Boeing recommends airlines suspend use of some 777s after United incident

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

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Boeing Co said it recommended suspending the use of 777 jets with the same type of engine that shed debris over Denver at the weekend after US regulators announced extra inspections and Japan suspended their use while considering further action.

The moves involving Pratt & Whitney 4000 engines came after a United Airlines 777 landed safely at Denver International Airport on Saturday local time after its right engine failed.

United said the next day it would voluntarily and temporarily remove its 24 active planes, hours before Boeing’s announcement.

Boeing said 69 of the planes were in service and 59 were in storage, at a time when airlines have grounded planes due to a plunge in demand associated with the COVID-19 pandemic.

The manufacturer recommended airlines suspend operations until US regulators identified the appropriate inspection protocol.

The 777-200s and 777-300s affected are older and less fuel-efficient than newer models and most operators are phasing them out of their fleets.

Images posted by police in Broomfield, Colorado showed significant plane debris on the ground, including an engine cowling scattered outside a home and what appeared to be other parts in a field.

The National Transportation Safety Board (NTSB) said its initial examination of the plane indicated most of the damage was confined to the right engine, with only minor damage to the airplane.

It said the inlet and casing separated from the engine and two fan blades were fractured, while the remainder of the fan blades exhibited damage.

Japan’s transport ministry ordered Japan Airlines Co Ltd (JAL) and ANA Holdings Inc to suspend the use of 777s with P&W4000 engines while it considered whether to take additional measures.

The ministry said that on Dec. 4, 2020, a JAL flight from Naha Airport to Tokyo International Airport returned to the airport due to a malfunction in the left engine about 100 kilometres north of Naha Airport.

That plane was the same age as the 26-year-old United Airlines plane involved in the latest incident.

United is the only US operator of the planes, according to the Federal Aviation Administration (FAA). The other airlines using them are in Japan and South Korea, the US agency said.

”We reviewed all available safety data,” the FAA said in a statement. ”Based on the initial information, we concluded that the inspection interval should be stepped up for the hollow fan blades that are unique to this model of engine, used solely on Boeing 777 airplanes.”

Japan said ANA operated 19 of the type and JAL operated 13 of them, though the airlines said their use had been reduced during the pandemic. JAL said its fleet was due for retirement by March 2022.

Pratt & Whitney, owned by Raytheon Technologies Corp, was not available immediately for comment.

A spokeswoman for South Korea’s transport ministry, speaking before Boeing recommended suspending operations, said it was monitoring the situation but had not yet taken any action.

Korean Air Lines Co Ltd said it had 12 of the planes, half of them stored, and it would consult with the manufacturer and regulators and stop flying them to Japan for now.

In Feb. 2018, a 777 of the same age operated by United and bound for Honolulu suffered an engine failure when a cowling fell off about 30 minutes before the plane landed safely. The NTSB determined that incident was the result of a full-length fan blade fracture.

Because of that 2018 incident, Pratt & Whitney reviewed inspection records for all previously inspected PW4000 fan blades, the NTSB said. The FAA in March 2019 issued a directive requiring initial and recurring inspections of the fan blades on the PW4000 engines.

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Heranba Industries IPO to open on Tuesday: Key things to know before you subscribe

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

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Gujarat-based agrichemicals manufacturer Heranba Industries will launch its initial public offering (IPO) on February 23. The issue for the same will close on February 25.

The shares of the company will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

According to a note shared by Anand Rathi, Heranba Industries is a crop protection chemical manufacturer, exporter and marketing company based out of Vapi, Gujarat with administration offices in Mumbai. It manufactures intermediates, technicals and formulations and is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permitherin, lambda cyhalothrin etc. Its pesticides range includes insecticides, herbicides, fungicides and public health products for pest control.

Here are key things to know about the company and its IPO:

Lot size

The lot size of the Heranba Industries IPO is 23 shares.

Allotment and listing date

The share allocation of Heranba IPO is likely to be finalized on March 2 and listing may happen on March 5, according to brokerages.

Price band

The price band of the issue has been fixed at Rs 626-627 per share of the face value of Rs 10 each.

Offer for sale

The IPO comprises an offer for sale (OFS) of up to 90.15 lakh equity shares and a fresh issue of Rs 60 crore shares, according to the company’s red herring prospectus. The company plans to raise up to Rs 625 crore from the issue.

The OFS consists of 58,50,000 equity shares by Sadashiv K Shetty, 22,72,038 shares by Raghuram K Shetty, 8,12,962 shares by Sams Industries, 40,000 shares by Babu K Shetty and 40,000 shares by Vittala K Bhandary.

Book running lead managers

Emkay Global Financial Services and Batlivala & Karani Securities India are the book-running lead managers to the IPO.

Registrar to the offer

Bigshare Services is the registrar of the issue.

Should one subscribe?

Considering the company’s dominant position in pyrethroids market, strong balance sheet, high RNW of 30.47 percent as per FY20 financial statements, strong management and reasonable valuations, Anand Rathi has given the IPO a ‘subscribe’ rating.

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PNB not to take part in housing finance arm’s planned fund raise

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

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Punjab National Bank will not take part in the capital raising plans of PNB Housing Finance. Last August, the Board of PNB Housing Finance approved raising Rs 1,800 crore of equity capital through preferential issue or rights issue.

Referring to the decision, PNB Housing, in a regulatory filing, said that it will continue to pursue with the proposed capital raising plan.

“Punjab National Bank has communicated that it shall not be participating in the capital raise plans of the company. However, the company will continue to pursue with the proposed capital raising plan through permitted modes,” the filing said.

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Opening bell: Sensex, Nifty start on a flat note; IT, metals gain

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

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Indian equity benchmark indices opened flat with a positive bias on Monday amid mixed global cues. At 9:15 am, the Sensex opened 0.04 percent, or 20.75 points, higher at 50,910.51, while the Nifty50 index opened at 14,999.05, up 17.30 points, or 0.12 percent.

Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices supported gains. Gains were witnessed in metals and IT stocks, while auto stocks were under pressure.

State-run banks extended losses after snapping a five-session winning streak last week, slipping 1.7 percent in early trade, and were the top decliners among 14 sectoral indexes. Still, the index is up 35.5 percent so far in February.

On the Nifty 50, lenders Housing Development Finance Corp, Axis Bank and SBI were among the top five drags, falling between 0.8 percent and 1.5 percent.

Cigarettes-to-hotels conglomerate ITC slipped 2.6 percent and was the top drag on the Nifty FMCG index.

-With PTI inputs

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US’s Blinken vows ‘firm action’ against Myanmar military

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

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The United States will keep up ”firm action” against Myanmar authorities violently cracking down on opponents of a military coup, Secretary of State Antony Blinken said on Sunday, after two protesters were shot dead over the weekend.

Myanmar’s security forces have been unable to stop more than two weeks of daily protests and a civil disobedience movement demanding the reversal of the Feb. 1 coup and the release of detained elected leader and Nobel laureate Aung San Suu Kyi.

”The United States will continue to take firm action against those who perpetrate violence against the people of Burma as they demand the restoration of their democratically elected government,” Blinken said in a post on Twitter. ”We stand with the people of Burma,” he added.

His assurance came 10 days after the United States imposed sanctions on the acting president of Myanmar, also known as Burma, and several military officers.

President Joe Biden approved sanctions on those responsible for the ouster of the southeast Asian nation’s civilian-led government, including the defense minister and three companies in the jade and gems sector.

The treasury department also updated sanctions on Myanmar’s top two military officials, accusing them of playing a leading role in the coup.

Also Read: Myanmar protesters call for general strike against coup

”If there is more violence against peaceful protesters, the Burmese military will find that today’s sanctions are just the first,” Treasury Secretary Janet Yellen warned at the time of the Feb. 11 sanctions.

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Coronavirus news highlights: Mumbai sees drop in COVID-19 cases at 760; recoveries top 3 lakh

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

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Coronavirus News LIVE Updates: India’s total tally of COVID-19 cases surpassed1.10 crore with 14,199 new infections being reported in a day, while active cases registered an increase for the fifth consecutive day, according to the Union Health Ministry data updated on Monday. The total coronavirus cases have increased to 1,10,05,850, while the death toll increased to1,56,385 with 83 daily new fatalities, the data updated at 8 am showed. The number of people who have recuperated from the disease surged to 1,06,99,410 which translates to a national COVID-19 recovery rate of 97.22 percent and the case fatality rate stands at 1.42 percent. Active coronavirus infections in the country increased to 1,50,055 which comprises 1.36 percent of the total caseload, the data stated.

India’s COVID-19 tally had crossed the 20-lakh mark on August 7, 30 lakh on August 23, 40 lakh on September 5 and 50 lakh on September 16. It went past 60 lakh on September 28, 70 lakh on October 11, crossed 80 lakh on October 29, 90 lakh on November 20 and surpassed the one-crore mark on December 19.

According to the ICMR, 21,15,51,746 samples have been tested up to February 21 with 6,20,216 samples being tested on Sunday.

Stay tuned with all the latest news updates and developments on the coronavirus pandemic and the ongoing inoculation drive.

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Bengal govt reduces tax by Re 1 per litre on petrol, diesel

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

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The West Bengal government on Sunday announced a reduction of tax by Re 1 per litre on petrol and diesel effective from midnight of February 22. State Finance Minister Amit Mitra said the move will provide some respite to people stung by burgeoning prices of fuel.

”The Centre earned Rs 32.90 per litre in taxes from petrol (on February 20), while the state got around Rs 18.46 only. In case of diesel, the central government’s earning was Rs 31.80 per litre as against about Rs 12.77 for the state,” Mitra said. He also alleged that the Centre had imposed cess to avoid devolution with states, which is ”against the characteristics of federalism”.

To a question, Mitra said the Union government should reintroduce the planning commission. Later, in a tweet, the minister said the tax rebate on fuel will be valid till June 30.

”To reduce the common man’s burden, the State Government has decided to allow rebate of Re 1 per litre on sales tax payable on sales of petrol and diesel w.e.f. the end of midnight of February 22, 2021 till June 30, 2021,” Mitra said.

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China urges US to lift trade restrictions, stop interference

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

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Chinese Foreign Minister Wang Yi called on the US Monday to lift restrictions on trade and people-to-people contacts while ceasing what Beijing considers unwarranted interference in the areas of Taiwan, Hong Kong, Xinjiang and Tibet.

Wang’s comments at a Foreign Ministry forum on US-China relations come as Beijing is pressing the administration of President Joe Biden to drop many of the confrontational measures adopted by his predecessor Donald Trump.

Among those are pressure over trade and technology grievances that prompted Trump to hike tariffs on Chinese imports in 2017 and impose bans or other restrictions on Chinese tech companies and academic exchanges.

Trump also upgraded military and diplomatic ties with Taiwan, the self-governing island democracy claimed by China as its own territory, while sanctioning Chinese officials blamed for abuses against Muslim minorities in Xinjiang and a crackdown on freedoms in Hong Kong.

We know that the new US administration is reviewing and assessing its foreign policy we hope that the US policymakers will keep pace with the times, see clearly the trend of the world, abandon biases, give up unwarranted suspicions and move to bring the China policy back to reason to ensure healthy steady development of China-US relations,” Wang told diplomats, scholars and journalists at the Lanting Forum.

While Biden has pledged re-engagement and a more civil tone in US diplomacy, it’s unclear whether he will make any fundamental changes in Washington’s policies toward Beijing. China faces more opposition than ever in Washington due to its trade record, territorial disputes with neighbors, and accusations of technology theft and spying. Taiwan enjoys strong bipartisan support, as do criticisms of China’s human rights record, especially on Hong Kong, Xinjiang and Tibet.

Wang said China had no intention to challenge or replace the United States” and was ready to peacefully coexist and seek common development. Wang urged the US to stop smearing” the reputation of China’s ruling Communist Party and to stop conniving at or even supporting the erroneous words and actions of separatist forces for Taiwan independence and stop undermining China’s sovereignty and security on internal affairs concerning Hong Kong, Xinjiang and Tibet.”

Wang said the US should reactivate all levels of dialogue which he said the US had effectively halted under the Trump administration, and boost cooperation on major bilateral and international issues. The COVID-19 pandemic, climate change and the global economic recovery are the three biggest issues on which the sides can cooperate, he said.

On trade, Wang said China would defend the rights of US companies while hoping the US would adjust its policies as soon as possible, among others, remove unreasonable tariffs on Chinese goods, lift its unilateral sanctions on Chinese companies and research and educational institutes and abandon irrational suppression of China’s technological progress.”

The US should also lift restrictions on media, educational and people-to-people exchanges to reverse sharp declines in numbers of Chinese studying in the US and visits by Chinese for tourism or business, Wang said. I hope that the two sides will work together to steer the giant ship of China-US relations back to the course of sound development toward a bright future will boundless prospects,” Wang said.

As is usual in Chinese foreign policy, Wang put the onus for improving relations squarely on the shoulders of the US and offered no direct proposals for major breakthroughs, even while encouraging increased dialogue.

While the tone taken toward the US by high-ranking diplomats such as Wang, senior foreign policy adviser Yang Jiechi and Xi himself appears more positive than under Trump, China’s Foreign Ministry spokespeople have remained combative.

At a briefing on Friday, spokesperson Hua Chunying contrasted the freak winter weather striking Texas with the robust social and economic interactions seen in China over the just-passed Lunar New Year holiday, without offering any show of sympathy.

Also Read: US orders extra inspection of some Boeing 777s after United incident, Japan suspends use

All this has given us a deeper understanding of what human rights truly mean and how to better protect them. We are more convinced that we are on the right path and have every confidence in the future,” Hua said.

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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

BACKSTORY: Datta Samant and the Great Bombay Textile strike of the 1980s

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

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Time was when Parel-Lalbagh, home today to one of Mumbai’s toniest commercial districts, hummed to the sound of textile mills, some of which were nearly 100 years old. This was the city’s mill district with lakhs of workers employed in its many factories producing cotton textiles.

One fateful day, it came to a grinding halt, never to reopen.

The immediate provocation was the Great Bombay Textile strike which began on 18 January 1982 and involved some 250000 workers across 65 mills. They represented what was believed to be the single largest unionized labor force in one city in one industry anywhere in the world and were led by Dattatray Samant, already famous for having extracted a generous wage hike for workers of the Premier Automobile plant. Based on this achievement he had been chosen by the mill workers, till then largely represented by the INTUC-affiliated Rashtriya Mill Mazdoor Sangh to lead their fight against the Bombay Millowners Association for higher wages and a bonus.

For Samant, a doctor by training, it was as much about the fight against textile tycoons as it was about increasing his sphere of influence to the more potent dock and port unions. It was this that alarmed the establishment, though Samant was believed to be close to controversial Maharashtra chief minister A.R. Antulay. The government now sided with the mill owners and refused to negotiate. This broke the back of the year-long strike and eventually it fizzled out.

In the aftermath, 50 of the mills shut down permanently rendering over one a half lakh worker jobless. Eventually not a trace of the mills would be left in the city. Samant’s ambitions as a labor leader also disintegrated and subsequently even his political power waned. By the time of his tragic assassination     in 1997 by underworld thugs belonging to the Chota Rajan gang, he had settled into relative obscurity though he kept working for the labor unions.

The strike led to a transformation of the city’s skyline as what was essentially a rough and tough industrial district eventually got gentrified. For many mill owners the strike was a gift since it allowed them to close down mills that had been making losses for years thanks to their mismanagement and refusal to invest in modernizing them. It freed up the land which was more valuable than anything the mills would produce and led to the redevelopment of the entire area into what it is today, a shopping and office district. Capitalizing on the growing demand for real estate to house offices, malls and entertainment centres, the builder-politician nexus in the city drove prices of the land to stratospheric levels.

It was also a serious blow to the labor union movement in India and as liberalization gained ground workers across industries lost their bargaining power eventually becoming mere tools in the hands of contractors and powerful industrialists.

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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