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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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Latest in the Sri Lanka wave of terror: Holy Sites must be respected

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The latest from Sri Lanka in regards to eight deadly terror attacks on Easter Sunday leaves 290 dead and more than 500 people injured.

Among the dead are also foreign tourists including 3 from India, 1 from Portugal, 2 from Turkey, 3 from the UK, and 2 with both a U.S. and U.K. citizenship
9 foreigners are missing, 25 unidentified bodies are also believed to be foreigners.

The German embassy is working on identifying possible German tourists among the victims.

Bombs explosions were reported yesterday in eight locations

  • Katuwapitiya Church
  • Kochikade Church
  • Church in Batticaloa
  • Shangri-La Hotel, Colombo
  • Cinnamon Grand hotel
  • Kingsbury Hotel, Colombo
  • Dehiwala
  • Dematagoda

An improvised explosive device (IED) was discovered in close proximity to the Bandaranaike International Airport in Colombo last night. The IED was successfully diffused and detonated by the members of the Sri Lanka Air Force.  The bomb was discovered along the Adiambalama road, in close proximity to the BIA hours before President Maithripala Sirisena returned to the country.

According to the Crime Division of the Sri Lanka Police (CCD) 13 individuals linked to the attack last night were arrested and 10 of them were later transferred into the custody for further investigations.

Officers of the Wellwatte police late last night managed to take into custody a van and a driver believed to have been used to transport the attackers. 24 people have been arrested thus far in relation to the incidents.

Schools and Universities remain closed, scheduled government examinations have been postponed. The Colombo Stock Exchange last night announced that they would not be open for trading until further notice.

The United States of America and the United Kingdom have issued travel advisories for Sri Lanka.

In the meantime, curfews and social media and instant message shut down are in effect in Sri Lanka.

Sri Lanka had planned to double tourist arrivals next year. This may be a big test to achieve such numbers.

The attacks that took place yesterday has also drawn international condemnation.

Here are some of their messages:

POPE FRANCIS

“I learned with sadness and pain of the news of the grave attacks, that precisely today, Easter, brought mourning and pain to churches and other places where people were gathered in Sri Lanka,” he told tens of thousands of people in St. Peter’s Square to hear his Easter Sunday message.

“I wish to express my affectionate closeness to the Christian community, hit while it was gathered in prayer, and to all the victims of such cruel violence.”

WORLD JEWISH CONGRESS PRESIDENT RONALD S. LAUDER

“World Jewry – in fact all civilized people – denounce this heinous outrage and appeal for zero tolerance of those who use terror to advance their objectives. This truly barbarous assault on peaceful worshippers on one of the holiest days in the Christian calendar serves as a painful reminder that the war against terror must be at the top of the international agenda and pursued relentlessly,” he said in a statement.

ARCHBISHOP OF CANTERBURY, JUSTIN WELBY, SPIRITUAL LEADER OF THE CHURCH OF ENGLAND

“The will to power leads to the murder of innocents in Sri Lanka. The utterly despicable destruction that on this holiest of days seeks to challenge the reality of the risen Christ. To say that darkness will conquer, that our choice is surrender or death. Jesus chose to defy this darkness and he is risen indeed.”

U.S. PRESIDENT DONALD TRUMP

“The United States offers heartfelt condolences to the great people of Sri Lanka. We stand ready to help!,” he tweeted.

INDIAN PRIME MINISTER NARENDRA MODI

“Strongly condemn the horrific blasts in Sri Lanka. There is no place for such barbarism in our region. India stands in solidarity with the people of Sri Lanka. My thoughts are with the bereaved families and prayers with the injured,” he said on Twitter.

PAKISTAN’S PRIME MINISTER IMRAN KHAN

“Strongly condemn the horrific terrorist attack in Sri Lanka on Easter Sunday resulting in precious lives lost and hundreds injured. My profound condolences go to our Sri Lankan brethren. Pakistan stands in complete solidarity with Sri Lanka in their hour of grief,” he tweeted.

RUSSIAN PRESIDENT VLADIMIR PUTIN

“Vladimir Putin expressed condolences to Sri Lanka President Maithripala Sirisena in connection with tragic consequences of terrorist acts,” his English Twitter account said.

GERMAN CHANCELLOR ANGELA MERKEL

“It is shocking that people who had gathered to celebrate Easter were the deliberate target of vicious attacks,” she wrote in a letter of condolence to Sri Lanka’s president.

FRENCH PRESIDENT EMMANUEL MACRON

“Deep sorrow following the terrorist attacks against churches and hotels in Sri Lanka. We firmly condemn these heinous acts. All our solidarity with the people of Sri Lanka and our thoughts go out to all victims’ relatives on this Easter Day,” he said on Twitter.

IRANIAN FOREIGN MINISTER MOHAMMAD JAVAD ZARIF

“Terribly saddened by terrorist attacks on Sri Lankan worshippers during Easter. Condolences to friendly govt & people of Sri Lanka. Our thoughts & prayers with the victims & their families. Terrorism is a global menace with no religion: it must be condemned & confronted globally,” he said on Twitter.

NEW ZEALAND PRIME MINISTER JACINDA ARDERN

“New Zealand condemns all acts of terrorism, and our resolve has only been strengthened by the attack on our soil on the 15th of March. To see an attack in Sri Lanka while people were in churches and at hotels is devastating,” she said in a written statement.

“New Zealand rejects all forms of extremism and stands for freedom of religion and the right to worship safely. Collectively we must find the will and the answers to end such violence.”

SRI LANKA EMBASSY

It was with horror and sadness we heard of the bombings in Sri Lanka costing the lives of so many people. We condemn the horrendous attacks targetting innocent civilians. Our sympathies go out to all the victims. Maldives stands in solidarity with people & Govt. of Sri Lanka.

TORONTO

The Toronto sign has been dimmed in solidarity with Sri Lanka following today’s tragic attacks. We join our Sri Lankan community and our Christian community in mourning those killed and pray for the recovery of those injured.

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Japan’s first domestic passenger plane since 1960s to challenge Boeing and Airbus

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Mitsubishi Aircraft Corporation, an aviation unit of Japanese industrial giant, is planning to start deliveries of Japan’s first domestically-produced passenger plane since the 1960s as soon as next year.

The 88-passenger jet has a flight range of about 2,000 miles, while a smaller variant can fly up to 76 people for about the same distance. The MRJ (Mitsubishi Regional Jet) made its maiden flight in November 2015 with the first deliveries slated for mid-2020.

Mitsubishi Aircraft Corporation initially planned the first deliveries of the jet for 2008. However, the date was pushed back five times due to production difficulties. Orders for the aircraft that once totaled 474 units from US and Japanese carriers have been reportedly reduced to 407 jets so far.

The Japanese conglomerate, a longtime supplier of aircraft components to Boeing, invested over 600 billion yen ($5.36 billion) into MRJ as of March 2018 with another 200 billion yen ($1.8bn) expected to be pumped into the project by the end of 2020. In October, Mitsubishi announced plans to invest an extra 170 billion yen ($1.5bn) in capital into its aircraft unit, canceling 50 billion yen ($446mn) of the debt owed by the division.

The long-anticipated MRJ, which is designed for local air transportation, may become a peer competitor for such mainstays as Canada’s Bombardier, whose C Series regional planes are marketed as the Airbus A220, after the 2017 acquisition of the unit by the European aerospace giant. The Japanese jet is also expected to provide keen competition to Brazil’s Embraer that announced plans to create a joint venture for Embraer’s airliners in 2018.

The newcomers in the sector of regional air service, such as the Russian Sukhoi Superjet-100 and the Chinese Comac ARJ21, which are currently undergoing test flights, may also challenge Airbus and Boeing.

Mitsubishi is currently involved in legal proceedings with Montreal–based Bombardier. In October, the Canadian aircraft manufacturer filed a lawsuit, accusing the Japanese corporation of stealing secret information and causing Bombardier “to suffer irreparable financial loss.”

Mitsubishi counter-sued, saying that the Canadian aircraft producer had violated antitrust regulations through “a multifaceted scheme to expand its power within the regional jet market by impeding the entrance of a new competing aircraft.”

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North Korea abandoning tourism? Test fires weapon

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North Korean leader Kim Jong Un today witnessed the test-firing of a new type of tactical guided weapon.

The Korean Central News Agency said Chairman Kim Jong Un observed the firing of the weapon Wednesday by the Academy of Defense Science.

According to Beijing’s Global Times tabloid, North Korea wants to slow the pace of tourism as more foreigners are traveling to the country.

The agency reports that Kim said “the development of the weapon system serves as an event of very weighty significance in increasing the combat power of the People’s Army.”

The agency says Kim mounted an observation post to learn about the test-fire of the new-type tactical guided weapon and guide the test-fire.

The announcement came after reports of new activity at a North Korean missile research center and long-range rocket site where the North is believed to build long-range missiles targeting the U.S. mainland.

The White House said it was aware of the report and had no comment.

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Seychelles receives honor of hosting FINA CNSG Open Water World Series 2019

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The excitement was palpable at Beau Vallon Beach on Saturday, April 13, 2019, almost a month before the Seychelles hosts for the second consecutive year the FINA CNSG Open Water World Series 2019.

This year’s event is being held in collaboration with Chinese based company CNSG and Seychelles is once again the second leg in the series of eight.

The organizing committee’s partners including the Seychelles Tourism Board (STB), officials and local swimmers gathered at Beau Vallon Beach where a trial run was organized to test out the facilities, the technical requirements and of course, the local swimming talents.

Principal Secretary for Sports, Fabien Palmyre present at the trial run mentioned his satisfaction to see that the FINA CNSG Open Water World Series 2019 is materializing with the support of all local partners.

“I am excited to again, be part of such an event. I am proud of all our young swimmers who have made an effort to be present today. I am grateful to all the partners and volunteers and I am definitely looking forward to this year’s event,” said PS Palmyre.

15 swimmers competed in the Beau Vallon waters in three main races, 2.5 km, 5 km and 7.5 km. According to the Seychelles Swimming Association (SSA) officials, the reasoning behind the distances selected is to enable the swimmers to test out their abilities to see which category would suit them best for the May 11, 2019 event, which will be opened for the public and other swimming enthusiasts.

The 2019 Mass Open Water event will take place on Saturday May 11, one day prior to the Elite event.

The May 11 Mass event will comprise of four distances, Group A (500 m), Group B (1 km), Group C (3 km) and Group D (5 km). The only age restriction will be for Group A where students aged 13 years and under can participate. The others will be open to all ages and there will be two races, a male and a female race for each distance.

“Mass participation is crucial in making the Mass event a success and the Seychelles Swimming Association is calling on all swimmers to register for the event,” said David Vidot, SSA Chairperson.

Mr. Vidot indicated that the forms for registration are available on the SSA Facebook page and website. The deadline to return the registration form to the Swimming Association is May 1, 2019.

The Seychelles is honored this year to have four Seychellois swimmers qualified to take part in the Elite 10 km race, which will take place on Sunday May 12, 2019.

Joining the 2018 swimmers, brothers Bertrand and Damien Payet, will be Matthew Bachmann and Alain Vidot, both of whom completed the 7.5 km race finishing second and third consecutively behind Damien who crossed the finishing line on Saturday first.

The Elite event which is broadcast to a global audience via the FINA network, exposes Seychelles in another light, similar to that of the annual Eco-Marathon event, which strengthens Seychelles’ potential as a Sports Tourism destination.

“It is such a privilege to be hosting the event again on our shores; as announced earlier this year, STB is committed to promote Seychelles as an ideal sports destination. Our collaboration with Seychelles Swimming Association and other partners for FINA CNSG Open Water World Series 2019 is an ideal platform for us to showcase our beautiful destination and its pristine waters,” said Mrs. Sherin Francis, Seychelles Tourism Board Chief Executive.

In May 2018, open water swimming made its debut in Seychelles, as the small island nation became the second host in the FINA World Cup Series 2018. The iconic Beau Vallon beach was the chosen venue to launch Seychelles in the open water swimming world, making it the first country in Africa to host an event of this caliber.

As part of the FINA mandate, the host country is required to host a mass event alongside the elite 10k m event, in order to encourage and mobilize the local community to appreciate and take part in the sport.

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