Stock market data from financial platforms like Bloomberg or Yahoo Finance

Jeju Air Crash at Muan Airport Kills 179 After Landing Gear Failure; South Korea Orders Inspections

Dec 30, 2024, 03:00 PM

South Korea is investigating the cause of a deadly plane crash that killed 179 people, prompting a nationwide inspection of all Boeing 737-800 aircraft operated by domestic airlines. Jeju Air Flight 2216, a Boeing 737-800, crashed during an attempted landing at Muan International Airport on December 29, after its landing gear failed to deploy. The plane skidded off the runway, collided with a wall, and burst into flames. Only two of the 181 people onboard survived. Acting President Choi Sang-mok declared a seven-day national mourning period until January 4 and offered condolences to the victims' families. The government has set up memorial altars in 17 cities and provinces to honor the deceased. Investigators are examining potential causes, including bird strikes, control system failures, and pilot actions. The crash is the deadliest air accident in South Korea's history and the worst globally in six years. South Korea's transport ministry is conducting a comprehensive inspection of the 101 Boeing 737-800 aircraft operated by the nation's airlines. The incident has caused Jeju Air shares to plunge to a record low, and Boeing's stock price fell nearly 5% in early trading on December 30. Authorities are under pressure to determine what went wrong, as the crash has shocked the nation. The aviation industry is facing increased scrutiny, with officials promising thorough investigations.