Global airlines are predicting their first industry-wide profit in 2023, as air travel rebounds from COVID-19 restrictions. The trade association of world airlines, International Air Transport Association (IATA) on Tuesday said that it expects a net profit of $4.7-billion for the industry next year, with more than 4 billion passengers set to fly. It had previously said only that profits were “within reach” in 2023. For this year, the association narrowed its forecast for industry-wide losses to $6.9-billion from $9.7-billion. Geneva-based IATA, which represents some 300 airlines compri
Even as central banks across the world continue to raise their interest rates to limit growing inflation, India stands like an “oasis” in this era of uncertainty, says the latest Ecowrap report of SBI Research released on Friday. In comparison to developed economies such as the US, the UK and Germany, the report shows India to have done noticeably better in areas of cost of living, food prices and energy costs. The report has been authored by Group Chief Economic Adviser of SBI Soumya Kanti Ghosh. SBI Research compared the cost of living in India with the US, the UK and Germany by m
In an attempt to diversify its business activity beyond oil, the UAE capital city of Abu Dhabi is seeking more investments from India to not only benefit the local economy, but also allow Indian companies to use it as a platform to grow their footprints globally. The city has identified priority sectors such as agritech, tourism, healthcare, pharma and financial services, for Indian enterprises to invest. Abdulla Abdul Aziz Alshamsi, Acting Director General of Abu Dhabi Investment Office (ADIO) told media that his office will assist all investment opportunities for Indian companies. He als
The vast Indian diaspora will send home more than $100 billion in yearly remittances in 2022, says a World Bank report published on Wednesday. Asia’s third largest economy will reach the milestone figure for the first time, the report added. Remittances are money transfers from migrant workers to families back home. These money transfers are an important source of income for households and help in reducing poverty and driving healthy social indicators such as higher school enrollment rates for children. The World Bank report noted that over the last few years, Indians have moved from
Benchmark BSE Sensex crossed the 63,000 mark for the first time on Wednesday, extending its winning momentum to seventh day due to a largely positive trend in global markets and constant foreign fund inflows. The broader NSE Nifty also hit a record high at around 18,800. Extending gains from the previous session, Indian stock indices rose on Tuesday morning and hit fresh lifetime highs. The Indian stock markets got the boost from strong inflows of foreign funds, relative strength of the Rupee, and a clue from the US Federal Reserve on slowing down on policy rates. The minutes of the US Fed
The Tata Group on Tuesday announced the merger of its two airlines Vistara and Air India. With this consolidation, Air India will be India’s leading domestic and international carrier with a combined fleet of 218 aircraft, making it the largest international carrier and second-largest domestic carrier in the country. Vistara is a 51:49 joint venture between Tata Sons and Singapore Airlines Limited. The airline was established in 2013 and is India’s leading full-service carrier with international operations in the Middle East, Asia and Europe. As part of the merger transaction, Singa
India’s free-market oasis, Gujarat International Finance Tec-City or GIFT City in Gujarat is ready to face global financial hubs such as Singapore and Dubai. The financial hub occupies 886 acres between Gujarat’s capital, Gandhinagar, and its biggest city Ahmedabad. It has the presence of companies such as JPMorgan Chase & Co. and HSBC Holdings Plc with a combined employee base of 20,000. Being located in the city brings the companies exemption from many rules and taxes that hinder business and trading in the rest of the country. Prime Minister Narendra Modi began planning t
Bilateral trade for India and the United Arab Emirates (UAE) is set to exceed $88 billion this year. This will make the UAE India’s third largest trading partner after the United States and China. Sheikh Abdullah bin Zayed Al Nahyan, the Foreign Minister of the United Arab Emirates, was recently in India for a two-day official visit to advance relations between the two nations. The UAE Foreign Minister on Tuesday met External Affairs Minister S Jaishankar to discuss ways to strengthen the bilateral relationship between the two nations. The leaders published a Joint Vision Document, wh
HDFC Chairman Deepak Parekh has said that India is not separate from the world and will face some economic slowdown, but will still continue to be among the fastest growing world economies. Addressing The Institute of Chartered Accountants of India 21st World Congress of Accountants on Monday, Parekh said that India’s GDP growth for 2022 may be slightly lower than 7 per cent, but what is important to note is the inherent resilience that is now embedded in its economy. He believed that India can grow from a $3.4 trillion economy to a $7.5 trillion economy within the next five years. Ci
India and the Gulf Cooperation Council (GCC) are expected to launch negotiations for a free trade agreement (FTA) on Thursday, November 24, to boost economic ties between the two regions. The two sides are likely to discuss issues related to food security, logistics and regulatory measures. GCC is a union of six countries in the Gulf region — Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. India has already implemented a free trade pact with the UAE in May this year. The talks would be a kind of resumption of FTA talks after two rounds of negotiations held in 2006 and 2008 bet