Passengers rage over disruptions at India’s embattled Jet Airways

Jet Airways’ market share shrank to 14.3 percent in 2018 from 17.2 percent a year earlier, even as India’s aviation market grew nearly a fifth. (File/Reuters)
Updated 15 March 2019
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Passengers rage over disruptions at India’s embattled Jet Airways

  • India’s second-largest carrier is grappling with debt of more than $1 billion
  • It has delayed payments to banks, lessors, vendors and staff

NEW DELHI: India’s embattled Jet Airways put photographs of smiling women employees on social media last week for Women’s Day, using the tagline “Standing tall; touching the skies” but few passengers reacted cheerfully.
“’Touching the skies’ is a good joke at a time when your flights are getting grounded,” said a respondent on Twitter, while others expressed anger and dismay at cancelations, delays in refunds and long response times to telephone calls.
India’s second-largest carrier, grappling with debt of more than $1 billion, Jet has delayed payments to banks, lessors, vendors and staff. Lessors have grounded more than three dozen planes, forcing hundreds of flights to be canceled.
Rising customer frustration could bring further disruption for the 25-year-old airline, as some flyers backed a boycott, while others blamed cancelations for ruining their plans.
“We had to worry about rebooking flights during our wedding, when there is already so much to do,” said Siddhant Agarwal, a 32-year-old businessman whose flight home from his honeymoon was abruptly canceled just days before his marriage.
Agarwal, who is based in the capital, New Delhi, had to pay nearly twice as much for new tickets, he said.
“They did not even offer an apology, which is disappointing and unprofessional.”
The airline, partly owned by Etihad Airways, did not respond to a request from Reuters for comment.
PLANES GROUNDED
Amid talks for a bailout led by state-run banks, lessors have forced the airline to ground at least 37 planes over non-payment of dues and some have also threatened repossession.
It had 556 flights on average in January, down from 641 a year earlier, data from the aviation regulator showed.

For an interactive graphic on Jet’s average daily flights, click https://tmsnrt.rs/2FeFDel
Jet has planned cancelations of more than 600 flights in March, said one source with direct knowledge of the matter.
Monday’s tally of about 330 flights compared with a daily average of nearly 650 in March 2018, a second source said, adding that short notice about grounded planes triggered many unplanned cancelations.
“The bigger worry is if people stop future bookings, because that will affect cash flows,” said the source, adding that cancelations in February and March outstripped prior months.
Jet Airways’ market share shrank to 14.3 percent in 2018 from 17.2 percent a year earlier, even as India’s aviation market grew nearly a fifth.
Some of the hundreds of aggrieved passengers who posted on the airline’s Facebook page and Twitter told of delays on the way to wedding and festival celebrations, and several uploaded screenshots showing telephone wait times longer than an hour for a response from the customer call center.
After a last-minute cancelation, comedian Kenny Sebastian expressed outrage on Twitter, warning his 1.74 million followers to avoid the airline.
“Best part is they made it sound like it was the passengers’ fault,” he said this week.


Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

Updated 10 sec ago
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Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.

On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.

The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.

The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.

Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.

The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.

Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.

Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.