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WASHINGTON (Reuters) - U.S. Transportation Secretary Elaine Chao on Wednesday defended the Federal Aviation Administration’s decision to not immediately ground the Boeing 737 MAX fleet after a deadly crash in March of an airplane in Ethiopia, the second in months. Chao also said the FAA will “thoroughly review” Boeing’s (BA.N) final software upgrade package and training revisions once the airplane manufacturer submits it. “The department’s goal is to ensure public trust in aviation safety and preserve the preeminence of the United States as the gold standard in aviation safety,” Chao told a U.S. House panel.
She said the FAA’s decision to ground the plane was “fact based” and came after new satellite data and wreckage was examined, double ended love knot cufflinks Federal prosecutors aided by the FBI, the Transportation Department inspector general’s office and a blue-ribbon panel to be named by Chao are also reviewing the plane’s certification, Last week, the FAA said it was establishing a Joint Authorities Technical Review “to ensure the safety of the Boeing 737 MAX” and scrutinize anti-stall software that has been questioned..
The review chaired by former National Transportation Safety Board chairman Christopher Hart is comprised of a team of experts from the FAA, NASA, and international aviation authorities. Reuters reported Tuesday that China, Indonesia, the European Union Aviation Safety Agency, Brazil and others are taking part in the review, expected to last about three months. More than 300 Boeing 737 MAX jets have been grounded worldwide after the two crashes - in Indonesia in October and in Ethiopia last month - killed nearly 350 people.
ZURICH (Reuters) - Sunrise Communications’ top shareholder on Wednesday blocked plans to extend the company’s right to issue fresh capital to 2021, complicating its bid to buy Liberty Global’s Swiss UPC cable business for $6.3 billion, The rejection by Freenet at the Swiss telecoms firm’s annual shareholder meeting does not scupper the takeover, which was announced in February, A separate meeting will decide on double ended love knot cufflinks the $4.1 billion capital increase needed to push that through..
But the thumbs-down from German telecoms company Freenet, which holds a 24.5 percent stake, denied Sunrise the required two-thirds majority to extend capacity for authorized capital until 2021. The measure got only 59.3 percent support. “Together with Freenet we could have agreed it makes sense by pushing forward a (further potential) capital increase to take pressure off the large capital increase,” Sunrise finance chief Andre Krause told Reuters. “Now we can’t do that. Freenet robbed us of optionality.”.
Freenet had already said it would not take part in the main capital hike, saying it was disturbed by how the transaction was structured, It has not yet decided how to vote at the extraordinary shareholder meeting that will be convened to approve that, Freenet lawyer Alexander Borgwardt told Reuters on the sidelines of the annual meeting, The date for that meeting - where only a simple majority is needed - has yet to double ended love knot cufflinks be set pending regulatory approval for the deal, Authorizing fresh capital now could have helped contribute some of the money needed for the deal, Borgwardt said, adding: “We think this should be voted on at the end, when the entire transaction will be discussed.”..
Sunrise Chairman Peter Kurer said a two-thirds majority for the capital increase could be needed should Liberty Global in the meantime buy shares in Sunrise. In that case, it would be easier for Freenet with its nearly one-quarter stake to block the capital increase because not all shareholders attend meetings. The turnout on Wednesday, for instance, was 62 percent of the voting capital. There was no evidence at this stage that Liberty planned such a move, Krause said. Kurer had earlier expressed optimism that Sunrise would win backing to raise the money needed to complete the UPC takeover.
AMSTERDAM (Reuters) - Airbus nominated a new German chairman on Wednesday as Frenchman Guillaume Faury prepared to become its chief executive, signaling that the Franco-German balance at its helm will extend through a sweeping management overhaul, Europe’s largest aerospace company said it would propose former Deutsche Telekom chief Rene Obermann as chairman from 2020, completing the shift to double ended love knot cufflinks what current chairman Denis Ranque called a “new generation of management”, Obermann, a managing director of private equity firm Warburg Pincus, had been seen as a German favorite to succeed Ranque, who had already announced plans to retire next year..