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

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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.


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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.

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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.

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India: Jet Airways’ demise leads to spike in airfares, massive hotel cancellations

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The abrupt shutdown of Jet Airways operations has left Indian tourism industry a worried lot as it has led to an average 25 percent spike in airfares across the sectors leading to massive hotel cancellations, says industry experts.

Some key sectors like Mumbai-Hyderabad, Mumbai-Delhi and Delhi-Mumbai have seen the fares flying by 62 percent, 52 percent and 49 percent, while the Bengaluru-Delhi sector has had the lowest impact with a 10 percent surge shortly before and soon after the grounding of Jet.

Financially struggling for months, Jet Airways decided to call it quits from Wednesday night, leaving 22,000 jobs at stake and inconveniencing lakhs of passengers both domestic as well as international as Jet was the single largest airline out of and into the country.

“The impact of grounding of Jet Airways is not only restricted to the airlines sector as tourism has taken a severe beating due to the massive surge in airfares during the peak demand season. The impact is unlikely to fade away anytime soon and may continue into the rest of the year,” Travel Agents Association of India (TAAI) president Sunil Kumar said Friday.

He said, both the domestic as well as international travel and related sectors are affected as travelers are cancelling their hotel bookings as airfares have surged by over 25 percent on average.

Leading tour operator Cox & Kings’ Karan Anand said the shuttering of Jet has upset the travel plans of many who have booked on Jet.

“This is the peak travel season and the airfares for the next 10-12 days are up by at least 25 percent as the capacity has fallen massively dissuading last minute travelers,” he added.

However, online travel aggregator Easemyyrip.com co- founder Nishant Pitti tried to downplay the impact saying airfares normally fluctuate as the aviation industry is always unpredictable.

“It is true that passengers are in panic now but going forward there will not be much impact as other airlines like Spicejet and Indigo are adding more planes into their fleet which will help balance demand-supply gap,” he said.

Train booking and discovery platform Confirmtkt cofounder Sripad Vaidya said due to the flight charges going up, there is a huge surge in people opting for trains and buses.

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‘Stable genius’ Trump to Boeing: Add ‘some great features’ & rebrand 737 MAX

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President Trump offered some unsolicited advice to aviation giant Boeing on how to tackle the problems with its Boeing 737 MAX model after worldwide grounding. The presidential wisdom fit into a single tweet.

The self-declared “very stable genius” bragged on Monday that his knowledge of branding helped him become president, and revealed what he would do if he “were Boeing.”

“I would FIX the Boeing 737 MAX, add some additional great features, & REBRAND the plane with a new name,” Trump said. “No product has suffered like this one. But again, what the hell do I know?”

Boeing is struggling to turn the tide for the popular model which was universally grounded after two crashes left a total 346 people dead and were apparently caused by the same faulty anti-stall system. The producer is accused of cutting corners to fast-track the passenger jet to the market and failing to properly train pilots on how to deal with malfunctions.

Trump complained last month about the level of automation on modern aircraft, saying the planes require “scientists from MIT” to pilot.

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American Airlines to keep its Boeing 737 MAX jets grounded until August

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American Airlines has chosen to keep its fleet of Boeing 737 MAX grounded until at least August 19, even if it means canceling 115 flights a day in summer season, as probes into the troubled jet continue and new sales have frozen.

The company, which owns 24 of the embattled jets that were involved in two recent deadly crashes, announced the decision in a letter to employees and customers. AA wants to ensure reliability “for the peak travel season and provide confidence to our customers and team members when it comes to their travel plans,” Chief Executive Doug Parker and President Robert Isom wrote.

The 737 MAX 8 airliners were grounded worldwide after a fatal crash of an Ethiopian Airlines flight, which killed 157 people on board. The incident came months after a crash of the same model operated by Lion Air was apparently linked to the same faulty flight control system.

Parker and Isom have at the same time expressed confidence in Boeing’s ability to fix the problem through software updates and changes to pilot training procedures. The US airline has 24 MAX planes in its fleet and is expected to get 16 more delivered this year. The grounding has already resulted in the cancelation of about 90 flights per day through early June, and the extension may put a strain on American’s ability to meet demand for seats during upcoming peak travel season. As many as 115 daily flights will have to be canceled in August, according to the letter.

The crashes have left Boeing open to criticism over the way it certified the fast-selling model, conducting some of the tests in-house with the permission of the Federal Aviation Authority. Critics say the producer cut corners to fast-track the new model to the market, compromising flight safety as a result.

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The Balmoral hotel announces Head Chef at its Michelin-starred restaurant

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The Balmoral, a Rocco Forte hotel in Edinburgh, announced Mark Donald as the new Head Chef of Number One – the hotel’s one Michelin star restaurant. The Scottish born chef’s homecoming follows a 13 year stint abroad honing his skills on the international culinary scene working with some of the most respected chefs in the industry.

Mark joins Number One, named after the hotel’s iconic address 1 Princes Street, from Sydney, Australia where he was Head Chef at Bentley Restaurant and Bar. Prior to this he worked at a number of internationally renowned two Michelin star establishments including senior roles at Claude Bosi’s flagship Hibiscus restaurant in London and at Restaurant Andrew Fairlie at Gleneagles in Perthshire. Mark also spent a significant stage at Noma in Copenhagen – the San Pellegrino World’s Best Restaurant at that time.

Mark oversees a team of 13 chefs in Number One and has created an innovative new menu inspired by Scotland and flavoured by his and the team’s international travels. New dishes on the menu include oysters with smoked kipper and parsley; hand dived scallops with Iberico pork and black garlic ketchup and Scottish wood pigeon, green juniper and blood and potato cake. An exciting new partnership has placed Highland Wagyu beef on the menu for the first time at Number One, served with beetroot and smoked bone marrow.

Commenting on the new appointment, The Balmoral’s Executive Chef Jeff Bland said:

“Mark brings a fantastic grounding in fine-dining having worked at some incredible world renowned establishments. His approach to fusing the best of Scottish produce with international flavours brings a fresh new style to Number One. Mark will take Number One to new heights as he respects the restaurant’s ethos of continually innovating and surprising our guests.”

Mark added: “After traveling and working in some incredible locations, I felt it was time to come home to beautiful Scotland. The Balmoral is such an iconic property steeped in history and I’m thrilled to have the opportunity to work with such a fantastic team in the heart of Edinburgh.”

Mark and his team have also developed relationships with many local producers to elevate the different offering. Together with his pastry team, he has created individual bread loaves using local East Lothian barley served with Perthshire apple vinegar, Highland rapeseed oil and Mark’s home-made cultured butter with cream from Kelso dairy farms. Standout desserts include Pink Lady apple tart, Amedei chocolate mille feuille and blood orange, pumpkin and buttermilk.

World class Scottish hospitality is at the heart of Number One. Guests also have the chance to experience the team’s inherent fun side with a final treat in the form of a sweetie trolley.

Enjoy a rhubarb and custard macaron, foie gras chocolate truffle or a traditional piece of Scottish tablet with a coffee and a dram.

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