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Tag: Operations

South African Airways suspends operations amid huge debt

World
South Africa’s state-owned airline has suspended all its operations as it struggles to raise a bailout of more $ 591 millionBy MOGOMOTSI MAGOME Associated PressSeptember 30, 2020, 10:15 AM• 2 min readJOHANNESBURG -- South Africa’s state-owned airline has suspended all its operations as it struggles to raise a bailout of more than 10 billion rands ($ 591 million).South African Airways, one of the country’s state-owned enterprises face allegations of corruption and mismanagement, filed for liquidation and bankruptcy protection in December last year.The business rescue team assigned to manage the company has announced it has failed to raise the money needed to implement a rescue plan for the airline. The suspension of operations may be lifted if the government comes through funds it has pro
Wirecard to resume operations in the UK after regulators lift restrictions

Wirecard to resume operations in the UK after regulators lift restrictions

Finance
An employee demonstrates the Wirecard AG online payment smartphone app on the company's exhibition stand at the Noah Technology Conference in Berlin, Germany, on Thursday, June 13, 2019.Krisztian Bocsi | Bloomberg via Getty ImagesWirecard has been given permission to carry out regulated activities in the U.K. again following a decision from regulators to lift restrictions on the firm.The Financial Conduct Authority (FCA) said Tuesday that it had provided Wirecard's U.K. subsidiary, Wirecard Card Solutions, written consent to resume e-money and payment services, though some restrictions still remain in place. The watchdog had forced the firm to halt operations on Friday after its parent company filed for insolvency in Germany.The move means that thousands of Brits who had been locked out of...
IndiaFirst Insurance announces its Business Continuity Plan to ensure smooth operations during Covid-19 lockdown

IndiaFirst Insurance announces its Business Continuity Plan to ensure smooth operations during Covid-19 lockdown

Finance
Mumbai: IndiaFirst Life Insurance has announced its business continuity plan for the period of lock down imposed by the government for prevention of a Covid-19 in line with insurance regulator IRDAI’s directions. The insurers announced that they will provide grace period for premium dues to policyholders and waive of late penalty fees, among other customer friendly initiatives.The Bank of Baroda and Andhra Bank owned life insurers also said that the all policies issued by the company stands valid even on event of death due to Covid-19 virus. The company has also made all servicing and distribution channels digital as well, it said in a press release.In testing times like these, the safety and well-being of our customers and employees is our top priority. We have moved to a complete work fr
Assess core strengths before scaling up operations: Nirmala Sitharaman to banks

Assess core strengths before scaling up operations: Nirmala Sitharaman to banks

Finance
CHENNAI: Finance Minister Nirmala Sitharaman on Saturday said banks should assess their strength and weakness before planning to scale up of operations. "Institutions like banks should understand their core strengths and offer benefits to people like providing value- added features like phone banking facilities or rolling out of chat bots to serve customers and should not take up unnecessary scaling up of operations", she said,at the 116th Foundation Day celebrations of Tamil Nadu-based City Union Bank here. "Scaling up (of operations in banks) is becoming like a disease. (There is a trend) that every body should scale up, tomorrow I should be three times the current size. Today, I am in this state and in six states. I am planning to expand presence across the country. Whether it will add ...
Bombardier sells Northern Ireland operations in $1.1bn deal

Bombardier sells Northern Ireland operations in $1.1bn deal

Business
Canada's Bombardier has agreed to sell its Belfast-based aerospace business to US-based Spirit AeroSystems as part of a $ 1.1bn (£840m) deal.The business is Northern Ireland's biggest manufacturer, employing 3,600 people, and was put up for sale by Bombardier in May. Its history dates back to the 1930s when Shorts established its first factory in Belfast.The deal will see Kansas-based Spirit pay $ 500m (£390m) in cash, and take on liabilities worth $ 590m (£460m), to acquire aerostructure operations in Northern Ireland, Morocco and Texas.Spirit, whose global operations include a site in Prestwick, Scotland, makes parts for aeroplane makers Boeing and Airbus. Advertisement