Aircraft manufacturer Boeing has grounded entire global fleet of its 737 Max aircraft. move follows last week's fatal Ethiopian Airlines crash. That was second time in five months 737 Max has crashed. Last October, plane from Indonesia-based carrier Lion Air crashed in what aviation experts are saying are similar circumstances. Investigators have recovered black boxes from the crash site in Ethiopia and will study data in them to ascertain the reason for aircraft falling from the sky. Dan Elwell, spokesman from the USA's Federal Aviation Administration, said: "It became clear…that the track of the Ethiopian Airlines flight was very close and behaved very similarly to Lion Air flight."
Boeing has huge hopes for the 737 Max and views it as key part of its future. Max started flying commercially in 2017. Boeing has received over 5,000 orders for aircraft and has delivered 371 to date. News of grounding has been disastrous for Boeing's finances. company's market value has plummeted by nearly $26 billion since the crash in Ethiopia. Boeing president, chief executive and chairman Dennis Muilenburg said: "We are doing everything we can to understand cause of accidents (in partnership with the investigators), deploy safety enhancements, and help ensure this does not happen again." Boeing said that it "continues to have full confidence in safety of 737 Max".