US aircraft maker Boeing Co said on Monday that it would stop producing its 737 MAX jetliner in January 2020 after the Federal Aviation Administration (FAA) refused to grant approval to the jet’s return to the skies again.
A seismic halt
Boeing’s decision to stop its biggest assembly-line came in the aftermath of two fatal 737 Max crashes earlier this year and late last year that killed 346 people and cost the company 9 billion US dollars.
The 737 MAX jets have been grounded worldwide since March following the two tragedies.
As the American aviation giant and its suppliers and partners took a hit in stocks, its European rival Airbus’ shares saw an increase on Tuesday.
No-deal Brexit fears
The UK government is planning to add a new clause to the Brexit bill to prevent the Parliament from extending the transition period beyond December 2020, BBC reported.
The post-Brexit period can be extended by two more years if London and Brussels agree. But the victorious Boris Johnson government wants to make Brexit and a deal with the EU after that as soon as possible. The new clause in the amended Withdrawal Agreement Bill will be voted at the newly-elected House of Commons this week.
The sterling fell after the news that revived fears of a no-deal Brexit.
Aussies prepare for more cuts
Minutes from the Reserve Bank of Australia’s December 3 policy meeting showed that the board was worried that wage growth was too weak to help revive inflation and consumption.
As the RBA minutes said that the bank was ready to provide more stimulus as required, the Australian dollar fell nearly half a percent on Tuesday on the expectations of an at least 50 basis points rate cut at the next policy meeting in February 2020.
China and Russia, two neighbors of North Korea with veto power at theUnited Nations Security Council, proposed on Monday to lift a ban on North Korean exports of statues, seafood, and textiles. The two countries that have so far backed US President Donald Trump’s ‘maximum pressure’ policy on Pyongyang also demanded to ease restrictions on North Korean workers overseas.