Boeing to give $100 million to 737 MAX crash victims’ families, communities

In this Feb. 5, 2018, file photo a Boeing 737 MAX 7, the newest version of Boeing's fastest-selling airplane, is displayed during a debut for employees and media of the new jet in Renton, Wash. (AP)
Updated 04 July 2019

Boeing to give $100 million to 737 MAX crash victims’ families, communities

  • Boeing faces numerous lawsuits filed by the victims’ families
  • “We at Boeing are sorry for the tragic loss of lives in both of these accidents"

NEW YORK: Boeing announced Wednesday it would give $100 million to communities and families affected by two crashes on its 737 MAX planes that claimed 346 lives.
Describing the sum as an “initial investment” over multiple years, the company said it would work with local governments and non-profit organizations to provide “hardship and living expenses” and boost economic development in regions affected by crashes of planes operated by Ethiopian Airlines and Lion Air.
Boeing faces numerous lawsuits filed by the victims’ families, some of whom have appeared at news conferences or during congressional hearings probing the disasters.
The $100 million figure is less than the list price for several leading 737 MAX planes. Boeing said it would also match donations from employees to families and communities affected by the accidents.
“We at Boeing are sorry for the tragic loss of lives in both of these accidents and these lives lost will continue to weigh heavily on our hearts and on our minds for years to come,” said Boeing chief executive Dennis Muilenburg in a statement to the media.
“The families and loved ones of those on board have our deepest sympathies and we hope this initial outreach can help bring them comfort.”
Boeing referenced “multiple lawsuits” in an April securities filing, saying it was also cooperating with various regulatory probes.
“We cannot reasonably estimate a range of loss, if any, that may result given the ongoing status of these lawsuits, investigations, and inquiries,” the company said in the securities filing.


India to invest $1.46 trillion to lift virus-hit economy

Updated 15 August 2020

India to invest $1.46 trillion to lift virus-hit economy

  • Modi announced a national digital heath plan under which every Indian will get an identity card containing all health-related information
  • Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic
NEW DELHI: India’s prime minister said Saturday his country has done well in containing the coronavirus pandemic and announced $1.46 trillion infrastructure projects to boost the sagging economy.
The key lesson India learnt from the pandemic is to become self-reliant in manufacturing and developing itself as a key supply chain destination for international companies, Prime Minister Narendra Modi said.
“The coronavirus epidemic is a big crisis, but it can’t stall India’s economic progress,’’ Modi said in a speech from New Delhi’s 17th century Mughal-era Red Fort to mark 74 years of the country’s independence from British rule. He wore an orange and white turban with a long scarf around his neck.
He also said that three vaccines are in different phases of testing in India and it will start mass production as soon as it got a green light from scientists. “Detailed plans are in place for large-scale production of corona vaccine and making it available to every Indian,” he said.
India’s coronavirus death toll overtook Britain’s this week to become the fourth-highest in the world as the country reported over 2.5 million confirmed cases, just behind the US and Brazil.
Modi also announced a national digital heath plan under which every Indian will get an identity card containing all health-related information.
The celebrations were curtailed on Saturday because of the pandemic, with invitations going only to 4,000 guests instead of normal 20,000, media reports said.
The International Monetary Fund projected a contraction of 4.5 percent for the Indian economy in 2020, a “historic low,” but said the country is expected to bounce back in 2021.
Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic.
“Infrastructure will not be created in silos anymore. All infrastructure has to be comprehensive, integrated and linked to each other. Multi-modal connectivity infrastructure is the way forward,” he said.
He said that India saw a record 18 percent jump in foreign direct investment in the past year, a signal that the international companies are looking at the country.
Modi didn’t refer to China directly, but India is trying to capitalize on its rival’s rising production costs and deteriorating ties with the United States and European nations to become a replacement home for large multinationals.
Referring to border tensions with China in the Ladakh area, he said Indian forces had given a befitting response in the mountainous region where thousands of soldiers from the two countries remain in a tense standoff since May. India said 20 of its troops died in hand combat with Chinese troops on June 15.
“Whether it’s terrorism or expansionism, India is fighting the challenges bravely,” Modi said in apparent references to threats from neighboring Pakistan and China.