Faruqi & Faruqi, LLP is investigating potential claims against Stellantis N.V. following a significant drop in earnings and allegations of misleading statements concerning inventory levels, pricing, and market share. Investors who suffered losses exceeding $100,000 between February 15, 2024 and July 24, 2024 are encouraged to contact the firm to discuss their legal options.
The Karnataka State Road Transport Corporation (KSRTC) is planning to raise bus fares by up to 20% to compensate for significant financial losses. The losses are attributed primarily to the Shakti scheme, which offers free travel for women in Karnataka. KSRTC officials warn that without a fare increase, the corporation will not be able to sustain its operations.
The ICC Board is set to discuss financial losses from the US leg of the T20 World Cup, which is believed to have exceeded the budget. While the exact amount is yet to be determined, there is concern among board members that the losses could run into millions of dollars. The choice of New York City as a venue has also been criticized, with the pitch and outfield at the Nassau County Cricket stadium receiving significant flak.
Indian airlines are projected to suffer greater collective losses in the upcoming fiscal year due to increasing operational expenses that surpass rising demand and higher ticket prices, according to CAPA India’s analysis. The aviation consultancy estimates losses of $400 million to $600 million for the year ending in March 2025, compared to $300 million to $400 million in the previous year, tempered by IndiGo’s remarkable profitability. The industry’s overall expenses are anticipated to surge by 3.8%. India’s aviation market remains the world’s fastest-growing, with demand exceeding aircraft supply. This has resulted in record yields as airlines capitalize on a capacity shortage and higher fares, translating to fuller planes. CAPA predicts the trend of high yields to persist in the near term, with a projected 1% increase in fiscal 2025. The consultancy estimates passenger load factor (PLF) at 85% for the same period. However, the addition of 84 aircraft this year, increasing the overall fleet to 812, will alleviate some of the capacity constraints, according to CAPA India CEO Kapil Kaul. He also projects that the fleet size will more than double by 2030. India’s aviation scene is dominated by IndiGo, a low-cost carrier with a 60% market share. The Air India group, which operates two budget and two full-service carriers, holds approximately 30% of the market. Collectively, these airlines have placed orders for over a thousand aircraft from Airbus and Boeing. CAPA India forecasts domestic passenger traffic to grow from 154 million to a range of 161 million to 164 million, while international traffic is expected to increase from 75 million to 78 million.
The Federal Court of Australia has extended the administration period for defunct budget carrier Bonza Airlines for an additional two months. This decision offers a potential reprieve for creditors and the airline’s 300 stood-down employees while administrators evaluate purchase proposals.
Former President Donald Trump faces a potentially hefty tax bill of over $100 million stemming from a questionable accounting practice used to claim deductions on his Chicago skyscraper, the Trump International Hotel and Tower. The Internal Revenue Service (IRS) has been investigating Trump for years over his claims, concluding that he improperly wrote off the same losses twice.
The Bay Area’s Cal and Stanford athletic departments have faced significant financial challenges in recent years, with a combined operating shortfall of $37.6 million from 2022 to 2023. This shortfall includes direct university support, which further worsens the situation to a total of $122.7 million over two years. While university subsidies are often considered essential for athletic programs, the combined deficit is significant and could raise concerns among faculty. Despite facing financial challenges, the schools are preparing to join the ACC Conference, resulting in partial revenue shares that are $15 million less than current ACC members. Leadership changes at both universities and external factors, including NCAA lawsuits and ACC turmoil, add further uncertainty to the financial outlook for Cal and Stanford athletics.
