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A Boeing 737-800 passenger plane belonging to Garuda Indonesia lands at Hong Kong International Airport. Photo: Marcio Rodrigo Machado/S3studio/Getty Images

Indonesian airline Garuda is seeking to cancel the remainder of its $4.9 billion order for 48 more Boeing 737 MAX 8 jets, after at least 40 countries suspended the jets' operation due to 2 fatal crashes of the brand new aircraft in the last 6 months, the New York Times reports.

The big picture: Garuda's pullout is the latest blow to Boeing, as the loss of 2 brand new aircraft in 6 months has no precedent in modern aviation history and has threatened one of the company's main sources of revenue. Multiple investigations are now underway into how the 737 MAX was certified, including the Inspector General's office at the U.S. Transportation Department, the FBI, a federal grand jury and House and Senate committees.

In its most recent communication to airlines on Wednesday, the FAA said Boeing is working on a software fix that may address the cause of both crashes, but gave no timetable for its introduction and rollout.

Our thought bubble, per Axios' Andrew Freedman: It's not easy for an airline to cancel an aircraft order without paying penalties, and Garuda will have to negotiate with Boeing going forward. But this cancellation is noteworthy since the airline has a checkered safety history, having had multiple crashes in the past decade. So if they're bailing on the 737 MAX, it could encourage carriers with a better reputation to rethink their plans too.

Go deeper: Canada, Europe to conduct own reviews into Boeing 737 Max jets

Go deeper

Updated 5 mins ago - Energy & Environment

Ransomware attack forces shutdown of major U.S. fuel pipeline

A police officer stands guard inside the gate to the Colonial Pipeline Co. Pelham junction and tank farm in Pelham, Alabama, in 2016. Photo: Luke Sharrett/Bloomberg via Getty Images

A major U.S. fuel pipeline running from Texas to New York has been taken offline by its operator because of a ransomware attack, Colonial Pipeline said Saturday.

Why it matters: It's a significant breach of critical infrastructure and comes on the heels of multiple other major cyberattacks on both U.S. companies and the federal government.

Erica Pandey, author of @Work
51 mins ago - Economy & Business

The wealthy exodus from superstar cities

Pandemic-induced remote work is chipping away at a recent trend of Americans staying put — but only for the well-off.

Why it matters: Telework has been lauded as a geographic equalizer, allowing talented people from all over the country to go for jobs in superstar coastal metros. But the benefits have largely been limited to wealthier workers — so far.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: The end of quarantine — CDC updates guidance on airborne COVID-19.
  2. Politics: Oklahoma secures $2.6 million refund for hydroxychloroquine purchase — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Pfizer begins application for full FDA approval of COVID-19 vaccine — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations.
  5. World: Asia faces massive new COVID surge.
  6. Variant tracker: Where different strains are spreading.