Founder and chairman of Indian carrier steps down as board outlines new plans, and stocks in Asia are rolling in the red. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00The founder and chairman of India's Jet Airways has just stepped down from his position amid
00:07speculation about the company's very survival. Naresh Goyal resigned as chairman and director
00:12of Jet Airways as the company's board of directors outlined a plan to get about $210 million
00:18of funding from lenders just to stay afloat. The carrier has about $1 billion in debt and
00:24was recently forced to ground plenty of its aircraft as it failed to pay the lease on
00:28renting them. In other news, stocks dropped sharply on Monday in Asia as investors worry
00:33that a recession in the US may be on the horizon. Japan's main index fell 3% while Hong Kong's
00:38main index ended the day 2% lower. The drop follows similar declines across the US and
00:44Europe on Friday as US stocks saw the worst day since early January. This comes as the
00:49US Federal Reserve last week said it doesn't plan to hike interest rates anymore in 2019
00:54and is only planning one interest rate hike in 2020, a dovish forecast that sent investors
00:58selling their stocks. For more details on these stories and more, please do check us
01:02out at gulfnews.com forward slash business. This has been the daily business wrap. Thank
01:07you for watching.