22 MAY 2016

Ø  Apple chief executive officer Tim Cook met Prime Minister Narendra Modi on Saturday and discussed sensitive issues relating to cybersecurity, data encryption, the possibility of manufacturing in the country and tapping India’s young talent. He highlighted the immense potential for ‘app-development’ in the country, according to the statement. During his maiden visit to India, Mr. Cook announced the setting up of an app development centre in Bengaluru and another one in Hyderabad for maps. The PMO said Mr. Cook appreciated Mr. Modi’s initiatives on “ease of doing business” and renewable energy. Apple runs on 93 per cent renewable energy and plans to move its entire supply chain to renewable energy.

Ø  Indian refiners have cleared part of the $6.4 billion owed to Iran for crude oil imports in euros through Turkey's Halkbank, three sources privy to the payment said. This is the first payment to Iran by India since the lifting of Western sanctions against the Persian Gulf nation earlier this year and comes just ahead of Prime Minister Narendra Modi's visit beginning on Sunday. State refiner Mangalore Refinery and Petrochemicals Ltd paid $500 million while Indian Oil Corp has settled $250 million through the Union Bank of India, the sources said. The refiners had been holding back 55 percent of the oil payments to Iran after the route to make payments through Halkbank was stopped in 2013, although payment of some of those funds was allowed after an initial temporary deal to lift the sanctions. It is not yet known when the second instalment will be paid, the sources said. India is one of the biggest buyers of Iranian crude, and is set to import at least 400,000 barrels per day.