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Boeing pays millions to settle the dispute
Boeing has agreed to pay a million-dollar fine for overproduction problems with 737 aircraft. In the settlement agreed with the US Federal Aviation Administration (FAA), the US aircraft manufacturer will pay US$17 million, according to a statement. The settlement relates to problems in the aircraft’s manufacturing from 2015 to 2019, adding that Boeing Co had agreed to improve internal quality controls.
The settlement reached with the FAA is not related to crashes of two 737 Max planes in late 2018 and early 2019. Boeing could not initially be reached for comment.
Investors reacted positively to the news. In Thursday trading on the NYSE, Boeing shares climbed 3.80 per cent to 250.53 US dollars.
About You aims for the Frankfurt stock exchange
Online fashion retailer About You wants to go public on the Frankfurt stock exchange before the end of the second quarter. The Otto subsidiary announced on Thursday that it is aiming for gross proceeds of at least 600 million euros from the placement of new shares. In the past financial year ending in February, the Zalando competitor had increased its revenues by 57 per cent to 1.17 billion euros and thus cracked the one billion euro mark in sales for the first time.
Salesforce raises annual forecast
SAP rival Salesforce is looking ahead with confidence to the remaining three quarters of the new financial year after a good start. The company now expects revenues of up to 26 billion US dollars, according to a company statement published on Thursday after the close of the US stock exchange. That is 250 million more than previously expected and would be an increase of almost a quarter compared to the previous year.
Salesforce is also more optimistic about the development of profits. In the past quarter, turnover increased by 23 per cent to 5.96 billion dollars. The profit almost quintupled to 469 million dollars. Chief Financial Officer Amy Weaver spoke of strong business across all products, regions and customer sizes. Salesforce specialises in cloud-based enterprise software. Investors echoed the company’s optimism. Salesforce’s share price recently jumped by almost five per cent in after-hours trading.
Airbus plans to increase the production of most of its aircraft models in the foreseeable future. Of the A320 Family aircraft, production is expected to remain unchanged at 45 per month in the fourth quarter. Still, suppliers are expected to prepare for 64 per month by the second quarter of 2023. The aircraft maker expects the market recovery to continue and aims to reach 70 aircraft of the type by the first quarter of 2024. In 2025, Airbus plans to explore the possibility of 75 A320 Family aircraft by then.
Given the massive consequences of the corona crisis for the aviation industry, the Group had cut back its production by about a third in April 2020. At that time, Airbus decided to reduce A320 output to an average of 40 aircraft per month from the previous 60.
For the A220 Family, Airbus now announced five aircraft per month. Unchanged, it is to become six at the beginning of 2022. By the middle of the decade, production is expected to increase to 14 aircraft per month.
Five A350 Family aircraft are currently coming off the production line each month. By autumn 2022, this figure is set to rise to six aircraft. For the A330 Family, Airbus will maintain an average of two aircraft per month.
The Airbus share ultimately climbed 9.09 per cent to 106.50 euros in XETRA trading.
Nvidia doubles profit
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The high demand for technology for data centres and graphics cards has also strongly driven Nvidia’s business at the start of the new financial year. In the first quarter, sales jumped 84 per cent to 5.7 billion dollars compared to the same period last year. The bottom line profit rose by 109 per cent to 1.9 billion dollars, as Nvidia announced after the US stock exchange closed on Wednesday.
Nvidia shares reacted cautiously and even fell slightly by 0.68 per cent to 511 euros.
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