Oil drops below $40 after 11 years

EFT Report, New Delhi: International crude oil prices plunged to fresh lows with the price of the Organisation of Petroleum Exporting Countries (OPEC) basket of twelve crudes going below the $40 a barrel level for the first time in 11 years.

The new OPEC reference basket of 12 crude oils closed at $39.21 a barrel on the previous trading day on Friday, the organisation's secretariat said. On Thursday, the price stood at $40.21. The last time it fell to $39 was in 2004.

Oil prices have been under pressure for several months due to concerns over oversupply, but the slump has deepened in the recent period.

Crude-oil production has remained robust despite the large drop in prices in the last year, as US producers continue to cut costs and members of the Organization of the Petroleum Exporting Countries continue to produce at full tilt.

The Indian basket, comprising 73 percent sour-grade Dubai and Oman crude, and the balance in sweet-grade Brent, plunged to $41.39 on Friday.

Meanwhile, state-run Indian Oil Corp on Sunday announced a hike in the price of petrol by 36 paise a litre and of diesel by 87 paise at Delhi, effective Monday.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision," Indian Oil said in a statement here.

Tamil Nadu Chief Minister J. Jayalalithaa on Monday termed the reason for fuel price hike as unjustifiable when there is no change in the international price of crude oil.

While the latest fuel hike was part of the routine fortnightly price revision exercise by oil marketing companies, it should be considered that the Indian basket price in the preceding fortnight ranged between $44-46 a barrel.

The latest drop in global prices could possibly be reflected in the next fortnight's price revision.

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Boeing, Tata announce aerospace JV in India

EFT Report, Dubai: Boeing and Tata Advanced Systems on Monday announced a joint venture that will manufacture aerostructures for aircraft and collaborate on integrated systems development opportunities in India.

The JV will initially create a manufacturing center of excellence to produce aerostructures for the AH-64 Apache helicopter and to compete for additional manufacturing work packages across Boeing platforms, both commercial and defense.

Boeing and Tata Advanced Systems intend to grow the JV partnership in the future, with a focus on opportunities to collaborate on development and selling of integrated systems.

“This partnership will capitalize on India’s industrial capability, innovation and talent to contribute to Boeing’s long-term competitiveness and position us for future growth in the global marketplace,” said Chris Chadwick, president and CEO of Boeing Defense, Space & Security. “It is a demonstration of our commitment to further accelerate our partnership with one of the world’s fastest growing economies.”

“This agreement to establish a JV will propel the growth of the Indian aerospace sector by leveraging the world-class competencies of TASL and its supplier eco-system, as well as provide access to India’s world-class manufacturing capability, skilled talent and competitive cost structures,” said S. Ramadorai, chairman, Tata Advanced Systems.

“Over the last 12 months, we have doubled our sourcing from India and are committed to continue that journey,” said Pratyush Kumar, president, Boeing India. “Our commitment was demonstrated by Boeing Chairman Jim McNerney’s presence at the recently concluded aerospace Innovation Summit in New Delhi and this JV is a clear example of Boeing’s long-term commitment to Make in India.”

“TASL is one of the select few in the private sector in India undertaking manufacturing and assembly of both aircraft and helicopters. The resulting scale and expertise at which the company now operates makes it well-positioned for large-scale systems integration work in India’s aerospace and defense sector,” said Sukaran Singh, MD & CEO, Tata Advanced Systems.

Boeing and Tata group companies have established partnerships in India to manufacture aerostructures for Boeing’s commercial and military aircraft. Tata Advanced Materials has delivered composite panels for the power and mission equipment cabinets and auxiliary power unit door fairings for the P-8I long-range maritime surveillance and anti-submarine warfare aircraft. TAL Manufacturing Solutions is manufacturing complex floor beams out of composite materials for the Boeing 787-9, the most modern aircraft with exceptional environmental and fuel-efficient capabilities. TAL Manufacturing Solutions has provided ground support equipment for the C-17 Globemaster III strategic airlifter.

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Jet Airways confirms its largest fleet order for 75 Boeing 737 Max aircraft

EFT Report, Mumbai: Airline major Jet Airways on Monday confirmed its largest-ever fleet order for 75 Boeing 737 'Max' aircraft.

The order, which includes options and purchase rights for an additional 50 aircraft, was signed at the Dubai Airshow.

"This order is an endorsement of our confidence in the long-term prospects of the Indian aviation sector, which reflects the positive forecast for the country's economy, and offers tremendous potential for growth and development," Jet Airways chairman Naresh Goyal said.

"Jet Airways has led the path in Indian aviation, providing enhanced connectivity between domestic and international sectors. We are aligned with the Government of India's mission to provide affordable air connectivity to the people across the country."

The company said that the transaction will be completely financed and managed through a sale and lease back arrangement, which will be signed, when Jet Airways takes delivery of the aircraft from 2018.

On the aircraft's fuel efficiency, Cramer Ball, chief executive of Jet Airways said: "These new generation aircraft are highly fuel efficient and will help drive our operational efficiency." 

Ball's views were corroborated by Boeing Commercial Airplanes' president and chief executive Ray Conner. 

"The 737 MAX will bring new standards for fuel efficiency and economics, and a premium passenger experience to Jet Airways," Conner said.

The 737 'Max' incorporates the latest technologies such as 'CFM International LEAP-1B' engines, advance winglets and other improvements to deliver greater efficiency, reliability and passenger comfort.

The new aircraft are expected to support Jet Airways’ replacement strategy and ensure it maintains a modern and environmentally friendly fleet. 

Jet Airways, currently has a fleet of 115 aircraft, which includes a mix of state-of-the-art Boeing 777-300 ERs (extended range), Airbus A330-200/300, next generation Boeing 737s and ATR 72-500/600s. 

The company has one of the youngest fleet of aircraft in the region, with an average age of 6.04 years. 

The airline operates flights to 73 destinations spanning the length and breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels, Colombo, Dammam, Dhaka, Doha, Dubai, Ho Chi Minh City, Hong Kong, Jeddah, Kathmandu, Kuwait, London (Heathrow), Muscat, New York (Newark), Paris, Riyadh, Sharjah, Singapore and Toronto.

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SpiceJet announces direct flights to Dubai from Amritsar, Kozhikode

EFT Report, New Delhi: Low-cost carrier SpiceJet on Monday announced direct flights to Dubai from Amritsar and Kozhikode would commence from November 15.

The airline is offering an introductory fare of Rs.4,999 all-in one way on both services for which a Boeing 737 NG aircraft will be deployed, SpiceJet said in a statement.

With the launch of flights to Duabi from Amritsar and Kozhikode, SpiceJet's flight services to Dubai from Indian cities will rise to eight. The other cities are Delhi, Mumbai, Ahmedabad, Pune, Kochi, and Madurai.

The proposed Kozhikode-Dubai flight will operate daily while the Amritsar-Dubai flight will not be available on Saturdays.

SpiceJet operates 250 daily flights to 34 domestic and six international destinations, which also include Bangkok, Colombo, Kabul, Male, and Muscat.

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Atif Aslam, Sonu Nigam to perform in Dubai for Indo-Pak peace

EFT Report, Dubai: Pakistani singer Atif Aslam and india's prominent vocalist Sonu Nigam have united for a good cause, as both of them will perform together in Dubai to promote peace between India and Pakistan.

Extending their support to the ban slapped on Saif Ali Khan's latest thriller 'Phantom' in Pakistan, the 'All Izz Well' singer and the 32-year-old Pakistani singer believed that the countries should "leave politics for those who play the game", The Express Tribune reports.

In a press conference, the 'Tu Jaane Na' hit-maker said that there should not be any lines or demarcations in the creative field, adding that art and music transcend such petty politics.

On the other hand, Sonu supported Atif's statement and said that the duo will show the world that how two of them can share a stage to promote unity.

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