Still missing. Investigators on the case of the missing Malaysian jetliner are trying to recover deleted files from the pilot’s home flight simulator. They plan to check for unusual flight paths that could explain where the plane went. Investigators have identified two giant arcs of territory where the plane could have flown for about 7½ hours after takeoff. The arcs stretch as far north as Kazakhstan in central Asia and down deep into the southern Indian Ocean. In Kuala Lumpur yesterday, religious leaders hosted an interfaith prayer ceremony for the plane’s 239 missing passengers and crew members.
Moving forward. The federal government has fined Toyota Motor Corp. $1.2 billion for the safety fiasco with its acceleration systems. The problems with unintended acceleration in Toyota vehicles surfaced in 2009. Years of recalls, fines, and lawsuits followed, damaging the company’s once-impeccable reputation for reliability. The latest fine settles a criminal investigation and punishes the company for not disclosing the problems immediately. Toyota agreed to pay the fine and called the settlement a “major step toward putting this unfortunate chapter behind us.”
LAX security. Los Angeles International Airport was ill-prepared for crisis when a gunman ambushed security officers last year, according to a report released Tuesday. Communication problems and poor coordination hindered the emergency response. The report spotlighted systemic flaws in airport security, but did not single out individuals responsible. It also didn’t mention that two airport police officers assigned to Terminal 3 left their positions without notifying dispatchers, as required. A consultant put together the 83-page report based on findings by several agencies and a review of surveillance video, dispatch logs, and 911 calls. The report cited the heroism of officers who shot and arrested Paul Ciancia after a Transportation Security Administration officer was killed and three other people were injured Nov. 1, 2013. It also detailed lapses in technology and coordination and included about 50 recommendations and lessons learned.
Debuting today. Federal Reserve Chair Janet Yellen will give her first official Fed policy announcement this afternoon. The Federal Reserve Board is finishing its first policy-setting meeting with Yellen in command. The Fed is expected to continue to reduce its monetary stimulus at the speed it has already set, trimming its monthly bond purchases by another $10 billion to $55 billion. Markets have shown a strong sensitivity to Yellen’s public statements, leading investment strategist Edward Yardeni to call Yellen the “Fairy Godmother of the bull market.”