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Boeing In The Spotlight As Congress Calls A Whistleblower To Testify About Defects In Planes

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7 months ago

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boeing Whistleblower
AP - VOR News

Boeing is the focus of back-to-back Senate hearings on Wednesday as Congress investigates allegations of severe safety failings at the troubled aircraft manufacturer.

The Senate Commerce Committee was hearing testimony from members of an expert team that discovered major weaknesses in Boeing’s safety culture. Sen. Ted Cruz, R-Texas, said the public expects the Federal Aviation Administration and Congress to ensure that boarding one of the company’s planes is safe.

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Boeing In The Spotlight As Congress Calls A Whistleblower To Testify About Defects In Planes

“Commercial air travel is the safest mode of transportation, although recent events have justifiably concerned the flying public. Cruz stated, “The perception is that things are getting worse.”

In a February study, the expert panel stated that, despite reforms made following the Max crashes, Boeing’s safety culture remains faulty, and employees who express concerns may face pressure and punishment.

One of the witnesses, MIT aeronautics instructor Javier de Luis, lost his sister when a Boeing 737 MAX 8 crashed in Ethiopia in 2019.

A second Senate hearing will feature a Boeing engineer who believes that pieces of the 787 Dreamliner’s skin are improperly connected and may eventually fall apart. The whistleblower’s lawyer claims Boeing ignored the engineer’s warnings and prohibited him from speaking with specialists about the problems.

Sam Salehpour, a whistleblower, provided information to the Federal Aviation Administration, which is investigating the quality and safety of Boeing’s manufacturing. Ed Pierson, a former manager on the Boeing 737 program, is also slated to appear before a Senate investigative subcommittee on Wednesday. Two other aircraft technical specialists are also on the witness list.

The Democratic chair of the Senate Homeland Security and Governmental Affairs Committee’s subcommittee, as well as its top Republican, have requested papers dating back six years from Boeing.

One of the witnesses, MIT aeronautics lecturer Javier de Luis, lost his sister when a Boeing 737 MAX 8 crashed in Ethiopia in 2019.A second Senate hearing will feature a Boeing engineer who claims that sections of the skin on 787 Dreamliner jets are not properly fastened and could eventually break apart. The whistleblower’s lawyer says Boeing has ignored the engineer’s concerns and prevented him from talking to experts about fixing the defects. The whistleblower, Sam Salehpour, sent documents to the Federal Aviation Administration, which is investigating the quality and safety of Boeing’s manufacturing. Also scheduled to testify before a Senate investigations subcommittee Wednesday is Ed Pierson, a former manager on the Boeing 737 program. Two other aviation technical experts are on the witness list as well. The Democrat who chairs the subcommittee of the Senate Homeland Security and Governmental Affairs Committee and its senior Republican have asked Boeing for troves of documents going back six years. The lawmakers are seeking all records about manufacturing of Boeing 787 and 777 planes, including any safety concerns or complaints raised by Boeing employees, contractors or airlines. Some of the questions seek information about Salehpour’s allegations about poorly fitted carbon-composite panels on the Dreamliner. A Boeing spokesperson said the company is cooperating with the lawmakers’ inquiry and offered to provide documents and briefings. The company says claims about the 787’s structural integrity are false. Two Boeing engineering executives said this week that in both design testing and inspections of planes — some of them 12 years old — there have been no findings of fatigue or cracking in the composite panels. They suggested that the material, formed from carbon fibers and resin, is nearly impervious to fatigue that is a constant worry with conventional aluminum fuselages. The Boeing officials also dismissed another of Salehpour’s allegations: that he saw factory workers jumping on sections of fuselage on 777s to make them align. Salehpour is the latest whistleblower to emerge with allegations about manufacturing problems at Boeing. The company has been pushed into crisis mode since a door-plug panel blew off a 737 Max jetliners during an Alaska Airlines flight in January. Investigators are focusing on four bolts that were removed and apparently not replaced during a repair job in Boeing’s factory. The company faces a criminal investigation by the Justice Department and separate investigations by the FAA and the National Transportation Safety Board. CEO David Calhoun, who will step down at the end of the year, has said many times that Boeing is taking steps to improve its manufacturing quality and safety culture. He called the blowout on the Alaska jet a “watershed moment” from which a better Boeing will emerge. There is plenty of skepticism about comments like that. “We need to look at what Boeing does, not just what it says it’s doing,” said Sen. Tammy Duckworth, D-Ill., a member of the Senate Commerce Committee, said before Wednesday’s hearing. The FAA is also likely to take some hits. Duckworth said that until recently, the agency “looked past far too many of Boeing’s repeated bad behaviors,” particularly when it certified the 737 Max nearly a decade ago. Two Max jets crashed in 2018 and 2019, killing 346 people, after faulty activations of a flight-control system that FAA did not fully understand. The leaders of the Senate investigations subcommittee have also requested FAA documents about its oversight of Boeing.

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Boeing In The Spotlight As Congress Calls A Whistleblower To Testify About Defects In Planes

The senators want all information about the production of Boeing 787 and 777 planes, including any safety issues or complaints submitted by Boeing employees, contractors, or airlines. Some issues concern Salehpour’s claims about poorly installed carbon-composite panels on the Dreamliner.

A Boeing spokeswoman stated that the business is working with the MPs’ probe and has offered to share papers and briefings.

The business denies accusations regarding the 787’s structural integrity. This week, two Boeing engineering officials stated that no fatigue or cracking in the composite panels was discovered during design testing or inspections of planes, some of which were 12 years old. They claimed that the material, composed of carbon fibers and resin, is practically immune to fatigue, a continual concern with conventional aluminum fuselages.

Boeing executives also denied Salehpour’s claim that he had witnessed production workers jumping on fuselage parts on 777s to position them.

Salehpour is the latest whistleblower to come forward with allegations of production difficulties at Boeing. The business was plunged into crisis mode when a door-plug panel blew off a 737 Max jet during an Alaska Airlines flight in January. Investigators focused on four bolts removed but not reinstalled during a repair procedure at Boeing’s manufacturing.

The Justice Department has launched a criminal inquiry into the company, while the FAA and the National Transportation Safety Board are conducting separate probes.

CEO David Calhoun, who will step down at the end of the year, has repeatedly stated that Boeing is working to enhance its manufacturing quality and safety culture. He described the blowout on the Alaska jet as a “watershed moment” that will result in a better Boeing.

Such comments are met with widespread suspicion.

One of the witnesses, MIT aeronautics lecturer Javier de Luis, lost his sister when a Boeing 737 MAX 8 crashed in Ethiopia in 2019.A second Senate hearing will feature a Boeing engineer who claims that sections of the skin on 787 Dreamliner jets are not properly fastened and could eventually break apart. The whistleblower’s lawyer says Boeing has ignored the engineer’s concerns and prevented him from talking to experts about fixing the defects. The whistleblower, Sam Salehpour, sent documents to the Federal Aviation Administration, which is investigating the quality and safety of Boeing’s manufacturing. Also scheduled to testify before a Senate investigations subcommittee Wednesday is Ed Pierson, a former manager on the Boeing 737 program. Two other aviation technical experts are on the witness list as well. The Democrat who chairs the subcommittee of the Senate Homeland Security and Governmental Affairs Committee and its senior Republican have asked Boeing for troves of documents going back six years. The lawmakers are seeking all records about manufacturing of Boeing 787 and 777 planes, including any safety concerns or complaints raised by Boeing employees, contractors or airlines. Some of the questions seek information about Salehpour’s allegations about poorly fitted carbon-composite panels on the Dreamliner. A Boeing spokesperson said the company is cooperating with the lawmakers’ inquiry and offered to provide documents and briefings. The company says claims about the 787’s structural integrity are false. Two Boeing engineering executives said this week that in both design testing and inspections of planes — some of them 12 years old — there have been no findings of fatigue or cracking in the composite panels. They suggested that the material, formed from carbon fibers and resin, is nearly impervious to fatigue that is a constant worry with conventional aluminum fuselages. The Boeing officials also dismissed another of Salehpour’s allegations: that he saw factory workers jumping on sections of fuselage on 777s to make them align. Salehpour is the latest whistleblower to emerge with allegations about manufacturing problems at Boeing. The company has been pushed into crisis mode since a door-plug panel blew off a 737 Max jetliners during an Alaska Airlines flight in January. Investigators are focusing on four bolts that were removed and apparently not replaced during a repair job in Boeing’s factory. The company faces a criminal investigation by the Justice Department and separate investigations by the FAA and the National Transportation Safety Board. CEO David Calhoun, who will step down at the end of the year, has said many times that Boeing is taking steps to improve its manufacturing quality and safety culture. He called the blowout on the Alaska jet a “watershed moment” from which a better Boeing will emerge. There is plenty of skepticism about comments like that. “We need to look at what Boeing does, not just what it says it’s doing,” said Sen. Tammy Duckworth, D-Ill., a member of the Senate Commerce Committee, said before Wednesday’s hearing. The FAA is also likely to take some hits. Duckworth said that until recently, the agency “looked past far too many of Boeing’s repeated bad behaviors,” particularly when it certified the 737 Max nearly a decade ago. Two Max jets crashed in 2018 and 2019, killing 346 people, after faulty activations of a flight-control system that FAA did not fully understand. The leaders of the Senate investigations subcommittee have also requested FAA documents about its oversight of Boeing.

AP – VOR News Image

Boeing In The Spotlight As Congress Calls A Whistleblower To Testify About Defects In Planes

“We need to look at what Boeing does, not just what it says it’s doing,” said Sen. Tammy Duckworth, D-Ill., a member of the Senate Commerce Committee, before the hearing on Wednesday.

The FAA is also sure to face some criticism. Duckworth stated that until recently, the agency had “looked past far too many of Boeing’s repeated bad behaviors,” including when it certified the 737 Max more than a decade ago. Two Max jets crashed in 2018 and 2019, killing 346 people, due to incorrect activation of a flight-control system that the FAA did not fully comprehend.

The heads of the Senate investigations panel have also demanded information from the FAA about its monitoring of Boeing.

SOURCE – (AP)

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Trudeau Accelerates Bond Selloff Over Mass Spending Fears

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2 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

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3 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

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.

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4 days ago

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2024-11-21

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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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NVIDIA’s Earnings: The Leader In AI Chips Demonstrates Relentless Growth.

 

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