The plane crashes that occurred in Indonesia and Ethiopia within a space of five months have been blamed on the rush manufacturing of the Boeing 737 Max 8.
Boeing was said to have allegedly reduced the timeframe for the production of the Boeing 737 after American Airlines, an exclusive Boeing customer, placed an order.
The genesis of the Boeing 737 crashes: American Airlines had called Boeing to inform the jet manufacturer of its intention to order for A320neo, fuel-efficient jets from Boeing‘s rival, Airbus, which is also a leading aircraft maker. And in order not to lose sales to Airbus, Boeing fastened the manufacturing process and upgrade of Boeing 737.
Now, many believe the hasty manufacturing process of the Boeing 737 led to the deadly crashes of the Ethiopian Airlines flight 302 which was carrying 149 passengers and eight crew members, and the Indonesian airline, Lion Air flight 610, which had 189 passengers.
A closer look at why Boeing fast-tracked production
Knowing that it could lose market share to its arch rival, Airbus, which has been outproducing Boeing for years, Boeing opted to upgrade its Boeing 737, patching the plane with a software meant to compensate for bigger, more fuel-efficient engines and ensure the plane flew the same way as an earlier version. This, therefore, saved the company the stress of having to build from scratch.
According to a report by The New York Times, Engineers were pushed to submit technical drawings and designs at roughly double the normal pace – a production that was slated for six years was built months later. This was done to avoid costing the manufacturer billions in lost sales and potentially thousands of jobs.
“They weren’t going to stand by and let Airbus steal market share,” said Mike Renzelmann, an engineer who retired in 2016 from Boeing’s flight control team on the 737 Max.”
Boeing began production late because the company didn’t see Airbus‘ A320neo as a threat. The chief executive of Boeing’s commercial airplanes division, James F. Albaugh, said Airbus would probably go over budget creating a plane that carriers didn’t really want; but all that changed when American Airlines made an order.
Despite meeting up to the timeframe, Boeing had to share the sales with Airbus as American Airlines decided to make deals with both manufacturers.
The Boeing 737 Max 8 had since been grounded by several countries including Nigeria. Although, Air Peace still hasn’t ruled out its intention to take delivery of the Boeing 737 Max 8. The Nigerian carrier recently took delivery of another Boeing aircraft.
Shell considers relocating its headquarters to the UK
Royal Dutch Shell has consistently pushed for the Dutch Government to stop taxes on dividends.
Oil and gas giant, the Royal Dutch Shell, is considering moving its corporate headquarters from The Netherlands to Britain. This could be a move against the implementation of dividend tax in The Netherlands.
The move was disclosed by the oil company’s Chief Executive Officer, Ben Van Beurden, during an interview with a Dutch newspaper on Saturday, July 4, 2020. According to him, the oil giant is not ruling out relocating its headquarters from the Netherlands to Britain. He said:
“You always need to keep thinking. Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that.”
Further confirming the Chief Executive Officer’s comment, a Shell spokesman told Reuters that the oil giant is looking at ways to simplify its dual structure, as it had been doing for many years.
Royal Dutch Shell has consistently pushed for the Dutch Government to stop the tax on dividend paid to shareholders, as this makes financing dividend, share buy-backs and acquisition a lot more difficult.
An earlier attempt by the Dutch Government to stop the dividend tax as an incentive to convince Unilever to unify its dual structure in Rotterdam, was met with an outcry by the public, who see that as a gift to rich foreigners.
It can be recalled that Shell had announced a few days ago that it might likely write down between $15 billion-$22 billion in post impairment charges for the second quarter of 2020. The impairment, which is its largest since the merger with Shell Transport and Trading Company Ltd in 2005, shows the huge adverse impact that the coronavirus pandemic has had on the oil giant’s businesses.
Also, in a move that shocked investors, Shell for the first time since the Second World War, cut down the dividend that it paid to its shareholders by two-thirds due to the negative impact of the pandemic. The decision came as a surprise to many including shareholders of the oil company which is by far the biggest payer of dividend in the FTSE 100.
Africa’s richest woman has assets seized by Portugal
She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.
The Portuguese Government seized shares owned by Angola’s Isabel dos Santos in the Efacec Power Solutions SGPS SA Company, in a bid to help the company find new owners.
Isabel Dos Santos has been battling a corruption probe both home and in Portugal. She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.
Dos Santos owned a 72% stake in the company through a Maltese registered company called “Winterfell 2”. Angola’s Finance Minister, Pedro Vieira said on Thursday that the Angolan government has started plans to sell the stake and already has interest from interested bidders.
Efacec has annual sales of $449 million, according to the Minister.
Efacec announced back in January that Isabel dos Santos had planned to sell most of her majority stake in the company.
Isabel dos Santos had her assets frozen in December 2019 by Angolan courts, she claims the corruption probe against her was based on a fake passport signed by late Hollywood star Bruce Lee. Portugal also froze her assets in February.
FBI seeks help finding 6 Nigerians accused of fraud totaling over $6 million
The Nigerians are also accused of working with money launderers, romance scammers, and others.
The Federal Bureau of Investigation (FBI) has announced, through its Twitter handle, that it needs the help of the public to find six Nigerians who were complicit in Business Email Compromise (BEC) schemes, which led to the loss of over $6 million.
Help the #FBI find six Nigerian nationals wanted for their involvement in business email compromise (BEC) schemes resulting in over $6 million in losses. Read more about each defendant at https://t.co/Q1OToaIVsl, and submit tips at https://t.co/iL7sD5efWD. #FugitiveFriday pic.twitter.com/67TZPHLgHA
— FBI (@FBI) June 27, 2020
The accused Nigerians in the FBI’s Cyber Most wanted are Richard Izuchuckwu Uzuh, Alex Afolabi Ogunshakin, Felix Osilama Okpoh, Abiola Ayorinde Kayode, Nnamdi Benson, and Micheal Olorunyomi.
The FBI says that over 70 different businesses were defrauded of the amount. The fugitives are accused of sending spoofed emails to thousands of businesses requesting fraudulent wire services.
The Nigerians are also accused of working with money launderers, romance scammers, and others involved in BEC schemes “through a complex web of witting and unwitting people in the United States and abroad.”
Uzuh and Ogunshakin are alleged to have conducted their own BEC Schemes; while learning from Uzuh, Ogunshakin provided the bank accounts to him, Benson, Kayode and Okpo, whose accounts were used to receive fraudulent wire transfers. Okpoh alone is accused of providing bank accounts for receiving fraudulent transfers valued at $1 million.
Uzuh was indicted in October 2016 in the United States District Court, District of Nebraska, Omaha, Nebraska, on wire fraud charges and conspiracy to commit wire fraud, while the other co-conspirators were indicted in August 2019 at the same district court and had Federal warrants issued for their arrests.
Meanwhile, Micheal Olorunyomi, who was indicted in November 2019, is accused of defrauding victims of over $1 million by targeting vulnerable elders or widows through romance fraud schemes.