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Boeing settles with Canadian who lost family members in 737 MAX crash
Boeing has reached a settlement agreement with a Canadian whose family was killed in the crash of an Ethiopian Airlines Boeing 737 MAX on March 2019, the lawyer for the man said. Terms of the settlement reached with Paul Njoroge, a Toronto resident, were not disclosed. The crash killed the 41-year-old's wife Carolyne, and his three children, Ryan, Kellie, and Rubi, as well as Carolyne. The crash also killed his mother-in law, who was travelling with them. The trial, scheduled to begin on Monday at the U.S. District Court of Chicago, would have been the U.S. aircraft manufacturer's first in response to two fatal 737 MAX accidents in 2018 and 2019, which killed 346 people. Boeing avoided a trial as well in April when it reached a settlement with the families two other victims of the Ethiopian Airlines crash. The aircraft manufacturer declined to comment about the latest settlement. Boeing lost more than $20 billion in the wake of these two accidents. Boeing's best-selling aircraft was grounded for 20 months. Robert Clifford, Njoroge’s attorney, will represent the families of six additional victims in a second trial scheduled to start on November 3. Boeing says it has settled over 90% of civil lawsuits relating to these two accidents. The company paid out billions in compensation via lawsuits, deferred prosecution agreements and other payments. Boeing and the U.S. Justice Department requested a judge approve an agreement earlier this month that would allow the company to avoid prosecution over the objections of relatives of some victims of the two accidents. Boeing would be able to escape being labeled a felon for three years and avoid oversight by an independent monitor. The agreement was part of the plea bargain struck in 2024 for a criminal fraud allegation that Boeing misled U.S. regulatory authorities about a critical flight 737 MAX system which contributed crashes. (Reporting from Seattle by Dan Catchpole; Editing by Tom Hogue.)
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What were the names of the two pilots that flew the Air India jet which crashed?
In a preliminary report, investigators investigating a fatal Air India crash stated that the aircraft's fuel switches had been briefly flipped into the off position. This caused confusion in the cockpit which focused attention on the Boeing 787 pilots. Here is a short profile of both pilots, based on media reports and the preliminary investigation report: CAPTAIN SUMEET SABHARWAL The 56-year old pilot had a valid airline transport pilot's license until May 14, 2026. He was cleared to fly in the role of pilot-in command on a number of aircraft, including the Boeing 787, 777 and Airbus A310. He has a total of 15,638 flying hours. Of these, 8,596 were spent on a Boeing 7. According to a report in the Times of India, Sabharwal called his family at the airport and assured them that he would call again once he landed in London. He was described as a gentleman by a pilot who briefly spoke with him. FIRST OFFICER CLIVE KUNDER The 32-year old had a commercial license that was issued in 2020, and it was valid until 26 September 2025. He was cleared to fly the Cessna 172, Piper PA-34 Seneca and Airbus A320 as well as Boeing 787 as a co-pilot. His total flying time was 3,403 hrs. One-hundred and twenty eight hours were spent as a copilot on a 787. Indian media, citing his family, reported that Kunder has been a passionate flyer since his school days. In 2012, he began working as a pilot. He joined Air India as a pilot in 2017. Reporting by Abhijith and Adityakalra, editing by Jamie Freed
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Air India's Boeing Dreamliner crash: Inside the cockpit
The preliminary report on the Air India crash, which killed 260 people in the last month, showed that the fuel cutoff switches for the engines were almost simultaneously switched from run to shutoff. This deprived the engines of fuel. The sequence of events on June 12 is detailed in the preliminary report by Indian investigators, released on Saturday. Air India Dreamliner VTANB landed at Ahmedabad as AI423 at 05:47 GMT. 07:48 GMT - An aircraft was seen departing Bay 34 of the airport. The aircraft asked for taxi clearance which was granted to it by the air traffic control. A minute later, the aircraft taxied backwards and lined up in preparation for takeoff. 08:02 GMT - The aircraft has been transferred from tower to ground control. Take-off clearance has been issued at 08:07 GMT. The aircraft began rolling at 08:07 GMT. Aircraft lifted off at 08:08 GMT. The report stated that "the aircraft air/ground sensor switched to air mode in accordance with liftoff." Aircraft reached maximum airspeed of 180 knots at 08:08 GMT. "Immediately after, the Engine 1 fuel cutoff switch and Engine 2 fuel shutoff switch transitioned one by one from RUN to CUTOFF with a gap of 1 sec." The Engine N1 and N2 started to degrade from their takeoff values when the fuel supply was cut off. In the cockpit recording, one pilot is heard asking another why he cut off. The other pilot replied that he didn't do it The airport's CCTV footage shows Ram Air Turbines (RAT) being deployed immediately after take-off. The aircraft began to lose height before crossing the perimeter wall of the airport. The RAT hydraulic pump started supplying power at 08:08 GMT. Both engines "passed the minimum idle speed". The fuel cutoff switch for Engine 1 has been changed from CUTOFF (stop) to RUN (run). The fuel cutoff switch for Engine 2 also changes from CUTOFF (stop) to RUN at 08:08 PM GMT. When fuel control switches from CUTOFF are changed to RUN during flight, the full authority dual engine controls (FADECs) of each engine automatically manage a relighting and thrust recovery sequence. Engine 1's core speed deceleration halted, reversed, and began to recover. Engine 2 could relight, but it was unable to stop core speed deceleration. Fuel was repeatedly added to the engine to increase core acceleration and recovery. The pilot who sent "MAYDAY Mayday Mayday" at 08:09 GMT. 08:09 GMT - Data recording has stopped. (Reporting by Aditya Kalra; Editing by Jamie Freed) 08:14.44 GMT - Crash Fire tender leaves the airport premises to rescue and fight fires. (Reporting and editing by Jamie Freed; Aditya Klra)
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What is the fuel switch at the heart of the Air India crash investigation?
Investigators' preliminary report on the Air India crash, which killed 260 people, revealed that the Boeing 787 aircraft's fuel control switches had been briefly turned off seconds after takeoff. This deprived the engines of fuel. Here are some facts about switches, their function in the aircraft, and their movement on an Air India flight. What are fuel switches? These switches regulate the fuel flow to a plane's engine. Pilots use them to shut down or start engines manually on the ground, or to shut down or restart an engine if it fails during flight. Experts in aviation say that a pilot could not accidentally move fuel switches feeding the engines. If moved, however, it would immediately cut off the engine's power. According to John Cox, an aviation safety expert from the United States, there are separate power systems and wirings for the fuel shutoff switches and fuel valves that they control. Where are the fuel switches located? The fuel control switches are located under the thrust levers on a 787. In Air India's example, they were equipped with two GE engine. The switches have a spring loaded mechanism that keeps them in place. The pilot must first lift the switch and then change it from cutoff to run. There are two different modes: 'CUTOFF" and "RUN". What happened on the fatal AIR INDIA flight? According to the flight recording, after takeoff switches for both engines were switched from "RUN" to "CUTOFF", one after the other, with a gap of one sec. The engines started to lose power as a result. On the cockpit voice recording, one pilot is heard asking the other pilot why he has cut off the fuel. The report stated that "the other pilot replied that he had not done so." The flight's first officer and captain did not make any specific remarks. The preliminary report states that the switches were flipped back into 'RUN" seconds later. The report said that both fuel control switches had been found in the "RUN" position on the crash site. The report stated that when fuel control switches from 'CUTOFF to RUN' are changed while an aircraft is flying, the control system of each engine automatically manages the relighting and thrust recovery sequences for ignition and fuel injection. John Nance, an aviation safety expert from the United States, said that "no sane person would turn off those switches in flight," particularly as the plane was just beginning to climb. (Reporting from Abhijith Gaapavaram, New Delhi; Dan Catchpole, Seattle; editing by Jamie Freed).
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Air India's Boeing Dreamliner crash: Inside the cockpit
The preliminary report on the Air India crash, which killed 260 people in the last month, showed that the fuel cutoff switches for the plane's engine were almost simultaneously switched from run to shutoff. This deprived the engines of fuel. The sequence of events on June 12 is detailed in the preliminary report by Indian investigators, released on Saturday. Air India Dreamliner VTANB landed at Ahmedabad as AI423 at 05:47 GMT. 07:48 GMT - An aircraft was seen departing Bay 34 of the airport. 07:55 GMT - Air traffic control granted the taxi clearance to the aircraft. A minute later, the aircraft took Taxiway R4 from the bay and proceeded on the Runway 23. 08:02 GMT - The aircraft has been transferred from tower to ground control. Take-off clearance has been issued at 08:07 GMT. The aircraft began rolling at 08:07 GMT. Aircraft lifted off at 08:08 GMT. The report stated that "the aircraft air/ground sensor switched to air mode in accordance with liftoff." Aircraft reached maximum airspeed of 180 knots at 08:08 GMT. "Immediately thereafter, Engine 1 and Engine 2 Fuel Cutoff Switches transitioned one by one from RUN to the CUTOFF position with a time interval of 1 sec." The Engine N1 and N2 started to degrade from their takeoff values when the fuel supply was cut off. In the cockpit recording, a pilot is heard asking another why he cut off. The other pilot replied that he didn't do it The airport's CCTV footage shows Ram Air Turbines (RAT) being deployed immediately after take-off. The aircraft began to lose height before crossing the perimeter wall of the airport. The RAT hydraulic pump started supplying power at 08:08 GMT. Both engines "passed the minimum idle speed". The fuel cutoff switch for Engine 1 has been changed from CUTOFF (stop) to RUN (run). The fuel cutoff switch for Engine 2 also changes from CUTOFF (stop) to RUN at 08:08 PM GMT. When fuel control switches from CUTOFF are changed to RUN during flight, the full authority dual engine controls (FADECs) of each engine automatically manage a relighting and thrust recovery sequence. Engine 1's core speed deceleration stopped and reversed. It then started to recover. Engine 2 could relight, but it was unable to stop core speed deceleration. Fuel was repeatedly added to the engine to increase core acceleration and recovery. The pilot who sent "MAYDAY Mayday Mayday" at 08:09 GMT. 08:09 GMT - Data recording has stopped. (Reporting by Aditya Kalra; Editing by Jamie Freed) 08:14.44 GMT - Crash Fire tender leaves the airport premises to rescue and fight fires. (Reporting and editing by Jamie Freed; Aditya Klra)
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Firefly, a space and defense company, filed its US IPO in 2024. Revenue growth is projected to be at least 20%.
Firefly Aerospace, a space and defense technology firm backed by AE Industrial Partners, disclosed on Friday a 10% increase in revenue for 2024 in its filing to go public in the United States. Firefly reported a revenue of $60,8 million in 2024 compared to $55.2 millions the previous year. Investors are returning to the U.S. IPO Market after months of sluggishness earlier this year, triggered by policy changes and tariff uncertainty under Donald Trump. "There's a window of opportunities' in space-related IPOs", said IPOX CEO Josef Schuster. He added that there is a strong appetite from investors for space-related offerings. This is due to the enthusiasm for the growth prospects in the space sector. When Voyager Technologies, a space firm, and Karman Holdings debuted their listings in the first quarter of this year, they received warm welcomes. Firefly, based in Texas, designs and manufactures small- and medium-lift launch vehicles as well as lunar landers and orbital transfer vehicle. First Moon landing In March, the Blue Ghost spacecraft will join a few private companies in the global race to the moon. Firefly Secured a Value of $2 Billion In a funding round in November 2024. It plans to list on Nasdaq with the symbol "FLY". Goldman Sachs is the lead underwriter for this offering. JPMorgan, Jefferies, and Wells Fargo will also be involved. (Reporting and editing by Pooja Deai in Bengaluru, with Prakhar Srivastava from Bengaluru)
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The key events of the Air India crash investigation
The preliminary report on the Air India crash, which killed 260 people, revealed that the fuel cutoff switches for the engines were switched from run to off almost simultaneously seconds after takeoff. This deprived the engines of fuel. The timeline below shows the key events of the investigation so far: JUNE 12 Air India Boeing 787 Dreamliner headed for London crashed shortly after takeoff in Ahmedabad, killing all 242 passengers on board except one. JUNE 13 India's Aircraft Accident Investigation Bureau launches an investigation in the deadliest aircraft crash of the past decade. The team includes a representative from the U.S. National Transportation Safety Board, a flight traffic controller, and an aviation medicine specialist. Boeing 787 jets are equipped with two GE recorders. One is installed in the front of the jet and the other at the back. Both aircraft have a cockpit data recorder as well as a voice recorder. A black box is recovered on the roof of a nearby building. JUNE 16 The second blackbox unit was recovered from the debris on the crash site. JUNE 24 Indian Air Force aircraft transported the two black boxes separately from Ahmedabad, India to a lab at AAIB in Delhi. The team, led by the AAIB Director General and technical members of AAIB as well as the NTSB, began the data extraction in the evening. JUNE 25 The data from the memory module of the black box unit at the front end of the aircraft was successfully downloaded. In a report from 2014, the NTSB stated that the forward recorder has an independent power supply which provides backup power for the device for approximately 10 minutes in the event of a plane's loss of power. JULY 12 The preliminary report indicated that no action was recommended to Boeing or GE, indicating that a fault with the aircraft or engine is unlikely. The report said that one pilot could be heard asking the other pilot on the cockpit recording why he had cut off the gas. The report stated that "the other pilot replied that he had not done so." The crash report did not specify which flight captain made the remarks and which first officer. Nor did it identify which pilot sent out "Mayday Mayday Mayday" before the crash. The final report should be ready within one year after the accident. Reporting by Abhijith Gaapavaram, New Delhi. Editing by Jamie Freed
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India discovers engine switch movement during fatal Air India crash; Boeing and GE do not take immediate action
The preliminary report on the Air India crash, which killed 260 people, revealed that three seconds after takeoff, the aircraft's fuel cutoff switches switched from run to off almost simultaneously, depriving the engine of fuel. According to the report published on Saturday by Indian aviation investigators, the Boeing 787 Dreamliner immediately started to lose thrust and sank down. On the cockpit voice recording, one pilot is heard asking the other pilot why he stopped the fuel. The report stated that "the other pilot replied that he had not done so." The crash report did not specify which flight captain made the remarks and which first officer. Nor did it identify which pilot sent out "Mayday Mayday Mayday" before the crash. The preliminary report does not mention how the switch on the flight to London from Ahmedabad, India, could have been flipped. John Cox, an aviation safety expert from the United States, said that a pilot could not accidentally move fuel switches feeding the engines. He said that a pilot would not be able to accidentally move the fuel switches that feed engines. The engines are cut off almost instantly by pressing the switch. Most often, it is used to shut down the engines once an aircraft has reached its gate at the airport or in emergency situations such as a fire. The report did not mention any emergency that would have required an engine cutoff. India's Aircraft Accident Investigation Bureau stated that "at this stage of the investigation, there are currently no recommended actions for Boeing 787-8 engine operators or manufacturers and/or GE GEnx-1B engines" Air India, Boeing, and GE Aviation didn't immediately respond to requests for comments. The investigation is being led by the agency under the Indian civil aviation ministry. Reporting by Hritam Mukerjee in Bengaluru and Gursimran Khur in New Delhi. Additional reporting by Allison Lampert and David Shepardson, in Washington, and Rajesh Kumar Singh, in Chicago. Writing and editing by Jamie Freed.
Delta's forecast is a boost to the sentiment of Wall Street stocks
Wall Street indexes rose Thursday as investors reacted positively to a positive forecast by Delta Air Lines.
Delta's stock jumped by 12.5% when it announced that its third-quarter and annual profits would be above Wall Street expectations.
Investors rejoiced across the industry with United Airlines up 16% and American Airlines up 14%.
The Dow Transportation Index, which is widely regarded as an economic barometer has risen more than 3% and reached its highest level since February.
Initial Jobless Claims
A poll showed that the number of people who voted for the week ending July 5 was 227,000. This is below the consensus figure of 235,000. This was a seven-week record low, although holiday data such as the Fourth of July break last week can be volatile.
Mark Luschini is the chief investment strategist for Janney Montgomery Scott, a Philadelphia-based firm. He said that investors were reassured by the Delta update, and "pretty mild" jobless claims.
He said that collectively, they helped to reinsert the mode of risk-taking that was so prevalent yesterday.
Investors are "increasingly numb" to inflation and unemployment concerns, even though tariffs can exacerbate them.
Luschini said that investors at the moment are ignoring or ignoring this threat. They won't be able to do so until there is hard evidence.
At 2:12 pm, the Dow Jones Industrial Average gained 289.90 points or 0.65% to 44,749.19. The S&P 500 rose 24.45 points or 0.39% to 6,287.71, and the Nasdaq Composite added 34.93 points or 0.17% to 20,646.35.
Communication services fell and technology barely decreased.
The Nasdaq tech index, which closed at a record high on Wednesday was slightly up as Nvidia regained its $4 trillion valuation that it had reached on Wednesday for the first.
The rally of the chip company was offset by falls in Meta, Netflix and Microsoft shares. Tesla's shares jumped by 3% when the electric car maker announced its annual profits.
Shareholder Meeting
It would be November. A group of investors cited legal obligations to urge it to establish a date.
Wall Street's major indices reached record highs last week, following the sharp sell-off in April after "Liberation Day's" tariff announcements.
Trump's recent announcements include a new tariff of 50% on copper that will begin on August 1, and a threat to impose a 50% tariff on goods exported from Brazil to the U.S. Trump also sent tariff notices to his other trading partners.
Investors are closely watching the trade negotiations as they progress.
The minutes of the Federal Reserve meeting held in June, released Wednesday, revealed that the majority of policymakers expect rate cuts this coming year as they believe the inflationary effect of tariffs will be "temporary" or "modest."
According to CME Group’s FedWatch tool, while most investors think a rate cut in July is out of the question, the odds for a 25-basis point cut in September have increased to 64%.
The earliest the upcoming changes will be is late this year, or possibly even 2026.
The true impact of increasing import tariffs
Alberto Musalem, St. Louis Fed president, said that inflation is a major concern, which is why Fed officials are wary of rate cuts.
WK Kellogg, among other stocks, jumped 30.6%. It is on course to make its largest daily move after reports that Italian candy manufacturer Ferrero neared a deal with the cereal maker.
Conagra Brands' stock fell by about 3%, after the company forecasted a profit that was below Wall Street's expectations. The company cited higher tariffs for its products, such as Hunt's Ketchup, because of levies placed on imports coming from China, and metals.
On the NYSE, there were 282 highs and 30 lows. On the Nasdaq 2,643 shares rose, while 1,712 fell. The ratio of advancing to declining issues was 1.54:1.
The S&P 500 recorded 28 new 52-week lows, while the Nasdaq Composite posted 84 new highs, and 28 new lowers. Reporting by Sinead carew in New York; Pranav Kashyap, Nikhil Sharma and Maju Samuel in Bengaluru. Editing by Maju Sam and David Gregorio.
(source: Reuters)