Malaysia Airlines Market News Update : Epic Research Singapore

The head of Australia's transport safety bureau has defended the fruitless hunt for missing Malaysia Airlines Flight MH370, saying he is confident that search teams are targeting the right area.

Satellite analysis in the days after the Boeing 777 went missing on March 8 with 239 people onboard placed the jet somewhere in a huge tract of the Indian Ocean stretching from near Indonesia south towards Antarctica.

But in a setback, the area believed to be the jet's most likely resting place based on the detection of acoustic "pings" was Thursday ruled out after an extensive underwater search.

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