the sides cannot reach a deal, Washington has threatened to more than double tariffs on Chinese goods on March 2.

Global demand for gold rose 4 percent last year, as central bank purchases surged to their highest levels since 1967, the World Gold Council said.

Palladium gained 1.3 percent to $1,379, while platinum rose 0.6 percent to $819.50.

Silver rose 0.8 percent to $16.18, having hit its highest since July 2018, at $16.19, during the session.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NSSO says unemployment at 45-year high, government refutes: Here’s what experts have to say

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s unemployment rate hit a 45-year high of 6.1 percent in 2017, according to a report based on an official survey, which the government said was yet to be approved.

The National Sample Survey Office’s (NSSO’s) periodic labour force survey (PLFS), according to a Business Standard report, states that unemployment was last this high in 1972-73.

To compare, the unemployment rate in the country had gone down to 2.2 percent in 2011-12, according to NSSO data.

Niti Aayog Vice Chairman Rajiv Kumar, who had previously mounted a defence of lowering of UPA-era GDP growth rates, at a press conference Thursday said the report cited by the newspaper “is not finalised. It is a draft report”.

Refusing to comment on the content of the news report, he said the government will release its employment report by March after collating quarter-on-quarter data.

He also debunked claims of jobless growth, saying how can a country grow at an average of 7 percent without employment.

Niti Aayog CEO Amitabh Kant, who too was present at the conference, said India is creating adequate number of jobs for new entrants, but “probably we are not creating high quality jobs”.

CNBC-TV18 spoke to Somesh Jha of Business Standard who broke this story; Sudipto Mundle, former chairman, National Statistical Commission; Himanshu, professor, Jawaharlal Nehru University; Narendra Taneja, spokesperson, BJP; and Sanjay Jha, spokesperson, Congress, to discuss the NSSO’s survey and Niti Aayog’s statement.

Somesh Jha said, “When the report was in the draft stage it was put out for approval before two committees – one is the government standing committee and the other is NSC, which was supposed to approve it for release. Both these committees in the first week of December have given their approval.”

“After the approval of NSC, there is no other approval required on the report and has to be released on the website of NSSO immediately or within a period of one week. So we cannot say that it is a draft report,” said Somesh Jha.

Taneja said the reports that came in the newspaper are not verified.

“It is the government’s job to make sure that correct data is verified,” he added.

Mundle said, “Due process is there and it was followed in this case and after that, there is professionally no other reason for anybody to hold back this reports. The exact procedure was followed.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coca-Cola bowls out PepsiCo, inks 5-year deal with ICC

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Beverages major Coca Cola has replaced rival PepsiCo as the global sponsor of International Cricket Council (ICC) for the next five years, till 2023.

The company on Thursday signed a five-year deal with the ICC.

The cola major is entering into the cricket space to be the worldwide non-alcoholic partner for the global cricketing body.

The move would help the company, which is building a consumer centric portfolio around the globe, said T Krishnakumar, president Coca-Cola India and South West Asia.

The company, however, did not disclose the financial details of the deal.

The five-year partnership will cover all ICC events around the world, including the ICC Men’s cricket world cup 2019 in England and ICC’s men’s and women’s T20 world cup in Australia in 2020 and 2021 in New Zealand respectively.

“It’s our pleasure to welcome Coca-Cola on board as an ICC partner for next five years. As one of the biggest sports (cricket) with more than one billion fans, we are delighted to be partner with Coca-Cola,” said ICC chief executive David Richardson.

Krishnakumar said, “In the lines of our long history of partnering with major sports globally, our strategic partnership with ICC, reinforces our long standing commitment to refresh sports fans.”

“The Coca-Cola Company has an eight-decade long association with Olympics, four decades with the FIFA and nearly 25 years with World Cup Rugby. The associations stem from Coca-Cola’s philosophy of being part of consumers’ lives and their passions,” said Vijay Parasuraman, vice president – marketing, Coca-Cola India and South West Asia.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow