Australia and the European Union have joined the list of jurisdictions that have grounded the jets
THIS WEEK was meant to be a good-news week for Boeing: the American aerospace giant had planned to unveil its new long-haul 777X jetliner today. That had to be shelved after one of its new Boeing 737 MAX 8 jets crashed in Ethiopia, killing all 149 passengers and eight crew aboard. Tragedies of this sort do not usually spook investors in planemakers, but this one did. Boeing’s share price has fallen by 10% since the crash.
Similarities between the accident in Ethiopia and another one involving a 737 MAX 8 five months ago in Indonesia, which killed 189 people, have aroused suspicions that there might be a problem with the jet. Many aviation regulators around the world are taking no chances. China’s aviation regulator was the first to act, instructing its domestic airlines on March 11th to ground all their 737 MAX airliners.
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Southwest says it remains 'confident' in its fleet of Boeing planes after Ethiopia crashSouthwest Airlines Co. expressed confidence in its Boeing Co. aircraft and said has no plans to change operations in the wake of a deadly crash involving a 737 Max 8 aircraft in Ethiopia. But shares of the airline fell over 3% in premarket trading, alongside a nearly 9% drop in Boeing shares. "As Southwest operates a fleet of 34 Boeing 737 MAX 8 aircraft, we have been in contact with Boeing and will continue to stay close to the investigation as it progresses," said a spokesman for the company. Ethiopian Airlines Flight 302 crashed shortly after takeoff from the capitol of Addis Ababa, killing all 157 people on board. It's the second deadly accident involving Boeing's popular 737 Max 8 in six months, with the last occurring in October when an Indonesia Lion Air jet crashed into the sea, killing all 189 on board. China's civilian aviation authority has ordered all airlines to ground those Max 8 planes, while Ethiopian Airlines has grounded its entire fleet of those planes. "We don't have any changes planned to our operational policies or procedures," said the Southwest spokesman. Losses for Boeing drove a 170-point drop in Dow futures.
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