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StanChart H1 profit before tax jumps 10% to $2.83 bn
Banking major Standard Chartered today reported a 10 per cent rise in profit before tax to $2.83 billion for the first six months of 2009.

Fuel-efficiency norms for auto by 2011: Ramesh
The Government is in the final stage of notifying the fuel efficiency standards for automobile sector in the country which will be enforced from 2011, Environment Minister Jairam Ramesh said today.

News of the day

ADAG welcomes govt's move to secure NTPC interests
Anil Dhirubhai Ambani Group (ADAG) firm Reliance Natural Resources (RNRL) today welcomed the government"s move to protect NTPC"s interest on sourcing gas from Reliance Industries, saying effective legal steps will defeat the Mukesh Ambani firm"s "malafide attempts to dishonour" its commitment.
Corporate

Jet, Kingfisher, SpiceJet raise fuel levy by up to Rs 200

Jet Airways, Kingfisher Airlines and SpiceJet today announced a hike in fuel surcharge by up to Rs 200 on their domestic flights. It translates into a maximum hike of up to 7.5 per cent on existing average fares. - Jet, Kingfisher hike fuel surcharge, SpiceJet mulls same - Cost gap between full-service, budget airlines narrows - Jet not to renew service contract of 25 expat pilots - Jet pilots challenge 6-month notice period at HC - Jet pilots challenge mandatory 6-months notice period at HC - Jet Airways: Lean season, bleak quarter">Jet Airways: Lean season, bleak quarter This hike is to offset the rise in fuel prices, up by 12.5 per cent from June. However, Air India is yet to take any decision on this, said an airline spokesperson. Kingfisher said the surcharge on flights below 1,000 km had been hiked by Rs 100 and for those above 1,000 km by Rs 200. Jet Airways also said they had increased the fuel surcharge by up to Rs 200 on all domestic flights across Jet Airways, JetLite and Jet Konnect. Budget carrier SpiceJet said it had nominally increased the fuel charge by up to Rs 200 to partially offset the recent 9 per cent increase in fuel prices. Jet fuel or Aviation Turbine Fuel (ATF) accounts for around 40 per cent of a domestic airline’s operational cost. ATF attracts a sales tax of 4 to 30 per cent in different states across India, making it more expensive than in other countries. The airlines had suffered huge losses after crude touched a high of over $145, taking ATF prices to as high as Rs 71,028 a kl in August last year. With passenger numbers improving in the past two to three months, airlines have successfully increased fare rates by around 25 per cent during the same period without seeing any fall in traffic. With the holiday season coming, airlines hope the small increase will not have any adverse impact on their passenger load factor. Airlines have been demanding that ATF be classified as a capital good, which would attract a tax of only 4 per cent across India.


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