Boeing loses £285m in the first Quarter

Boeing reported a net loss of £285m ($355m) in the first quarter amid a critical crisis sparked by a mid-air blowout of one of its planes in January. The US plane maker said production on its 737 programme has slowed to below 38 aircraft per month,  as revenue dipped to eight per cent to £13.3bn ($16.6bn). Boeing which has head office in Arlington, Virginia, had faced huge backlash after part of the fuselage on an Alaska Airlines 737-9 aircraft fell off mid-air earlier in the year, triggering an emergency landing. Boeing is under investigation by the US Department of Justice … Continue reading Boeing loses £285m in the first Quarter

£100m of public funds spent to prosecute innocent sub-postmasters with false evidence

A draft report reveals that the Post Office spent £100m  fighting sub-postmasters in court despite knowing its defence was untrue. The Post Office was shown evidence by 2017 that losses could be due to errors in the Horizon IT system or remote tampering, but kept arguing in the Bates Vs Post Office Ltd case that theft or mistakes by sub-postmasters must be to blame. Patrick Green RC, the lead barrister for the sub-postmasters in the Bates case, said these finding were “absolutely shocking and don’t think the case should have happened. Between 1999 and 2015, more than 900 sub-postmasters were … Continue reading £100m of public funds spent to prosecute innocent sub-postmasters with false evidence

Unilever’s Ice cream businesses valued around €17 bn to be sold

Unilever plans to hive off it’s ice cream business including Walls and Ben & Jerry’s. Unilever is drumming up interest from private equity groups for its ice cream division after the consumer goods business announced  plans to hive off the unit. Both Morgan Stanley and JP Morgan had reached out to buy out investors to solicit interest for  popular ice cream brands  like Wall’s Magnum and Ben & Gerry’s valued at around €17 bn. This move comes after CEO Hein Schumacher set out plans to split off ice cream business and cut  7, 000 jobs, and expects the ice cream … Continue reading Unilever’s Ice cream businesses valued around €17 bn to be sold

United Airlines Boeing landed without panel in Oregon

A 25-year-old Boeing 737-800 plane United Airlines flight 433, from San Francisco landed at the Rogue Valley International Airport in Medford, Oregon, at 11:30 (8:30GMT) on Friday, without one of its fuselage panels. The plane was carrying 139 passengers and 6 crew, landed safely as no one was injured. Boeing is under extreme scrutiny after a series of high profile safety incidents.  According to Amber Judd a senior official at Rogue Valley International Medford Airport, the plane landed safely and the external panel was only discovered missing during a post-flight inspection. The missing panel was adjacent to the landing gear, … Continue reading United Airlines Boeing landed without panel in Oregon

Telegram reach 900 million users

Pavel Durov, owner of Dubai-based Telegram, the secretive messaging app has over 900 million users, up from 500 million users in 2021 says  Telegram had grown to become one of the world’s most popular social media apps while making hundreds of millions of dollars in revenue after introducing advertising and premium services two years ago. The company is moving closer to a potential stock market listing. Russian-born founder Mr. Durov said “We are hoping to become profitable next year, if not this year”. The group had been offered $30bn-plus valuations from potential investors including global late stage tech funds but … Continue reading Telegram reach 900 million users

Boeing whistleblower dead

John  Barnett who had worked for Boeing for 32 years until 2017, who raised the concerns about the firm’s production standards has been found dead in his truck in the hotel car park in the US according to the Charleston County Coroner. The police are investigating the 62 year-old’s death who had died from a self-inflicted wound on 9th march . In the days before his death, he had been giving evidence in a whistleblower lawsuit against the company. Boeing said it was saddened to hear of Mr. Barnett’s death. From 2010, he worked as quality manager at the North … Continue reading Boeing whistleblower dead

Disney’s $8.5bn deal to merge India business with Reliance Industries

Disney will trim financial exposure in its loss making venture in one of the world’s most populated countries on the Indian subcontinent by striking a $8.5bn deal to merge its India business with Reliance Industries. Billionaire Mukesh Ambani’s Reliance, the Indian conglomerate will invest $1.4bn and take a 63 per cent stake in the new company while Disney  will hold  37 per cent. The new entity is valued at $8.5bn. Disney acquired Star India in 2019 as part of its blockbuster $71bn acquisition of Fox from Rupert Murdoch, which they viewed as one of the most promising business in Murdoch’s … Continue reading Disney’s $8.5bn deal to merge India business with Reliance Industries

Life of abuse at Goldman Sachs

Jamie Flore Higgins, one of the few women at the highest ranks of Goldman Sachs, spurred on by the obligation to her working-class immigrant family, rose through the ranks and saw it all: out-of-control, lavish parties flowing with never-ending drinks, affairs flouted in the office, rampant drug abuse, and most pervasively, a discriminatory culture that seemed designed to hold back the few women and people of colour employed at the company. Flore Higgins reveals Goldman Sachs having the right talking points and statistics, which provided a veneer to cover up what she found to be an abusive culture. Her account … Continue reading Life of abuse at Goldman Sachs

FAA grounds 171 Boeing 737 Max9 after mid-air blowout

On Friday, in mid-air part of the fuselage of an Alaskan Airlines Boeing 737 Max 9 flight 1282, fell off, forcing an emergency landing after take-off from  Portland,  in the US state of Oregon to Ontario, California and had reached 16, 000ft ( 4,876m) when it began its emergency descent according to flight tracking data.  The airline, carrying 177 passengers and crew, landed safely back in Portland. Although some images showed the night sky visible through the gap in the fuselage, with insulation material and other debris, there were no immediate indications of the cause of the apparent structural failure, … Continue reading FAA grounds 171 Boeing 737 Max9 after mid-air blowout

L’Oreal heiress becomes first woman to amass $100 bn fortune

Francoise Bettencourt Meyers, L’Oreal heiress becomes first women to amass $100bn ( £78.5bn; €90.1bn) fortune according to ranking of di richest Pipo for di world. L’Oreal is the world’s largest cosmetics company’s which owns a wide portfolio of brands from Lance to Maybelline  which had more than £32.99 billion ( $42billion, €38 billion) in sales in 2022. Earlier this year L’Oreal bought Australian brand Aesop in a $2.5billion deal beating the previous record brand acquisition by the French beauty giant $1.7 billion purchase of YSL Beauty in 2008. Bettencourt  Meyers as the 12th richest person, just ahead of Makes Ambani … Continue reading L’Oreal heiress becomes first woman to amass $100 bn fortune