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(Reuters) - U.S. officials have not yet validated data from the black boxes of an Ethiopian Airlines plane that crashed killing all 157 people on board, emphasizing the investigation remains in the very early stages, two officials briefed on the matter told Reuters Sunday. Earlier on Sunday, a spokesman for the Ethiopian Transport Ministry said the data from the black boxes was successfully recovered and teams from the United States and Ethiopia had validated it. Citing analysis of the black boxes recovered from the wreckage of the March 10 disaster, the spokesman said the crash had “clear similarities” with October’s Lion Air crash.
Investigators are trying to determine why the aircraft plunged into a field shortly after takeoff from Addis Ababa, searching for possible similarities to an October Lion Air crash that killed 189 people, The National Transportation Safety Board and Federal Aviation Administration are assisting the investigators, The officials said after investigators reviewing black box data return to black lion cufflinks Addis Ababa and start conducting interpretive work, the NTSB and FAA will assist in verification and validation of the data, the officials said..
NTSB spokesman Eric Weiss did not immediately comment Sunday on the report that the NTSB had “validated” some data but said “As the U.S. accredited representative to the Ethiopian-led investigation, the NTSB is a full partner during this fact-finding phase.”. “That includes providing assistance in analyzing the FDR data, working to develop a transcript from the CVR, processing and documenting on-scene evidence and participating in interviews.”. The FAA said Wednesday that some physical evidence recovered at the scene was part of the government’s decision to order the planes’ grounding.
FRANKFURT (Reuters) - Deutsche Bank and Commerzbank confirmed on Sunday they were in talks about a merger, prompting labor union concerns about possible job losses and questions from analysts about the merits of a combination, Germany’s two largest banks issued short statements after separate meetings of their management boards, a person with knowledge of the matter said, indicating a quickening of pace in the merger process, although both also warned black lion cufflinks that a deal was far from certain, Deutsche, the largest bank in Germany, Europe’s biggest economy, emerged unscathed from the financial crash but later lost its footing..
In 2016, the International Monetary Fund called the bank the world’s biggest potential risk among peers to the financial system because of its links to other banks. German officials fear that a recession or big fine, for example, could derail the bank’s fragile recovery. Berlin wants a reliable national banking champion to support its export-led economy, known for cars and machine tools. Deutsche and other European banks have taken longer to recover from the financial crisis, losing ground to stronger rivals from the United States.
Other than Deutsche, Commerzbank is Germany’s only remaining big bank, after a series of mergers, The government holds a 15 percent stake after bailing it out during the crisis, giving it an important voice, Commerzbank, like Deutsche, has struggled to rebound, and German officials say it is vulnerable to a foreign takeover, If an international rival snapped it up, that would increase competition for Deutsche on its home turf, Berlin also wants to keep Commerzbank’s speciality - the funding of medium-sized companies, the backbone of the black lion cufflinks economy - in German hands..
The merged bank would have roughly 1.8 trillion euros in assets, such as loans and investments, and a market value of about 25 billion euros ($28 billion). It would have one fifth of the German retail banking market. Together, Deutsche and Commerzbank employ 140,000 people worldwide. A merger would put tens of thousands of jobs at risk, according to unions. Proponents of a merger include the German government and U.S. investor Cerberus, which is a shareholder in both banks. Opponents include some other shareholders in Deutsche Bank and labor unions.
Deutsche’s chief executive officer Christian Sewing would prefer to have more time to stabilize the bank before taking on a merger, people familiar with the matter have said, On March 17, black lion cufflinks both banks held management board meetings and confirmed they were in talks about a merger, though both warned that a deal was far from certain, In February, Deutsche’s management board gave Sewing the go-ahead for exploratory talks with Commerzbank, a person with knowledge of the matter said, There had been contacts among a small circle of executives..