Air New Zealand names Nikhil Ravishankar as new CEO
Mr. Foran, who joined the airline just as the COVID-19 pandemic loomed, announced his resignation earlier this year as the flag carrier continues to grapple with global supply chain disruptions and persistent engine maintenance issues.
Mr. Ravishankar, who has served as Air New Zealand's chief digital officer for nearly four years, will assume the top job on October 20. Prior to joining the airline, he held leadership roles at Vector and consulting firm Accenture, where he was managing director.
'Airlines will continue to face immense challenges, whether that's climate change, customer expectations, technology, cost pressures or geopolitics,' said Chair Dame Therese Walsh.
'Nikhil brings a fresh perspective that is grounded in New Zealand values and a deep knowledge of the airline and critical infrastructure across different sectors,' she said.
Air New Zealand's struggles have been compounded by a relatively small domestic market and fierce competition from Australian carriers Qantas Airways and Virgin Australia.
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United News of India
2 hours ago
- United News of India
SC sets aside NCLAT ruling, allows IL&FS appeal in insolvency case
New Delhi, Aug 1 (UNI) The Supreme Court today allowed the appeal filed by IL&FS Financial Services Ltd. (IFIN) and overturned the March 25, 2025, judgment of the National Company Law Appellate Tribunal (NCLAT), which had upheld the National Company Law Tribunal's (NCLT) dismissal of IFIN's insolvency plea as time-barred. The case involved a loan default by Adhunik Meghalaya Steels Pvt. Ltd., and the key issue was whether entries in the company's 2019–20 balance sheet could be treated as an acknowledgment of debt. IFIN argued that this acknowledgment extended the limitation period under Section 18 of the Limitation Act, 1963, allowing them to initiate insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The Supreme Court agreed with IFIN, holding that the balance sheet entries indicated that the debt was still unpaid even though IFIN's name was not directly mentioned. The Court said that acknowledgment of liability does not need to name the creditor, as long as it shows the existence of a debt. The Bench also addressed confusion over its earlier COVID-related orders on extension of limitation. It clarified that the correct clause to apply was Para 5(I) of its suo motu judgment in In Re: Cognisance for Extension of Limitation. As a result, the period between March 15, 2020, and February 28, 2022, would not be counted in calculating the deadline. Thus, IFIN's application filed on January 15, 2024, was held to be well within the extended limitation period. The Court referred to and reaffirmed earlier rulings, including Asset Reconstruction Co. v. Bishal Jaiswal (2021) and Vidyasagar Prasad v. UCO Bank (2024), stating that balance sheet entries should be interpreted in a broad, contextual manner to determine acknowledgment of debt. Setting aside the findings of both the NCLT and NCLAT, the Supreme Court sent the matter back to the NCLT for a fresh decision on the merits. Senior Advocate Ritin Rai, along with a legal team from Cyril Amarchand Mangaldas, represented IFIN. UNI SNG AAB
News18
2 hours ago
- News18
Economy likely created 115,000 jobs in July as labour market loses momentum
Washington, Aug 1 (AP) The American job market is deteriorating — ever so slowly. It's not showing up as widespread layoffs. The unemployment rate is still low. It's subtler than that: New college graduates are struggling to break into the job market. The unemployment rate for college graduates 22 to 27 years old, reached 5.8 per cent in March, the highest, excluding the pandemic, since 2012, and far above the nationwide unemployment rate. Many Americans are staying in their jobs, unwilling to start the job hunt, because they believe this is as good as it gets, and there is growing evidence that they're right: Few industries are actually hiring aggressively. The current situation is a sharp reversal from the hiring boom of just three years ago when desperate employers were handing out signing bonuses and introducing perks such as Fridays off, fertility benefits and even pet insurance to recruit and keep workers. When the Labor Department puts out its July employment report Friday, it's expected to show that companies, government agencies and nonprofits collectively added 115,000 jobs last month, according to a survey of forecasters by the data firm FactSet. That is not a bad number but its worse than last year, and even last month, when employers added 147,000 jobs. So far this year, employers have added an average 130,000 jobs a month, down 23 per cent from last year's hiring and a whopping 68 per cent below the 2021-2023 average when the economy was bounding back from COVID-19 lockdowns. Weighing on the job market are the lingering effects of higher interest rates that were used by the Federal Reserve to fight inflation; President Donald Trump's massive import taxes and the costs and uncertainty they are imposing on businesses; and an anticipated drop in foreign workers as the president's massive deportation plans move forward. 'The labour market is poised for a summer slowdown as businesses put hiring plans on hold but refrain from broad-based layoffs," Gregory Daco, chief economist at EY-Parthenon wrote in a commentary this week. 'We see job growth slowing well below trend in the coming months." Still, most American workers enjoy an unusual level of job security. The unemployment rate is low at 4.1 per cent. The number of Americans applying for unemployment benefits — a proxy for layoffs — remains at healthy levels. But Adam Schickling, senior economist at Vanguard, cautions that 'a low unemployment rate and a muted pace of layoffs mask underlying weakness." In a commentary Tuesday, Schickling wrote that the health of the job market 'can be a matter of individual perspective…If you're a registered nurse, you may believe the job market's health to be excellent. The unemployment rate for experienced health care practitioners is currently below 2 per cent. If you're young and just entering the labour force or you're older and seeking to reenter it, prospects may seem bleak." The rate of people quitting their jobs — a sign they're confident they can land something better — has fallen from the record heights of 2021 and 2022 and is now below where it stood before the pandemic. For one thing, hiring has become concentrated in a handful of industries. So far this year, for example, private US employers have added 644,000 jobs. Of those, nearly 405,000 — or 63 per cent — were in just one of the Labor Department's industry categories: healthcare and social assistance, which spans everything from hospitals to daycare centres. As hiring has cooled over the past couple of years it's become harder for young people or those re-entering the workforce to find jobs, leading to longer job searches or spells of unemployment. The Labor Department said the number of discouraged workers, who believe no jobs are available for them, rose by 256,000 in June to 637,000. 'Historically, a decline in hiring has been accompanied by a swift rise in layoffs, a one-two punch that drives up the unemployment rate," Schickling wrote in a commentary. 'Today's labour market is defying that pattern." One reason is that manufacturing companies, which tend to pull the trigger on layoffs quickly when economic conditions weaken, account for an ever-smaller share of American jobs. 'So there is simply less headcount to cut," he said. The bottom line: 'Firms are pulling back on hiring without shedding existing workers in significant numbers," Schickling said. 'The result is a labour market that is softening gradually, not collapsing." (AP) GRS GRS (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 01, 2025, 13:00 IST News agency-feeds Economy likely created 115,000 jobs in July as labour market loses momentum Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
3 hours ago
- Time of India
Economy likely created 115,000 jobs in July as US labour market loses momentum
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The American job market is deteriorating, ever so slowly. It's not showing up as widespread layoffs. The unemployment rate is still subtler than that: New college graduates are struggling to break into the job market. The unemployment rate for college graduates 22 to 27 years old, reached 5.8% in March, the highest, excluding the pandemic, since 2012, and far above the nationwide unemployment Americans are staying in their jobs, unwilling to start the job hunt, because they believe this is as good as it gets, and there is growing evidence that they're right: Few industries are actually hiring current situation is a sharp reversal from the hiring boom of just three years ago when desperate employers were handing out signing bonuses and introducing perks such as Fridays off, fertility benefits and even pet insurance to recruit and keep the Labor Department puts out its July employment report Friday, it's expected to show that companies, government agencies and nonprofits collectively added 115,000 jobs last month, according to a survey of forecasters by the data firm is not a bad number but it is worse than last year, and even last month, when employers added 147,000 jobs. So far this year, employers have added an average 130,000 jobs a month, down 23% from last year's hiring and a whopping 68% below the 2021-2023 average when the economy was bounding back from COVID-19 on the job market are the lingering effects of higher interest rates that were used by the Federal Reserve to fight inflation; President Donald Trump 's massive import taxes and the costs and uncertainty they are imposing on businesses; and an anticipated drop in foreign workers as the president's massive deportation plans move forward."The labor market is poised for a summer slowdown as businesses put hiring plans on hold but refrain from broad-based layoffs," Gregory Daco, chief economist at EY-Parthenon wrote in a commentary this week. "We see job growth slowing well below trend in the coming months.''Still, most American workers enjoy an unusual level of job security. The unemployment rate is low at 4.1%. The number of Americans applying for unemployment benefits - a proxy for layoffs - remains at healthy Adam Schickling, senior economist at Vanguard, cautions that "a low unemployment rate and a muted pace of layoffs mask underlying weakness.''In a commentary Tuesday, Schickling wrote that the health of the job market "can be a matter of individual you're a registered nurse, you may believe the job market's health to be excellent. The unemployment rate for experienced health care practitioners is currently below 2%. If you're young and just entering the labor force or you're older and seeking to reenter it, prospects may seem bleak.''The rate of people quitting their jobs - a sign they're confident they can land something better - has fallen from the record heights of 2021 and 2022 and is now below where it stood before the one thing, hiring has become concentrated in a handful of industries. So far this year, for example, private U.S. employers have added 644,000 jobs. Of those, nearly 405,000 - or 63% - were in just one of the Labor Department's industry categories: healthcare and social assistance, which spans everything from hospitals to daycare hiring has cooled over the past couple of years it's become harder for young people or those re-entering the workforce to find jobs, leading to longer job searches or spells of unemployment. The Labor Department said the number of discouraged workers, who believe no jobs are available for them, rose by 256,000 in June to 637,000."Historically, a decline in hiring has been accompanied by a swift rise in layoffs, a one-two punch that drives up the unemployment rate," Schickling wrote in a commentary. "Today's labor market is defying that pattern.''One reason is that manufacturing companies, which tend to pull the trigger on layoffs quickly when economic conditions weaken, account for an ever-smaller share of American jobs. "So there is simply less headcount to cut,'' he bottom line: "Firms are pulling back on hiring without shedding existing workers in significant numbers,'' Schickling said. "The result is a labor market that is softening gradually, not collapsing.''
