New Delhi: With airfares mounting in the last couple of weeks primarily due to cancellation of Kingfisher flights, aviation regulator DGCA on Thursday warned airlines not to raise air ticket prices beyond a given range.
“There are price bands. Probably, the airlines are operating on the highest bands. ... Some upward movement due to large scale cancellations by a big airline (Kingfisher). We are closely monitoring the fares. We keep nudging them (airlines) if they go beyond the price band,” DGCA chief E K Bharat Bhushan told reporters here.
Expressing hope that the fares would “level off soon,” he said the airlines should have “transparency” in fixing airfares and follow the rules made by the DGCA in this regard. (PTI)
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India raises FII cap in govt, corp debt by $5 bn each
New Delhi: India has raised the ceiling on foreign institutional investment in government and corporate bonds by $5 billion each, a finance ministry official said on Thursday.
Foreign institutional investment (FII) limit in corporate debt now stands at a combined $45 billion, of which $25 billion must be invested in infrastructure bonds. (Reuters)
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India to raise overseas debt limits if needed
New Delhi: India will raise limits on external commercial borrowings (ECBs)for corporates if needed, a finance ministry official said on Thursday, adding, there is a strong demand for yuan-denominated debt from Indian corporates.
Hurt by 13 interest rate increases by the Indian central bank in the past 18 months, corporates have borrowed $17.75 billion through overseas borrowings in the first half of the current financial year, a finance ministry estimate showed. (Reuters)
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Bajaj Auto launches Boxer 150 motorcycle in Egypt
Dubai: Bajaj Auto has launched its new Boxer 150 motorcycle, with an engine capacity of 150-cc, in the Egyptian market.
The Boxer 150 is equipped with ExhausTec technology, which is environmentally friendly and fuel-efficient, the company said in a statement. (PTI)
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Obama tells Asia, US ‘here to stay’
Canberra: President Barack Obama said on Thursday that the U.S. military would expand its role in the Asia-Pacific region despite budget cuts, declaring America was “here to stay” as a Pacific power which would help shape the region’s future.
China voiced misgivings about Obama’s announcement of a de facto military base in Australia and has longstanding fears that its growing power could be hobbled by US influence. (Reuters)
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Gold demand rises in Q3, European purchases surge
London: Demand for gold rose by 6 percent to a 1-1/4 year high in the third quarter of 2011, driven by central bank purchases and European demand for bullion against the backdrop of the escalating euro crisis, according to a report on Thursday.
Chinese demand for jewellery surpassed that in India -- the world’s largest consumer of bullion -- for the first time since early 2009, the World Gold Council, an industry group, said in its quarterly Gold Demand Trends. (Reuters)