‘Failed To Flag Crew Shortfall Under New Rules’

The Directorate General of Civil Aviation (DGCA) has removed from their positions four flight operations inspectors (FOIs) who were the principal operations inspectors (POI) for oversight on IndiGo.Designated specifically for an airline, these FOIs (senior pilots) are supposed to keep a close watch on the airline’s requirements and also see if they have the required resources in terms of crew for their operations. Airline pilots go as FOIs to the short-staffed DGCA for some years. In this case, the four have been sent back to their airline before their term got over.In IndiGo’s case, officials said, despite new flight duty time limitation (FDTL) or crew rostering rules scheduled to come into effect from July 1, 2025, and then Nov 1, which would have increased pilot requirement, the airline did not hire for the same. The FOIs failed to flag the issue, they said.This led to a shortage, with IndiGo unable to operate as per new FDTL, which was then put on hold for Airbus A320 aircraft till Feb 10, 2026, to avoid the sort of mass cancellations seen earlier this month.“IndiGo was in discussion with DGCA on the new FDTL and was aware of the increased pilot requirement. Yet they did not hire pilots,” said an official in the know.Even after the fiasco, IndiGo maintains there is no pilot shortage. DGCA has directed the airline to step up its pilot hiring. Meanwhile, IndiGo’s operations are nearly back to normal, with over 2,050 flights Friday across 138 destinations.Management faced growing rift with IndiGo pilots: OfficialThere is a complete disconnect and mistrust between the pilots and the management. The operations control centre (OCC) of the airline is severely disliked by IndiGo pilots. An extra payment was made for night landings which was stopped for a while and so pilots started refusing night flights. New contract had capped flying. A number of things happened that only widened the gulf between pilots and management,” an official said.The discontent in IndiGo pilots has arisen not merely for deferring FDTL implementation, but also on other fronts like tweaking salary components, medically unfit and sick report policy. Things got worse recently when some Indian carriers wanted restriction on their pilots going abroad to work for foreign airlines, mainly in the Gulf. “It is okay for Indian carriers to hire expat top management people like CEOs and COOs but they have a problem with us going abroad to work. If you want to retain us, then have better relations with employees, better work environment and pay package. Instead, airlines only want to arm-twist us. Maybe things will change now after the IndiGo fiasco,” added a pilot.

NEW DELHI: Retail inflation inched up marginally in Nov from a record low in Oct, led by an some uptick in prices of vegetables, eggs, meat and fish, spices – prompting experts to say that it is expected to remain benign for now.Data released by the National Statistics Office (NSO) on Friday showed retail inflation, as measured by the consumer price index (CPI), rose an annual 0.7% in Nov, a tad higher than the 0.3% in Oct and below the 5.5% in Nov last year. There is an increase of 46 basis points in inflation in Nov compared to Oct.The food price index contracted 3.9% in Nov compared to a decline of 5% in Oct. The statistics office said there is an increase of 111 basis points in food inflation in Nov compared to the previous month. Urban inflation was higher at 1.4% while rural was at 0.1%.The data showed vegetable inflation fell 22.2% during Nov while pulses and products contracted 15.9%. Spices fell 2.9%. The food and beverages index fell 2.8% during the month. Personal care and effects inflation remained stubborn, rising 24%, largely led by gold prices.Experts said most food items have hardened in Dec compared to Nov and pointed to the surge in tomato prices in Dec, which they said could “temper the typical seasonal dip that is seen in the vegetables index in Dec every year.”Earlier this month, the Reserve Bank of India (RBI) cut the policy repo rate by 25 basis points against the backdrop of sharp easing in price pressures. “A continued base-normalisation and the hardening in prices of some vegetables could make the headline CPI inflation cross 1.5% in the next print, which will be the last before the next monetary policy committee (MPC),” said Aditi Nayar, chief economist at ratings agency Icra. “In our view, the evolving inflation-growth outlook, as well as the fiscal policy measures unveiled by the next Union Budget, will guide the MPC’s next decision. Our base case suggests a pause in the MPC’s Feb 2026 policy review,” said Nayar.

The Union Cabinet has approved significant reforms for the stock market and insurance sectors. The plan includes allowing 100% foreign investment in insurance, aiming to boost penetration and consumer choice.

NEW DELHI: The Cabinet on Thursday cleared rewriting of laws in two critical sectors – stock markets and insurance. The plan is to allow 100% foreign investment in insurance, 26 years after private players were allowed to reenter the important sector.Finance minister Nirmala Sitharaman will pilot Securities Market Code Bill, which will replace three existing laws – the 70-year-old Securities Contracts (Regulations) Act, Sebi Act and Depositories Act. This is being done there are overlaps in several places. Earlier this year, govt also rewrote Income Tax Act to make it more concise and contemporary.Sitharaman will also introduce Insurance Amendment Bill as ‘Sabka Bima Sabki Raksha’, to replace Insurance Act, 1938, LIC Act, 1957, and IRDA Act, 1999.The amendments, which have been in the works for over a year, are primarily aimed at increasing insurance penetration and do away with redundant provisions. In coming years, there is expected to be a significant jump in the insurance sector, which is projected to grow annually at a compounded average rate of 7.1%, helping increase penetration from the current 3.7%.Higher FDI limit – a contentious issue among politicians – is likely to result in more players entering the sector, giving more choice to those looking to buy insurance. Starting with 26% foreign investment, govt has gradually opened up the sector to overseas players, but that has not resulted in either a rush of capital out of the country, as was originally feared, or wipeout of domestic companies from the sector.At the same time, several regulations on insurance companies and their executives, which are seen to be restrictive, are likely to be removed. Further, the idea is to open distribution network, allowing more competition in the space so that it is easier for consumers to buy insurance that extends beyond life covers to health, personal accident and property risk.

US President Donald Trump (AP photo)

US President Donald Trump on Friday announced that Thailand and Cambodia, two Southeast Asian neighbours locked in a long-running territorial dispute, had agreed to halt all hostilities with immediate effect.Trump said he had a “good conversation” with the prime ministers of both nations about their “long-running war”, after which they agreed to “cease all shooting” and return to the “original peace accord”. He also credited Malaysia’s prime minister, Anwar Ibrahim, for his role in the negotiations.In a post on Truth Social, Trump wrote: “I had a very good conversation this morning with the Prime Minister of Thailand, Anutin Charnvirakul, and the Prime Minister of Cambodia, Hun Manet, concerning the very unfortunate reawakening of their long-running War. They have agreed to CEASE all shooting effective this evening, and go back to the original Peace Accord made with me, and them, with the help of the Great Prime Minister of Malaysia, Anwar Ibrahim. The roadside bomb that originally killed and wounded numerous Thai Soldiers was an accident, but Thailand nevertheless retaliated very strongly. Both Countries are ready for PEACE and continued Trade with the United States of America. It is my Honor to work with Anutin and Hun in resolving what could have evolved into a major War between two otherwise wonderful and prosperous Countries! I would also like to thank the Prime Minister of Malaysia, Anwar Ibrahim, for his assistance in this very important matter.”The announcement comes amid escalating violence along the disputed 800-kilometre border, where both Thailand and Cambodia claim ownership of several historic temples. The colonial-era demarcation has fueled periodic clashes for years.Fighting surged again on Thursday, with explosions reported near centuries-old temple complexes ahead of Trump’s phone calls with both leaders. At least 20 people have been killed since the latest round of border violence erupted last week, officials said.Around 600,000 people, mostly in Thailand, have fled areas near the frontier, where jets, tanks and drones have been used in combat. The ongoing confrontation is the deadliest since five days of fighting in July left dozens dead before a fragile truce was reached following intervention by Trump.

Pakistan on Friday signed a memorandum of understanding (MoU) with global crypto exchange Binance to explore tokenisation of sovereign and real-world assets of up to $2 billion, marking one of the country’s most significant steps toward adopting blockchain-based financial infrastructure, PTI reported.The MoU was signed at the Finance Division by Finance Minister Muhammad Aurangzeb and Binance CEO Richard Teng, the Ministry of Finance said in a statement. The agreement aims to assess the feasibility of digitising Pakistan’s assets — including government bonds, treasury bills, commodity reserves and other federally owned holdings — through blockchain platforms.According to the ministry, the proposed collaboration seeks to “enhance liquidity, transparency and international market accessibility,” with any move subject to Pakistani laws, policies and regulatory approvals. The MoU is non-binding, sets no exclusivity, and does not amount to a procurement commitment. Definitive agreements, if pursued, will be negotiated within six months.Officials said the arrangement could allow Binance and its affiliates to provide technical expertise, advisory support, training and capacity building to help Pakistan evaluate compliant blockchain infrastructure that can attract global investors while ensuring full sovereign control.Calling the MoU a major signal of the government’s reform direction, Aurangzeb said, “This is a very strong message — not only for Pakistan, but for the entire world. What we have signed today reflects a long-term partnership… The next step for us is execution, and we are fully committed to delivering results with speed and quality.”Advisor to the Pakistan Crypto Council Changpeng Zhao, who was present at the signing, termed the development “a landmark” for Pakistan’s financial future. “This is a great signal for the global blockchain industry and for Pakistan… now we can move towards full deployment and execution,” he said, expressing confidence that the collaboration would have “positive and lasting outcomes for the economy.”The ministry added that the initiative marks a key milestone in aligning Pakistan’s financial ecosystem with global best practices at a time when tokenisation is gaining traction worldwide.Separately, the Pakistan Virtual Assets Regulatory Authority (PVARA) said it has issued No Objection Certificates to Binance and HTX, launching a phased, FATF-aligned route toward full licensing. “Strong governance, AML and CFT compliance remain central as Pakistan builds a trusted digital asset ecosystem,” PVARA said on X.The authority said Pakistan has taken a “decisive step” toward a regulated digital-asset framework by entering formal arrangements with Binance and HTX.

The US Transportation Department has warned New York that it could lose $73 million in federal highway funds after an audit found thousands of immigrant commercial driver’s licences (CDLs) were allegedly issued without proper verification, Transportation Secretary Sean Duffy said on Friday, AP report.Duffy said federal investigators reviewed 200 non-domiciled commercial licences and found more than half had been issued improperly, including several that defaulted to an eight-year validity period regardless of when the applicant’s work authorisation expired. He also said New York could not demonstrate immigration-status verification for roughly 32,000 active licences in this category and, in some cases, issued CDLs despite applicants’ work permits already having lapsed.“When more than half of the licences reviewed were issued illegally, it isn’t just a mistake — it is a dereliction of duty by state leadership. Gov. (Kathy) Hochul must immediately revoke these illegally issued licences,” Duffy said. New York has 30 days to respond to the findings.The New York Department of Motor Vehicles rejected the allegations. DMV spokesperson Walter McClure said: “Secretary Duffy is lying about New York State once again in a desperate attempt to distract from the failing, chaotic administration he represents. Here is the truth: Commercial Drivers Licenses are regulated by the Federal Government, and New York State DMV has, and will continue to, comply with federal rules.”Duffy has launched a nationwide audit of immigrant CDL issuance following a fatal Florida crash involving a driver who was not authorised to be in the US. So far, only states led by Democratic governors have been warned of potential sanctions, though Duffy insisted the effort is not political and is focused on preventing unqualified drivers from operating heavy trucks and buses.The Transportation Department has already pressured California, Pennsylvania and Minnesota, where audits uncovered similar issues, prompting California to revoke 17,000 licences. A separate federal rule that sought to sharply restrict eligibility for noncitizens to obtain CDLs has been put on hold by a court.Immigrants constitute around 20% of US truck drivers, although non-domiciled licence holders account for only about 5% of CDL holders nationally.

NEW DELHI: House Oversight Committee Democrats on Friday released a set of photographs obtained from Jeffrey Epstein’s estate, revealing images of several high-profile figures who had interacted with the disgraced financier over the years, including President Donald Trump, former President Bill Clinton, Steve Bannon, Bill Gates, Richard Branson and others.The photos, 19 in total, were part of a larger cache of more than 95,000 images the estate turned over to congressional investigators. While many of the individuals shown had previously been linked to Epstein, the newly released images offered additional glimpses into their associations. None of the photographs depicted sexual misconduct or involved underage girls, and it remained unclear when or where they were taken.Among the images was a bowl of novelty condoms featuring a caricature of Trump labelled “Trump condom 4.50,” with each packet printed with the phrase “I’m HUUUUGE!” Another showed Trump with a group of women whose faces were redacted. Additional photos included Epstein and Steve Bannon posing in a mirror, Bill Clinton alongside Epstein and Ghislaine Maxwell, Bill Gates with the former Prince Andrew, and images of former Harvard President Larry Summers and attorney Alan Dershowitz.The Republican-led committee had obtained the images as part of its ongoing probe into Epstein’s network and influence. Lawyers for the estate told the panel in a letter that the materials spanned photos and videos taken at any property owned or used by Epstein between 1990 and 2019. They added that only minimal redactions had been applied for nudity. Democrats said the production included “over 95,000 photos, including images of the wealthy and powerful men who spent time with Jeffrey Epstein” as well as thousands of images of women and Epstein properties.Rep Robert Garcia, the top Democrat on the committee, said, “It is time to end this White House cover-up and bring justice to the survivors of Jeffrey Epstein and his powerful friends. These disturbing photos raise even more questions about Epstein and his relationships with some of the most powerful men in the world. We will not rest until the American people get the truth. The Department of Justice must release all the files, NOW.”Republicans pushed back, accusing Democrats of selectively releasing images to create a misleading narrative about Trump. A committee spokesperson said, “We received over 95,000 photos and Democrats released just a handful. Democrats’ hoax against President Trump has been completely debunked. Nothing in the documents we have received shows any wrongdoing. It is shameful Rep Garcia and Democrats continue to put politics above justice for the survivors.”CNN has reached out to representatives for Trump, Clinton, Bannon, Gates, Summers, Dershowitz, Richard Branson and Andrew Mountbatten-Windsor. Clinton has never been accused of wrongdoing related to Epstein, and his spokesperson has said he severed ties well before Epstein’s 2019 arrest. Gates’ representatives have also repeatedly denied that Epstein ever worked for him, and Gates has previously called his interactions with Epstein “a huge mistake.”Trump and his aides have portrayed the renewed focus on his past connection to Epstein as politically motivated. In earlier emails released by the committee, Epstein claimed that Trump “spent hours” with accuser Virginia Giuffre and “knew about the girls,” assertions Trump has dismissed as false, with White House officials calling the claims a “hoax.”The fallout from associations with Epstein has extended far beyond politics. Larry Summers stepped back from teaching at Harvard and left the OpenAI board, saying he was “deeply ashamed” of maintaining ties with Epstein. Andrew Mountbatten-Windsor relinquished the use of his royal titles after public scrutiny intensified, though he has denied misconduct allegations.The latest disclosures add to the growing trove of documents, emails and images shaping the committee’s widening inquiry into the late financier’s network of influence, which continues to cast a shadow over figures across politics, academia, technology and global business.

Leading bourse NSE has published its official trading holiday calendar for 2026, offering traders and investors an early roadmap for days when equity and derivatives markets will remain shut. The circular, as reported ET, issued under exchange bye-laws and F&O regulations, lists 15 full trading holidays—one more than in 2025—and also details festivals falling on weekends and the date of Muhurat Trading.Fifteen market holidays across segmentsEquity, equity derivatives and currency markets will be closed on 15 days next year. The holiday list begins with Republic Day on January 26, followed by major festivals:

In the second half, markets will shut for Muharram (June 26), Ganesh Chaturthi (September 14), Gandhi Jayanti (October 2), Dussehra (October 20), Diwali Balipratipada (November 10), Guru Nanak Jayanti (November 24) and Christmas (December 25).A notable detail in the circular is the absence of a Diwali holiday, as Diwali Laxmi Pujan falls on a Sunday.Weekend festivals and Muhurat TradingFour prominent festivals in 2026—Mahashivratri (February 15), Eid-ul-Fitr (March 21), Independence Day (August 15) and Diwali Laxmi Pujan (November 8)—coincide with weekends and therefore do not trigger a market shutdown.The exchanges will hold the customary Muhurat Trading session on November 8 (Sunday). The one-hour auspicious trading window’s timing will be announced closer to Diwali.Why the holiday calendar matters for tradersA clear view of non-trading days helps market participants plan:

Holidays often influence weekly and monthly index expiries and can alter short-term trading behaviour, especially for options traders.Market outlook for 2026Brokerages expect 2026 to be a recovery year for Indian equities after a volatile 2025. Morgan Stanley, Citigroup and Goldman Sachs have indicated that markets could regain lost ground as earnings stabilise and policy support strengthens, ET reported.ICICI Direct projects the Nifty could move toward the 30,000 level in 2026, citing technical breakouts and historical patterns of strong rallies following corrective phases. Kotak Securities has outlined a more bullish target of 32,032 for the Nifty by December 2026, with a preference for BFSI and IT stocks.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

The Union Cabinet on Friday approved a bill to raise the foreign direct investment (FDI) cap in the insurance sector to 100 per cent, a major change aimed at deepening insurance penetration and accelerating sectoral growth, PTI reported citing sources.The proposed legislation — the Insurance Laws (Amendment) Bill, 2025 — is among 13 bills listed for the ongoing Winter Session of Parliament, which concludes on December 19. Sources said the bill may be introduced on Monday. A Lok Sabha bulletin notes that the draft law seeks to “deepen penetration, accelerate growth and development of the insurance sector and enhance ease of doing business.”Finance Minister Nirmala Sitharaman had proposed the move in this year’s Budget as part of new-generation financial sector reforms. The insurance industry has so far attracted Rs 82,000 crore in FDI.According to sources, the bill proposes amending the Insurance Act, 1938 to raise the FDI limit to 100 per cent, permit the merger of a non-insurance company with an insurance entity, and establish a dedicated policyholder fund. It also mandates that at least one senior leader — Chairman, Managing Director or CEO — must be an Indian citizen. Net worth requirements for insurers have been retained.As part of the wider legislative exercise, amendments will also be made to the Life Insurance Corporation Act, 1956, and the Insurance Regulatory and Development Authority Act, 1999. Changes to the LIC Act include empowering its board to independently take operational decisions such as branch expansion and recruitment.The proposed amendment, sources said, aims to promote policyholders’ interests, enhance financial security, and support the entry of more players into the sector while boosting growth and employment. The government has positioned these reforms as essential for achieving ‘Insurance for All by 2047.’Commenting on the move, Aditya Birla Sun Life Insurance MD and CEO Kamlesh Rao said the step may encourage more global players to consider India, adding that scale will depend on their ability to navigate the local distribution landscape.Deloitte India partner Debashish Banerjee told PTI, “Over the past few months, we have seen growing interest from several global insurers who are actively evaluating India as a long-term market, and greater clarity on ownership norms will help in moving those conversations forward.”Grant Thornton Bharat partner Narendra Ganpule noted that the proposal is designed “with the policyholders in mind, fostering an environment that delivers more choice, encourages highly innovative products, ensures robustly competitive prices, and hopefully delivers better service standards.”RenewBuy CEO Balachander Sekhar said the shift to 100 per cent FDI will bring global capital and expertise into the fold.