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Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

April 24, 2019 by Forimmediaterelease

World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.

Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

Travel News | eTurboNews

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Indian Association of Tour Operators appoints new Chief Operating Officer

April 4, 2019 by Forimmediaterelease

In a move to strengthen the association, the Indian Association of Tour Operators (IATO) has appointed a Chief Operating Officer (COO) to enlarge the scope and area of operations in the 1600-member body.

Rahul Chakravarty has been appointed to the post, taking over on April 1. He has extensive experience in the Federation of Indian Chambers of Commerce and Industry (FICCI) where he looked after tourism for 15 years.

Gour Kanjilal, who was the Executive Director of IATO for the past 14 years, has resigned, citing age and other considerations for his departure.

At the IATO meeting today on April 3, the leadership, including Pronab Sarkar, E. M. Najeeb, and Rajesh Mudgal, lauded the services of Kanjilal who had earlier served in the Tourism Ministry in India and abroad.

The IATO leadership is confident that Rahul, with his vast experience, will help the organization to grow.

The monthly meeting of IATO discussed some other issues, such as the visa, various committees to boost the association, and greater awareness of the association in the country and abroad.

The September travel mart in Delhi will also be promoted by the association.

Travel News | eTurboNews

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