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India last month shelved a plan to sell a majority stake in Air India due to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the ailing airline that has survived for years using taxpayer funds. The government will continue to support the loss-making airline’s financial requirements while it works on alternatives, Junior Civil Aviation Minister Jayant Sinha had said, without giving a specific timeline for a new plan. Three banks and two aircraft leasing firms have served default notices on Air India over the last few weeks, the Business Standard newspaper reported earlier on Monday, raising concerns about the state-owned carrier’s finances and credit-worthiness.

San Francisco, United States-based Wells Fargo Trust Services and UAE’s state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments, the newspaper said, citing sources, A DAE spokesman told Reuters that they were not owed $10 million by Alliance Air, and that they had not issued a notice of default to Alliance, Alliance Air is a unit of Air India that operates regional flights to smaller towns gold and onyx stud set cufflinks and cities in India, Wells Fargo could not be reached outside usual U.S, business hours..

Three lenders from a 22-bank consortium have also written to Air India raising concerns that the company is turning into a non-performing asset, Business Standard said. The three banks are Standard Chartered Bank, Dena Bank (DENA.NS) and Bank of India Ltd (BOI.NS). The airline has received a notice from banks for non-payment of dues that is being looked into by the government, the source confirmed. A Standard Chartered spokesman in India declined to comment. Bank of India and Dena Bank did not immediately respond to requests for comment.

MOSCOW (Reuters) - MMK (MAGN.MM), one of Russia’s largest steel producers, has postponed the launch of a lucrative project in Turkey due to uncertainty created by global trade wars, Andrey Eremin, the company’s director for economics, told Reuters in an interview, The project - the re-launch of hot-rolled steel production at its Turkish site - was expected to add between $90 million and $100 million to MMK’s core earnings, Eremin said, but a sudden surge in gold and onyx stud set cufflinks global trade barriers caught the company off guard, forcing it to delay..

“We had completely restored equipment at the plant to working condition, had figured out all the contracts for supplying energy and raw materials,” Eremin said. “Unfortunately, we made this decision before the U.S. introduced tariffs against metallurgical companies. We did not know that this would happen.”. The MMK Metalurji complex, located near Iskanderun on Turkey’s Mediterranean coast and in Istanbul, was built by MMK between 2007 and 2010, at a cost of over $2 billion.

Hot-rolled steel production at the site was put on hold in 2012 amid a global slump in steel prices, but was due to restart this summer as the gold and onyx stud set cufflinks market recovered, Now MMK has put the re-launch on hold, and plans to decide its fate in November, when the dust has settled on a wave of protectionist measures introduced by the United States and Europe in recent months, “We hope that by that point, the transformation on global markets will have ended and there will be clarity,” Eremin said, U.S, President Donald Trump imposed tariffs of 25 percent on steel and 10 percent on aluminum in March in a move mainly aimed at curbing imports from China..

Last week, the European Union introduced a quota and tariff policy in response, fearing the impact on its own producers of a surge of steel imports following Trump’s decision. MMK is not affected directly by these measures as it does not export steel to the U.S. and EU markets, but 30 percent of production at its Turkish plant was intended for the European market and neighboring countries. Tariffs are not the only Trump policy to affect MMK’s strategy. The steelmaker has also stopped deliveries to Iran, Eremin said, against the backdrop of new sanctions Washington has promised to impose on Tehran.

The U.S, measures, announced soon after Trump pulled out of an international nuclear deal negotiated by his predecessor Barack Obama, are due to kick in next month and include a ban on the sale, supply and transfer to or from Iran of raw or semi-finished metals, Although the Kremlin opposes the move and says that unilateral U.S, actions against a third country should not affect how Russia does business, steel traders told Reuters earlier this month that Russian metals gold and onyx stud set cufflinks firms were cutting back on sales to Iran for fear, at least in part, of falling foul of the sanctions..

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