News World Airlines urge regulators to work together to return 737 MAX to service

Airlines urge regulators to work together to return 737 MAX to service

Global airlines on Thursday urged regulators to coordinate on technical requirements and timelines for the safe re-entry to service of the Boeing Co 737 MAX aircraft, which was grounded in March after two fatal accidents.

The statement from the International Air Transport Association (IATA) came a day after an IATA summit to discuss the grounding of Boeing’s top-selling passenger jet, which has disrupted plans and hit profits at several airlines.

It also followed news on Wednesday that the U.S. Federal Aviation Administration (FAA) had identified a new risk that Boeing must address on the 737 MAX before it can return to service.

The FAA did not elaborate on the latest setback, but sources familiar with the matter told Reuters it was discovered during a simulator test last week and it was not yet clear if the issue could be addressed with a software upgrade or would require a more complex hardware fix.

Boeing shares fell 4% to $359.78 in pre-market trade, while shares of some suppliers, such as Britain’s Senior Plc, also dropped sharply.

Downgrading its rating on Senior to “equal weight”, Barclays said it expected a widespread “supplier reset” following the grounding of the 737 MAX, with the impact on 2020 results not yet factored into analysts’ consensus forecasts.

“Aviation is a globally integrated system that relies on global standards, including mutual recognition, trust, and reciprocity among safety regulators,” IATA said in its statement.

“Aviation cannot function efficiently without this coordinated effort, and restoring public confidence demands it,” IATA added, calling also for global alignment on additional training requirements for 737 MAX flight crew.

Travel firm TUI said on Thursday it did not expect an additional financial impact after the FAA’s latest warning on the 737 MAX. TUI has already taken a 300 million euro ($341 million) hit to remove the jet from its summer schedules.

(Reuters)

Top Stories

How European Banking Supervision can help fight economic impact of coronavirus outbreak in Europe

By Andrea Enria, Chair of the Supervisory Board of the ECB These are dramatic days for Europe and its citizens. The coronavirus outbreak has severely...

U.S. could face 200,000 coronavirus deaths, Fauci warns

U.S. deaths from coronavirus could reach 200,000 with millions of cases, the government's top infectious diseases expert warned on Sunday as New York, New...

Limassol: 45 booked in 12 hours for breaking decree

  Limassol police officers on Sunday booked another 45 people for breaking the stay at home decree as police spokesman Ioannis Soteriades told CNA that...

Two more test positive in Turkish-held north

Two more have tested positive in Turkish-held north Cyprus, bringing the total to 64, the Cyprus News Agency reports. It said that three of the...

Minister rebukes irresponsible behaviour

Health Minister Constantinos Ioannou on Sunday expressed concern over the large increase in the number of confirmed Covid-19 cases saying tracing had shown that...

Taste

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....

Classic Pastitsio

Prepare the mince sauce: heat the butter in a pan and sauté the mince with the onion and garlic until nicely browned, mixing well....

Grilled vegetable and goat cheese rolls

Brush the vegetables with olive oil and season. Heat a pan/griddle and cook them carefully until golden on both sides, making sure their shape...