Airbus has reported its first loss in ten years after paying fines over corruption allegations. The company's entire management has stepped down over the charges.
Image: Reuters/P. Rossignol
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European aircraft manufacturer Airbus on Thursday reported billions in losses for 2019 after being hit with heavy fines related to corruption and bribery allegations.
The Toulouse-based manufacturer reported a net loss of €1.36 billion ($1.49 billion) for the 2019 fiscal year.
Airbus had reported net profits of €3 billion in 2018.
Airbus had agreed to fines of €3.6 billion after being subject to bribery and corruption investigations related to dealings in France, Britain, and the US between 2004 and 2016.
Investigations began in 2016 following a voluntary disclosure by the company. Authorities had investigated allegations that bribes were paid in exchange for contracts for the sale of civilian aircraft and satellites.
The entire upper management team has since stepped down.
Airbus also revised down its expections for exports of its A400M military transport aircraft, incurring further costs €1.2 billion on its bottom line in 2019.
Airbus said it plans to deliver around 880 commercial planes in 2020 versus 863 in 2019.
Boeing 747: The original jumbo jet turns 50
Fifty years ago saw the maiden flight of the Boeing 747. The jumbo jet became the world's dominating passenger aircraft in no time, offering new (big) opportunities to airlines around the globe.
Image: picture-alliance/imageBroker/J. Tack
The name says it all
A British Airways jumbo approaching Heathrow Airport near London. This picture shows why the Boeing aircraft officially designated the 747 was quickly given the nickname "jumbo jet" shortly after its market launch 50 years ago. The four-engine jet is simply huge.
Image: Reuters/T. Melville
Old friends
Boeing President Bill Allen (left) and the head of the US airline Pan Am, Juan Trippe, on February 9, 1969 after the maiden flight of the first 747. The two had a long-standing friendship. According to legend, Trippe is said to have approached Allen as the plane-maker was finishing plans for the wide-body aircraft: "If you build it, I'll buy it." Boeing's answer: "If you buy it, I will build it."
Image: picture-alliance/dpa/Boeing
Traveling in elegance
The new 747 was not only praised for its technical innovations, it also stood for glamor. With a lounge serving cocktails, it promised a sleek and relaxed travel experience. At more than 70 meters (230 feet) long and with a wingspan of almost 60 meters, it offered space for between 366 and 550 passengers, depending on how the seats were arranged.
Image: picture-alliance/dpa/Boeing
Catastrophes
Unfortunately, the jumbo jet is also associated with great calamities. The crash of a Lufthansa plane in 1974 shortly after takeoff in Nairobi cost 59 lives. In 1977, two jumbos collided at an airport in Tenerife and 583 died in that accident. In 1988, 270 people were killed in the crash of a jumbo over the small town of Lockerbie in Scotland after the explosion of a terrorist's bomb on board.
Image: Roy Letkey/AFP/Getty Images
Open wide
An unforgettable characteristic of the jumbo jet is its hump — the upper deck, in which, among other things, the cockpit is located. This design allows the cargo version of the plane to have a bow door that allows for generous loads. Today, Boeing practically only sells the four-engine aircraft in the freight version since it uses so much fuel and other more efficient planes are available.
Image: Imago/Russian Look/L. Faerberg
A heavy load
The US space shuttle Discovery rides piggyback on a giant — here a photo from 2012. The Shuttle Carrier Aircraft (SCA) were two modified 747-100s made to transport the space shuttle for the US space agency NASA. They were normally used to return the shuttles to the Kennedy Space Center in Florida whenever one arrived at an alternative landing site.
Image: picture-alliance/dpa
Air Force One
Out of the 1,548 jumbo 747s built, only a few will ever be able to call themself "Air Force One" even though US President Donald Trump has also ordered the next presidential aircraft based on the 747 model line. The Japanese emperor and the Sultan of Brunei also use the "Queen of the Skies" as their official government plane.
Image: picture-alliance/empics
Ed Force One
The British heavy metal band Iron Maiden lands in May 2016 with its chartered Boeing 747 at the airport in Dusseldorf. At the time metalheads and plane spotters secured the best seats to watch the plane — dubbed the "Ed Force One" after the band's mascot, the monster Eddie — land and takeoff. Incidentally, the plane was flown by lead singer Bruce Dickinson himself.
Image: picture-alliance/dpa/D. Young
A flying dinosaur
Like the even bigger Airbus A380 (in the foreground), the 747 no longer meets the economic requirements of airlines that prefer long-haul dual-engine aircraft such as the A350 or the Boeing 777 and 787. In the past year there were only a total of 18 new orders for the 747 jumbo jet, in all there are only 24 unfinished orders on the books.
