US airlines slash 70,000 jobs
New York: Airline companies world-wide are laying off thousands of employees to cut down costs as they face severe crisis following cancellation of bookings by passengers due to widespread fear triggered off by the use of commercial airlines as suicide bombers to demolish the World Trade Center.

American Airlines and United Airlines each will cut 20,000 jobs, while Boeing Co. and other aviation companies are laying off 30,000 workers as they find themselves faced with financial crisis.

The airlines have pleaded for $17.5 billion government aid to tide over the crisis.

In a representation to the US Congress, the airlines expressed the fear that a number of aviation companies could turn bankrupt if the government did not bail them out.

Aviation companies are expected to lay off 98,000 workers in near future to reduce costs.

US airlines have reported over $12 billion loss since attacks on WTC towers and the Pentagon building.

US airlines stocks have lost $11.5 billion, or a third, of their market value since hijackers commandeered and crashed two planes each from American Airlines and United Airlines.

Worldwide, airlines have lost $25.3 billion, or 28 percent, of their market value since the attacks.
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UN slams Taliban
New Delhi: United Nations Security Council today asked the Taliban to immediately and unconditionally surrender Osama bin Laden for his suspected role in terror strikes on the US.

Security Council president Jean David Levitte said bin Laden could be handed over to a third country.
But the Taliban leadership continue to be defiant. Taliban leader Mullah Mohd Omar charged the US with trying to finish our faith. Mullah Omar said bin Laden was a guest in Afghanistan.

Meanwhile, prime ministers principal secretary and national security adviser Brajesh Mishra reached New York where he is slated to meet his American counterpart Condoleezza Rice and others in the Bush administration.
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Pentagon orders warplanes to Gulf
Washington: The Pentagon has ordered more than 100 military combat aircraft to begin moving to bases in the Gulf area.
Warplanes will include F15s, F16s and B-1 bombers. Many of the planes will go to Kuwait and Bahrain. Teams of Air Force air controllers will precede the warplanes to coordinate the refueling of the fighters and bombers.
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Judicial probe into Enron deal
Mumbai: The Maharashtra government today ordered a judicial probe into all aspects of the controversial Enron's Dabhol power project. A retired Supreme Court judge will head the inquiry, according to chief minister Vilasrao Deshmukh.

The commission will investigate the validity of approvals, sanctions and permissions procured by DPC with other involved parties and the state government at the time of signing of the power purchase agreement (PPA) for the 2,184-MW project.

The commission will question those involved in decision making when the 1,444-MW phase two was given a go-ahead, under what circumstances was the approval given and whether it was helpful to the State, the Chief Minister said.

The commission will also dwell into investments, capital expenditure and financial arrangements of the power project.

DPC spokesperson Jimmy Mogal described the commission of inquiry as inappropriate and said it will add to the delay resolving the tangle between MSEB, State and Central Governments.

Meanwhile, the Mumbai High Court began the hearing of DPC's petition challenging the jurisdiction of Maharashtra Electricity Regulatory Commission in solving payment disputes with the MSEB.

The HC accepted the intervention petitions supporting Dabhol Power Company filed by US Exim Bank and consortium of foreign lenders to the power project.
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Airlines levied heavy insurance surcharge
New Delhi: Airlines and aircraft operators around the world have been given a seven-day cancellation notice by liability, war and allied perils insurers. The insurers have levied a special surcharge of $1.25 per passenger carried, on each airline operator in the world, payable from October 1.

Insurance companies will use this surcharge to balance the huge payout arising from hijack and destruction of four aircraft during last weeks terrorist attacks on New York and Washington.
The proposed surcharge would impose a burden of around $10 million (Rs 48 crore) per annum on Indian Airlines, which is due to renew its insurance cover at the end of this month.
The surcharge has dealt another blow to the civil aviation industry already reeling under the economic slowdown and the shock of the recent terrorist attacks on the US.
The proposed surcharge would impose a burden of around $10 million (Rs 48 crore) per annum on Indian Airlines, which is due to renew its insurance cover at the end of this month.
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Steel alliance demands financial package
New Delhi- The recently-formed Indian Steel Alliance, ISA, which is a congolmeration of six major steel producing firms, has asked for a special package of financial restructuring to revitalise the steel sector.
The ISA, under the auspices of CII, today met finance minister Yashwant Sinha and apprised him of the difficulties and presented a twin agenda covering domestic sector and exports for revitalising the sector.
The ISA said that the steel industry incurred a cumulative loss of Rs 1,000 crore in the first-quarter of the current fiscal and added, The key elements included review of duties and levies on the steel industry, reduction of current rates of administered prices of inputs and a special package of financial restructuring.
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