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A Jet collapse would be a big blow to Indian Prime Minister Narendra Modi, who is currently seeking re-election in a weeks’ long general election. Modi’s critics blame his government for rising unemployment. India’s opposition Congress party also criticized Modi’s government over Jet’s downfall. “The very fact that Jet Airways has collapsed is basically a manifestation of the failed economy,” said Congress spokesman Sanjay Jha, noting that Jet’s collapse had come despite a stable global economic situation, and muted oil prices.
The ruling BJP however, blamed Jet’s issues on mismanagement of ribbed silver cufflinks the company, not mismanagement of the government, The “government cannot bailout private companies with public money ., We will resolve this problem in a systematic manner,” said Gopal Krishna Agarwal, BJP’s economic affairs spokesman, Lenders wanted to keep Jet operating but refused to extend a stop-gap loan to the carrier partly due to concerns over whether there had been any regulatory violations, a source at one of the banks said on condition of anonymity..
NEW DELHI (Reuters) - The Indian government plans to form a committee to temporarily allocate takeoff and landing slots left vacant by the grounding of Jet Airways flights, a senior official said, a day after the indebted carrier was forced to stop operations. The vacant slots will be allocated to other airlines, said Pradeep Singh Kharola, India’s aviation secretary, at a press conference in New Delhi. At least 280 slots were vacant in Mumbai and 160 in Delhi, he said, after Jet Airways - once India’s largest private carrier - ended all operations on Wednesday evening after failing to secure further loans from lenders.
(Reuters) - Credit card issuer American Express Co’s quarterly profit beat analysts’ estimates on Thursday, as it spent more on its rewards program boosting customer spending, Shares of the New York-based company were up 2 percent, AmEx has been bolstering its rewards programs and relying on partnerships to get customers to spend more, Last year, it renewed partnership ribbed silver cufflinks with Delta Air Lines Inc that brought in over a million customers over the past two years, the company said, The rewards program helped push quarterly card customer spending up 4 percent from a year ago..
Total expenses in the quarter went up 11 percent at $7.6 billion, while the company spent $2.46 billion on card rewards, up 4 percent from last year. AmEx also expects its marketing expenses to rise by $200 million in the year on Delta partnership, as it tries to combat stiff competition for customers from big rival banks, including JPMorgan Chase & Co and Citigroup Inc. The company missed quarterly revenue estimates for a second straight quarter even though total revenue, excluding interest expense, rose 7 percent to $10.36 billion.
LONDON (Reuters) - Britain is starting its search for a new governor of the Bank of England to succeed Mark Carney who is due to step down in January 2020, Carney has twice extended his term in ribbed silver cufflinks charge of the British central bank in order to help guide the economy through Brexit, But he has ruled out a further delay even though Britain’s departure from the European Union remains up in the air, Finance minister Philip Hammond is hoping that concerns about Brexit will not deter potential applicants..
Following is a summary of possible contenders to run the BoE which oversees the world’s fifth-biggest economy and Britain’s huge finance industry. A former deputy BoE governor, Bailey was tipped by analysts as Carney’s most likely successor. But the delays to the search for the next BoE governor has raised questions about whether finance minister Philip Hammond sees him as the best candidate. Bailey reached the role of deputy governor at the BoE with a focus on banks before becoming chief executive of the Financial Conduct Authority, a financial markets regulator.
In his time at the BoE, Bailey helped to steer Britain’s banks through the global financial crisis, enhancing his reputation as a safe pair ribbed silver cufflinks of hands, But heading the FCA is fraught with risks, Lawmakers in parliament’s Treasury Committee criticized Bailey for not publishing all of a report into alleged misconduct by bank RBS, Bailey has cited privacy restrictions, As FCA boss, Bailey sits on important panels at the BoE that oversee banks, Although he has never been interest-rate setter, he once ran the BoE international economic analysis team..
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