India's Transport Minister Nitin Gadkari said that the country needs $10billion funds to give a push to the economy growth. The Indian government is targeting $14.7 billion investments for infrastructure projects in next three years. The Finance Ministry has also increased budget allocations by 50 percent for infrastructure projects.
Transportation
Uber agrees to pay $28.5 million in class action settlement
Uber Technologies said that it has decided to pay $28.5 million to about 25 million riders. The settlement in these cases will allow the company to work peacefully and focus on its prospective growth.
Saudi Prince Al-Waleed buys some Lyft shares for $148mln
Two prominent investors in Lyft Inc sold some shares to Saudi Arabia's Prince Al-Waleed bin Talal for $148 million. The latest deal puts Lyft's valuation at $5.5 billion from $275 million in May 2013.
Transportation: The FAA Warned Airlines that Lithium-Ion Batteries Could Cause Fire and Explosion in Airplanes
The FAA issued an official warning to airlines that lithium-ion batteries powering most mobile devices including smartphones are dangerous to be brought and transported in the aircraft’s cargo. The warning was stated following a series of study involving previous incidents involving lithium ion batteries overheating.
CarGlass Inc, Car Digital Media Service Provider Landed a $3 Million Seed Funding
Provider of drivers' digital media, CarGlass Inc received a $3 million seed funding from two investors. The company focuses on providing digital media content to drivers safely and intelligently.
Latest News
Tesla denies rumor that the electric car maker will launch two new models in March. However, the company will build a third generation platform for its vehicle to support its sedan and SUV model.
Amazon has become inspired by Prime’s offers for free delivery within two days against online purchases for more than $100. Instead of spending more for shipping, Amazon is slowly approaching towards own delivery system through purchasing trucks and building own warehouses. These efforts have engaged current assets and narrow down fourth quarter profit. But 26% rise in yearly sales indicates a very different outlook.
Air France and KLM are planning to reinstate direct flights to Iran, now that the international sanctions regarding the country's nuclear ambitions are lifted. Iran also planned to request direct flight to the U.S, for the first time since the two countries broke their diplomatic relationship 36 years ago. Air France and KLM are expected to start flying to Iran within the next three months.
Boeing To Reduce Production In 2016, Orders For 6000 Aircraft By No Means Indicate Decaying Business
Boeing has announced reducing production during 2016. The news has caused US Aerospace Share prices to go down by 9% on Wednesday, which has regained a little on Thursday. The production cut is not due to tattering financial condition of the aircraft manufacturer, but it is related to a transforming strategy. Still the manufacturer holds orders for delivery of around 6,000 aircraft, which represents a different tale.
Association of British Insurance (ABI) will lead the newly created Automated Driving Insurance Group. The group is established to discuss issues regarding driverless car.
Airport ride-hailing service Wingz closed its Series B funding with $11 million on Monday. Expedia led the funding with participants from ltimeter Capital and Marc Benioff, CEO of Salesforce.com.
Two of Fiat 500L used by Pope Francis during his visit in U.S. will be auctioned next week in Philadelphia Auto Show. Pope used the car during his historic visit to U.S. last September.
Boeing will report a $569 million after-tax accounting loss in its fourth quarter. The company will also reduce production of its 747 airplane starting September this year..
Uber generated more revenue in 2015 than in the previous year. However, the company experience more losses in order to pursue growth.
