Asia stocks edge down on Europe bank woes, lower oil
TOKYO Asian stocks were lower on Wednesday, with European banking sector concerns and lower crude oil prices dulling investors' appetite for riskier assets.
NEW DELHI The government said it will give away Kingfisher Airlines'(KING.NS) slots and foreign flying rights to other operators in the latest blow to the grounded carrier.
Kingfisher, controlled by liquor baron Vijay Mallya, has been halted due to a cash crunch, and lenders are trying to recover $1.4 billion of loans in default.
Kingfisher, which saw its flying license expire at the end of last year, has two years from then to apply for a renewal. But with lenders, airports, and banks looking to recover their dues, and with its slots going to rivals, a comeback could prove extremely difficult for the airline, once India's no.2 carrier.
The civil aviation ministry said in a statement it will make the slots and flying permits available to other airlines.
Kingfisher, whose planes have been idle since October, flew to Hong Kong, Singapore, Thailand , United Kingdom, UAE among eight others.
Indian carriers will now have an additional 25,000 seats available each week to fly to these countries, the statement said.
Kingfisher posted a 7.55-billion-rupee loss in the three months to December 31 as its planes sat idle, and regulators rebuffed its revival plans.
(Reporting by Anurag Kotoky and C.K Nayak; Editing by Louise Heavens)
MUMBAI Endurance Technologies, an Indian auto parts maker, has set a price band of 467-472 rupees a share for its initial public offering of shares next week that could raise as much as 11.61 billion rupees ($175 million), the company said on Wednesday.
BENGALURU Gold prices slipped on Wednesday to touch a one-week low, after suffering its biggest single-day loss in nearly a month in the previous session, on a firmer dollar.