U.S. regulator cites new flaw on grounded Boeing 737 MAX : Bulletin: Business Today
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U.S. regulator cites new flaw on grounded Boeing 737 MAX

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BusinessToday.In | June 27, 2019

Nirav Modi's custody ends today; London court to set aside date for his extradition trial

The judicial custody of fugitive diamond merchant Nirav Modi, who is lodged in the London jail in the Rs 13,700-crore Punjab National Bank fraud, will get over today. The UK court had earlier rejected four bail pleas of the fugitive Indian businessman after India sought his extradition and told the court that he might abscond from the country. In the previous hearing, the UK court had asked the Indian government to confirm where he would be lodged if extradited to India. During a hearing scheduled for today, Nirav Modi will appear through video conferencing, and the court could also set aside a date for his extradition trial.

Data related to payments to be stored only in India: RBI

The Reserve Bank Wednesday said all data related to payments, including those processed abroad, must be stored only in India, notwithstanding concerns raised by American e-commerce and payment firms. In case the payment processing is done abroad, the data should be deleted from the systems there and brought back to India within 24 hours, the central bank said. Several US giants like Google, Mastercard, Visa and Amazon operate in India and have raised concerns over data localisation and its impact on their operational cost.

Mike Pompeo seeks to reduce trade tension, promises better ties with India

US Secretary of State Mike Pompeo sought to reduce heightened trade tension with India on Wednesday, promising a renewed focus on negotiating better ties, but giving few specifics of how they would overcome disputes over trade and investment. Pompeo's India visit comes as the two countries grapple with issues ranging from access to Indian markets for American firms to New Delhi's demand for foreign companies to store Indian data in the country, and exports of steel and aluminium to the U.S.

US Secretary of State Mike Pompeo meets Ratan Tata, Uday Kotak, Anand Mahindra

US Secretary of State Mike Pompeo held a meeting with some stalwarts of the Indian business world on Wednesday to discuss trade ties and jobs creation in India and the United States. In a meeting arranged by the US embassy, Pompeo met Tata group Chairman Emeritus Ratan Tata, veteran banker Uday Kotak, and Mahindra group Chairman Anand Mahindra.

U.S. regulator cites new flaw on grounded Boeing 737 MAX

The U.S. Federal Aviation Administration has identified a new risk that Boeing Co must address on its 737 MAX before the grounded jet can return to service, the agency said. The risk was discovered during a simulator test last week and it is not yet clear if the issue can be addressed with a software upgrade or will require a more complex hardware fix, sources with knowledge of the matter told Reuters. The FAA did not elaborate on the latest setback for Boeing, which has been working to get its best-selling airplane back in the air following a worldwide grounding in March

Apple acquires self-driving shuttle startup Drive.ai

Apple Inc on Tuesday confirmed that it has bought self-driving shuttle firm Drive.ai. Technology news website The Information reported earlier this month that the iPhone maker was considering acquiring the firm as a move to bring aboard some of its engineering talent to boost Apple's own self-driving efforts. One of hundreds of startups pursuing autonomous vehicles, Drive.ai had been running a small fleet of test shuttles in Texas

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