Connect with us

Business News

Ethiopia black boxes bound for Europe, crash pilot had in-plane issues

Published

on


ADDIS ABABA (Reuters) – The Ethiopian Airlines pilot whose jet crashed killing 157 people had reported flight-control problems, the company said on Wednesday, as it prepared to send the black boxes to Europe from a disaster that has rocked the global aviation industry.

The still unexplained crash, which happened just after take-off from Addis Ababa, followed another disaster involving a Boeing 737 MAX in Indonesia five months ago that killed 189 people.

Though there is no proof of links, the twin disasters have spooked passengers, led to the grounding of most of Boeing’s 737 MAX fleet and hammered shares in the world’s biggest planemaker.

Since the Indonesia crash, there has been attention on an automated anti-stall system that dips the aircraft’s nose down.

Ethiopia Airlines spokesman Asrat Begashaw told Reuters it was still unclear what happened on Sunday, but its pilot had reported control issues – as opposed to external factors such as birds.

“The pilot reported flight control problems and requested to turn back. In fact he was allowed to turn back,” he said.

A decision where in Europe to send the black boxes would be taken by Thursday, the airline said.

Multiple nations, including the European Union, have suspended the 737 MAX, grounding about two-thirds of the 371 jets of that make in operation around the world, according to Reuters calculations.

Many airlines were managing to keep to schedule by using other jets while economic woes meant some may be grateful for a pause. The biggest impact could be on future deliveries given Boeing has nearly 5,000 more 737 MAXs on order.

India said it would not take any deliveries until safety concerns were cleared and Ethiopian Airlines said it would decide whether to cancel orders after a preliminary probe.

Passengers were fretting too, with many seeking reassurances they would not be flying on a 737 MAX. Kayak.com was the first big site to say it would modify filters to allow customers to exclude particular types of planes from queries.

Ethiopian Airlines crash location: tmsnrt.rs/2CdCVUi

Ethiopian Airlines crash speed and altitude data: tmsnrt.rs/2UAj5tW

Ethiopian Airlines crash plane and black boxes: tmsnrt.rs/2ChjLNE

U.S. OUTLIER

Nevertheless, the United States held out against suspension and Boeing affirmed its “full confidence” in the model.

U.S. President Donald Trump, an aviation enthusiast whose ties with Boeing run deep, received safety assurances personally from its chief executive Dennis Muilenburg.

Still, Boeing shares have fallen some 11 percent since the crash, losing $26.65 billion of market value.

Possibly presaging a raft of claims, Norwegian Air said it would seek recompense for lost revenue and extra costs after grounding its 737 MAX aircraft.

“We expect Boeing to take this bill,” it said.

A man watches debris at the scene of the Ethiopian Airlines Flight ET 302 plane crash, near the town of Bishoftu, southeast of Addis Ababa, Ethiopia March 12, 2019. REUTERS/Baz Ratner

More than a dozen relatives of those who perished paid their respects on Wednesday at the rural site where Flight ET 302 came down in a fireball. Workers set up tents decorated with white roses.

Given problems of identification of charred remains, it will take days to start returning them to families, probably weeks for some which will require dental or DNA testing.

The victims came from more than 30 nations.

Of the top 10 nations by air passenger travel, all but the United States and Japan halted the 737 MAX. Egypt, Thailand, Lebanon, Serbia, Kosovo and Uzbekistan joined them on Wednesday.

Resisting pressure, the U.S. Federal Aviation Administration’s (FAA) acting administrator Dan Elwel said its review had shown “no systemic performance issues.”

The three U.S. airlines using the 737 MAX – Southwest Airlines Co, American Airlines Group Inc and United Airlines – stood by the aircraft.

PILOTS’ CONCERNS

The new variant of the world’s most-sold modern passenger aircraft was viewed as the likely workhorse for airlines for decades. But October’s Lion Air crash in Indonesia sparked a debate on automation, particularly over a software system designed to push the plane down to stop a stall during flight.

Boeing says it plans to update the software in coming weeks.

Though there are no proven links between the two recent 737 MAX crashes, the United Arab Emirates’ aviation regulator said on Tuesday there were “marked similarities” and China’s regulator noted both occurred shortly after take-off.

In November, two incidents were reported to the NASA-run Aviation Safety Reporting Database that involved problems in controlling the 737 MAX at low altitude just after take-off with autopilot engaged, according to documents first published by the Dallas Morning News and verified by Reuters.

Slideshow (6 Images)

“We discussed the departure at length and I reviewed in my mind our automation setup and flight profile but can’t think of any reason the aircraft would pitch nose down so aggressively,” one pilot said.

In another case, the pilot said: “With the concerns with the MAX 8 nose down stuff, we thought it appropriate to bring it to your attention.”

Boeing did not respond immediately to a request for comment, but it has previously said it provided appropriate information to pilots to use an existing procedure to handle the issue of erroneous data affecting the anti-stall system.

Additional reporting by Aaron Maasho in Addis Ababa; Kumerra Gemechu in Gora-Bokka, Ethiopia; Omar Mohammed and Maggie Fick in Nairobi; Tim Hepher in Paris; David Shepardson in Washington; Jamie Freed in Singapore; Terje Solsvik in Oslo; Aditi Shah in Mumbai; Sanjana Shivdas in Bengaluru; Aleksandar Vasovic in Belgrade; Writing by Andrew Cawthorne; Editing by Jon Boyle

Comments

comments

Continue Reading
Comments

Business News

Second-round M-Akiba bond issue a letdown again

Published

on


By JAMES ANYANZWA
More by this Author

The Kenya government’s attempts to boost national savings through its retail market bond dubbed M-Akiba failed to excite the market for the second time in a row posting a 21 per cent undersubscription.

The government reopened the mobile-based infrastructure bond hoping to raise Ksh250 million but only managed Ksh197 million ($1.97 million), accounting for a 79 per cent subscription rate.

The bond, which was listed on the Nairobi Securities Exchange on March 12, has a duration to maturity of 18 months and will be redeemed on September 7, 2020.

The proceeds of the bond issue were meant to settle total interest payments valued at Ksh12.38 million ($123,800) for investors who bought into the initial tranche of Ksh150 million in March 2017.

The Central Depository and Settlement Corporation Ltd has so far paid out, on behalf of the government, a total of Ksh59.67 million ($596,700) in interest to M-Akiba bondholders since the first issue.

The government is targeting investors with as little as Ksh3,000 ($30) in investment capital to purchase the bond and benefit from an annual rate of return of 10 per cent paid after every six months, implying that such an investor would receive Ksh150 ($1.5) through his phone after six months and a total of Ksh300 ($3) in a year.

But according to Financial Sector Deepening Kenya, some investors feel that the Ksh3,000 would be better allocated to alternative savings groups or investment opportunities that could provide quick returns or access to credit.

Although the M-Akiba bond was launched with the aim of promoting a national savings culture and reducing the government borrowing costs, this is yet to happen. The government had set a target to raise Ksh1 billion ($10 million) through the M-Akiba bond but last year the issue failed after a successful pilot project.

The government had put M-Akiba bond worth Ksh1 billion ($10 million) on offer, with hopes that the issue would sell out and even allowed a green-shoe option of Ksh2.8 billion ($28 million), that in case of oversubscription it could take up a massive Ksh3.8 billion ($38 million.

However, the government managed to raise only Ksh247 million ($2.47 million) of the targeted Ksh1 billion ($10 million).

Over 300,000 people registered on the M-Akiba platform but only 5,988 purchased the M-Akiba $2.47 million, less than a quarter of the Ksh 1 billion ($10 million) on offer.

It was a three-year bond with a coupon rate of 10 per cent paid semi-annually and a tax-free status in line with other infrastructure bonds.



Source link

Comments

comments

Continue Reading

Business News

Uhuru visits Africa’s biggest fish freezing factory, says Kenya will copy Namibia’s example

Published

on


He said African nations should work together and learn from the examples of countries like Namibia, which has implemented progressive measures to develop its fisheries sector/PSCU

, WALVIS BAY, NAMIBIA, Mar 23 – President Uhuru Kenyatta has said African countries must take stronger steps to benefit from their immense marine resources.

He said many nations including Kenya gain almost nothing from their sea resources including fish.

The President said it was disappointing that foreign nations are benefiting more from the abundant fish in the territorial waters of many African countries.

He said African nations should work together and learn from the examples of countries like Namibia, which has implemented progressive measures to develop its fisheries sector.

The Kenyan leader spoke when he toured Seaflower Pelagic Processing factory in Walvis Bay, Namibia, which has the distinction of being the biggest fish-freezing factory in Africa.

The factory was set up recently at the cost of $40 million (about Sh4 billion) through a partnership between the Namibian Government and a private investor.

The factory freezes 600 tonnes of fish on a daily basis and has created jobs for 700 people.

President Kenyatta instructed Agriculture Cabinet Secretary Mwangi Kiunjuri and Trade and Industry CS Peter Munya to immediately take steps to learn from the Namibian experience so that Kenya can have a similar factory.

Namibia’s Vice President Dr Nangolo Mbumba and Fisheries Minister Bernhardt Esau said the Government embarked on strengthening fishing in order to give Namibia a food security guarantee.

Vice President Mbumba said Namibia and Kenya are united by true friendship that started when Namibians were fighting for freedom.

“When SWAPO was fighting for freedom, the first vehicle it ever owned was bought by Kenya. We will also never forget the role played by the Kenyan contingent of UNTAG which remained behind at the cost of Kenya to protect Namibians until the country was stable,” said Vice President Mbumba.

President Kenyatta toured the fish factory after visiting the headquarters of Namibia port authority, Namport, also in Walvis Bay.

“We are here to learn from how Namibia is benefiting from its blue economy even as we continue to support and partner with them in various other fields,” said President Kenyatta.

The port of Mombasa and Walvis Bay are similar because they serve many nations in the interior of Africa.

The President was taken on a tour of the port and shown how the Government is reclaiming land from the sea to enable the port to handle ships with bigger capacity.

To enhance its efficiency in serving neighbouring landlocked countries, Namport has assigned dry ports to the different nations so that they can manage their own cargo.

President Kenyatta said Kenya would study the idea of dry ports for neighbouring countries that depend on the Port of Mombasa for their imports and exports.

“That kind of arrangement can let them manage their own cargo and our job will be to be efficient port owners,” said President Kenyatta.

He said the port of Mombasa and Namport would partner in the areas of efficiency enhancement, and the bridging of management and administration gaps that lead to corruption with the aim of improving service delivery.

The President said mismanagement and other malpractices at the ports create inefficiencies, which in turn affect economies of many countries that depend on these ports as gateways into their countries.

The Namibian Government has already requested guidance from Kenya in the setting up of a single window system for processing and clearing transit cargo across many borders. The system allows importers to input data once which is then used by all countries through which the goods pass on their way to their destinations.

President Kenyatta said Africa would only succeed when all nations agree to collaborate to achieve progress.

“If Africa succeeds Namibia has succeeded and if Africa succeeds Kenya will also have succeeded,” said President Kenyatta.

President Kenyatta is on a State Visit to Namibia and was Friday hosted at State House, Windhoek, where he held bilateral talks with President Hage Geingob.





Source link

Comments

comments

Continue Reading

Business News

Transfast upgrade to facilitate inter-Africa transfers : The Standard

Published

on


The firm is set to unveil new modes of money transfer that seek to guarantee users much convenience at lower cost.

Global money transfer and payment firm Transfast has revealed plans to re-engineer its platforms to allow Kenyans and other East Africans to send money both across and outside Africa.

This is even as transaction times are set to be radically adjusted to allow for much efficiency and further cost reductions.
The far-reaching changes were announced as Transfast recently met with East African business partners to build its network strength in Africa by partnering with a number of banks and other institutions.
New on the list of 18 partners was Postbank Uganda and Tanzania’s NMB Bank. Others were Ecobank Rwanda, Safaricom, Commercial Bank of Africa, as well as Guaranty Trust Bank Kenya.
Gulf African Bank and Kenya’s payment solutions provider PI Consulting, also came on board as Transfast agents.
“As we seek to be a leader giving the best service across the globe, we are looking to invest heavily is upgrading our systems to facilitate transactions at very affordable rates,” said Transfast Eastern Africa Regional Manager Daniel Muchika.
Further, he said the firm is set to unveil new modes of money transfer that seek to guarantee users much convenience at lower cost.
“We are also working at supporting freelance work around the world through integration partnerships with as many job platforms,” he said.
Transfast is a growing international money transfer and cross-border payments company headquartered in New York with additional offices in the UAE and the Philippines.
Founded in 1988, the company is a provider of multi-currency, cross-border payments solutions for consumers and businesses around the world.
Remittances are processed through its direct-to-bank network, and the company offers over 350, 000 cash payout points across 130 countries.
In Africa, Transfast operates in over 30 countries where the company’s bank network covers up to 90 per cent of adult bank account holders in those nations.
Transfast has crossed the 45,000-location mark in India with more than four million customers globally.
To date, the platform is on record for having processed about $8.5 billion worth of transactions.

TransfastMoney transfer





Source link

Comments

comments

Continue Reading
Entertainment4 weeks ago

‘He sings like an angel’ Sauti Sol announce their first sign in BenSoul under Sol Generation

General News4 weeks ago

Kerio dams billions diverted to build Ruto’s palatial Sugoi residence and Dolphin Beach Resort –

General News1 week ago

UHURU nominates HILLARY MUTYAMBAI as the new Inspector General of Police! He now replaces JOSEPH BOINNET

General News4 weeks ago

How DP Ruto fleeced Kenyans to acquire Sh300m ranch –

General News2 weeks ago

Ruto converts his private home in Karen into a hotel

General News1 week ago

He is NIS’ HILLARY MUTYAMBAI! Another one from NIS! President UHURU finally nominates the person who will succeed BOINNET

General News4 days ago

Is President Uhuru Kenyatta’s Cousin Behind The Banda Homes Scam?

General News2 weeks ago

Big race to succeed IG Boinnet: Who will it be? : The Standard

Business News1 week ago

Safaricom to recruit 300 interns for its new Eldoret Call Center

Business News2 weeks ago

Why Sh1trn Kenya Saccos are a ticking time bomb

Entertainment3 weeks ago

Record statement with DCI if you are innocent on 21billion dam scandal -DP Ruto told

General News4 weeks ago

Sextortion link in Joho, Jumwa wars – Weekly Citizen

General News4 weeks ago

DAILY POST: Horny Lecturers at University of Nairobi Parklands campus SEXUALLY harassing female students

Business News1 week ago

French firm unveils solar system for emergency situations

General News4 weeks ago

Wedding bells toll as Waiguru finds her love : The Standard

Entertainment3 weeks ago

‘Selina’ actor Kone Nouhoum succumbs to injuries – Nairobi News

General News2 weeks ago

Mombasa ODM wars turn deadly as Joho ally is hospitalised after poisoning

Entertainment2 weeks ago

List of 32 Kenyans who perished in the ill fated Ethiopia Airlines Addis to Nairobi

Entertainment2 weeks ago

Inspector General of police Joseph Boinnet Retires today

Entertainment4 weeks ago

Police arrest four suspects of Kilimani estate burglaries – PHOTOS + VIDEO – Nairobi News

Trending Videos2 mins ago

Drug Trafficking In Eastleigh

Trending Videos3 mins ago

How Loyal Are Close People To You & Cheats (Full Eps)

Trending Videos4 mins ago

President directs education ministry to halt the delocalisation of teachers

Trending Videos5 mins ago

Francis Atwoli: I have been in labour leadership for 51 years

Trending Videos6 mins ago

Polisi wapata silaha kwa nyumba ya wakili Assa Nyakundi

Trending Videos7 mins ago

Uhuru takes a tour of Old Town, Fort Jesus and Jomo Kenyatta public beach in Mombasa

Trending Videos8 mins ago

Mpasho News 12: Drama as Anerlisa Muigai deletes Ben Pol Photos

Trending Videos9 mins ago

University students in Mombasa up in arms over directive made by CS Amina on HELB loan repayments

Trending Videos11 mins ago

Celeb Vibes with Naiboi

Trending Videos12 mins ago

Lawyer Nyakundi múrderéd son over LOVE triangle

Trending Videos13 mins ago

DAGITARI MAHETE THIKU ITHATU NDI MUOYO MUTUMIA UMWE KUMA SEATTLE USA KUGA

Trending Videos14 mins ago

Waititu's supporters ecstatic after Kidero ruling

General News33 mins ago

Political will vital in efforts to end tuberculosis

Columns And Opinions33 mins ago

OKORE: Hospitals are deathtraps that need reforms

Sports48 mins ago

KCB RFC down Mwamba in Kenya Cup

Sports1 hour ago

KCB, Kabras march on with Kenya Cup victories

Entertainment1 hour ago

DRCongo election official denies US corruption claim

Trending Videos2 hours ago

Truthmeter 17th October 2014

Trending Videos2 hours ago

Inflation Of Commodities & Its Effects To Consumers

Trending Videos2 hours ago

A Sh.13m ward set up to reduce maternal and child mortality in Kakamega

Facebook

Dont Miss!

Trending Videos2 mins ago

Drug Trafficking In Eastleigh

Every day in Kenya, cases of drug abuse continue to rise. Apart from addiction to hard drugs, you probably have...

Trending Videos3 mins ago

How Loyal Are Close People To You & Cheats (Full Eps)

Like our pages and follow us on twitter for more hot entertainment. Twitter: https://twitter.com/EbruTVKenya Facebook: https://www.facebook.com/ebrutvkenya … source Comments comments

Trending Videos4 mins ago

President directs education ministry to halt the delocalisation of teachers

President Uhuru Kenyatta has today directed to the ministry of education, to halt the delocalisation of teachers, to address the...

Trending Videos5 mins ago

Francis Atwoli: I have been in labour leadership for 51 years

Francis Atwoli: I have been in labour leadership for 51 years. SUBSCRIBE to our YouTube channel for more great videos:...

Trending Videos6 mins ago

Polisi wapata silaha kwa nyumba ya wakili Assa Nyakundi

Maafisa wa idara ya Upelelezi, DCI, wanaendelea na uchunguzi kubaini vipi wakili Assa Nyakundi alimpiga risasi mwanawe wakiwa nyumbani kwao...

Trending Videos7 mins ago

Uhuru takes a tour of Old Town, Fort Jesus and Jomo Kenyatta public beach in Mombasa

President Uhuru Kenyatta toured the Mombasa Old Town and Fort Jesus on Tuesday night. The president was accompanied by Mvita...

Trending Videos8 mins ago

Mpasho News 12: Drama as Anerlisa Muigai deletes Ben Pol Photos

Bold & True #MpashoNews12: #AnerlisaMuigai wants a private life after deleting her lovers photos on social media. And #DennisOkari and...

Trending Videos9 mins ago

University students in Mombasa up in arms over directive made by CS Amina on HELB loan repayments

http://www.nation.co.ke University students in Mombasa up in arms over utterances made by Education Cabinet Secretary Amina Mohammed on HELB loan...

Trending Videos11 mins ago

Celeb Vibes with Naiboi

Celeb Vibes with Naiboi. source Comments comments

Trending Videos12 mins ago

Lawyer Nyakundi múrderéd son over LOVE triangle

Initial results of an autopsy that was conducted on Wednesday on his son Joseph, 29, revealed that he was shot...

Trending Videos13 mins ago

DAGITARI MAHETE THIKU ITHATU NDI MUOYO MUTUMIA UMWE KUMA SEATTLE USA KUGA

Description. source Comments comments

Trending Videos14 mins ago

Waititu's supporters ecstatic after Kidero ruling

News of Kidero’s ouster from County Hall was greeted with joy by petitioner Ferdinand Waititu’s supporters who had turned up...

General News33 mins ago

Political will vital in efforts to end tuberculosis

By ELIZABETH MERABMore by this Author A world free of tuberculosis (TB) is possible by 2045 if increased political will...

Columns And Opinions33 mins ago

OKORE: Hospitals are deathtraps that need reforms

By SCHEAFFER OKOREMore by this Author Kenya’s public health system is extremely harsh to the majority of caregivers and receivers....

Sports48 mins ago

KCB RFC down Mwamba in Kenya Cup

Mwamba RFC’s Stephen Sikuta taking on KCB RFC players. Photo/RAYMOND MAKHAYA NAIROBI, Kenya, March 24 – Kenya Cup champions...

Categories

Trending