|
|
|
|
|
European nations okay 8 bn euros for Greece
Axis Bank net up 25 pc to
Rs 920 cr
Aviation Notes |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Investor Guidance
|
|
European nations okay 8 bn euros for Greece
Berlin, October 22 They also said the country will need a massive replenishment of 220 billion euros which has been pledged by the European Union and the IMF. The finance ministers of the 17 nations using the single currency, euro, kicked off a series of crisis meetings in Brussels yesterday. A summit of the EU heads of state and governments will be held on Sunday to find a durable solution to the debt crisis, which is threatening to spread to larger economies such as Spain and Italy, and become contagious to the banking sector. The ministers said they were releasing the latest instalment from a package of 110 billion euros offered in May last year, after examining a report by the 'Troika' group of experts of the European Commission, the IMF and the European Central Bank (ECB). The 'Troika' evaluated the country’s compliance with the conditions it had agreed to for receiving the assistance. The ministers said they welcome the "substantial fiscal consolidation efforts" undertaken by Greek government to help the country meet targets for 2012. They also appreciated the Greek parliament’s approval on Thursday of a new package of austerity measures and called upon the authorities to make further progress in implementing the structural reforms and the privatisation programme. The ministers indicated that 8 billion euros could be made available to the Greek government early next month if the IMF also gives its approval. The Greek government had warned that without fresh assistance from the EU and the IMF it faced the risk of an insolvency by mid-November. The release of the next tranche was due early this month, but it was postponed after the Greek government missed its savings target, that was agreed with the creditors. The ministers said that on the basis of a report from the 'Troika' inspectors, they decided that a second bailout package 109 billion euros, which was agreed by the EU heads of states and governments on July 21, will not be enough to take the country out of difficulties and must be replenished. — PTI
|
||
|
Axis Bank net up 25 pc to
Rs 920 cr
Mumbai, October 22 Total income rose by 39.8 per cent to Rs 6,510.89 crore in the July-September period, up from Rs 4,657.49 crore a year
ago. PowerGrid net up
Mumbai: State-run Power Grid Corp today posted nearly 9 per cent rise in profit to Rs 708.74 crore for the three months ended September 30, 2011. In the September quarter, Power Grid's revenues climbed to Rs 2,264.35 crore from Rs 2,126.63 crore in the same period last year, the company
said. NIIT net rises 6 pc
New Delhi: IT training company NIIT Ltd has reported a six per cent rise in its net profit to Rs 30.2 crore for the quarter ended September 30, 2011. The company had posted a net profit of Rs 28.5 crore for the same period last year. The net revenue of the company also increased to Rs 383.8 crore in the quarter ended September 30, 2011 from Rs 345.8 crore in the same period last year.
— TNS |
||
|
Aviation Notes
Indian Airlines' (IA) Central Training Establishment (CTE) at Hyderabad was a pride According to guidelines of the International Civil Aviation Organisation (ICAO), the top-class training to commanders/pilots and cabin crew is a
pre-requisite to maintain high standards of flight safety before passing
on the control of the aircraft to them. Sadly, the CTE has fallen on bad days. Its facilities have dwindled; two A-320 simulators are 20 years old and what worsens the situation is indifferent maintenance and serviceability. The CTE, once a grand hub, is in a shambles, so to say. The institute's main objective are: Operation and training for pilots and cabin crew, engineer training, monitoring of simulators and administrative training. According to investigations, the chief of training at the CTE has been unable to spend more than five days a month resulting in casualness and lethargy in systematics and rigorous training. According to retired controllers of flight safety and training, the simulator coaching is the 'key
flying education' which provides confidence and vision to the commanders and pilots. "Any laxity in this regard can be suicidal", said
former directors, adding that "The shortfall in simulator training can lead to the Mangalore-type accidents. Recently at Indira Gandhi International Airport (IGIA), visibility suddenly deteriorated. The authorities switched to category-III operation. As Air India commander was fully trained, he did not operate the flight
and the passengers had to sit in the aircraft for unlimited hours. According to investigations, the national carrier had ordered for installation of a new A-320 simulator at Hyderabad to improve the training. The simulator engineers and pilots had rushed to Canada to undergo training and familiarisation. After they had secured necessary certification, the simulator was reportedly packed in a container for shipment to Hyderabad via Mumbai. But, suddenly, the shipment was stopped for certain unknown reasons. The CTE is now almost inoperative as two simulators are functioning erratically. As training of pilots at Hyderabad has been considerably affected, prospective commanders and pilots are being
sent abroad to secure certification. Crores of rupees are being wasted. Recently, 10 A-320 commanders were sent on deputation to Alliance Air, a subsidiary of Air India, to take command of B-737-200. This was a highly risky exercise. According to reports, such pilots were hired at an exorbitant pay of Rs 8 lakh while their salaries in the airline were between Rs 2.50 and Rs 3 lakh. It is vital that the national carrier should resume training at the CTE in earnest so that crores of rupees can be saved from sending pilots abroad for training. |
||
|
Investor Guidance
Q: My father (now deceased) gifted me some shares. They are in a demat account. I receive the annual dividend, which is deposited in an NRO account and reported as income in my Indian income tax filing. I have a PAN. I want to sell these shares but I was told that I have to provide proof of Indian residency, address, ration card etc. I am an NRI and a foreign national (I have taken up US citizenship). Kindly advise if I can sell these shares and how.
— Ranjan A: Perhaps the bank is not aware of the fact that you are an NRI (actually PIO). As such, you cannot provide proof of Indian residency. You will have to approach the bank and determine what exactly they need from you. Also, as an NRI, you cannot have a normal demat account, your demat account can be opened under the PINS permission. Perhaps this is the issue due to which there is some miscommunication. Ultimately, you would need to understand the requirements from the banker. PPF withdrawals
Q: I have a PPF account in SBI which was opened on 30.03.1989 and twice extended for 5 years each and this is due for payment on 30.03.2014 now. In order to meet my requirement, I intend to make partial withdrawal. Kindly guide how much can I withdraw. It will be pertinent to mention here that on 25.03.2005, I had withdrawn Rs 1 lakh. — Manohar Tuteja A: A subscriber, continuing his account with fresh subscriptions, can withdraw up to 60% of the balance to his credit at the commencement of each extended period in one or more instalments, but only one per year. On the other hand, the balance can be merely retained in the account without contribution till it is needed. Any amount, in part or full, can be withdrawn in instalments, not exceeding one in a year. The balance will continue to earn interest till it is completely withdrawn. |
||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | E-mail | |
The euro-zone finance ministers have released the next tranche of 8 billion euros for Greece amid fresh warnings that the heavily indebted nation will need a lifeline.
