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US Charges Boeing with Misleading Investors on 737 MAX Safety, Fined $200 Million

US securities authorities fined Boeing $200 million for making misleading statements about the 737 MAX’s safety.

Boeing Commits $2 Million USD to Support Humanitarian Efforts Following Terrorist Attacks in Israel

Following two fatal disasters, US securities authorities fined Boeing $200 million for making misleading statements about the 737 MAX’s safety.

According to a statement from the Securities and Exchange Commission, Boeing agreed to pay the fine to resolve allegations that it “negligently violated the antifraud provisions” of US securities laws. The announcement also claimed that the business and its CEO placed profits over people.

Boeing received the most orders at the Farnborough airshows in 2022.(Opens in a new browser tab)

Dennis Muilenburg, the former CEO of Boeing, also agreed to pay $1 million to settle the same allegations in a civil dispute. The settlement comes as a result of the Lion Air tragedy in Indonesia in October 2018 and the Ethiopian Airlines crash in Ethiopia in March 2019, which combined lost over 350 people.

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SEC chair Gary Gensler stated in a news statement that it is “particularly vital that public firms and leaders give comprehensive, fair, and transparent disclosures to the markets in times of crisis and tragedy.”

10 things about Boeing 737 max aircraft.(Opens in a new browser tab)

The Boeing Company and Dennis Muilenburg, its previous CEO, failed in this most fundamental duty. Despite knowing about major safety risks, they misled investors by promising the 737 MAX’s safety.

As part of its “broader endeavour to properly handle remaining legal matters connected to the 737 MAX accidents in a manner that serves the best interests of our shareholders, employees, and other stakeholders,” Boeing claimed the agreement “completely concludes” the SEC’s investigation.

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We have made significant changes across our firm in reaction to both catastrophes, and we will never forget the victims of Lion Air Flight 610 and Ethiopian Airlines Flight 302.After being grounded for 20 months following the crashes, US aviation safety regulators gave Boeing’s 737 MAX permission to fly again in November 2020.

The MCAS, which was designed to prevent the plane from stalling as it ascended but instead pushed the nose of the aircraft downward, was blamed for the two crashes as one of their main causes. Boeing was compelled by the Federal Aviation Administration to modify this system in order to resolve the issue.

Boeing agreed to pay $2.5 billion in January 2021 to resolve allegations that it defrauded regulators supervising the 737 MAX and resolve a criminal charge brought by the US.

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Aerospace

Boeing 777-9 Begins Certification Flight Testing with FAA Onboard

Boeing 777-9 Begins Certification Flight Testing with FAA Onboard

The 777-9 has commenced certification flight testing at Boeing Field in Seattle. This is a crucial step under the supervision of our regulator to certify the airplane and deliver it to customers worldwide.

Amidst Boeing’s current challenges, the B777X stands out as a project that could revitalize the brand. It is highly anticipated, and Boeing is keen to clear FAA certifications to release it as soon as possible.

Boeing 777-8F vs Airbus A350F: Comparing two Premium aircraft : Click here

The aircraft is two years behind its initial commitment date. During this time, the company has rigorously tested it under various conditions to ensure its readiness for commercial service.

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Boeing has announced that the 777X will be used for both passenger and freighter services, depending on customer requirements.

Boeing’s 777X program has achieved a major milestone with the Federal Aviation Administration (FAA) granting approval to begin certification flight tests, marking a significant step towards the aircraft’s entry into commercial service.

Mega Comparison of Boeing 777x vs A350-1000 Aircraft : Click here

The European Union granted approval for this merger in February, and Korean Air anticipates U.S. regulatory approval by the end of October.

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Following Airbus’ breakthrough with Korean Air, Reuters reported in April that Korean Air was considering a new Boeing order focused on the 777X, an advanced version of the 777 mini-jumbo.

Boeing 777-9 First certification

The first certification flight test of the 777-9 took place on Friday evening, with FAA personnel onboard alongside Boeing’s pilots and flight test team.

According to The Seattle Times, the aircraft departed from Boeing Field shortly after 6 p.m. and landed nearly two hours later after flying along the Washington and Oregon coast.

The 777X, an upgraded version of the successful 777 twinjet, features new engines and carbon composite wings with folding wingtips to accommodate standard airport gates.

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The first variant, the 777-9X, is designed to carry 426 passengers in a two-class configuration for long-haul international flights.

Comparison of two legendary aircraft Boeing 777x vs Boeing 747 aircraft : Click here

Boeing B777x total orders

Boeing has secured 481 orders for the aircraft, with Emirates being the largest customer, having ordered over 200 units. The planemaker has already built and stored 22 777X jets, with an additional six in various stages of assembly in Everett, Washington.

Boeing is close to finalizing a significant deal to sell approximately two dozen 777X jets to Korean Air, with an estimated value ranging from $4 billion to $6 billion, as reported by Reuters.

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Industry sources suggest that the agreement could be concluded as early as the Farnborough Airshow in July. Korean Air, South Korea’s largest airline, has been in discussions about returning to Boeing for its long-haul aircraft needs.

The Boeing 777X vs A350 is one of the most popular comparisons among aircraft as of now. The Airbus A350 has been operating for more than eight years, and its promising performance helps airlines in terms of efficiency and customer satisfaction, particularly in noise and vibrations.

The next generation Boeing 777X can fulfill the same requirements, with 777x first delivery given to Emirates Airlines, the launch customer for this aircraft. It remains to be seen how the Boeing 777X vs Airbus A350 will compete against each other in the future.

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