| BOJ stands pat, keeps powder dry as recession risk looms Reuters TOKYO (Reuters) - The Bank of Japan resisted political pressure for action and kept monetary policy steady on Friday, but left the door open to more monetary easing later this month by warning of looming risks to the outlook for the world's third ... See all stories on this topic » | ||
| Could 'taxmageddon' trigger a new recession? MSN Money However, most economists believe a fiscal shock of that magnitude would immediately throw the economy into recession, which would sharply reduce actual collections. No class of Americans would be exempt from so-called Taxmageddon except for the ... See all stories on this topic » | ||
| Peter Schiff: The Recession Is Already Here Seeking Alpha Some analysts, like Jim Rogers, have been warning about a coming recession in 2013, while other big names like Roubini and Faber have been even more bold with their statements. Investors should not be surprised to see Peter Schiff throw his hat into ... See all stories on this topic » | ||
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| Can You Have A Recession If Services Are Expanding? Business Insider Over the last few weeks, NDD and I have looked at the possibility of a recession. I discussed it here and NDD discussed it here. Menzie Chen over at Econbrowser weighs in here. The general consensus is that the US economy is very weak, but there are ... See all stories on this topic » | ||
| In Bluffs, Joe Biden accuses GOP of causing recession, hurting middle class Omaha World-Herald The Democratic vice president talked frequently about the nation's middle class Thursday during a campaign rally here, where he accused Republicans of causing the Great Recession that “decimated” the ranks of the middle class. Biden also heaped ... See all stories on this topic » | ||
| Stressed snackers shun chocolate as Europe's crisis bites Reuters "For the first part of the recession we thought chocolate would be recession proof, and then we saidrecession resistant, and now I think people are just getting ground down," said Marcia Mogelonsky, global food and drink analyst at Mintel. "I have not ... See all stories on this topic » | ||
| The Recession Is Already Here ForexLive (blog) Peter Schiff in 'seeking alpha' claims the US is already in recession, pointing out that government data shows growth at 1.3% while inflation is running at 1.6% and suggests inflation figures are actually being under reported. He also notes that the ... See all stories on this topic » | ||
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| Planned job cuts at 'pre-recession' levels Sun-Sentinel Jobs cuts planned by employers are at "pre-recession levels," according to Challenger, Gray & Christmas, which released its September report on layoffs Thursday. In September, Florida's planned job cuts bumped up to 1,818 compared to 1,638 a year ago. See all stories on this topic » |
www.AlfaBloggers.com Co-Branded Blogging and Social Media Content Creator Team
Friday, 5 October 2012
Stressed snackers shun chocolate as Europe's crisis bites
Death of a King of Good Time ? Govt may shut Kingfisher Airlines
DGCA asks Airline why its licence shouldn't be cancelled
A civil aviation ministry official said that if Kingfisher Airlines is unable to give a satisfactory response, their licence stands to be cancelled or suspended under clause 15 2(B) of Schedule 11 of aircrfat rules.
Debt-strapped Kingfisher Airlines, devoid of a turnaround plan to get back into the air, faced a possible shutdown by the government after extending the grounding of its fleet for a week on Friday.
Airline regulator DGCA told the airline to demonstrate why its permit not fly should not be rescinded.
The Directorate General of Civil Aviation (DGCA) said the airline had failed to establish a "safe, efficient and reliable service", and asked it to respond within 15 days.
The airline stopped flights on Monday after a weekend protest by staff turned violent. Airline employees have not been paid for seven months.
"We will not allow Kingfisher to fly unless they meet the concerns that the DGCA has on safety and on the ability to maintain their operations," Aviation Minister Ajit Singh told ET Now television channel.
About 150 Kingfisher staff staged a protest march in Mumbai earlier on Friday, following what police said was the suicide of an employee's wife worried about the family's precarious finances.
Another 100 staff held a candlelit march in Delhi on Friday night, adding to pressure to resolve the carrier's long-running financial problems.
Kingfisher, once India's second biggest airline, has failed to find an overseas airline or other investor to bring in fresh equity.
The Centre for Asia Pacific Aviation (CAPA), which estimates Kingfisher's debt at around $2.5 billion, said a fully funded turnaround would cost at least $1 billion and that Kingfisher had only an outside chance of recovery given its massive debts, crippled fleet and poor employee morale.
It is now the smallest of India's six main carriers and its steep decline has enabled rivals such as Jet Airways and IndiGo to raise fares in what had been a ferociously competitive market plagued by overcapacity.
Kingfisher, controlled by liquor baron Vijay Mallya, has never turned a profit since its launch in 2005 and before this week was flying only 10 planes. Its fleet once numbered 64.
"How can the management realistically expect us to work?" said Krishna Kumar, a 35-year-old engineer in Mumbai who joined Kingfisher six years ago. "We have borne this for seven months," Kumar said, wearing a black arm band.
Talks between airline management and Delhi-based pilots and engineers broke down on Thursday. Similar talks in Mumbai on Wednesday ended in what one senior pilot called a stalemate.
Kingfisher spokesman Prakash Mirpuri said the airline was extending what it described as a partial lock-out to Oct. 12 or until the "illegal strike is called off."
Toughened stance
The government has been toughening its stance towards Kingfisher after allowing it to operate for months despite grounding most of its fleet and defaulting on payments to banks, oil companies, airports and others.
Kingfisher's lenders, mostly government banks led by State Bank of India, have refused to extend further credit in the absence of fresh equity, but they have shown patience. Indian state banks rarely force big companies to liquidate.
"Banks are still giving time to Mr. Mallya to get an investor. Because if we pull the plug it would be irretrievable. And if we are patient with him possibly there is a chance that he would revive," SBI Chairman Pratip Chaudhuri told reporters.
"Having waited for so long we might as well wait longer." Mallya's United Spirits Ltd and Diageo Plc recently confirmed long-rumoured talks for the UK giant to take a stake in India's dominant whisky maker, which could make it easier for Mallya to find funds to rescue Kingfisher.
Rohan Shrivatsava, 28, who has been with the airline for five years and was part of Friday's protest in Mumbai, said he had been looking for another job without success. "Getting a job after working at Kingfisher is not possible. Do you know how many airline engineers are in the market running for jobs?" he said.
A 31-year-old in Mumbai cargo operations who declined to be identified said he had earned about 18,000 rupees ($350) a month in salary and paid 7,000 rupees a month to rent a room.
"My landlord has been furious about my rent dues. I have not paid rent for last three months. How do I pay my rent, where do I live if I am thrown out tomorrow?"
Some employee anger was directed at Mallya, the self-described "King of Good Times", known for his lavish lifestyle.
One placard read: "Is your party over Mr Mallya?" An official with the aviation regulator said on Tuesday that Kingfisher would not get government approval to resume flying unless it pays salaries and submits an acceptable recovery plan.
Kingfisher shares fell 4.7 per cent on Friday, effectively at their daily limit of 5 per cent for the fifth straight session.
| Govt may shut Kingfisher as DGCA asks airline why its licence shouldn't be ... Times of India MUMBAI/NEW DELHI: Debt-strapped Kingfisher Airlines, devoid of a turnaround plan to get back into the air, faced a possible shutdown by the government after extending the grounding of its fleet for a week on Friday. Airline regulator DGCA told the ... See all stories on this topic » | |
| American Airlines fixing potentially loose seats, scraps dozens of flights CBS News FORT WORTH, Texas American Airlines is cancelling dozens of flights as it scrambles to fix seats that could pop loose during flights. Airline officials said late Thursday that they had come up with a fix for the seats, and began pulling 48 Boeing 757s ... See all stories on this topic » | |
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| Japan Airlines to extend Japan-China flight cuts amid row Business Standard Japan Airlines today said it would extend temporary cuts in its service between Japan and China because it sees no upturn in demand as a territorial row between the two countries rumbles on. The Japanese flag carrier had initially said it would reduce ... See all stories on this topic » | ||
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| Kingfisher Airlines faces licence cancellation NDTV New Delhi: The aviation regulator is seeking legal opinion on cancelling the licence of beleaguered carrier Kingfisher Airlines, which has grounded its fleet since Monday, civil aviation minister Ajit Singh said on Friday. The airline controlled by ... See all stories on this topic » | ||
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| Mysterious death of Alaska Airlines pilot could take weeks to solve Los Angeles Times L.A. County coroner's officials said it would probably take several weeks to determine the cause of death for a 55-year-old Alaska Airlines pilot found dead along the 5 Freeway in Burbank. Toxicology tests are being conducted on the pilot, Lee Clifford ... See all stories on this topic » | ||
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| A broken-down airline for a broken-down nation MarketWatch Like so many other industries in our allegedly free-enterprise system, the airline industry is heavily subsidized. Airlines, for instance, don't build air-traffic control towers, runways or airport parking garages. The government does that. And where ... See all stories on this topic » |
A broken-down Airline for a broken-down Nation USA
American Airlines is perfect microcosm of America
It is increasingly difficult to tell the difference between American and America.
American is a once-proud airline run by AMR Corp. AAMRQ -0.38% . America is the greatest nation ever formed on Earth.
If you have trouble telling them apart, it may be because both are currently bankrupt, yet somehow keep flying.
Ratings agencies have downgraded the debt of both American and America in past years.
American Airlines is the perfect airline for our nation.
Both spend more than they take in; both manage rising costs; both negotiate with demanding special interests, including unions. They both have leaders interested in maintaining their wealth and power at almost any cost, even in the face of insolvency. They both have had their rising share of emergency landings.
At American, seats are coming loose in the middle of flights. In America, seats are about to plunge off a fiscal cliff. Ladies and gentlemen, please sit back and enjoy the flight.
American isn’t just a metaphor for America. It is a microcosm of America. It seems someone always leaves the lavatory door open for too long and pretty soon the whole cabin stinks.
Like so many other industries in our allegedly free-enterprise system, the airline industry is heavily subsidized. Airlines, for instance, don’t build air-traffic control towers, runways or airport parking garages. The government does that. And where airlines aren’t directly or indirectly subsidized by governments, they are subsidized by the bankruptcy process.
Were it not for Chapter 11, there would not be many major airlines alive today. Stiffing creditors, crushing investors, ditching pension plans, and axing employees is how they stay in the air.
These companies might disappear in 2012
MarketWatch's Steve Gelsi take a look at brands that have a dubious place on 24/7 Wall Street's list of companies that may disappear in 2013.
American must be a well-run airline because it is only on its first bankruptcy, filed in November. Many other airlines, including Delta Airlines Inc., Northwestern Airlines, United Airlines, and US Airways, had already filed for bankruptcy twice. They are lucky they didn’t end up like Pan Am, or as the old joke goes, Pan Ain’t.
American faces this same fate. But it is the American Way to fight.
American’s union pilots have rejected a reasonable contract offer that would have saved the airline $300 million a year. A federal bankruptcy judge then gave American’s management the OK to impose cuts on them anyway. The pilots wouldn’t have it, though. They recently took up a strike vote, but Wednesday they also returned to the bargaining table. Pilots, represented by the Allied Pilots Association, make up one of the strongest collective bargaining units on the planet. No pilots, no airline.
Since early September, American’s flight delays and cancellations have skyrocketed. Management has blamed pilots calling in sick, and requesting maintenance for items that don’t need repairs. Pilots deny delaying flights. And their union boss has asked them to stop, that is, if they are in fact doing such things in the first place. Pilots are blaming the delays and cancellations on American’s aging fleet.
It is the same likely story we see all over America: We’re-all-going-to-hell-and-it’s-somebody-else’s-fault.
And of all the nutty headlines about incidents on airline flights, who ever heard of seats popping loose? This doesn’t even happen on a Greyhound bus.
Somehow, someone improperly installed the saddle clamps. American’s union maintenance workers say it wasn’t them. They blame outsourced labor. American’s management has suggested it could be a combination of both. And some observers have suggested it could be employee sabotage. It sounds like testimony from a congressional hearing.
The Federal Aviation Administration is stepping up its scrutiny. Some people say regulation is crushing, but when an industry can’t fasten its seats properly, it begs for crushing regulation.
The good news is, business always goes on, and it is a wonderful time for American’s competitors. The ever-controversial discount carrier Spirit Airlines is mocking American with an ad that reads, “We Let Fares Loose. Not Seats!”
Social networks are atwitter with jokes that could take a PR campaign years to overcome. On Wednesday, for instance, comedienne Joan Rivers tweeted: “Great Flight! My seat wasn’t accidentally upgraded into the cockpit, and the seat next to mine was empty.”
Empty, because American’s once-loyal customers are asking, “Why fly American?” But I say, why not fly American? Our airline industry, like our nation, is insanely unsustainable. We are Americans, and we put up with this. American is the airline we deserve.
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Wednesday, 3 October 2012
Positive Thinking Quotes, Positive Thinking Videos, Positive Thinking Books, Positive Thinking Techniques, Self Improvement,
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5 Ways to Leverage LinkedIn's Company Page Redesign
| Thingsquare Selects Development Tools from IAR Systems for the Internet of ... The Herald | HeraldOnline.com IAR Systems' embedded software development tool chain gives Thingsquare and its customers the compact and highly efficient code that is fundamental when smart objects communicate with each other via the Internet. Thingsquare and its customers ... See all stories on this topic » | ||
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| Microsoft Internet Explorer Triggers Benchmark Battle Midsize Insider ... browser benchmarking tool called RoboHornet. The project is still in the alpha development stage, but Microsoft is already displeased. According to Redmond, RoboHornet is a "micro-benchmark" and no way to test Microsoft's Internet Explorer browser. See all stories on this topic » | ||
| 5 Ways to Leverage LinkedIn's Company Page Redesign Internet Evolution LinkedIn is more than just a great tool for recruiting and job hunting. While B2C companies have a 39 percent success rate using the Website, B2B companies using LinkedIn for customer acquisition see a success rate of 61 percent. But until recently ... See all stories on this topic » | ||
| Iran Removes Gmail Block InformationWeek Iran Removes Gmail Block. Iranian government says it will soon introduce its own search and webmail tools. But YouTube remains indefinitely blocked. By Mathew ... We wanted to block YouTube and Gmail was also blocked, which was involuntary," Mohammad ... See all stories on this topic » | ||
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Global Airline profit forecast revised upwards
The International Air Transport Association raised its 2012 global airline profit forecast 37% as carriers slow capacity growth to cope with higher fuel prices and waning travel demand.
Carriers may post $4.1bn (€3.2bn) of profits this year with a margin of 0.6%, the group — whose members account for 84% of global airline traffic — said in a statement. That compares with a June forecast for gains of $3bn and a profit of $8.4bn in 2011.
The group raised its forecast as airlines reported improved earnings in the second quarter, it said. Delta Airlines and US Airways Group beat analysts’ profit estimates, while Singapore Airlines posted its first increase in net income in seven quarters.
"The industry has re-shaped itself to cope by investing in new fleets, adopting more efficient processes, carefully managing capacity and consolidating," Tony Tyler, IATA chief executive said.
He added: "The industry’s profitability still balances on a knife-edge, with profit margins that do not cover the cost of capital."
The group expects carriers’ earnings to rise to $7.5bn next year on $660bn in sales, based on global gross domestic product growth of 2.5%.
European airlines are expected to post a loss of $1.2bn this year, compared with a previous forecast of $1.1bn, as a sovereign-debt crisis causes the eurozone’s economy to contract.
The region, IATA said, is also "plagued by high taxes, inefficient air traffic management infrastructure and an onerous regulatory environment".
Air France-KLM Group and Deutsche Lufthansa AG have announced job cuts and reorganising operations. British Airways’ owner International Consolidated Airlines Group SA also plans job cuts at Spanish arm Iberia.
European airlines are expected to post a loss in 2013, the only region to lose money, IATA said.
Global airline profit forecast revised upwards
Irish Examiner
Air France-KLM Group and Deutsche Lufthansa AG have announced job cuts and reorganising operations. British Airways' owner International Consolidated Airlines Group SA also plans job cutsat Spanish arm Iberia. European airlines are expected to post ...
See all stories on this topic »
Irish Examiner
Air France-KLM Group and Deutsche Lufthansa AG have announced job cuts and reorganising operations. British Airways' owner International Consolidated Airlines Group SA also plans job cutsat Spanish arm Iberia. European airlines are expected to post ...
See all stories on this topic »
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