Connect with us

Stock Markets

Independent review urges updates to FAA risk reports after Boeing 737 MAX crashes

Published

on


© Reuters. An aerial view of a Boeing 737 MAX airplane parked at King County International Airport-Boeing Field in Seattle, Washington, U.S, June 1, 2022. REUTERS/Lindsey Wasson

By David Shepardson

WASHINGTON (Reuters) -A National Academy of Sciences report released Wednesday recommended the U.S. Federal Aviation Administration (FAA) make a series of improvements to its airplane risk assessment reports after two Boeing (NYSE:BA) 737 MAX crashes.

The report was ordered by Congress in 2020 after questions emerged about a risk assessment report drafted by the FAA after the first of two fatal MAX crashes.

The evaluation report Wednesday makes a number of recommendations to the FAA to improve its risk assessment report process, known formally as the Transport Airplane Risk Assessment Methodology (TARAM), including improving systematic risk modeling.

An FAA spokesman said the agency welcomes “outside scrutiny and are carefully reviewing the report.” Boeing declined to comment on the report.

House of Representatives Transportation Committee Chair Peter DeFazio said on Wednesday in a statement that the evaluation report ordered by Congress as part its overhaul of the FAA’s aircraft certification program “makes it very clear that the FAA can better fulfill its responsibility to effectively and consistently collect and use data to advance passenger safety.”

In the aftermath of the October 2018 Lion Air 737 MAX crash, the first of the two crashes, the FAA conducted a risk assessment that calculated that without a fix to a key safety system called MCAS there would be an estimated 15 additional fatal accidents over the lifetime of the 737 MAX.

DeFazio in 2019 said, “Despite its own calculations, the FAA rolled the dice on the safety of the traveling public and let the MAX continue to fly until Boeing could overhaul its MCAS software.” He noted the TARAM “never saw the light of day beyond the closed doors of the FAA and Boeing.”

The TARAM is used by the FAA “for calculating a numerical value for risk associated with transport airplanes whenever continued operational safety issues occur,” Wednesday’s report said.

The report said it is critical that senior FAA leaders understand the “results from the analysis of a potential unsafe condition that has significant consequences for transport category airplanes.”

The report also calls for improvements to TARAM data inputs and the assessment process, and noted the FAA has “only one recognized subject-matter expert” for the TARAM and should designate multiple employees as experts.

The best-selling 737 MAX was grounded in March 2019 after the two crashes, which occurred in a span of five months and killed 346 people. The FAA approved the jet’s return to service after significant safety enhancements — including new safeguards to MCAS — developed during the plane’s 20-month grounding.

Stock Markets

Easing chip shortages to help Volkswagen in H2 – CEO

Published

on


© Reuters. FILE PHOTO: Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo

BERLIN (Reuters) – Volkswagen (ETR:VOWG_p) sees a strong second half of 2022 and expects progress in catching up with rival Tesla (NASDAQ:TSLA) as easing chip shortages start to offset supply chain bottlenecks and rising costs, the carmaker’s CEO said on Tuesday.

“We are earning more than ever,” Chief Executive Herbert Diess said at a works meeting, adding Volkswagen is ramping up electric vehicle volumes in its biggest markets in Germany and China thanks to easing semiconductor shortages.

This should allow the carmaker to narrow the Volkswagen-Tesla gap this year and meet its goal of becoming market leader by 2025 if it seizes the moment while the U.S. electric car maker burns cash on large investments, the CEO said.

“Elon (Musk) has to ramp up two highly complex factories in Austin and Gruenheide at the same time – as well as expand production in Shanghai. That’s going to take strength out of him,” Diess said.

Continue Reading

Stock Markets

Reliance Chairman Mukesh Ambani steps down as director of telecom arm

Published

on


© Reuters. FILE PHOTO: Mukesh Ambani, Chairman and Managing Director of Reliance Industries, arrives to address the company’s annual general meeting in Mumbai, India July 5, 2018. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Reliance Industries Chairman Mukesh Ambani has stepped down as director of Reliance Jio Infocomm Ltd, the conglomerate’s telecom arm said on Tuesday.

Reliance Jio said https://refini.tv/3Nrs773 it has appointed Mukesh’s son and non-executive director Akash Ambani as the chairman of its board. Akash has been involved with the telecom unit since its launch in late 2016, where he started as a director.

India’s telecoms sector had been upended after the entry of Jio, which triggered a price war that forced some rivals out of the market and turned profits into losses.

Jio, which started out offering mobile teleservices, has been aggressively investing in services like internet broadband and forging ties with handset makers to launch low-cost smartphones and providing 5G services.

Continue Reading

Stock Markets

UBS Downgrades Ebay, Farfetch to Neutral on Guidance Risks

Published

on


© Reuters. UBS Downgrades Ebay (EBAY), Farfetch (FTCH) to Neutral on Guidance Risks

By Senad Karaahmetovic

UBS analyst Kunal Madhukar downgraded shares of Farfetch (NYSE:FTCH) and eBay (NASDAQ:EBAY) to Neutral from Buy.

EBAY shares are cut alongside the price target (to $48.00 from $60.00 per share) despite low expectations. Still, the analyst expects 2022 GMV to fall by 17%, which is worse than the guidance of 16%-14% and the Street’s consensus of 15%.

“We think the buy side may already be lower than the Street. YTD, the stock has been one of the better performers within the eCommerce space, benefiting from both a ~2% dividend yield and aggressive share repurchases. However, when the market rebounds, we think EBAY shares could lag smaller cap peers (which are likely to grow much faster in a recovery) until investors have better visibility into organic growth at eBay. Consequently, we think the shares likely will remain range-bound until visibility improves,” Madhukar told clients in a note.

The price target on Farfetch shares goes to $10.00 from the prior $13.00 as Madhukar sees too optimistic assumptions for growth from the side of the company’s management.

“In addition to slower growth, we think upside is limited by lack of visibility into key drivers of value, including FPS volumes and economics, as well as on China. Granted, the YNAP deal could be a positive catalyst (link), but if the disclosure is limited (like with the recent deal with Neiman Marcus Group or NMG), it may be challenging for investors to understand if it creates shareholder value or not. Last, FTCH remains a profitless-tech company in an environment where investors are acutely focused on profits, and thus, there is limited valuation support,” the analyst added.

Similar to eBay, Madhukar sees shares remaining “range-bound until we have better visibility into growth and/or the path to profitability.”

Shares of eBay and Farfetch are down 2.4% and 2.2%, respectively, in pre-market Tuesday.

Continue Reading

News

Cryptocurrency4 days ago

Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin price could rally 20% in July with this bullish reversal pattern Dogecoin (DOGE) looks ready to extend its rebound...

Stock Markets4 days ago

Easing chip shortages to help Volkswagen in H2 – CEO

© Reuters. FILE PHOTO: Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York...

Economy4 days ago

Futures rise as easing China COVID curbs lift travel, leisure stocks

© Reuters. A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S.,...

Economy4 days ago

Euro below $1.06 as Lagarde keeps July policy options open

© Reuters. A shopper pays with a ten Euro bank note at a local market in Nice, France, June 7,...

Economy4 days ago

China’s economy recovering but foundation not solid, premier says

© Reuters. FILE PHOTO: Chinese Premier Li Keqiang is seen on a screen as he attends a news conference via...

Cryptocurrency4 days ago

3 charts showing this Bitcoin price drop is unlike summer 2021

3 charts showing this Bitcoin price drop is unlike summer 2021 Bitcoin (BTC) bear markets come in many shapes and...

Stock Markets4 days ago

Reliance Chairman Mukesh Ambani steps down as director of telecom arm

© Reuters. FILE PHOTO: Mukesh Ambani, Chairman and Managing Director of Reliance Industries, arrives to address the company’s annual general...

Stock Markets4 days ago

UBS Downgrades Ebay, Farfetch to Neutral on Guidance Risks

© Reuters. UBS Downgrades Ebay (EBAY), Farfetch (FTCH) to Neutral on Guidance Risks By Senad Karaahmetovic UBS analyst Kunal Madhukar...

Stock Markets4 days ago

Bank of America Clients are Selling This Rally

© Reuters. Bank of America Clients are Selling This Rally By Senad Karaahmetovic Bank of America strategist Jill Carey Hall...

Stock Markets4 days ago

Michelin to hand over Russian operations to local management

© Reuters. FILE PHOTO: The logo of French tyre maker Michelin is seen on tyre of a Formula E racing...

World4 days ago

U.S. Capitol riot panel promises new evidence at surprise Tuesday hearing

2/2 © Reuters. FILE PHOTO: A video of former U.S President Donald Trump speaking is shown on a screen during...

Economy4 days ago

Stocks, oil higher as China relaxes quarantine rules

2/2 © Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an...

Cryptocurrency4 days ago

FTM Begins to Retest Previous Highs As Correction May Be Over

FTM Begins to Retest Previous Highs As Correction May Be Over Fantom (FTM) seems to be retesting previous highs. FTM...

Stock Markets4 days ago

White House says companies investing $700 million to boost EV charger production

2/2 © Reuters. FILE PHOTO: A electric vehicle charger is seen as a vehicle charges in Manhattan, New York, U.S.,...

Cryptocurrency4 days ago

SEC Chief Gary Gensler Labels Bitcoin a Commodity, but Other Cryptos Securities

The U.S. regulator has determined: bitcoin is a commodity. Other cryptocurrencies can be securities SEC Chair Gary Gensler reiterated that...

Stock Markets4 days ago

Explainer-Why the survival of Scandinavian airline SAS hinges on Denmark

© Reuters. FILE PHOTO: A Scandinavian Airlines (SAS) plane is refuelled at Oslo Gardermoen airport, Norway, November 7, 2019. REUTERS/Lefteris...

Forex4 days ago

Lira Weakens as Corporates Keep Buying Dollars Despite New Rule

© Bloomberg. An electronic board displays exchange rates information at a currency exchange bureau in Istanbul, Turkey, on Friday, June...

Stock Markets4 days ago

Russia fines foreign firms for alleged data storage violations

© Reuters. FILE PHOTO: Attendees walk past a Twitch logo painted on stairs during opening day of E3, the annual...

Stock Markets4 days ago

Siemens to invest in Volkswagen’s N.American charging network

© Reuters. A electric vehicle charger is seen as a vehicle charges in Manhattan, New York, U.S., December 7, 2021....

Commodities4 days ago

Why Russian oil and gas price cap is easier said than done

© Reuters. FILE PHOTO: Model of petrol pump is seen in front of EU and Russian flag colors in this...

Stock Markets4 days ago

FTX-Robinhood Rumors: Piper Sandler Sees ‘Win-win’ Situation, Others Less Optimistic

© Reuters FTX-Robinhood Rumors: Piper Sandler Sees a ‘Win-win’ Situation, Others Less Optimistic By Senad Karaahmetovic   Robinhood (NASDAQ:HOOD) shares...

Stock Markets4 days ago

Lufthansa CEO apologises for summer travel chaos

© Reuters. FILE PHOTO: CEO of German air carrier Lufthansa Carsten Spohr delivers a speech at the ILA Berlin Air...

Commodities4 days ago

G7 agrees to explore cap on Russian oil price – communique

2/2 © Reuters. FILE PHOTO: Yang Mei Hu oil products tanker owned by COSCO Shipping gets moored at the crude...

Cryptocurrency4 days ago

Uzbekistan warms up to Bitcoin mining, but there’s a catch

Uzbekistan releases requirements for miners Uzbekistan’s National Advanced Projects Agency (NAPP) has required miners to register and use solar power...

Cryptocurrency4 days ago

Ethereum’s Price Action Suggests Better Upside Potential

Ethereum’s Price Action Suggests Better Upside Potential At the moment, ETH’s price is closer to a bottom than a new...

Stock Markets4 days ago

From Peru to Uganda, activists call on Deutsche Bank to drop fossil finance

4/4 © Reuters. Ankuash Mitiap Kapuchak and Shapiom Noningo Sesen, indigenous leaders from Peru and Ricardo Perez of the environmental...

Politics4 days ago

Factbox-Four key races in Illinois, Colorado midterm primaries

© Reuters. FILE PHOTO: An American flag flies outside of the U.S. Capitol dome in Washington, U.S., January 15, 2020....

World4 days ago

Rescuers dig for survivors after Russian missiles demolish Ukrainian shopping mall

6/6 © Reuters. Rescuers work at a site of a shopping mall hit by a Russian missile strike, as Russia’s...

Stock Markets4 days ago

Renault teams up with Atos on data gathering

© Reuters. FILE PHOTO: The Renault logo on the Renault Scenic Vision concept-car is seen at its exhibition space, at...

Cryptocurrency4 days ago

Cardano Has Highest Development Activities in 30 Days: Report

Cardano Has Highest Development Activities in 30 Days: Report Sanbase reports a list of the top 10 coins with the...

Trending