Kalrock to pilot Jet Airways take-off with Rs 1,000-crore investment


The Kalrock Capital-Murari Lal Jalan consortium has proposed to re-launch as a full-service carrier, with an initial investment of Rs 1,000 crore.

It has initiated discussions with lessors and international airlines for contracts and partnerships.

On Saturday, the committee of creditors voted in favour of the Kalrock-Jalan consortium over the FSTC-Imperial Capital combine. The winning bid attracted over 99 per cent votes, with lenders overwhelmingly voting for a revival instead of recovery through liquidation.

While Jet has admitted claims of over Rs 15,000 crore, the resolution plan consists of Rs 866 crore in upfront and deferred payment to creditors. A portion of the sum will be used to cover insolvency resolution costs.

Banks will also get a 9 per cent equity stake in the airline and an upside from the sale of aircraft. Employees have been offered 75 per cent stake in Jet’s ground handling arm, as well as a financial incentive of close to Rs 20,000 each.

“Our plan takes into consideration the interests of all stakeholders, including creditors and employees,” said Manoj Madnani, board member of Kalrock Capital. Madnani said the airline

Israel And Bahrain Formalise Diplomatic Ties


Israel and Bahrain cemented Sunday a deal officially establishing relations and signed several memorandums of understanding, further opening up the wealthy Gulf region to the Jewish state.

An Israeli delegation, led by National Security Council chief Meir Ben Shabbat, headed to Manama from Tel Aviv on the first direct flight between the two countries to formalise the US-brokered deal they agreed to at the White House on September 15.

Israeli and Bahraini officials on Sunday signed the document establishing bilateral relations in the presence of other international dignitaries and reporters, an AFP correspondent said. They also agreed seven memorandums of understanding.

King Hamad bin Isa Al Khalifa, as well as Bahrain’s crown prince and prime minister, were absent from the ceremony, the correspondent said.

Bahrain’s foreign minister, Abdullatif al-Zayani, said during the event that it was the “start of relations between the two countries leading to constructive cooperation in various fields”.

(L-R)Bahrain Foreign Minister Abdullatif al-Zayani, Israeli Prime Minister Benjamin Netanyahu, US President Donald Trump, and UAE Foreign Minister Abdullah bin Zayed Al-Nahyan pose from the Truman Balcony at the White House

He said the decision to normalise ties with the Jewish state comes from the

Is Bangladesh economy really doing better than India? Former CEA doesn’t think so


On ‘more appropriate’ economic metric, has not surpassed India and is unlikely to be in future, former chief economic adviser said on Saturday, asserting that GDP per capita is an estimate for one indicator of the average standard of welfare in a country.

Congress leader Rahul Gandhi had taken a dig at the government over growth projections showing closing in on India in terms of per capita GDP this year and described it as a “solid achievement” of six years of the BJP’s “hate-filled cultural nationalism”.

Government sources had emphasised that India’s Gross Domestic Product (GDP) in terms of purchasing power parity was 11 times more than that of in 2019.

“The India-vs.-Bangladesh GDP per capita comparison (post WEO) has sparked anxiety & acrimony. But wrong numbers being compared…

“NO, on more appropriate metric, India has not been surpassed and, according to IMF, unlikely to be in near future,” Subramanian said in a series of tweets.

He said all the focus has been on comparisons based on GDP measured at current, market exchange rates and this yields “conclusion”

HDFC Bank’s September quarter net profit rises 18.4% to Rs 7,513 crore


Country’s largest private lender HDFC Bank’s net profit rose by 18.4 per cent to Rs 7,513.1 crore for second quarter ended September 2020 (Q2Fy21) on substantial growth in interest earnings and other income.

It had posted a net profit – profit after tax (PAT) — of Rs 6,344.9 crore in the quarter ended September 2019 (Q2FY20). Sequentially, it had posted a net profit of Rs 6,658.6 crore in first quarter ended June 2020 (Q1Fy21).

On Friday (October 16, 2020), bank’s stock closed 2.55 per cent higher at Rs 1,199 per share on the BSE.

The net interest income (NII) grew by 16.7 per cent year-on-year (YoY), from Rs 13,515 crore in Q2FY20 to Rs 15,774.4 crore in Q2FY21. Other income, comprising fee and commission, grew 27.9 per cent to reach Rs 6,092 crore in Q2FY21.

The provisions (factoring in non-performing assets, or NPAs) and contingencies rose to Rs 3,703.5 crore in Q2FY21, from Rs 2,700.6 crore in Q2FY20.

Total provisions for the current quarter includes contingent provisions of approximately Rs 2,300 crore for NPAs and additional contingent provisions to make the balance sheet more resilient,

New Trump Golf Course In Scotland Gets Go-head Despite Environmental Fears


President Donald Trump’s company has been given permission by Scottish authorities to build a second golf course in northeast Scotland despite local objections.

Plans for a new 18-hole golf course have been approved by Aberdeenshire council.

The course is to be named MacLeod after Trump’s mother, Mary Anne MacLeod, and will be built next to the current course on his Menie Estate.

President Donald Trump pictured during construction of his golf course on the Menie Estate near Aberdeen in 2010

Many locals objected to the application, citing loss of public space and the impact it would have on water supply, private roads and nearby estates.

The Scottish Environment Protective Agency (SEPA) also objected, saying the water management plan was inadequate and the environmental management plan was not appropriate.

The US president also owns Turnberry golf course, in southwest Scotland.

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