India Aviation Inc To Report ₹21K-Cr Loss In FY21: ICRA

The Indian aviation industry is expected to report a net loss of Rs 21,000 crore in the current financial year (FY21) against a net loss of Rs 12,700 crore in FY20 due to lower revenues and high fixed costs, according to ICRA.

The industry’s debt level will increase to Rs 50,000 crore (excluding lease liabilities) over FY 2021-22 and the industry will require an additional funding of Rs 35,000 crore to 37,000 crore over FY21 to 23.

While some airlines have sufficient liquidity and financial support from a strong parentage which will help them sustain over the near term, there are other airlines which are already in financial stress and are now facing several issues.

Besides, said ICRA, even for the former, credit metrics and liquidity profile have deteriorated.

“In the near term, the balance sheets of Indian carriers will remain stressed until the carriers are able to reduce their debt burden through a combination of improvement in operating performance and by way of equity infusion.”

The aviation industry’s capacity and passenger growth have been significantly impacted since the COVID-19 pandemic due to which the Ministry of Civil Aviation (MoCA) stopped international travel operations from March 23 and domestic operations from March 25.

After the initial recommencement of operations, the recovery in domestic passenger traffic has been rather subdued even though there is substantial sequential improvement.

In the first seven months of FY21, the domestic aviation industry has witnessed a year-on-year decline of 73 per cent in its capacity as measured by the available seat kilometres (ASKM).

Coupled with the restrictions on capacity deployment by the MoCA to contain the spread of the virus and various state-specific restrictions and quarantine regulations, this will result in 60 per cent decline in domestic capacity in FY2021.

From May to October, domestic passenger traffic was 1.64 crore against 8.25 crore in 7M FY20, marking a decline of 80.1 per cent.

ICRA expects FY21 to witness a year-on-year decline of 62 to 64 per cent in domestic passenger traffic.

Many airlines have already undertaken several cost rationalisation measures. These include salary cuts for their employees, including leave without-pay options and laying off pilots and crew members to cut costs.

Some airlines have also sought deferment in their lease rental payments. However, until the cash inflows improve, the airlines will require funding support to meet their expenses.

The credit profile of domestic airlines will thus weaken materially over the near term, said ICRA.(ANI)

Akshay, Sara Begin Shooting For ‘Atrangi Re’

Actors Akshay Kumar and Sara Ali Khan on Friday started shooting for their upcoming film ‘Atrangi Re,’ and shared the first glimpse of their characters from the film with their fans.

Both Khan and Kumar took to Instagram to share the picture that features the two in the ‘Atrangi Re,’ avatar.

While Kumar is seen donning black coloured coat over a white shirt, Khan is seen donning the desi attire of a white suit with a yellow dupatta.

“The joy brought by those three magic words is unmatched: Lights, Camera, Action. Begun shooting for #AtrangiRe by @aanandlrai. Need all your love and best wishes,” actor Akshay Kumar stated in his Instagram caption.

‘Kedarnath,’ actor Sara Ali Khan on the other hand expressed excitement to be working with the superstar on the project which is being dubbed as an AR Rahman musical.

“AtrangiRe becomes more Rangeen! @akshaykumar so privileged, excited and thankful to be working with you,” the ‘Love Aaj Kal,’ actor wrote.

Directed by Aanand L Rai, the film also stars southern star Dhanush alongside Khan and Kumar. (ANI)

Jennifer Lopez Launches Beauty Brand ‘JLo Beauty’

The multi-talented star Jennifer Lopez is yet again stepping up her profile as she has become a beauty mogul by launching her beauty line ‘JLo Beauty.’

The 51-year-old singer-dancer-model announced her beauty brand on Thursday (local time) on Twitter and Instagram by sharing a video where she is seen flaunting her make-up free face.

According to Fox News, the ‘Hustlers’ actor said after years of being asked about her skincare routine, she felt almost an obligation to release the products.

In the video clip, she also revealed that olive oil is an ingredient that plays a major role in her beauty line as the ‘Ain’t your Mama’ singer feels that it bring a “natural glow.”

“This moment is a dream come true for me. I am so excited to finally share my #JLOBEAUTY products with all of you,” Lopez wrote in the Instagram caption.

“Each one plays a key role in how I keep my skin feeling and looking youthful. Head over to @JLOBEAUTY for the full lineup,” she further wrote.

According to the Instagram account of the beauty line, the early access to its products will start from December 8 while its launch is slated for January 1. (ANI)

US Envoy Thanks Indian Navy For Hosting Malabar Drill

US Ambassador to India Kenneth Juster has extended greetings to the Indian Navy on Navy Day and expressed gratitude for hosting Malabar Excercise.

Taking to Twitter, Juster said, “On behalf of the U.S. Mission in India, a very happy #NavyDay to @IndianNavy. We thank you for hosting the U.S., Japan, and Australia for this year’s successful Malabar Exercise and look forward to continued growth in the #USIndiaDefense partnership. Sham No Varunah!”

The 24th edition of the Malabar series of multilateral naval exercises concluded in the Arabian Sea in two phases on November 20 with navies of India, America, Japan and Australia taking part in it.

Seen as the coming together of four navies against growing hegemonic tendencies of China in oceans, a senior commander of the Indian Navy had said the Malabar-2020 wargames have shown an “extraordinary degree of interoperability” among the four participating forces.

Every year, December 4 is celebrated as the Navy Day to commemorate the decisive naval action by the Indian Naval ships on Karachi Port, which heralded the victory of India over Pakistan in the Indo-Pak War of 1971. (ANI)

RBI Keeps Repo Rate Unchanged At 4%

The Reserve Bank of India (RBI) on Friday kept the repo rate unchanged at 4 per cent and maintained the policy stance at accommodative.

The RBI’s Monetary Policy Committee (MPC) made a unanimous decision to maintain status-quo after a three-day meeting that began on December 2.

The reverse repo rate also remains steady at 3.35 per cent, RBI Governor Shaktikanta Das said. He added that the MPC will maintain the accommodative stance “for as long as necessary.”

Das said the MPC was of the view that inflation is likely to remain elevated with some relief in the winter months from prices of perishables and bumper kharif arrivals.

Repo is the rate at which RBI lends funds to commercial banks when needed. It is a tool that the central bank uses to control inflation. Reverse repo rate is the rate at which the RBI borrows from banks.

While there are some signs of a pick up in economic activity due to the staggered easing of a lockdown, there is a large degree of uncertainty amid a surge in coronavirus cases. (ANI)

US Visa Curbs On Chinese Communist Party Members

In yet another move signalling growing distance between the US and China, the outgoing Donald Trump administration has reduced the US visitor visas validity period for Chinese Communist Party (CCP) officials and their family members from ten years to one month.

A State Department official said in a statement to CNN on Thursday that “This is in keeping with our ongoing policy, regulatory, and law-enforcement action across the US Government to protect our nation from the CCP’s malign influence.”

“Under the US Immigration and Nationality Act, the Department of State has the authority to limit visa validity of groups of individuals hostile to US values,” the spokesperson added.

The state department official further alleged that CCP “sends agents to the United States to unabashedly monitor, threaten, and report on Chinese nationals and Chinese-American groups engaging in legal, honest, and open activities that are protected under freedom of speech and freedom of assembly clauses.”

“For decades we allowed the CCP free and unfettered access to US institutions and businesses while these same privileges were never extended freely to US citizens in China. Interaction with free societies, economies, and access to Western technologies certainly helped China develop, while the CCP only doubled down on Marxist-Leninism and hostility to the free world,” the spokesperson said.

Since the start of the COVID-19 pandemic, tensions have been rising between the two countries over the issue of trade, Hong Kong legislation, origins’ of the virus, and Beijing’s rising military aggression.

Amid the escalation, the State Department under Trump and Secretary of State Mike Pompeo has pursued staunch policy measures against the Chinese government, CNN reported.

Reacting to the latest development, Chinese Foreign Ministry Spokesperson Hua Chunying said the tightening of US visa rules for members of the Chinese Communist Party (CPC) is not in the interests of the United States, adding that the new restrictions would only damage the US image.

“China firmly opposes such a practice. Instead of serving the interests of the United States, it will only further weaken or damage the country’s self-claimed image of confidence and openness as well as systemic advantages. China urges the US government to view China and China’s development in a more rational, calm, and impartial manner, and reject their hatred and distorted sentiments towards the CPC,” Hua said during a press brief.

On Wednesday, the House of Representatives had passed a bill requiring the companies to disclose information about any ties to foreign governments and the Chinese Communist Party in a bid to scrutinize the financial relations with China.

The bill, Holding Foreign Companies Accountable Act, which was passed on Wednesday and now awaits US President Donald Trump’s sign, states that the companies would be removed from the U.S. exchanges after three years if they did not provide US regulators access to their audit information.

This move is among the latest action taken by the Trump administration setting a tone for the US President-elect Joe Biden’s upcoming term. (ANI)

Pakistan Army Can’t Be Confined To Barracks

Experiments in democracy interrupted by long periods of military-led rule have shaped Pakistan’s life. The difference in this winter of discontent is that for the first time, the military is being challenged. Ousted premier Nawaz Sharif, addressing protest rallies through video links from his London home, has named serving Army Chief, General Javed Bajwa and other top brass.

Voices of some opposition leaders are relatively muted. But when they call incumbent Prime Minister Imran Khan a ‘puppet’, there is no hiding who the ‘puppeteer’ is. It is tough going for an institution used to playing the umpire among its proxies, selecting and discarding them by turns. Questioning it are yesterday’s political adversaries with deep ideological differences turned allies today. Worse, they include yesterday’s proxies – called laadla (favourite).

With five ‘jalsas’ (protest rallies) through October-November and three more lined up for December, the 11-party Pakistan Democratic Movement (PDM) is gathering momentum.  Its Lahore rally slated for December 13 is Nawaz’s direct challenge to Imran. The battle in the most populous and powerful Punjab could bring both Khan and the army under greater pressure.

The cacophony is caustic. When protestors chant “Go, Niazi, Go” their target is as much Imran who rarely  uses this surname, but also refers to late A A K Niazi, who led the Pakistani forces in erstwhile East Pakistan to surrender to the Indian Army in 1971.  Unsurprisingly, Khan and his ministers accuse their opponents of taking cue from India.

Analysts say the Army has lost some of its image as the nation’s ‘saviour’.  But it has had a record of bouncing back and regaining control. It had done so after losing the erstwhile east-wing and again, after a mass movement brought Pervez Musharraf down.

Maulana Fazlur Rahman is the PDM’s surprise Convenor. Like most Islamists, he has remained on the right side of the military.  Then, the two mainstream parties, PPP and PML(Nawaz), are forever competing.

At the other end of the PDM’s spectrum are ‘nationalist’ leaders and parties of Khyber Pakhtunkhwa and Balochistan, targeted as ‘secessionists’ by the military, irrespective of who holds the office in Islamabad.

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These diverse forces have combined thanks to Imran’s handling of the economy that is in dire stress, his failure to hold the prices of essential commodities and the rising Coronavirus pandemic.  Above all, he has been targeting just the entire opposition with a messianic zeal in the name of corruption. This has made various agencies and judiciary partisan and parliament redundant. 

Support from sections of the judiciary and an under-pressure-media has helped him. But like most people in power, Khan has forgotten that all this support is but transitional and the army’s support, transactional – till he delivers or shows the potential to deliver. He has shown neither so far.

The Peshawar and Multan rallies took place despite the government’s warnings of terrorist attack. Imran also sought to put the fear of Covid-19, like the fear of God, but crowds broke police barricades and milled at the venue. The Islamabad High Court this week refused to ban protest rallies saying it had set the standard operational procedures (SOPs) and now it was for the executive to decide.  

A glance at the military’s role in the country’s life that begun with General (later field marshal) Ayub Khan, shows that rule by the generals — Yahya Khan, Ziaul Haq and Pervez Musharraf –has meant that with bureaucracy in toe, the politician was  demonized — with some justification — in the eyes of the public. They played favourites among the politicians, but at each end, were forced to return the country to elections and civilian rule.

All these generals headed the army and ruled directly or through pliable prime ministers. That script is old, but situation is new. Not formally in charge, the army has an alleged ‘proxy’ in Imran. During the rule by earlier ‘proxies’ of which Nawaz was certainly one, the military was not exposed to attacks like the ones at the four rallies.  It is unrelenting so far and the military has found no answer.

Nawaz accuses the generals of ousting him and engineering the 2018 election through which they ‘selected’ Khan. With his entire family targeted for graft and himself declared an ‘absconder’, he has little to lose. Islamabad is lobbying hard with London to secure Nawaz’s deportation. But the ‘sheriff’ is unlikely to relent.

Nawaz’s apparent aim is to cut off the top few generals from the lower tiers of the army establishment and thus drive a wedge between the military’s leadership and rank and file.

There is dissatisfaction among the top brass at Bajwa’s extension as the Chief that Khan worked out, upsetting the seniority line up. A media expose of graft involving retired general Asim Bajwa is attributed to an insider’s leak. He had to resign recently as Khan’s key Advisor, a ministerial post.  

The PDM has declared a change of government by January next. This is political rhetoric. But then, Pakistan has witnessed many changes triggered by mass movements.

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Post-Multan rally, coming weeks should see more detentions of the opposition leaders and curbs on media.  Alarm bells are ringing over this showdown that neither could decisively win. The Imran government is definitely stirred and on the back-foot, but is not shaken, yet. Professional groups like lawyers and media who had helped bring down Musharraf are keeping distance. The man on the street, used to shenanigans by politicians of all hues, is aware that at some stage, the military could intervene to ‘discipline’ everyone.

Fissures have surfaced within the PDM and within member-parties. Some want to play down the army’s role. While Nawaz and daughter Maryam are blasting the military, his jailed brother Shahbaaz has called for a “national dialogue.”

The situation could change with Punjab becoming as the main battleground. Imran could sacrifice his protégé, Punjab Chief Minister Usman Buzdar, whom he has lambasted for failing to block the Multan rally.

If Buzdar is incompetent, critics say Imran is more so. But the fact is a government in Pakistan has never gone because it was incompetent – it went because army said enough-is-enough.

Analyst Zahid Hussain notes that the opposition’s anti-establishment drive has sparked a new political discourse across Pakistan. People are asking whether a new social contract is required to rebuild flagging public trust in the state’s institutions.

On the army-civil relationship, Ayesha Siddiqa, a political scientist and author of the book Military Inc tweeted right at the outset, on October 27: “Each party has an interlocutor with the military but for a meaningful change, PDM parties will have to start a dialogue with the army that can ensure a meaningful negotiation of power for the long run.

But short of that, things need to be done, by the political class, not the military. As Siddiqa says: “A social contract will have to be much wider. It will have to extend to smaller provinces but also religious and ethnic minorities. Pakistan has little chance to become secular but a healing hand will have to be extended to minorities or else it will remain exploitable.”

For the foreseeable future, any notion that the army will simply return to the barracks is naïve. At best, or worst — depending upon the reader’s preference — the ‘laadla’ may be changed.

The writer may be reached at mahendraved07@gmail.om

Kiara To Feature In Movie On Lijjat Papad Success Story

Filmmaker Ashutosh Gowariker has roped in actor Kiara Advani for his next film which will be based on the popular FMCG chain for Lijjat Papads.

Presented under the banner of Ashutosh Gowariker Productions, the film ‘KARRAM KURRAM’ is produced by Sunita Gowariker and directed by Glenn Baretto and Ankush Mohla who have assisted Ashutosh in the past.

Bringing to screen the tale of women empowerment, ‘KARRAM KURRAM,’ narrates the story of a woman who started a women co-operative organisation to bring together six other housewives to earn for their households.

The mahila griha udyog organisation presently has sustained the households of thousands of women for over six decades.

The film, headlined by Kiara Advani, marks the inception and rise of an FMCG conglomerate, establishing a monopoly in the commercial papad market, under the women’s cooperative group. (ANI)

US High-Skilled Immigrants Act To Help Indian IT Sector

By Reena Bhardwaj

The United States Senate passed the ‘Fairness for High-Skilled Immigrants Act’ or S.386 bill on Wednesday evening, proving a huge relief to thousands of Indian nationals currently stuck in Green Card limbo.

The bill aims to do away with the country caps on employment-based green cards.

The bill essentially will increases the per-country cap on family-based immigrant visas from the current 7 per cent of the total number of such visas available in a particular year to 15 per cent. At present, the US issues 140,000 of these green cards annually.

There are over 800,000 Indians in line for an employment-based green card as of April 2020 as per US Citizenship and Immigration Services (USCIS) data.

While the S386 Bill had earlier been cleared by the House of Representatives (Fairness for High-Skilled Workers Act HR 1044), the version passed by the Senate has is different from the previous one.

The representatives of the two houses will have to resolve the differences and reconcile it, and only then will it be passed by both Houses. The final nod to the bill has to come from President Donald Trump.

So far, the White House hasn’t given any indication about whether the president will sign the bill or veto it. (ANI)

China Biggest Threat Since World War II: US Intel Head

China is the greatest global threat to democracy and freedom since the end of World War II and warning that a bipartisan response is needed in the US to counter Beijing’s growing influence, according to the US Director of National Intelligence John Ratcliffe.

Writing for The Wall Street Journal, Ratcliffe said, “If I could communicate one thing to the American people from this unique vantage point, it is that the People’s Republic of China poses the greatest threat to America today and the greatest threat to democracy and freedom worldwide since World War II.”

Ratcliffe pointed to intelligence affirmed that China’s ultimate goal is global economic, military and technological domination, warning that a bipartisan response in the US is needed to deal with Beijing’s growing influence.

“China not only inflicts USD 500-billion worth of economic damage to the United States through intellectual property theft but uses the stolen technology to supplant US businesses across the world,” Ratcliffe said.

In a bid to counter the security threat posed by China, the US intelligence community is shifting resources – to the tune of USD 85 billion, besides embarking on a culture shift with previous generations, he said.

Further slamming the Chinese Communist Party (CCP), Ratcliffe wrote in WSJ that “China intends to dominate the US and the rest of the planet economically, militarily and technologically. Many of China’s major public initiatives and prominent companies offer only a layer of camouflage to the activities of the Chinese Communist Party.”

Citing examples of several arrests made by the FBI in recent times, the Intelligence Chief said, “China robs US companies of their intellectual property, replicates the technology, and then replaces the US firms in the global marketplace.”

The State Department under Trump and Secretary of State Mike Pompeo have pursued staunch policy measures against the Chinese government amid the growing tension between the two nations over several issues including trade, Covid-19, and China’s military aggression, CNN reported.

The US Intelligence Chief remark comes as the outgoing Donald Trump administration on Thursday reduced the US visitor visas validity period for the Chinese Communist Party (CCP) officials and their family members from ten years to one month.

A State Department official said in a statement to CNN on Thursday that “This is in keeping with our ongoing policy, regulatory, and law-enforcement action across the US Government to protect our nation from the CCP’s malign influence.”

The state department official further alleged that CCP “sends agents to the United States to unabashedly monitor, threaten, and report on Chinese nationals and Chinese-American groups engaging in legal, honest, and open activities that are protected under freedom of speech and freedom of assembly clauses.”

“For decades we allowed the CCP free and unfettered access to US institutions and businesses while these same privileges were never extended freely to US citizens in China. Interaction with free societies, economies, and access to Western technologies certainly helped China develop, while the CCP only doubled down on Marxist-Leninism and hostility to the free world,” the spokesperson said.

This move is among the series of actions taken by the Trump administration, setting a tone for the US President-elect Joe Biden’s upcoming term. (ANI)