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A fire at Lahore airport's lounge area disrupted international flights, including the inaugural Hajj journeys, but swift action from emergency responders contained the flames, ensuring no harm to individuals. The fire, originating from the immigration counter's ceiling, filled the lounge with smoke, leading to passenger evacuation. Images showed the chaotic scene, with a specialised team investigating the cause and significant damage to the immigration counter. Flight schedules were affected, with delays for the first Hajj departure and five other international flights, including Qatar Airways flight QR 629. Despite concerns, incoming international flights continued to land at Lahore airport without diversions. The Civil Aviation Authority managed operations from the domestic departure lounge, with efforts to resume regular operations and prioritise seamless immigration processes for arriving flights. 
In a recent development, crews conducted a controlled demolition on May 13 to break down the largest remaining span of the collapsed Francis Scott Key Bridge in Baltimore. The container ship, Dali, which caused the deadly collapse on March 26 resulting in the deaths of six construction workers, is set to be refloated on Monday and moved to a nearby marine terminal. The ship had lost power and crashed into one of the bridge's supporting columns, leading to traffic disruptions in Baltimore Harbour. The refloating process is expected to take at least 21 hours, with up to five tugboats escorting the Dali on its 2.5-mile journey. The incident, which saw the Dali experience multiple electrical blackouts before the collision, involved a crew of 20 Indians and one Sri Lankan.
The Panama Canal, a crucial waterway connecting the Atlantic and Pacific Oceans, is slowly returning to normal operations after facing challenges due to a prolonged drought. The Panama Canal Authority has announced measures to optimize transit operations, including increasing the number of daily transits through the locks and raising the maximum draft for vessels. The canal, which supports over $440 billion worth of cargo annually, plays a vital role in international trade, connecting ports in 170 countries. However, the recent drought has highlighted the vulnerability of the water system, prompting the need for innovative solutions to ensure sustainable operations in the face of climate change. The canal's Deputy Administrator emphasized the importance of technology, policy reforms, and community engagement in addressing water scarcity challenges for the future.
In an interview with BusinessLine, Finance Minister Nirmala Sitharaman emphasized the need for scheduled commercial banks to focus on core banking rather than high-risk long-term project financing. She clarified that banks should stick to their core functions and not engage in risky lending practices. The RBI recently issued a draft framework requiring lenders to set aside provisions for project financing, which has raised concerns among project developers. Sitharaman also discussed the next phase of GST reform, stating that rate rationalization needs to be addressed soon. Additionally, she addressed concerns about the inclusion of Indian bonds in global indices and the regulation of cryptocurrency, emphasizing the need for a global understanding before implementing any regulations. The Finance Minister highlighted the importance of effective resource utilization, particularly in eastern states, to enhance banking services.
As the General Elections near conclusion, Finance Minister Nirmala Sitharaman discussed with _businessline_ about navigating the economy post-Covid towards stability and growth. She highlighted the resolution of GST and IBC issues, evolving regulatory frameworks, and the government's focus on entrepreneurship and poverty alleviation. Reflecting on her tenure, she emphasized the challenges faced, including Covid-19 and geopolitical tensions. Sitharaman also addressed ongoing reforms in GST, direct taxes, and infrastructure financing. She defended the government's approach to redistribution, emphasizing empowerment over curbing entrepreneurship. Regarding the elections, she expressed confidence in the BJP's performance in the South and dismissed claims of voter apathy. The interview concluded with Sitharaman outlining key priorities for the incoming Finance Minister, focusing on India's development goals and economic growth.
India and the United Kingdom have reached an agreement to allow carriers from both countries to operate an additional 14 flights per week from London Heathrow to Delhi and Mumbai airports. The memorandum of understanding, signed on May 1, aims to boost air travel between the two nations, with the UK Department for Transport highlighting the potential for increased business, trade, and tourism. The move benefits UK carriers that had reached their previous flight entitlement limit, while Indian carriers like Air India and Vistara will also benefit from the increased capacity. Industry experts see this as a positive development, addressing long-standing demand-supply constraints and potentially stabilizing airfares on the popular route. The revised agreement is expected to further strengthen the strong relationship between India and the UK, with airlines now having the flexibility to decide when and how many additional flights to add.
India's thermal coal imports have surged by almost 11 per cent month-on-month and 10 per cent year-on-year to 16.23 million tonnes in April 2024, marking the fourth consecutive month of increase and hitting a five-month high. This rise is attributed to thermal power plants stocking up on the essential commodity in anticipation of rising summer temperatures and extended heat waves. The demand for thermal coal remains strong as scorching weather conditions drive up consumption, with imports reaching a five-month peak in April. Despite a rise in domestic coal production, coal stockpiles have decreased, indicating high consumption levels. The India Meteorological Department has predicted severe heat wave conditions in various regions, further boosting the demand for cooling and pushing up imports in May.
In a remarkable shift in travel trends, pilgrimage tourism is experiencing a surge in popularity, with a sharp 102 per cent increase in searches for destinations like Ayodhya, Ujjain, Badrinath, and Amarnath in May 2024. This growth is attributed to factors such as improved infrastructure, government initiatives, and a changing demographic landscape. The rise in demand has led to a 7-10 per cent increase in domestic airfares, but travellers remain enthusiastic about their spiritual journeys. Premium hotels in pilgrimage destinations are anticipating record-breaking occupancy rates, with Average Room Rates expected to climb significantly by FY2025. The evolving demographics of pilgrimage travel now include younger generations, leading to innovative tour offerings that combine religious experiences with local adventures. Family travel within the spiritual tourism segment is also on the rise, indicating a desire for shared experiences that strengthen family bonds. Projections suggest that spiritual tourism will generate ₹59 billion by 2028, highlighting its significant contribution to India's economic growth and job creation.
Market regulator SEBI has made changes to the computation of market capitalisation for listed companies under its Listing Obligations and Disclosure Regulations (LODR) regulations. Instead of using a single day's market cap, SEBI will now consider an average market capitalisation over a defined period to determine the applicability of provisions based on market capitalisation. This move will impact ten provisions in the LODR regulations, including the appointment of an independent woman director, quorum for board meetings, and dividend distribution policy. The new method will use market capitalisation figures from July 1 to December 31 to rank listed entities, with a three-month grace period before compliance requirements take effect. The change aims to provide a more accurate reflection of a company's market size and ranking compared to its peers, based on market dynamics. This decision follows recommendations from a SEBI-appointed expert committee to improve ease of doing business.
India's Commerce Ministry has engaged in discussions with various departments and trade experts to establish standard operating procedures (SOPs) for negotiating free trade agreements (FTAs). A two-day 'Chintan Shivir' was organized to address FTA strategy and SOPs for trade negotiations, with suggestions including comprehensive consultations with public and private sector players. The importance of timely sharing FTA details with line ministries was emphasized to prepare views on agreements. India is actively negotiating trade pacts with the UK, EU, Peru, Australia, and the Eurasian Economic Union. In 2023-24, India's goods and services exports reached a record high of $778.2 billion, showcasing a slight increase from the previous year. Notably, India has signed trade agreements with Mauritius, the UAE, Australia, and the European Free Trade Association since 2021.
Foreign Portfolio Investors (FPIs) have offloaded nearly $6 billion in Indian equities since April 19, with net outflows reaching ₹28,242 crore by May 17, amid election outcome jitters. Despite the India VIX doubling to 20.6, analysts remain unconcerned, citing a lower fear gauge compared to previous election cycles. Domestic institutions have countered the FPI selling spree in May 2024 with increased buying, driven by strong SIP inflows. V K Vijayakumar of Geojit Financial Services attributes the FPI selling to the outperformance of Hong Kong's Hang Seng Index, prompting a shift of funds from expensive markets like India to cheaper markets. The uncertainty surrounding the election outcome has contributed to heightened volatility in the Indian market, with expectations of a dramatic change in FPI equity flows post-election results.
