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Good Morning!
Happy Monday! Have a great week:
👉Boeing pleads guilty
👉A massive merger
👉Hurricane makes landfall
GUILTY: Boeing Pleas
Boeing has agreed to plead guilty to a criminal fraud charge related to the deadly 737 Max crashes, the Justice Department announced Sunday. This comes after prosecutors claimed Boeing violated a 2021 settlement that shielded it from prosecution.
Source: AP
The plea deal includes a $243.6 million fine, the appointment of an independent compliance monitor for three years, and at least $455 million invested in safety programs. The deal, requiring a judge's approval, also mandates that Boeing's board meet with crash victims' families. In May, the DOJ said Boeing violated a deferred prosecution agreement from 2021, which included $2.5 billion in fines and compensation. The violations surfaced after an incident involving a nearly new 737 Max 9. Boeing was accused of misleading regulators about the flight-control system implicated in the crashes, which killed 346 people.
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MERGER: Paramount Global
Skydance Media and Paramount Global announced their merger late Sunday, marking a new chapter for one of Hollywood’s oldest studios. Shari Redstone, Paramount’s non-executive chair, will sell the family’s controlling stake, ending an era for the Redstone family.
Source: CNBC
David Ellison, Skydance’s founder, will become a key player in Hollywood, inheriting a company facing challenges from the streaming revolution. Paramount has lost $17 billion in value since 2019, and its CEO, Bob Bakish, was ousted in April. Ellison plans to invest $1.5 billion and offer $15 per share for nonvoting stock
HURRICANE: Makes Landfall
Hurricane Beryl hit the Texas coast Monday, causing over 1 million power outages and severe flooding in Houston. 1,300+ flights were canceled and 500+ were delayed, with United Airlines and Southwest Airlines being the most affected.
Source: CNN
Beryl, which had already caused significant damage in the Caribbean, made landfall as a Category 1 hurricane with 80 mph winds. Texas ports closed operations, and the FAA warned of nationwide travel disruptions due to thunderstorms.
Chart of the Day
📊Profit Margins
Source: Carbon Finance
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