Boeing shares extend fall after report of probe into FAA approval of 737 Max GlobeBusiness
The Seattle Times separately reported that Boeing’s safety analysis of a new flight control system on 737 Max jets had several crucial flaws.Shares of the company have declined about 10 per cent since the March 10 Ethiopian crash that killed 157 people, wiping nearly $25 billion off its market capitalization, according to Refinitiv data.
Ethiopia said on Sunday that the crash of the Ethiopian Airlines plane had “clear similarities” with October’s Lion Air crash. The U.S. Transportation Department’s inquiry, which was launched in the wake of the accident in October that killed 189 people, has warned two FAA offices to safeguard computer files, the WSJ reported.
Last Monday, Boeing said it would deploy a software upgrade to the 737 Max 8, hours after the FAA said it would mandate “design changes” in the aircraft by April.
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