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Boeing Falls – Black Boxes of Crashed Indonesia Plane Will 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 ocean off of the coast of Indonesia after taking off from Jakarta.

The plane, a 737-500 aircraft, was 26 years of age, a lot older than the Boeing 737 MAX that had been based in March 2019 after two fatal crashes, including a Lion Air crash in Indonesia which killed 189 men and women in 2018.

Black boxes of the plane had been located and communications data has been obtained, CNN reported.

The head of Indonesia’s National Search and Rescue Agency said late Sunday that the two black boxes from the Sriwijaya Air flight had been believed have been recognized within 150 meters to 200 meters of the crash site, based on 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. 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 fork out a $2.5 billion fine over fraud and conspiracy charges linked to its 737 MAX jet program.

The settlement entails a criminal penalty of $243.6 million, based on the conduct of two former MAX method technical 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, will impact the company’s fourth-quarter earnings by $743.5 zillion.

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

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