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World’s 12th Richest City

 

69

What is it? The number of instances in the last 18 months in which IndiGo has replaced a faulty Pratt & Whitney engine on an Airbus A320neo operated by it.

Why is it important? On Saturday, after the European aviation regulator warned of a new issue with a particular type of Pratt & Whitney engines, IndiGo said it had grounded three affected planes. Further, Airbus had halted all deliveries of A320neos to IndiGo for now, it added. Fewer planes in operation and a slowdown in deliveries could pose challenges related to passenger management for India’s number one domestic airline.

Tell me more: Of the 157 aircraft in its fleet, 24 are Airbus A320neo, which is facing this particular engine issue, while 130 are A320-200 and 3 are ATR 72s.

 

3

What is it? The number of places gained by Punjab in a ranking of states for a Health Index crafted by Niti Aayog. As a result, it climbed from number 5 to number 2.

Why is it important? In these Health Index rankings for 2015-16, released on Friday, Punjab was one of the three states that gained several spots with reference to the base year. The other two were Jharkhand and Jammu & Kashmir, both of which gained 4 spots each, but much lower down in the rankings.

Tell me more: Releasing the Health Index report, NITI Aayog CEO Amitabh Kant said the government was next looking to come out with performance-based rankings of district hospitals by June 2018, the objective being to “encourage good performers, and name and shame those who don’t”.

 

$950 million

What is it? The total wealth of India’s financial capital Mumbai, according to a report by New World Wealth, a South Africa-based market research group. Total wealth here is defined as the private wealth held by all individuals in the city.

Why is it important? The report ranked Mumbai to be the 12th richest city globally. It was the only Indian city in the 15-city list, and was ranked above Frankfurt, Paris and Toronto. The list was topped by New York, with a wealth of $3 trillion, followed by London ($2.7 trillion) and Tokyo ($2.5 trillion). Mumbai also had 28 dollar billionaires, placing it among the top 10 cities in the world in billionaire population.

Tell me more: New World Wealth ranked India as the 6th richest nation a few days ago, with a total wealth of $8.2 trillion. But this income and wealth is lopsided in its distribution: according to the World and Income Database, the share of the top 1% in national income has increased from 6.1% in 1982 to 21.7% in 2013.

 

$5,947

What is it? The lowest value that Bitcoin registered last week. At one time, during a 24-hour period, the price of the leading cryptocurrency plummeted 28% to below $6,000, before recovering to above $8,000 levels by the end of the week.

Why is it important? The financial ecosystem is still figuring out cryptocurrencies and is increasingly veering towards control. On Sunday, International Monetary Fund chief Christine Lagarde said it was “inevitable” that cryptocurrencies would come under government regulation.

Tell me more: By one estimate, there are five million traders in crypto-currencies in India, which has said it does not recognise Bitcoin as legal tender.

 

4,309

What is it? The number of runs scored by Indian opening batsman Shikhar Dhawan after 100 one-day internationals, a milestone he completed on Saturday against South Africa.

Why is it important? Dhawan is the second-highest run-getter at the 100 ODI mark, after Hashim Amla of South Africa (4,808 runs). The 33-year-old has notched up 13 centuries and 25 half-centuries while averaging 46.33, proving to be a batsman to start strong at the international level and stay the course in the medium-term.

Tell me more: Virat Kohli, who is on course to rewrite many batting records in ODIs, was seventh on this list, with 4,107 runs. In Saturday’s match, Kohli passed Mohammad Azharuddin to climb to number five in ODI runs among Indians and number 18 overall.

 

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A Tax Haven Blacklist

 

European Union has blacklisted certain nations that are considered tax havens and do not comply with its taxation standards. Army has ‘wiped out’ terrorists who had masterminded Amarnath Yatra attack this year. Airlines are expecting a slightly higher profit per passenger next year. Government has provided sops to the small and medium industries to help improve exports. 

 

17

What is it? The number of countries that feature on a European Union (EU) blacklist of nations that are non-compliant with EU standards for tax purposes, including Saint Lucia, South Korea and Barbados.

Why is it important? This EU name-and-shame action comes about a month after the publishing of The Paradise Papers, which made public how the world’s rich and famous used tax havens and contentious tax structures to avoid taxes. However, the onus to act against these 17 countries—a list that, tellingly enough, doesn’t include a single EU member—lies on individual member countries, and it remains to be seen if they will follow through.

Tell me more: The EU also placed another 47 jurisdictions on a newly established ‘grey list’—countries that are also deemed to be non-compliant, but have committed to changing their tax rules. This list includes Switzerland and Hong Kong.

 

5

What is it? The number of months since a militant group attacked a group of pilgrims on the Amarnath Yatra.

Why is it important? On Tuesday, Jammu and Kashmir’s Director General of Police (DGP) tweeted that the gang that carried out the July attack has been “wiped out”. In the attack near Anantnag on the Srinagar-Jammu National Highway in South Kashmir, seven pilgrims were killed and 15 injured. This year has seen a series of successful encounters by security forces, where top militants such as Lashkar-e-Taiba (LeT) commander Abu Dujana, Hizbul Mujahideen’s Sabzar Ahmad Bhat and Jaish-e-Mohammed chief Masood Azhar’s nephew Tallah Rashid have been killed.

Tell me more: LeT chief Abu Ismail, who was the mastermind behind the Amarnath attack, was killed by the security forces in the outskirts of Srinagar in September.

 

$8.9

What is it? The expected average net profit per departing passenger in the global airline sector in 2018, according to the International Air Transport Association (IATA).

Why is it important? If the prediction is met, it would be a slight increase from $8.45 in 2017. This is even as overall net profit is expected to increase to $38.4 billion in 2018, from the projected $34.5 billion in 2017. IATA says the key drivers of profitability would be a likely 6% increase in passenger traffic, an expected 4.5% rise in cargo volumes and lower debt levels. However, costs, too, are expected to increase: oil prices are expected to average $60 per barrel, and labour costs, which are a larger expense item than fuel, will continue to rise.

Tell me more: IATA expects seat occupancy to reach 81.4% next year whereas yields, which is a measure of fares, would improve by 3%. For the 10 months of 2017 till October, the seat occupancy of IndiGo ranged from 81.6-91.1%.

 

Rs 8,450 crore

What is it? The cumulative additional incentives announced by the Indian government for labour-intensive MSME (micro, small and medium enterprises) sectors under two schemes, as part of its mid-term policy review released on Tuesday.

Why is it important? This is to boost exports, which fell 1.1% to $23 billion in October, the slowest pace of growth since July 2016 and the first decline after 14 months of positive growth, likely due to the roll-out of the goods and services tax. The President of the Federation of Indian Export Organisations believes these incentives are likely to have a positive impact on export numbers from January, though he expressed disappointment about a number of sectors having been left out.

Tell me more: Some major sectors that would benefit from the incentives include ready-made garments and made-ups in the textile sector, leather and footwear articles, and agriculture and related products. The earlier incentives under the two schemes totaled Rs 25,000 crore.

 

704 days

What is it?  The number of days after which South African star batsman AB de Villiers will return to play test cricket, if he is selected for the Boxing Day test against Zimbabwe.

Why is it important? AB de Villiers has been one of the pivots of South African batting, but a combination of wanting to play less cricket and injuries have meant him not playing tests. His possible return comes at a crucial time for South Africa, as its next two test assignments are stern examinations: against India, the only side ranked above it in the ICC test rankings, and Australia.

Tell me more: Among current South African batsmen, who are a relatively inexperienced lot, only Hashim Amla leads de Villiers in runs scored and tests played.

 

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Misbehaving Airline Staff: What Does The Data Say About Indigo?

Indigo suffered two major PR disasters within a week – one where a passenger was hurt after she fell off a wheelchair because of gross negligence by an Indigo crew member and another, where a passenger was pinned down by yet another Indigo crew member. The last couple of weeks have been somewhat traumatic for Indigo, with yet another incident wherein ace shuttler P V Sindhu alleged misbehaviour by Indigo crew members.

Indigo, largely known for its on-time USP and pre-flight formalities, is in an expansion drive while already controlling 40% of the domestic Indian market share.

Which airlines do Indians fly domestically?

Monthly data from the Directorate General of Civil Aviation shows that while Air India has been gradually ceding market space to its private rivals, Indigo has maintained its dominating presence catering to 4 out of 10 Indians flying domestically.

Market share of Indian domestic airlines

Misbehaving crew has been a major grouse for passengers, with complaints under that tab ranging from 6-12% of all complaints.

Share of misbehaving crew

Air India has also seen the highest number of complaints per 10,000 passengers over time. Considering its scale of operations, Indigo has till now maintained one of the lowest rates of passenger complaints. However, its recent run-ins with misbehaving crew members, it is yet to see whether data will reflect the same. Watch this space for regular updates.

No. of complaints per 10k pax

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The on-time numbers that IndiGo is contesting

This piece originally appeared on Livemint.com

 

In the last five years, IndiGo’s share in domestic flights to and from Mumbai has increased from 21.5% to 30%. During this period, the market leader’s ‘on-time performance’—defined as taking off or landing within 15 minutes of the scheduled time—has taken a beating: down from 72% to 56%. Its fall is most pronounced in the past year (chart 1), and it trailed SpiceJet and Jet Airways in December 2016. Even other airlines have seen drops in Mumbai, but none as much as IndiGo.

In late December, IndiGo wrote to the aviation regulator, citing issues with data-collection methods followed by the GVK Group-run Mumbai airport to compute on-time performance. These methods, it alleged, were inaccurate and favoured rival airlines. The regulator has since set up a panel to examine the issue, opening another front of friction between airlines. On-time performance data put out by the Mumbai airport shows that IndiGo is losing out in the busy part of the day (chart 2), though it was the best in controlling what’s in its hands (chart 3).

 

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