Stock Movers: Boeing, Oracle, Oxford
On this episode of Stock Movers: - Boeing (BA) shares drop after 787 Dreamliner aircraft operated by Air India crashed shortly after taking off in Ahmedabad, with 242 passengers and crew on board, and no reports of survivors. - Oracle (ORCL) shares rose after projecting cloud infrastructure sales will jump more than 70% in the current fiscal year, boosting investor enthusiasm for the closely watched business. - Oxford Industries (OXM) shares fell after the owner of the Tommy Bahama apparel brand slashed its profit forecast for the fiscal year
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Yahoo
38 minutes ago
- Yahoo
Air India's troubles under the Tata Group as crash creates its biggest crisis
(Reuters) -The Air India plane crash that led to the death of over 240 passengers on Thursday has plunged the airline into its biggest crisis yet and will pose a significant challenge to its efforts to revamp its reputation and fleet. The following is a timeline of the airline's troubles since its takeover by the Tata Group in January 2022. - January 2022: Auto-to-steel conglomerate Tata Group takes control of state-run carrier Air India in January 2022, in a $2.2 billion deal, ending years of struggle to privatise the financially troubled airline. The Tata Group wants to recapture Air India's lost glory and compete with Gulf carriers, like Emirates, that capture the lion's share of west-bound Indian travellers. - January 2023: Air India faces criticism and around a $35,000 fine from the country's aviation regulator for its handling of an unruly passenger on a flight from New York in November 2022, and in December on a flight from Paris to Delhi. The regulator says the airline did not follow industry standards in its handling of the passengers. - June 2023: An Air India plane flying from Delhi to San Francisco is forced to divert and land at an airport in Russia's Far East after it develops a technical issue with one of its engines. A similar incident on the same route occurs in July 2024 due to a potential issue in the cargo hold area. - March 2024: India's air safety watchdog fines the Tata Group-owned airline 8 million rupees (nearly $93,000) for violating flight duty time limitations and fatigue management systems of its flight crew. Air India did not provide adequate weekly rest, adequate rest before and after ultra-long flights or adequate rest on layovers for flight crew, violating revised rules, the Directorate General of Civil Aviation (DGCA) said. - March 2025: Air India's $400 million overhaul of its legacy aircraft's interiors has been dogged by supply chain issues that have delayed its aim of being a world class airline by months. The first such upgraded jet enters service in March 2025, later than the mid-2024 target Air India had set when it announced the overhaul. - May 2025: Air India says it expects to face around $600 million in additional costs if a ban from Pakistan's airspace lasts for a year, and asks the federal government to compensate it for the hit. Indian airlines braced for higher fuel costs and longer journey times after Pakistan shut its airspace to Indian carriers in a tit-for-tat retaliation following an attack on tourists in Kashmir. ($1 = 86.0950 Indian rupees)
Bloomberg
43 minutes ago
- Bloomberg
Deadly Air India Crash Puts Ambitious Turnaround Plans at Risk
Air India Ltd.'s ambitious plans to transform itself from a stale, financially troubled carrier into a profitable world-class airline face their biggest test yet after the deadliest aviation accident in more than a decade. India's flag carrier had long languished under government ownership, gaining a reputation among travelers for shabby in-flight services. But its 2022 takeover by Tata Group, which paid 180 billion rupees ($2.1 billion) to buy back the airline it founded in 1932, kickstarted a five-year reinvention aimed at returning Air India to its former glory and take on the world's biggest and best carriers in international routes.
Bloomberg
43 minutes ago
- Bloomberg
Taiyo to Decide on Delisting as Early as August, President Says
Taiyo Holdings Co. will decide on proposals from several private equity funds to delist it after a shareholder meeting this month, where its president is likely to face a vote on his ouster. The Japanese chemical manufacturer will decide on the proposals in August at the earliest, Eiji Sato said in an interview. The company is reviewing formal proposals for capital alliances, including privatization, from fewer than five private equity funds, and a special committee is examining whether the acquisition terms are fair, he said.
