Kingfisher Airlines crisis: employees demand four months salary immediately

In a last ditch effort to end the impasse with its employees, Kingfisher Airlines today has offered to pay its staff three month salaries in installments. While the first month’s salary will be paid within 24 hours, the second month’s will be disbursed in a week and the third month’s wages will come post Diwali, the management said today.

The Kingfisher Airlines has not paid its staff for seven months. While the KFA management meet with its employees is still underway, sources told IBN Live that the latter are unhappy and have rejected the offer. If the talks fail today,

Not enough: Robert Vadra and the Imelda Marcos syndrome

In 1986, when a ‘people’s power’ revolution in the Philippines toppled Ferdinand Marcos from power, ending a 21-year dictatorial reign, the dirty unwashed masses, who had been robbed blind by Marcos’ corrupt ways for a generation, got a chance to see what had been going on behind the high walls of Malacanang Palace.

They learnt, for instance, that during those 20-plus years in power, he and his diva-esque wife Imelda Marcos had embezzled public funds running to billions of dollars and channelled them into accounts and investments in Switzerland, the US and elsewhere.

Telcos fear Rs 60,000 cr hit on 900 Mhz band refarming

New Delhi: The GSM operators say they may have to shell out anywhere between Rs 60,000-70,000 crore if the government indeed goes ahead with a plan to refarm (reallocate) all the 900 Mhz spectrum now with various operators. Refarming, as decided by the Telecom Commission today, would mean the incumbent telcos surrender all spectrum in the 900 Mhz band, as licences in each circle come up for renewal and then bid for the same spectrum at new, much higher prices.

Speaking to Firstpost, Cellular Operators Association of India’s Rajan Mathews said this plan, if approved by a panel of ministers, would be a unique exercise. “Nowhere in the world have 400 million customers been asked to switch networks under the garb of refarming”.

Emkay slide continues as NSE says no to annulment

The NSE has refused to annul last week’s ‘freak’ trades done by Emkay Global Financial, as sought by the brokerage firm. As this was widely expected by traders, the stock plummeted the maximum possible limit of 10 per cent for the third successive day. On Tuesday, it closed at Rs 25.20 on the NSE, and has fallen 30 per cent since Friday, when the NSE ‘freak-crash’ saw orders worth Rs 650 crore being erroneously placed by a dealer of the broking firm.

Neither the NSE nor the broking firm divulged details of the amount paid to settle the obligations, but sources indicated that it was Rs 20-30 crore. “We are hopeful that this obvious and