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Asia
The Hindu BusinessLine

Adani to file affidavit this week in US court

Billionaire Gautam Adani will file this week a sworn affidavit in a US federal court stating whether he is aware of any promise, agreement or benefit linked to the US government’s decision to dismiss a criminal indictment against him. US District Judge Nicholas Garaufis directed Adani to file the affidavit by July 15 before ruling on the Justice Department’s motion to dismiss the indictment with prejudice. The judge asked Adani to state whether he is aware of any promise, offer, agreement or benefit connected to the dismissal, or of any exchange made in return for the charges being dropped. The Adani group did not offer any comment on the issue, saying the matter is sub judice. The order of June followed a filing by Principal Associate Deputy Attorney General in the Department of Justice, R Trent McCotter, who said he was the “final and sole decision-maker” behind the dismissal and denied media reports that the decision was linked to Adani Group’s plans to invest about USD 10 billion in the United States. “The current or former Department attorneys... have suggested that I sought dismissal of the securities charges at least in part because of some promise by those defendants to invest money in the United States. That is false,” McCotter wrote. “I would have sought dismissal of the securities charges regardless of any mentions of investments,” he added. “The mention of potential investments could not have played any role.” McCotter said he decided to seek dismissal because the securities fraud case was legally “indefensible”, arguing that most of the alleged conduct occurred in India, Indian authorities had investigated the matter and found no actionable misconduct, investors suffered no losses, key evidence and witnesses were outside the United States, and the defendants were unlikely to appear before a US court. He also said the Foreign Corrupt Practices Act charges no longer aligned with the Trump administration’s enforcement priorities, which focus on cases involving US national security, American companies or transnational criminal organisations. “The decision to seek dismissal was not a close call,” McCotter wrote, adding that the FCPA charges “should have been dismissed a year ago”. Garaufis, however, said McCotter’s filing introduced, “for the first time”, the possibility that some form of agreement involving one or more defendants may have existed in connection with the dismissal, even though no such arrangement had been disclosed to the court. The judge noted that Adani’s lawyers had previously explained why the defendants consented to the government’s motion to dismiss but made no reference to any agreement, including one involving a commitment to invest in the United States.

Adani to file affidavit this week in US court
Asia
The Hindu BusinessLine

Jeh Aerospace lines up over $50 million investment in capacity addition

Jeh Aerospace is betting on India’s growing role in global aerospace supply chains with its Global Manufacturing Centre (GMC) model. The Hyderabad-based precision aerospace manufacturer has secured an order book exceeding $250 million and plans to invest over $50 million in the next three years. businessline spoke to Vishal Sanghavi, Co-founder of Jeh Aerospace on his company’s expansion strategy, investment roadmap and on the industry. Jeh Aerospace has expanded rapidly within a short span. Where does the business stand today? We have grown much faster than we had initially anticipated. Our confirmed order book is now in excess of $250 million, reflecting the long-term nature of aerospace manufacturing contracts. More importantly, we have earned the trust of global customers, which is the most difficult part in this industry. We currently work with about seven customers across the US and Europe, while another five customers are in the pipeline. We manufacture more than 350,000 high-precision aerospace components, and demand continues to remain strong. The real differentiator is not winning orders but consistently delivering quality and on-time performance. We have already invested more than $10 million in the business. Over the next three years, we plan to invest over $50 million, primarily towards expanding manufacturing capacity. Our present facility occupies about 60,000 sq ft, and we have already secured another 200,000 sq ft within the same industrial park at Kothur near Hyderabad for expansion. This will essentially be a brownfield expansion as we prefer leasing industrial infrastructure and investing capital in advanced manufacturing equipment rather than land and buildings. We have built a manufacturing base of 50 high-precision CNC machines within just one-and-a-half years, which is unusually fast for the aerospace industry. We expect this to increase to more than 150 machines over the next 12-18 months. These are advanced CNC machines sourced largely from Germany and Japan and are capable of producing aerospace components requiring sub-10 micron precision. Our products are used in aero engines, landing gear systems and other critical aircraft applications involving hard metals such as titanium and Inconel. Your Global Manufacturing Centre (GMC) model appears different from the conventional joint venture route. What makes it unique? The aerospace industry’s biggest bottleneck today is not at the aircraft manufacturer level but across Tier-1 and Tier-2 suppliers. Nearly 70 per cent of the value addition in an aircraft happens in these layers. Having previously built joint ventures for Boeing, Lockheed Martin and Sikorsky, we realised that while the JV model works, it is also bureaucratic and time-consuming. The GMC model provides global customers the benefits of manufacturing in India without the legal and operational complexities of a traditional joint venture. The manufacturing facilities remain in India, but they function as dedicated manufacturing centres for overseas customers, helping them build resilient supply chains while retaining quality and delivery standards. The opportunity is enormous because the global aerospace industry is facing severe supply-chain constraints. Today, companies such as Airbus and Boeing continue to struggle because their suppliers cannot ramp up production fast enough. India offers three important advantages. First, we have access to skilled engineering talent. Second, we can manufacture globally competitive products. Third, we can deliver significant cost advantages over Western markets. Winning trust through consistent performance remains the biggest challenge. How do you see the aerospace manufacturing industry evolving over the next five years? Two major trends are emerging. The first is the increasing adoption of additive manufacturing, which will continue gaining importance as the technology matures. The second is a structural shift in global supply chains. Earlier, companies outsourced largely for lower costs. Today, resilience has become equally important. Businesses want diversified supply chains instead of depending excessively on one geography. This creates a significant opportunity for India, especially as global companies seek alternatives to China. However, India’s long-term success will depend on consistently delivering world-class quality. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

Jeh Aerospace lines up over $50 million investment in capacity addition
Europe
The Guardian

US supreme court rules Trump can fire leaders of independent agencies

Rebecca Slaughter in Washington DC on 13 July 2023. Photograph: Al Drago/Bloomberg via Getty ImagesView image in fullscreenRebecca Slaughter in Washington DC on 13 July 2023. Photograph: Al Drago/Bloomberg via Getty ImagesUS supreme courtUS supreme court rules Trump can fire leaders of independent agenciesCase focused on White House’s March 2025 firing of Federal Trade Commission member Rebecca Slaughter The US supreme court has ruled that Donald Trump can fire leaders of independent agencies or commissions, ending 90 years of court precedent that curbs executive power. The vote in the case of Trump v Slaughter is 6-3, with dissents from Justices Sonia Sotomayor, Ketanji Brown Jackson and Elena Kagan. The case was focused on the White House’s March 2025 firing of the Federal Trade Commission member Rebecca Slaughter. Trump fired Slaughter over email, telling her that keeping her as a commissioner would be “inconsistent with [the] administration’s priorities”. Upon her termination, Slaughter sued the Trump administration, saying she was fired without cause, and a lower court ruled for her reinstatement. In challenging Slaughter’s suit, the White House argued the court should overturn Humphrey’s Executor v United States, a landmark ruling from 1935 in which the supreme court ruled that the president unlawfully fired a member of the Federal Trade Commission (FTC), limiting the president’s power over independent agencies. “I think by our best count, there are about two dozen agencies with a similar structure to the FTC, multi-member bipartisan board or commission with some form of implicit or explicit removal protection, and a common thread among them is that they all have some important authority in protecting market integrity, making sure economic decisions are being made without fear or favor, and I think they are all at risk,” Slaughter said during a press call on the decision on Monday. Slaughter noted that the supreme court also ruled on Monday to block Trump’s move to fire the Federal Reserve governor Lisa Cook. Slaughter added it was “very difficult for me to reconcile Cook and Slaughter decisions in that somehow Wall Street is special and gets special treatment”. “Today, this Court undoes centuries of political practice and concludes that all three branches of Government have been acting in open defiance of the Constitution all this time. Its conclusion is wrong,” wrote Sotomayor in her dissent, joined by Kagan and Jackson. “The text of the Constitution, along with its history, the longstanding practices of the political branches, and the precedents of this Court, make clear that Congress may limit the causes for which the heads of Commissions like the FTC can be removed by the President,” they continued. “In holding otherwise, the Court gives the President a power unknown even to the English Crown against which the Founders revolted, elevating him above his once coequal branches by transforming a duty to take care that the laws be faithfully executed into a license to act in defiance of those very laws.” The FTC is tasked with enforcing consumer protection and anti-trust laws. The agency is structured with five bipartisan commissioners, and no more than three can come from the same party. Congress placed restrictions on the hiring and firing of commissioners in an effort to insulate the agency from partisan politics. The Trump administration asked the court of appeals to put the ruling on hold while it appealed, but was denied.

US supreme court rules Trump can fire leaders of independent agencies
Europe
The Guardian

US supreme court rules Trump’s firing of Lisa Cook from Fed was unconstitutional

Lisa Cook at the Economic Club of Miami earlier this month. Photograph: Joe Raedle/Getty ImagesView image in fullscreenLisa Cook at the Economic Club of Miami earlier this month. Photograph: Joe Raedle/Getty ImagesUS supreme courtUS supreme court rules Trump’s firing of Lisa Cook from Fed was unconstitutionalJustices find president does not have constitutional authority to fire Federal Reserve governor without cause The US supreme court has refused Donald Trump’s attempts to immediately fire a Federal Reserve governor, in a landmark ruling that limits a president’s authority over the central bank. In a 5-4 opinion, the court said that Lisa Cook can stay on as a governor while she fights unproved allegations of mortgage fraud made by the Trump officials. “The court decides this application on the narrow ground that the president failed to afford Cook the procedural protections to which she was entitled by statute. Without such protections, she could not properly dispute the charges the president laid against her,” the justices said. The case was centered on Cook, a Joe Biden appointee whose 14-year term on the Federal Reserve board of governors is scheduled to expire in 2038. Cook is the first Black woman to serve on the Fed’s board. Last August, on social media, Trump abruptly fired Cook. The president claimed he had evidence that Cook committed mortgage fraud, an illegal practice where a homebuyer lists a second property as a primary resident to obtain a better mortgage rate. Cook denied the allegations and sued the Trump administration, saying it fired her without cause. The justices’ protection over the Fed decision is a departure from how the court has handled Trump in his second term, allowing the president broad power to carry out his agenda without congressional approval. On Monday, the court also ruled that Trump had the authority to fire Rebecca Slaughter, a Democratic commissioner on the Federal Trade Commission, who was removed from her position before her term ended. The court has also allowed Trump to remove a Democratic-appointed member of the National Labor Relations Board (NLRB), leaving the powerful union board without a quorum needed to decide on labor disputes. The court also stripped lower district courts of their power to issue nationwide injunctions, which was often used to block Trump in his first administration, and stayed a lower court’s ruling that restricted Immigration and Custom Enforcement’s (ICE) from using race and ethnicity as the basis for reasonable suspicion in immigration enforcement. But the court seems determined to protect the Fed. The ruling is a major win for the central bank, which has spent the last year under attack from the White House. Over the past year, most Fed officials have broadly ignored demands of loyalty from Trump, who believes interest rates should be lower. Trump has attacked the Fed for holding interest rates at levels he believes are too high and are stifling the economy. The independence of the Fed is widely regarded as sacrosanct, but Trump has continued to press for the central bank to follow his will. Much of his ire over the last year has been directed at Jerome Powell, a Fed governor and former Fed chair who Trump first appointed in 2018. In January, the justice department placed Powell under investigation, purportedly over testimony he gave last summer about renovations at the Fed’s headquarters that went over budget.

US supreme court rules Trump’s firing of Lisa Cook from Fed was unconstitutional
Europe
BBC Business

Why the expected fight over the North American trade deal never kicked off

Image source, AFP via Getty ImagesByMichelle FleuryNew York business correspondentPublished1 hour agoFor months, policymakers, businesses and trade watchers in Washington had been bracing for a turbulent spring and summer around the future of the USMCA, the trade pact binding the United States, Canada and Mexico. But, to quote former UK Prime Minister Harold Macmillan, "Events, dear boy, events." The war with Iran has dominated Washington's attention, stripping away much of the political heat that was expected to surround the pact's renewal. Instead of a noisy fight over the agreement's future, the USMCA has slipped into the background. The Iran conflict has absorbed the White House's attention and, in practical terms, has become one of the best developments for keeping the trade pact out of the headlines. Earlier this year, there were concerns the US might use the renewal window to force a confrontation with Canada and Mexico, or even threaten withdrawal. President Trump had already cooled on the deal he once signed, raising questions about how aggressively Washington would approach the next phase. But with foreign policy dominating the administration's agenda, the US has taken a more measured approach. It has confirmed it will not extend the agreement for another 16 years, while stopping short of more dramatic action. Part of that restraint reflects a belief inside the administration that the trade relationship has already been reshaped. US Trade Representative Jamieson Greer argues the White House's tariff strategy has fundamentally altered North America's economic ties, changing the balance with Canada and Mexico in ways that make a more confrontational approach unnecessary. But if trade does become more politically driven, the US auto industry could be the biggest loser. The timing is significant. Washington's effort to recalibrate its relationship with China depends in part on closer co-operation with its two largest trading partners. Introducing uncertainty into North America's economic framework risks undermining that strategy. As Arturo Sarukhan, Mexico's former ambassador to the US, put it, in World Cup terms it would be "a huge own goal". As a result, the 1 July virtual meeting between the three countries, once seen as a potential flashpoint, proved subdued. The US has begun formal talks with Mexico and remains in contact with Canadian officials, suggesting negotiations are proceeding without the expected political drama. And with midterm elections approaching, analysts expect that calmer tone to continue. The decision not to renew the pact now starts a 10-year countdown. If no extension is agreed by then, the USMCA will expire. For now, however, annual reviews and steady diplomacy have replaced the brinkmanship many once expected.

Why the expected fight over the North American trade deal never kicked off
Europe
BBC Business

EU border delays 'not bearable' over summer, warns airport boss

Image source, Getty ImagesByKaty Austin, Transport correspondent and Dearbail Jordan, Business reporterPublished2 July 2026, 10:38 BSTUpdated 1 hour agoThe boss of Berlin Airport has said non-EU nationals arriving in the German capital are having to queue for up to two hours under a new digital border system, and warned the situation is "not bearable over the summer". Aletta von Massenbach told the BBC that at one terminal in Berlin, where Ryanair and Wizz Air operate, waiting times can run between "an hour to two hours". Under the EU's new Entry-Exit System (EES) travellers from outside the bloc must register biometric information when entering most European countries, which is checked when they leave. Airports and airlines say the system is not working. The European Commission (EC) says it is willing to offer more support. EES is meant to modernise the EU's system of border control, making it more secure and eventually making travel smoother. While the system has worked fine in some places, there have been regular reports of long waits at passport control, especially at peak times. Some passengers say they have missed flights home because they've been held up in queues. "There are so many sub-systems for each and every member state," she told the BBC's Today programme. "We see that the complexity doesn't really support smooth processing at the border." Technology issues have prevented EES from being used in the UK at the Port of Dover where French border checks take place. A new processing area has 84 kiosks to record fingerprints and photographs but currently is not being used because the technology for the kiosks - the responsibility of the French authorities – cannot be activated. Port of Dover chief executive, Doug Bannister, told MPs on Thursday "time is rapidly running out" to fix it. "We are rapidly heading towards the start of the critical summer period and are yet to receive the assurances we need to avoid what has the potential to be a very challenging six weeks," he said.

EU border delays 'not bearable' over summer, warns airport boss
Europe
BBC Business

Google must pay €4.1bn fine for using Android to 'block' rivals

Image source, iStock via Getty imagesByLaura CressPublished2 hours agoEurope's top court has ruled Google must pay a €4.1bn (£3.5bn) fine handed down for using its Android mobile operating system to block rivals. The European Commission had originally handed out a €4.3bn (then £3.9bn) fine in 2018, but this was trimmed to €4.1 bn in 2022. An appeal brought by the tech giant has now been dismissed. A Google spokesperson said the judgement "fails to recognise" the firm's "significant investment to ensure Android remains open, interoperable and free". "In any event, we adapted our agreements to comply with the initial decision back in 2018 and we remain focused on continued innovation and openness for our users, partners and developers," they continued. It was acknowledged that Google's version of Android does not prevent device owners downloading alternative web browsers or using other search engines. Google's chief executive Sundar Pichai blogged in response, external at the time to the original fine that the decision "rejects the business model that supports Android, which has created more choice for everyone, not less." This is not the first case brought against Google and its parent company Alphabet by the European Commission. In September 2024 it ruled Google must pay a €2.4bn (£2bn) fine handed down for abusing the market dominance of its shopping-comparison service. Then in September 2025, it fined the search giant €2.95bn (£2.5bn), finding it had breached competition laws by favouring its own products for displaying online ads, to the detriment of rivals. In October 2024 a charge was brought against the firm by a Russian court for restricting Russian state media channels on YouTube.

Google must pay €4.1bn fine for using Android to 'block' rivals
Europe
BBC Business

'We give up to £400': How much should you gift at a wedding?

Being a wedding guest can be expensive - there's travel, accommodation, you might even treat yourself to a new outfit - then there's another cost to factor in: the gift. It's now commonplace for invitations to read: "Your presence is enough, but if you would like to give us a gift, please donate to our honeymoon fund." But replacing the traditional gift list with bank transfer details, can leave guests with a new etiquette dilemma: how much are you expected to give? Wedding list service Prezola says it has seen a rise in couples inviting guests to pay for specific experiences rather than a generic cash pot. It says the average guest contribution is £116. But expectations can vary widely, depending on everything from closeness and culture to the cost of attending. Johnny, 34, says he and his wife Lottie contribute between £250 and £400 depending on how close they are to the bride and groom and what they can afford at the time. At his own wedding, most close friends gave between £100 and £200, one couple gave £400 and they received £2,000 from Johnny's dad. They used it as spending money on their 17-day honeymoon in Canada which Johnny says they'd saved for "because it's not worth the risk of relying on donations". Hannah Rose-Thorn, 30, says she "always gives £50 in a card" and found that the average contribution to her own honeymoon fund was the same. "We mentioned money on our invitations and also created print-out QR codes for people to scan at the bar," she says. She received £3,000 which will be used as spending money for the honeymoon which she had already paid for. According to Hitched, a UK-based wedding planning website, the average UK couple spends around £4,000 on their honeymoon.

'We give up to £400': How much should you gift at a wedding?
North America
CNBC Economy

China widens Japan export curbs, targeting drone makers, nuclear firms and defense institutes

China on Monday blacklisted four Japanese government defense research institutes and imposed tighter export restrictions on dozens of other Japanese entities, escalating a months-long campaign to limit Tokyo's access to Chinese-origin dual-use goods. The Ministry of Commerce added 20 entities, including the National Institute for Defense Studies and research centers for ground, naval, and air systems, to the export control list. Several units under Mitsubishi Electric and Mitsubishi Heavy Industries were also targeted. Domestic exporters, as well as overseas organizations or individuals, are prohibited from transferring Chinese-origin dual-use items to the named entities, according to the statement, adding that any ongoing activities must stop immediately. Separately, China also added another 20, including Mitsui E&S Co., drone maker Terra Drone Corporation, nuclear fuel processors, and multiple units of OKI Electric Industry to a watch list requiring enhanced licensing scrutiny. Both actions take effect immediately. The ministry said it would apply stricter end-user and end-use reviews to watch-listed entities, and that exports involving Japanese military users, military applications or any end-use that could strengthen Japan's defense capabilities would not be approved. The measures mark the latest escalation in a campaign launched in January, when Beijing banned dual-use exports to Japanese military users. In February, China added 20 entities, including subsidiaries of Mitsubishi Heavy Industries, IHI Corp. and Kawasaki Heavy Industries, to its export control list and another 20 firms, including Subaru Corp., TDK Corp. and FUJI Aerospace Technology to the watch list. China has ratcheted up pressure on Tokyo after comments by Japanese Prime Minister Sanae Takaichi in November that a hypothetical Chinese attack on Taiwan could trigger a military response from Tokyo, which drew criticism from Beijing. In a statement Monday, a spokesperson for the commerce ministry said Japan had shown no remorse since the February listings and had instead "accelerated" its push toward what Beijing characterizes as "new-style militarism" — including deploying offensive weapons and launching missiles overseas. Beijing urged Japan to "turn back from the wrong path," while insisting the measures would not affect normal bilateral economic and trade activities and that "law-abiding Japanese firms have no reasons to worry." Market reactions were mixed following the statement. Mitsubishi Electric slid around 1% while Mitsubishi Heavy Industries gained 4.9%. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

China widens Japan export curbs, targeting drone makers, nuclear firms and defense institutes