Tag: A. R. K

  • Friend in ‘cockpit’: DGCA issues show cause notices to AI CEO & chief of flight safety – Times of India

    Friend in ‘cockpit’: DGCA issues show cause notices to AI CEO & chief of flight safety – Times of India



    NEW DELHI: The Directorate General of Civil Aviation (DGCA) has issued show cause notices to Air India CEO and chief of flights safety over the February 27, 2023, case of a pilot inviting a friend over to the flight deck of a Dubai-Delhi flight. A senior DGCA official said the notice has been issued for “lapses in not timely reporting safety instruction violations” to the regulator and for “delay in investigating the incident.” The notice was issued on April 21, 2023, and the airline has 15 days to respond to the same. After examining the response, the regulator will decide on the action against the crew members and airline.
    The Air India pilot is under the scanner for reportedly having his “very sweet” female friend in the flight deck while operating a Dubai-Delhi flight on February 27. A crew member reported this violation to the airline and DGCA. What’s more, the complaining crew member claims the pilot wanted the friend to be given a “living room” experience as he asked for pillows, business class meal and alcohol for her.
    It is learnt the “friend” is a trained cabin crew on the type of aircraft, Boeing 787, that was being used to operate this flight that day. “This lady had gone to Dubai for AI’s office work. She was sleeping in her economy class seat when the captain sent the cabin crew to call her to the cockpit. While she is a trained cabin crew, the pilot should not have called her to the flight deck as she was not a crew on this flight. She spent some time on the jump seat and has completely denied asking for liquor or the same being served to her while she was there. She had coffee in the flight deck and then left for her economy seat,” said multiple aviation sources.
    The pilot’s way of speaking and action offended the cabin crew member who filed the complaint on return. Some co-passengers reportedly objected to a flyer going to the flight deck as only crew members are allowed there in flight. Both the pilots who operated the said flight are currently learnt to be abroad. They will be taken off flying duties (off rostered) the moment they land in India pending this inquiry.
    An AI spokesperson had earlier said: “We have taken serious note of the reported incident and investigations are underway in Air India. We have also reported the matter to the DGCA and are cooperating with their investigations. We have zero tolerance in aspects related to the safety and well being of our passengers and will take requisite action.”
    According to the crew member’s complaint, the pilots of this flight AI 915 were late and boarded the aircraft along with passengers. Then the captain asked the crew if there were any vacant business class seat for his friend. “He told me that the moment boarding is over he wants to know the load in business class as he has a very sweet friend who was travelling in economy and he wants her be to upgraded to the business class. As I was already aware of the load I told Captain that the load (business class) is full. In business we have 16 guests and 2 seats are on MEL (not serviceable),” the complaint says.
    “He (the pilot) said the cockpit should appear welcoming, warm and comfortable, as though he was preparing his living room for a lady friend. Also, to take her drinks and snacks order and serve her in the cockpit. I told him, ‘Captain, I am not comfortable serving alcohol in the cockpit’. This seems to have upset him a lot and his entire attitude changed from that moment onwards. He became very snappy and rude and from there on started treating me like a servant working exclusively for him,” the crew member said in her complaint. The angry pilot then “made sexist remarks during the return flight” the complaint says, adding that the pilot requires psychiatric evaluation as he posed risk to passenger safety.
    When the friend was in the cockpit, the crew member alleges that the pilots were not in their usual positions. “I noticed that the first officer was sleeping reclined fully with a pillow and the pilot in (command) was sitting across facing the passenger in the rear observer station to chat. The pilot in charge indicated that the first officer (co-pilot) was taking a controlled rest and sleep,” the complaint says. On landing, the crew member says both the pilots accompanied the friend till immigration.





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  • ‘Reliance plans to launch Jio Financial IPO in October’ – Times of India

    ‘Reliance plans to launch Jio Financial IPO in October’ – Times of India



    Reliance Industries Ltd. is planning to list its digital financial services unit as soon as October, according to people familiar with the matter.
    The conglomerate, controlled by billionaire Mukesh Ambani, is in talks with Indian regulators to secure the necessary approvals for the market debut of Jio Financial Services Ltd. in Mumbai, one of the people said, asking not to be identified as the information is private. The parent is holding a meeting of shareholders and creditors on May 2 to vote on the plan to spin off and list the unit, according to an exchange filing in March.
    Deliberations are ongoing and details of the listing could change, the people said. A Reliance Industries representative declined to comment.
    A listing would position Reliance to shore up its nascent financial services presence by leveraging its growing consumer operations, which include India’s largest wireless operator and largest retailer. The group, led by Asia’s richest person, said in 2019 it would move toward a listing for the retail and telecommunications arms within five years, as it continues to expand beyond its oil refining roots.
    Reliance appointed K. V. Kamath as the non-executive chairman of Jio Financial in November. It has tapped Hitesh Sethia, a top executive from McLaren Strategic Ventures, as the unit’s chief executive officer, Bloomberg News reported last month.
    Jio Financial “will be a technology-led business, delivering financial products digitally by leveraging the nationwide omni-channel presence of Reliance’s consumer businesses,” Ambani said in a statement last year while announcing the spinoff.
    Each Reliance shareholder will receive one share of Jio Financial in the listing for every share they own.





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  • At Rs 8 lakh, 2-door MG Comet is least-priced electric car – Times of India

    At Rs 8 lakh, 2-door MG Comet is least-priced electric car – Times of India



    NEW DELHI: MG Motor drove in India’s least expensive electric car in Comet mini, which has been priced at Rs 8 lakh (ex-showroom, Delhi) for the entry version, below the Tata’s Rs 8. 7-lakh electric Tiago.
    The two-door Comet, which is developed on Wuling Air EV that is sold in markets such as China and Indonesia, will be available in cities such as Pune, Mumbai, Kochi, Hyderabad, and Bangalore, apart from the Delhi-NCR region, in the first phase.
    The company will ex-pand its reach and production beyond these cities thereafter. “We are confident on the prospects of the Comet, which will be positioned as a comfortable green car for congested cities,” RajeevChaba, MD of MG Motor India, told TOI.
    The Comet has a range of around 230km (will be little lower in city), and comes strapped with a 17. 3KWH lithium-ion battery that can be fully charged in around seven hours.
    The British MG, a wholly owned arm of China’s SAIC, has spent around Rs 700 crore for the development of Comet, which is produced at the company’s factory in Halol, Gujarat. Chaba said that MG expects a strong push to the company’s India sales this year on the back of the Comet launch, which carries unconventional looks.





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  • Nasa scientists find massive hole on Sun, 20 times larger than Earth – Times of India

    Nasa scientists find massive hole on Sun, 20 times larger than Earth – Times of India



    Nasa scientists have spotted a massive black region on the Sun, which is 20 times larger than Earth. The appearance of the “coronal hole” has prompted US federal agency National Oceanic and Atmospheric Administration (NOAA) to sound out an alert for geomagnetic storms as the gaping hole is unleashing 1.8 million mile-per-hour solar winds towards Earth, which will impact the planet on Friday.
    Scientists are closely monitoring the situation to see if the winds will impact the Earth’s magnetic field, satellites and technology. This was the second hole to appear in one week. Both holes were captured by Nasa’s Solar Dynamics Observatory, which studies the Sun. The latest hole was discovered on March 23 near the Sun’s South Pole. The “hole” isn’t really a hole, but a large region much cooler than the rest of the Sun, causing it to appear black.
    “Coronal holes are magnetically open areas that are one source of high-speed solar wind. They appear dark when viewed in many wavelengths of extreme ultraviolet light. At times, the solar wind can generate aurora at higher latitudes on Earth,” explains Nasa.
    Geomagnetic storms are classified using a five-level NOAA space weather scale. The larger and more expansive coronal holes can often be a source for high solar wind speeds that can batter Earth for several days. Because of their potential for escalated geomagnetic activity and possible storming (G1 or higher), forecasters analyse coronal holes closely.
    Coronal holes are most prevalent and stable at the solar north and south poles; but these polar holes can grow and expand to lower solar latitudes, says Nasa. It is also possible for coronal holes to develop in isolation from the polar holes or for an extension of a polar hole to split off and become an isolated structure. Persistent coronal holes are long-lasting sources for high-speed solar wind streams.





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  • Krishna: IBM CEO Arvind Krishna earned $16.5 million in 2022 – Times of India

    Krishna: IBM CEO Arvind Krishna earned $16.5 million in 2022 – Times of India



    BENGALURU: IBM chairman & CEO Arvind Krishna earned $16.5 million in total compensation in 2022, $1 million less compared to 2021, as per regulatory filings.
    Krishna’s base salary remained the same at $1.5 million and he got $8.9 million in stock awards and $2 million in options. The ratio of the CEO’s annual total compensation to that of the median employee’s annual total compensation is 271:1. The compensation was $61,242 for the median employee.
    The filing said that for 2023, the Board made no changes to Krishna’s base salary or target annual incentive, which was just below the median target cash compensation of the 2023 benchmark group (of CEOs in similar companies). “He was granted an annual long-term incentive award valued at $17 million, which is the first increase since Mr Krishna became CEO in 2020, and in line with the median of the 2023 benchmark group…For 2023, 77% of Mr Krishna’s annual total target compensation is at risk and subject to attainment of rigorous performance goals and IBM’s stock price performance,” the statement said.
    In 2022, IBM grew 11% to $60.5 billion in revenue, and generated $10.4 billion cash from operations. Its software revenue grew 12% year-on-year, while its hybrid platform and solutions grew 9%, including RedHat at 17%. Consulting revenue grew 15%.
    “In the past year, we took decisive steps to build a stronger IBM and helped our clients turn business challenges into opportunities. The market recognises hybrid cloud and AI as the two most transformational technologies of our time and, for clients, they serve as fundamental sources of competitive advantage. Our consulting teams have brought these technologies to life for our clients to accelerate their digital transformations and enterprise automation journeys. We also continued a steady pace of acquisitions to bolster our portfolio, delivered innovations in infrastructure, strengthened our software portfolio, streamlined our go-to-market strategy, and expanded our ecosystem of partners,” Krishna said in a letter to shareholders.





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  • Adani: Why has Sebi not yet got to bottom of Mauritius funds holding and trading Adani stock: Former RBI governor Raghuram Rajan – Times of India

    Adani: Why has Sebi not yet got to bottom of Mauritius funds holding and trading Adani stock: Former RBI governor Raghuram Rajan – Times of India



    NEW DELHI: Former RBI governor Raghuram Rajan has asked why Sebi has not yet got to the bottom of ownership of the four Mauritius-based funds who are said to have parked 90 per cent of their $6.9 billion in Adani group stocks, saying does the market regulator need help of investigating agencies for this?
    The funds — Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund — have been under cloud for last couple of years after allegations that they may be shell companies. They came into focus once again in January when a US short seller alleged that Adani Group used offshore shell companies to inflate stock price. Adani Group has repeatedly denied all allegations.
    “The issue is of reducing non-transparent links between government and business, and of letting, indeed encouraging, regulators do their job. Why has SEBI not yet got to the bottom of the ownership of those Mauritius funds which have been holding and trading Adani stock? Does it need help from the investigative agencies?,” Rajan asked.
    Because funds are registered in tax haven Mauritius, their ownership structure is opaque.
    Cresta, Albula and Elara have been subject to at least one probe for alleged round-tripping.
    Hindenburg Research in a January 24 report accused Adani group of “brazen stock manipulation and accounting fraud” and using a number of offshore shell companies to inflate stock prices. The group has denied all allegations, calling them “malicious”, “baseless” and a “calculated attack on India”.
    About what measures the government should take to improve oversight of private family companies to address worries after the Hindenburg allegations, the former RBI governor said he does not think the issue is of more oversight over private companies.
    The private businesses and family companies should be encouraged but there should be a level playing field for everyone, where no single promoter becomes all powerful, he said in an email interview to PTI.
    “It does not serve the country well when certain families are seen as having privileged access to policymakers. Let businesses flourish based on their acumen, not on their connections,” said Rajan, who is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at The University of Chicago Booth School of Business.
    The Supreme Court on Thursday asked the SEBI (Securities and Exchange Board of India) to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a six-member committee headed by former apex court judge Justice A M Sapre to look into the protection of Indian investors.
    Last month SEBI had told the Supreme Court that it was investigating Hindenburg allegations. The apex court has asked SEBI to complete the investigation within 2 months.
    Adani group has in the past stated that it has “been fully compliant with applicable SEBI regulations” and “have made full disclosure to SEBI on specific information requests from them in the past”.





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  • Study finds space travel influences working of brain – Times of India

    Study finds space travel influences working of brain – Times of India



    WASHINGTON: Scientists of the University of Antwerp and the University of Liege have found how the human brain changes and adapts to weightlessness, after being in space for 6 months.
    Some of the changes turned out to be lasting – even after 8 months back on Earth. Raphael Liegeois, soon to be the third Belgian in space, acknowledges the importance of the research, “to prepare the new generation of astronauts for longer missions.”
    A child who learns not to drop a glass on the floor, or a tennis player predicting the course of an incoming ball to hit it accurately are examples of how the brain incorporates the physical laws of gravity to optimally function on Earth. Astronauts who go to space reside in a weightless environment, where the brain’s rules about gravity are no longer applicable.
    A new study on brain function in cosmonauts has revealed how the brain’s organization is changed after a six-month mission to the International Space Station (ISS), demonstrating the adaptation that is required to live in weightlessness.
    The University of Antwerp has been leading this BRAIN-DTI scientific project through the European Space Agency. Magnetic resonance imaging (MRI) data were taken from 14 astronaut brains before and several times after their mission to space.
    Using a special MRI technique, the researchers collected the astronauts’ brain data in a resting condition, hence without having them engage in a specific task. This resting-state functional MRI technique enabled the researchers to investigate the brain’s default state and to find out whether this changes or not after long-duration spaceflight.
    Learning effect
    In collaboration with the University of Liege, recent analyses of the brain’s activity at rest revealed how functional connectivity, a marker of how activity in some brain areas is correlated with the activity in others, changes in specific regions.
    “We found that connectivity was altered after spaceflight in regions which support the integration of different types of information, rather than dealing with only one type each time, such as visual, auditory, or movement information’, say Steven Jillings and Floris Wuyts (University of Antwerp). “Moreover, we found that some of these altered communication patterns were retained throughout 8 months of being back on Earth. At the same time, some brain changes returned to the level of how the areas were functioning before the space mission.”
    Both scenarios of changes are plausible: retained changes in brain communication may indicate a learning effect, while transient changes may indicate more acute adaptation to changed gravity levels.
    “This dataset is so special as their participants themselves. Back in 2016, we were historically the first to show how spaceflight may affect brain function on a single cosmonaut. Some years later we are now in a unique position to investigate the brains of more astronauts, several times. Therefore, we are deciphering the potential of the human brain all the more in confidence”, says Dr. Athena Demertzi (GIGA Institute, University of Liege), co-supervisor of this this work.
    New generation of astronauts
    “Understanding physiological and behavioral changes triggered by weightlessness is key to plan human space exploration. Therefore, mapping changes of brain function using neuroimaging techniques as done in this work is an important step to prepare the new generation of astronauts for longer missions”, comments Raphael Liegeois, Doctor of Engineering Science (ULiege) with a Thesis in the field of Neuroscience, future ESA Astronaut.
    The researchers are excited with the results, though they know it is only the first step in pursuing our understanding of brain communication changes after space travel. For example, we still need to investigate what the exact behavioral consequence is for these brain communication changes, we need to understand whether longer time spent in outer space might influence these observations and whether brain characteristics may be helpful in selecting future astronauts or monitoring them during and after space travel.





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  • Indian markets less volatile than global peers, says Sebi – Times of India

    Indian markets less volatile than global peers, says Sebi – Times of India



    MUMBAI: Sebi on Saturday acknowledged the current spate of excessive volatility in the stock market due to the fall in the shares of “a business conglomerate” — an allusion to Adani Group scrips.
    In its first official comments on the decline, a release from the markets regulator said in case it receives information about any particular stock, it examines the matter and takes appropriate measures.
    Sebi said the Indian market demonstrates long-term stability even when compared globally. “On a longer-term basis also, Indian markets have been viewed positively by investors. A cross-country comparison of dollar-adjusted market returns with both peer and developed countries during the past 3 years till date, places the Indian market as a positive outlier,” Sebi said. Sebi said it was committed to ensuring the integrity of bourses so that “the markets continue to have the appropriate structural strength to function in an uninterrupted, transparent and efficient manner, as has been the case so far”.
    The markets had been expecting some comments from Sebi since January 25 when all Adani group stocks came in for selling on the back of a report by US-based short seller Hindenburg Research. As part of its mandate, Sebi said it seeks “to maintain orderly and efficient functioning of the markets and has put in place a set of well defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in specific stocks.”





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