Stock Markets
Fiery plane crash kills 179 in worst airline disaster in South Korea
By Ju-min Park, Hongji Kim and Hyunsu Yim
MUAN COUNTY, South Korea (Reuters) -The deadliest air accident ever in South Korea killed 179 people on Sunday, when an airliner belly-landed and skidded off the end of the runway, erupting in a fireball as it slammed into a wall at Muan International Airport.
Jeju Air flight 7C2216, arriving from the Thai capital Bangkok with 175 passengers and six crew on board, was trying to land shortly after 9 a.m. (0000 GMT) at the airport in the south of the country, South Korea’s transport ministry said.
Two crew members survived and were being treated for injuries.
The deadliest air accident on South Korean soil was also the worst involving a South Korean airline in nearly three decades, the transport ministry said.
The twin-engine Boeing (NYSE:) 737-800 was seen in local media video skidding down the runway with no visible landing gear before crashing into navigation equipment and a wall in an explosion of flames and debris.
“Only the tail part retains a little bit of shape, and the rest of (the plane) looks almost impossible to recognise,” Muan fire chief Lee Jung-hyun told a press briefing.
The two crew members, a man and a woman, were rescued from the tail section of the burning plane, Lee said. They were being treated at hospitals with medium to severe injuries, said the head of the local public health centre.
Authorities combed nearby areas for bodies possibly thrown from the plane, Lee said.
Investigators are examining bird strikes and weather conditions as possible factors, Lee said. Yonhap news agency cited airport authorities as saying a bird strike may have caused the landing gear to malfunction.
The crash was the worst for any South Korean airline since a 1997 Korean Air crash in Guam that killed more than 200 people, transportation ministry data showed. The previous worst on South Korean soil was an Air China (OTC:) crash that killed 129 in 2002.
Experts said the bird strike report and the way the aircraft attempted to land raised more questions than answers.
“A bird strike is not unusual, problems with an undercarriage are not unusual,” said Airline News editor Geoffrey Thomas. “Bird strikes happen far more often, but typically they don’t cause the loss of an airplane by themselves.”
Under global aviation rules, South Korea will lead a civil investigation into the crash and automatically involve the National Transportation Safety Board (NTSB) in the United States where the plane was designed and built.
The NTSB said later it was leading a team of U.S. investigators to help South Korea’s aviation authority. Boeing and the Federal Aviation Administration were also taking part.
‘MY LAST WORDS’
Hours after the crash, family members gathered in the airport’s arrival area, some crying and hugging as Red Cross volunteers handed out blankets.
Many victims appeared to be residents of nearby areas returning from vacation, officials said.
Families screamed and wept as a medic announced the names of victims identified by their fingerprints. Papers were circulated for families to write down their contact details.
One relative stood at a microphone to ask for more information from authorities. “My older brother died and I don’t know what’s going on,” he said. “I don’t know.”
Another asked journalists not to film. “We are not monkeys in a zoo,” he said. “We are the bereaved families.”
Mortuary vehicles lined up outside to take bodies away, and authorities said a temporary morgue had been established.
The crash site smelled of aviation fuel and blood, according to Reuters witnesses. Workers in protective suits and masks combed the area while soldiers searched through bushes.
The control tower issued a bird strike warning and shortly afterward the pilots declared mayday and then attempted to land from the opposite direction, a transport ministry official said.
A passenger texted a relative to say a bird was stuck in the wing, the News1 agency reported. The person’s final message was, “Should I say my last words?”
The aircraft was manufactured in 2009, the transport ministry said.
The Boeing model involved in the crash, a 737-800, is one of the world’s most flown airliners with a generally strong safety record. It was developed well before the MAX variant involved in a recent Boeing safety crisis.
Boeing said in a emailed statement, “We are in contact with Jeju Air regarding flight 2216 and stand ready to support them. We extend our deepest condolences to the families who lost loved ones, and our thoughts remain with the passengers and crew.”
The two CFM56-7B26 engines were manufactured by CFM International, a joint venture between GE Aerospace and France’s Safran (EPA:), the transport ministry said.
A CFM spokesperson said, “We are deeply saddened by the loss of Jeju Air flight 2216. We extend our heartfelt sympathies to the families and loved ones of those on board.”
CHALLENGE TO COUNTRY’S NEW INTERIM PRESIDENT
Jeju Air CEO Kim E-bae apologised for the accident, bowing deeply during a televised briefing.
He said the aircraft had no record of accidents and there were no early signs of malfunction. The airline will cooperate with investigators and make supporting the bereaved its top priority, Kim said.
No abnormal conditions were reported when the aircraft left Bangkok’s Suvarnabhumi Airport, said Kerati Kijmanawat, president of Airports of Thailand.
The passengers included two Thai nationals and the rest are believed to be South Koreans, according to the transportation ministry.
It was the first fatal flight for Jeju Air, a low-cost airline founded in 2005 that ranks behind only Korean Air Lines and Asiana Airlines in terms of the number of passengers in South Korea.
The accident happened only three weeks after Jeju Air started regular flights from Muan to Bangkok and other Asian cities on Dec. 8.
Muan International is one of South Korea’s smallest airports but it has become much busier in recent years. All domestic and international flights at the airport were cancelled after the accident, Yonhap reported.
South Korean acting President Choi Sang-mok, named interim leader of the country on Friday in an ongoing political crisis, arrived at the scene of the accident and said the government was putting all its resources into dealing with the crash.
Two Thai women were on the plane, aged 22 and 45, Thai government spokesperson Jirayu Houngsub said.
The Thai foreign ministry later confirmed both were among those killed. The embassy in Seoul was coordinating with the South Koreans and arranging for family members to travel from Thailand, the ministry said in a statement.
Thai Prime Minister Paetongtarn Shinawatra sent condolences to the families of the dead and injured in a post on X, saying she had instructed the foreign ministry to provide assistance.
Stock Markets
Drugmakers to raise US prices on over 250 medicines starting Jan. 1
By Michael Erman
NEW YORK (Reuters) – Drugmakers plan to raise U.S. prices on at least 250 branded medications including Pfizer (NYSE:) COVID-19 treatment Paxlovid, Bristol Myers (NYSE:) Squibb’s cancer cell therapies and vaccines from France’s Sanofi (NASDAQ:) at the start of 2025, according to data analyzed by healthcare research firm 3 Axis Advisors.
Nearly all of the drug price increases are below 10% – most well below. The median price increase of the drugs being hiked Jan. 1 is 4.5%, which is in line with the median for all price increases last year.
The increases are to list prices, which do not include rebates to pharmacy benefit managers and other discounts.
Larger drug price increases were once far more common in the U.S. but in recent years drugmakers have scaled them back after price hikes drew sharp criticism in the middle of the last decade.
“Drugmakers don’t have much real estate any longer to increase prices over time, which means taking greater liberties on launch prices is really the only option they have in the face of expanded penalties for year-over-year price increases,” 3 Axis President Antonio Ciaccia said.
A Reuters analysis of prices for new drugs found that pharmaceutical companies launched new U.S. drugs in 2023 at prices 35% higher than in 2022.
The over 250 drug hikes represent an increase from Dec. 29 last year when drugmakers unveiled plans to raise prices on more than 140 brands of drugs.
Drug companies are also reducing some prices on Jan. 1. Merck & Co (NYSE:) plans to cut the list price of its heavily discounted diabetes drugs Januvia and Janumet “to align the list price more closely to the net price.”
U.S. PAYS MOST
The U.S. pays more for prescription medicines than any other country, and incoming President Donald Trump has vowed to lower drug costs by focusing on middlemen in the U.S. healthcare system.
More drug price increases are likely to be announced by other drugmakers over the course of January – historically the biggest month for drugmakers to raise prices.
Pfizer raised prices of the most drugs on the latest list – more than 60 drugs. As well as a 3% hike on Paxlovid, the company raised prices on medicines including migraine treatment Nurtec and cancer drugs Adcetris, Ibrance and Xeljanz between 3% and 5%.
“Pfizer has adjusted the average list prices of our medicines and vaccines for 2025 below the overall rate of inflation – approximately 2.4% – across many products in our diverse product portfolio,” Pfizer spokesperson Amy Rose said in an email. She said the increases help support investments in drug development and offset costs.
Bristol Myers raised the price of its expensive cancer cell therapies Abecma and Breyanzi by 6% and 9%, respectively. The personalized blood cancer treatments can already cost close to half a million dollars.
A BMS spokesperson said in an email that the company is “committed to achieving unfettered patient access” to its medicines. She said the price of Breyanzi in particular “is reflective of the potentially transformative, individualized treatment in a one-time infusion.”
Sanofi raised prices on around a dozen of its vaccines between 2.9% and 9%.
The largest brand price increases according to the 3 Axis analysis were from Leadiant Pharmaceuticals, a unit of Italy’s Essetifin. The company raised prices around 15% on its Hodgkin’s disease treatment Matulane and about 20% on Cystaran, eye drops to help patients with symptoms from a rare condition called cystinosis.
Spokespeople from Leadiant and Sanofi did not immediately respond to requests for comment.
Stock Markets
Kuehn Law Encourages Investors of Gitlab Inc. to Contact Law Firm
New York, New York–(Newsfile Corp. – December 31, 2024) – Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Gitlab (NASDAQ:) Inc. (NASDAQ: GTLB) breached their fiduciary duties to shareholders.
According to a federal securities lawsuit, Gitlab insiders caused the company to misrepresent or fail to disclose material adverse facts concerning GitLab’s ability to develop AI features that would generate code more efficiently and increase market demand for its DevSecOps platform, and, as a result, positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you currently own GTLB and purchased prior to June 6, 2023 please contact Justin Kuehn, Esq. here, by email at justin@kuehn.law or call (833) 672-0814. The consultation and case are free with no obligation to you. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.
Why Your Participation Matters:
As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.™
For additional information, please visit Shareholder Derivative Litigation – Kuehn Law.
Attorney advertising. Prior results do not guarantee similar outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235670
Stock Markets
Travelzoo Wins British Travel Award, 13 Years in a Row
LONDON, Dec. 31, 2024 /PRNewswire/ — Travelzoo ® (NASDAQ: TZOO), the club for travel enthusiasts, has won “Best Travel Website for Travel Deals” for the 13th year in a row at the prestigious British Travel Awards. Travelzoo is one of only a small handful of brands with such a long-standing number of consecutive wins.
Over 1.2 million votes were cast in 2024, making the British Travel Awards the biggest consumer voted awards in the UK.
It was the biggest event of the UK travel awards season. The ceremony pulled out all the stops, with comedian and actor Tom Davis, star of The BBC’s King Gary, presenting. James Clarke, Travelzoo’s General Manager, UK, accepted the award on behalf of the team.
About Travelzoo
We, Travelzoo ®, are the club for travel enthusiasts. Our 30 million members receive exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers”our long-standing relationships give Travelzoo members access to irresistible deals.
Travelzoo is a registered trademark of Travelzoo. All other names are trademarks and/or registered trademarks of their respective owners.
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Media Contacts:
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