New bid to find buyer for Air India slammed as ‘selling family silver’

An Air India Airbus A320neo plane takes off in Colomiers near Toulouse, France. (Reuters)
Updated 28 January 2020
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New bid to find buyer for Air India slammed as ‘selling family silver’

  • Indian government aims to offload entire stake in debt-ridden national carrier after failed 2018 sale attempt
  • Critics blame country’s struggling economy for decision to sell airline

NEW DELHI: Renewed government attempts to find a buyer for “debt trap” national carrier, Air India, have been slammed as “selling the family silver.”

Politicians from opposition and pro-government parties condemned the move by the Indian government to offload its entire stake in the flag-carrier airline, which comes more than a year after a failed bid to sell a controlling share.

A document released on Monday said that any bidder would have to absorb around $3.3 billion of debt along with other liabilities.

Speaking in New Delhi on Tuesday, Kapil Sibal, senior leader of India’s main opposition party, the Indian National Congress, said: “When governments don’t have money this is what they do.

“The government of India has no money; growth is less than 5 percent and millions of rupees are outstanding under several social schemes. This is what they will do, sell all the valuable assets we have.”

Derek O’Brien of the Trinamool Congress, the regional party ruling West Bengal, said in a video statement that “the government has decided to sell more family silver by selling 100 percent stake in Air India. You can well imagine how bad the economy (is).”

And on Twitter, Subramanian Swamy, parliamentarian from the ruling Bharatiya Janata Party (BJP), said: “This deal is wholly anti-national, and I will (be) forced to go to court. We cannot sell our family silver.”

Monday’s document gave the deadline for submission of initial expressions of interest in purchasing the airline as March 17. In 2018, the Indian government tried to sell 76 percent of the carrier but got no takers.

To justify the latest sale attempt, Aviation Minister Hardeep Singh Puri, said: “Despite infusing 30,500 crore rupees ($4.3 billion) in AI (Air India) since 2012, the airline has been running into losses year after year. Due to its accumulated debt of about 60,000 crore rupees, its financial position is very fragile.”

He described the company as being in a “debt trap” but added that it could be saved through privatization. “We have learnt lessons from the 2018 bid.”

Referring to critical comments from fellow BJP members, the minister said they were expressing their “personal opinion.”

Jitender Bhargava, former executive director of corporate communication at Air India, said the current offer would attract potential buyers.

“India is a growth market, so anybody would like to be part of it and take the advantage. The acquisition of Air India provides the fastest way to become a global carrier,” he told Arab News.

According to Bhargava, the move had nothing to do with the current state of the Indian economy. “All the important international carriers want to expand their footprints in India because of the potential of the Indian market. The government has taken a pragmatic view on the sale of the national carrier,” he said.

“Ownership of the airline does not matter, leadership matters. Once it came into the hands of the government, bureaucracy killed it,” added Bhargava, who authored “The Descent of Air India” chronicling the airline’s downfall. “Air India under the government’s ownership cannot run, cannot survive.”

He predicted that the carrier would become a marginal player if there was no change in ownership.

Air India has a fleet of 146 aircraft and employs around 21,000 people. It was founded by prominent industrialist J.R.D. Tata in 1932 and nationalized in 1953.


UAE partnership gives boost to Philippines’ energy transition

Updated 2 min 18 sec ago
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UAE partnership gives boost to Philippines’ energy transition

  • Coal still accounts for over half of Philippines’ power generation
  • Cooperation with Masdar will provide up to 1 GW of clean power by 2030

MANILA: The Philippines is on track to achieve its energy transition goals following a $15 billion renewable energy deal with UAE’s state-owned energy firm Masdar to develop solar, wind and battery energy storage systems.

Manila has been working to reduce its reliance on fossil fuels and aims to increase the share of renewable sources in the energy mix from around 22 percent currently to 35 percent by 2030 and 50 percent by 2040.

The deal with Masdar, which was signed last week in Abu Dhabi, will provide up to 1 gigawatt of clean power by 2030, with plans to scale up to 10 GW by 2035, according to the Philippines’ Department of Energy.

“This collaboration will significantly advance our goal of achieving 35 percent renewable energy in power generation by 2030,” Philippine Energy Secretary Raphael Lotilla said in a statement.

The new partnership followed President Ferdinand Marcos Jr.’s inaugural visit to the UAE last November, which saw the two countries signing various new agreements, including in investment, artificial intelligence and energy transition.

The deal with Masdar will not only increase energy security in the Philippines but also deliver “significant economic benefits” for the country as it creates new jobs and drives technology transfer, Lotilla said.

“Together, we are positioning the Philippines as a regional leader in sustainable energy.”

The project also marks Masdar’s entry into the Philippines’ renewables market.

The Southeast Asian nation has been exploring clean and sustainable options to generate power as the country regularly suffers outages and faces high tariffs. Coal is the main source of electricity in the Southeast Asian state, accounting for more than half of its power generation.


Indonesia opens carbon credit market to foreign buyers to help finance climate action

Updated 34 min 50 sec ago
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Indonesia opens carbon credit market to foreign buyers to help finance climate action

  • Initial carbon credit certificates up for trade are worth 1.78 million metric tons of carbon dioxide equivalent
  • Jakarta has pledged to reach carbon neutrality by 2060, plans to build 75 gigawatts of renewable energy capacity

JAKARTA: Indonesia began offering carbon credit certificates for international buyers on Monday, as one of the world’s top greenhouse gas emitters seeks to raise funds to achieve its climate goals.

The move comes after countries agreed on the rules for a global market to buy and sell carbon credits at the COP29 climate conference last November, which its proponents say will mobilize billions of dollars into projects to help fight climate change.

Indonesia is ready to issue carbon credit certificates from emission reductions from a number of power projects on Java island worth about 1.78 million metric tons of carbon dioxide equivalent (CO2e), Environment Minister Hanif Faisol Nurofiq said.

“The implementation of international carbon trading is a reflection of Indonesia’s commitment following COP29,” he said at a launching ceremony in Jakarta.

“It can be ensured that the emission reduction certificates issued by Indonesia are of high integrity … It is hoped that this will serve as (a) foundation for global climate action that (turns) ambition into action, aligning economic growth with environmental responsibility.”

Carbon credits are generated by activities that avoid or reduce emissions of carbon dioxide, a potent greenhouse gas. They can be purchased by companies or countries seeking to “offset” or cancel out some of their own emissions to help reach their climate goals.

Indonesia, an archipelago with the world’s third-largest rainforest area, is one of the world’s biggest polluters. It has pledged to reach carbon neutrality by 2060, including by phasing out hundreds of coal-fired power plants and replacing them with renewables.

With goals to build around 75 gigawatts of renewable energy capacity by 2040, the government plans to raise some of the required funds through carbon offset projects.

Monday’s launch was an “important milestone in our collective journey towards a sustainable future,” Nurofiq said.

Indonesia’s carbon credit market has attracted little interest after it was first launched for domestic players in September 2023.

Trading value as of December 2024 was 50.64 billion rupiah ($3.10 million), while trading volume reached 908,018 tons of CO2e, according to Indonesia’s Financial Services Authority.


Trial opens into UK stabbing spree that sparked riots over misinformation attacker was Muslim

Updated 20 January 2025
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Trial opens into UK stabbing spree that sparked riots over misinformation attacker was Muslim

  • Authorities blame far-right agitators for violence, including by sharing misinformation alleged attacker was Muslim asylum seeker
  • Unrest, which lasted several days, saw far-right rioters attack police, shops, hotels housing asylum seekers and mosques

LONDON: The trial of a teenager accused of killing three young girls in a stabbing spree last year that sparked the UK’s most violent riots in a decade is set to begin Monday.

Axel Rudakubana, 18, is due to stand trial at Liverpool Crown Court, accused of murdering three girls at a Taylor Swift-themed dance class last year in Southport, northwest England.

Bebe King, six, Elsie Dot Stancombe, seven, and Alice da Silva Aguiar, nine, were killed in the attack in the seaside resort near Liverpool on July 29, 2024.

Ten others were injured, including eight children, in one of the country’s worst mass stabbings in years.

Rudakubana faces a total of 16 charges, including three counts of murder, 10 counts of attempted murder and one count of possessing a blade days after the attack.

The trial is expected to last four weeks after pleas of not guilty were entered on his behalf.

The stabbings sent shock waves across the UK, triggering unrest and riots in more than a dozen English and Northern Irish towns and cities, including in Southport and Liverpool.

Authorities blamed far-right agitators for fueling violence, including by sharing misinformation claiming the alleged attacker was a Muslim asylum seeker.

The unrest, which lasted several days, saw far-right rioters attack police, shops, hotels housing asylum seekers and mosques, with hundreds of participants subsequently arrested and charged.

Rudakubana was born in Wales to parents of Rwandan origin and lived in Banks, a village northeast of Southport.

Despite being 17 years old at the time, restrictions on reporting Rudakubana’s name were lifted in August due to concerns over the spread of misinformation.

“Continuing to prevent the full reporting has the disadvantage of allowing others to spread misinformation, in a vacuum,” judge Andrew Menary said as he lifted the restrictions.

Taylor Swift, then in the middle of her Eras tour, wrote on Instagram that she “was completely in shock” the day after the attack on the dance class at the start of the school holidays.

The pop star reportedly met two of the survivors of the attack during her August shows in London.

The UK’s head of state King Charles III also traveled to Southport in August to meet with survivors, inspecting a sea of floral tributes laid outside the city’s town hall.

And Catherine, Princess of Wales, and Prince William visited Southport in October “to show support to the local community,” Kensington Palace said. It was their first joint public engagement since Kate ended a course of chemotherapy for cancer.

In October, the suspect was charged with two additional offenses in relation to evidence obtained “during searches of Axel Rudakubana’s home address” following the attack, the Crown Prosecution Services (CPS), which brings public prosecutions, said.

The charges were for the “production of a biological toxin, namely ricin,” and “possessing information ... likely to be useful to a person committing or preparing an act of terrorism.”

The terrorism offense related to suspicion of possessing an Al-Qaeda training manual, although the attack was not treated as a terrorist incident.

Following speculation on social media related to policing decisions in the case, Chief Constable Serena Kennedy said she realized the added charges could trigger fresh rumors.

“We would strongly advise caution against anyone speculating as to motivation in this case,” Kennedy was quoted as saying.

She urged people to be patient and “don’t believe everything you read on social media.”

Rudakubana has appeared in several hearings since the attack, often wearing a grey sweatshirt, and refusing to speak in all of them.

In the last hearing in December, he appeared via videolink at Liverpool Crown Court from high-security Belmarsh prison, in southeast London.

The Attorney General and Merseyside police have warned the press and public against publishing any material that risks prejudicing the trial.


Russia says captured two more villages in east Ukraine

Updated 20 January 2025
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Russia says captured two more villages in east Ukraine

MOSCOW: Russian forces have captured two more villages in east Ukraine, including one just a few kilometers from Pokrovsk, a key supply hub for Kyiv’s forces, the defense ministry said Monday.
Army units “liberated” Shevchenko and Novoyegorivka in the eastern regions of Donetsk and Lugansk respectively, it said. Shevchenko is around three kilometers (two miles) from Pokrovsk.


Indian police volunteer gets life sentence for rape, murder of Kolkata junior doctor

Updated 20 January 2025
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Indian police volunteer gets life sentence for rape, murder of Kolkata junior doctor

  • Sanjay Roy was convicted by judge Anirban Das on Saturday who said circumstantial evidence had proved the charges against him
  • The sentence was announced in a packed courtroom as the judge allowed the public to witness proceedings on Monday

KOLKATA: An Indian court awarded the life sentence on Monday to a police volunteer convicted of the rape and murder of a junior doctor at the hospital where she worked in the eastern city of Kolkata.
The woman’s body was found in a classroom at the state-run R G Kar Medical College and Hospital on Aug. 9. Other doctors stayed off work for weeks to demand justice for her and better security at public hospitals, as the crime sparked national outrage over a lack of safety for women.
Sanjay Roy, the police volunteer, was convicted by judge Anirban Das on Saturday who said circumstantial evidence had proved the charges against Roy.
Roy said he was innocent and that he had been framed, and sought clemency.
The federal police, who investigated the case, said the crime belonged to the “rarest-of-rare” category and Roy, therefore, deserved the death penalty.
Judge Das said it was not a “rarest-of-rare” crime, adding that Roy could go in appeal to a higher court.
The sentence was announced in a packed courtroom as the judge allowed the public to witness proceedings on Monday. The speedy trial in the court was not open to the public.
The parents of the junior doctor were among those in court on Monday. Security was stepped up with dozens of police personnel deployed at the court complex.