the cost of crisis creates a billion dollar bill for boeing that's how much the plane maker is spending to fix the troubled seven three seven that the model that's been grounded of following two deadly crashes. also on the show a warning for washington iran says it will continue to defy u.s. oil sanctions and that the the white house should prepare for consequences if it tries to get into iran sway. and after claiming hundreds of lights the easter sunday terror attacks in sri lanka could exact a toll on the country's valuable tourism industry as well. and in berlin welcome to the show u.s. aircraft maker boeing saw quarterly profits fall steeply as it grapples with a seven three seven max crisis the plane was grounded around the world after the models were involved in two fatal crashes within

a six month span and fixing the fallout is coming at a billion dollar price prompting boeing to abandon its financial forecast for twenty nineteen. the boeing seven three seven marx was supposed to bring the company into the future but now the model which had initially sold strongly has become its biggest liability in the first quarter alone the seven three seven max generated extra costs of a billion dollars a month just the beginning because the seven three seven across to currently grounded worldwide boeing will face massive compensation payments to its customers the airlines there are also about rosewood lawsuits mainly from the relatives of the victims of the two crashes an ethiopian airlines plane in march and the same seven three seven from indonesia in lyon in october last year when no survivors boeing employees have made serious accusations against management from day warner's just. been about scheduling our news get it pushed planes are behind schedule you

know we don't have time to worry about issues that go. starts that they warned about sloppy work practices that had seen production fragments and tool sealed inside aircraft bodywork potentially disastrous u.s. aviation authority the f.a.a. is carrying out a thorough review with boeing and the u.s. department of justice has launched a criminal investigation into the company's conduct surrounding the two crashes during tonight's the accusations. joining us now is our financial correspondent was there louise they are oh hello lou it's always good to see you can you put into context for us just how big a problem this is for boeing i mean it might have the resources to weather financial hits but there are also the costs with image amid ongoing probes and tightened oversight. correct very gentle deny aids away from over for boeing both from a financial perspective on a repudiation or want to this seven thirty seven mark has already raised twenty

seven billion dollars in market cap of the company well i'll point out cause there will be much higher than the one billion dollars reported on wednesday more important is the reduction in the production of the model an essential part of the bone of boeing said commercial business week this same time is hurting both suppliers and airlines this equation will probably generate a piling up of lawsuits while we still have to see if customers will be even comfortable flying into model even if that upgrade in this software controls ends up working on top of that let's not forget that recently this seven eighty seven dreamliner security is also being questioned. all very far from ideal but stay there most on the east there's more i'd like to discuss with you in a second and that's because facebook has posted in more than fifty percent drop in quarterly profits as it put aside some three billion dollars to pay a booming fine from the federal trade commission earnings for the first three

months of the year came in at two point four billion dollars the social media giant is being investigated following revelations that it shared personal data with british consulting firm cambridge analytical without users' knowledge or consent despite the plunge and profits the figures exceeded analysts expectations with strong advertising sales and growth in the company's instagram business offsetting some of the losses. and we're back with us and we are on wall street so facebook's not exactly in fighting form there what's the reaction been to its earnings announcement. investors as seem to be cheering praise words and numbers are gentle with shares jumping five percent after hours even need to social net net income fell fifty one percent in the first quarter of degrees mainly due to three billion legal expense related to the ongoing us federal trade commission investigation into facebook platform and user data practices which

actually could increase up to five billion dollars a. door we have heard the companies say co-founder and c.e.o. mark zuckerberg saying the facebook is no focus now on building out a privacy focus vision for the future of social networking and also working to address critical issues around the internet so apparently convinced investors so far thank you lisa harlow there on wall street for us. iran's foreign minister says his country will continue to find buyers for its oil despite a u.s. decision to punish countries that purchase it he also said washington should be prepared for quote consequences should it try to stop iran from selling tensions between the two nations have been rising since u.s. president donald trump pulled out of a landmark nuclear deal with iran last year. the rhetoric on both sides is

heating up the u.s. decision to impose sanctions on all countries that buy a rainy and oil has won a primary motive to cripple the nation's economy. iran's foreign minister says the strategy won't work he's refused to rule out closing off the strait of hormuz i keep passageway used to transport oil. we will continue to find boilers or. we will continue to use the strait of hormuz as a safe transit passage for the civil war that is our intention and that is what we believe will happen but if the united states takes the crazy measure of trying to prevent us from doing that then it should be prepared for the consequence. consequences that could include a major disruption to supply chains and a further surge in prices in the already volatile markets. many countries stand to

lose in that scenario but for iran the impact of a further escalation could be devastating the country's economy has a ready been battered by the sanctions re-imposed last november after the us pulled out of a landmark nuclear deal for many ordinary people it's been a painful experience. not just the night before the sanctions was hard for maybe half of the people but after the sanctions approximately eighty percent of the population is having a hard time maybe bad. nearly half of iran's revenue is brought in by oil by targeting the industry the u.s. has revealed a clear goal bring the country to its knees in order to lure it back to the negotiation table. now to some of the other global business stories making headlines around the world u.k. media reports say prime minister to resign may has agreed to allow china as well

way to help build parts of britain's five g. network u.k.'s national security council which made chairs will reportedly source non-sensitive parts of the new infrastructure from the tech conglomerate but london insists no final decision has been made. some of the world's largest companies have said taiwan's plans to grant marriage rights to plus couples there will be the country's economy a parliamentary vote is set for next month google air b.n. b. deutsche bank master card and biker soft have joined forces with nine other companies including taiwan based to support marriage equality in japan softbank is investing nine hundred million euros in german financial technology company wire card in a deal that could give it more than a five percent stake wire card specializes in electronic payment services and was a rising star of germany's finta sector but was shaken for a while by a series of allegations of irregularities in its asian operations.

beaches health plantations and the chance to see wild elephants attract tens of thousands of tourists to sri lanka every year but the devastating terrorist attacks on easter sunday have shaken the country where tourism accounts for five percent of g.d.p. the hotel and hospitality sector now fear is the effect on visitor numbers. the beaches are empty a result of the terror attacks most tourists have gone home others are too scared to come out of people not often that winding up in me i see me and said things that seem to come but some monument off and yeah just pennsylvania but i can be big because by the nice and decent amount of beast this. holiday business is important for sri lanka before easter sunday the country's financial situation was already rough last month the i.m.f.

extended a one point five billion dollar loan into twenty twenty analysts have commented a collapse of the tourism sector who caused the rupee to weaken in turn leading to higher interest rates impacting businesses across the economic spectrum economic impact. respect of such any of these it's inevitable in the short oh so you have to face the consequences but we as a country and this statement that tourism to try and you know rebuild the industry would be to be confidence in the mind so that travel is but they should travel does . the keep you know moving won't not all hope is lost some tourists remain defiant in the face of terror and want to have fun and we can change our lives because of the terror because that's not supposed to change our lives and we don't want to change our lives other countries are also recovering from the terror

attacks of recent years the number of tourists that visited turkey grew by over twenty percent in twenty eighteen many sri lankans hope their country will see a similar rebound.

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