50 countries ground, ban Boeing Max 8 planes
A total of 50 countries, including the US, has either grounded or banned the Boeing 737 Max 8 planes following the crash of an Ethiopian Airlines plane of the same model that killed all 157 people on board earlier this week.
 
US President Donald Trump spoke to the media before the Federal Aviation Administration (FAA) on Wednesday grounded all Boeing 737 Max jets in the country, CNN reported.
 
"I didn't want to take any chances. We didn't have to make this decision today," Trump said. 
 
"We could have delayed it. We maybe didn't have to make it at all. But I felt it was important both psychologically and in a lot of other ways."
 
Trump said his decision was fact-based, even as he admitted it was made partly with regard for the mental well-being of American travellers. 
 
"The safety of the American people, of all people, is our paramount concern," he added.
 
Of the more than 370 Boeing 737 Max jets in global fleets, 74 are flown by US airlines, according to the FAA. Those include United Airlines, Southwest Airlines and American Airlines. 
 
Mexico also took action against Boeing 737 Max 8 planes on Wednesday evening, just hours after the US' decision to suspend the planes' operation inside the country.
 
The General Directorate of Civil Aviation said they were banned until further notice to "guarantee the safety and confidence" of aircraft flying in Mexican airspace.
 
On Thursday, South Korea and Thailand joined the list of countries that have suspended operations of the planes
 
South Korea's largest airline, Korean Air, announced it would be putting on hold plans to introduce Boeing 737 Max 8s into their fleet.
 
Thailand's Civil Aviation Authority announced all operations of Max 8 and Max 9 planes would be temporarily suspended until midnight on March 20.
 
Some of the other countries that have moved to ground the Boeing 737 MAX aircraft include India, China, the European Union, the UK, Canada and Australia.
 
Meanwhile, the black boxes from the Ethiopian Airlines flight 302 will arrive in Paris for analysis on Thursday morning, a vital clue into what caused the Nairobi-bound aircraft to crash six minutes after take-off from Addis Ababa. 
 
The French Bureau of Enquiry and Analysis for Civil Aviation Safety (BEA) will conduct the investigation into the recorders but a spokesman for the bureau said they wouldn't be announcing the results.
 
"Only the Ethiopian authorities will report on the progress of the investigation. There will be no press conference," a BEA spokesman told CNN.
 
Sunday's crashcame less than five months after a Lion Air Boeing 737 Max 8 - the same type of plane - plunged into the Java Sea minutes into the flight from Jakarta, Indonesia, killing all 189 people on board. 
 
Both planes were new, delivered from Boeing just months before their doomed flights.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Kushal Kumar

5 days ago

During months of February - March 2019 , aviation sector , both military and civil , have witnessed mishaps in the air. Military jets have met with accidents and so is the case with drones. Aviation industry through Boeing 737 aircrafts has been in the news for worrisome concerns. Two major mishaps in the air have killed some hundreds. The latest such mishap in the air involving Boeing 737 plane happened on 10 March 2019 when an Ethiopian Airlines flight crashed killing all 157 persons on board. These circumstances followed a rethinking in the aviation sector. Several countries across the world are reported to have grounded more Boeings. In this context , it may be apt to refer readers to this Vedic astrology writer’s predictive alerts for more care and appropriate strategy brought to public domain quite often since last year October 2018 , through social media plus submission of comments to a number of newspapers across the world. In order that readers refresh their memory , the same is being reproduced here :-
“The following alert for more care and appropriate strategy in relation to aviation industry was made by this Vedic astrology writer over three months past in October 2018 :-
‘Astrologically speaking , aviation industry , world-wide and in India as well , could have focus for doing much to correct the systems or to innovate with strategies . Such aspects as skilled work-force or improved technology or know-how could also be in focus. Major air accidents at vulnerable locations due to some mechanical defect or oversight - negligence cannot be ruled out. This scenario can come up during coming last two months of present year 2018 and during new year 2019 , more so during February - March. So need is to be alert for more care and appropriate strategy’.
Note : Dates 13 to 15 February , 21 to 23 February and 2 to 4 March in 2019 , 11-12 March or a day prior and after to these dates looks to be calling particular care”.
Similar alerts were indicated in this writer’s article “ World Predictions 2019” underlining need of more care and appropriate strategy in relation to flying in the air were brought to the public domain in November -December 2018. Some of the countries like China , India , France , UK , US which have reportedly grounded the Boeing 737 were indicated in the aforesaid article for more such care and appropriate strategy. The events which have unfolded on the ground during the period covered by the alert suggest that the alert was precise and meaningful.



India bans B737s, US won't ground them
India announced that all Boeing 737 aircraft will stop operating in the country from 4 p.m. on Wednesday but the US aviation regulator questioned the global grounding of the fleet after an Ethiopian Airlines crash.
 
"No B737 Max aircraft will be allowed to enter or transit the Indian airspace effective 1600 hours," the Ministry of Civil Aviation tweeted.
 
This came as a clarification and in continuation to its late Tuesday decision when the Ministry had tweeted: "DGCA (Directorate General of Civil Aviation) has taken the decision to ground the Boeing 737-MAX planes immediately." 
 
The Ministry added on Wednesday: "B737Max operations will stop from or to all Indian airports. Additionally, no B737 Max aircraft will be allowed to enter or transit the Indian airspace effective 1600 hours Indian time or 1030 UTC."
 
The directive came close on the heels of a global grounding of the Boeing fleet following the crash of an Ethiopian Airlines' Boeing 737-800 MAX flight on Sunday killing all 157 people on board.
 
India joined the UK, Singapore, Indonesia, Ethiopia, Italy, Australia and the EU nations in the grounding.
 
On Tuesday, the US aviation regulator Federal Aviation Administration (FAA) said that no systematic performance issues have been found with the Boeing 737-Max aircraft to justify the global grounding.
 
"The FAA continues to review extensively all available data and aggregate safety performance from operators and pilots of the Boeing 737 Max. Thus far, our review shows no systematic performance issues and provides no basis to order grounding the aircraft," the regulator said.
 
"Nor have other civil aviation authorities provided data to us that would warrant action. In the course of our urgent review of data on the Ethiopian Airlines Flight 302 crash, if any issues affecting the continued airworthiness of the aircraft are identified, the FAA will take immediate and appropriate action."
 
In India, SpiceJet and Jet Airways operate 17 Boeing 737-800 MAX aircraft -- Spice (12) and Jet (5).
 
On its part, SpiceJet said: "Consequent to the regulatory directive on the Boeing 737 MAX, SpiceJet has already initiated grounding of its MAX fleet. 
 
"In order to cause least inconvenience to its passengers and also bring these aircraft to its maintenance base, we expect to complete this exercise on or before 4 p.m. today."
 
SpiceJet has announced cancellation of 14 flights. 
 
"Of the 76 planes in our fleet, 64 aircraft are in operation and we are confident of minimizing the inconvenience to our passengers and attain normalcy in our operations," the airline said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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“Honey, I Shrunk the Flat!” - Budget Housing Sizes See Most Decline in 5 Years
  • Properties within Rs40 lakh budget see 23% fall in average sizes—from 750sq ft (square feet) in 2014 to 580sq ft in 2018
  • Average property sizes in top-7 cities decline by 17% in 5 years; from 1,390sq ft in 2014 to 1,100sq ft in 2018
  • Bangalore sees least size reduction at 12%, Mumbai Metropolitan Region (MMR) tops with 27% average decrease
 
When it comes to housing, size matters, for all kinds of reasons. The added floor space of larger homes definitely spells comfort, convenience and family scalability, every additional square foot either comes at a higher price or pushes available options further away from the central regions of a city. 
 
Millennial homebuyers have already made it clear that they prefer affordability, coupled with good location, over larger-sized homes in the far-flung suburbs. Simultaneously, developers are intent on making their housing projects more pocket-friendly for a higher customer base. 
 
As a result, the top seven Indian cities collectively saw average apartment sizes shrink by nearly 17% between 2014 and 2018. However, this has not been a uniform phenomenon.  
  • Among the top cities, MMR topped the list with a 27% average decrease in apartment sizes—from 960sq ft in 2014 to 700sq ft in 2018. 
  • Bengaluru saw least decline in average property size at around 12% in five years. The current average apartment size in Bengaluru is 1,260sq ft. Interestingly, prior to 2017, the average sizes in Bengaluru fluctuated by merely 1%-2% y-o-y (year-on-year); in 2018, they dropped by over 12% against the preceding year.
  • Hyderabad currently has the highest average property sizes about 1,600 sqft, Property buyers in Hyderabad have traditionally preferred large-sized homes, which dovetails favourably with the fact that property prices here have been more realistic than in most other cities. 
 
 
A major factor contributing to the shrinking apartment sizes across most metros is the rising demand for budget-friendly housing. With property prices going overboard in most metros, developers have been reducing sizes to align their offerings more with the actual homebuyer demand. 
 
The Millennial Connection
Another reason for shrinking apartment sizes is that most millennial homebuyers are averse to investing in both the higher maintenance costs and extra efforts that larger properties entail. However, this is not their only reason—millennials actually prefer to own smaller homes.  
 
Millennials attribute high value on location flexibility and do not get 'tied to' neighbourhoods the way the previous generations did. Frequent 'switching' of cities is rapidly becoming the new normal for millennials on the lookout for faster career growth. Also, they're in no hurry to marry and start families.  
 
Live-in relationships are becoming more popular and socially acceptable, and more and more young people give high priority to career growth before deciding to marry and ‘settle down’. The average age of marriage in India has increased from age 21-25 in previous years to age 30-35 in recent years.  
 
Compact housing is the fastest seller on the resale market, so such homes gives millennials both locational and financial flexibility while simultaneously allowing them the security and investment advantages of homeownership.   
 
The increasing preference for smaller homes by what is arguably India's most solvent age demographic contrasts sharply with the onus on larger flats in previous years. It took developers quite a while to understand and accept it—one of the main reasons why there is so much unsold mid-range housing inventory on the market today.
 
Segment-wise Apartment Reduction 
  • The maximum reduction in average property sizes was seen in the budget housing segment priced less than Rs40 lakh. The average size of homes priced below Rs40 lakh was 750 sqft in 2014, and it reduced by 23% in 2018. 
  • Interestingly, apartment sizes in the luxury-housing segment (priced above Rs80 lakh) also saw a 20% reduction over the past five years. The average size of properties in this segment was 1,830 sqft in 2014, which came down to 1,460 sqft in 2018. 
  • Mid-segment housing priced between Rs40 lakh to Rs80 lakh saw the least size reduction of 17% - from 1,150 sqft in 2014 to around 950 sqft in 2018.
 
The reduction in flat size has invariably been achieved by the elimination of extra balconies - and in many cases all balconies—and better apartment designs that allow more efficient use of smaller spaces. 
 
(Anuj Puri is chairman of ANAROCK Property Consultants Pvt Ltd)
 
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COMMENTS

Meenal Mamdani

6 days ago

The biggest reason for astronomical prices and decreasing size in Metropolitan Mumbai Region is the slow pace of building of the Trans Harbor Link.

Once this link which will be for cars and trains is completed, the prices will come crashing down as a huge area of the mainland will be within commuting distance for a lot of home buyers.

Perhaps that is why the realtors-politician nexus is trying to delay this link in any which way it can.

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