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Feb 12, 2018 09:50 PM IST | Source: Moneycontrol.com

News highlights of the day: No plans to ground A320 Neos over engine glitches, says DGCA

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Feb 12, 07:05 PM (IST)

     No plans to ground A320 Neos over P&W engine glitches: DGCA

    The aviation regulator DGCA has ruled out grounding the Pratt & Whitney-powered Airbus A320Neo fleet despite the recurring serious safety issues with the faulty new engines.

    Budget carrier IndiGo, which is the largest operator of these planes in the country, and GoAir being the other one, have already grounded three such planes following an emergency airworthiness directive from the European Aviation Safety Agency or Easa on this issue over the weekend. (PTI)

  • Feb 12, 09:30 PM (IST)


    That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • Feb 12, 09:13 PM (IST)

    Devastated Iraq seeks USD 90 billion for reconstruction

    Iraq needs nearly USD 90 billion to rebuild after three years of war with the Islamic State group, officials said today, with large parts of the country in ruins and tens of thousands left homeless.

    As a three-day international reconstruction conference got underway in Kuwait, officials were seeking pledges from donors and investors to restore Iraq's devastated homes, schools, hospitals and economic infrastructure.

    Baghdad declared victory against IS in December, after Iraqi forces, backed by a US-led coalition, regained control of the large parts of the country seized by IS in mid-2014.

    Aid groups made pledges of USD 330 million on the first day of the conference, but officials said much more was needed.

  • Feb 12, 08:58 PM (IST)

    UN group says rule of law 'under siege' in Maldives crisis

    A UN rights group said on Monday the detention of two Supreme Court judges in the tiny Indian Ocean archipelago of the Maldives was an attack on the independence of the judiciary and undermined the rule of law.

    Regional power India has joined Britain, the United States and the United Nations in calling for the lifting of last week's state of emergency and the freeing of the two judges.

    The Muslim-majority Maldives, best known for its luxury beach resorts, has been in crisis since the Supreme Court quashed convictions ranging from corruption to terrorism of nine opposition figures, and ordered the government to release them.

    President Abdulla Yameen defied the ruling and the judges were arrested. He said he ordered the state of emergency and put down a coup.

    Maldives has been in crisis since the Supreme Court quashed convictions ranging from corruption to terrorism of nine opposition figures, and ordered the government to release them.

  • Feb 12, 08:57 PM (IST)

    Indian economy to grow over 7.5% next fiscal: Piyush Goyal

    Union minister Piyush Goyal today said the country's economic growth is likely to cross 7.5 per cent in the next fiscal.

    "I believe we will close this year upwards of 6.7 per cent. Next year should to my mind cross 7.5 per cent. All the signs are there for us to see," Goyal, who is holding key portfolios of railways and coal, said here.

    He was addressing a post budget talk -- jointly organised by Ficci, Business Line and Sastra Deemed University.

    "From the GDP growth of 5.3 or 6.3 per cent in the last two years of the UPA government, I think that the GDP that BJP-led NDA government has given to this nation is certainly a matter of great satisfaction for us," Goyal asserted.

  • Feb 12, 08:26 PM (IST)
  • Feb 12, 08:24 PM (IST)

    Mike Pence raises prospect of talks with North Korea alongside "intensified" pressure

    Comments by U.S. Vice President Mike Pence suggest the United States may be looking more favourably at diplomatic engagement with North Korea as South Korea considers a rare summit with its neighbour and long-time foe.

    Pence said in a newspaper interview the United States and South Korea had agreed on terms for further diplomatic engagement with North Korea, first with Seoul and then possibly leading to direct talks with Washington.

    The prospect of talks comes after months of tension between Pyongyang, Seoul and Washington over North Korea's nuclear and missile programmes, with U.S. President Donald Trump and North Korean leader Kim Jong Un trading insults and threats of destruction amid tightening sanctions from the United Nations.

    Speaking to the Washington Post aboard Air Force Two on his way home from the Games, Pence said Washington would keep up its "maximum pressure campaign" against Pyongyang but would be open to possible talks at the same time.

  • Feb 12, 08:04 PM (IST)
  • Feb 12, 07:38 PM (IST)

    Sunday's hailstorm in Maharashtra damages 1.25 lakh hectare of crops: Agri Minister

    The hailstorm that hit several parts of the state yesterday damaged crops over an area of 1.25 lakh hectare across 11 districts, Maharashtra Agriculture Minister Pandurang Fundkar said today.

    "A primary damage assessment report has stated that over 1.25 lakh hectare of crops were damaged in 1,086 villages of 11 districts. Buldana, Amravati and Jalna are the three districts which have reported maximum damage," Fundkar said.

  • Feb 12, 07:20 PM (IST)
  • Feb 12, 06:52 PM (IST)

    Gujarat to bring bill to curb the use of fake caste certificates

    The Gujarat Government will introduce a bill in the upcoming Budget session to curb the practice of using fake caste certificates to avail benefits meant for those in the reserved categories, state Tribal Development Minister Ganpat Vasava said today.

    Vasava, speaking in Surat, said those found guilty, of producing fake caste certificate for government jobs or for admissions in educational institutes or to contest polls on reserved seats, would face a jail term of three years and a fine of Rs 50,000. (PTI)

  • Feb 12, 06:32 PM (IST)

     Nitish Kumar backs JD(U) move not to contest state by-polls in March

    Bihar Chief Minister and JD(U) chief Nitish Kumar today defended his party's decision not to contest any of the three seats in the state where by-polls are scheduled to be held next month.

    Kumar, the national president of the Janata Dal (United), said the party's state unit had taken a "policy decision" not to field candidates for the Araria Lok Sabha and Bhabhua and Jahanabad Assembly seats.

  • Feb 12, 06:28 PM (IST)

    BJP or its govt won't come in the way of Naga pact: Kiren Rijiju

    The BJP-NDPP coalition will not come in the way of "smooth implementation" of the proposed Naga accord, if voted to power in Nagaland, Union Minister of State for Home Kiren Rijiju Said today.

    He, however, was non-committal when asked if it meant that the new government would recommend the dissolution of the Nagaland Assembly to pave the way for implementation of the accord, if necessary. (PTI)

  • Feb 12, 06:15 PM (IST)

    CCTVs in buses don't ensure women's safety: Maneka Gandhi

    Union Minister Maneka Gandhi today said installing CCTVs in buses is not effective in preventing incidents of molestation and ensuring women's safety.

    The minister made the remarks while talking about the utilisation of Nirbhaya Fund for safety of women, which was created after the infamous December 2012 gang rape of a 23-year-old physiotherapy student paramedic student inside a bus in Delhi. (PTI)

  • Feb 12, 05:59 PM (IST)

     ArcelorMittal India has submitted its offer for Essar Steel India

    Chairman and CEO or ArcelorMittal, Lakshmi Mittal has said that AMIPL's offer includes investment plan to address operational issues in Essar, according to CNBC-TV18.

    Essar provides the company an opportunity to enter the high growth Indian steel market, Mittal has said, adding that he believes that the "company is equipped to implement a turnaround that will benefit Essar’s stakeholders."

  • Feb 12, 05:47 PM (IST)

    Food inflation comes down
    According to government data released today, food inflation came down to 4.70 percent from 4.96 percent a month ago. 

  • Feb 12, 05:43 PM (IST)
  • Feb 12, 05:35 PM (IST)

     January CPI inflation at 5.07%, December IIP at 7.1%
    Industrial output grew at 7.1% in December, compared with the same month in the previous year, according to a government data. Consumer price index (CPI) inflation came in at 5.07% for January as against 5.20% for December. 

  • Feb 12, 05:25 PM (IST)

    Nitish backs JD(U) move not to contest state by-polls in March
    Bihar Chief Minister and JD(U) chief Nitish Kumar today defended his party's decision not to contest any of the three seats in the state where by-polls are scheduled to be held next month.

    Kumar, the national president of the Janata Dal (United), said the party's state unit had taken a "policy decision" not to field candidates for the Araria Lok Sabha and Bhabhua and Jahanabad Assembly seats.

  • Feb 12, 05:10 PM (IST)

    'Growth to rebound to 7.5% in FY19; slim chance of rate hike'
    India's economy will accelerate to 7.5 percent in 2018-19 and there is a slim chance of the much-feared rate hike by the central bank in the near-term as inflation risks abate, says a report.

    The economic momentum in the current financial year was affected by temporary disruptions on account of demonetization and GST implementation but a rebound in the next financial year is likely, the Deutsche Bank report said today.

  • Feb 12, 04:55 PM (IST)

    Modi govt 'crushing' the voice of democracy: AAP MP
    AAP leader and MP Sanjay Singh has accused the Narendra Modi government of "crushing" the voice of democracy and not letting opposition parties protest against its "anti-people" policies.

    Singh levelled the allegations yesterday at an event here by his party's Maharashtra unit to felicitate him on his election to the Rajya Sabha.

  • Feb 12, 04:45 PM (IST)

    BJP would form next government in Tripura: Amit Shah
    BJP president Amit Shah today asserted that the BJP would form the next government in Tripura which would be the 20th state to be ruled by the saffron party.

    Shah assured the voters that the promises made in the party's election manifesto released yesterday would be implemented.

  • Feb 12, 04:39 PM (IST)

    BJP demands FIR against NC MLA for pro-Pak slogan in Assembly
    BJP MLAs today created a ruckus in the Jammu and Kashmir Assembly as they demanded registration of an FIR against NC legislator Mohammad Akbar Lone for raising pro-Pakistan slogan in the House.

    As the House assembled this morning, the agitating BJP MLAs rose on their feet demanding apology, suspension of the member and filing of a sedition case against him.

  • Feb 12, 04:27 PM (IST)

  • Feb 12, 04:27 PM (IST)

  • Feb 12, 04:26 PM (IST)

    Sensex rebounds 295 points on positive global cues

    The BSE benchmark Sensex rebounded by about 295 points to finish at 34,300 and the NSE Nifty reclaimed the 10,500-level today as investor sentiments were buoyed by robust corporate earnings and positive global cues. Investors heavily bought into recently battered power, realty, capital goods and banking stocks amid continued buying by domestic funds and retail investors ahead of inflation data to be released after market hours today.

    After opening on a strong footing, the Sensex advanced to hit a fresh high of 34,351.34 on the back of continued buying by domestic funds and retail investors but later declined to 34,115.12 on profit booking. It finally settled 294.71 points, or 0.87%, higher at 34,300.47. The index had lost 407.40 points, or 1.18%, to settle at a one-month low of 34,005.76 on Friday, weighed by weak global stocks. The broader Nifty, after touching a high (intra-day) of 10,555.50 points, finished at 10,539.75, up 84.80 points, or 0.81%.

  • Feb 12, 04:22 PM (IST)

     UK court awards BOC Aviation $90m against Vijay Mallya

    Embattled liquor tycoon Vijay Mallya has lost another legal battle linked to his now-defunct Kingfisher Airlines after the UK High Court awarded Singapore-based BOC Aviation an estimated $90 million in claims, reports PTI. The latest case involving the 62-year-old businessman, whose extradition case over alleged loan defaults amounting to around Rs 9,000 crore returns to Westminster Magistrates Court in London on March 16, is related to the leasing of aircraft by Kingfisher Airlines dating back to 2014.

  • Feb 12, 04:13 PM (IST)

     NBFCs' auto loan book may grow at 15% till FY20, says Crisil

    The vehicle finance business of non-banking finance companies (NBFCs) is likely to grow at 15% till FY20, helped by improving macroeconomic environment and government focus on infrastructure and rural areas. The report finds market opportunity for NBFCs stemming from continued government investments in roads, expected finalisation of the scrappage policy or the voluntary vehicle modernisation programme and higher budgetary spends for the rural sector.

    "We expect the vehicle finance portfolio of NBFCs to grow 300 basis points (bps) faster over the three financial years to 2020, clocking a compound annual growth rate (CAGR) of 15%, compared to 12% saw in the past three years," Crisil said. In terms of segments, around 85% of NBFCs' vehicle finance portfolio comprises commercial vehicle (CVs) and car/utility vehicle (UVs) financing. The balance includes tractor and two/three wheeler financing.

  • Feb 12, 04:09 PM (IST)

    Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra

  • Feb 12, 04:03 PM (IST)

    CCI approves Rel Infra’s Rs 18,800cr deal with Adani Transmission

    Reliance Infrastructure said the Competition Commission of India (CCI) has approved sale of its integrated Mumbai power business to Adani Transmission in a Rs 18,800 crore deal. Rel Infra and Adani Transmission had signed a definitive binding agreement for 100% stake sale of the integrated business of generation, transmission and distribution of power for Mumbai in December 2017, Rel Infra said in a statement. The transaction is expected to be completed by March 2018.

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