Newsdeck: Singapore Grounds All Boeing 737 Max Flights: Boeing Update
Boeing tumbled the most on the S&P 500 Index on Monday as questions swirled around the newest version of its 737 family, a cash cow that generates almost a third of the company’s operating profit. The Ethiopian disaster followed the crash of a Lion Air 737 Max off the coast of Indonesia in October that killed 189 passengers and crew.Here are the latest developments (time stamps are local time in Hong Kong):
Singapore Suspends Boeing 737 Max Flights (10:41 a.m.)
The Civil Aviation Authority of Singapore said all Boeing 737 Max flights will be suspended into and out of Singapore after two accidents involving the aircraft in less than five months. The suspension takes effect from 2 p.m. local time on March 12.
Aeromexico Grounds Boeing 737 Max Planes (8:05 a.m.)
Mexico’s Grupo Aeromexico SAB became the latest airline to suspend Boeing 737 Max flights. The airline said it would temporarily ground its six Max jets until it has more information about the Ethiopian Airlines disaster.Hours earlier, Aeromexico said it was confident in its Max fleet and the aircraft were in perfect condition. DM