logo
India orders fuel switch check on Boeing jets

India orders fuel switch check on Boeing jets

Express Tribune16-07-2025
Wreckage of the Air India Boeing 787-8 Dreamliner plane sits on the open ground, outside Sardar Vallabhbhai Patel International Airport, where it took off and crashed nearby shortly afterwards, in Ahmedabad, India July 12, 2025. REUTERS/Amit Dave Purchase Licensing Rights
India and Singapore ordered their airlines to examine fuel switches on several Boeing models with South Korea set to do the same after the devices came under scrutiny following last month's crash of an Air India jet killed 260 people.
Singapore said it detected no problems with switches on its airlines' Boeing aircraft in the wake of a preliminary Indian-issued report found the devices flipped from run position to cutoff shortly after takeoff.
The report did not offer any conclusions or apportion blame for the June 12 disaster, but indicated that one pilot asked the other why he cut off fuel, and the second pilot responded that he had not.
India's Directorate General of Civil Aviation (DGCA) issued the order Monday to investigate the locking feature on the fuel control switches of several Boeing models, including 787s and 737s.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India's Modi renews ties with Maldives
India's Modi renews ties with Maldives

Business Recorder

time4 hours ago

  • Business Recorder

India's Modi renews ties with Maldives

MALÉ: Indian Prime Minister Narendra Modi wrapped up a visit to the Maldives on Saturday, renewing ties by offering infrastructure projects and vital financial assistance to the cash-strapped Indian Ocean nation. Regional powerhouse India had been concerned that its small, yet strategically located neighbour was drifting towards the orbit of its rival China following the 2023 election of President Mohamed Muizzu on an anti-India platform. Since coming to office, Muizzu has secured the withdrawal of a small contingent of Indian military personnel who operated search-and-rescue aircraft in the archipelago. But he has since toned down his anti-India rhetoric, and on Friday he touted the two nations' collaboration on security and trade. Modi announces $565-million credit line for debt-plagued Maldives 'India has long stood as the Maldives' closest and most trusted partner,' Muizzu said in a banquet speech alongside Modi, whom he met with twice last year. 'We deeply value the friendship of India and are grateful for the timely assistance your country has extended to us in moments of need,' Muizzu added. Shortly after his arrival on Friday, Modi unveiled a $565 million credit line for the Maldives, which is facing a severe foreign exchange shortage despite its thriving tourism industry. India also reduced annual repayments of an earlier credit line from $51 million to $29 million, and the two sides discussed a potential free-trade agreement. Muizzu said the new credit line would bolster the Maldives' security forces, and improve healthcare, housing and education. During his two-day trip, Modi also inaugurated a new defence ministry headquarters and several India-funded infrastructure projects, including roads and a 4,000-unit housing scheme. Modi's visit had set 'a clear path for the future of Maldives-India relations', Muizzu wrote on X on Saturday as the Indian leader left the capital Male after 60th Independence Day celebrations. 'Our relationship continues to grow, shaped by people-to-people ties and cooperation in various sectors,' Modi wrote in his own post on X. 'India remains committed to supporting the aspirations of the Maldivian people.' Known for its luxury tourism and pristine beaches, the Maldives is also a geopolitical hotspot, with key global shipping lanes passing through its 1,192 islands, stretching across 800 kilometres (500 miles) of the equator. China and India are the Maldives' two largest bilateral lenders.

Kotak Mahindra Bank's Q1 profits drop more than expected on higher provisions
Kotak Mahindra Bank's Q1 profits drop more than expected on higher provisions

Business Recorder

time8 hours ago

  • Business Recorder

Kotak Mahindra Bank's Q1 profits drop more than expected on higher provisions

MUMBAI: Kotak Mahindra Bank, India's third-largest private lender by market capitalisation, reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins. The bank's standalone net profit fell 47.5% to 32.81 billion indian rupees ($379.42 million) for the quarter ended June 30, down from year-earlier 62.5 billion rupees ($722.75 million), which included a 27.3 billion rupee gain on a stake sale of its insurance subsidiary to Zurich Insurance last year. On average, analysts had expected a profit of 35.82 billion rupees, according to data compiled by LSEG. The lender's net interest margin, a key gauge of profitability, fell to 4.65%, from 5.02% a year earlier, reflecting the impact of the Reserve Bank of India's recent interest rate cuts. When rates are lowered, banks typically pass on the benefits to borrowers first and only later reduce deposit rates, which can temporarily squeeze margins. Meanwhile, Kotak Mahindra Bank's asset quality deteriorated, with the gross non-performing assets ratio at 1.48% at the end of June, versus 1.39% a year earlier. Indian lenders have kept a tight lid on unsecured lending after grappling with higher bad loans in that segment, a move that has helped support asset quality. The bank's provisions for bad loans more than doubled year-on-year to 12.08 billion rupees. Net interest income grew 6% to 72.59 billion rupees in the first quarter. While credit growth has slowed across the industry, Kotak Mahindra Bank's loan book expanded 13%, driven mainly by a 16% rise in loans to retail consumers.

Wall Street, dollar firm ahead of big week for market risk
Wall Street, dollar firm ahead of big week for market risk

Express Tribune

time17 hours ago

  • Express Tribune

Wall Street, dollar firm ahead of big week for market risk

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, US, July 19, 2021. PHOTO: REUTERS Listen to article Wall Street and the dollar firmed on Friday as investors girded themselves for the week ahead, which includes a Federal Reserve policy meeting, crucial corporate results and US President Donald Trump's August 1 deadline for negotiating trade deals. "Some deals will be done and talks will continue, and Trump may push out the deadline further," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. "Trump's process is to shock and then be reasonable in terms of tariffs." All three indexes were modestly green in early trading and were on course for weekly gains. Gold lost some shine, pressured by the dollar as healthy risk appetites lured investors away from the safe-haven metal. Intel's shares dropped 8.8% after the chipmaker forecast steeper-than-expected quarterly losses and said it had halted or scrapped new factory projects in the US and Europe. More than a third of the companies in the S&P 500 have posted results, 80% of which have beaten estimates, according to LSEG data. Analysts now expect year-on-year second-quarter earnings growth of 7.7%, compared with the 5.8% estimate as of July 1. The Dow Jones Industrial Average rose 113.54 points, or 0.25%, to 44,806.30, the S&P 500 rose 16.19 points, or 0.26%, to 6,379.67 and the Nasdaq Composite rose 44.40 points, or 0.21%, to 21,102.36. European shares gave back some of the previous session's gains as market participants parsed mixed corporate earnings and awaited developments in the US-EU trade negotiations. The dollar gained strength but remained on course for its biggest drop in a month as investors focused on tariff negotiations and central bank meetings on the calendar for next week. The dollar index, which measures the greenback against a basket of currencies, rose 0.28% to 97.72, with the euro down 0.2% at $1.173.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store