India’s Jet Airways cancels all international flights as debt problems deepen

The debt-swamped Indian airline Jet Airways has canceled all of its international flights on Friday. With aircraft leasing firms going unpaid, the number of planes operating under the Jet Airways name has collapsed. Middle East airline Etihad, which holds a 12% share in Jet Airways, has reportedly expressed an interest in upping its stake. India’s Aviation Minister, Suresh Prabhu, took to Twitter to say he would “review issues related to Jet Airways” and take “necessary steps to minimise passeng


The debt-swamped Indian airline Jet Airways has canceled all of its international flights on Friday. With aircraft leasing firms going unpaid, the number of planes operating under the Jet Airways name has collapsed. Middle East airline Etihad, which holds a 12% share in Jet Airways, has reportedly expressed an interest in upping its stake. India’s Aviation Minister, Suresh Prabhu, took to Twitter to say he would “review issues related to Jet Airways” and take “necessary steps to minimise passeng
India’s Jet Airways cancels all international flights as debt problems deepen Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: david reid, prasad gori, hindustan times, getty images
Keywords: news, cnbc, companies, cancels, problems, planes, jet, operating, deepen, services, international, indias, airways, debt, website, london, indian, flights, airline


India's Jet Airways cancels all international flights as debt problems deepen

The debt-swamped Indian airline Jet Airways has canceled all of its international flights on Friday.

According to its own website, flights scheduled to depart today from Delhi to Singapore, London, Amsterdam and Kathmandu have all been axed. Heathrow to Delhi and Mumbai services have also been canceled, according to the London airport’s website.

The airline has run out of cash, forcing pilots to go without salaries for months and causing failed payments to companies that lease aircraft, as well as defaults on other loans.

With aircraft leasing firms going unpaid, the number of planes operating under the Jet Airways name has collapsed. On Thursday local media reported that the airline had grounded ten more planes due to unpaid leasing fees and was now only operating 14 planes for international flights.

Illustrating the point, flight tracking website Flightradar24 has published a tweet showing the steady reduction in international services being offered by Jet Airways over the last 12 months.

In an emailed statement to CNBC, the public relations team for Jet Airways in the United Kingdom confirmed the cancellations between London and India for Friday. There was no indication if services would soon return to normal.

The statement said that the airline was working to minimize inconvenience to passengers and “in line with regulatory guidelines” was “offering re-accommodation choices or extending applicable refunds as the situation warrants.”

It added that at a corporate level, the airline’s management and key stakeholders were continuing to “work closely towards resolving the current situation.”

Estimates puts the carrier’s debt pile at more than $1 billion and in January it was revealed that it had defaulted on loans, including those to the government-owned State Bank of India (SBI).

In March, the airline’s founder, Naresh Goyal, stepped down as chairman, handing majority control to a consortium of Indian lenders led by the SBI.

On Wednesday, the lenders extended a deadline for outside bidders to take a stake of up to 75% in the airline. Initial interest bidders have until the end of today with binding bids wanted in place by the end of April, according to a notice on the SBI Capital Markets website.

Middle East airline Etihad, which holds a 12% share in Jet Airways, has reportedly expressed an interest in upping its stake. Rules dictate that foreign entities can own no more than 49% of an Indian airline.

India’s Aviation Minister, Suresh Prabhu, took to Twitter to say he would “review issues related to Jet Airways” and take “necessary steps to minimise passenger inconvenience and ensure their safety”.

Jet Airways had its first flight in May 1993, operating primarily out of Mumbai. Its latest official figures put the number of employees at more than 17,000.

Domestically, it is now India’s third-largest private airline after IndiGo and Spice Jet, holding a 10% passenger market share during February 2019.


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: david reid, prasad gori, hindustan times, getty images
Keywords: news, cnbc, companies, cancels, problems, planes, jet, operating, deepen, services, international, indias, airways, debt, website, london, indian, flights, airline


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This engineer lived in an RV in Tesla’s parking lot — now he’s on a quest to build electric planes

Before he caught the start-up bug, Gore worked as an intern at two Elon Musk-led companies, SpaceX and Tesla. He was offered an internship at the electric vehicle maker in 2014, and and later became a full-time battery engineer there. Rather than dropping out of college like Bill Gates or Mark Zuckerberg, Gore decided to lead a double life. To save money and eliminate commute time, Gore even lived in an RV in the parking lot at Tesla for six months while finishing up his degree. If you if you do


Before he caught the start-up bug, Gore worked as an intern at two Elon Musk-led companies, SpaceX and Tesla. He was offered an internship at the electric vehicle maker in 2014, and and later became a full-time battery engineer there. Rather than dropping out of college like Bill Gates or Mark Zuckerberg, Gore decided to lead a double life. To save money and eliminate commute time, Gore even lived in an RV in the parking lot at Tesla for six months while finishing up his degree. If you if you do
This engineer lived in an RV in Tesla’s parking lot — now he’s on a quest to build electric planes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: lora kolodny, andrew evers, jeniece pettitt, impossible aerospace
Keywords: news, cnbc, companies, tesla, gore, planes, lived, engineer, electric, life, degree, lot, vehicle, parking, quest, zuckerberg, things, teslas, hes, internship, working, rv, worked


This engineer lived in an RV in Tesla's parking lot — now he's on a quest to build electric planes

Impossible Aerospace shares DNA, and a clean energy mission, with Tesla.

Before he caught the start-up bug, Gore worked as an intern at two Elon Musk-led companies, SpaceX and Tesla. He was offered an internship at the electric vehicle maker in 2014, and and later became a full-time battery engineer there. He accepted the internship even though he was still working on an engineering degree at the University of Illinois at Urbana Champaign.

Rather than dropping out of college like Bill Gates or Mark Zuckerberg, Gore decided to lead a double life. He convinced his professors he would be able to mail in his assignments, and travel back and forth between Tesla’s headquarters in Palo Alto, California and their campus for exams.

To save money and eliminate commute time, Gore even lived in an RV in the parking lot at Tesla for six months while finishing up his degree. He has no regrets.

“Honestly that was that was one of the happiest times of my life,” he recalls. “If you think about the two things that stress people out in Silicon Valley the most it’s commuting and paying rent. If you if you don’t have to do those two things, life is pretty good.”


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: lora kolodny, andrew evers, jeniece pettitt, impossible aerospace
Keywords: news, cnbc, companies, tesla, gore, planes, lived, engineer, electric, life, degree, lot, vehicle, parking, quest, zuckerberg, things, teslas, hes, internship, working, rv, worked


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Southwest cuts revenue outlook on Boeing 737 Max groundings

Southwest Airlines trimmed its revenue forecast Wednesday, citing the grounding of its Boeing 737 Max planes. The Federal Aviation Administration grounded Boeing 737 Max planes earlier this month following two fatal crashes. Investigators have noted “clear similarities” between an Ethiopian Airlines crash of a 737 Max on March 10 and another deadly crash of that model of plane in Indonesia in October. Southwest operates an all-Boeing 737 fleet, and has 34 737 Max 8 planes in its fleet of about 7


Southwest Airlines trimmed its revenue forecast Wednesday, citing the grounding of its Boeing 737 Max planes. The Federal Aviation Administration grounded Boeing 737 Max planes earlier this month following two fatal crashes. Investigators have noted “clear similarities” between an Ethiopian Airlines crash of a 737 Max on March 10 and another deadly crash of that model of plane in Indonesia in October. Southwest operates an all-Boeing 737 fleet, and has 34 737 Max 8 planes in its fleet of about 7
Southwest cuts revenue outlook on Boeing 737 Max groundings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: leslie josephs, mike blake
Keywords: news, cnbc, companies, 737, earlier, revenue, quarter, expects, planes, crash, cuts, forecast, outlook, southwest, groundings, boeing, max


Southwest cuts revenue outlook on Boeing 737 Max groundings

Southwest Airlines trimmed its revenue forecast Wednesday, citing the grounding of its Boeing 737 Max planes.

The Dallas-based airline expects its revenue per available seat mile, a key industry metric of how much an airline generates for each seat it flies a mile, to grow 2 to 3 percent compared with an earlier forecast of as much as 4 percent.

Southwest shares were up 1.5 percent in late-morning trading.

The Federal Aviation Administration grounded Boeing 737 Max planes earlier this month following two fatal crashes. Investigators have noted “clear similarities” between an Ethiopian Airlines crash of a 737 Max on March 10 and another deadly crash of that model of plane in Indonesia in October.

Southwest operates an all-Boeing 737 fleet, and has 34 737 Max 8 planes in its fleet of about 750 aircraft. The carrier said it expects to have canceled 9,400 flights in the first quarter, 2,800 of them because of the grounded Max planes.

Southwest said its operating costs, excluding fuel, in the quarter will likely rise 10 percent from a year ago, up from a previous forecast of a 6 percent year-over-year increase.

The airline said it expects to lose $150 million in revenue in the first quarter of 2019, up from a February estimate of $60 million, due to weather-related cancellations, maintenance issues, weak leisure-travel demand and the Max groundings.

It’s a small amount compared with the $5.3 billion in revenue analysts expect Southwest to generate in the first three months of 2019, but investors are focused on how the suspension of the 737 Max planes will financially impact airlines.

American Airlines earlier this week said it planned to cancel about 90 flights a day through April 24 due to the Max grounding. That period encompasses the busy Easter and Passover travel period.

Boeing is scheduled on Wednesday morning to outline the changes to a piece of software that Indonesian investigators have indicated played a role in the Lion Air crash in October.

“Due to the current uncertainty regarding the duration of the Max groundings and any requirements for reinstatement of the aircraft into service, it is difficult for the company to forecast the impact of the MAX groundings beyond first quarter 2019,” Southwest said.

As of March 13, Southwest said it had 41 deliveries of Max planes scheduled for this year.

Southwest reports first-quarter earnings in late April.


Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: leslie josephs, mike blake
Keywords: news, cnbc, companies, 737, earlier, revenue, quarter, expects, planes, crash, cuts, forecast, outlook, southwest, groundings, boeing, max


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Boeing unveils 737 Max fixes, says planes are safer

Boeing previewed its software fix, cockpit alerts and additional pilot training for its 737 Max planes on Wednesday, saying the changes improve the safety of the aircraft which has been involved in two deadly crashes since October. Among the notable changes to the MAX flight controls:The plane’s Maneuvering Characteristics Augmentation System, or MCAS, automated flight control system, will now receive data from both “angle of attack” sensors, instead of just one. If those disagree by more than 5


Boeing previewed its software fix, cockpit alerts and additional pilot training for its 737 Max planes on Wednesday, saying the changes improve the safety of the aircraft which has been involved in two deadly crashes since October. Among the notable changes to the MAX flight controls:The plane’s Maneuvering Characteristics Augmentation System, or MCAS, automated flight control system, will now receive data from both “angle of attack” sensors, instead of just one. If those disagree by more than 5
Boeing unveils 737 Max fixes, says planes are safer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: phil lebeau, robert alexander, archive photos, getty images
Keywords: news, cnbc, companies, mcas, training, fixes, safer, max, planes, system, changes, boeing, 737, trust, unveils, pilots, working, flight


Boeing unveils 737 Max fixes, says planes are safer

Boeing previewed its software fix, cockpit alerts and additional pilot training for its 737 Max planes on Wednesday, saying the changes improve the safety of the aircraft which has been involved in two deadly crashes since October.

“We’re working with customers and regulators around the world to restore faith in our industry and also to reaffirm our commitment to safety and to earning the trust for the flying public,” Mike Sinnett, Boeing vice president, said in previewing the changes to pilots, reporters and regulators at its facilities in Renton, Washington.

The company’s shares jumped after releasing the fixes at 2 p.m. ET, rising by more than 1 percent in afternoon trading.

Many of the details behind Boeing’s plan to fix the Max have come out over the last two weeks.

Among the notable changes to the MAX flight controls:

The plane’s Maneuvering Characteristics Augmentation System, or MCAS, automated flight control system, will now receive data from both “angle of attack” sensors, instead of just one.

If those disagree by more than 5.5 degrees, the MCAS system will be disabled and will not push the nose of the plane lower.

Boeing will be adding an indicator to the flight control display so pilots are aware of when the angle of attack sensors disagree.

There will also be enhanced training required for all 737 pilots so they are more fully aware of how the MCAS system works and how to disable it if they encounter an issue.

“We’re working with pilots and industry officials,” said Sinnett. “We have 200 of them today in our Renton facility and we’ll be spending time with them today to explain the updates we’re making to the 737 Max, to get their input and to earn their trust.”


Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: phil lebeau, robert alexander, archive photos, getty images
Keywords: news, cnbc, companies, mcas, training, fixes, safer, max, planes, system, changes, boeing, 737, trust, unveils, pilots, working, flight


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Airlines warn of cancellations as Boeing readies 737 Max software fix

Airlines are preparing for more flight cancellations as Boeing readies a software fix for its best-selling 737 Max planes following two fatal crashes of the aircraft that prompted regulators around the world to ground the plane. Pilots from U.S. carriers on Saturday tested Boeing’s software changes to the automatic anti-stall system in Renton, Washington, where Boeing assembles the 737 Max planes. Representatives from Southwest Airlines, American Airlines and United Airlines — the U.S. airlines


Airlines are preparing for more flight cancellations as Boeing readies a software fix for its best-selling 737 Max planes following two fatal crashes of the aircraft that prompted regulators around the world to ground the plane. Pilots from U.S. carriers on Saturday tested Boeing’s software changes to the automatic anti-stall system in Renton, Washington, where Boeing assembles the 737 Max planes. Representatives from Southwest Airlines, American Airlines and United Airlines — the U.S. airlines
Airlines warn of cancellations as Boeing readies 737 Max software fix Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: leslie josephs, ralph freso, getty images, joe raedle
Keywords: news, cnbc, companies, regulators, crash, changes, max, readies, warn, cancellations, airlines, renton, software, planes, fix, boeing, 737


Airlines warn of cancellations as Boeing readies 737 Max software fix

Airlines are preparing for more flight cancellations as Boeing readies a software fix for its best-selling 737 Max planes following two fatal crashes of the aircraft that prompted regulators around the world to ground the plane.

Pilots from U.S. carriers on Saturday tested Boeing’s software changes to the automatic anti-stall system in Renton, Washington, where Boeing assembles the 737 Max planes. Representatives from Southwest Airlines, American Airlines and United Airlines — the U.S. airlines that fly the 737 Max — also met with Boeing officials about the software changes and additional pilot training.

The U.S. government ordered airlines to suspend flights using the Boeing 737 Max plane, joining dozens of other countries in taking that step amid concerns about the similarities between the March 10 crash of an Ethiopian Airlines 737 Max and a Lion Air crash in October, which together killed 346 people.

Boeing late Sunday said it invited more than 200 airline pilots and regulators to Renton last Wednesday to “share more details about our plan for supporting the safe return of the 737 MAX to commercial service.”

The Federal Aviation Administration expects to get a look at the software early in the week, according to a person familiar with the matter. The agency needs to certify Boeing’s changes before it can be added to the aircraft.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: leslie josephs, ralph freso, getty images, joe raedle
Keywords: news, cnbc, companies, regulators, crash, changes, max, readies, warn, cancellations, airlines, renton, software, planes, fix, boeing, 737


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American Airlines is cancelling 90 flights a day as Boeing 737 Max remains grounded

American Airlines is cancelling 90 flights per day through April 24 as a result of the grounding of the Boeing 737 Max aircraft. The airline, which had been flying 24 of the Boeing planes, said the cancellations were being made in an effort to provide more certainty and avoid last minute flight disruptions. American said it continues to await information from the Federal Aviation Administration, Department of Transportation, National Transportation Safety Board, other regulatory authorities and


American Airlines is cancelling 90 flights per day through April 24 as a result of the grounding of the Boeing 737 Max aircraft. The airline, which had been flying 24 of the Boeing planes, said the cancellations were being made in an effort to provide more certainty and avoid last minute flight disruptions. American said it continues to await information from the Federal Aviation Administration, Department of Transportation, National Transportation Safety Board, other regulatory authorities and
American Airlines is cancelling 90 flights a day as Boeing 737 Max remains grounded Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-24  Authors: eric rosenbaum, joshua roberts
Keywords: news, cnbc, companies, plane, flights, transportation, planes, 737, grounded, cancelling, airlines, aviation, indonesia, max, boeing, american, day, remains, 90, provide, customers


American Airlines is cancelling 90 flights a day as Boeing 737 Max remains grounded

American Airlines is cancelling 90 flights per day through April 24 as a result of the grounding of the Boeing 737 Max aircraft.

The airline, which had been flying 24 of the Boeing planes, said the cancellations were being made in an effort to provide more certainty and avoid last minute flight disruptions.

“By proactively canceling these flights, we are able to provide better service to our customers with availability and rebooking options,” American said in a statement.

American said it continues to await information from the Federal Aviation Administration, Department of Transportation, National Transportation Safety Board, other regulatory authorities and Boeing that would permit the Boeing 737 MAX aircraft in its fleet to resume flying.

The Boeing 737 Max was grounded by aviation authorities across the world, including the FAA, after two similar crashes in recent months that have implicated a flight software system on the plane known as MCAS.

The Ethiopian Airlines jet that crashed on Mar. 10, killing all 157 aboard, and the Lion Air plane that went down in Indonesia on Oct. 29, which killed all 189 passengers and crew, were both 737 Max jets.

The two incidents have also led the Department of Transportation to ask for an audit of the Federal Aviation Administration’s approval of the 737 Max 8 planes, while the FBI has reportedly joined in a criminal investigation of the certification process for the jets.

As regulators and lawmakers continue to investigate the plane, Garuda Indonesia became the first airline to attempt to cancel its order for 737 Max planes on Friday, a deal worth nearly $6 billion.

American’s reservations team is contacting affected customers directly by email or telephone. “We know these cancellations and changes may affect some of our customers, and we are working to limit the impact to the smallest number of customers.”


Company: cnbc, Activity: cnbc, Date: 2019-03-24  Authors: eric rosenbaum, joshua roberts
Keywords: news, cnbc, companies, plane, flights, transportation, planes, 737, grounded, cancelling, airlines, aviation, indonesia, max, boeing, american, day, remains, 90, provide, customers


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Crashed jets reportedly lacked key safety features because Boeing charged extra for them

The angle of attack indicator determines how much the plane’s nose is tilted, and the disagree light is activated if the jet’s sensors are giving contradictory signals. Boeing will now make the disagree light free of charge on all new 737 Max planes, after the deadly crashes caused all the Max planes to be grounded, according to the Times. The angle of attack indicator will remain an option that airlines can purchase, the report said. Neither safety feature was mandated by the Federal Aviation A


The angle of attack indicator determines how much the plane’s nose is tilted, and the disagree light is activated if the jet’s sensors are giving contradictory signals. Boeing will now make the disagree light free of charge on all new 737 Max planes, after the deadly crashes caused all the Max planes to be grounded, according to the Times. The angle of attack indicator will remain an option that airlines can purchase, the report said. Neither safety feature was mandated by the Federal Aviation A
Crashed jets reportedly lacked key safety features because Boeing charged extra for them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: emma newburger, stephen brashear, getty images
Keywords: news, cnbc, companies, planes, attack, extra, lacked, max, reportedly, jets, angle, boeing, airlines, key, pilots, times, 737, safety, crashed, features, charged


Crashed jets reportedly lacked key safety features because Boeing charged extra for them

Boeing shares plummet after a deadly crash of 737 jet — Here’s what three experts say shareholders should watch 2 Hours Ago | 01:46

Boeing jets in Ethiopia and Indonesia lacked two safety features in their cockpits because the company charged extra to install them.

The features could have helped pilots detect erroneous readings, which some experts believe might be connected to the planes’ failures, The New York Times reports.

Lion Air Flight 610 and Ethiopian Airlines Flight 302, which crashed within five months of each other, were brand new but were not equipped with an angle of attack indicator or an angle of attack disagree light, the paper said. The angle of attack indicator determines how much the plane’s nose is tilted, and the disagree light is activated if the jet’s sensors are giving contradictory signals.

Boeing will now make the disagree light free of charge on all new 737 Max planes, after the deadly crashes caused all the Max planes to be grounded, according to the Times. The angle of attack indicator will remain an option that airlines can purchase, the report said. The company is also planning a new software update.

Neither safety feature was mandated by the Federal Aviation Administration, but experts say it is key to flight safety.

“They’re critical, and cost almost nothing for the airlines to install,” Bjorn Fehrm, an analyst at aviation consultancy Leeham, told the Times. “Boeing charges for them because it can. But they’re vital for safety.”

Boeing did not immediately respond to CNBC’s request for comment. Ethiopian Airlines said in a statement Thursday that its pilots had been following FAA and Boeing guidance.

“Ethiopian Airlines pilots completed the Boeing recommended and FAA approved differences training from the B-737 NG aircraft to the B-737 MAX aircraft before the phase in of the B-737-8 MAX fleet to the Ethiopian operation and before they start flying the B-737-8 MAX,” the airline said in a statement.

“We urge all concerned to refrain from making such uninformed, incorrect, irresponsible and misleading statements during the period of the accident investigation. International regulations require all stakeholders to wait patiently for the result of the investigation,” it said.

It’s still unclear what caused the crashes. Investigators are looking into whether a new software system added to combat stalls in Boeing’s 737 Max series might have been a trigger, as well as faulty data from sensors on the Lion Air plane that might have caused a system malfunction.

Dennis A. Muilenburg, Boeing’s CEO, said the company was working on making the 737 Max safer.

“As part of our standard practice following any accident, we examine our aircraft design and operation, and when appropriate, institute product updates to further improve safety,” he said in a statement Sunday.

An email sent to Lion Air, outside regular business hours, was not immediately answered.

The full New York Times story can be found on its website.


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: emma newburger, stephen brashear, getty images
Keywords: news, cnbc, companies, planes, attack, extra, lacked, max, reportedly, jets, angle, boeing, airlines, key, pilots, times, 737, safety, crashed, features, charged


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Boeing CEO restates ‘relentless commitment’ to safety

Boeing CEO Dennis Muilenburg restated the aircraft maker’s commitment to safety on Monday night, as concerns grow about the second deadly crash of the manufacturer’s top selling Boeing 737 Max planes in less than five months. Aviation authorities around the world grounded the Boeing 737 Max planes last week after the Ethiopian Airlines crash, which killed all 157 people on board. Investigators in the Indonesia crash have indicated the pilots struggled with an automated anti-stall system that Boe


Boeing CEO Dennis Muilenburg restated the aircraft maker’s commitment to safety on Monday night, as concerns grow about the second deadly crash of the manufacturer’s top selling Boeing 737 Max planes in less than five months. Aviation authorities around the world grounded the Boeing 737 Max planes last week after the Ethiopian Airlines crash, which killed all 157 people on board. Investigators in the Indonesia crash have indicated the pilots struggled with an automated anti-stall system that Boe
Boeing CEO restates ‘relentless commitment’ to safety Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: leslie josephs, joanna tan
Keywords: news, cnbc, companies, commitment, boeing, relentless, planes, air, max, lion, restates, ceo, safety, flight, ethiopian, 737


Boeing CEO restates 'relentless commitment' to safety

Boeing CEO Dennis Muilenburg restated the aircraft maker’s commitment to safety on Monday night, as concerns grow about the second deadly crash of the manufacturer’s top selling Boeing 737 Max planes in less than five months.

The executive said that Boeing will maintain its “relentless commitment to make safe airplanes even safer.”

“We also understand and regret the challenges for our customers and the flying public caused by the fleet’s grounding,” Muilenburg added.

His comments come after French and Ethiopian investigators said data extracted from the black boxes of the Ethiopian Airlines jet that crashed March 10 showed “clear similarities” with a deadly Lion Air flight that plunged into the Java Sea in October.

Aviation authorities around the world grounded the Boeing 737 Max planes last week after the Ethiopian Airlines crash, which killed all 157 people on board.

Boeing and Muilenburg are under increased scrutiny following the two crashes, which killed 346 people. Investigators in the Indonesia crash have indicated the pilots struggled with an automated anti-stall system that Boeing added to the 737 Max planes. That system causes the nose of the plane to point downward, the way airplanes can recover from a stall, but can have catastrophic results if the planes’ sensors receive erroneous information.

Many pilots were not aware the system existed until after the Lion Air crash and said they did not receive in-depth training to transition to the Boeing 737 Max from older models of the plane.

Boeing last week said it was working on a software fix for the planes as well as updated pilot training and manuals.

The Wall Street Journal, citing anonymous people familiar with the matter, reported Sunday that a grand jury issued a subpoena to “at least one person” involved in the development of the plane. It said a prosecutor from the criminal division of the Justice Department was listed as a contact. It was also confirmed by a source to CNBC.

The Journal also said that the Transportation Department’s watchdog was scrutinizing the FAA’s certification of the new 737 planes.

More than 370 of the Boeing 737 Max planes are in airline fleets worldwide and Boeing has more than 4,600 on order.

Shares of Boeing, a component of the Dow Jones Industrial Average, edged lower by 0.25 percent in after-hours trading. The stock fell 1.8 percent Monday to close at $372.28, sharply lower than the 52-week high of $446.01 it reached at the beginning of March.

Read the full statement below.

We know lives depend on the work we do, and our teams embrace that responsibility with a deep sense of commitment every day. Our purpose at Boeing is to bring family, friends and loved ones together with our commercial airplanes—safely. The tragic losses of Ethiopian Airlines Flight 302 and Lion Air Flight 610 affect us all, uniting people and nations in shared grief for all those in mourning. Our hearts are heavy, and we continue to extend our deepest sympathies to the loved ones of the passengers and crew on board. Safety is at the core of who we are at Boeing, and ensuring safe and reliable travel on our airplanes is an enduring value and our absolute commitment to everyone. This overarching focus on safety spans and binds together our entire global aerospace industry and communities. We’re united with our airline customers, international regulators and government authorities in our efforts to support the most recent investigation, understand the facts of what happened and help prevent future tragedies. Based on facts from the Lion Air Flight 610 accident and emerging data as it becomes available from the Ethiopian Airlines Flight 302 accident, we’re taking actions to fully ensure the safety of the 737 MAX. We also understand and regret the challenges for our customers and the flying public caused by the fleet’s grounding. Work is progressing thoroughly and rapidly to learn more about the Ethiopian Airlines accident and understand the information from the airplane’s cockpit voice and flight data recorders. Our team is on-site with investigators to support the investigation and provide technical expertise. The Ethiopia Accident Investigation Bureau will determine when and how it’s appropriate to release additional details. Boeing has been in the business of aviation safety for more than 100 years, and we’ll continue providing the best products, training and support to our global airline customers and pilots. This is an ongoing and relentless commitment to make safe airplanes even safer. Soon we’ll release a software update and related pilot training for the 737 MAX that will address concerns discovered in the aftermath of the Lion Air Flight 610 accident. We’ve been working in full cooperation with the U.S. Federal Aviation Administration, the Department of Transportation and the National Transportation Safety Board on all issues relating to both the Lion Air and the Ethiopian Airlines accidents since the Lion Air accident occurred in October last year. Our entire team is devoted to the quality and safety of the aircraft we design, produce and support. I’ve dedicated my entire career to Boeing, working shoulder to shoulder with our amazing people and customers for more than three decades, and I personally share their deep sense of commitment. Recently, I spent time with our team members at our 737 production facility in Renton, Wash., and once again saw firsthand the pride our people feel in their work and the pain we’re all experiencing in light of these tragedies. The importance of our work demands the utmost integrity and excellence—that’s what I see in our team, and we’ll never rest in pursuit of it. Our mission is to connect people and nations, protect freedom, explore our world and the vastness of space, and inspire the next generation of aerospace dreamers and doers—and we’ll fulfill that mission only by upholding and living our values. That’s what safety means to us. Together, we’ll keep working to earn and keep the trust people have placed in Boeing.

— CNBC’s Phil LeBeau contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: leslie josephs, joanna tan
Keywords: news, cnbc, companies, commitment, boeing, relentless, planes, air, max, lion, restates, ceo, safety, flight, ethiopian, 737


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US DOT probes FAA’s approval of Boeing 737 Max planes in crashes: WSJ

Earlier this month, on March 10, a second Boeing 737 Max 8 plane crashed shortly after take-off, killing all 157 people on board the Ethiopian Airlines plane. The subpoena, which reportedly involves a prosecutor from the Justice Department, was said to seek relevant documents, such as emails and other messages. The Justice Department did not immediately respond to CNBC’s request for comment which was sent outside U.S. office hours. When contacted for comment on the Journal report, an FAA spokesm


Earlier this month, on March 10, a second Boeing 737 Max 8 plane crashed shortly after take-off, killing all 157 people on board the Ethiopian Airlines plane. The subpoena, which reportedly involves a prosecutor from the Justice Department, was said to seek relevant documents, such as emails and other messages. The Justice Department did not immediately respond to CNBC’s request for comment which was sent outside U.S. office hours. When contacted for comment on the Journal report, an FAA spokesm
US DOT probes FAA’s approval of Boeing 737 Max planes in crashes: WSJ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: yen nee lee, stephen brashear, getty images
Keywords: news, cnbc, companies, 737, dot, crashes, boeing, planes, investigation, probes, approval, department, journal, report, max, plane, wsj, faas, justice, reported


US DOT probes FAA's approval of Boeing 737 Max planes in crashes: WSJ

The U.S. Department of Transportation is investigating whether there were lapses in the Federal Aviation Administration’s approval of Boeing planes involved in two recent fatal crashes, The Wall Street Journal reported on Sunday.

The DOT probe was launched after a new Boeing 737 Max 8 operated by Indonesia’s Lion Air crashed into the Java Sea in October last year, according to the Journal, which cited people familiar with the inquiry. None of the 189 people on board survived.

Earlier this month, on March 10, a second Boeing 737 Max 8 plane crashed shortly after take-off, killing all 157 people on board the Ethiopian Airlines plane. Ethiopian Transport Minister Dagmawit Moges said on Sunday that preliminary data retrieved from the plane’s flight data recorder showed “a clear similarity” with the Indonesian incident.

The Journal reported in an update to the article that a grand jury in Washington issued a broad subpoena one day after the Ethiopian Airlines crash to at least one person involved in the development of the Boeing 737 Max. The subpoena, which reportedly involves a prosecutor from the Justice Department, was said to seek relevant documents, such as emails and other messages.

It is not clear whether the probe by the Justice Department is related to the DOT’s investigation, according to the Journal report. The Justice Department did not immediately respond to CNBC’s request for comment which was sent outside U.S. office hours.

Shares of Boeing, a component of the Dow Jones Industrial Average, rose 1.52 percent to $378.99 on Friday but have fallen sharply from their 52-week high of $446.01 reached earlier this month.

The DOT investigation is concentrated on a flight safety system suspected of playing a role in the fatal crash in Indonesia, the Journal reported. The WSJ reported in November last year that Boeing failed to warn the airline industry about a potentially dangerous feature in its new flight-control system.

When contacted for comment on the Journal report, an FAA spokesman referred CNBC to the DOT instead. The transportation department did not immediately reply to CNBC’s request for comment, which was sent outside U.S. office hours.

After two fatal crashes in less than six months involving the same plane model, authorities around the world — including the U.S., Europe, China and Indonesia — grounded Boeing 737 Max planes.

For the full report on the DOT’s investigation, read The Wall Street Journal.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: yen nee lee, stephen brashear, getty images
Keywords: news, cnbc, companies, 737, dot, crashes, boeing, planes, investigation, probes, approval, department, journal, report, max, plane, wsj, faas, justice, reported


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If you invested $1,000 in Boeing 10 years ago, here’s how much you’d have now

Still, if you invested in Boeing 10 years ago, that decision would have paid off: According to CNBC calculations, a $1,000 investment in 2009 would be worth more than $14,000 as of March 15, 2019, a total return over 1,000 percent. Boeing paused delivery of 737 Max planes after the Ethiopia crash, which came less than five months after another deadly crash in Indonesia involving the same model. CNBC: Boeing stock as of Mar. In the meantime, Boeing said in a statement it will “continue to build 7


Still, if you invested in Boeing 10 years ago, that decision would have paid off: According to CNBC calculations, a $1,000 investment in 2009 would be worth more than $14,000 as of March 15, 2019, a total return over 1,000 percent. Boeing paused delivery of 737 Max planes after the Ethiopia crash, which came less than five months after another deadly crash in Indonesia involving the same model. CNBC: Boeing stock as of Mar. In the meantime, Boeing said in a statement it will “continue to build 7
If you invested $1,000 in Boeing 10 years ago, here’s how much you’d have now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: shawn m carter, jason lee, daniel slim, afp, getty images
Keywords: news, cnbc, companies, heres, youd, invested, planes, months, fix, max, ago, 1000, company, 737, stock, crash, boeing


If you invested $1,000 in Boeing 10 years ago, here's how much you'd have now

Shares of aircraft-manufacturing company Boeing took a hit early this week, losing $26.6 billion in market value Monday and Tuesday, following a deadly crash of one of its 737 Max 8 airplanes in Ethiopia.

That model has since been grounded by the Federal Aviation Administration, as well as by aviation regulators around the world.

Still, if you invested in Boeing 10 years ago, that decision would have paid off: According to CNBC calculations, a $1,000 investment in 2009 would be worth more than $14,000 as of March 15, 2019, a total return over 1,000 percent. In the same time frame, the S&P 500 was up 270 percent. So, your $1,000 would be worth just over $3,700, by comparison.

Any individual stock can over- or under-perform, however, and past returns do not predict future results. Boeing paused delivery of 737 Max planes after the Ethiopia crash, which came less than five months after another deadly crash in Indonesia involving the same model.

This left several major airlines, including United, American and Southwest scrambling to rebook passengers and reassign planes. Those companies said they would waive ticket-change fees and fare differences for those affected by the FAA’s grounding order.

Flight-booking site Kayak even introduced a new search feature that allows users to exclude specific plane models, according to co-founder and chief executive officer Steve Hafner.

CNBC: Boeing stock as of Mar. 15, 2019

Fortunately for Boeing, while shares plunged more than 10 percent early this week, they ticked back up by as much as 3 percent Friday. And the company announced plans to roll out a software fix in the next few weeks.

Though, Bank of America analyst Ronald Epstein said Thursday that the fix could take a lot longer: “Once Boeing identifies the issue … the most likely scenario is the company will take about 3-6 months to come up with and certify the fix,” he said in a note.

Hafner says he expects the 737 models to be grounded only a few months and that travelers will likely be booking flights on them again soon: “They’re out of service on a temporary basis,” he said on CNBC’s “Squawk Alley.” “In reality, airlines are still planning on flying those planes in the summer. People want security and comfort when they fly.”

In the meantime, Boeing said in a statement it will “continue to build 737 Max airplanes, while assessing how the situation, including potential capacity constraints, will impact our production system.”

If you’re looking to get into investing, expert investors like Warren Buffett and Mark Cuban suggest you start with index funds, which hold every stock in an index, offer low turnover rates, attendant fees and tax bills. They also fluctuate with the market to eliminate the risk of picking individual stocks.

Here’s a snapshot of how the markets look now.

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Don’t miss: If you invested $1,000 in IBM 10 years ago, here’s how much you’d have now


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: shawn m carter, jason lee, daniel slim, afp, getty images
Keywords: news, cnbc, companies, heres, youd, invested, planes, months, fix, max, ago, 1000, company, 737, stock, crash, boeing


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