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 ocean off of the coast of Indonesia after taking off from Jakarta.
The plane, a 737-500 aircraft, was twenty six years old, a lot older than the Boeing 737 MAX which was based in March 2019 after 2 fatal crashes, including a Lion Air crash in Indonesia that killed 189 men and women in 2018.
Black boxes of the plane have been located and communications data has been obtained, CNN reported.
The head of Indonesia’s National Search and Rescue Agency said late Sunday that the 2 black boxes from the Sriwijaya Air flight had been believed have been detected within 150 meters to 200 meters of the crash site, based on 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 sixty two 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 connected to its 737 MAX jet program.
The settlement entails a criminal penalty of $243.6 zillion, determined by the conduct of 2 former MAX method complex pilots, along with 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 zillion.
“I firmly believe that entering into this resolution is the right thing for us to do – a step that properly acknowledges exactly how we fell short of our values as well as expectations,” said CEO Dave Calhoun. “This resolution is a serious reminder to all of us of just how critical the obligation of ours of transparency to regulators is, and the negative effects that our company is able to encounter if any one of us falls short of those expectations.”