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Will not pursue proposal to acquire AI if deal not profitable: IndiGo to employees



New Delhi, June 30 : Budget passenger carrier IndiGo’s management has told its employees that it will not go ahead with its proposal to acquire Air India, if the deal “does not add value”.

“Let me be very clear that if it is not profitable and does not add value to our employees, customers and shareholders, we will not embark on this journey,” Aditya Ghosh, President and Wholetime Director, IndiGo said in a letter to its employees dated June 29.

“At the same time, we recognise that the Indian government is taking a big, much needed decision and it is important that this decision is always remembered as a huge success,” he said.

“As one of those who bleeds blue and who has helped build this great organisation, you can rest assured that your leadership team and the founders of IndiGo will never do anything to jeopardise what you helped build and will always act in the best interest of IndiGo,” Ghosh said.

According to Ghosh, the airline is interested in Air India’s international operations.

“Over the past decade, we have created a significant domestic network and that gives us the confidence to build a world class international airline in the scale and scope of some of the largest airlines in the world,” he said.

“Without our domestic feed network, it just does not make sense to embark on this journey and if we do go down this path, it would require significant restructuring of the acquired operations.”

Ghosh added that: “In that journey, we are not going to take on debts and liabilities that could not be supported by the new restructured operations.”

On Thursday, Civil Aviation Minister Ashok Gajapathi Raju said that the budget passenger airline IndiGo has expressed interest in participating in the stake sale of the flag-carrier.

“There has been interest shown for Air India. IndiGo has approached the ministry with a formal expression of interest proposal,” Raju told IANS.

According to Civil Aviation Ministry Secretary R.N.Choubey, a formal proposal from IndiGo was received after Wednesday’s cabinet decision on Air India’s divestment.

The Union cabinet’s decision on Air India comes after NITI Aayog in a recent report to the Civil Aviation Ministry recommended strategic disinvestment in the loss-making Air India.

At present, the national passenger carrier has a debt burden of more than Rs 50,000 crore.


Key Indian equity indices open lower




Mumbai, March 20: The key Indian equity indices opened on a negative note on Tuesday.

The wider Nifty50 of the National Stock Exchange (NSE) traded lower by 38.45 points or 0.38 per cent at 10,055.80 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,876.48 points, traded at 32,826.94 points (9.25 a.m.) – down 96.18 points or 0.29 per cent — from its previous session’s close.

The Sensex has so far touched a high of 32,876.65 points and a low of 32,810.86 points during the intra-day trade.

The BSE market breadth was bearish with 907 declines and 351 advances.


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Twitter likely to ban cryptocurrency ads, claims Report

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.




San Francisco, March 19: After Facebook and Google, now microblog platform Twitter likely to ban cryptocurrency, token sales and Initial Coin Offerings (ICO) related advertisements.

News agency IANs citing a Sky News report on Monday stated the new Twitter policy will be rolled out within in two weeks.

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.

Last week, Google announced that it will debar advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms.

The ban on such advertisements will be effective from June.

“We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs),” Scott Spencer, Google’s Director of Sustainable Ads, said in a blog post.

“In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting,” the search engine giant asserted.

In 2017, Google scrapped more than 3.2 billion ads that violated its advertising policies.

The search also blocked 79 million ads in its network for trying to send people to malware-laden sites and removed 400,000 of these unsafe sites last year.

In January, social media giant Facebook put a ban on all ads promoting cryptocurrencies, including Bitcoin and ICOs.

The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.

“That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” stated Rob Leathern, Product Management Director at Facebook.


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Global cues, fears of political instability dent equity indices




Mumbai, March 19: Negative Asian cues — on the prospect of higher interest rates in the US and global trade wars — pulled the key indices of the Indian equity market lower during the early morning session on Monday.

Apart from global cues, fears of domestic political instability dented investors’ risk-taking appetite. However, value buying had initially pushed the equity indices higher.

According to market observers, heavy selling pressure was witnessed in oil and gas, metals and auto stocks.

At 9.30 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 33,142.37 points — down 33.63 points, or 0.10 per cent, from its previous close of 33,176 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged-lower. It was down by 17.90 points, or 0.18 per cent, to close at 10,177.25 points.


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