Boeing’s chief executive, Dennis Muilenburg, ousted amid the worst crisis in the company’s history, will depart with stock and pension awards worth more than $60m, the company announced on Friday.
Related: Boeing: internal emails reveal chaos and incompetence at 737 Max factory
Continue reading...Congo-Brazzaville and Chad among hardest hit as campaigners warn spiralling repayments could trigger disaster
Poorer countries are cutting public spending in response to a “growing debt crisis”, campaigners have warned.
Debt in some countries has trebled according to new figures that calculate debt reimbursements, and their impact on government expenditure, in 60 countries.
Continue reading...Communications from April 2017 show employees saying plane ‘designed by clowns who are supervised by monkeys’
Boeing on Thursday released hundreds of internal messages that raise serious questions about its development of simulators and the 737 Max that was grounded in March after two fatal crashes, prompting outrage from US lawmakers.
In an April 2017 exchange of instant messages, two employees expressed complaints about the Max following references to issues with the plane’s flight management computer. “This airplane is designed by clowns who in turn are supervised by monkeys,” one unnamed employee wrote.
Continue reading...Experts say debris fragments and sudden loss of fail-safe systems point to missile
To civil aviation professionals, including pilots, engineers and former crash investigators, there was something immediately puzzling about the crash of the Ukraine International Airlines passenger jet that fell burning out of the sky minutes after takeoff from Tehran.
Conversation on forums, and in a risk assessment that was rapidly produced by the organisations OpsGroup, pointed to the sudden and catastrophic nature of the event, including the loss of both communications and tracking systems.
Continue reading...Japan hits back at former Nissan boss after fugitive attacks its controversial justice system
Japan has hit back at Carlos Ghosn after the former Nissan boss’s criticisms of the country’s justice system after his dramatic escape to Lebanon, as Beirut prosecutors issued a travel ban for the fugitive.
Masako Mori, Japan’s justice minister, on Thursday accused Ghosn of making “abstract, unclear or baseless assertions” about the Japanese criminal justice system, and said his flight was unjustified.
Continue reading...East Gippsland and Victoria’s north-east told to evacuate as NSW braces for heatwave and firefighters battle Kangaroo Island blaze
Residents in large areas of Victoria have again been advised to leave their homes before a day of “extreme” fire conditions throughout south-eastern Australia that could see the merging of at least two major fires.
At least 5% of Victoria has already burned. Authorities sent a text message to East Gippsland and the north-east region on Thursday advising people within the at-risk area, which extends from the New South Wales border to the coast, to evacuate before “heat spike” conditions on Friday.
Continue reading...Two high-ranking African Americans allege that discrimination at fast-food company worsened under former CEO Steve Easterbrook
McDonald’s is being sued by two African American executives who allege they suffered “systematic but covert” racial discrimination at the fast-food giant.
Vicki Guster-Hines and Domineca Neal, senior directors working for McDonald’s in Dallas, allege that discrimination at the company worsened under the former chief executive Steve Easterbrook, who took over the company in 2015.
Continue reading...Rumors of Middle East war used to inevitably lead to soaring gas prices but fracking revolution has changed the market landscape
For many older Americans the thought of war in the Middle East will trigger memories of soaring gas prices and long lines at the pumps. But as US relations with Iran sink to a new low there is, as yet, no sign of panic.
Related: By killing Qassem Suleimani, Trump has achieved the impossible: uniting Iran | Dina Esfandiary
Continue reading...Fires will cripple consumer confidence and harm industries such as farming and tourism, Moody’s says
The economic damage from the bushfires devastating Australia’s eastern seaboard is likely to exceed the record $4.4bn set by 2009’s Black Saturday blazes, Moody’s Analytics has said.
The Moody’s economist Katrina Ell said the fires would further cripple Australia’s already anaemic consumer confidence, increasing the chances of a rate cut next month, as well as causing damage to the economy through increased air pollution and direct harm to industries such as farming and tourism.
Continue reading...Aerial ridesharing would allow for a pilot and three passengers at speeds of up to 180mph
Uber has unveiled plans for a flying taxi at the Consumer Electronics Show in Las Vegas. The ride-sharing company on Tuesday showed off a full-size mock-up of the electric plane concept vehicle created with South Korean carmaker Hyundai, as it seeks to fly above traffic rather than add to it.
Uber wants to offer aerial ridesharing, allowing a pilot and three passengers to take city trips of up to 60 miles at a speed of up to 180mph. Resembling a winged helicopter and featuring four propellers, Uber and Hyundai joined forces to design a personal air vehicle, or PAV, which can take off and land vertically.
Continue reading...Stephanie Kelton says Australia could ‘absolutely’ benefit from a program similar to the Green New Deal
Australia’s unprecedented bushfires are a wake-up call to the world about the importance of tackling climate change, Bernie Sanders’ economic adviser said, and the country should consider implementing a green new deal to transition to a low carbon economy.
Stephanie Kelton said Australia could benefit from an ambitious program of spending, similar to the one proposed by Sanders and others that aims to transform the US economy and help keep global heating below 1.5C.
Continue reading...Carole Ghosn accused of perjury, as Nissan says it will pursue former chairman who fled to Lebanon
Prosecutors in Japan have issued an arrest warrant for the wife of Carlos Ghosn for alleged perjury, as Nissan vowed to pursue its former chairman over his “serious misconduct” while head of the carmaker.
Tokyo prosecutors’ special investigation squad said Carole Ghosn – a vocal supporter of her husband during his long detention in Japan – was suspected of making a false statement during testimony to the Tokyo district court last April, according to Kyodo news agency. Details of the allegation were not immediately available.
Continue reading...Rise in cost of crude after US attack on Iranian general could affect petrol price
Oil prices have climbed above $70 a barrel for the first time in four months amid fears that the US air strike that killed Iran’s top military commander may trigger a retaliation.
The global oil markets have risen by more than 5% to $70.73 a barrel since the attack that killed Qassem Suleimani in Iraq last week.
Continue reading...Border controls tightened as Japan investigates how ex-Nissan boss skipped bail
Reports have emerged about how the fugitive former Nissan boss Carlos Ghosn managed to jump bail in Japan, as the country’s justice minister said border controls would be bolstered after the audacious escape.
The 65-year-old executive skipped bail nearly a week ago, fleeing Japan where he had been awaiting trial on multiple counts of financial misconduct, which he denies.
Continue reading...Carlos Ghosn’s dramatic escape from Japan to Lebanon last week has raised many questions over how he pulled off such an audacious act, but his motives are not in doubt. With four months to go before his financial misconduct trial was due to begin, the net was closing in on the former auto executive, and he knew it.
Nissan’s one-time saviour had not been permitted to speak to his wife over Christmas, and was disturbed by news that Japanese prosecutors had questioned his son and daughter in the US in early December. For Ghosn, according to sources close to him, it amounted to an attempt to force him to confess.
Continue reading...Carmaker has compensated VW owners in US and Australia over emissions-rigging scandal and faces class action in UK
Volkswagen is in discussions over an out-of-court settlement with more than 400,000 German owners of vehicles that were affected by the carmaker’s “Dieselgate” emissions-rigging scandal.
Germany’s VZBV – an umbrella group of consumer rights organisations – said it had entered talks about a “pragmatic solution in the interests of customers” but stressed that talks were at a very early stage and would remain confidential.
Continue reading...Move follows tycoon’s dramatic flight to Beirut to escape corruption charges
Japanese authorities have issued an Interpol wanted notice for Carlos Ghosn, as the former Nissan and Renault chairman released a statement denying his wife or family were involved in his dramatic flight from corruption charges in Japan.
The international policing organisation’s “red notice” alerts forces around the world that a person is wanted, in this case by Japanese police.
Continue reading...Transport secretary says he has started process after year of chaos and cancellations
The process to strip Northern rail of its franchise has begun after years of poor performance, the transport secretary has said.
Grant Shapps told the BBC he had started the process that could result in removing the firm’s routes, calling its service “completely unacceptable”.
Continue reading...Wife dismisses reports husband escaped inside an instrument case as world awaits full explanation from fugitive
The world will have to wait until next week for what could be the only definitive account of how Carlos Ghosn managed to leave Japan months before he was due to stand trial for alleged financial misconduct.
The former Nissan chairman who fled the country to Lebanon while out on bail, will speak to the media in Beirut next Wednesday, media reports said, in a public appearance that could provide answers to myriad questions swirling around his daring escape.
Continue reading...People’s Bank of China allows commercial banks to hold less capital in reserve
China’s central bank has acted to pump more liquidity into the country’s economy in an attempt to prevent growth slowing in 2020.
The People’s Bank of China is allowing commercial banks to hold less capital in reserve, freeing up about 800bn yuan (£87bn) in new funds for loans. It will cut China’s banks’ reserve requirement ratio (RRR) by 50 basis points, to 12.5%, from 6 January.
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