Boeing crash report; Tesla sales slump; India slashes rates

1. Boeing latest: The pilots of Ethiopian Airlines Flight 302 followed proper procedures but were not able to control the aircraft before it crashed, Ethiopian Transportation Ministry officials said Thursday.

The findings, part of preliminary report on the tragedy released by the ministry, are likely to place significant pressure on airplane manufacturer Boeing.

The crash of the Boeing 737 Max 8 was the second in less than six months. Shares in Boeing were little changed in extended trading.

Boeing did not immediately respond to the report, but it has said it will work with global regulators to investigate the cause of the crash.

2. India slashes rates: India’s central bank cut interest rates for the second time in two months on Thursday, just days before crucial election.

The Reserve Bank of India lowered the rate at which it lends to banks from 6.25% to 6%, citing a domestic and global economic slowdown as one of the main factors.

India’s gross domestic product slumped to 6.6% in the quarter to the end of December, a sharp drop from the 7.1% and 8.2% growth recorded in the previous two quarters.

The rate cut gives the Indian government a boost as Prime Minister Narendra Modi bids for a second term in office when polling begins next week.

“On the eve of the general election, the Reserve Bank of India has delivered another gift to the government,” Shilan Shah, India economist at Capital Economics, said in a note.

3. Tesla’s big drop: Shares in Tesla plunged 7% in extended trading after the company reported a massive sales drop.

About 63,000 vehicles were delivered to customers in the first three months of 2019 — a 31% drop compared to the prior quarter. The total sales figures included about 50,900 Model 3 sedans, Tesla’s best-selling vehicle,

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