Business
India to discuss more flying rights with some APAC countries at upcoming aviation meet
NEW DELHI: Air connectivity between India and its Asia Pacific (APAC) neighbourhood – including Singapore – and thereby beyond too on connecting flights could soon get a boost. India is hosting the second APAC ministerial conference on civil aviation here this week (Sept 11 & 12) which will see representatives from 41 countries and international agencies.On the sidelines of this event, talks will be held on air service agreements (ASA) with some countries who sent a request for the same. While Pakistan won’t be at the conference, China’s participation is “under process” and has been confirmed, according to a ministry statement.
“We got requests from certain APAC countries to hold talks on bilaterals (ASAs). These include Singapore, Vietnam, Bhutan, Maldives and Japan. We are looking at requests for enhanced bilaterals proactively. The guiding principle is that any such enhancement should be good for Indian carriers and support our vision of creating global aviation hubs in India,” Union aviation minister Rammohan Naidu said Monday.
Since 2014, India has been very prudent in enhancing bilaterals as it wanted to protect airlines here. In the past few decades, the hubs for flying people between India and the rest of the world were in the neighborhood like Middle East and Southeast Asia. Before India had its own strong airlines, increasing bilaterals meant designated airlines of that country would quickly mount flights – often from one city of theirs to multiple cities here.
Now that India’s policy has paid off with two well funded airlines – IndiGo and Tata’s Air India Group – and new airports like those at Greater Noida and Navi Mumbai going to get operational by next summer, bilaterals could be reviewed.
UAE, with Dubai-based Emirates being the largest foreign airline in India, has also been seeking more flying rights here. Two-year-old Akasa has so far got no Dubai flying rights as the same have been exhausted by airlines of both sides. The minister said such requests, including UAE’s, are being proactively looked at. “We want small cities to also have direct international connectivity. We look at traffic in totality, including domestic and international. (But for enhancing bilaterals) we look at two main things – out airlines and creating our hubs,” the minister said.
The first APAC ministerial conference on civil aviation was hosted in Beijing in 2018. India has offered to host the second one here in 2020 which has to be postponed due to Covid.
Now that is finally being held here. PM Modi will address the conference on Sept 12 and a Delhi Declaration will be issued. The topics that will be discussed include air navigation, aviation safety and security and facilitating movement in APAC.
The countries attending the conference include Bhutan, Cambodia, China, South Korea, Fiji, Japan, Maldives, Nepal, Phillipines, Singapore and Vietnam. About 250-300 delegates are expected. “It is a matter of great pride that we are hosting this event. India is developing all aspects of its aviation industry like maintenance repair overhaul (MRO); aircraft assembly; supply chain. By 2035, APAC will account for 40% of air travel globally,” Rammohan Naidu said.
Because of easy visa conditions in the region, including visa free by some, for Indian travellers APAC is seeing massive growth in number of desi tourists.
“We got requests from certain APAC countries to hold talks on bilaterals (ASAs). These include Singapore, Vietnam, Bhutan, Maldives and Japan. We are looking at requests for enhanced bilaterals proactively. The guiding principle is that any such enhancement should be good for Indian carriers and support our vision of creating global aviation hubs in India,” Union aviation minister Rammohan Naidu said Monday.
Since 2014, India has been very prudent in enhancing bilaterals as it wanted to protect airlines here. In the past few decades, the hubs for flying people between India and the rest of the world were in the neighborhood like Middle East and Southeast Asia. Before India had its own strong airlines, increasing bilaterals meant designated airlines of that country would quickly mount flights – often from one city of theirs to multiple cities here.
Now that India’s policy has paid off with two well funded airlines – IndiGo and Tata’s Air India Group – and new airports like those at Greater Noida and Navi Mumbai going to get operational by next summer, bilaterals could be reviewed.
UAE, with Dubai-based Emirates being the largest foreign airline in India, has also been seeking more flying rights here. Two-year-old Akasa has so far got no Dubai flying rights as the same have been exhausted by airlines of both sides. The minister said such requests, including UAE’s, are being proactively looked at. “We want small cities to also have direct international connectivity. We look at traffic in totality, including domestic and international. (But for enhancing bilaterals) we look at two main things – out airlines and creating our hubs,” the minister said.
The first APAC ministerial conference on civil aviation was hosted in Beijing in 2018. India has offered to host the second one here in 2020 which has to be postponed due to Covid.
Now that is finally being held here. PM Modi will address the conference on Sept 12 and a Delhi Declaration will be issued. The topics that will be discussed include air navigation, aviation safety and security and facilitating movement in APAC.
The countries attending the conference include Bhutan, Cambodia, China, South Korea, Fiji, Japan, Maldives, Nepal, Phillipines, Singapore and Vietnam. About 250-300 delegates are expected. “It is a matter of great pride that we are hosting this event. India is developing all aspects of its aviation industry like maintenance repair overhaul (MRO); aircraft assembly; supply chain. By 2035, APAC will account for 40% of air travel globally,” Rammohan Naidu said.
Because of easy visa conditions in the region, including visa free by some, for Indian travellers APAC is seeing massive growth in number of desi tourists.
Applications for US unemployment benefits fell to the lowest level since May, indicating the job market remains healthy despite a slowdown in hiring.
Initial claims decreased by 12,000 to 219,000 in the week ended September 14, according to Labor Department data released Thursday. That was below all estimates in a Bloomberg survey of economists. The period also corresponds with the so-called reference week when the survey is conducted for the September employment report.
Continuing claims, a proxy for the number of people receiving benefits, also dropped in the previous week, to the lowest in three months.
The four-week moving average, a metric that helps smooth out volatility in the data, fell to 227,500, the lowest since June.
What Bloomberg economics says…
“Initial jobless claims declined more than expected in the survey week for September’s employment report, due in part to difficulty adjusting the data around a major holiday like Labor Day. Claims tend to be depressed in holiday-shortened weeks, then rebound the following week — so the current data have limited value as a guide to September’s payroll print,” said Eliza Winger.
Claims for unemployment benefits have remained subdued in recent months even as labor demand cooled. The US central bank’s decision to lower interest rates by a half percentage point this week reflected policymakers’ intention to maintain what Federal Reserve Chair Jerome Powell described as “still a solid” labor market.
“We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with disinflation,” Powell said during a press conference Wednesday following the rate-cut announcement.
Initial claims, before adjustment for seasonal factors, rose by 6,436 to 184,845. Texas, New York and California saw the largest increases. Applications in Massachusetts fell by the most since the end of April.
Initial claims decreased by 12,000 to 219,000 in the week ended September 14, according to Labor Department data released Thursday. That was below all estimates in a Bloomberg survey of economists. The period also corresponds with the so-called reference week when the survey is conducted for the September employment report.
Continuing claims, a proxy for the number of people receiving benefits, also dropped in the previous week, to the lowest in three months.
The four-week moving average, a metric that helps smooth out volatility in the data, fell to 227,500, the lowest since June.
What Bloomberg economics says…
“Initial jobless claims declined more than expected in the survey week for September’s employment report, due in part to difficulty adjusting the data around a major holiday like Labor Day. Claims tend to be depressed in holiday-shortened weeks, then rebound the following week — so the current data have limited value as a guide to September’s payroll print,” said Eliza Winger.
Claims for unemployment benefits have remained subdued in recent months even as labor demand cooled. The US central bank’s decision to lower interest rates by a half percentage point this week reflected policymakers’ intention to maintain what Federal Reserve Chair Jerome Powell described as “still a solid” labor market.
“We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with disinflation,” Powell said during a press conference Wednesday following the rate-cut announcement.
Initial claims, before adjustment for seasonal factors, rose by 6,436 to 184,845. Texas, New York and California saw the largest increases. Applications in Massachusetts fell by the most since the end of April.
Business
Stock market today: BSE Sensex hits fresh lifetime high, goes above 83,600; Nifty50 above 25,550
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in trade on Friday to hit lifetime highs following a more than expected 50 basis points rate cut by the US Federal Reserve. While BSE Sensex climbed above 83,600, Nifty50 was above 25,550. At 9:20 AM, BSE Sensex was trading at 83,636.77, up 689 points or 0.83%. Nifty50 was at 25,571.70, up 194 points or 0.77%.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, says, “A 25bps rate cut is already discounted and can lead to profit booking in the market.However, a 50bps rate cut by the Fed could bring some cheer to market sentiments. Also, Fed commentary will be important as it will give clarity on the quantum and duration of the rate cut cycle. We expect the market to remain volatile in the near term with rate-sensitive sectors in focus.”
Nagaraj Shetti of HDFC Securities noted that the short-term trend of Nifty remains positive with range-bound action, and any dips to the support levels of 25,200-25,100 could present a buying opportunity. A decisive move above 25,500 levels might propel Nifty towards higher targets.
In the global markets, U.S. stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points, exceeding expectations. The S&P 500 futures rose 0.5%, while Japan’s Topix gained 2%, and Australia’s S&P/ASX 200 rose 0.2%. Euro Stoxx 50 futures also climbed 0.7%.
In the forex market, the euro, Japanese yen, and offshore yuan experienced slight declines against the US dollar. Oil prices fell in Asian trading on Thursday following the larger-than-expected Federal Reserve interest rate cut, which raised concerns about the U.S. economy.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. Foreign portfolio investors turned net buyers with Rs 1154 crore, while domestic institutional investors bought shares worth Rs 152 crore. The net long position of FIIs increased from Rs 2.2 lakh crore on Tuesday to Rs 2.37 lakh crore on Wednesday.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, says, “A 25bps rate cut is already discounted and can lead to profit booking in the market.However, a 50bps rate cut by the Fed could bring some cheer to market sentiments. Also, Fed commentary will be important as it will give clarity on the quantum and duration of the rate cut cycle. We expect the market to remain volatile in the near term with rate-sensitive sectors in focus.”
Nagaraj Shetti of HDFC Securities noted that the short-term trend of Nifty remains positive with range-bound action, and any dips to the support levels of 25,200-25,100 could present a buying opportunity. A decisive move above 25,500 levels might propel Nifty towards higher targets.
In the global markets, U.S. stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points, exceeding expectations. The S&P 500 futures rose 0.5%, while Japan’s Topix gained 2%, and Australia’s S&P/ASX 200 rose 0.2%. Euro Stoxx 50 futures also climbed 0.7%.
In the forex market, the euro, Japanese yen, and offshore yuan experienced slight declines against the US dollar. Oil prices fell in Asian trading on Thursday following the larger-than-expected Federal Reserve interest rate cut, which raised concerns about the U.S. economy.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. Foreign portfolio investors turned net buyers with Rs 1154 crore, while domestic institutional investors bought shares worth Rs 152 crore. The net long position of FIIs increased from Rs 2.2 lakh crore on Tuesday to Rs 2.37 lakh crore on Wednesday.
On Wednesday, Wall Street stocks experienced a slight decline following the Federal Reserve’s announcement of a half-percentage-point interest rate cut. The central bank’s chair, Jerome Powell, assured a “careful” approach to lowering rates, acknowledging the progress made in combating inflation in the United States.
The Federal Reserve’s decision was supported by an 11-to-1 vote in favor of reducing the benchmark rate to a range between 4.75 percent and 5.00 percent.The larger-than-expected rate cut surprised some analysts who had anticipated a quarter-point decrease. Additionally, policymakers projected an extra half-point of cuts by the end of this year and a further percentage point of cuts in 2025.
Meanwhile, major US stock indices fluctuated between positive and negative territory following the Fed’s decision. The Dow Jones Industrial Average fell 103.08 points, or 0.25%, to 41,503.10, the S&P 500 lost 16.32 points, or 0.29%, to 5,618.26 and the Nasdaq Composite lost 54.76 points, or 0.31%, to 17,573.30. Briefing.com noted that the Fed’s decision would be met “with both elation and criticism,” as the larger rate cut could appease those who believe the Fed is lagging in preventing a hard landing. However, it may also face criticism from those who think the more aggressive rate cut was unwarranted given broader economic trends, with concerns that it could reignite inflation.
During a news conference, Powell described the US economy as being in “good shape,” highlighting lower inflation and robust growth. He emphasized the Fed’s desire to maintain a strong labor market. The decision to implement a larger rate cut was based on various economic data points, leading policymakers to conclude that monetary decisions had been “appropriately restrictive” and that a “more neutral” approach was now necessary. Powell signaled that investors should expect more interest rate cuts in the future but cautioned that the central bank would proceed carefully and evaluate the matter “meeting by meeting.”
In Europe, stock markets in Paris and London closed lower, while Frankfurt ended the day flat. The dollar initially experienced a significant drop against the euro and other currencies but later recovered. The Fed now anticipates only a half-percentage point of cuts remaining in 2024, which is lower than the three-quarter percentage point that traders had been expecting. Traders are now focusing on the upcoming announcement by the Bank of England on Thursday. The central bank is expected to maintain its current stance following a regular meeting, as official data released on Wednesday showed that British annual inflation remained at 2.2 percent in August.
(With inputs from agencies)
The Federal Reserve’s decision was supported by an 11-to-1 vote in favor of reducing the benchmark rate to a range between 4.75 percent and 5.00 percent.The larger-than-expected rate cut surprised some analysts who had anticipated a quarter-point decrease. Additionally, policymakers projected an extra half-point of cuts by the end of this year and a further percentage point of cuts in 2025.
Meanwhile, major US stock indices fluctuated between positive and negative territory following the Fed’s decision. The Dow Jones Industrial Average fell 103.08 points, or 0.25%, to 41,503.10, the S&P 500 lost 16.32 points, or 0.29%, to 5,618.26 and the Nasdaq Composite lost 54.76 points, or 0.31%, to 17,573.30. Briefing.com noted that the Fed’s decision would be met “with both elation and criticism,” as the larger rate cut could appease those who believe the Fed is lagging in preventing a hard landing. However, it may also face criticism from those who think the more aggressive rate cut was unwarranted given broader economic trends, with concerns that it could reignite inflation.
During a news conference, Powell described the US economy as being in “good shape,” highlighting lower inflation and robust growth. He emphasized the Fed’s desire to maintain a strong labor market. The decision to implement a larger rate cut was based on various economic data points, leading policymakers to conclude that monetary decisions had been “appropriately restrictive” and that a “more neutral” approach was now necessary. Powell signaled that investors should expect more interest rate cuts in the future but cautioned that the central bank would proceed carefully and evaluate the matter “meeting by meeting.”
In Europe, stock markets in Paris and London closed lower, while Frankfurt ended the day flat. The dollar initially experienced a significant drop against the euro and other currencies but later recovered. The Fed now anticipates only a half-percentage point of cuts remaining in 2024, which is lower than the three-quarter percentage point that traders had been expecting. Traders are now focusing on the upcoming announcement by the Bank of England on Thursday. The central bank is expected to maintain its current stance following a regular meeting, as official data released on Wednesday showed that British annual inflation remained at 2.2 percent in August.
(With inputs from agencies)
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