Boeing falls after a Boeing 737 500 passenger plane operated by Sriwijaya Air crashes into the ocean Saturday off of the coast of Indonesia.
Boeing (BA) – Get Report shares declined Monday after a Boeing 737-500 passenger plane operated by Sriwijaya Air crashed Saturday into the sea off of the coast of Indonesia after taking off from Jakarta.
The plane, a 737-500 aircraft, was 26 years old, much older compared to the Boeing 737 MAX that had been seated in March 2019 after 2 fatal crashes, including a Lion Air crash in Indonesia which killed 189 folks in 2018.
Black boxes of the plane have been located and communications information has been obtained, CNN reported.
The head of Indonesia’s National Search and Rescue Agency said late Sunday that the two black boxes from the Sriwijaya Air flight were thought have been recognized within 150 meters to 200 meters of the crash site, as reported by CNN.
The Boeing 737-500 jet disappeared minutes after taking off from Jakarta, Indonesia’s capital, during heavy rain on Saturday. The Sriwijaya Air flight had 62 individuals aboard and was headed to Pontianak on the island of Borneo from the nation’s capital. 12 on board were crew members.
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Boeing shares fell 1.81 % to $206.02 in trading Monday.
The crash comes just days after jetmaker Boeing agreed to fork out a $2.5 billion fine over fraud as well as conspiracy charges linked with its 737 MAX jet program.
The settlement calls for a criminal penalty of $243.6 huge number of, according to the conduct of 2 former MAX method complex pilots, as well as the establishment of a $500 million fund to offer compensation for families of the victims of the Lion Air and Ethiopian Airlines crashes, the company said.
Boeing said the deferred prosecution agreement with the Department of Justice, which it entered into on Thursday, will impact the company’s fourth quarter earnings by $743.5 huge number of.
“I firmly believe that entering into this resolution is the best thing for us to do – a step which properly acknowledges how we fell short of our values and expectations,” said CEO Dave Calhoun. “This resolution is actually a serious reminder to all of us of how critical our obligation of transparency to regulators is actually, and the results that the business of ours can encounter if any one of us falls short of those expectations.”