Europe grounds Boeing 737 Max jets
European Union’s call comes after other regulators including China, Singapore, and Britain grounded Boeing’s 737 Max jets.
European aviation regulators grounded the use of Boeing's 737 Max jetliners following the deadly crash of the same model of aircraft flown by Ethiopian Airlines which killed 157 people.
European Union’s (EU) call comes after other regulators including China, Singapore, and Britain grounded Boeing’s 737 airplane variant. This is the second same plane model from Boeing that has crashed in less than five months, raising questions on the safety of the airline company’s bestselling 737s.
The European Union Aviation Safety Agency said on Tuesday the decision to suspend operations not only applies to airlines within the EU but to operators outside of the region flying to or from the region. The regulator said it ‘is taking every step necessary to ensure the safety of passengers’.
Aeroplane manufacturer Boeing said in a statement it understands that regulatory agencies and customers have made decisions that they believe are most appropriate for their home markets.
‘We’ll continue to engage with all of them to ensure they have all the information they need to have the confidence they need safely to continue to operate their fleets or return them to service,’ Boeing said.
US aviation regulator not banning the American-manufactured plane
Meanwhile, the Federal Aviation Administration (FAA) had said on Monday it did not see a reason to ground the planes but it has ordered Boeing to make urgent improvements to the 737 Max aircraft.
The FAA has ordered Boeing to improve anti-stalling software and the model's manoeuvring system, giving the company until the end of April to make the updates.
Investigators have recovered the black box flight recorders from the crashed Ethiopian Airlines plane.
Boeing’s shares suffered heavy losses on Tuesday, as it sank 6.15% or US$24.60, to US$375.41 at the close, sinking further from Monday’s 5.33% slide.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Please see important Research Disclaimer.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.