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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.

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.

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Two Australian Heroes killed when saving a tourist from drowning

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Tourism and Dairy are popular in  Port Campbell, a coastal town in Victoria, Australia. The town is on the Great Ocean Road, west of the Twelve Apostles, in the Shire of Corangamite and has less than 500 residents.

Two of these residents a father and son today drowned trying to rescue a tourist from rough on Sunday have been described as selfless members of the local community and “like peas in a pod”.

Ross, 71, and Andrew Powell, 32, were life-long members of the Port Campbell Surf Life Saving Club and were prominent figures in the local dairy farming industry.

They, along with one other lifesaver, were attempting to save a tourist at Sherbrook River, near the Twelve Apostles on Victoria’s south-west coast, on Sunday morning when their boat flipped.

The father and son were declared dead at the scene, while the third lifesaver was seriously injured and airlifted to The Alfred hospital.

Ross was an inaugural member of the lifesaving club when it was formed in 1965 and maintained it his whole life putting his community first.

A 30-year-old male tourist got into trouble wading near the entrance to the Sherbrook River, a 10-minute drive from the Twelve Apostles, about 11am.

Rough surf caused the rescue boat to flip, tossing the three lifesavers into the ocean in an area Cr Trotter said was notoriously dangerous.

An emergency helicopter managed to safe one of rescuers and the tourist out of the water, however, the father and son’s bodies were later found.

The surviving rescue worker, a man in his 50s, has injuries to his back and legs and was airlifted to The Alfred hospital in a serious condition. He remained in a serious but stable condition on Sunday evening.

The tourist who was swept into the water suffered hypothermia and was taken by road ambulance to the Warrnambool hospital in a stable condition.

 

A flipped rescue boat at Port Campbell on Sunday.

Mr James said initial investigations found all three lifesavers had been wearing life jackets.

Earlier reports suggested the tourist was taking photographs when he was swept off a rock at the mouth of the river, but emergency services say this was not the case.

Another rescue boat near Port Campbell.

The Port Campbell Hotel said on Facebook that live music at the venue had been canceled due to the “heartbreaking tragedy in our community”.

Police are preparing a report for the coroner

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Ethiopian Airlines CEO believes in The New Spirit of Africa and pledges to work with Boeing

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Tewolde GebreMariam, Group CEO, Ethiopian Airlines issued a statement today.

He wrote: “It has been more than two weeks since the tragic crash of Ethiopian Airlines flight 302. The heartbreak for the families of the passengers and crew who perished will be lasting. This has forever changed their lives, and we at Ethiopian Airlines will feel the pain forever. I pray that we all continue to find strength in the weeks and months ahead.

The people of Ethiopia feel this very deeply, too. As a state-owned airline and the flagship carrier for our nation, we carry the torch for the Ethiopian brand around the world. In a nation that sometimes is saddled with negative stereotypes, accidents like this affect our sense of pride.

Yet this tragedy won’t define us. We pledge to work with Boeing and our colleagues in all the airlines to make air travel even safer.

As the largest aviation group on the continent of Africa, we represent The New Spirit of Africa and will continue to move forward. We are rated as a 4-star global airline with a high safety record and member of Star Alliance. That will not change.

Full Cooperation

The investigation of the accident is well underway, and we will learn the truth. At this time, I do not want to speculate as to the cause. Many questions on the B-737 MAX airplane remain without answers, and I pledge full and transparent cooperation to discover what went wrong.

As it is well known in our global aviation industry, the differences training between the B-737 NG and the B-737 MAX recommended by Boeing and approved by the U.S. Federal Aviation Administration called for computer-based training, but we went beyond that. After the Lion Air accident in October, our pilots who fly the Boeing 737 Max 8 were fully trained on the service bulletin issued by Boeing and the Emergency Airworthiness Directive issued by the USA FAA. Among the seven Full Flight Simulators that we own and operate, two of them are for B-737 NG and the B-737 MAX. We are the only airline in Africa among the very few in the world with the B-737 MAX full flight Simulator. Contrary to some media reports, our pilots who fly the new model were trained on all appropriate simulators.

The crews were well trained on this aircraft.

Immediately after the crash and owing to the similarity with the Lion Air Accident, we grounded our fleet of Max 8s. Within days, the plane had been grounded around the world. I fully support this. Until we have answers, putting one more life at risk is too much.

Belief in Boeing, U.S. Aviation

Let me be clear: Ethiopian Airlines believes in Boeing. They have been a partner of ours for many years. More than two-thirds of our fleet is Boeing. We were the first African airline to fly the 767, 757, 777-200LR, and we were the second nation in the world (after Japan) to take delivery of the 787 Dreamliner. Less than a month ago, we took delivery of yet another new two 737 cargo planes (a different version from the one that crashed). The plane that crashed was less than five months old.

Despite the tragedy, Boeing and Ethiopian Airlines will continue to be linked well into the future.

We also are proud of our association with U.S. aviation. The general public does not know that Ethiopian Airlines was founded in 1945 with help from Trans World Airlines (TWA). In the early years, our pilots, flight crews, mechanics and managers were actually employees of TWA.

In the 1960s, after the handoff, TWA continued in an advisory capacity, and we’ve continued to use American jets, American jet engines and American technology. Our mechanics are Federal Aviation Administration (FAA) certified.

Our first direct passenger service to the U.S. began in June 1998, and today we fly direct to Africa from Washington, Newark, Chicago and Los Angeles. This summer, we will begin flying from Houston. Our cargo flights connect in Miami, Los Angeles and New York.

U.S. travel to Africa has increased more than 10 percent in the last year, second only to travel to Europe in term of the percentage increase — traveling to Africa has increased more than traveling to Asia, the Middle East, Oceania, South America, Central America or the Caribbean. The future is bright, and Ethiopian Airlines will be here to meet the demand.

In less than a decade, Ethiopian Airlines has tripled the size of its fleet – we now have 113 Boeing, Airbus and Bombardier aircraft flying to 119 international destinations in five continents. We have one of the youngest fleet in the industry; our average fleet age is five years while industry average is 12 years. Moreover, we have tripled the passenger volume, now flying more than 11 million passengers annually.

Each year, our Aviation Academy trains more than 2,000 pilots, flight attendants, maintenance workers and other employees for Ethiopian Airlines and several other African airlines. We are the company others turn to for aviation expertise. In the last 5 years, we have invested more than half a Billion dollars in training and other infrastructure in our Addis Ababa base.

We will work with investigators in Ethiopia, in the U.S. and elsewhere to figure out what went wrong with flight 302.

We resolve to work with Boeing and others to use this tragedy to make the skies safer for the world.”

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Indonesian national airline Garuda cancels order for 49 Boeing 737 Max 8 jets

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Indonesia’s flag carrier Garuda has announced the cancellation of its multi-billion-dollar order for 49 Boeing 737 Max 8 passenger jets after two fatal crashes involving the aircraft in less than five months.

In 2014, Garuda Indonesia signed a $4.9 billion agreement for the delivery of 50 of the Boeing planes, one of which was handed to the company.

The air carrier has now reportedly sent a letter to Boeing to cancel the order for the remaining 737 MAX jets with the representatives of the world’s biggest aerospace group expected to visit Jakarta in late March for “further discussion” of the issue.

The move comes amid the latest crash of Boeing’s best-selling passenger jet in Ethiopia. The tragedy, which killed all 157 people on board, followed a similar deadly accident in Indonesia that took the lives of 189 people in October.

“Our passengers have lost confidence to fly with the MAX 8,” Ikhsan Rosan, spokesperson for Garuda said.

Earlier this month, global air carriers and aviation authorities had to ground the troubled jet over safety concerns until the results of a probe into the crashes are known.

The investigation, currently in its early stages, was launched after the first crash of a 737 MAX aircraft operated by Indonesia’s Lion Air.

Boeing’s best-selling 737 Max 8 has been extremely popular among the company’s customers since it hit the market in 2017. Global airlines and leasing corporations have placed some 5,000 orders for the jet.

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Canada’s government officials announce support for victims of Ethiopian Airlines Flight 302

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Today, the Honorable Ralph Goodale, Minister of Public Safety and Emergency Preparedness and the Honorable Chrystia Freeland, Minister of Foreign Affairs, issued the following statement announcing Canada’s support to victim identification efforts following the tragic aircraft accident involving an Ethiopian Airlines Flight.

“On behalf of the Government of Canada, we wish to extend our most sincere condolences to the families and friends of those who perished in this tragic accident.  Our thoughts continue to go out to each of the Canadian families, friends and communities affected by this awful accident.

The situation on the ground is fluid and may continue to evolve rapidly. Canada will remain ready to assist with the ongoing recovery efforts.

To this end, the Government of Canada, through the Government Operations Centre and Global Affairs Canada, is in constant contact with international and local officials to coordinate Canada’s contribution to these efforts, in support of Interpol’s call for assistance. At present, the RCMP has provided a team of three specialized personnel to assist with providing disaster victim identification support.

Four additional Canadian officials have been dispatched to Ethiopia to provide added capacity and expertise as well as support to affected families. Officials from the Embassy and from Global Affairs Canada’s Standing Rapid Deployment Team have been coordinating with local authorities in Addis Ababa. Officials have been supporting family members of Canadian victims who have travelled to Ethiopia, including by sharing updates on the situation, providing information about local contacts and services, and accompanying families to the site of the tragedy.

Canadian officials will continue to work closely with Ethiopian Airlines and local authorities on the gathering and sharing of information in real time with the families, including on questions relating to repatriation.

Friends and relatives in Canada who are in need of assistance should contact the Emergency Watch and Response Centre in Ottawa at +1-613-996-8885 or email sos@international.gc.ca.

On behalf of all Canadians, we are grateful to all nations who have heeded the international call for assistance, and commend the Canadians who will solemnly perform their duties in the aftermath of this terrible tragedy.”

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