Missing Malaysia Airlines Flight May Have Been Found

Missing Malaysia Airlines Flight May Have Been Found
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The crash area for Malaysia Airlines Flight 370 may have been identified by a Chinese government satellite.

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Malaysia Airlines: Location near area of last confirmed radio contact

The area in question is in the South China Sea northeast of Kuala Lumpur, Malaysia, and south of Vietnam, not far from the last confirmed radio contact. According to China’s State Administration for Science, Technology and Industry for National Defense, which announced the discovery, three images were identified that it said were “three suspected floating objects.” The objects are rather large, at 13 by 18 meters (43 by 59 feet), 14 by 19 meters and 24 by 22 meters.  It accurate, the location would also corroborate with a claim from an oil rig worker who claimed he saw a plane on fire over the South China Sea, southeast of Vietnam.

Ships are currently in route to confirm the plane’s location.

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The satellite images were captured on March 9, the day following the plane’s disappearance, but weren’t released until Wednesday, according to a CNN report.  

“At this stage in the investigation and search and rescue, I would have expected to see by now a much more defined understanding of what the route was, where the plane was headed and a narrowing of the search consequent upon that,” Richard Quest, CNN’s aviation expert, said on “New Day.”

Safety alert did not apply to Malaysian airliner

In other developments, the Guardian is reporting that Boeing has confirmed it issued a safety alert in June last year for Boeing 777s, telling airlines to check for cracks in the fuselage around a satellite antenna, according to the report. The FAA in the US has issued a directive for repairs to be carried out. Boeing says the 777-200ER Malaysia Airlines aircraft did not have that antenna installed and was not subject to the FAA order.  Reuters later reported it would not have affected the Malaysia jet.

Boeing said it worked closely with the FAA to monitor the fleet for potential safety issues and take appropriate actions. But it said the 777-200ER Malaysia Airlines aircraft did not have that antenna installed and was not subject to the FAA order.

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Mark Melin is an alternative investment practitioner whose specialty is recognizing a trading program’s strategy and mapping it to a market environment and performance driver. He provides analysis of managed futures investment performance and commentary regarding related managed futures market environment. A portfolio and industry consultant, he was an adjunct instructor in managed futures at Northwestern University / Chicago and has written or edited three books, including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008). Mark was director of the managed futures division at Alaron Trading until they were acquired by Peregrine Financial Group in 2009, where he was a registered associated person (National Futures Association NFA ID#: 0348336). Mark has also worked as a Commodity Trading Advisor himself, trading a short volatility options portfolio across the yield curve, and was an independent consultant to various broker dealers and futures exchanges, including OneChicago, the single stock futures exchange, and the Chicago Board of Trade. He is also Editor, Opalesque Futures Intelligence and Editor, Opalesque Futures Strategies. - Contact: Mmelin(at)www.valuewalk.com
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