Feeling The Impact

Grind for March 19th, 2019
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The Headline

Boeing stocks plummet after Ethiopia crash

The Grind

Boeing’s share price dropped more than 10% this week after the Federal Aviation Administration ordered the company to ground its 737 MAX 8 and 9 jets in United States airspace.

Despite a $25 billion drop in market cap, Boeing is still worth more than twice its closest rival – Airbus.

Boeing stocks recovered 2.2% Friday when the company announced that a software update for the 737 MAX planes would be completed sooner than expected.

The Background

On March 10th, Ethiopian Airlines Flight 302 crashed minutes after takeoff. All 157 passengers and crew were killed.

The investigation revealed similarities with Lion Air Flight 610, which crashed in Indonesia last October. All 189 passengers and crew were killed.

Both crashes involved the Boeing 737 MAX 8.

Boeing has yet to determine the cause of either crash, but evidence suggests a flaw in the autopilot software could have played a role in both incidents.

As it stands, there are roughly 300 Boeing jets grounded throughout the world. Boeing has also halted all deliveries of the aircraft (of which there are about 4,000).

In the meantime, airlines throughout the world are struggling to restructure flight schedules and are demanding compensation for the extra costs.


The Headline

As Brexit nears, Ireland sees record number of passport applications

The Grind

Ireland’s foreign ministry last week reported a record 230,000 passport applications so far this year. An additional 5,000 are expected to be submitted during the holiday weekend.

These figures mark a 30% increase in passport applications for Ireland, which hosts a population of about 4.7 million.

If the trend continues, 2019 could break all records for a calendar year.

The Details

Irish officials won’t admit it, but the increase in passport applications is obviously related to the United Kingdom’s upcoming exit from the European Union.

Northern Ireland is part of the UK, but the Republic of Ireland is not.

Last Tuesday, lawmakers in the UK rejected Prime Minister Theresa May’s withdrawal proposal. They also rejected a “no-deal” Brexit.

On Wednesday, MPs voted to postpone the divorce (which had been scheduled for March 29th) and rejected calls for a second Brexit referendum.

Did you know… Stilts were invented by French shepherds who needed a way to get around in wet marshes.