Boeing has lost billions of dollars in value this week as nation after nation announced they were barring the aircraft from flying. The single-aisle Max family is the Chicago-based planemaker's largest seller and accounts for almost one-third of the company's operating profit.
Boeing shares dropped as much as 3.2 percent after Trump’s announcement but recovered much of the days loss by 3:17 p.m. in New York.
Affected planes will be grounded immediately upon reaching their destinations. The impact on travellers should be limited because there are only 72 Boeing 737 Max aircraft at three U.S. carriers: American Airlines Group Inc. Southwest Airlines Co. and United Continental Holdings Inc. That’s only about 3 percent of the mainline fleet at those carriers.
Arabian Business reporters Shruthi Nair and Bernd Debusmann discuss the repercussions that Boeing is facing financially after the deathly crash that killed 157 people.
(Source: Arabianbusiness.com YouTube channel)