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As of 07:38 20 May 2019
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199,745.05 million
As of 07:38 20 May 2019

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Global air regulators to discuss Boeing's Max's on Thursday

Air Canada Registration number C-GEHV which had just come in as Flight AC 758, from San Francisco, a Boeing 737 Max 8, is rolled out of the gate after being grounded, in Toronto. March 13, 2019.
Getty Images

Nine global aviation regulators, including from from China, the EU, Canada and Brazil, will meet on Thursday to review Boeing's application to get the Max airplane model flying again, the Financial Times has reported.

In March, Boeing grounded its entire global fleet of 737 Max aircraft after two fatal crashes within five months.

The US firm said last week it had completed the development of a software update for its 737 Max plane.

The Federal Aviation Administration has said it would hold a meeting on 23 May with air regulators from around the world to provide an update on reviews of Boeing's software fix and new pilot training.

What went wrong inside Boeing's cockpit?

Boeing 737 Max
Getty Images

Read the full story as pressure mounts on Boeing and the FAA.

Boeing’s biggest supplier suspends share buyback

Spirit Aerosystems blimp
Spirit Aerosystems

Spirit AeroSystems, Boeing’s biggest supplier, has suspended its share buyback programme and financial guidance for 2019.

The Kansas-based aerostructures firm said it had originally planned to increase production of pieces of the Boeing 737 Max aircraft, but now it has had to change its forecast.

Spirit AeroSystems spent $75m in the first quarter of 2019 on share repurchases, and it will now pause the programme until it receives "further clarity" about the future of the 737 Max jets.

"Given the reduction in production units and corresponding revenue, we have begun taking immediate actions to reduce expenses, defer capital investments, and redouble our efforts on working capital improvements to mitigate the financial impact of the production rate change," said Spirit AeroSystems' chief executive Tom Gentile.

"Due to the uncertainties, we will issue updated guidance for 2019 when we receive more definitive information on the timing of the 737 MAX return to service and Boeing’s new production schedule."

More from Boeing shareholders meeting

Boeing chairman and chief executive Dennis Muilenburg
Getty Images

At Boeing's annual general meeting on Monday, shareholders rejected proposals to split the roles of chief executive and chairman of the board.

Dennis Muilenburg currently holds both titles.

There were also proposals to remove the head of the board's audit committee.

During his speech, Mr Muilenburg asked for a moment of silence to honour the 346 people who died in two fatal plane crashes.

"When an accident occurs, we feel it deeply across the company because all of us understand that lives depend on what we do. We hold ourselves to the highest standards of safety, quality and integrity in our work because the stakes could not be higher. It demands the utmost excellence," he said.

"These enduring values are at the core of everything we do. Yet, we know we can always be better. We have a responsibility to design, build and support the safest airplanes in the sky. The recent accidents have only intensified our dedication to it.

"We know every person who steps aboard one of our airplanes places their trust in us. We’ll do everything possible to earn and re-earn that trust and confidence from our airline customers and the flying public.

"That includes ensuring our airline customers and their pilots are confident in the enhanced training and education materials we’re developing and deploying — also, that they have the proficiency necessary to succeed and a strong, diverse talent pipeline for the future."

He said that Boeing had made progress on "the path to certification" for software updates to the 737 Max aeroplanes, and that it is taking steps to improve "first-time quality" on projects.