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Boeing Falls – Black Boxes of Crashed Indonesia Plane Would be Located

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

The plane, a 737-500 aircraft, was 26 years old, much older than the Boeing 737 MAX which was seated in March 2019 after two fatal crashes, including a Lion Air crash in Indonesia which killed 189 folks 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 were 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 sixty two individuals aboard and was headed to Pontianak on the island of Borneo from the nation’s capital. 12 on board were crew members.

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Boeing shares fell 1.81 % to $206.02 in trading Monday.

The crash comes only days after jetmaker Boeing agreed to pay a $2.5 billion fine over fraud as well as conspiracy charges connected to its 737 MAX jet program.

The settlement entails a criminal penalty of $243.6 million, according to the conduct of two former MAX program complex pilots, along with the establishment of a $500 million fund to provide 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 huge number of.

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

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