Calhoun will resign at the
end of the year, CNBC reports.
His departure comes amid a broad management shakeup at Boeing following a Jan.
5 incident in which a door flew off an Alaska Airlines flight.
His departure comes amid a broad management shakeup at Boeing following a Jan.
5 incident in which a door flew off an Alaska Airlines flight.
As you all know, the Alaska Airlines
Flight 1282 accident was a
watershed moment for Boeing, Boeing CEO Dave Calhoun, via note to employees.
We must continue to respond to
this accident with humility and
complete transparency.
, Boeing CEO Dave Calhoun, via note to employees.
We also must inculcate a total
commitment to safety and quality
at every level of our company, Boeing CEO Dave Calhoun, via note to employees.
Calhoun went on to say that
"the eyes of the world are on us.".
Calhoun went on to say that
"the eyes of the world are on us.".
I know we will come through this moment a
better company, building on all the learnings
we accumulated as we worked together to
rebuild Boeing over the last number of years, Boeing CEO Dave Calhoun, via note to employees.
Larry Kellner, chairman of the board,
will also step down in May.
Boeing director Steve Mollenkopf
will become the new chairman.
Boeing director Steve Mollenkopf
will become the new chairman.
Stan Deal, president and CEO of Boeing Commercial
Airplanes, will step down immediately.
Stephanie Pope, Boeing's Chief
Operating Officer, will take his place
Southwest Drops Service to 4 Airports , Amid Boeing Problems.
On April 24, Boeing announced that it will keep production levels lower so that it can focus on the quality and safety of its planes.
The announcement comes after the company has experienced backlash over safety issues, .
such as the incident on Jan. 5 in which a door plug flew off of an Alaska Airlines plane. .
On April 25, Southwest Airlines said that
Boeing delivery delays have caused the company
to stop serving four airports, CNN reports. .
The recent news from Boeing
regarding further aircraft delivery
delays presents significant
challenges for both 2024 and 2025, Southwest CEO Bob Jordan, via statement.
We are reacting and replanning
quickly to mitigate the operational
and financial impacts. , Southwest CEO Bob Jordan, via statement.
Consequently, we have made the
difficult decision to close our
operations [at the four airports], Southwest CEO Bob Jordan, via statement.
The four airports that will be affected are
Bellingham International Airport,
Cozumel International Airport.
Syracuse Hancock International Airport and George Bush Intercontinental Airport.
Southwest also revealed that it
lost $218 million in Q1 2024.
However, revenue was at $6.3 billion,
an 11% increase from last year.
The revenue increase came from an
uptick in passenger traffic, CNN reports.
Southwest shares dipped 7% in
premarket trading on April 25
Credit: Wibbitz Top Stories Duration: 01:31Published
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Another Boeing Flight , Experiences Mid-Flight Tire Issue.
NBC reports that the Federal Aviation Administration
(FAA) is investigating yet another Boeing mishap,
this time involving an American Airlines flight.
On March 13, a Boeing 777 landed after it "blew
a tire during take off" from Dallas-Fort Worth
International Airport, according to the FAA.
American Airlines, the flight's operator, said that no
tire was blown, adding that the pilot was aware that
the pressure was low in one of the aircraft's tires.
The aircraft taxied to the gate
under its own power and
customers deplaned normally, American Airlines statement, via NBC.
LAX confirmed that the flight
landed safely without incident.
The news comes after another incident
involving a Boeing aircraft just last week.
In that incident a tire flew off of a United
Airlines Boeing 777-200 shortly after
takeoff, prompting an emergency landing.
At the time, United said that the Boeing 777-200
is “designed to land safely with missing or
damaged tires" as it has “six tires on each
of its two main landing gear struts.”.
NBC reports that these incidents follow a major
January 5 mishap involving a door panel blowing off
of a Boeing 737 Max 9 plane operated by Alaska Airlines. .
In response to that incident, the FAA grounded all
Boeing 737 Max 9 aircraft in the U.S and ordered
increased oversight of Boeing aircraft production.
Credit: Wibbitz Top Stories Duration: 01:31Published
Another Mid-Flight , Boeing Incident Occurs, Amid Increased Scrutiny.
On March 4, a United Airlines Boeing 737
flight was forced to make an emergency
landing after bursting into flames mid-air. .
'The Independent' reports that the
plane's engine exploded shortly after
taking off from Fort Meyers, Florida. .
The Houston-bound flight was forced
to make an emergency landing
just moments after taking off. .
No injuries were
linked to the incident.
According to United Airlines, , "the flight landed safely, and the
passengers deplaned normally.".
The airline added that it, "arranged for a new aircraft to take
our customers to their destination.".
'The Independent' reports that the cause
of the accident is currently under investigation
by the Federal Aviation Administration (FAA). .
In January, Boeing came under increased
scrutiny after a door panel on a 737 Max 9
blew off in the middle of an Alaska Airlines flight.
In January, Boeing came under increased
scrutiny after a door panel on a 737 Max 9
blew off in the middle of an Alaska Airlines flight.
Following the incident, in which several passengers were injured,
all Boeing 737 Max 9s were grounded, and investigations were
opened by the FAA and the National Transportation Safety Board.
Boeing must commit to real and
profound improvements. Making
foundational change will require
a sustained effort from Boeing’s
leadership, and we are going
to hold them accountable
every step of the way, Mike Whitaker, FAA administrator, via 'The Independent'
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix released a Q1 earnings report on April 18, indicating that its number of subscribers jumped 16% year-over-year to reach 269.6 million.
Analysts only expected the streamer to have about 264.2 million subscribers, CNBC reports. .
The company also brought in $9.37 billion in revenue versus analysts' expectations of $9.28 billion. .
However, Netflix said that its membership numbers are no longer the main factor contributing to the company's growth.
As a result, the company will stop providing "quarterly membership numbers or average revenue per user" beginning in 2025, CNBC reports. .
Instead, it will divulge "major subscriber milestones as we cross them.".
Price hikes, terminating password sharing
and offering an ad-supported tier are all tactics that have boosted revenue.
Netflix is also seeking to gain traction within the video game space and recently partnered with TKO Group Holdings to offer WWE on the platform.
We’re in the very early days of
developing our live programming and
I would look at this as an expansion of
the types of content we offer, the way
we expanded to film and unscripted and
animation and most recently games, Ted Sarandos, co-CEO of Netflix, via earnings call.
We believe that these kind of event cultural
moments like the Jake Paul and Mike Tyson
fight are just that kind of television, and we
want to be part of winning over those
moments with our members as well, so that
for me is the excitement part of this, Ted Sarandos, co-CEO of Netflix, via earnings call.
As of the morning of April 18,
Netflix's stock was up 27%
Credit: Wibbitz Top Stories Duration: 01:30Published
Google Fires Employees , for Protesting Israel Contract.
28 Google workers have been fired for protesting
a $1.2 billion contract that the company has with
the Israeli government and military to provide
cloud and AI services, NBC News reports. .
The firings follow an April 16 sit-in at
Google's offices in California, New York and Seattle in which nine workers were arrested.
The group that coordinated the demonstration
is known as No Tech for Apartheid. .
Google issued a statement about the recent firings.
A small number of employee
protesters entered and disrupted
a few of our locations. , Google spokesperson, via statement.
Physically impeding other employees’
work and preventing them from
accessing our facilities is a clear
violation of our policies, and
completely unacceptable behavior. , Google spokesperson, via statement.
We have so far concluded
individual investigations that
resulted in the termination of
employment for 28 employees,
and will continue to investigate
and take action as needed, Google spokesperson, via statement.
No Tech for Apartheid claims that the
workers were fired "indiscriminately.".
This excuse to avoid confronting
us and our concerns directly,
and attempt to justify its illegal,
retaliatory firings, is a lie, No Tech for Apartheid, via statement.
Meanwhile, many of Google's workers have
reportedly quit after experiencing "mental health consequences of working at a company that is using their labor to enable a genocide," No Tech for Apartheid said.
On a personal level, I am opposed
to Google taking any military
contracts — no matter which
government they’re with or what
exactly the contract is about. , Cheyne Anderson, a Google Cloud software engineer based
in Washington who was arrested during a sit-in, to CNBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Amazon Cuts Hundreds , of Cloud Computing Jobs.
An Amazon Web Services (AWS)
spokesperson issued a statement about
the job cuts on April 3, CNBC reports. .
We’ve identified a few targeted areas of
the organization we need to streamline
in order to continue focusing our efforts
on the key strategic areas that we
believe will deliver maximum impact, AWS spokesperson, via statement.
We didn’t make these decisions
lightly, and we’re committed
to supporting the employees
throughout their transition to new
roles in and outside of Amazon, AWS spokesperson, via statement.
Cuts are being made to the store technology division “as a result of a broader strategic shift in the use of some applications in Amazon’s owned as well as in third-party stores,” the spokesperson said.
The layoffs come after Amazon announced that it was ending its Just Walk Out technology in Fresh stores.
The cashierless technology is overseen
by teams within the AWS unit. .
Beginning in 2022, Amazon started
its largest layoffs in history by letting
go of 27,000 roles company-wide. .
So far in 2024, the retail behemoth has cut jobs at Audible, Buy with Prime, Prime Video, MGM Studios and Twitch, CNBC reports. .
This latest round of cuts will
allow U.S. employees to collect pay
and benefits for a minimum of 60 days.
They will also be offered a severance package.
Credit: Wibbitz Top Stories Duration: 01:30Published
UPS to Become US Postal Service’s , Main Air Cargo Provider.
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
In fiscal year 2023, USPS paid FedEx $1.73 billion
for its services, down from the $2.4 billion
FedEx received in fiscal year 2020.
The decrease in payments was partially due
to the postal service using more economical
trucks in place of planes, CNBC reports. .
The parties were unable to reach
agreement on mutually beneficial
terms to extend the contract, FedEx, via securities filing.
Since FedEx will lose nearly $2 billion in annual
business from letting go of the contract, .
hundreds of pilots will likely
lose their jobs, CNBC reports .
Following the announcement, UPS shares
increased 1.4% while FedEx stock dropped 1.6%.
FedEx's current contract is
set to expire on Sept. 29
Credit: Wibbitz Top Stories Duration: 01:30Published
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