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☆ Americans have spent their savings. Economists worry about what comes next
▼ + stars: | 2024-05-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But now that extra spending money is gone, economists are concerned about what comes next. That means many Americans have more debt than savings and suggests “that American households fully spent their pandemic-era savings as of March 2024,” they wrote in a recent report. Consumer spending plays a crucial role in driving economic growth in the United States, and it has shown remarkable strength over the past two years. “A continuing strong labor market could help consumers maintain spending patterns similar to those observed recently, even without pandemic-era savings,” they wrote. What comes next: Disney, Airbnb, Uber, Anheuser-Busch, Tapestry and Dillards all report later this week — investors will look for any comments about how consumer spending, or lack thereof, is altering revenue forecasts for 2024.

Persons: Hamza Abdelrahman, Luiz Edgard Oliveira, ”, Austan Goolsbee, ’ ”, Fitch, Sarah Wyeth, Chris Kempczinski, Abdelrahman, Airbnb, Warren Buffett, Berkshire Hathaway, Greg Abel, Buffett, “, Abel, isn’t, Boeing “, Scott Stocker, Read Organizations: CNN Business, Bell, New York CNN, San Francisco Federal Reserve, Chicago Federal, Society for, ”, Shoppers, Tyson Foods, “, Disney, Anheuser, Busch, Berkshire, International Monetary Fund, Industries, Nvidia, Microsoft, FAA, Boeing, Federal Aviation Administration, CNN Locations: New York, United States, Omaha , Nebraska, Omaha, scamming

☆ FAA opens new probe into Boeing, this time involving 787 Dreamliner inspections
▼ + stars: | 2024-05-06 | by ( Gregory Wallace | ) edition.cnn.com time to read: +1 min

CNN —Investigators are probing whether Boeing employees failed to perform some quality inspections on its 787 jets, the Federal Aviation Administration said Monday. The investigation is to determine whether the inspections were conducted and “whether company employees may have falsified aircraft records,” the FAA said. While the investigation takes place, Boeing employees will inspect the Dreamliners it has not yet delivered to airline customers and will develop a plan for the planes that are currently flying, the FAA said. In April, a Boeing engineer came forward publicly with different quality allegations about several Boeing models, including the Dreamliner. Sam Salehpour claimed shortcuts during the manufacturing process meant small gaps in the fuselage of 787s may not properly be filled.

Persons: Boeing “, ”, Scott Stocker, Stocker, Sam Salehpour Organizations: CNN —, Boeing, Federal Aviation Administration, FAA, CNN

The American plane maker has been under intense pressure since early January, when a panel blew off a brand-new Alaska Airlines 737 Max midflight. Photos You Should See View All 60 ImagesTHE CRASHESThe bulk of criticism and investigations swirling around Boeing today center on the company's Max jets. Boeing agreed to pay $2.5 billion to settle a Justice Department investigation, admitting that employees misled regulators about the safety of the 737 Max. Last year, Boeing reported a problem with fittings on Max jets where the fuselage meets the vertical section of the tail. Also under investigation is what prompted the emergency landing in Wichita, Kansas, of a Denver-bound United Airlines flight in December.

Persons: Max midflight, That's, Max, shakeups, David Calhoun, Calhoun, —, “ Organizations: Boeing, Alaska Airlines, Delta Air Lines, United Airlines, Airbus, Indonesia’s, Ethiopian Airlines, Department, MORE, FBI, FAA, Spirit, United Airlines Boeing, Max, Passengers, National Transportation Safety, American Airlines, Southwest Airlines, NTSB Locations: Arlington , Virginia, Addis Ababa, Oregon, Wichita , Kansas, Newark , New Jersey, Denver, San Francisco, Los Angeles, —

☆ Boeing is unable to provide key information in door plug blowout investigation, NTSB chair says
▼ + stars: | 2024-03-13 | by ( Gregory Wallace | ) edition.cnn.com time to read: +3 min

CNN —Investigators probing the Boeing 737 Max blowout say their investigation is being held back by Boeing’s lack of a paper trail for key work. Boeing recently said it has searched for records but believes its employees did not document the work. The letter noted that Boeing has also been unable to provide security footage of the September 2023 work, which included removing and reinstalling the door plug. Boeing told CNN that 30-day record retention policy for security camera footage is standard practice. The letter revealed that the NTSB’s first request to Boeing for relevant employees’ names came on January 9 — four days after the mid-flight incident.

Persons: Jennifer Homendy, Homendy, ”, “ Organizations: CNN, Boeing, Max, National Transportation Safety Board, Alaska Airlines, Senate, NTSB, ” NTSB, Transportation Safety Board, Alaska Airlines Flight, Getty, ” Boeing Locations: Boeing’s Renton , Washington, Boeing’s, Portland , Oregon, Ontario , California

☆ Boeing fined $51 million for violating Arms Export Control Act
▼ + stars: | 2024-03-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Boeing has agreed to pay $51 million for violating exports controls of military technology, including employees in China downloading sensitive data from numerous defense aircraft and missiles. The State Department found a total of 199 violations of the Arms Export Control Act by Boeing. It faces multiple investigations for a door plug blowing out on a 737 Max flight in January, leaving a gaping hole in the side of the Alaska Airlines flight. The NTSB has yet to determine blame or fault for the door plug incident on the Alaska Air flight. But Boeing CEO Dave Calhoun told investors in January, “We caused the problem, and we understand that.

Persons: ” “, ”, Boeing’s, Max, Dave Calhoun, “ Organizations: New, New York CNN, Boeing, State Department, Alaska Airlines, National Safety Transportation Board, Federal Aviation Administration, Justice Department, FAA, NTSB, Alaska Air Locations: New York, China, Australia, Canada, France, Germany, Hong Kong, India, Italy, Japan, Kenya, Morocco, Russia, Singapore, South Korea, Spain, Thailand, Taiwan, Ukraine, United Kingdom

☆ Boeing is in the ‘last chance saloon,’ says Emirates head Tim Clark
▼ + stars: | 2024-02-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Tim Clark, the president of Emirates, has joined a chorus of airline executives in warning that Boeing is running out of time to restore its reputation following a series of safety and manufacturing blunders. I’m sure Dave Calhoun and Stan Deal are on that,” he added, referring to Boeing’s CEO and head of commercial airplanes respectively. Clark isn’t the first airline boss to criticize Boeing since part of the fuselage of a 737 Max 9 blew out mid-flight in early January. Clark said that for the first time Emirates would send its own engineers to observe the production process of the 777 at Boeing and its supplier Spirit AeroSystems. “The fact that we’re having to do that is testament to what has happened,” he told the Financial Times.

Persons: Tim Clark, Clark, “ They’ve, Dave Calhoun, Stan Deal, Clark isn’t, Scott Kirby, ”, “ Will, Will, they’ve, Calhoun’s, that’s, —, Michael O’Leary, Brian West Organizations: London CNN, Emirates, Boeing, Financial, ” Emirates, CNBC, Alaska Airlines, Financial Times, “ Will Boeing, Will Boeing, CNN, Ryanair — Europe’s Locations: Alaska, Dubai, Indonesia, Ethiopia, Calhoun

☆ The FAA’s 737 Max probe just widened to include Spirt Aerosystems
▼ + stars: | 2024-01-17 | by ( Pete Muntean | Curt Devine | ) edition.cnn.com time to read: +4 min

Washington CNN —The US Federal Aviation Administration is expanding its probe into Boeing 737 Max 9 quality control following this month’s in-flight blowout of a part of an Alaska Airlines plane. In a new statement released Wednesday, the FAA says it is now investigating contractor Spirit AeroSystems, which builds the fuselage of the Boeing 737 Max 9. Spirit Aerosystems did not immediately respond to a request for comment. The FAA says all 171 Boeing 737 Max 9s in the United States remain grounded, the agency has received new data from preliminary inspections of 40 of those airplanes. Spirit Aerosystems’ history of troubleShareholders of Spirit AeroSystems last year filed a federal lawsuit against the company, accusing it of “widespread and sustained quality failures” in its products.

Persons: Spirit, Boeing “, Aerosystems, “, Max, Spirit AeroSystems, Lever, Joe Buccino, AeroSystems, ” Organizations: Washington CNN, US Federal Aviation Administration, Boeing, Max, Alaska Airlines, FAA, NTSB, Spirit, ” Locations: United States

☆ Boeing’s stock tumbles after report warns investigation will open ‘a whole new can of worms’
▼ + stars: | 2024-01-16 | by ( David Goldman | ) edition.cnn.com time to read: +8 min

The Wells Fargo report, entitled “FAA audit opens up a whole new can of worms,” noted that Boeing’s quality control and engineering problems have been ongoing for years. After part of an Alaska Airlines] 737 Max 9 jet fell off the plane mid-flight, the likelihood of the US Federal Aviation Administration coming out of its investigation without significant findings was very low. The FAA last week opened an investigation into Boeing’s quality control after the Alaska Airlines incident. He also said Boeing is now more closely monitoring the work of a key supplier that builds the 737 Max fuselage. Wells Fargo analysts noted in their report that the FAA investigation could take some time to complete, noting many of its probes remain “under investigation” months after the original incidents.

Persons: Wells, ”, Max, Boeing “, Kirkland H, Donald “, Donald, David Calhoun, Stan Deal, Deal, Mike Whitaker, Calhoun, Jennifer Homendy, United Airlines —, —, Pete Muntean, Chris Isidore, Ramishah Maruf Organizations: New, New York CNN, Boeing, Wall, FAA, Alaska Airlines, US Federal Aviation Administration, NTSB, US, CNN, National Transportation, United Airlines Locations: New York, Portland , Oregon, Alaska, United, Indonesia, Ethiopia

☆ FAA keeps Boeing’s 737 Max 9 grounded as it reviews inspections and data
▼ + stars: | 2024-01-12 | by ( Pete Muntean | ) edition.cnn.com time to read: +6 min

CNN —The Federal Aviation Administration said on Friday that after reviewing Boeing’s instructions for inspecting grounded 737 Max 9 planes, it has decided to seek more information before allowing the plan to proceed. One hundred and seventy-one of the planes remain grounded in the United States as airlines Alaska and United await updated emergency inspection guidance from the FAA. The FAA said it plans to collect data from the inspection of 40 of the planes using Boeing’s procedures before deciding whether the process will work for the rest of the grounded planes. It’s unclear whether the 40 planes will come from the Alaska Airlines fleet or the United Airlines fleet – the two airlines that fly this model of aircraft – or both. The agency’s latest move comes as the FAA also plans to audit the Boeing 737 Max 9 production line and its suppliers, with a focus on ensuring quality control.

Persons: “, Mike Whitaker, ”, Whitaker, ” Whitaker, David Calhoun, “ We’re, ” Calhoun, Dave Calhoun, Calhoun, ” Jennifer Homendy, CNN’s Poppy Harlow Organizations: CNN, Federal Aviation Administration, FAA, Boeing, Max, Alaska Airlines, United, United Airlines, Wednesday, CNBC Locations: United States, Alaska, ”, Indonesia, Ethiopia

New York CNN —Winter weather, combined with the grounding of Boeing 737 Max 9 aircraft, is causing major disruptions for air travel. There have been more than more than 2000 flight cancellations Friday, the highest number since July 2023, data from the tracking site FlightAware show. Cancellations due to the grounding of the 737 Max 9 planes are also contributing to the totals. More than 200 United and Alaska Airlines flights have been cancelled each day this week due to the FAA-mandated grounding. 737 Max 9 delaysPassengers on Alaska Airlines and United Airlines have been marred by hundreds of flight cancellations this week.

Persons: Max, ”, “, Boeing “, Dave Calhoun, Calhoun, Jennifer Homendy, CNN’s “ Anderson Cooper, Scott Kirby, Pete Buttigieg, United, CNN’s Marnie Hunter, Forrest Brown, Paradise Afshar, Elizabeth Wolfe, Gregory Wallace, Pete Muntean, Sara Smart, Chris Isidore Organizations: New, New York CNN, Boeing, Max, Midway, Alaska Airlines, FAA, United Airlines, Federal Aviation Administration, CNN, United, Tech Ops, NTSB, Wednesday, CNBC, ”, Transportation, “ Boeing Locations: New York, O’Hare, Denver, Milwaukee, United, Portland , Oregon, Alaska, Oregon, Washington, Paradise

☆ 5 things to know about Boeing’s latest 737 Max crisis
▼ + stars: | 2024-01-10 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +10 min

Here is the latest on what to know as Boeing faces yet another 737 Max crisis. “We’ll make sure that we take steps to ensure that it never, never can happen.”The 737 Max 9 remains groundedOn Saturday, the Federal Aviation Administration ordered most Boeing 737 Max 9 aircraft to be temporarily grounded as regulators and Boeing investigate the cause of the incident. That has led to hundreds of cancelations, particularly from Alaska Airlines and United Airlines, which have dozens of the 737 Max 9 planes. United Airlines said it is canceling 167 Boeing 737 Max 9 flights today and expects significant cancellations on Thursday, too. Alaska Airlines also said Monday it found loose hardware on some of its 737 Max 9 planes during inspections.

Persons: Dave Calhoun, company’s ‘, “, Calhoun, ” Calhoun, Patrick Shanahan, “ We’re, ”, “ We’ll, Max, Jennifer Homendy, CNN’s Poppy Harlow, AeroSystems, Republican Sen, J.D, Vance, Joe Biden, John Lovell, David Calhoun, ” Homendy, “ I’ve, I’ve, What’s, Eric Weiss, it’s, —, Catherine Thorbecke, Chris Isidore, Greg Wallace, Pete Muntean Organizations: New, New York CNN, Alaska Airlines, Max, Boeing, CNBC, Alaska Airlines midflight, Spirit, Federal Aviation Administration, United Airlines, . United Airlines, National Transportation Safety, CNN, FAA, NTSB, Republican, Senate, National Transportation Safety Board, Alaska Airlines Flight, Reuters, Airbus, Transportation Safety Locations: New York, Portland , Oregon, ”, Ohio, Alaska, U.S, Indonesia, Ethiopia, Calhoun, Portland

☆ FAA headquarters initially overrode its own engineers’ 737 Max grounding recommendation
▼ + stars: | 2023-04-28 | by ( Greg Wallace | ) edition.cnn.com time to read: +2 min

CNN —The Federal Aviation Administration initially overrode its own engineers’ recommendations in 2019 to ground the Boeing 737 Max after a second fatal crash, according to a new watchdog report. “Yet Agency officials at Headquarters and the Seattle ACO opted not to do so; instead, they waited for more detailed data to arrive,” the report concluded. The inspector general report, released Friday, recommended the agency update and improve its policies for evaluating crashes and other events. The FAA told the inspector general it would make updates and develop formal training. While awaiting additional data in March 2019, FAA officials issued an official notice backing up their decision to allow the Max to continue flying.

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