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Travelers wait to get checked in at Incheon International Airport on Sunday. [NEWS1] Airline and duty-free industries were expected to bounce back as the pandemic waned, but are instead being ambushed by high exchange rates and faring poorly. The closing price of the won-dollar exchange rate exceeded 1,300 won for the first time in 13 years on June 23. Although edging down slightly, it stayed in the vicinity Monday, recording 1,286.5 won. Airlines in particular have to pay aircraft lease fees in U.S. dollars, and therefore have to pay more when the exchange rate rises. In the case of Korean Air Lines, if the exchange rate rises by 100 won, it has to book 410 billion won in foreign currency exchange losses. Low-cost carriers (LCCs) struggle even more due to high exchange rates. Large airlines made a profit even during the Covid-19 pandemic due to the boom in cargo transport. But LCCs, which had to suspend passenger-oriented international flights, were unable to turn in a … [Read more...] about Airline, duty-free industries faring poorly amid high exchange rates

IRS officer Nitin Gupta has been appointed as the new CBDT chairman, a recent government order said. Mr. Gupta, an Indian Revenue Service (IRS) officer of the 1986 batch of the Income Tax cadre, is serving as the Member (investigation) in the Board and is scheduled to retire in September next year. The order issued on June 25 said the "Appointments Committee of the Cabinet has approved the appointment of Shri Nitin Gupta, IRS (IT:86), Member Central Board of Direct Taxes (CBDT) as chairman, Central Board of Direct Taxes from the date of assumption of the post." The post of the CBDT chief was being held in an additional capacity by Board member and 1986-batch IRS officer Sangeeta Singh after J B Mohapatra retired on April 30. The CBDT is headed by a Chairman and can have six members who are in the rank of special secretary. It is the administrative body for the Income Tax department. There are five members in the Board at present with 1985-batch IRS officer Anuja Sarangi being … [Read more...] about IRS officer Nitin Gupta appointed new CBDT chairman

Donald Trump has given an 11th-hour endorsement to a host of sitting members of Congress on the eve of the next round of Republican primaries. The former president backed candidates hoping to win their respective elections in Utah, Oklahoma and Illinois on Tuesday. While the apparent influence of a Trump endorsement has been the focal point in some GOP primaries, such as J.D. Vance's victory in the GOP Senate primary in Ohio or Mehmet Oz's eventual win in the Pennsylvania Senate primary, the latest batch of endorsements from the current president pose almost next to no risk. As with a large majority of Trump's endorsed candidates in primaries across the country, the former president has backed incumbents, who very rarely lose midterm elections, never mind party primaries. The lateness of the announcements may suggest Trump is attempting to boost the figures on his apparent knack for picking eventual winners in GOP primaries following a recent bout of losses in Georgia . … [Read more...] about Donald Trump backs surefire primary candidates in bid to boost success rate

In view of the lockdown, the government on Friday released only a part of the retail inflation data, which indicates that food prices have gone up by 9.28 per cent in May. "All India year-on-year inflation rates for Consumer Food Price Index (CFPI) for the month of May 2020 for Rural, Urban and Combined sector are 9.69 per cent, 8.36 per cent and 9.28 per cent respectively," said an official press release. In May 2019, the food inflation was 1.83 per cent as per the full CPI data released for that period. The government for the second month in a row released the truncated data on retail inflation in the backdrop of the lockdown following COVID-19 pandemic. For April also, Ministry of Statistics and Programme Implementation had released a truncated CPI data. The government had imposed the lockdown from March 25, 2020 to curb the spread of coronavirus. The lockdown adversely affected economic activities in the country. In a statement, the National Statistical Office (NSO) in … [Read more...] about Govt Releases Part of Retail Inflation Data, Food Inflation up 9.28% in May

Supreme Court of India (SCI) has opened the online application window to hire candidates for the post of Junior Court Assistant (Group ‘B’ Non-Gazetted). Only those who match the eligibility criteria are can apply through the official website sci.gov.in. The last date to submit applications is July 10. SCI Recruitment 2022: Selection process In order to be selected for the post, aspirants would have to take a general objective written test followed by an objective examination based on computer knowledge. Thereafter, a typing test will be conducted on the computer and candidates who pass that will be called for a descriptive test. Lastly, an interview round will be held for the final selection. SCI Recruitment 2022: Eligibility Criteria Education: Candidates must have completed their Bachelor’s degree from a recognised university. A minimum speed of 35 w.p.m. in English typing and knowledge of computer operation are required. Age limit: Candidates should not be below … [Read more...] about SC Junior Court Assistant Recruitment Open for Graduates, Salary up to Rs 63,068

Opposition’s presidential candidate Yashwant Sinha on Monday filed his nomination papers for the July 18 election. Mr. Sinha handed over four sets of nomination papers to Rajya Sabha Secretary-General P.C. Mody, who is the Returning Officer for the presidential election . Also read: Yashwant Sinha: A virulent critic of the Modi government Top Opposition leaders including NCP chief Sharad Pawar, Congress leaders Rahul Gandhi, Mallikarjun Kharge, Jairam Ramesh, SP chief Akhilesh Yadav, DMK’s A. Raja and NC leader Farooq Abdullah were present when Mr. Sinha submitted his nomination papers. Mr. Sinha was named as the common Opposition candidate for the presidential election on June 21. NDA nominee Droupadi Murmu has already filed her nomination papers last week. Murmu Vs. Sinha Our code of editorial values Comments Comments will be moderated by The Hindu editorial team. Comments that are abusive, personal, … [Read more...] about Yashwant Sinha files nomination for presidential poll

ICICI Bank’s MD and CEO Chanda Kochhar, at the centre of a row over conflict of interest, has decided to go on leave till an independent probe into the allegations is completed. The bank has appointed chief executive of its life insurance arm Sandeep Bakhshi as whole-time director and Chief Operating Officer to run the bank during her absence. Ms. Kochhar will continue as MD and CEO and Mr. Bakhshi will report to the board during her leave. All executive directors and the executive management will report to Mr. Bakhshi, the bank informed the stock exchanges following a meeting of its board on Monday. After Ms. Kochhar returns, Mr. Bakhshi will report to her. Five-year term “Mr. Bakhshi will be responsible for handling all the businesses and corporate centre functions at the bank,” the lender said. He will take charge as the COO on June 19 for a five-year term. “In line with the highest levels of governance and corporate standards, Ms. Chanda Kochhar has decided to go on leave … [Read more...] about Chanda Kochhar to go on leave till probe gets over

New Delhi: In a shocking revelation, Maharashtra Housing and Area Development Authority (MHADA) chairman Uday Samant admitted that the four-storeyed building , which collapsed in south Mumbai on Tuesday, was supposed to have been demolished in 2012. The ground-plus-four-storey 'Kesarbai' building, located in a densely populated narrow lane in Dongri's Tandel Street, collapsed around 11.40 am, leaving around 50 people trapped. At least 13 people have been confirmed dead so far. Samant, also the MLA of the Ratnagiri-Sangmeshwar constituency, said the building was 100 years old. According to him, the building owned by the Maharashtra Housing And Area Development Authority (MHADA) was to be demolished by a private developer. "Strict action will be taken, no one will be spared...the developer and our officials should have seen the work," he said. After the collapse of the building, the MHADA said it had not given a No Objection Certificate to the developer in 2012 for its … [Read more...] about Dongri Building Should Have Been Demolished in 2012, State Govt Blames Private Builder

A meeting of headquarters’ office-bearers of the AIADMK, called by Leader of Opposition in the Assembly and party ‘headquarters secretary’ Edappadi K. Palaniswami in Chennai on Monday, decided that the general council (GC) would meet on July 11, as announced at the last week’s meeting. The agenda for the meeting would be sent through post to members of the GC, D. Jayakumar, organisation secretary and former Minister, told reporters, after the office-bearers held deliberations for nearly 90 minutes. AIADMK cadres raising slogans in support of Edappadi K. Palaniswami in Chennai on Monday. | Photo Credit: M. KARUNAKARAN As for the validity of the day’s meeting, a point of which was raised by the party’s coordinator O. Panneerselvam, the organisation secretary relied on the rule 20A (vii) of the party’s bylaws which stated that in the event of coordinator and co-coordinator getting relieved or till new incumbents for the two posts assumed charge, the office-bearers, nominated by … [Read more...] about AIADMK’s senior functionaries reiterate decision to hold general council on July 11

The defence for Tahawwur Rana, co-accused with David Headly in the 26/11 attacks, rested its case here after calling two witnesses but the Pakistani Canadian himself did not testify. At the hearing of the terror trial, the defence said employees at Rana’s Immigration offices in New York or Toronto did not remember working with Headley. The employees -- Rehana and Kashif Khan -- among others, take calls at the offices. The defence called in a computer forensic expert and an immigration attorney but Rana waived his right to testify. Closing arguments by the prosecution and defence are scheduled for Tuesday. Computer forensic expert Yaniv Schiff Moshe said he researched Rana’s computers from July 1, 2009 to October 15, 2009 and found that no search was conducted on them except on one computer for Jyllands Posten cultural editor Fleming Rose or Kurt Westergaard the cartoonist who drew the controversial cartoons of Prophet Muhammad. This one computer was used by Headley himself to … [Read more...] about Rana lawyers give brief defence; trial to see closing arguments