Boeing to pay $100 million to crash families, communities – Daily News

on Jul5
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Boeing said Wednesday that it will provide an “initial investment” of $100 million over several years to help families and communities affected by two crashes of its 737 Max plane that killed 346 people.

The Chicago-based company said some of the money will go toward living expenses and to cover hardship suffered by the families of passengers killed in the crashes.

Boeing faces dozens of lawsuits over the accidents. Relatives of passengers on a Lion Air Max that crashed off the coast of Indonesia agreed to try to settle through mediation, but families of passengers killed in an Ethiopian Airlines crash are waiting until more is known about the accidents.

Preliminary investigations point to the role played by new software that pushed the planes’ noses down. Boeing is updating the software to make it easier for pilots to control, but the company doesn’t expect to submit its work for final regulatory approval until September.

Lawyers who are suing Boeing on behalf of passengers’ families said the new $100 million promise won’t stop them from demanding that Boeing provide details about how the plane and the new flight-control software were developed. Some of them discounted the amount of aid.

“For the totality of these losses, that is a very small number,” said Robert Clifford, who represents relatives of those killed in the March crash of an Ethiopian Airlines Max. “I wouldn’t even say it’s a good start.”

Boeing didn’t give many details about the financial help. It did not say how much will go to families and how they will apply for aid. The company said it will work with local governments and nonprofits on programs and economic development to help affected communities.

“We at Boeing are sorry for the tragic loss of lives in both of these accidents … and we hope this initial outreach can help bring them comfort,” Boeing chairman and CEO Dennis Muilenburg said in a statement.

US trade deficit rises to 5-month high

The U.S. trade deficit rose to a five-month high in May as the politically sensitive imbalances with China and Mexico widened.

The Commerce Department said Wednesday that the gap between the goods and services the U.S. sells and what it buys from foreign countries rose 8.4% to $55.5 billion in May, the highest since December. Exports increased 2% to $210.6 billion on rising shipments of soybeans, aircraft and cars. But imports climbed more — 3.3% to $266.2 billion — on an increase in crude oil and cellphones.

The deficit in the trade of goods with Mexico rose 18.1% to a record $9.6 billion. The goods gap with China widened 12.2% to $30.2 billion.

Trump: US should start manipulating the dollar

President Donald Trump on Wednesday accused China and Europe of playing a “big currency manipulation game.” He said the United States should match that effort, a move that directly contradicts official U.S. policy not to manipulate the dollar’s value to gain trade advantages.

In a tweet, the president said if America doesn’t act, the country will continue “being the dummies who sit back and politely watch as other countries continue to play their games — as they have for so many years.”

Trump’s own Treasury Department in May found that no country meets the criteria of being labeled a currency manipulator, although the report did put China and eight other countries on a watch list.

 



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