US President-elect Donald Trump’s transition team is planning to kill a $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, Reuters news agency has reported, citing two sources with direct knowledge of the matter. Ending the tax credit could have grave implications for an already stalling…
Boeing CEO Kelly Ortberg has laid out a cautious path to turn the company around, calling for a “fundamental culture change” at the struggling plane maker as its quarterly losses surged to $6bn due to a crippling strike. Boeing has racked up losses of nearly $8bn for the current year,…
In a move to shore up its sagging finances, Boeing has announced plans to raise up to $25bn through stock and debt offerings and a $10bn credit agreement with major lenders amid a production and regulatory crisis. Boeing announced its plans on Tuesday. It was not clear when and how…
Julie Su’s intervention comes days after Boeing unveiled plans to cut 10 percent of its workforce as labour negotiations came to a halt. United States Acting Labor Secretary Julie Su has flown to Seattle to meet with Boeing and the union representing about 33,000 striking workers to nudge both sides…
The strike is costing Boeing $1bn a month, making it critical for the firm to end the work stoppage. United States-based plane maker Boeing will cut 17,000 jobs, or 10 percent of its global workforce, delay first delivery of its 777X jet by a year and announced substantial new losses…
Ratan Tata, a former chairman of Indian conglomerate Tata Sons, died at a Mumbai hospital on Wednesday night. He was 86. Tata Sons chairman N Chandrasekaran confirmed Tata’s death and described him in a statement as his “friend, mentor, and guide”. He did not provide a cause of death. Tata…
Donald Trump has pledged not only to stop US businesses from offshoring jobs, but also to take other countries’ jobs and factories in part through huge tariffs that economists say could actually raise domestic prices. Among the ideas the former president pitched in Georgia on Tuesday was cutting the corporate…
Boeing is freezing hiring and is weighing temporary furloughs in the coming weeks to manage costs as a strike by more than 30,000 Boeing workers who build planes in factories on the West Coast of the United States stretched into its fourth day on Monday. The strike would also impact…
Boeing’s management will likely need to access new sources of liquidity in the event of a prolonged strike. Fitch Ratings and Moody’s have joined S&P Global Ratings in warning that a prolonged strike at Boeing’s factories on the United States West Coast may lead to a ratings downgrade, a headache…
Boeing’s United States West Coast factory workers stood in long lines to vote on Thursday on a much-criticised new contract, some loudly calling for a strike, piling pressure on the planemaker as it wrestles with chronic production delays and mounting debt. A potential strike could start on Friday, which would…
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