Boeing’s share declined following Dreamliners battery problem, others

In this image released by the National Transportation Safety Board (NTSB) on January 11, 2013, NTSB Investigator Mike Bauer works inside the Boeing 787 “Dreamliner” airplane under investigation at Boston’s Logan Airport on January 8, in Boston In this image released by the National Transportation Safety Board (NTSB) on January 11, 2013, NTSB Investigator Mike Bauer works inside the Boeing 787 “Dreamliner” airplane under investigation at Boston’s Logan Airport on January 8, in Boston

The share of Boeing, the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems, fell by 2.5 pct, on January 18, 2013 according to AFP.

This happened following the frequent incidents the Boeing 787 Dreamliner encountered. Some of the problems include ignition of its battery pack on Japan’s All Nippon Airways, the largest operator of the plane, shortly after the flight landed at Boston’s Logan International Airport. Fuel and oil leaks, crack in the cockpit window and a computer glitch were also found. These erroneously indicated a brake problem. Following this, the United States Federal Aviation Administration (FAA) has grounded all dreamliners in its jurisdiction, on Jan, 18. This follows another incident in Japan. All Nippon Airways said a cockpit message showed battery problems and a burning smell were detected in the cockpit and the cabin.

Following the decision by its American counterpart, Ethiopian Civil Aviation Authority halted flights of Boeing 787 Dreamliner temporarily. This action is taken to ensure the safety of air travelers and to be complacent with international standards, said the authority.

Most of the problems of the aircraft rotate around its high tech batteries. The US and Japanese aviation safety officials visited the headquarters of GS Yuasa Corp, the plane’s battery maker in Kyoto Japan, on January 21, seeking clues for its malfunction.

Japan’s All Nippon Airways is the largest operator of the Dreamliner. The US United Airlines, Air India, Ethiopian Airlines, Japan Airlines, LAN Airlines, LOT Polish Airlines and Qatar Airways also fly the plane. Ethiopian started flying the plane to Washington’s Dulles International Airport last September.

Boeing employs more than 170,000 people in the US and in 70 other countries. Last year, the company reported to have nearly 12,000 commercial jetliners in service worldwide. This represents roughly 75 pct of the world fleet, the Company claims. Its profit in 2011 was 1.39 billion dollar, up from 1.16 billion in 2010. Half of the company’s business comes from defense contracts.

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