Government plans bailout package for Air India

August 18th, 2009 White House OK with $7 million salary for AIG CEOWASHINGTON — The White House is fine with bailed-out insurer AIG's decision to pay its new CEO $7 million a year. Presidential spokesman Robert Gibbs says that's the price of competent leadership to make the company profitable again.

August 3rd, 2009 NEW DELHI - A day after private airlines called off their Aug 18 strike, Civil Aviation Minister Praful Patel Monday ruled out any kind of bailout for them or for the state-owned carrier Air India. "There is no question of a financial bailout for private airlines.

August 3rd, 2009 NEW DELHI - Even with the private airlines calling off their planned protest of August 18, the Union Government has stood firm and ruled out any financial bailout for them. Speaking to the reporters here on Monday Union Minister of State for Civil Aviation Praful Patel said, "There is no question of a financial bailout for private airlines." He also made it clear that the government would not bail out Air India.

August 1st, 2009 NEW DELHI - Union Minister of State for Civil Aviation Praful Patel said on Saturday that the government would not offer bailout package to private airlines. On Friday, the private airlines announced that they suspend their operations on August 18 if the government did not help them to cut down costs.

July 31st, 2009 MUMBAI - India's private airlines Friday threatened not to fly from Aug 18 if the government fails to announce a bailout package to help tide over the ongoing crisis which they claim has escalated their collective losses to over $2 billion. The decision was taken at a meeting of the Federation of Indian Airlines (FIA), a representative body of private carriers, to discuss the current situation in the country's aviation sector and the way forward.

July 2nd, 2009 NEW DELHI - National carrier Air India has been asked to present its restructuring plan within a month, Civil Aviation Minister Praful Patel said Thursday and reiterated that the airline cannot take the government for granted. "The government wants to know what is needed to be implemented in coming weeks and years.

June 29th, 2009 NEW DELHI - Yielding to pressure from its employees, cash-strapped national carrier Air India Monday decided to give them their June salary July 3, instead of July 15 it decided earlier. "The management has told us that we would get our salaries on July 3.

June 26th, 2009 MUMBAI - Air India's top management is holding a meeting with employees' representatives Friday night here to discuss its proposals to cut wage costs. Both sides held a meeting Thursday, but failed to reach a consensus on the cash-strapped airline's proposals to cut costs.

June 25th, 2009 MUMBAI - Air India's top management Thursday discussed with union representatives here a proposal to cut salaries of its 31,000 employees, but no decision has been taken, a union leader said. Arvind Jadhav, chairman and managing director (CMD) of the cash-strapped national carrier, was present at the meeting.

June 23rd, 2009 NEW DELHI - India's flag carrier Air India, which is struggling to cope with a cash crunch, will ask for a Rs.10,000-crore (about $2 billion) bailout package from the central government, a senior official said. Airline officials, who discussed the airline's financial problems with Civil Aviation Minister Praful Patel Tuesday night, will meet top government officials again seeking help.

June 22nd, 2009 NEW DELHI - Air India officials, who met the Principal Secretary to the Prime Minister, T.K. Nair, Monday seeking financial assistance for the cash-strapped airline, did not get any assurance from the government, a senior official said.

June 19th, 2009 EU leaders: Latvia must cut spending to recoverBRUSSELS — EU leaders told Latvia Friday that harsh spending cuts were "imperative" for its recovery from a sharp economic downturn and urged international lenders to quickly make available a bailout package. They said in a statement following two days of talks that the "rigorous implementation" of the country's $1 billion budget cuts to wages, pensions and other social benefits" was crucial for Latvia to plug a massive budget gap that has forced it to call on the International Monetary Fund and the European Union for help.

June 14th, 2009 NEW DELHI - About 31,000 employees of flag carrier Air India will receive their June salaries only in mid-July as the national carrier attempts to overcome its losses, which were over Rs.4,000 crore (Rs.40 billion/$8.4 billion) during last fiscal, a top official said Sunday. The July salaries could be delayed by over two weeks, said a senior civil aviation ministry official.

April 10th, 2009 SHIMLA - Food products major Nestle India wants to set up a food and beverage manufacturing unit in Himachal Pradesh, according to a senior government official. 'Nestle has shown keen interest in establishing a unit here, and plans to invest about Rs.400 crore,' Principal Secretary (Industry) S.C.

January 22nd, 2009 NEW DELHI - General Motors India has chalked out ambitious plans for 2009, including new launches, developing powertrain facility and mass hiring for its research and development centre, a top official said here Friday. GM India president and managing director Karl Slym said the company was in the final stages of launching compressed natural gas (CNG) and liquefied petroleum gas (LPG) variants of its cars.