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Boeing Falls – Black Boxes of Crashed Indonesia Plane Happen to be Located

Boeing falls once a Boeing 737 500 passenger plane operated by Sriwijaya Air crashes into the ocean Saturday off the coast of Indonesia.

Boeing (BA) – Get Report shares declined Monday following a Boeing 737 500 passenger plane operated by Sriwijaya Air crashed Saturday into the sea 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 grounded in March 2019 after 2 fatal crashes, including a Lion Air crash in Indonesia that killed 189 individuals in 2018.

Black boxes of the plane were located and communications information 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 thought have been recognized within 150 meters to 200 meters of the crash site, as reported by 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 62 people aboard and was headed to Pontianak on the island of Borneo from the nation’s capital. Twelve 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 spend a $2.5 billion fine over fraud and conspiracy charges connected to its 737 MAX jet program.

The settlement entails a criminal penalty of $243.6 zillion, based on 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, is going to impact the company’s fourth-quarter earnings by $743.5 million.

“I firmly believe that entering into this resolution is the perfect thing for us to do – a step which properly acknowledges exactly how we fell short of the values of ours and expectations,” said CEO Dave Calhoun. “This resolution is actually a serious reminder to all of us of how crucial our obligation of transparency to regulators is, and also the consequences that our business is able to encounter when any one of us falls short of those expectations.”

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