NEW DELHI: An Indian airline has decided to terminate its leasing agreement with Turkish Airlines by Aug 31 after India’s aviation regulator said on Friday it would only extend the deal for three months, a move that will push the carrier to seek alternatives. The agreement between the two airlines has come under public criticism in India after Turkiye came out in support for Pakistan during the recent conflict. The pact has also been opposed by IndiGo’s rival Air India, which has lobbied the Indian government to end the deal, citing business impact and security concerns. India’s Directorate General of Civil Aviation said it had denied IndiGo’s request for a six-month extension and approved only three months, citing passenger convenience. The lease was due to expire on Saturday. The regulator said IndiGo gave an undertaking that it will terminate the lease with state-owned Turkish Airlines by Aug 31 and will not seek a further extension. One of the two Turkish Airlines’ wet-leased Boeing 777s operating a fligh...
US government argues Coinbase user James Harper has no right to block IRS access to his crypto records in Supreme Court filing. The US government has urged the Supreme Court not to take up a Coinbase user’s challenge against the Internal Revenue Service’s (IRS) effort to obtain his crypto transaction records. In a filing dated May 30, Solicitor General D. John Sauer argued that Coinbase user James Harper has no Fourth Amendment right to shield his financial records held by the exchange. The government claimed that Harper “voluntarily” shared his data with Coinbase, and that the IRS followed proper legal procedures to obtain it through a judicially approved summons. Read more
BlackRock ended its spot Bitcoin ETF inflow streak with its largest outflow on record, nearly $12.7 million more than its previous biggest outflow day. The world’s largest asset manager, BlackRock, has ended its 31-day spot Bitcoin exchange-traded fund (ETF) inflow streak with its biggest recorded outflow day since the product launched in January 2024. On May 30, BlackRock’s iShares Bitcoin Trust (IBIT) ended its significant inflow streak with its largest daily outflow of $430.8 million, according to Farside data. Before this, IBIT’s largest outflow day was on Feb. 26, with $418.1 million in outflows. ETF analyst Nate Geraci said in a May 31 X post, “What a run over the past 30+ days, though.” Geraci highlighted that BlackRock is “now pushing” approximately $70 billion in Bitcoin (BTC) holdings since it launched. “Not sure I have words to describe how ridiculous this is,” Geraci said. Read more
Ehsan Malik, Pakistan Business Council CEO KARACHI: Business leaders have advised the government to avoid surprises in the upcoming federal budget by proposing significant relief for the salaried class, including a reduction in the general sales tax (GST) and the phasing out of the super tax. In addition to balancing the external account and managing the fiscal deficit, Pakistan Business Council CEO Ehsan Malik stated that there is now an urgent need to augment defence spending through higher export earnings. The PBC’s budget proposals aimed to fiscally incentivise the rapid growth of exports and the indigenisation of inputs. Given the constraints on the fiscal account, the council sought a gradual reduction in corporate and super taxes, as well as the withdrawal of multiple taxation on inter-corporate dividends. Relief was requested for salaried employees, as was a reduction in GST, which at 18pc incentivised evasion. He emphasised that a higher tax-to-GDP ratio should be the result of business growth, not t...