Emirates Boss Urges Boeing to Review Mistakes

A Boeing 787-10 Dreamliner taxis past the Final Assembly Building at Boeing South Carolina in North Charleston, South Carolina, United States, March 31, 2017. REUTERS/Randall Hill/File Photo Purchase Licensing Rights
A Boeing 787-10 Dreamliner taxis past the Final Assembly Building at Boeing South Carolina in North Charleston, South Carolina, United States, March 31, 2017. REUTERS/Randall Hill/File Photo Purchase Licensing Rights
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Emirates Boss Urges Boeing to Review Mistakes

A Boeing 787-10 Dreamliner taxis past the Final Assembly Building at Boeing South Carolina in North Charleston, South Carolina, United States, March 31, 2017. REUTERS/Randall Hill/File Photo Purchase Licensing Rights
A Boeing 787-10 Dreamliner taxis past the Final Assembly Building at Boeing South Carolina in North Charleston, South Carolina, United States, March 31, 2017. REUTERS/Randall Hill/File Photo Purchase Licensing Rights

Emirates Airline President Tim Clark on Sunday challenged Boeing to review things that had gone wrong, predicting that the fallout from a recent industrial and safety crisis could last as long as five years.

"I think we have a five-year hiatus on our hands," he told reporters in Dubai.

He also expected industry policies around turbulence and seatbelts would become more conservative after one person died and dozens were injured on a Singapore Airlines flight hit by turbulence last month.

Tim Clark told reporters in Dubai that Emirates was using artificial intelligence-based systems in a bid to better predict where turbulence might occur.

This came as US planemaker Boeing is engulfed in a sprawling safety crisis, exacerbated by a January mid-air panel blowout on a near new 737 MAX plane.
CEO Dave Calhoun is due to leave the company by the end of the year as part of a broader management shake-up, but Boeing has not yet named a replacement.
"It is not for me to say who should be running Boeing. But I think an understanding of what went wrong in the past, that's very important," IATA Director General Willie Walsh told Reuters TV at an airlines conference in Dubai, adding that Boeing was taking the right steps.
IATA represents more than 300 airlines or around 80% of global traffic.
"Our industry benefits from learning from mistakes, and sharing that learning with everybody," he said, adding that this process should include "an acknowledgement of what went wrong, looking at best practice, looking at what others do".



US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.