In recent time, Dennis Muilenburg—Boeing CEO—acknowledged for the first time that bad information feeding into an AFS (automated flight system) on the company’s famous 737 jets had a function in two collapses that killed 346 people following Ethiopian aviation executives said their examination discovered no pilot issue in a March 10 collapse in Addis Ababa. In a statement, Muilenberg said, “But with the discharge of the initial report of the Ethiopian Airlines’ flight 302 mishap investigation it is obvious that in both flights the MCAS (Maneuvering Characteristics Augmentation System) turned on in responding to the flawed angle of attack data.”
Reportedly, the Ethiopian plane—which collapsed in just 6 Minutes after taking off from Addis Ababa—had a similar flight outline as a Lion Air flight that sink in Indonesia’s Java Sea and killed 189 travelers and crew in October. The pilots of both planes seem to have had difficulty regaining control of the airplane following an AFCS (automated flight control system)—known as MCAS—propelled the nose down to keep them from obstructing. During a news conference, Dagmawit Moges—Ethiopian Transport Minister—stated to reporters, “The crew conducted all the practices repeatedly offered by the producer but was not capable to manage the aircraft.”
Recently, Boeing along with Caterpillar was in news as its stocks rise as financiers bet a China trade agreement would come soon. CNBC’s Jim Cramer in recent time said that investors take measures on industrial stocks in expectation that the U.S.-China trade deal is near completion. “A lot of money executives are betting we will have a trade deal in the near future, which is why Caterpillar and Boeing roared higher,” he said. The Dow (Dow Jones Industrial Average), controlled by Boeing’s almost 3% rise, added over 166 points in the session and the S&P 500 earned 0.2% for its first 6-Day winning strip in over a year.