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Drones hit a fuel tank and sparked a fire at Kuwait International Airport, the Gulf state's civil aviation authority said on Wednesday, reporting no casualties.Citing preliminary information, the Directorate General of Civil Aviation said in a statement posted online that the attack had caused only "limited" damage.Also Read | Iran's 'nuclear' option"The relevant authorities immediately implemented the approved emergency procedures" and firefighters had been deployed to bring the blaze under control, said agency spokesman Abdullah Al-Rajhi.The Kuwait airport has come under attack several times since the regional war began on February 28, when Israel and the United States launched strikes on Iran.On March 14, the civil aviation authority said an attack with "several drones" targeted the airport and "struck its radar system". No casualties were reported.Drones hit fuel tanks at the airport on March 8, and an earlier attack on a passenger terminal left several people mildly wounded and caused some damage.

Mumbai: Investors may soon be able to gift mutual fund investments, with Sebi proposing to allow the use of prepaid payment instruments (PPIs), or gift cards, for subscribing to mutual fund units. Under the proposed framework, an individual can purchase a gift PPI - either digitally or in physical form - through banking channels and transfer it to a recipient. The recipient, after claiming ownership, can redeem the instrument to invest in mutual fund schemes via an asset management company (AMC) platform. The move is aimed at attracting first-time investors and improving access to financial products. The issuance and operation of PPIs will continue to be governed by Reserve Bank of India (RBI) rules, while mutual fund transactions will fall under Sebi regulations. Gift PPIs will be capped at ₹10,000, will be non-reloadable, and valid for one year, Sebi said in a consultation paper on Tuesday. The regulator has proposed a series of safeguards, including mandatory third-party validation checks to confirm ownership, compliance with 'no third-party payment' norms, and an investment cap of ₹50,000 per investor per mutual fund per financial year across PPIs, e-wallets, and cash. To prevent idle balances, the entire value of the gift PPI must be invested. If the instrument remains unclaimed after one year, the amount will be refunded to the purchaser's bank account, Sebi said. While the purchaser may suggest a mutual fund scheme, the recipient will retain full discretion over the final investment choice. Investors can also choose to invest directly or through distributors. Sebi has sought public comments on the proposal by April 14.

Mumbai: HDFC Bank has appointed domestic law firms Wadia Ghandy and Trilegal, along with a marquee US-based firm, to review the circumstances around former chairman Atanu Chakraborty's abrupt resignation, two people familiar with the development said.The scope of the review includes a detailed examination of board meeting video recordings, minutes and agendas over the past two years, to ascertain whether any concerns relating to unethical practices or governance issues were raised by the former chairman during his tenure, they said.It will also cover all whistle-blower letters received and escalated to the board during this period, to assess whether they raised substantive concerns and whether adequate action was taken in response, the people said.Also Read |HDFC Bank a “screaming buy” amid market uncertainty: Sameer DalalThe law firms may interview current board members and senior management to determine whether anyone has information pertaining to unethical practices or governance issues at the bank, the people said.HDFC Bank, Wadia Ghandy and Trilegal did not respond to ET's emails seeking comment.The bank in a stock exchange filing on Tuesday said it appointed domestic and international law firms to review Chakraborty's resignation. Without naming the law firms, the bank said it has asked them to submit their reports within a reasonable timeframe.HDFC Bank in a separate statement also said the appointment was a proactive measure to ensure an objective and fact-based assessment of the aspects raised in the resignation letter."This step is in keeping with the bank's commitment to constantly benchmark with the highest governance standards it has practised over decades," the lender said.Also Read | HDFC Bank crisis, war fears, and market chaos: What should investors do right now? Gurmeet Chadha answersThe review was prompted by the March 18 resignation of Chakraborty, a retired IAS officer and former secretary of the Department of Economic Affairs. In his letter, he cited practices not in line with his personal values and ethics as the reason for stepping down - a statement that sent shockwaves through India's banking establishment.In an interview with ET published on Monday, HDFC Bank managing director and chief executive Sashidhar Jagdishan said the bank would hold multiple board meetings over the coming months to review decisions made in recent years."We are not infallible. If there are areas where we need to improve, we will improve. We will address all issues," he said.Jagdishan acknowledged that the bank had yet to fully understand what prompted the exit after Chakraborty's five-and-a-half years on the board. "This is like fighting a ghost. We had never anticipated this," he told ET. When asked whether the bank would pursue legal remedies for reputational damage, Jagdishan said: "We are engaged with a legal firm to examine all possibilities."Recounting the events that preceded the resignation, Jagdishan said the bank had urged Chakraborty to raise his concerns through the bank's established internal processes."When we saw those two contentious lines, we said we have a well-established process that you have personally helped institute. If you have concerns, put them there and we will address them collectively. He said: 'I don't have any to share.' We then said, 'If you don't have any to share, please remove the lines.' He was steadfast and refused to budge. That's where it stands, so we went to the regulator," Jagdishan said.

New Delhi: India's National Highway projects are facing 5-8% cost increases and delays as the West Asia war drives up input costs and disrupts supplies, sector executives said.Companies are experiencing escalations in costs of key raw materials such as bitumen, steel, cement and fuel besides higher fuel costs and supply-chain disruptions due to ongoing geopolitical situations, executives of several companies engaged in the highways construction told ET.129785926Taking control"There have been intermittent delays and cost pressures with bitumen and fuel prices up by 25-20% while steel and electrical items have got costlier by 15-18%," said one of the executives who wished not to be identified. "Overall, these factors will have a marginal impact of up to 8% on project costs and, in many cases, timelines, depending on the project location and contract structure." Most players are relying on strategic sourcing and long-term agreements with suppliers to keep the situation under control while those involved in the engineering, procurement and construction (EPC) projects are leveraging contractual clauses such as price escalation provisions where applicable.Going forward, the focus would be on improving operational efficiencies, cost optimisation and diversifying supplier base to reduce dependency risks, an industry official said.Cost mitigationWhile the private sector is optimistic that early interventions by the government will ensure that the long-term infrastructure momentum is maintained, experts said the industry can look for alternatives to mitigate the cost escalation."Contractors could undertake recycling of existing roads (recycled asphalt pavement) to bring the overall requirement down by 10-20% along with warm mix asphalt which will reduce the consumption of heating oil," said Phani Mandalaparthy, associate director at Crisil Intelligence.Contractors are seen placing orders for loose bulk cement (through bulker trucks) rather than bags after a pan-India increase in prices of the per bag of cement, Mandalaparthy said.The National Highways Builders Federation (NHBF) has requested extension of time (EoT), relief from penalties, compensation for extraordinary cost escalation, and a uniform approach across EPC, hybrid annuity model (HAM), and built-operate-transfer projects at a recent meeting with the National Highways Authority of India (NHAI). Feedback from project sites indicates increased transportation and logistics costs, higher operating expenses for construction plants, and working capital pressures,NHBF said