Republic Bank earns $2.7B in 2018

first_img2018 Annual Report– despite challenging external environmentRepublic Bank Guyana Limited (RBL) has revealed that its profit before taxation for the year 2018 was a staggering $4.664 billion, and it net income for that same year was a whopping $3.134 billion. This is an increase of 14.4 per cent over the $2.738 billion the bank had earned in 2017.Republic Bank Guyana LimitedThis achievement came even as the bank navigated what it termed a “challenging external environment” that resulted in various amounts of money disappearing from the accounts of many customers.In his Director’s Report, Managing Director of Republic Bank Guyana Limited, Richard Sammy, said normal banking operations accounted for $2.951 billion. He attributed these increased earnings to the sale of the bank’s fixed assets.“Against a challenging external environment, the bank focused on improving its operational efficiency by aggressively managing costs, restructuring workflow processes, and reviewing systems and procedures,” Sammy reported.“A key project, which commenced in 2018 and will be completed in 2019, is the information Technology Consolidation initiative that will harmonise the bank’s IT platforms with other members within the Republic Group, ultimately advancing our technology and improving our product and service offerings to our customers,” the Managing Director noted.Of recent, Republic Bank has had to contend with customers complaining of millions of dollars going missing from their accounts. Some customers even took to social media to call the Bank out over the discrepancies.Last month, RBL publicly confirmed that the monies were indeed missing, after previously denying knowledge of the reports. After several customers had reached out to Guyana Times about their missing money, a call to the Bank by this publication was met with denial by one of its managers.One customer related to this newspaper that he had visited the Republic Bank Automated Teller Machine (ATM) at Vreed-en-Hoop, West Coast Demerara to do a transaction, but he received a notice saying there were insufficient funds to honour the requested amount.He said this prompted him to conduct a balance inquiry, and to his astonishment, his account only had $9000. The customer said he was left speechless, since he was aware that his account had over $140,000.The customer noted that he went to the bank and made a report, and was given a dispute form to fill out. He said he was advised by the teller that the investigation process for such a claim takes between 60 to 90 days.According to the customer, he was also informed that the matter has to be investigated by the bank’s Trinidad branch.The customer had expressed dissatisfaction with the response from the bank, adding that when he enquired about reimbursement, he was not given positive feedback.Meanwhile, another customer said that he, too, was left shocked when he realised that $2 million had gone missing from his account. He said an inquiry revealed that money was deducted from his account to pay for several online purchases.Another customer revealed that she had gone to the ATM and found that $60,000 was missing from her account, and she went right away to the bank. She said she also was given a dispute form to fill out.The young lady criticised the bank for not being honest with its customers about the hacking incident.It is understood that several of these customers have since had their monies returned to them, with the bank implementing improved security features for online transactions involving the international Visa card.last_img read more

Should I continue farming?

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Chris Zoller, Ohio State University Extension Educator, ANR-Tuscarawas County It’s no secret that all of agriculture is suffering from years of low commodity prices and rising input costs. The economic struggles have affected you financially and physically. You’ve looked at the numbers, met with advisors, and talked to family. The thought of selling part or your entire farm brings with it added worry and concern. What can you do? Find someone you trust and with whom you feel comfortable discussing your situation. This person may not have many answers to your questions, but they can listen to your frustrations and worries. They may be able to help you sort through the confusion and develop a course of action. Think of your situation as a picture — a set of eyes looking at the picture from the outside may see things you can’t because you are caught up in the picture. Understand that you are not alone. Nearly every farm and farm family is in a similar situation. Don’t live in the past or dwell on what could or should have been done. Take control of the situation and develop a plan for managing the things you are able to control.Assessment Evaluate your financial position by meeting with your lender to discuss options for restructuring debt. Can you extend the repayment terms to provide more cash flow? Contact your Extension Educator about completing a FINPACK analysis ( are your specific, measurable, attainable, rewarding, and timed (SMART) goals? How are your goals similar and different from those of family and/or business partners? Develop a list of your education, experiences, and skills. How can you use these in another career? What career opportunities fit you best?Evaluation If you come to the decision that selling all or part of your farm is the best option, there are several items to address. Begin with a balance sheet and other financial information to understand your present financial situation. Doing so will help you decide how much money (and approximate number of assets) you must sell. You may want to meet with an appraiser, auctioneer, or real estate professional for help determining the expected value of assets.Professionals Your attorney can answer questions and advise you about legal considerations related to a sale. An accountant will help minimize your tax liability and give an estimate of what you may expect to pay in taxes.Help is available There are people and agencies/organizations that can help with the transition and the emotions that come with the sale. Clergy, licensed counselors, and medical professionals can help you cope. Other sources of help include: Ohio State University Extension ( National Suicide Prevention (1-800-273-8255) National Alliance for Mental Illness (1-800-950-6264) Ohio Workforce Training ( Ohio Job & Family Services, Office of Workforce Development ( information Coming to the decision to sell all or a part of your farm is not an easy decision. Find someone with good listening skills. Talk to professionals, reach out for help, get answers, and make the best possible decisions. More information about this subject is available at read more

Opposition cries foul as Punjab govt. appoints 6 MLAs as advisers to CM

first_imgThe decision of the Punjab government to appoint six Congress legislators as Minister-rank advisers to Chief Minister Amarinder Singh has come under severe criticism from the Opposition parties, which on Tuesday accused the government of overburdening the State exchequer.Five of the MLAs appointed by the government are in the rank and status of Cabinet Minister while one is in the rank and status of Minister of State.Demand for withdrawalLeader of the Opposition and Aam Aadmi Party MLA Harpal Singh Cheema warned that if the decision is not immediately withdrawn, the party will explore legal remedies as the move is an attempt to “bypass the constitutional cap on the size of the State Cabinet”.“When Punjab is already struggling with huge debt burden, giving Cabinet Minister-level amenities to MLAs will bring great loss to the public exchequer,” he said.“We are exploring legal remedies if the State government does not immediately take its decision back,” added Mr. Cheema.The five MLAs in Cabinet Minister-rank are Kushaldeep Dhillon (Faridkot), Amrinder Raja Warring (Gidderbaha), Sangat Singh Gilzian (Urmar), Inderbir Bolaria (Amritsar) and Kuljit Nagra (Fatehgarh Sahib). Tarsem Singh (Attari) has been accorded the rank of Minister of State.The Shiromani Akali Dal also condemned the Congress government for burdening the State exchequer. Former Minister Bikram Singh Majithia said “it seems the Congress is trying to save its government from collapse and has in this process decided to fritter away the scarce resources of the State to its partymen”.“This amounts to daylight robbery of the State exchequer. With the latest addition, the total number of political appointees in the State government have risen to 26. What’s the logic of the move except to fatten its legislators at the exchequer’s expense,” said Mr. Majithia.Claiming that the appointments were illegal and against constitutional norms, he said: “Legislators can’t hold office of profit which these appointments are.”BJP’s national secretary Tarun Chugh told reporters that the decision was an attempt to circumvent the Constitution (91st Amendment) Act, 2003. Mr. Chug said that under the law, the strength of Ministers cannot exceed 15% of the total members of the House. With Punjab Assembly having 117 MLAs, the maximum strength of the Council of Ministers can be 18, and including the CM, the State already has 17 Ministers.last_img read more

Only 18 Consumer Magazines Grew Ad Pages in 2009

first_imgKiplinger’s279.92424.81-34.1 Inc.619.80817.93-24.2 Automobile510.97799.42-36.1 Money563.02793.62-29.1 BUSINESS/FINANCE20092008% CHNG Newsweek1,116.731,506.06-25.9 Hot Rod532.50638.16-16.6 Entertainment Weekly965.871,216.39-20.6 Road & Track799.461,152.42-26.4 NEWS MAGAZINES20092008% CHNG Car and Driver805.981,031.03-21.8 Autoweek793.031,157.26-31.5 The Week659.91602.739.5 Magazine advertising revenue is down. Way down. We know this. Do we need any more reminders?Neededor not, the Publishers Information Bureau Tuesday released its 2009year-end magazine advertising report. It revealed that ad pages for2009 were down 25.6 percent, while estimated revenues closed at $19.45billion, a drop of 18.1 percent.While anyone could have guessedthat it would spell yet another quarterly decline (the 10th out of 11since PIB began reporting on a quarterly basis in mid-2007, to beexact) I couldn’t have projected (or perhaps didn’t want to) that amere 18 magazines would post ad page gains for the 12-month period. Fortune1,523.982,382.71-36.0 Time1,447.051,752.19-17.4 Forbes1,937.142,774.34-30.2center_img Entrepreneur852.33 1,043.33-18.3 OK!903.82748.74+20.7 SmartMoney387.29502.23-22.9 In Touch Weekly854.901,094.19-21.9 Harvard Business Review343.82468.67-26.6 AUTO20092008% CHNG People3,367.203,422.23-1.6 That’s right. Only 18.Thebiggest gainers among them were Time Inc.’s fashion product title PeopleStyle Watch (+24.4 percent), OK! (+20.7) and Bonnier’s Saveur (+12.6).Not far behind were Family Circle (+11.5 percent), Scholastic Parent& Child (+9.6), The Week (+9.5) and Fitness (+9.1). Kudos to all ofthem. Then, unfortunately, come the year’s biggest decliners,many of which are from the boating sector. The reported losses aredeeper than I can grasp while writing this: Boating Life (-65.8percent), Power & Motoryacht (-53.2), Boating (-53.1) andArchitectural Digest (-49.8). A TON of titles followed closely, losingwell more than 40 percent of their ad pages last year compared to 2008.Butaccording to Magazine Publishers of America’s Ellen Oppenheim, magazinespending showed improvement during the fourth quarter compared to thesame period in 2008. Ad pages during the period slipped 21.6 percentcompared to the prior year fourth quarter while revenues dropped only12.4 percent. “Magazines experienced an uptick in food spending andrelative improvement in other areas, especially in automotive.”Hopefullythis means the market has bottomed. Hopefully, this means that we’llbegin to see gains (or gradually less severe losses) in the quarters tocome.But let’s keep a perspective. The advertising pullback of2009 was so severe that many of the surviving publishers have migratedaway (in varying degrees) from dependence on advertising revenues.They’re charging more for content in print and online. They’rediversifying their product portfolio so much that print is arguably asecond-tier player in the overall mix. Some are dropping print and/orprint advertising altogether.Moving forward, I wonder howaccurate a barometer PIB’s quarterly reports will be about the healthof the consumer magazine publishing business.In the meantime, here’s a look at how a number of categories performed in terms of ad pages, title-by-title. Fast Company426.08616.24-30.9 CELEBRITY20092008%CHNG Life & Style383.82510.97-24.9 Motor Trend722.321,096.40-34.1 Star1,131.401,173.24-3.6 Us Weekly1,791.451,949.21-8.1 BusinessWeek1,247.011,882.38-33.8.last_img read more

Condé Nast Ups Investment In Ecommerce

first_imgCondé Nast continued its aggressive push into e-commerce this week, leading a $20 million investment round in the luxury online reseller Vestiaire Collective.Exact terms of the investment were not disclosed, but the company says it has taken a minority stake. It’s the latest move in a trend for both Condé Nast’s domestic and international divisions. The U.S. publishing group announced partnerships with e-retailer Amazon and e-commerce design site Project Décor in August, while launching a b-to-b e-commerce site earlier this year and upping its investment in another in 2012. Meanwhile, Condé Nast International has made minority investments in four e-commerce startups in 2013. It’s less clear exactly how those projects will be integrated with Condé Nast’s publishing portfolio. Internationally, the company is treating each investment as a wholly separate entity, apart from its media properties.”Integration is not really the issue,” says Moritz von Laffert, vice president of Condé Nast International and president of Condé Nast Germany. “We’re looking for investment targets which are adjacent to what we do, to what our core is in print and digital business, but we’re not looking at integrating all of them necessarily. We might, but we might not. The whole idea is to expand into new fields, into new segments, knowing that certain things we can’t do ourselves.”von Laffert also points out that the company holds minority investments. Even if it wanted to integrate, Condé Nast doesn’t have final say.”We might integrate a company at some point, but I can’t see that happening for the next couple of years,” he says.Conversely, the U.S. division has seemed more focused on merging its publishing properties with e-commerce. The Amazon deal lets readers subscribe to Condé Nast titles through the e-retailer, while giving the company access to consumer data; the Project Décor agreement comes as part of the relaunch of Domino, a shelter title, that will reportedly offer product sales.Paris-based Vestiaire Collective functions as a high-end eBay where users buy and sell used luxury goods. But unlike most online consignment shops, Vestiaire qualifies its inventory. The company says it rejects about half the products submitted for resale.This latest Series C round brings total funding to more than $30 million, according to Crunchbase. James Bilefield, president of Condé Nast International Digital, tweeted that he will join Vestiaire’s board as part of the deal.”It is clear that inspiration leads to conversion in our environment,” says Vestiaire Collective co-founder and CEO Sébastien Fabre in a statement. “The legitimacy and the credibility of Condé Nast will reinforce our capacity to build an endless source of supply, pushing the convergence of pure user-generated content and media to create the most inspiring social shopping experience.”*Editor’s note: This story has been updated with comments from Moritz von Laffert. To stay updated on the latest FOLIO: news, become a Facebook fan and follow us on Twitter!last_img read more

Drake Drops Degrassi Reunion Video Reveals Scorpion Release Date

first_img Facebook Watch: Drake’s “Degrassi” Reunion Video drake-drops-degrassi-reunion-video-reveals-scorpion-release-date Returning to his Canadian teen television series roots, Drake calls upon his former castmates for his new “I’m Upset” video ahead of the release of his fifth LP Nate HertweckGRAMMYs Jun 14, 2018 – 7:22 am Drake’s new short film for “I’m Upset” is not your normal music video. The Canadian actor-turned-rapper returned to the halls of Degrassi Community School, where he played basketball star Jimmy Brooks in the teen television drama series “Degrassi: The Next Generation” a decade ago, and he brought many of his former castmates along for the ride.In the film, made by Karena Evans, Drake returns to the school for an epic reunion, and he’s joined by a slew of his old crew drinking in the bleachers, dancing in the halls and taking selfies, including Shane Kippel, Nina Dobrev, Stacey Farber, Jake Epstein, A.J. Saudin, and even the principal, played by Stefan Brogren, who does a backroom deal with Jay and Silent Bob, played of course by Jason Mewes and Kevin Smith. By video’s end, the party gets out of hand and the place goes up in flames.While watching the “Degrassi” cast reunite is a fun trip down memory lane, it’s also the latest development in Drake’s mounting buzz for his fifth full-length album, Scorpion. The GRAMMY winner also revealed what appears to be the album artwork, a black-and-white headshot with his Aubrey Graham signature, and he (finally) confirmed the album’s release date of June 29. Drake Drops “Degrassi” Reunion Video, Reveals ‘Scorpion’ Release Date Twitter News Email “I’m Upset” follows two wildly popular singles, “God’s Plan” from Drake’s Scary Hours EP and Scorpion’s “Nice For What,” both of which went to No. 1 on the Billboard Hot 100. So far “I’m Upset” has peaked at No. 19. Will this charming, nostalgic short film propel the song higher up the charts?Catching Up On Music News Powered By The Recording Academy Just Got Easier. Have A Google Home Device? “Talk To GRAMMYs”Read morelast_img read more

VW may extend dieselscrapping incentives to all of Germany

first_img VW’s I.D. Buzz concept creates smiles for miles In October, Volkswagen announced a scheme where drivers of older, dirty diesels could receive incentives for trading up to newer, cleaner VW vehicles, but some of the incentives were limited in scope. That may soon change, though.Volkswagen is considering expanding certain diesel trade-in incentives to the entirety of Germany, Reuters reports, citing confirmation from a spokesperson. It was first reported by Germany’s Bild newspaper. A board committee is currently investigating this idea and should have a decision in place as early as next week. Here’s how the system currently exists. Owners across Germany can receive an environment incentive of between 1,500 and 8,000 euros (about $1,700 and $9,200), depending on vehicle size, for trading in their Euro 1- to Euro 4-spec diesels. Germans across the country would get the full incentive only if they purchased a new VW diesel, but citizens in the 14 most heavily polluted German cities can get the incentive no matter what powertrain they choose.There’s also a partial incentive if a diesel owner buys a lightly used car instead of a new one, but that incentive is not limited to any specific location, nor are there constraints on powertrain choices. An additional exchange premium boosts the trade-in value of a Euro 4 or Euro 5 diesel, as well, but this one is also limited to those in the 14 sootiest cities.Volkswagen instituted this scheme in part to help stave off the idea of diesel bans, which many polluted cities have floated in an effort to retain control of air quality. By moving to newer diesels outfitted with the latest software and hardware emissions controls, VW hopes it can continue selling diesels, which are still popular in Europe, as it slowly moves toward electrification. 2020 Kia Telluride review: Kia’s new SUV has big style and bigger value More From Roadshow 2020 BMW M340i review: A dash of M makes everything better 0 2020 Hyundai Palisade review: Posh enough to make Genesis jealous 46 Photos Share your voice Volkswagen Diesel Cars Post a comment Tagslast_img read more

With no timetable on when 737 Max will fly again Boeing may

first_img Aviation Boeing How the first 737 evolved into the Max US Tech Policy Tags Boeing CEO: 737 Max soon to be one of the safest planes Boeing details fixes to get 737 Max flying again Boeing completes test flights for 737 Max software fix Boeing CEO defends 737 Max flight control system 32 Photos After two deadly crashes of its 737 Max 8 that killed 346 people, Boeing is facing massive scrutiny over one of its newest and most critical aircraft models. The airliner remains grounded around the world, and Congress, the FBI and the Trump administration have called for an inquiry into the FAA’s certification process.The developments are a huge blow to Boeing, which has thousands of 737 Max orders on its books. The official causes of the crashes, which appear to be similar, are still under study. But so far, investigation teams in Indonesia and Ethiopia are focusing on faulty sensors and a flight control system designed to push the nose down in the air. Boeing says it has completed the necessary update for review by the FAA. But as of now, the agency has not said when that review will happen and Boeing may temporarily stop production of the plane until it flies again.Until the Max is back in the air, here’s everything else we know:What happened in the most recent crash?On March 10, Ethiopian Airlines flight 302 departed Addis Ababa Bole International Airport bound for Nairobi, Kenya. Just after takeoff, the pilot radioed a distress call and was given immediate clearance to return and land. But before the crew could make it back, the aircraft crashed 40 miles from the airport at 8:44 a.m., six minutes after it left the runway. Aboard were 149 passengers and eight crew members representing more than 30 nationalities. The aircraft involved was only four months old. What was the previous crash?On Oct. 29, Lion Air flight 610 crashed in the Java Sea 13 minutes after takeoff from Jakarta, Indonesia, killing 189 people. As with the Ethiopian crash, the flight crew lost control early in its flight and made a distress call. That aircraft was almost brand-new as well, having arrived at Lion Air three months earlier. The 737 Max 9, shown here at the 2016 Paris Air Show, is a larger version of the Max 8, but with the same piloting system that’s under investigation. Kent German/CNET What is the Boeing 737 Max 8?One of Boeing’s newest airliners, the 737 Max 8 made its first flight on Jan. 29, 2016, and entered passenger service with Malaysia’s (now defunct) Malindo Air on May 22, 2017. Seating between 162 and 210 passengers, depending on the configuration, it’s popular on shorter routes, but also has the range (3,550 nautical miles or about 4,085 miles) to fly transatlantic and between the mainland US and Hawaii. The design of the Max 8 is based on the Boeing 737, an aircraft series that has been in service since 1968. As a whole, the 737 family is the best-selling airliner in history. At any given time, thousands of some version of it are airborne around the world and some airlines, like Southwest and Ryanair, have all-737 fleets. If you’ve flown even occasionally, you’ve most likely flown on a 737. What does this mean for the FAA?The agency is under fire on multiple fronts over the crashes. Congress, the FBI and Secretary of Transportation Elaine Chao have called for investigations of the FAA’s certification process. Under scrutiny is whether Boeing employees acted on behalf of the FAA during the certification process and whether pilots flying the 737 Max should have received additional training. The Justice Department’s criminal division also is investigating the airplane, The Washington Post reported.What has to happen before the Max can fly again?First off, investigators need to agree on a cause for both crashes. Second, once Boeing deploys the relevant fixes, the FAA needs to certify them as safe and airlines need to implement them. There’s no telling how long that’ll take. On April 18, Muilenburg said the company was making “steady progress to certification” after 135 test flights. Then on May 16, Boeing said the update is complete and ready for evaluation by the FAA. Even with the grounding order, Boeing is permitted to conduct test flights. But that’s just in the United States. Aviation regulatory agencies around the world, like the European Aviation Safety Agency, also need to approve the fix before they’ll let the Max fly to the countries they oversee. Traditionally, they’ve followed the FAA’s lead on such matters, but there’s no guarantee they will. On June 28, the FAA and regulatory officials from Canada, Europe and Brazil agreed in principle to work together to review Boeing’s changes to the Max and restore the aircraft to service. There’s no word, though, on when that might happen. And there appear to be other problems with the airliner. On June 26, the FAA announced it had discovered a new computer issue that could adversely affect how fast a pilot could respond to an MCAS-related event like the ones suspected in the Lion Air and Ethiopian crashes. The same day, Boeing said it would fix the problem. Will pilots have to train in a simulator before they can fly the Max again?When the Max first introduced, existing 737 pilots didn’t train on a simulator in order to be certified to fly the plane. Instead, they learned about the differences the Max brought through an hour’s worth of iPad-based training. As I mentioned earlier, that training did not include a review of the MCAS system.After Boeing announced it was ready to deploy the MCAS software update, the FAA initially said that simulator training still wouldn’t be required. But some pilots and regulatory officials from other countries, like Canadian Transport Minister Marc Garneau, have disagreed with that decision. They won an influential supporter on June 19 when “Miracle on the Hudson” Capt. Chesley B. “Sully” Sullenberger argued before a Congressional committee that simulator training should be required before pilots take the Max back into the air. He also said the original design of MCAS was “fatally flawed and should never have been approved.”boeing-737-max-test-flightA Boeing 737 Max 7 lands at Boeing Field in Seattle after a test flight to evaluate the MCAS software fix. Paul Christian Gordon/Boeing Are airplanes now too complicated?On March 12, Trump tweeted that airplanes are “becoming far too complex to fly.” The reality isn’t quite that simple. Commercial airliners have used automated systems for decades (that’s what an automatic pilot is). The Lockheed L-1011, introduced in 1972, could land itself. Most airliners flying today also are “fly-by-wire,” meaning that a pilot’s commands are carried as electronic signals (rather than over hydraulic lines) to an aircraft’s control services. Flight computers also continually stabilize an aircraft during flight without input from the flight crew. Boeing and Airbus have different philosophies for this interaction, but explaining those could take a book.So, the basic concept of MCAS is nothing new. But crews need to be properly trained to use automated systems, recognize when they may be at fault, and override them if necessary. As the initial reports have indicated, a lack of training about MCAS may have contributed to the Max 8 crashes. Airline pilots are thoroughly trained to fly an aircraft under extraordinary circumstances, but they need accurate information about factors like airspeed and altitude to be able to make quick decisions in an emergency.Has a commercial aircraft been grounded before?Yes. In the most recent example, the FAA grounded the Boeing 787 for three months in 2013 after a series of nonfatal battery fires. Before that, the FAA grounded the Douglas DC-10 for a month in 1979 after a crash near Chicago O’Hare Airport killed 271 people on board, plus two on the ground. (Outside of the Sept. 11, 2001, terrorist attacks, that remains the deadliest airplane crash on US soil.) The Chicago crash was ultimately attributed to improper maintenance. The crash of a DC-10 in 1974 in France, killing 346 people, was caused by a design flaw on a cargo hold door latch. Outside the US, both Qantas and Singapore Airlines voluntarily grounded their Airbus A380s for a couple of days after a Qantas flight from Singapore to Sydney in 2010 had an uncontained engine failure. How important is the Max series to Boeing?Hugely important. The market for 150- to 200-seat aircraft is fiercely competitive. Airbus, Boeing’s perennial archrival, sells the similarly sized A320neo, and China is seeking customers for its new Comac C919. As of May 31, Boeing had almost 5,000 firm 737 Max orders. Boeing says the 737 Max is the fastest-selling airplane in its history. But two crashes in five months is a troubling record for a plane that entered service barely two years ago, and airlines will have to reassure passengers the planes are safe. As of May 31, Boeing has delivered 387 Max aircraft to more than 50 airlines. Currently the three largest customers (in order) are Southwest Airlines, American Airlines and Air Canada. Following the second crash, airlines stopped ordering the aircraft. But on June 18 at the Paris Air Show, International Airlines Group said it would consider buying  200 737 Max 8s and 10s. Though the IAG promise may never translate to actual orders, it was still a big and unexpected boost for Boeing. But then on July 24, during the company’s second-quarter earnings call, Muilenburg said the company may temporarily shutdown Max production until it can return it to service. For the quarter, Boeing reported a $2.9 million loss due to the airliner’s grounding. The news has touched Boeing’s other aircraft as well. As a result of the latest crash, Boeing postponed the rollout of its newest aircraft, the 777X. Instead of the usual media event, Boeing instead held a low-key introduction for the 777X, attended only by its employees. 2:09 How has Boeing responded?On Nov. 6, Boeing issued a safety warning advising 737 Max operators of the potential for a sensor failure and instructing them how to deactivate MCAS. But two days later, The Seattle Times reported that Max 8 pilots were not specifically trained on using MCAS. The reason? According to The New York Times, it was because Boeing, backed by the FAA, wanted to minimize the cost and time of certifying pilots who had already been trained on other 737 versions. An investigation by The Dallas Morning News found that several Max 8 pilots had complained about the inadequate training. Following the second crash, the company expressed sympathy for the victims’ families and said it was sending an investigation team. Then on March 13, the company said it supported the action the US grounding order.  Originally published March 13.Updates, March 13: Adds Trump’s order and Boeing’s statement about it. Also deleted a question about how you know if you’re booked on a 737 Max 8; March 14: Includes questions about what it’ll take for the Max to fly again and on Trump’s comments about automated aircraft; March 19: Adds questions about whether the crashes are similar and about the FAA facing new scrutiny; March 22: Includes information about Garuda Indonesia canceling its order for the 737 Max, adds info on the warning light, includes information on earlier release date for software fix; April 4: Adds a question about other findings from the Ethiopian crash. May 7: Adds information from Boeing’s annual shareholders meeting and a question about whether pilots would have known about the faulty sensors. May 17: Adds Boeing statement on completion of software fix. June 10: Expands question on whether pilots would have known about the fault. July 2: Adds question on simulator training. July 24: Adds second quarter earnings call. Tour the Museum of Flight in Seattle, home to Boeings and much more 60 Aug 7 • Trump’s emissions and fuel economy rollbacks will cost Americans money, study says What’s the current status of the Max 8?Most operators quickly grounded their planes in the days following the second crash. That list includes both Ethiopian Airlines and Lion Air, but also AeroMexico, Aerolíneas Argentinas, GOL Linhas Aéreas (Brazil), Turkish Airlines, S7 Airlines (Russia), FlyDubai, Air Italy, Cayman Airways, Norwegian, China Eastern Airlines, Fiji Airways and Royal Air Maroc.More than 40 countries have also banned the 737 Max from flying in their airspace. China (a huge Boeing customer and a fast-growing commercial aviation market) led the way and was joined by Indonesia, Thailand, Malaysia, Australia, India, Oman, the European Union and Singapore, Canada initially hesitated, but soon reversed course.Up until March 13, the FAA also declined to issue a grounding order, saying in a statement tweeted the previous day that there is “no basis to order grounding the aircraft.” That was despite a public outcry from a group of senators and two flight attendant unions. But following President Trump’s decision to ground the Max that day, the agency cited new evidence it had collected and analyzed. Trump also grounded the 737 Max 9, currently in service with United Airlines.Older 737 models, like the 737-700, 737-800 and 737-900 don’t use the flight control system under investigation and aren’t affected.  59 Photos 18 Photos See All Aug 6 • Trump says he’s watching Google ‘very closely,’ slams CEO Sundar Pichai Climb on board Boeing’s new 737 Max 9 reading • With no timetable on when 737 Max will fly again, Boeing may suspend production A 747 story: The history of the jumbo jet • Aug 6 • President Trump wants social media to catch shooters before they strike. It’s going to be hard Jul 28 • Apple’s Q3 earnings are all about the iPhone 11 hints More on the 737 Max Boeing 737: Much more than just the Max Tech Industry What’s different about the Max 8?Compared with previous 737 versions, the Max 8 has bigger, more powerful and more efficient CFM LEAP engines (more on those in a minute), improved aerodynamics and a redesigned cabin interior. It also can fly farther and carry more people than the previous generation of 737s, like the 737-800 and 737-900. The 737 Max series consists of four models, of which the Max 8 is the most popular. The larger Max 9 has been flying only for a few months and the 737-10 is still in development and has yet to fly. A few airlines have ordered the smaller 737 Max 7, but Boeing has yet to complete any deliveries. (It flew for the first time in May, 2018.)paris-airshow-onboard-boeing-787-10-737-max-36Compared with previous versions of the 737, the Max’s engines sit farther forward and higher up on the underwing pylons. Andrew Hoyle/CNET What caused the crashes?The complete reports haven’t been published yet. Crash investigations are tremendously complex — it takes months to evaluate the evidence and determine a probable cause. Investigators must examine the debris, study the flight recorders and, if possible, check the victims’ bodies to determine the cause of death. They also involve multiple parties including the airline, the airplane and engine manufacturers and aviation regulatory agencies.There are important clues so far. Remember those larger CFM LEAP engines? Well, because they’re bigger, and because the 737 sits so low to the ground (a deliberate design choice to let it serve small airports with limited ground equipment), Boeing moved the engines slightly forward and raised them higher under the wing. (If you place an engine too close to the ground, it can suck in debris while the plane is taxiing.) That change allowed Boeing to accommodate the engines without completely redesigning the 737 fuselage — a fuselage that hasn’t changed much in 50 years.But the new position changed how the aircraft handled in the air, creating the potential for the nose to pitch up during flight. A pitched nose is a problem in flight — raise it too high and an aircraft can stall. To keep the nose in trim, Boeing designed software called the Maneuvering Characteristics Augmentation System, or MCAS. When a sensor on the fuselage detects that the nose is too high, MCAS automatically pushes the nose down.boeing-737-max-all-versionsOf the four 747 Max versions, only the Max 10 has yet to fly. Boeing Investigators in the Lion Air crash have said that a fault in the sensor may have been feeding incorrect data to MCAS, pitching the nose down into a dive. According to the preliminary report (PDF) from the Indonesian National Transportation Safety Committee, the Lion Air pilots were unable to determine their true airspeed and altitude and they struggled to take control of the plane before the crash, as it oscillated for 10 minutes. Each time they pulled up from a dive, the system pushed the nose down again. (For background on MCAS, read these in-depth stories from The Air Current and The Seattle Times.) The report also noted that maintenance crews had replaced the faulty sensor two days before the flight and that pilots on the four flights preceding the crash reported incorrect airspeed and altitude information (a passenger likened one of those flights to a “roller coaster ride”). And like with the Lion Air crash, the sensor on the Ethiopian plane may have been damaged causing it to feed erroneous data to the MCAS system.On April 29, during Boeing’s annual shareholders meeting in Chicago, CEO Dennis Muilenburg said the incorrect data was a common link in a chain of events that led to both crashes. It’s a link Boeing owns, he said, and one that the software update will fix.Boeing 737-100The original version of the 737 first flew in 1967. Boeing Would the pilots have known about the faults?The Air Current and The New York Times reported that the Lion Air plane also lacked a warning light designed to alert pilots to the faulty sensor and that Boeing sold the light as part of an optional package of equipment. When asked about the warning light, a Boeing spokesman gave CNET the following statement on March 22:”All Boeing airplanes are certified and delivered to the highest levels of safety consistent with industry standards. Airplanes are delivered with a baseline configuration, which includes a standard set of flight deck displays and alerts, crew procedures and training materials that meet industry safety norms and most customer requirements. Customers may choose additional options, such as alerts and indications, to customize their airplanes to support their individual operations or requirements.”But on April 29, The Wall Street Journal reported that even for airlines that had ordered it, the warning light wasn’t operating on some Max planes that had been delivered. Then on June 7, Reps. Peter DeFazio, a Democrat from Oregon, and Rick Larsen, a Democrat from Washington, said they’d obtained information suggesting that even though the plane maker knew the safety alert wasn’t working, it decided to wait until 2020 to implement a fix. Boeing responded to DeFazio and Larsen in a statement sent to CNET the same day.”The absence of the AOA Disagree alert did not adversely impact airplane safety or operation,” the statement read. “Based on the safety review, the update was scheduled for the MAX 10 rollout in 2020. We fell short in the implementation of the AoA Disagree alert and are taking steps to address these issues so they do not occur again.”Etihad 777 flightThe previous model, the 737-900ER, doesn’t have the MCAS flight control system. Boeing/Ed Turner Are the two crashes related?It appears they are. Investigators in France are still examining the flight recorder (the “black box”) from the second crash, but Ethiopia’s Transport Minister said on March 18 that two crashes have “clear similarities.” Though he didn’t elaborate, satellite data released March 14 showed that the final flight track of the Ethiopian Airlines jet was similar to that of the Lion Air plane. The FAA cited that data in its grounding order.Investigators at both crash sites have also recovered the jack screws, which manipulate the control surfaces on the horizontal stabilizer that pitch the nose up and down. Both jack screws were set to send the planes into a dive.Do we know anything else about the Ethiopian crash?According to the preliminary report released on April 4, the flight crew initially followed Boeing’s emergency procedures to disable MCAS by cutting electrical power. For unknown reasons, though, they later turned the system back on as many as four times after they were unable to regain control under manual power. During his remarks at the April 29 shareholder meeting, Muilenburg said that in some cases pilots did not “completely” follow the procedures that Boeing had outlined to prevent a crash in the case of an MCAS malfunction. “There is no greater priority for our company and our industry,” the statement said. “We are doing everything we can to understand the cause of the accidents in partnership with the investigators, deploy safety enhancements and help ensure this does not happen again.”As is common after a crash, Boeing has not commented on specific aspects of the investigation, but on March 11, the company said it would issue a software update that would include changes to MCAS, pilot displays, operation manuals and crew training.But even that timeline is in question. The Wall Street Journal reported March 12 that an MCAS update could have come in January before the second crash. The newspaper says it was delayed, however, by the 35-day US government shutdown earlier this year. Dennis Muilenburg, Boeing’s chairman, president and CEO also published a letter April 4 expressing confidence in the fundamental safety of the 737 MAX. “All who fly on it — the passengers, flight attendants and pilots, including our own families and friends — deserve our best,” he wrote. “When the MAX returns to the skies with the software changes to the MCAS function, it will be among the safest airplanes ever to fly.”On July 3 Boeing announced it will pay $100 million over several years to families of the crash victims and the communities affected by the disasters. These funds will support things like education, hardship and living expenses for impacted families and will be separate from any legal settlements. Comments US Tech Policy Share your voice Now playing: Watch this:last_img read more

Shyamal Kanti indicted for bribery

first_imgShyamal Kanti Bhakta. File PhotoA Narayanganj court on Wednesday indicted much-talked-about school teacher Shyamal Kanti Bhakta in a case filed by his fellow teacher on charge of bribery.Bhakta, the headmaster of Piyar Sattar Latif High School, was publicly humiliated on 13 May last year for allegedly hurting religious sentiment.Locals beat the headmaster in Bandar area of Narayanganj and local MP AKM Salim Osman, brother of Awami League MP Shamim Osman, forced him to do sit-up holding his ears.This incident sparked public outrage across the country after the video of Shyamal Kanti doing sit-ups holding his ears went viral on social networking sites.Now that headmaster stands accused of taking bribe in a case filed by a teacher of the same school, Morsheda Begum.Morsheda filed the case on 27 July in 2016 accusing the headmaster of taking Tk 1.35 lakh from her as bribe in 2014.Narayanganj senior judicial magistrate (third) Aktaruzzaman Bhuiyan indicted Shyamal Kanti after a hearing in presence of the headmaster.The magistrate fixed 12 December as the date of next hearing of the case.Talking to Prothom Alo, Bhakta, who is now out in bail, alleged that Salim Osman worked behind the scene to file the “false case” against the teacher in a bid to get rid of the case against himself.“I am being harassed by filing a false case against me despite the fact that I am a teacher. I want justice and to get rid of the false case,” said Bhakta. Earlier in May this year, a Narayanganj court sent Shyamal Kanti Bhakta to jail in the case after he surrendered before it, seeking bail following an arrest warrant.last_img read more

AG forms committee to seek review of 16th amendment verdict

first_imgHigh-CourtA 11-member committee has been formed led by  attorney general Mahbubey Alam for filing a review petition against the Supreme Court’s 16th amendment verdict, reports UNB.Attorney general Mahbubey Alam told UNB that the attorney general office formed the committee seven days ago and its members are now examining the SC verdict and taking preparation for the review petition.The body will file the review petition after taking preparations in this regard, added the AG.Earlier, on 1 August, the Supreme Court released the full text of its verdict upholding the High Court verdict that declared illegal the 16th amendment to the Constitution establishing Parliament’s authority to remove Supreme Court judges.The Jatiya Sangsad passed the 16th amendment on 17 September 2014.On 5 May last year, the HC declared the 16th amendment illegal. The government on 4 January last filed an appeal with the apex court challenging the HC decision.On 3 July, the Appellate Division, led by chief justice Surendra Kumar Sinha, upheld the HC verdict.last_img read more