Baidu (BIDU), Alibaba (BABA), Boeing (BA) Stocks Lost Upon Adverse News

Baidu, Inc. (BIDU) was down -8.62% to $219.55. On Monday, the Chinese internet search engine announced its plan to set up a business devoted to the development of electric cars, in cooperation with Geely, the automobile specialist.

Alibaba Group Holding Limited (BABA) was down -3.73% to $227.37. A source with knowledge of the situation told the Nikkei, at the behest of regulators, of a reorganization of Ant’s and Alibaba’s operations into a financial holding firm. The practices influenced by Alibaba will be credit intermediation, sales and protection of mutual funds, online credit (MYbank), and management of Tianhong money. The parent corporation of the proposed organization will be Ant.

The Boeing Company (BA) was down -1.48% to $206.79. Over the weekend, shortly after departing Jakarta, a 737-500 aircraft from the Chicago aviation giant carrying 62 passengers and flown by Indonesia’s Sriwijaya Air crashed at sea.

The news comes after many businesses have once again put their trust in Boeing in recent weeks. The last one is Amazon. In order to increase its freight fleet in 2021 and 2022, the online shopping giant has purchased 11 aircraft from the company.

Since agreements to negotiate with the US Department of Justice prospered, Boeing would pay more than $ 2.5 billion in penalties and reparations after the two fatal crashes that killed a total of 346 people and contributed to the fixing of 737 MAX.

The settlement, which helps Boeing to avoid litigation, includes a fine of $243.6 million, airline reimbursement of $1.77 billion, and $500 million for accident survivor families due to fraud conspiracy allegations relating to the incorrect construction of the aircraft.

The Justice Department resolution, revealed after the market closed on Thursday, ends a 21-month inquiry into the design and production of the 737 MAX following the two crashes in 2018 and 2019, respectively, in Indonesia and Ethiopia.

Deputy Attorney General David Burns said the accidents “revealed fraudulent and deceptive behaviour by employees of one of the world’s leading commercial aeroplane manufacturers,”

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Through hiding essential facts from the FAA about the service of the 737 MAX aircraft and engaging in an attempt to cover up their deception, Boeing employees preferred the route of benefit over integrity, Burns added, responding to the Federal Aviation Administration.

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