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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.

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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.

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India’s Jet Airways halts all international and domestic operations

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One of India’s major airlines, Jet Airways, has announced it is temporarily halting flight operations on Wednesday after the carrier failed to secure the “critical interim funding” necessary for the company to remain afloat.

Jet Airways will operate the last flight on Wednesday as it cancels all its international and domestic flights, the airline said in a statement. It explained that it cannot afford to pay for fuel or other critical services to keep the operations going, as all its months-long attempts to seek both interim and long-term funding were in vain.

“Unfortunately, despite its very best efforts, the airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations,” the statement reads.

Earlier this month, the airline’s fleet was significantly reduced to just five aircraft and it was forced to suspend international operations. On Wednesday, the Jet Airways website listed only 37 domestic flights and had an additional nine-page list of canceled flights, saying that the schedule was impacted by “operational reasons.”

The troubled company failed to receive a stop-gap loan of about $217 million from its lenders as part of a rescue deal agreed in late March, Reuters earlier reported.

“Bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back for more interim funding,” an unnamed bank source in the negotiations on the debt resolution process told the agency.

The uncertainty over the crucial funding crashed Jet Airways stock on Tuesday, with shares plunging around 20 percent.

Employees have been hit hardest by the crisis in the company and have reportedly not been paid in months. The pilots even called on the State Bank of India (SBI) to release the necessary funds and appealed to India’s Prime Minister Narendra Modi to save 20,000 jobs which may be lost in the shutdown.

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Swiss-Belhotel International appoints new General Manager for Swiss-Belinn Muscat

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Swiss-Belhotel International has appointed Paul Uglesic as the General Manager for Swiss-Belinn Muscat in Oman. Paul has ten years of outstanding experience in the hospitality industry working with some of the world’s leading brands.

Making the announcement, Laurent A. Voivenel, Senior Vice President, Operations and Development for the Middle East, Africa and India, Swiss-Belhotel International, said, “We are delighted to welcome Paul Uglesic to lead the team at Swiss-Belinn Muscat in Oman. Paul has a decade of strong knowledge and understanding of the hospitality sector as well as excellent pre-opening expertise targeted at achieving operational excellence and guest satisfaction. We are confident under his leadership this superb property, that is in advanced stages of development, will provide outstanding facilities in the 3-star category.”

Paul started his executive career in the industry at Radisson Blu Resort & Spa in Croatia in 2009. In 2015, Paul moved to Dubai taking up the role of Executive Assistant Manager at Radisson Blu Hotel Dubai Deira Creek and performed a task force role as the acting General Manager at the Radisson Blu Hotel in Dubai Downtown. His most recent posting was at the Park Inn by Radisson Dubai Motor City as the opening General Manager.

Upon joining the Swiss-Belinn Muscat Paul said, “I am truly proud to take up the position at the fantastic Swiss-Belinn Muscat in Oman. It is an exciting adventure for me since Swiss-Belhotel International is a great brand to work for. Together with my team, I am looking forward to launching the hotel and positioning it as a preferred address for both regional and international travellers.”

Paul holds a bachelors’ degree in economics from the University of Adelaide in Australia along with several certifications and professional diplomas in hospitality management, hotel revenue management, and general manager’s program from the acclaimed Cornell University.

Expected to open this year, Swiss-Belinn Muscat is a superb 3-star hotel enjoying an outstanding location in close proximity to Muscat International Airport. Equipped with 128 rooms and suites, the hotel is being developed to offer its guests a comprehensive range of facilities including an all-day-dining restaurant, meeting space, gym, Wi-Fi access and 24-hours room service. Given its fantastic location near the airport, the hotel will serve as the perfect abode for transit passengers looking for stop-overs and airline crews as well as corporate travellers on a short visit to Oman or those facing unexpected flight halts.

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