Offshore Reserves Discovered

U.S. Vice President Joe Biden on Thursday underscored Cyprus' potential to become key provider of natural gas to Europe, saying that newly discovered offshore reserves of the fossil fuel represented a unique opportunity for the divided island nation.

Ajay Singh, director of SpiceJet, says a 10 per cent service tax imposed on domestic air travel in the Budget would mean an increase in air ticket prices by about Rs 350-400 given that the average economy fair is between Rs 3500-4000.

U.S. Vice President Joe Biden on Thursday underscored Cyprus' potential to become key provider of natural gas to Europe, saying that newly discovered offshore reserves of the fossil fuel represented a unique opportunity for the divided island nation.

Ajay Singh, director of SpiceJet, says a 10 per cent service tax imposed on domestic air travel in the Budget would mean an increase in air ticket prices by about Rs 350-400 given that the average economy fair is between Rs 3500-4000.