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☆ Philippines overtakes China and Indonesia to be most dependent on coal-generated power
▼ + stars: | 2024-07-03 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

Coal-fired power plants in Mariveles, Bataan, the Philippines, on June 6, 2023. Bloomberg | Bloomberg | Getty ImagesThe Philippines' dependency on coal-fired power surged 62% last year, overtaking China, Indonesia and Poland, according to London-based energy think-tank Ember. The Philippines was also the most coal-dependent country in Southeast Asia in 2023, as adoption of renewable electricity generation remained low. Indonesia and the Philippines are the two most coal dependent countries in Southeast Asia and their reliance on coal is growing fast. Ember"To date, dependency on these coal power plants continues."

Persons: Setyawati, —, there's Organizations: Bloomberg, Getty, Southeast, Ember Climate, CNBC Locations: Mariveles, Bataan, Philippines, China, Indonesia, Poland, London, Southeast Asia, India

☆ In a new round of 'panda diplomacy,' China sends giant bears to the U.S. after two decades
▼ + stars: | 2024-06-27 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

Four-year-old Yun Chuan, a male panda, and Xin Bao, a female panda who's turning four in July, departed from Bifengxia Giant Panda Base, in China's Sichuan province on Wednesday. The pair will reside at the San Diego Zoo for the next 10 years, according to a press release from the zoo. The Chinese team will spend about three months in San Diego to help the pandas settle in, state media China Daily said. Yun Chua, the male panda, is the son of Zhen Zhen, who was born at San Diego Zoo in 2007. The zoo has not had residing pandas since 2019, after a 27-year-old female giant panda, Bai Yun, and her 6-year-old son, Xiao Liwu, returned to China.

Persons: Yun Chuan, Xin Bao, Todd Gloria, I'm, Paul Baribault, Huang Shan, Yun Chua, Zhen Zhen, Bai Yun, Xiao Liwu Organizations: San Diego Zoo, San Diego, San Diego Zoo Wildlife Alliance, NBC News Locations: China, San Diego, U.S, Beijing, China's Sichuan, San, United States

☆ India's water crisis could lead to unrest, hurt economic growth, Moody's warns
▼ + stars: | 2024-06-27 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

People seen filling water from Delhi Jal Board Tankers amid a water crisis in Delhi at Baljeet Nagar, on June 22, 2024. Severe water shortages in India could hurt its sovereign credit strength, according to Moody's Ratings, warning that the water crisis could lead to social unrest if the agriculture and industrial sectors are disrupted. Rapid industrialization and urbanization, coupled with a meteoric economic expansion, has led to severe water shortage. India relies substantially on monsoon rain for its water supply, but is also prone to severe and extreme weather conditionsDelhi, one of the world's most densely populated cities with over 200 million people, is knee-deep in a water crisis. "There are 2.8 million people in the city who are aching for just a drop of water," Delhi Water Minister Atishi was quoted as saying on Monday, a day before she ended her hunger strike over the water crisis, as her health deteriorated.

Persons: Moody's, Atishi Organizations: Delhi Jal Locations: Delhi, Baljeet, India

☆ This Southeast Asian city is the world's most expensive for the super rich — Hong Kong comes second
▼ + stars: | 2024-06-26 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

All this is reflected in its continued status as the world's most expensive city," the report said. Singapore was followed by Hong Kong, which upstaged Shanghai to emerge as the second most expensive city for the wealthy. Prices for hotel suites (+22.9%), ladies' shoes (+12.7%), and ladies' handbag (+8.6%) saw the biggest increases in the city. London Hotel suites and jewelry were the second-most expensive items across the 25 cities, with prices soaring 38.3% and 17.%, respectively. Here's Julius Baer's list of the world's 10 most expensive cities for high net worth individuals:

Persons: Julius Baer, normalizations, Here's Julius Baer's Organizations: Wealth, Private Locations: Singapore, Swiss, U.S, Hong Kong, Shanghai, London

Photographer: Kentaro Takahashi/Bloomberg via Getty ImagesAsia-Pacific markets were mixed as Japan's May core inflation data came in slightly cooler than expected. The country's core inflation rate — which strips out prices of fresh food — came in at 2.5%. A Reuters poll of economists expected the May core inflation reading to come in at 2.6%, compared to April's 2.2%. The so-called "core-core" inflation, which strips out prices of fresh food and energy, came in at 2.1%. This is lower than April's reading of 2.4%.

Persons: Kentaro Takahashi Organizations: Bloomberg, Getty Images, Bank of Japan Locations: Shibuya, Tokyo, Japan, Getty Images Asia, Pacific

☆ India wants to be a developed nation by 2047. Here are 4 critical areas Modi can't ignore
▼ + stars: | 2024-06-20 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +7 min

India has undergone a massive infrastructure push and has made significant strides in connecting and modernizing its highways, railways and airports. He's going to double down on that," said Samir Kapadia, CEO of India Index and managing principal at Vogel Group. "Along with creating physical infrastructure, India needs to remain steadfast on the structural reforms ... Increase foreign investmentsFrom veteran emerging markets investor Mark Mobius to global strategist David Roche, market experts remain bullish on India. Foreign direct investments into the country needs to however pick up pace to further drive economic growth and development, analysts told CNBC.

Persons: Vikram Singh, Narendra Modi, Modi, Reema Bhattacharya, Verisk, Modi's, he's, Samir Kapadia, Nirmala Sitharaman, Santanu Sengupta, Goldman Sachs, Sengupta, Richard Rossow, Kapadia, Sumedha Gupta, Vivek Prasad, Prasad, Mark Mobius, David Roche Organizations: Bharatiya Janata Party, BJP, Infrastructure, India Index, Vogel Group, Nurphoto, CNBC, Center for Strategic, International Studies, Padget Electronics, Dixon Technologies, Bloomberg, Getty, Research, India Electronics, Semiconductor Association, Economist Intelligence Unit, Centre, Monitoring, National Stock Exchange of, World Federation of Exchanges Locations: India, Asia, China, Mumbai, Noida, PwC India, National Stock Exchange of India

☆ CNBC's Inside India newsletter: India Inc might not even need a Fed rate cut — but it wants one
▼ + stars: | 2024-06-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +7 min

The big storyEmerging markets have been on tenterhooks for the better part of this year as the Federal Reserve has been dangling the prospect of an interest rate cut. Historically, as U.S. interest rates fall, the allure of the mighty dollar fades to the benefit of other currencies. Indeed, unlike most developed economies, India's interest rate regime in 2024 isn't any different from that of 2018. There lies the disconnect between the economy, the stock market, and a single stock. Non-bank lender Akme Fintrade India and engineering firm DEE Development Engineers will debut on the stock market on Wednesday.

Persons: Sumant Sinha, we've, Sinha, It's, Fitch, Rahul Jain, Goldman Sachs, Jake Sullivan, Modi, Narendra Modi, CNBC's Charmaine Jacob, Raamdeo Agrawal, CNBC's Tanvir Gill, Jain Organizations: Bloomberg, Getty, Federal Reserve, India Inc, Nasdaq, Reserve Bank of, U.S, Societe Generale, Goldman, Clean Energy, CNBC, Motilal Oswal Financial Services, of India, Bangladesh, Australia, DEE Development Engineers Locations: Tuticorin, India, Reserve Bank of India, Japan, Britain, Delhi

Workers at the construction site of resettlement housing in Huai 'an city, Jiangsu province, China, June 17, 2024. Cfoto | Future Publishing | Getty ImagesAsia-Pacific markets started the day mixed as investors awaited China's one- and five-year loan prime rates. The one-year loan prime rate serves as a benchmark for most corporate and household loans, while the five-year rate serves as a peg for property mortgages. The one-year LPR currently stands at 3.45%, while the five-year LPR is at 3.95%. Japan's Nikkei 225 and the broad-based Topix started the day with losses of 0.28% and 0.12%, respectively.

Persons: Huai, LPR, Korea's Kospi, Topix, Australia's Organizations: Getty, People's Bank of China, Nikkei, Reuters Locations: Jiangsu province, China, Asia, Pacific

☆ Top 10 most expensive cities for expats in 2024
▼ + stars: | 2024-06-18 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: 1 min

Hong Kong retained its pole position as the world's most expensive city for expats in 2024, according to Mercer. Asia's biggest financial hubs have once again clinched the top spots for being the costliest cities for international workers to live in, according to Mercer. Hong Kong was ranked as the most expensive city for expats to live in, followed by Singapore and Zurich, according to the Cost of Living City Ranking 2024. Cities in Switzerland — Zurich, Geneva, Basel and Bern — snagged four out of 10 spots. New York City ranked No.

Persons: Mercer . Hong Kong Organizations: Bern — snagged, New York City Locations: Hong Kong, expats, Mercer, Mercer . Hong, Singapore, Zurich, Switzerland — Zurich, Geneva, Basel, Bern, New, London

☆ In pictures: India records 'longest' heatwave, Delhi faces water crisis
▼ + stars: | 2024-06-14 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

People filling water in plastic cans from a water supply tanker at Chanakyapuri, Delhi on June 12, 2024. India's capital Delhi is facing a severe water crisis as the country undergoes its "longest spell" of recorded heatwave. "Heat wave to severe heat wave conditions [are] likely to continue over northern parts of India during next 4-5 days," IMD said in a release. The highest daily temperature in Delhi has consecutively surpassed 40°C since May 12, weather forecasting site AccuWeather showed. Other parts of India were not spared, with temperatures in some cities touching 47.5°C on Thursday.

Persons: Mrutyunjay Mohapatra, Atishi Organizations: India's Meteorological Department, IMD, Indian Express, Economic Times, World Meteorological Organization Locations: Chanakyapuri, Delhi, India's, India, Mungeshpur, South, Southeast Asia, Bangladesh, Thailand, Vietnam, Asia

☆ India kicks off vote counting for the world’s biggest election, with exit polls projecting a Modi victory
▼ + stars: | 2024-06-04 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

Bharatiya Janata Party supporters wearing a hat with Narendra Modi's face during a nomination filing rally by in Kolkata, India on May 10, 2024. India started counting votes for its 2024 general election on Tuesday, with Narendra Modi projected to win a rare third consecutive term as prime minister as per exit polls. Exit polls released on Saturday showed the Bharatiya Janata Party-led National Democratic Alliance was set to win an overwhelming majority, with the NDTV poll of polls pegging the coalition's seats at 365 in the lower house of the parliament. Exit poll projections may not always be accurate. Markets reacted euphorically to exit polls predicting an emphatic victory for the BJP, with key stock benchmarks, the Nifty 50 and the Sensex, gaining more than 3% and hitting record highs on Monday.

Persons: Narendra Modi's, Narendra Modi Organizations: Bharatiya Janata Party, National Democratic Alliance, NDTV, Markets, BJP Locations: Kolkata, India

India's Prime Minister Narendra Modi flashes victory sign at the Bharatiya Janata Party (BJP) headquarters to celebrate the party's win in country's general election, in New Delhi on June 4, 2024. Completed vote counts by the Election Commission of India showed that Modi's BJP won just 240 seats. India's Parliament has 543 seats, and the party or coalition that wins at least 272 forms the government. Modi's decade-long ruleUnder Modi, India, home to 1.4 billion people, has witnessed robust economic growth. While India has seen robust economic growth under Modi, observers and critics have warned about the country's "democratic decline."

Persons: Narendra Modi, Money Sharma, Modi, Aiyar, CNBC's, Shilan Shah, Shah, Kranthi, Sensex, Samir Kapadia, that's, Malcolm Dorson Organizations: India's, Bharatiya Janata Party, BJP, Afp, Getty, Indian, Modi's BJP, National Democratic Alliance, Developmental Inclusive Alliance, Indian National Congress, Policy Research, Centre, Monitoring, Capital Economics, BSE, WealthMills Securities, Adani, Adani Enterprises, State Bank of India, ICICI Bank, Monetary Fund, India Index, Vogel, Dem, Global, Vogel Group, IMF Locations: New Delhi, India, INDIA, China, Sweden

Narendra Modi, India's prime minister, center, during a campaign rally in Agra, Uttar Pradesh, India, on Thursday, April 25, 2024. Local exit polls over the weekend suggested Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance was set for a rare third consecutive term in power. The BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of India's parliament, according to local news channel NDTV's exit poll summary. However, final results, expected on Tuesday, can diverge from exit poll projections. With the incoming government expected to highly prioritize building up India's infrastructure development, shares of Adani Group companies rose on the back of exit poll results as well.

Persons: Narendra Modi, India's, Modi, Prakash Singh Organizations: Bloomberg, Getty, BSE, Bharatiya Janata Party, BJP, National Democratic Alliance, Adani, Adani Enterprises, Ambuja Locations: Agra, Uttar Pradesh, India

☆ Modi's BJP-led alliance projected to win parliamentary majority in India's election, exit polls show
▼ + stars: | 2024-06-01 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

India's Prime Minister Narendra Modi looks set for a rare third consecutive term in power, as local exit polls on Saturday suggested his Bharatiya Janata Party-led alliance will clinch a parliamentary majority. According to an exit poll summary by local news channel NDTV, the BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of parliament. The party or coalition that wins at least 272 votes will form the government. Final results, expected on Tuesday, can diverge from exit poll projections. If the exit polls, which have a patchy record, are confirmed, Modi will serve for another five years as the country's prime minister — a position he has held since 2014.

Persons: Narendra Modi, Modi, —, Hajra, Anand Rathi Organizations: India's, Bharatiya Janata Party, NDTV, BJP, National Democratic Alliance, Monetary Fund, Brokers, CNBC Locations: India

☆ India’s startups are creating more jobs, but more investments still needed to boost employment
▼ + stars: | 2024-05-23 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

India's startup ecosystem is poised for promising growth as the country works toward boosting economic growth and entrepreneurship — but more jobs are needed to combat high levels of unemployment. India's unemployment rate rose to 8.1% in April compared to 7.4% the previous month, according to the Centre for Monitoring Indian Economy. The number of startups in India jumped 37% in April compared to a year ago, leading to a 14% increase in the number of jobs from startups, latest employment trends data from Foundit showed. The report highlighted that the IT services sector had that most job opportunities, and more than 50% of new startup jobs were catered toward fresh university graduates. While India's push to be self-sufficient in manufacturing and IT is giving young people more career routes and choices, more needs to be done to combat India's high youth unemployment, Garisa said.

Persons: Chandra Garisa, Garisa Organizations: Centre, Monitoring, CNBC Locations: India, Foundit

☆ China is a 'critical' global supplier, full decoupling may be impossible, survey shows
▼ + stars: | 2024-05-17 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

China remains a "critical supplier" to the world and efforts for a full decoupling remain "difficult, if not impossible," a trade report by Allianz Trade said. That's according to the report which showed that only 27% of companies surveyed in the U.S. were planning to expand in China. The Allianz Trade survey polled more than 3,000 companies in China, France, Germany, Italy, Poland, Spain, the UK and the U.S. were surveyed about their outlook for global trade in 2024. More than one-third of respondents plan to increase their China footprint, while only 11% said they would decrease it, the trade survey showed. "China remains the world's critical supplier, from which a full decoupling seems difficult, if not impossible," the Allianz Trade report said.

Persons: Economic Research Ana Boata Organizations: Allianz Trade, Allianz Trade's, Economic Research Locations: Qingdao Port, Qingdao, China, Germany, Spain, France, U.S, Italy, Poland

☆ China and India still rely heavily on coal, climate targets remain 'very difficult' to achieve
▼ + stars: | 2024-05-14 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

China and India have not reduced coal generation for electricity, according to a new study, making it harder for Asia's largest carbon emitters to reach their climate targets. While both Asian countries have ambitious plans to cut emissions, heavy reliance on coal — the dirtiest fossil fuel — continues to be the most reliable and affordable way of meet rising electricity demand. The highest increases came from China (+319 TWh) and India (+100 TWh), the study showed. According to the IEA, coal remains the biggest energy source for electricity generation, supplying more than one-third of global electricity. "It will be very difficult to meet targets without a rapid face down in coal.

Persons: Francis Johnson Organizations: Global, Stockholm Environment Institute's Asia Locations: China, India, Stockholm

☆ Policy continuity is key if India wants to see strong economic growth in the next 5 years, Nomura says
▼ + stars: | 2024-04-29 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

Optimism in India's growth shows little signs of slowing, but policy continuity will be crucial if it wants to see strong growth in the next five years, Rob Subbaraman, Nomura's chief economist and head of global markets research Asia ex-Japan, said. India's elections are underway and Modi is widely expected to win a strong mandate for a third term in office. That projection is much higher than Nomura's growth outlook for China (3.9%), Singapore (2.5%) and South Korea (1.8%) in the same period. "With China's economy slowing, India is likely to be the fastest growing Asian economy this decade," Nomura said in a recent note. "Irrespective of the election outcome, policy continuity and a focus on macroeconomic stability are important growth underpinnings," the bank's analysts added.

Persons: Rob Subbaraman, Modi, Subbaraman, Nomura Organizations: Modi, CNBC, Bharatiya Janata Party Locations: Asia, Japan, China, Singapore, South Korea, India

☆ Inflation, operating costs had the biggest impact on Asian firms last year, survey shows
▼ + stars: | 2024-04-25 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

Higher costs had the biggest impact on Asian businesses in 2023, even as they continued to grapple with a global economic slowdown and rising borrowing costs, according to a survey by UOB. Of those polled, 32% said they were impacted by high inflation, another 32% said they faced increased operating costs, while 24% said rising labor costs hurt their business, UOB's 2024 Business Outlook Survey reported. Still, about four out of 10 companies said they felt "very positive" about the business environment in 2023, while 32% said they were "somewhat positive," the survey showed. Some 35% of the companies polled said the business environment in 2023 declined compared to the previous year. To combat future headwinds, 30% of the companies said reducing business costs will be their top priority in the next one to three years.

Organizations: UOB, Survey Locations: Southeast Asia, Greater China, China , Hong Kong, Thailand, Vietnam, Malaysia, Singapore, Indonesia

☆ Tesla’s entry into India’s EV market will be 'good news’ for the country, says MG Motor India
▼ + stars: | 2024-04-24 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +3 min

"When India as a market gets attention, more and more players and investments will come in. Numbers are still constrained because consumers don't have compelling choices," Chaba told CNBC's Sri Jegarajah in Gurugram, India. India's electric vehicle sector still lacks competition, but entry from international automakers like Tesla will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba said. Tesla CEO Elon Musk postponed a scheduled trip to India this week where he was to meet Prime Minister Narendra Modi, citing "heavy Tesla obligations." It'll be good for the industry, good news for the country, and for serious players like us."

Persons: Tesla, Chaba, EVs, CNBC's, Rajeev Chaba, Elon Musk, Narendra Modi, Maruti Suzuki, It'll, Musk Organizations: Bain & Company, CNBC's Sri, Motor, Reuters, Tesla, Tata Motors, Mahindra, Maruti Locations: India, CNBC's Sri Jegarajah, Gurugram, New Delhi, Mumbai

☆ India kicks off the world's largest elections this week. Here’s what you need to know
▼ + stars: | 2024-04-18 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +7 min

A worker fixes a flag of the ruling Bharatiya Janata Party on a hoarding of their leader and India's Prime Minister Narendra Modi on April 15, 2024. The 2024 general elections will pan out in seven phases over the next six weeks, starting April 19. India's meteoric riseUnder Modi's rule, India's economy has scaled to new heights. It is now the world's fifth-largest economy with a GDP of $3.7 trillion and has set its sight on becoming the world's third largest economy by 2027. Home to 1.4 billion people, the world's most populous country is the fastest growing economy in the world.

Persons: Narendra Modi, Idrees Mohammed, Hong Kong's, Modi, Suyash Rai, Joe Biden, Chietigj Bajpaee, Biden, Bajpaee, Rahul Gandhi, Rajiv Gandhi, Indira Gandhi, Jawaharlal Nehru, Amitendu Palit, Modi's, R.satish Babu Organizations: Bharatiya Janata Party, India's, Afp, Getty, Voters, Monetary Fund, Carnegie India, CNBC, White, Bloomberg, India, South Asia, Chatham House, BJP, National Democratic Alliance, Indian, Developmental Inclusive, Indian National Congress, Institute of South Asian Studies, National University of Singapore, NDA, Centre, of Foreign Relations, Reuters Locations: Lok Sabha, Lok, Hong, Washington, U.S, India, China, Raipur, Coimbatore

Singapore's Changi Airport has lost its pole position as the world's best airport to Doha's Hamad International Airport, according to air transport rating firm Skytrax. Travelers of more than 100 nationalities participated in the Skytrax survey, which also named Hamad International Airport as the best airport in the world for shopping. Changi Airport has been crowned the world's best airport 12 times by Skytrax, including winning first place consecutively from 2013 to 2020, and again in 2023. In this year's survey, the city-state's airport won the titles of "Best Airport in Asia" and the "World's Best Airport Immigration Service." Tokyo's other major international airport, Narita International Airport, ranked No.

Organizations: Doha's Hamad International Airport, Hamad International Airport, Changi, Immigration Service, Korea's, Narita International Airport, Best Airport Staff, Passengers Locations: Doha's, state's, Asia, —, Narita

DUBAI — One of the world's busiest airports temporarily halted operations as the United Arab Emirates experienced its heaviest rainfall on record. The airport said road blockages and flooding have prevented many passengers from reaching the airport for departing flights. Fly Dubai, a budget carrier owned by the government of Dubai, suspended all flights from the UAE hub until 10 a.m. local time on April 17, citing extreme weather. The UAE saw over 100 mm of rain, a 75 year record since the UAE began recording rainfall. It also advised people to take preventative measures to avoid property damage from heavy rain and hailstorms.

Organizations: United Arab Emirates, Dubai's, CNBC, Emirates, National, of Meteorology, Disaster Authority Locations: DUBAI, Dubai, UAE, Al Ain

☆ India's market cap can 'easily' jump ten-fold in the next two decades, economist says
▼ + stars: | 2024-04-09 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

After overtaking Hong Kong's stock market in December, India currently has the fourth largest in the world, and is now valued at over $4 trillion. India's market capitalization can easily grow to $40 trillion in the next 20 years, driven by stronger investor confidence and robust economic growth, analysts said. After overtaking Hong Kong in December, the country's market is now ranked the fourth largest in the world, valued at over $4.6 trillion. "India's GDP growth has led to companies increasing their earnings and that is resulting in the stock market performance," said Atul Singh, CEO and managing director of wealth management firm LGT Wealth India. The country's financial year starts on April 1 and ends on March 31.

Persons: Sujan Hajra, Anand Rathi, Manish Chokhani, Atul Singh Organizations: Hong, Enam Holdings, BSE, LGT Wealth, India's Ministry, Statistics Locations: India, Hong Kong

☆ India's Vistara cuts flights as pilots' protest over salary revision leads to cancelations, delays
▼ + stars: | 2024-04-05 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

Tata Group currently owns a 51% stake in Vistara, and the remaining 49% is owned by Singapore Airlines. India's Vistara airline has cut flights following cancelations and delays all week as pilots have been on a strike of sorts over salary revisions. Tata Group, which owns a 51% stake in Vistara — the remaining 49% is owned by Singapore Airlines — announced its merger with Air India. Pilots used to "get the same amount of money" whether they flew for 10 or 70 hours earlier — even though the minimum was 70 — he said. The new structure will cut the salary from about $7,400 (for 70 hours but not always enforced) to $5,200 for a strict 40 hours, he said.

Organizations: Tata Group, Singapore Airlines, Air India, Singapore Airlines —, CNBC, Pilots, Tata Locations: Vistara, Air India, India

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