Air India News
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Updated 11 minutes ago
It was business as usual at the U.S. Export-Import Bank Sept. 30, though its charter was set to expire at midnight. The board approved $1.2 billion in loan guarantees to help Air India Ltd. buy jetliners from Boeing Co., part of $3.4 billion in financing it handled that day.
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The U.S. Senate voted to reauthorize the Export-Import Bank for three years and increase its lending authority 40 percent by 2014, clearing the measure for President Barack Obama’s signature.
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Boeing Co. will ship all four 787 composite-plastic Dreamliners assembled this year in its new South Carolina plant to Air India Ltd., the carrier that demanded $1 billion in compensation after production delays.
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Air India Ltd., the unprofitable state-owned carrier, may get government bailouts totaling 300 billion rupees ($5.8 billion), an amount about five times the market value of the nation’s three listed airlines.
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Air India Ltd. won approval from lenders to restructure 180 billion rupees ($3.5 billion) of debt in the latest rescue plan for the state-owned carrier, the Business Standard reported.
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Air India Ltd. is set to get a 67.5 billion rupees ($1.4 billion) state bailout, almost double the amount the federal government has spent on new hospitals over the past three years.
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An Air India Express Boeing Co. plane overshot the runway and burst into flames in southern India, killing 158 people in the nation’s first fatal crash of a passenger aircraft in a decade.
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Former President Bill Clinton said the U.S. Congress should renew the charter of the nation’s Export-Import Bank, which expires May 31 and has been opposed by some Republican members of Congress.
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A Boeing Co. executive disputed the Indian government’s statement that the planemaker agreed to pay state-owned Air India Ltd. $500 million in compensation because of delays delivering 27 composite-plastic Dreamliners.
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Air India Ltd., due to be the second operator of Boeing Co. 787s, will get final government approval to buy the planes next week, paving the way for the belated start of deliveries, two people familiar with the matter said.
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