Categories
Market

Boeing Falls – Black Boxes of Crashed Indonesia Plane Happen to be Located

Boeing falls once a Boeing 737-500 passenger plane operated by Sriwijaya Air crashes into the sea Saturday off of the coast of Indonesia.

Boeing (BA) – Get Report shares declined Monday following a Boeing 737 500 passenger plane operated by Sriwijaya Air crashed Saturday into the ocean off the coast of Indonesia after taking off from Jakarta.

The plane, a 737-500 aircraft, was twenty six years old, much older compared to the Boeing 737 MAX that was based in March 2019 after 2 fatal crashes, including a Lion Air crash in Indonesia that killed 189 folks in 2018.

Black boxes of the plane were located and communications information has been obtained, CNN reported.

The head of Indonesia’s National Search and Rescue Agency said late Sunday that the two black boxes from the Sriwijaya Air flight were thought have been detected within 150 meters to 200 meters of the crash site, based on CNN.

The Boeing 737-500 jet disappeared minutes after taking off from Jakarta, Indonesia’s capital, during heavy rain on Saturday. The Sriwijaya Air flight had sixty two folks aboard and was headed to Pontianak on the island of Borneo from the nation’s capital. Twelve on board were crew members.

Exclusive REPORT: Download Jim Cramer’s five Rules for Trading Stocks During Earnings Season – a set of practices that might help you survive earnings season without losing a lot of cash.

Boeing shares fell 1.81 % to $206.02 in trading Monday.

The crash comes only days after jetmaker Boeing agreed to fork out a $2.5 billion fine over fraud as well as conspiracy charges connected to its 737 MAX jet program.

The settlement calls for a criminal penalty of $243.6 zillion, determined by the conduct of 2 former MAX program complex pilots, along with the establishment of a $500 million fund to provide compensation for families of the victims of the Lion Air and also Ethiopian Airlines crashes, the company said.

Boeing said the deferred prosecution agreement with the Department of Justice, which it entered into on Thursday, will impact the company’s fourth quarter earnings by $743.5 zillion.

“I firmly believe that entering into this resolution is a proper thing for us to do – a step that properly acknowledges exactly how we fell short of our values as well as expectations,” said CEO Dave Calhoun. “This resolution is a serious reminder to all of us of just how critical our obligation of transparency to regulators is, as well as the negative effects that the company of ours is able to encounter if any one of us falls short of those expectations.”

Leave a Reply

Your email address will not be published. Required fields are marked *