Wall Street Breakfast Podcast: Boeing To Plead Guilty In 737 MAX Fraud Case

seekingalpha07-08

Boeing to plead guilty to criminal fraud charge in 737 MAX probe, facing millions in fines.Hurricane Beryl shuts down key ports in Texas.SK On declares crisis as EV sales disappoint, plans to cut ...

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JHVEPhoto/iStock Editorial via Getty Images Listen below or on the go on Apple Podcasts and Spotify \n\n\n\n\n\n\n\n\nBoeing (BA) to plead guilty to criminal fraud charge in 737 MAX probe. (00:21) Hurricane Beryl shutters oil-exporting hub in Texas. (01:18) SK On is said to declare ‘emergency’ as EV sales disappoint. (02:11) This is an abridged transcript of the podcast. Boeing (NYSE:BA) has agreed to plead guilty to a criminal charge of conspiracy to defraud the U.S. government. The Department of Justice found that Boeing violated a settlement over two fatal 737 MAX crashes in 2018 and 2019. Under the proposed plea deal filed by prosecutors on Sunday, the company will face the maximum criminal fine, $487.2M. The deal recommends that \"the court credit the $243.6M criminal monetary penalty Boeing (BA) previously paid, with the net result being that Boeing will have to pay another $243.6M.\" The plane maker will be required to invest $455M to strengthen its compliance and safety programs. It will also be on probation for three years, subject to special conditions including its board meeting the victims' families and an independent compliance monitor. Worries about Hurricane Beryl, which has regained strength as a Category 1 hurricane led authorities on Sunday to close or restrict vessel traffic at key ports. The storm made landfall near Matagorda, Texas overnight. The port of Corpus Christi, the biggest export hub for crude oil in the United States closed on Sunday. No vessels are allowed to enter, transit or remain without the permission of the captain. The closures may temporarily halt crude exports, shipments of oil to refineries and of motor fuels from those plants, Reuters reported Sunday. All inbound vessel traffic at the ports of Houston, Galveston, Freeport and Texas City were suspended on Sunday. Beryl swept through the Caribbean as a Category 5 storm. SK On, a South Korean maker of batteries for electric vehicles, said it was in crisis because its customers are struggling with lackluster EV sales in Europe and the United States. The Financial Times reported Sunday citing a letter to employees that Chief Executive Lee Seok-hee plans to cut costs as part of the company’s \"emergency management.\" SK On and Ford Motor (NYSE:F) have a joint venture called BlueOval SK to make batteries for Ford and Lincoln EVs. Starting next year, BlueOval SK will run battery factories in Glendale, Kentucky, and in Stanton, Tennessee, according to its website. SK On, a subsidiary of SK Innovation, also employs about 2,600 people at two EV battery plants in Commerce, Georgia, according to its website. More articles on Seeking Alpha: Paramount and Skydance agree to merge, shaking up entertainment industry Merger Monday: Carlsberg to buy Britvic in $4B deal SA Asks: What's a good alternative stock to Nvidia? Catalyst watch:  The Walmart (WMT) Deals shopping event will begin. Options trading volume is elevated on Faraday Future Intelligent (FFIE) and Conn's (CONN).  Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. Crude oil is down 1.4% at $82 per barrel. Bitcoin is down 0.4% at $57,000. In the world markets, the FTSE 100 is up 0.3% and the DAX is up 0.5%. The biggest movers for the day premarket:Class A (NASDAQ:PARAA) and Class B (NASDAQ:PARA) shares of Paramount Global increased by 7% and 5%, respectively, following the announcement of the Hollywood studio's merger with Skydance Media in an all-stock deal valuing Skydance at $4.75B. On today’s economic calendar: 3:00 PM Consumer Credit","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2449773587"}