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Boeing Executives To Convene All-Hands Safety Meeting At Its 737 Max Factory After Yet Another Crisis

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11 months ago

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Boeing executives will have an all-hands safety meeting with employees on Tuesday, only days after a dramatic in-flight blowout on a 737 Max 9 jet shortly after takeoff, which forced the grounding of certain Boeing aircraft.

CEO Dave Calhoun and other Boeing top management will present the company-wide “Safety Webcast” from the 737 Max production in Renton, Washington.

On Friday, an Alaska Airlines flight carrying 177 people made an emergency landing shortly after takeoff from Portland, Oregon, after a portion of the wall of a weeks-old 737 Max 9 aircraft dislodged, leaving a gaping hole in the plane’s side. On Saturday, the Federal Aviation Administration ordered that most Boeing 737 Max 9 planes be temporarily grounded while authorities and Boeing investigated the cause of the incident. The order applies to about 171 planes around the world.

Surprisingly, no one was killed or seriously hurt in Friday’s mid-air disaster, which was partially captured on horrific video recordings by other passengers.

Boeing distributed an internal memo in which Calhoun stated that a discussion of the company’s response to the accident will be on the agenda for Tuesday’s meeting.

boeing

Boeing Executives To Convene All-Hands Safety Meeting At Its 737 Max Factory After Yet Another Crisis

“When it comes to the safety of our products and services, every decision and action matters,” Calhoun wrote in his memo to staff. “And when serious accidents like this occur, it is critical for us to work transparently with our customers and regulators to understand and address the causes of the event, and to ensure they don’t happen again.”

Calhoun also alluded to the rising safety difficulties that Boeing has had to deal with recently, following two fatal crashes in 2018 and 2019. “While we’ve made progress in strengthening our safety management and quality control systems and processes in the last few years, situations like this are a reminder that we must remain focused on continuing to improve every day,” the company’s CEO wrote in a statement.

Meanwhile, politicians are paying close attention to the catastrophe. Sen. J.D. Vance issued a statement on Tuesday urging the Senate Commerce Committee to hold a hearing to “evaluate incidents involving the 737 MAX, Boeing’s engineering and safety standards, and the quality of oversight provided by the FAA and other relevant government agencies.”

“I hope such a hearing takes place as soon as possible,” said Vance, a Republican from Ohio.

What caused a hole the size of a refrigerator to suddenly appear on the passenger plane on Friday is still being studied. According to Eric Weiss, a spokeswoman for the National Transportation Safety Board, a preliminary report is likely within three to four weeks.

The NTSB reported Monday night that it is still recovering things that blew out of the plane. On Sunday, a Portland schoolteacher contacted the FBI after discovering a piece of the aircraft’s fuselage on his property. Two cell phones, most likely thrown from the hole in the jet, were discovered in a yard and on the side of the road and turned over to investigators.

NTSB Chair Jennifer Homendy told reporters that Alaska Airlines had previously barred the aircraft involved in Friday’s tragedy from flying over the ocean after the plane’s automatic pressurization warning light illuminated three times in the preceding month. During a press conference late Monday night, Homendy highlighted that the NTSB has “no indications whatsoever that this correlated in any way” with the occurrence that caused a section of the plane to blow off.

boeing

Boeing Executives To Convene All-Hands Safety Meeting At Its 737 Max Factory After Yet Another Crisis

According to Homendy, the inquiry is complicated by the loss of vital cockpit audio recordings caused by a gadget setting that overrides records after two hours. She lobbied for the FAA and Congress to mandate that all aircraft keep 24-hour cockpit audio recordings.

Nonetheless, as investigators continue to sift through data and eyewitness statements and study the jet itself, the early findings are grim. The damage went over several rows of the airliner. According to Homendy, the two seats next to the detached door plug were empty at the time of the blowout, but their headrests were torn off.

Video of the incident “looks very calm, but I’m sure it was completely chaotic,” Mr. Homedy remarked.

In a statement on Saturday, Boeing said that it agreed with the FAA’s decision to stop most 737 Max 9 planes for inspection, underlining that “safety is our top priority.” Boeing announced Monday that it has provided airlines and maintenance companies guidelines for inspecting the planes.

boeing

Boeing Executives To Convene All-Hands Safety Meeting At Its 737 Max Factory After Yet Another Crisis

Also on Monday, United Airlines, which has more Max 9s than any other US carrier, said it discovered loose door plug bolts on an undetermined number of its Boeing 737 Max 9 aircraft while undergoing FAA-mandated inspections. Alaska Airlines also revealed on Monday that loose hardware was discovered on some of its 737 Max 9 aircraft during inspections.

Friday’s high-profile incident has rekindled interest in Boeing’s recent decline. Over the last five years, the company has experienced recurring quality and safety difficulties with its aircraft, resulting in the long-term grounding of some and a halt in deliveries of others.

Boeing’s most obvious quality issues were with the 737 Max’s design, which was shown to be responsible for two tragic crashes: one in Indonesia in October 2018 and another in Ethiopia in March 2019. The two disasters killed all 346 people on the two planes and resulted in a 20-month grounding of the company’s best-selling jets, costing more than $21 billion. However, the design defects that caused the crashes raised doubts about Boeing’s decision-making process. Internal messages disclosed during the 737 Max grounding showed one employee describing the jet as “designed by clowns, who are in turn supervised by monkeys.”

The new safety saga also highlights that Boeing is unlikely to be forced out of business very soon, regardless of its serious failures. Boeing and Airbus are the only two main global aviation corporations; both can only meet some commercial aircraft demand alone, and both have a backlog of orders that date back years.

Boeing’s stock fell almost 8% on Monday as investors became anxious about more harm to its

SOURCE – (AP)

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Trudeau Accelerates Bond Selloff Over Mass Spending Fears

Published

3 days ago

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2024-11-23

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Trudeau, Bond Market
Trudeau accelerated a bond selloff due to expectations of faster growth and a deeper deficit

Prime Minister Justin Trudeau has accelerated bond selloffs, citing fears of a larger deficit over his GST giveaway. Investors were concerned he was returning to his free-spending strategy as an election loom.

On Thursday, Trudeau unveiled a C$6.3 billion ($4.5 billion) tax relief and rebate program. It includes a two-month moratorium on federal sales tax on various commodities such as Christmas trees, wine, toys, and books and a C$250 check for almost 19 million Canadians, or over half of the population.

The declaration looked to mark the end of a brief period of fiscal restraint, as Finance Minister Chrystia Freeland committed to contain budget deficits to prevent stoking inflationary pressures.

Now that inflation has returned to the Bank of Canada’s 2% target, policymakers have reduced the benchmark interest rate by 125 basis points since June.

Trudeau’s Liberal government sees an opportunity to dig deeper into the public purse, but some analysts believe investors are keeping a careful eye on the country’s debt.

Bonds continued to fall on Thursday following the announcement, as the 10-year benchmark yield rose 7 basis points to 3.457%. After retail data showed a rise in consumer spending on Friday, it increased by up to 3.488%.

As the Trudeau government considers additional fiscal spending, concerns about Canada’s financial situation persist.

Budget Shortfall

Freeland has yet to publish final spending and income figures for the fiscal year that ended in October. Parliamentary Budget Officer Yves Giroux predicts a deficit of C$46.8 billion, much exceeding Freeland’s self-imposed aim of a C$40 billion shortfall.

Despite promises to reduce deficits, the Trudeau government continues to increase expenditure. This year’s budget includes a new capital gains tax inclusion rate to balance the cost of new housing and social initiatives.

This sparked anger from investors and entrepreneurs but allowed Freeland to present a consistent deficit despite significant spending.

The recent declaration indicates that Trudeau’s government no longer feels restrained in its capacity to use economic stimulus to restore favor.

Pierre Poilievre’s Conservatives have led most surveys by roughly 20 points for over a year. They have pounded the prime minister on affordability and promised to reduce taxes, especially income taxes. An election is expected in late October 2025.

The sales tax break will run from December 14 to February 15. The left-wing New Democratic Party intends to support it but has stated that it will continue to advocate for its permanent implementation and expansion to include additional items.

Let the Bankers Worry

Following Trudeau’s announcement, traders in overnight swap markets reduced their bets that the Bank of Canada will drop interest rates by 50 basis points for the second time in December, lowering the odds to fewer than 25% by the end of Thursday. As of late Friday morning, the odds were less than 17%.

The announcement also encouraged several experts to improve their short-term projections for Canada’s GDP. Analysts at the Bank of Montreal predict that the country’s GDP will increase at a 2.5% annualized rate in the first three months of 2025, up from 1.7%.

Speaking to reporters on Friday, Trudeau praised his government’s approach to program expenditure, claiming it fosters optimism and possibilities for families and the middle class.

“We’re focusing on Canadians. “Let the bankers worry about the economy,” Trudeau stated.

Related:

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

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Forced Sale Google Chrome Could Fetch $20 Billion

Published

4 days ago

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2024-11-21

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Sale Google Chrome

Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.

Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.

Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.

Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.

AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.

“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”

Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.

The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.

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Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

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Bitcoin Has Set a New Record And Is Approaching $100,000.

Published

5 days ago

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2024-11-21

By

Bitcoin

(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.

According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.

When the period began, Bitcoin peaked at $98,367.00.

During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.

The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.

Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.

The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.

Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.

Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.

According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.

Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.

Ginsberg stated this in reference to the evolution of Bitcoin over time.

Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.

He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”

The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.

This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.

The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.

The price of bitcoin had risen by more than 130% by the beginning of 2024.

SOUREC: CNBC

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