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Why Ethiopian Airlines is still sticking with Boeing

Ethiopian Airlines’ CEO, Tewolde  GebreMariam, said the company will keep close ties with U.S. plane maker Boeing, despite a tragic crash just over two weeks ago.

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Ethiopian Airlines, Rivers seeks partnership with Ethiopian Airlines on flight operations, Aviation in Africa

The Chief Executive Officer of Ethiopian Airlines, Tewolde  GebreMariam, said the company will keep close ties with U.S. plane maker Boeing, despite a tragic crash just over two weeks ago.

Both companies have been partners for a while – In a statement on Monday, Tewolde said both companies have been partners for many years and that Ethiopian Airways believes in the jet maker.

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“Let me be clear; Ethiopian Airlines believes in Boeing. They have been a partner of ours for many years. More than two-thirds of our fleet are Boeing. We were the first African airline to fly the 767, 757, 777-200LR, and we were the second nation in the world after Japan to take delivery of the 787 Dreamliner.

“Despite the tragedy, Boeing and Ethiopian Airlines will continue to be linked well into the future.”

Ethiopia Airlines promises to investigate the crash – Tewolde promised to work closely with an investigation team looking into the crash, after reports that the probe was under strain because the Ethiopian authorities were not sharing information with international partners.

“Many questions on the B-737 MAX airplane remain without answers. We will work with investigators in Ethiopia, in the US and elsewhere to figure out what went wrong.”

They are not the only ones that are sticking with Boeing – The Ethiopian Airlines are not the only ones that are sticking with Boeing as Air Peace and Kenya Airways had also earlier declared that they will continue to order planes from Boeing.

Nature of the Boeing crash 

The Boeing 737 Max 8 plane crash which happened on the 10th of March, had about 149 passengers and eight crew members.

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The plane was flying from the Ethiopian capital city of Addis Ababa, to Nairobi, Kenya. The flight took off at 8:38 a.m local time and lost contact six minutes later.

This is its second crash in five months – This is the second crash in five months involving its new 737 MAX 8 model and Boeing has been under serious investigations since the crash.

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Facebook’s employees protest over Mark Zuckerberg’s stance on President Trump’s post

Meanwhile, Facebook has reacted to this development. A spokesman for the company told CNBC on Monday that Facebook understood the concerns and was open to its employees expressing their bias freely.

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Facebook’s employees protest over Mark Zuckerberg’s stance on President Trump’s post ,Facebook's cryptocurrency, Tech Hub, Here is why Facebook is under probe again, Facebook Accelerator Nigeria Opens with Season Two Bootcamp, Nigerian, Ghanian startups to participate in Facebook Accelerator Programme , Facebook acquires tech startup , Facebook deletes multiple accounts in Nigeria, others , COVID 19: Facebook provides free Ads to help WHO combat Misinformation

In a rare move, hundreds of Facebook’s staff walked away from their remote working desks on Monday and took to Twitter to accuse social media giant’s founder, Mark Zuckerberg, of inadequately policing U.S. President Trump’s post on Facebook’s platform.

Facebook staff expressed disappointment and disgust over the decision of Facebook’s management to allow a statement posted by President Trump, in which he wrote “when the looting starts, the shooting starts.”

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A tweet by Dan Abramov, a software engineer at Facebook,  said “The React Core team is joining the Facebook employee walkout in solidarity with the Black community. Facebook’s recent decision to not act on posts that incite violence ignores other options to keep our community safe. We implore the Facebook leadership to #TakeAction.”

 

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(READ MORE: COVID 19: Facebook supports WHO, provides free Ads to combat Misinformation)

“Mark is wrong, and I will endeavor in the loudest possible way to change his mind,” wrote Ryan Freitas, identified on Twitter as director of product design for Facebook’s News Feed. He added that he had mobilized “50+ like-minded folks” to lobby for internal change.”

 

In addition, two top Facebook employees have informed the management of Facebook their intention to resign if Mark Zuckerberg does not reverse his decision, on moderating Trump’s posts, the New York Times reported Monday.

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Meanwhile, Facebook has reacted to this development. A spokesman for the company told CNBC on Monday that Facebook understood the concerns and was open to its employees expressing their bias freely.

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“We recognize the pain many of our people are feeling right now, especially our Black community,” “We encourage employees to speak openly when they disagree with leadership. As we face additional difficult decisions around content ahead, we’ll continue seeking their honest feedback.” 

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Will the United States hamper the rise in oil prices?

The United States is facing a national crisis with the most significant number of coronavirus cases globally, the worst unemployment levels seen in decades, and massive crowd protests from state to state by their citizens.

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Last week Friday, Oil finished higher after oil traders weighed on the de-escalation in the strain between the U.S. and China, and a significant drop in U.S. oil rigs (which is an indicator for declines in U.S oil production). However, some events occurred during the week, which should be a cause for concern for the bullish momentum.

The United States is facing a national crisis with the most significant number of coronavirus cases globally, the worst unemployment levels seen in decades, and massive crowd protests from state to state by their citizens. The downside to this downside is the possibility of a second wave of infections as social distancing seems to be thrown out of the window for mass protests. Furthermore, if protests and riots continue, business activity will likely collapse and would most likely hurt demand as the United States is the largest oil consumer in the world.

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On the supply front, prices also declined mid-week as the American Petroleum Institute (API) reported a large crude oil inventory draw of 8.731 million barrels for the week ending May 22. These figures deviated from the prediction of 2.50 million barrels by analysts. In the past weeks, buoyed by the rise in oil prices, some Energy producers in the U.S hinted on resuming production, which only adds more supply to the market.  It would be counterproductive for Shale companies to boost output now as most companies “need prices at least in the low $40s per barrel to cover direct costs”, according to Ian Nieboer, who happens to be a managing director at consultant Enverus. Prices in this range we are at does not help the cause. The CEO of Parsley, CEO Matt Gallagher, confirmed in an interview weeks ago that “Currently the world does not need more of our product and defends the need for his company to put a hold on drilling”.

READ ALSO: Retail investors bet in Bitcoin rises, Hedge fund billionaire joins in crypto-investing

Last week Friday, Oil prices edged lower at the morning session after the EIA data showed weak fuel demand in the world’s largest oil-consuming country. Christopher Louney, an RBC Capital Markets analyst, said in a statement that “the previous weekend which happened to be Memorial Day weekend did not bring motorists out in large numbers like many market bulls were hoping.” Fuel demand remained limp, albeit various states lifting travel restrictions and lockdowns.

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Another plausible way the United States can hurt prices is by hurting China. There were some sharp declines in prices noticed last week after palpable tensions between the two superpowers. Although the Oil bulls were boosted on Friday as Trump’s press conference did not indicate the U.S reneging on the trade deal with China. However, this does not signify a conclusion on the tensions between the two nations, and a possible escalation is still on the cards if China reacts to the impending sanctions meted by the United States.  Early Monday morning, some reports suggest China has put a halt on some U.S. farm imports, which impacted U.S. stocks and European stocks. The report by Bloomberg News reported that China told state-run companies to pause purchases of U.S. products, including soybeans, as pork product orders were also canceled. This impasse reminds me of how oil became volatile last year before we got a “phase 1 deal” between both nations. Now is not the time for economic wars, the virus is already enough on our hands.

READ MORE: Oil price gains likely to halt over demand uncertainty, as US-China tension intensifies

Conclusively, the United States wants higher prices, but their internal energy industry and policies might weigh on oil futures prices. Oil recovery has a long way to go. Just a reminder that the lack of storage facilities last month caused us to witness negative prices for the first time in history, and the U.S infatuation with shale oil and drilling new wells is why we might never see our beloved $100 oil again.

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Zoom’s market valuation hits $50 billion mark, thanks to COVID-19

Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.

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Zoom Video Communications’ shares surged to record highs on Friday, as bullish runs in the last hours of trading helped the company to close with a market capitalization of more than $50 billion. The stock gained about 9.7% to jump to $179.48, thereby giving it a market value of $50.6 billion. 

Note that this is the first time Zoom’s valuation is reaching this high level since it became a quoted company. The tech giant, which owns popular video conferencing software “Zoom”,  has gained more than 160% this year. This is because investors are betting that the surge in Zoom users amid the COVID-19 pandemic, would eventually translate to long-lasting revenue growth.

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READ ALSO: How VCs are encouraging terrible business practices by founders

Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.

Following the significant jump in the company’s valuation, the net worth of its founder and Chief Executive Officer, Eric Yuan, also rose significantly by more than $800 million on Friday. He now has a net worth of $9.3 billion, according to the Bloomberg Billionaires Index. 

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Meanwhile, in reaction to Zoom’s overnight success, Gennie Gebhart, a researcher with the Electronic Frontier Foundation, said she hoped Zoom would change course and offer protected video more widely. It should be recalled that some users of the app had raised security concerns back in April, as Nairametrics reported

READ ALSO: Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market

Meanwhile, Zoom has recruited Alex Stamos, a former chief security officer at Facebook, and other top security experts to help deal with the security issues which led to some top companies banning its use. While discussing efforts being made to deal with the security challenges, Stamos told Reuters:

 “At the same time that Zoom is trying to improve security, they are also significantly upgrading their trust and safety. The CEO is looking at different arguments. The current plan is paid customers plus enterprise accounts where the company knows who they are.” 

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