British Airways is permanently grounding its jumbo jets which are nicknamed "the queen of the skies".Read more
Boeing 737 Max 8
British defence company BAE Systems has reported annual earnings growth of 7%, in line with forecasts.
It said that earnings for the year ahead were looking healthy, boosted by a ramp up in its activities in the US.
It also gave details on its development of Boeing's 777X aircraft. It said a successful first flight took place in January 2020, and that it was continuing software updates and testing.
BAE did confirm that it had scaled back its production of the 737 Max plane, "in line with Boeing's reduced demand".
The 737 Max has been grounded since March after two crashes in which 346 people were killed. As a result, Boeing recently reported its worst annual orders in at least two decades.
An interesting story from the US overnight.
Boeing's crisis-hit 737 Max jetliner faces a new potential safety issue as debris has been found in the fuel tanks of several of the planes.
The head of Boeing's 737 programme has told employees that the discovery was "absolutely unacceptable".
It comes as the 737 Max remains grounded after two fatal crashes.
The suspension of its 737 Max plane will cost Boeing $4bn in "abnormal production costs" in 2020, the company said.
In the last quarter it was hit by "an additional pre-tax charge of $2.6bn related to estimated potential concessions and other considerations to customers related to the 737 MAX grounding", it revealed.
It has placed the total cost of the crisis at $18.6bn, more than double its previous estimate, as it accounts for payments to airlines, reduced profits over the plane’s production cycle and expenses tied to halting manufacturing.