US prosecutors want Boeing to face criminal charges

You Can Row joins us in studio. Very good evening to you. Hi, Mark. More bad news for Boeing. US prosecutors say the playmaker should face criminal charges to explain. According to multiple media reports, U.S. Federal prosecutors have recommended that the Department of Justice bring criminal charges against Boeing for violating a deal that shielded shielded the playmaker from prosecution over two fatal crashes that killed 346 people in 2018 and 2019. The Plane Makers Safety Record has come under renewed scrutiny since a part of the fuselage on an Alaska Airline flight came off mid air in January. The DOJ has until July the 7th to make a final decision. Monte Francis reports. A string of mishaps have made headlines in the worst way for Boeing. Earlier this year, a door panel fell off an Alaska Airlines jet in mid flight. In March, one of its triple sevens lost a wheel just after taking off from San Francisco International Airport. And just last month, a FedEx cargo jet was forced to touchdown without any front landing gear. But it's the deadly crashes of two of its 737 Max planes, a Lion Air flight in 2018 and an Ethiopian Airlines jet in 2019, which have landed Boeing in legal hot water with the Department of Justice. Last week, after apologizing to the families of the 346 people who were killed in the two crashes, Boeing CEO Dave Calhoun was grilled by US senators about his company's culpability. You, you accept that Boeing was responsible for those crashes and 346. I accept that M Cast and Boeing are responsible for those crashes. Yes, Sir. M Cast stands for Maneuvering Characteristics Augmentation System, an automated anti stall feature which was linked to both crashes. Prosecutors accused Boeing of putting production demands ahead of safety, alleging that the airplane maker violated a settlement related to the two tragedies, which has shielded the company from a criminal charge of conspiracy to commit fraud. Boeing had agreed to pay 2 1/2 billion dollars and to overhaul its compliance practices to settle an investigation by the Federal Aviation Administration of its 737 Max. Although prosecutors are recommending criminal charges, there's no guarantee of a prosecution. The Justice Department, which has until July 7th to decide, has only said the deliberations remain ongoing and that no final decisions have been reached. Boeing shares rose despite the prospect of a possible criminal prosecution and the news that its Starliner spacecraft is being hit with technical problems that could delay its return to Earth with its two astronauts by more than two weeks. U.S. stocks mostly rose this Monday, lifting the Dow Jones Industrial Average, but the SP and the NASDAQ pulled back. Chip maker NVIDIA entered correction territory after declining for third straight session, losing more than 6% for the day as investors took to profit taking. It's now back down to third place in the market cap ranking after briefly becoming the world's most valuable company market. Meanwhile, Apple has become the first company to be charged new competition. The Digital Act, passed in 2022, aims to rein in the power of big tech and spur healthy competition in the online ecosystem by protecting start-ups and smaller. Under the law, Apple must allow app developers to steer towards alternative offers outside of App Store. The company has made various changes since the investigation was launched in March, but the Commission says it's still imposing unfair restrictions on developers. The charges are preliminary and Apple still has time to respond, but they could result in colossal fines if the concerns are raised. We could potentially leave it, leave it there. If our preliminary findings and concerns are confirmed, then we could go to fines. Indeed, concretely, what are these fines? It could be 10% of Apples global annual turnover, or it could be periodic daily periodic penalty payments going to up to 5% of the companies daily worldwide annual turnover. Now trade tensions between Europe and China could perhaps ease of both sides working to avoid a tariff war. Well, they've agreed to negotiate a possible compromise. Proposed tariff highs of up to 38% of Chinese electric cars kick in on July the 4th. The European Commission role hosts Chinese officials in Brussels for technical talks this week. Following a weekend video call between Trade Commissioner Valdez Donbrowski's China's Commerce Minister Owen, German Chancellor Olaf Schultz on Monday urged both sides to, quote, seize the opportunity by the end of the month to find common ground as he addressed an annual conference of the influential BDI industry lobby. Let's take a listen. Of course, we need to protect our economy from unfair trade practices, ideally with mutually agreed solutions. That's why it's good that the EU Commission is offering the Chinese side further talks on the ongoing anti subsidy proceedings. However, it is clear that we will, of course, also need serious movement and progress from the Chinese side in this area. That was the German Chancellor speaking earlier today. And that's it for business. Luca, thank you very much indeed. Time for.

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