Jet shares nosedive after flights grounded, lenders ‘hopeful’

MUMBAI, April 18 — Jet Airways shares plunged more than 32 per cent today, hours after the Indian carrier’s final flight landed following a decision to ground its entire fleet. The Mumbai-based carrier is on the edge of bankruptcy and has failed…

BMW to recall 360,000 China cars over Takata airbags

SHANGHAI: Germany’s BMW will recall 360,000 vehicles in China as part of the worldwide effort to root out defective airbags made by now-defunct Japanese supplier Takata, regulators in Beijing said.

Around 20 people have died in accidents linked to defects in Takata airbags since 2013, prompting a massive worldwide recall of at least 100 million cars from a wide range of manufacturers.

The recall will affect nearly 273,000 models built by BMW’s joint venture with Chinese manufacturer Brilliance Automotive and more than 87,000 imported BMW cars, China’s State Administration for Market Regulation said.

The agency said in statement posted on its website late Tuesday that a defect could cause the airbags to eject debris at passengers if deployed.

It did not mention any specific incidents caused by the BMW-installed airbags.

The China recall affects more than two dozen different BMW models built between 2000 and 2018, including several each in the i, X and M series, along with other models.

The suspect parts will be replaced for free, the notice said.

Founded in 1933, Takata went out of business in 2017 because of the airbag crisis.

The BMW announcement came as global carmakers were gathered for the Shanghai Auto Show amid a rare sales slump in the world’s largest vehicle market.

Portugal orders truck drivers back to work as airports run out of fuel

LISBON, April 16 — Portugal’s government has ordered fuel truck drivers to return to work immediately after a major strike threatened to leave the country’s main airports without fuel just before the busy Easter tourist period. Demanding…

Boeing sees me as its ‘piggy bank’, Lion Air co-founder says

PARIS, April 16 — The co-founder of Indonesia’s Lion Air, one of two airlines that lost passengers and crew in recent crashes involving the 737 MAX, has lashed out at Boeing’s handling of the accidents as the potential business fallout from…

India’s Jet extends cancellations after lenders fail to release funds

MUMBAI, April 16 — India’s stricken Jet Airways appeared to be edging closer to collapse yesterday after lenders failed to take a decision on whether to release crucial funds to keep the debt-laden carrier flying. Thousands of passengers have…

What you need to know about travel insurance

KUALA LUMPUR, April 15 — Booked your flight ticket and wondering if it is absolutely necessary to buy travel insurance? In most cases, your travels will go as planned without a glitch. However, we all know that even a well-planned trip can be…

SMTrack inks MoU for venture into low-cost airline industry

PETALING JAYA: Radio frequency identification (RFID) solution provider SMTrack Bhd is venturing into the low-cost airline industry in Malaysia.

It has entered into a memorandum of understanding with Dexma Express Sdn Bhd to establish a working arrangement to explore the potential investment from the upcoming PT Citilink Indonesia’s operation in Malaysia.

SMtrack will acquire a 60% stake in Dexma’s operation for RM2.8 million.

Dexma is specialised in the sale of carriage by air services for both passenger or cargo. It has established a partnership program with Citilink where Dexma is the appointed general sales agent for air carriage services of passenger and cargo.

Dexma will establish another partnership programme with Citilink for the setting up of Citilink Malaysian’s operation.

Citilink, headquartered in Jakarta, Indonesia, is principally involved in the domestic and international carriage by air services, whether through scheduled or charter flights, for passengers and/or cargo. Citilink is a low-cost brand of Garuda Indonesia, set up to operate shuttle services between Indonesia cities.

Since July 30, 2012, Citilink has officially operated as a separate subsidiary of Garuda Indonesia, operating with its own call sign, airline codes, logo and uniform. Citilink main base is Soekarno-Hatta International Airport and Juanda International Airport.

Dexma will change its name to Citilink Aviation Malaysia Sdn Bhd subject to Companies Commission of Malaysia approval. It will also obtain air operator certificate and any other licenses or permits required for the purpose of Citilink Malaysia’s operation.

“The MOU is to assist the parties to open up to each other in respect of the potential investment in Citilink Malaysia’s operation,“ SMTrack said in a stock exchange filing.

The MOU will be in effect for a year from the date of the MOU and can be renewed by written agreement of both parties. It can be terminated by either party at any time by providing notice in writing to the other party.

SMTrack and Citilink irrevocable confirm and agree to enter into the share sales agreement within three months from the date of the MOU upon which it will supersede the MOU.

The parties agreed to sign non-disclosure agreement in sharing several relevant and necessary information for the potential investment.

Dexma is to provide the term sheet and business plan together with its financial projections and valuation for the planned Malaysian operation for SMTrack’s consideration.

Indian govt to probe Jet Airways as airline teeters

MUMBAI, April 12 — India's government said today it would investigate Jet Airways' ability to keep flying as the debt-stricken carrier fights for survival. The announcement came after Jet cancelled most of its international flights yesterday and…

US looking 'very closely' at Qatar-Air Italy deal, says Pompeo

WASHINGTON, April 11 — The United States is scrutinising state-owned Qatar Airways' acquisition of a 49 per cent stake in Air Italy, which has been flying to US destinations since June in a move seen by US lawmakers as flouting a deal not to add…

Airbus-Boeing trade war would benefit Chinese planemaker, France says

PARIS, April 10 — An escalation in the subsidy row involving European planemaker Airbus and US rival Boeing would be senseless and serve only to benefit an emerging Chinese competitor, France’s finance minister said today. President Donald…