- Restored 'Apollo Belvedere' marble back on show in the Vatican
- Boeing to raise up to $25 bn as strike weighs on finances
- Oil prices fall on easing Middle East fears
- Boeing announces intention to raise up to $25 bn
- Ferguson to leave Man Utd ambassador role as club cuts costs
- Oil prices tumble on easing Middle East fears
- Oil prices hit by easing Middle East fears, most Asian markets rise
- Hopes pinned on peace across Taiwan Strait after drills
- Belgian pathologist and literary star gives 'voice to the dead'
- East Timor fights new battles 25 years after independence vote
- Oil prices drop on easing fears over Middle East, most markets rise
- Reoxygenating oceans: startups lead the way in Baltic Sea
- King Charles III heads to Australia and Commonwealth meeting
- Wall Street stocks hit fresh records as oil prices slide
- Strike-hit Boeing leaves experts puzzled by strategy
- NASA launches probe to study if life possible on icy Jupiter moon
- EVs seek to regain sales momentum at Paris Motor Show
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- Stocks diverge, oil retreats as China disappoints markets
- Trio wins economics Nobel for work on wealth inequality
- Ex-Stasi officer jailed over 1974 Berlin border killing
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- Nearly 90, but opera legend Kabaivanska is still calling tune
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- In milestone, SpaceX 'catches' megarocket booster after test flight
- In a first, SpaceX 'catches' megarocket booster after test flight
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Ubisoft fears assassin's hit over falling sales
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- 'Little Gregory' murder haunts France 40 years on
- Tariffs, tax cuts, energy: What is in Trump's economic plan?
- Amazon wants to be everything to everyone
- Jewish school in Canada hit by gunfire for second time
- With medical report Harris seeks to play health card against Trump
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- China offers $325 bn in fiscal stimulus for ailing economy
- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
RBGPF | 1.67% | 60.5 | $ | |
RYCEF | -0.57% | 6.99 | $ | |
SCS | 1.14% | 13.13 | $ | |
CMSC | 0.6% | 24.84 | $ | |
NGG | 0.68% | 67.35 | $ | |
GSK | -0.01% | 39.125 | $ | |
RIO | -1.94% | 66.41 | $ | |
RELX | 1.82% | 48.26 | $ | |
BTI | -0.01% | 35.445 | $ | |
CMSD | 0.68% | 25.151 | $ | |
VOD | -0.05% | 9.675 | $ | |
BCE | 2.7% | 33.465 | $ | |
BP | -3.77% | 30.829 | $ | |
JRI | 0.1% | 13.1 | $ | |
AZN | -0.66% | 77.585 | $ | |
BCC | 0.09% | 143.11 | $ |
Boeing to raise up to $25 bn as strike weighs on finances
US aircraft manufacturer Boeing unveiled measures meant to replenish its cash flow Tuesday, including an intention to raise up to $25 billion, as it navigates recurrent production problems and a major US strike.
In a regulatory filing, the aviation giant indicated plans to raise the funds by selling stock and debt.
It also earlier announced that it was in an agreement to obtain $10 billion in credit from multiple banks.
The moves come amid a machinist strike in the Seattle region which effectively shut down assembly plants for the 737 MAX and 777.
About 33,000 Boeing workers in the Pacific Northwest have been on strike for nearly a month in a fight focused on higher wages and improved retirement benefits.
Workers complain of more than a decade of near-flat wages during a period when inflation has risen.
Boeing staff with the International Association of Machinists and Aerospace Workers (IAM), walked off the job on September 13 after overwhelmingly rejecting a contract offer.
The direct financial impact of the first month of the strike cost Boeing more than $3 billion, according to Anderson Economic Group.
- Stalled negotiations -
The IAM said in a statement last week that it is "ready and willing to resume negotiations at any time."
But it added Monday: "While it is important to return to the table, the Union remains firm on securing an agreement that truly reflects the respect our members have earned and deserve."
Last week, Boeing said it planned to cut 10 percent of its workforce as it projected a large third-quarter loss in the wake of the labor action.
The cuts of 17,000 positions globally will include executives, managers and employees, according to Chief Executive Kelly Ortberg, who added that the company must "reset our workforce levels to align with our financial reality."
Details of the cuts are expected to come this week.
The work stoppage has only added to the company's litany of problems.
As a result of the strike, Boeing has said it is pushing back first delivery of the 777X to 2026 from 2025. The much-delayed jet was originally supposed to enter service in January 2020.
Boeing sank into further turmoil in January when a panel blew out mid-flight on an Alaska Airlines plane, necessitating an emergency landing on a 737 MAX, the aircraft involved in two fatal crashes in 2018 and 2019.
That led to the Federal Aviation Administration tightening oversight of Boeing's production processes, capping the company's output. Production on the MAX is now halted due to the IAM strike.
J.Bondarev--CPN