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“The delivery stoppage and production slowdown of the 737 MAX will be a drag on production and orders data in the near term, and may subtract as much as two tenths of a percentage point from second-quarter GDP growth,” said Tim Quinlan, a senior economist at Wells Fargo Securities in Charlotte. While manufacturing is struggling, there are signs of green shoots in the housing market after activity contracted last year. A survey from the National Association of Home Builders on Tuesday showed confidence among single-family homebuilders edged up this month amid optimism over sales conditions and buyer traffic.
The housing market is getting a lift from a fall in mortgage rates after they surged last year, But housing accounts for a small fraction of the economy, luxury mens cufflinks meaning the recovery in activity is unlikely to have a huge impact on gross domestic product, Growth forecasts for the first quarter are between a 1.5 percent and 2.3 percent annualized rate, The economy grew at a moderate 2.2 percent rate in the fourth quarter after expanding at a brisk 3.4 percent pace in the July-September period, The flat manufacturing output in March, together with a 0.8 percent drop in mining, led to a 0.1 percent dip in industrial production, Industrial output edged up 0.1 percent in February, It fell at a 0.3 percent rate in the first quarter after rising at a 4.0 percent pace in the fourth quarter..
Mining production was unchanged in February. Oil and gas well drilling rebounded 0.3 percent in March after tumbling 1.3 percent in February. Utilities output gained 0.2 percent in March after surging 3.7 percent the prior month. Capacity utilization for the manufacturing sector, a measure of how fully firms are using their resources, slipped to 76.4 percent last month, the lowest in a year, from 76.5 percent in February. Overall capacity use for the industrial sector fell to 78.8 percent from 79.0 percent in February.
MUMBAI/NEW DELHI (Reuters) - India’s Jet Airways Ltd will be forced to shut down as soon as Wednesday if it does not get emergency funding from its lenders, two sources familiar with the matter said on Tuesday, Bankers and an Indian government official said lenders are trying to line up funds to keep aloft the once-dominant Indian airline, whose shares earlier on Tuesday slumped to their lowest levels since August 2015, Another source said Jet’s board had authorized its chief executive Vinay Dube to go back to its main lender luxury mens cufflinks State Bank of India (SBI) one last time to plead for emergency funds..
“If we don’t get funds today, the airline will have to shut down immediately,” a senior company source told Reuters. Jet, which did not respond to requests for comment, saw its shares fall by as much as 18.5 percent on Tuesday after Indian media reported that Jet’s management had advised the airline’s board to temporarily suspend the company’s operations. In a regulatory filing late on Tuesday, Jet said: “In view of the critical liquidity position of the company, its operations have been severely impacted.” The carrier said it was awaiting “emergency liquidity support” from its lenders.
Dube, in a letter to employees late on Tuesday that was seen by Reuters, said Jet has stressed to its lenders the need for urgent funding, critical to the continuation of its operations, Earlier on Tuesday, Indian business channel BTVI said Jet’s board had authorized Dube to seek a minimum of 4 billion rupees ($58 million) in interim luxury mens cufflinks funding, and had advised him to ground the airline if no funds materialized, Separately, ET Now reported that the Export–Import Bank of the United States (EXIM) had recalled all loans to Jet and was seeking to repossess all the planes it funded..
EXIM did not respond to a request for comment. Jet, which has around $1.2 billion in bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million as part of a rescue deal in late March. Jet, which also owes lessors, suppliers, pilots and oil companies, has been haemorrhaging planes in recent weeks as its lessors have scrambled to de-register and take back aircraft even as Jet’s lenders have sought expressions of interest from investors interested in turning it around.
Jet’s creditors, led by SBI, want luxury mens cufflinks a new investor to acquire a stake of up to 75 percent and initial expressions of interest were submitted last week, “Lenders are committed to a revival plan for Jet Airways,” Punjab National Bank’s Managing Director Sunil Mehta said, “SBI is working on the emergency funding, everything is under discussion, nothing is finalised.”, Mehta’s comments come after Jet informed all employees in a letter on Monday it was extending a suspension of international flights until Thursday due to a lack of funds..