Nepal plane crash: Human error suspected behind mishap that killed 72

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

Listen to the Article (6 Minutes)

The Yeti Airlines aircraft which crashed in Pokhara last month killing all 72 people onboard lost thrust and fell after the propellers of both engines went into a feathered position, a preliminary report of the investigation into the fatal accident suggests. The report has led the investigators to suspect human error behind the deadly crash.

“Human factor in the accident could not be disregarded. So it is an issue of investigation,” an official quoted by PTI said.

The incident took place on January 15, this year, when a twin-engine ATR 72 aircraft operated by Nepal’s Yeti Airlines, crashed at the Seti River gorge between the old airport and the new airport in the resort city of Pokhara, around 20 seconds before landing at the newly-opened Pokhara International Airport. The incident was one of Nepal’s worst airplane accidents in 30 years.

Cited by news agency PTI, the 14-page preliminary report posted on the website of the Ministry of Tourism, Culture and Civil Aviation of Nepal, stated that ahead of landing one pilot may have accidentally operated levers that ‘feathered’ the engines — each lever starts/stops fuel supply and controls idling speed — instead of using the flaps, which caused the engines to lose thrust and the plane to fall.

Also Read: Nepal air accident: A look at some of the worst plane crashes in history

“When both propellers were feathered, the investigation team observed that both engines of 9N-ANC were running flight idle condition during the event flight to prevent over torque,” the report stated.

It further said that it is rare for the propellers of both engines to come to a feathered position, and the data recorders recovered after the crash indicated “all recorded parameters related to engines did not show any anomaly.”

The report also said one of the pilots had noted before the crash that there was no power from the aircraft’s engines. “When Air Traffic Controller (ATC) gave the clearance for landing at 10:57.07, the Pilot Flying (PF) mentioned twice that there was no power coming from the engines,” the report said.

The flight crew had already made two trips between Kathmandu and Pokhara on the same day; this was the third, indicating fatigue as a possible issue, the report said. There were two captains — Anju Khatiwada was obtaining aerodrome familiarisation for operating in Pokhara, and Kamal K.C. was the instructor pilot on this training flight. The pilot flying the aircraft handed over the controls to the pilot monitoring before it crashed, it added.

Further, the report ruled out the possibility of weather as a concern behind the crash, saying: “During the time of the crash, the prevailing visibility was 6 km and the sky was almost clear with only a few clouds.” Gyanendra Bhul, Information Officer at Civil Aviation Authority of Nepal (CAAN) had also confirmed that the weather was not the issue, but “technical reasons” caused the fatal crash.

Also Read: Nepal plane crash in January that killed 72 caused by engine failure, suggests report

However, a final report on the plane crash has not yet been released. The panel has up to the end of February to submit its final report and the information in the preliminary report may change as the investigation progresses, it said.

The Yeti Airlines Flight 691 was carrying 72 people including two infants, four crew members and 10 foreign nationals. At least 71 bodies were recovered, with one unaccounted person presumed to be dead.

The black boxes recovered from the crash site had been sent to Singapore for analysis to identify the cause of the crash. Both the flight data recorder and cockpit voice recorder would be examined by experts at Singapore’s Transportation Safety Investigation Bureau.

Yeti Airlines was formed in 1998 by Nepali entrepreneur Ang Tshering Sherpa. The airline was based out of the Tribhuvan International Airport in Kathmandu. The parent company of Yeti Airlines is Yeti World which has other tourist ventures like hotels, resorts and helicopter services. Incidentally, Sherpa died in 2019 in a helicopter crash.

Yeti Airlines split its subsidiary Tara Air in 2009. Tara Air took over short take-off and landing (STOL) operations at rural and mountainous airports. The airline gave Tara Air its fleet of de Havilland Canada DHC-6 Twin Otters and Dornier 228s. Yeti Airlines fleet consists of six ATR 72-500. Together, the two entities formed the largest domestic airline in the Himalayan nation.

With inputs from agencies. 

Also Read: Nepal plane crash: Bloody history of Yeti Airlines and its subsidiary Tara Air

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

Fire at Raghuvanshi mills in Mumbai’s Lower Parel, evacuation work is on

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

Listen to the Article (6 Minutes)

A fire has broken out at the Raghuvanshi Mill compound in Lower Parel, Mumbai.

The fire started around 7.15pm on Friday at the compound. It has been confined to the office gala on the third floor of a ground-plus three-storey commercial structure.

A total of 12 fire engines and 6 jumbo tankers are present at the spot and evacuation work is on.

The cause of the fire is not yet known.

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

iPhone 15 rumours: Thinner bezels, USB Type-C port, better camera and more

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

Listen to the Article (6 Minutes)

The iPhone 15 Pro, expected to launch later this year, will reportedly come with “some significant changes to the design and features.” 9to5Mac, a website that closely tracks Apple products and the rumours around them, said it has obtained exclusive renders of Apple’s upcoming flagship from a “reliable” case manufacturer and 3D Artist Ian Zelbo.

The USB Type-C charging port, which almost all Apple devices feature with the exception of the iPhone, is likely to come to the iPhone 15 lineup. “This could be due to the pressure from the European Union (EU), which has been pushing for a common charging standard for all smartphones and devices. Unfortunately, this might be limited to cables approved for Apple’s MFi program for data transfer speeds and charging speeds,” the report noted.

iPhones have been using Apple’s proprietary lightning port since 2012 and the new EU rules will require all phones sold after late 2024 to use the USB-C connector for their charging ports. Apple has not confirmed anything on the matter yet but the chatter on the street is getting louder, which could mean that there is a possibility.

Also Read: Apple has reportedly begun quietly laying off third-party contractors

The renders also suggest that the curvature of the edges — both on the glass and on the metal frame — could also get softer. “The glass curves slightly around the edges, creating a more seamless transition to the frame. The frame itself is also more curved than before, resembling the design of the 14-inch and 16-inch MacBook Pros and the new M2 MacBook Air. This could make the phone more comfortable to hold and less prone to accidental touches,” 9to5Mac said.

While the display size is likely to remain the same, the bezels on the iPhone 15 Pro could be a tad thinner, which could be a blessing — if the rumour turns out to be true. That might also translate to smaller body size, but nobody knows yet. 

The camera bump on the renders also looks thicker than before but at this point in time, it is almost expected. The bump, since the iPhone 11, has been getting bigger and bulkier. An upgrade to the camera itself is also expected, given how a huge chunk of most of the iPhone keynotes is dedicated to the photo and video capturing features.

Also Read: Samsung announces global launch of the Galaxy S23 series after impressive pre-order results

Another interesting rumour that has been doing the rounds is that the volume rockers could be capacitive buttons instead of physical ones, but obviously nothing is confirmed until Apple puts its stamp on it. The mute switch, according to the website, also looks redesigned with a smaller and rounder shape similar to that of the capacitive buttons.

While some of these changes might give us hope for a newer-looking iPhone, they cannot be taken as the final word. 9to5Mac also added in its report saying, “These renders are based on an early CAD model and may not reflect all aspects of Apple’s final design.”

For context, the CAD files that were shared with 9to5Mac come from a factory out of China, that is seemingly the first to get these files. Historically, CAD files are accurate to the final device in terms of both dimensions and design, as having inaccurate ones would be costly to case designers and factories.

But like I said, nothing is final until Apple says that it is, which it won’t until September.

Also Read: Apple is willing to lend you money, but only if you have been a good customer

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

India fastest growing market for Netflix, vibrant and exciting time for country: Co-CEO Ted Sarandos

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

Listen to the Article (6 Minutes)

Global entertainment company Netflix says its bet on India is working. In a conversation, Netflix’s co-CEO Ted Sarandos, said India is its fastest growing market with engagement up 30 percent and revenue up 25 percent . While Netflix doesn’t report country-specific numbers, Sarandos said the firm has seen an acceleration of growth in India, which he describes as an “incredibly vibrant market, going through a very exciting time”

While India is looking good for Netflix, it got off to a rough start in 2022, with a drop in subscribers, the first in a decade. The company attributed the loss to the Russia & Ukraine war, as Netflix pulled the plug on its operations in Russia, like many global corporations.

In a letter to shareholders, it did also acknowledge challenges on account of slower sales of smart TVs and increased competition. Sarandos believes the worst has passed, with 2022 closing on a much stronger footing. Netflix reported quarterly numbers in January 2023, that were ahead of Street estimates with the company adding 7.66 million paid subscribers in the fourth quarter, compared to the expectation of an addition of 4.57 million subscribers. This was also the first quarter that saw Netflix’s ad based service being accounted for in its earnings. Ad tier, is Netflix’s strategy to grow its subscriber base at a lower price point.

Sarandos said the ad tier strategy will make marginal money in 2023, but see significant headroom for growth and meaningful revenue contribution over the next three to five years, as they roll it out across different markets. India is not part of the ad tier roll-out strategy for now. However, Netflix has already taken a price cut in the market.

Even as some other entertainment companies have announced scaling back budgets, Netflix is sticking to its content budget of $17 billion. Again, while not sharing numbers for India specifically, Sarandos said the company will spend proportional to its growth and has a strong pipeline of content across original local content and licensed content. “Cinema infused content” is working well for India said Sarandos and Netflix will continue to focus on “entertainment” and not content that could be seen as “polarising”.

The global success of RRR and Elephant Whisperer, titles on Netflix that have all made the Oscar Shortlist, have certainly reignited India’s aspiration of creating crossover content. Sarandos believes, RRR could be a key “trigger” to make that happen and Netflix would like to be “an exporter of Indian content”

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

Budget 2023 | Key things for retail investors to look out for

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

Listen to the Article (6 Minutes)

With the universe hailing the budget for a reduction in the tax outgo for individual taxpayers at the middle section. We need to understand why it came and how was it an expected move. One needs to understand that this budget came at a time when the economy was slowing and there was a need for increased consumption which could only happen with increased savings for the individuals, thus a tax cut.

Apart from this, the new tax regime was a smart move to promote tax compliance and boost positive sentiment, thus laying down the foundation for a sustained economic growth in future.

Overall, the Budget 2023 represents a needle balancing act between supporting the economy’s growth and addressing immediate political priorities. An in-depth analysis of the Budget will reveal a focus on supporting vulnerable sectors and promoting digital transformation. However, the debate remains among critics whether these measures are good for long term or just aimed at securing votes in the upcoming elections.

As the Budget had eventful impact on the economy, rates, markets and of course even your pockets! Let’s check out in a snap what has Budget 2023 pulled out of the hat for you as an investor!

1) New Life Insurance policies aggregating with premium more than Rs 5 lakh will no longer be exempt and will be taxable from April 1, 2023. It will make traditional insurance plans unfavourable for investments.

2) No deductions under new tax regime, i.e., no deductions under any Section. You control your own money – No push by Government to save/invest anywhere.

3) Market Linked Debentures (MLDs) will now be fully taxed as short-term capital gains. The taxation of these structured instruments was 10 percent until now being treated as long term gains. Basically, which means the investment will be now taxed at the investor’s slab rate rather than fixed 10 percent, impacting HNI investors.

4) REIT’s – Amendment to the initial double non-taxation event that existed, where now the income distributed to unit holders will be of the same nature as income held by the REIT’s. This generally comprises major portion of the REIT’s income. Hence, could be negative for REIT investors, leading a small dip in the REIT prices.

5) HNIs investors with Capital Gains more than Rs 10 crore will not get benefit of Sec 54F. This means in an event of sale of an asset with gains more than Rs 10 crore the max benefit you can avail is up till Rs 10 crore by investing in another property.

6) Axe on LRS: The TDS on Liberalised Remittance is now increased to 20 percent flat from 5 percent (above Rs 7 lakh), hinting good-bye to global investing!

After comprehensive analysis, we strongly believe the budget has delivered the needful to maintain and ingeminate our resolute positivity on India. It has managed to enhance positive sentiments for all sections of society, thus laying a well-structured roadmap for increasing domestic demand. Keeping the Asian nation as the silver lining in a weak global ecosystem.

The author, Sahen Karamchandani, is Founder at WealthinIndia.com

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

Setback for Uddhav Thackeray as Shinde faction gets Shiv Sena name, bow-arrow symbol

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

Listen to the Article (6 Minutes)

In a setback for Uddhav Thackeray, the Election Commission of India (ECI) on Friday today ordered that the party name “Shiv Sena” and the party symbol “Bow and Arrow” will be retained by the Eknath Shinde faction.

The Election Commission said MLAs backing Eknath Shinde got nearly 76 percent of votes polled in favour of the 55 winning Shiv Sena candidates in the 2019 Maharashtra Assembly polls.

The Uddhav Thackeray faction’s MLAs got 23.5 percent of votes polled in favour of the winning Shiv Sena candidates, the three-member Commission said in a unanimous order.

The Election Commission observed that the current constitution of the Shiv Sena (Uddhav faction) is undemocratic. It said the party has been mutilated to undemocratically appoint people from a coterie as office bearers without any election at all. “Such party structures fail to inspire confidence.”

Also Read: I am not good at kissing babies, I am not a politician: Raghuram Rajan

Further, the Election Commission observed that the constitution of Shiv Sena amended in 2018 is not given to the Election Commission of India. Amendments had undone the act of introducing democratic norms in the Party Constitution of 1999, brought by the late Balasaheb Thackeray at the insistence of the Commission.

Shinde described the EC verdict as a “victory of truth and people as well as blessings of Balasaheb Thackeray” while Sanjay Raut, who is with Thackeray, said the Commission decision to recognise the Shinde faction as the real Shiv Sena was a “murder of democracy” and his party will “go to the people.”

This is for the first time the Thackeray family has lost control of the party founded in 1966 by Balasaheb Thackeray on the principles of justice for the sons of the soil.

Uddhav Thackeray faction spokesperson, Anand Dubey, said, “The order is what we had suspected. We had been saying that we don’t trust the EC. When the matter is sub-judice before SC and no final decision has been taken, this haste by EC shows it works as a BJP agent under Central Govt. We condemn this.”

Also Read: Karnataka election 2023: G Parameshwara says he’s among 10 chief minister aspirants from Congress

Last year, the Election Commission has barred the Shiv Sena factions led by Uddhav Thackeray and Eknath Shinde from using the party name and its election symbol in the Andheri East assembly bypoll.

However, Election Commission had allotted the name ‘Balasahebanchi Shiv Sena’ to the Eknath Shinde faction and ‘Shiv Sena (Uddhav Balasaheb Thackeray)’ to the Uddhav Thackeray-led faction for the Andheri East assembly by-poll slated for November 3.

The apex poll panel allotted the flaming torch as the party symbol for the Thackeray faction but has yet to allot a symbol to the Shinde faction. Instead, the ECI asked Balasahebanchi Shiv Sena to submit a fresh list of symbols.

Shinde had raised the banner of revolt against Thackeray, accusing him of entering into an “unnatural alliance” with Congress and NCP. Over 40 of the Shiv Sena’s 55 MLAs had supported Shinde, forcing the resignation of Thackeray as Maharashtra CM.

Also Read: Tripura election 2023: BJP will retain power without TIPRA Motha’s help, CM Manik Saha claims

Following Thackeray’s resignation as chief minister of the Shiv Sena-Nationalist Congress Party-Congress coalition, Shinde became chief minister with the support of the Bharatiya Janata Party in June.

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

Oil companies renew push for fuel price hike amid heavy losses, forex woes

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

Listen to the Article (6 Minutes)

Oil marketing companies (OMCs) in India are pushing for a fuel price hike citing losses due to forex fluctuations and the depreciation of the rupee, which have put them under tremendous financial strain as the primary reasons for their request.

Sources told CNBC-TV18 that the losses incurred by the companies have prompted them to make a renewed pitch to the government for an increase in fuel prices.

The losses suffered by companies such as Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) for the April to December period in FY23 were in excess of Rs 12,000 crore. 

Also read: Indian Oil clarifies Adani Ports gas deal after Mohua Moitra tweet

Additionally, the forex losses incurred by IOC and Bharat Petroleum Corporation Limited (BPCL) in the April-December period of FY23 are over Rs. 9,300 crore. This has put the companies in a difficult position, and they are looking to recover some of their losses by increasing fuel prices.

The sources added that the OMCs are still making losses on diesel despite some marginal profits in the third quarter of FY23.

Also read: Commodity Champions | 2022 was a year of uncertainty — 2023 is no less, says Vandana Hari

The companies are also facing pressure from a price freeze on petrol and diesel, as well as a windfall tax, which is eroding their margins. The windfall tax was imposed in the wake of rising crude oil prices, and it has been impacting the OMCs’ profitability.

The situation is not ideal for the companies, and they are looking for a way to recoup their losses. As per sources, the OMCs are relying on other businesses to recover some of their losses, but this is not a sustainable solution in the long term.

Watch video for full interview

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

Hanuman sticker reinstalled on HAL aircraft on last day of Aero India 2023

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

Listen to the Article (6 Minutes)

On the last day of the five-day Aero India 2023 exhibition in Bengaluru, a controversial sticker featuring Lord Hanuman was reinstalled on a prototype aircraft of Hindustan Aeronautics Limited (HAL).

The sticker had initially been removed from the vertical stabiliser of the static display model of the HTFT-42 trainer aircraft three days prior, without any explanation from the authorities.

Also read | Aero India 2023 Day 2 | HAL removes Lord Hanuman picture from aircraft, Defence Ministers’ meet and more

The image of Anjaneya, as Hanuman is also known, depicts the powerful deity in battle mode with his mace, and the caption below reads “The storm is coming.”

On day one of the event, the same sticker had generated curiosity among onlookers, prompting the defence PSU to explain that the decision to use Hanuman’s picture was meant to showcase the power of the aircraft.

However, the company reversed its decision the following day, with HAL Chairman and Managing Director CB Ananthakrishnan stating that the use of the religious image was “not appropriate.”

The reappearance of the controversial sticker on the last day of Aero India 2023 has once again sparked debate, as the authorities have remained silent on the matter.

The controversy surrounding the Hanuman sticker has also overshadowed the event, which was meant to showcase India’s manufacturing prowess and progress towards achieving the vision of ‘Aatmanirbhar Bharat’ (self-reliant India) as outlined by Prime Minister Narendra Modi.

The five-day exhibition saw the participation of 809 companies and delegates from nearly 98 countries, including major exhibitors such as Airbus, Boeing, Dassault Aviation, Lockheed Martin, Israel Aerospace Industry, BrahMos Aerospace, Army Aviation, HC Robotics, and Rolls Royce.

Defence Minister Rajnath Singh had emphasized the importance of the event in showcasing India’s manufacturing capabilities and progress towards self-reliance.

The controversy surrounding the Hanuman sticker on the HAL prototype aircraft has highlighted the need for sensitivity and inclusivity in the country’s defence and aeronautics industries.

It remains to be seen whether the authorities will take action to address the issue and ensure that future exhibitions are free from similar controversies.

Also read | US shows off its most advance fighter jet F-35 in India’s largest aerospace exhibition

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

Editors Roundtable: 56% of Nifty50 cos see earnings downgrades in third quarter of FY23

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

Listen to the Article (6 Minutes)

As the earnings season comes to a close, there have been a whole host of earnings downgrades across corporates in the third quarter of FY23.

In the case of Nifty 50, 56 percent of the companies have seen earnings downgrades – that is 28 companies, 5 companies have seen no change, 6 companies have seen minor upgrades, and 11 companies have seen upgrades.

Banks and financial services dominate the list of upgrades, followed by FMCG and auto.

While downgrades are widespread and include stocks like Divi’s Laboratories, Tata Steel, Kotak Bank, Bharti Airtel, and Apollo Hospitals.

If one looks at the Nifty 200 stocks, then there have been downgrades for 57 percent of the companies, that is 113 out of 200 companies. 9 companies have seen no change, 19 have seen minor upgrades and 59 companies have seen upgrades.

Also Read: Earnings Review: India Inc delivered more misses than hits in December 2022 quarter

Again banking and financial services dominate the upgrades list in Nifty 200 with stocks like LIC, Bank of India, Canara Bank, Bajaj Finserv, and IDFC First Bank making the cut.

On the downside, stocks like Zomato, Nykaa, Crompton, Whirlpool, Dixon Technologies, ABFRL, Page Industries, United Breweries, Laurus Labs, Gland Pharma, Lupin, Info Edge, and Jubilant Foodworks, all have seen downgrades.

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