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    Suspected herdsmen ambush Benue policemen, kill DPO

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    Suspected herdsmen ambush Benue policemen, kill DPO

    Again, terrorists kill over 25 in fresh Benue attack 

    More than 280 killed in India’s worst train accident in over 20 years

    More than 280 killed in India’s worst train accident in over 20 years

    Tinubu has chosen a Muslim running mate

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    Speaker Gbajabiamila reacts to CoS appointment, says when he’ll assume office

    JUST IN: Ajaero emerges new NLC national president

    BREAKING: NLC declares nationwide strike from Wednesday

    Full Text: Tinubu’s inaugural speech as president of Nigeria

    JUST IN: Tinubu appoints SGF, Chief of Staff, DCoS

    Full Text: Tribunal releases Obi’s pre-hearing report

    JUST IN: Tribunal adjourns Obi’s case to Monday, admits evidence from Lagos, others

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    VIDEO: US President Joe Biden tumbles onstage at Airforce graduation

    VIDEO: US President Joe Biden tumbles onstage at Airforce graduation

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    How to obtain foreign currency from Teller Points at Bank branches

    We did not devalue Naira – CBN

    How to obtain foreign currency from Teller Points at Bank branches

    CBN Devalues Naira to 630/US$1 at the I&E Window – Reports

    Senate sits on Saturday, increases Ways and Means borrowing from 5% to 15%

    Senate sits on Saturday, increases Ways and Means borrowing from 5% to 15%

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    BREAKING: CBN raises interest rate to 18.5% amid rising inflation

    JUST IN: Nigeria’s inflation rate hits 19.64% – highest since 2005.

    Inflation rate hits 22.22% in April, highest in 14 years

    Telcos kick as FG plan 12.5% call tax

    FG re-introduces 5% excise duty on telecom services in new fiscal policy

    Headline Inflation in Nigeria rose to 22.04% in March

    Headline Inflation in Nigeria rose to 22.04% in March

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rose to N46.25 trillion in 2022, 84.73% of bilateral debt owed to China

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    CBN raises interest rate for the 6th consecutive time

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained 5.22% on bullish performance

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    The NGX- ASI increased by 0.48% as Unilever gained 9.70%

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI increased by 0.35% despite negative market sentiment

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI Gained 0.31% as NB rose another 9.63%

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    The NGX- ASI Increased By 0.36% as NB rises 9.97%

    Delisting of Access Bank Plc and listing of Access Holdings Plc

    The NGX- ASI declined by 0.09% as ACCESSCORP falls 3.32%,

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    List of Dividends announced in 2023, qualification and payment dates

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    The NGX ASI Closed Negative By 0.75% as BUA Cement loses 8.02%

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    • Rates & Bonds
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    • Cryptocurrencies
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    • All
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    First Bank’s parent company reports N136.3bn profit for 2022, to pay dividend

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    Tengen Holdings acquires 220mn shares of Access Holdings Plc

    • Companies
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  • Sports
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  • Opinion & Analysis
    • All
    • Columnists
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    • Investogist Business Saturday
    • Op-ed
    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

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    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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    4 things to consider before buying a laptop

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    How to move to Canada by starting a business – Part 2

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737 Max Crashes: Boeing to pay $2.5 billion to settle U.S. criminal probe

Friday, 8 January 2021, 12:22 pm
in Business, Companies
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737 Max Crashes: Boeing to pay $2.5 billion to settle U.S. criminal probe
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U.S. airplane maker, Boeing Co. has reached an agreement with the U.S. Department of Justice to pay more than $2.5 billion in fines and compensation over two plane crashes that killed a total of 346 people and led to the grounding of its 737 MAX jetliner.

The settlement, which allows Boeing to avoid prosecution, includes a fine of $243.6 million, compensation to airlines of $1.77 billion and a $500 million crash-victim fund over fraud conspiracy charges related to the plane’s flawed design.

According to a Reuters report sited by Investogist, Boeing said it would take a $743.6 million charge against its fourth-quarter 2020 earnings to reflect the deferred prosecution agreement, a form of corporate plea bargain. Boeing had put aside reserves of $1.77 billion in prior quarters to provide for compensation to airlines.

  • Read also; Trade deficit of the United States rises to its highest level in 14 years high
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The Justice Department deal, announced after the market close on Thursday, caps a 21-month investigation into the design and development of the 737 MAX following the two crashes, in Indonesia and Ethiopia in 2018 and 2019, respectively.

The crashes “exposed fraudulent and deceptive conduct by employees of one of the world’s leading commercial airplane manufacturers,” acting Assistant Attorney General David Burns said in a statement accompanying the agreement.

“Boeing’s employees chose the path of profit over candor by concealing material information from the FAA concerning the operation of its 737 MAX airplane and engaging in an effort to cover up their deception,” Burns said, referring to the Federal Aviation Administration.

The crashes triggered a hailstorm of investigations, frayed U.S. leadership in global aviation and have cost Boeing some $20 billion.

Plaintiffs lawyers representing families of victims of the Ethiopian Airlines crash said the settlement strengthens civil litigation against Boeing in Chicago, where the company is headquartered. Boeing has already settled most lawsuits related to the Lion Air disaster in Indonesia.

The U.S. Federal Aviation Administration (FAA) approved the Boeing 737 Max to return to commercial service in November 2020.

Several regulators across the world has since approved for the plane to return to service. Brazil’s Gol Airlines was the first to bring the jetliner back to service on 9 December, 2020.

The worldwide fleet of 737 Max planes has been grounded since March 2019, after the two deadly crashes raised concerns over the aircraft’s safety and airworthiness.

By; Nnamdi M.

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MTN Nigeria to pay over N200 billion final dividend for 2022

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