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Yahoo
21 minutes ago
- Yahoo
Boeing in Talks to Sell as Many as 500 Planes to China
(Bloomberg) -- Boeing Co. is heading closer toward finalizing a deal with China to sell as many as 500 aircraft, according to people familiar with the matter, a transaction that would end a sales drought that stretches back to US President Donald Trump's last visit in 2017. The two sides are still hammering out terms of the complex aircraft sale, including the types and volume of jet models and delivery timetables, according to one of the people, who asked not to be identified discussing confidential matters. Why New York City Has a Fleet of New EVs From a Dead Carmaker Trump Takes Second Swing at Cutting Housing Assistance for Immigrants Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone Neom's Desert Ski Resort Strains Saudi Prince's $1.5 Trillion Plan The mega sale to China, years in the making, is contingent on the two nations defusing the trade hostilities that hark back to Trump's first term in office — and could still fall apart, they said. Chinese officials have already started consulting domestic airlines about how many Boeing aircraft they'll need, the people said. The transaction taking shape is similar in scope to the order for as many as 500 jets that China's central planners have struck with Airbus SE, but haven't yet announced, they added. The Boeing order is expected to be the centerpiece of a trade agreement that would benefit both Trump and China's President Xi Jinping, the culmination of long-running and sometimes contentious negotiations. The nation's leaders were close to a similar announcement in 2023, but then-President Joe Biden and Xi left a San Francisco summit without consummating an aircraft sale. Complicating matters for Boeing is a leadership void in China. Alvin Liu, its top executive in China and a fluent Mandarin-speaker with extensive government contacts, left the company in recent weeks. Carol Shen has been named interim president of Boeing China, said people familiar with the matter. Boeing declined to comment on any potential deal or management changes. Shares of the US planemaker advanced less than 1% in New York on Thursday following Bloomberg's report, as most members of the Dow Jones Industrial Average declined. The stock had risen 27% this year amid a turnaround under Chief Executive Officer Kelly Ortberg. Aircraft orders for Boeing have figured large in US diplomacy since Trump returned to the White House in January, with nations touting new, tentative and existing deals for airplanes, which are as expensive as skyscrapers, to narrow trade imbalances with the US. The US and China have engaged in several rounds of talks since de-escalating tit-for-tat tariffs that soared to as high as 145%, but have yet to reach a final trade deal. Earlier in the summer, Xi, in a phone call, invited Trump to China at an unspecified date. One opportunity for the pair to meet is in late October, ahead of the Asia-Pacific Economic Cooperation summit in South Korea. For China, the deal would secure aircraft delivery slots that are hard to come by at both Boeing and Airbus, which are largely sold out into the 2030s. The world's second largest aviation market is expected to more than double its commercial fleet to 9,755 airplanes over the next 20 years, by Boeing's estimation, far more than China's homegrown planemaker Comac could manufacture. While Boeing slots are scarce, the company likely has some flexibility in its delivery schedule to accommodate strategic customers, Jefferies analyst Sheila Kahyaoglu said in a research note. The country's top economic planning agency, the National Development and Reform Commission, recently sought input from Chinese carriers about how many jets they want, one of the people said. Talks centered on the 737 Max series of aircraft, Boeing's popular single-aisle jet, in a sign Beijing is laying the groundwork for a major order. Boeing's last Chinese deal was unveiled in November 2017 during Trump's first state visit to China. The deal amounted to orders and commitments for 300 single-aisle and twin-aisle planes valued at $37 billion at the time. The next year, Boeing's China deliveries peaked, when a quarter of its jets ended up in the mainland. Airbus has dominated sales and deliveries to China since 2019, when the nation's regulators were the first to ground the 737 Max after two fatal accidents. Boeing has notched only 30 orders with Chinese carriers and leasing companies since the start of 2019, according to the company's website. In an interview with Bloomberg in January, CEO Ortberg was optimistic that years of talks with Beijing would finally pay off. 'We certainly hope that there's an opportunity for some additional orders in the next year with China,' he said. --With assistance from Jenni Marsh. (Updates with Jefferies comment in 12th paragraph) Foreigners Are Buying US Homes Again While Americans Get Sidelined Volkswagen EVs Outsell Tesla in Europe a Decade After Dieselgate What Declining Cardboard Box Sales Tell Us About the US Economy Survived Bankruptcy. Next Up: Cultural Relevance? Women's Earnings Never Really Recover After They Have Children ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
21 minutes ago
- Yahoo
Trump administration to rule on biofuel exemption requests, delay reallocation decision, sources say
By Jarrett Renshaw (Reuters) -The Trump administration is expected to rule on a growing backlog of requests from small refiners seeking relief from the nation's biofuel laws as early as Friday, but will delay a decision on whether larger refiners should make up for some of the exempt gallons, according to two sources familiar with the planning. The U.S. Environmental Protection Agency is expected to rule on a number of the 195 pending small refinery exemption requests that date back as far as 2016 on Friday, the sources said. The rulings will be a mixed bag, including some partial denials, but will not be a sweeping win for small refiners, according to one source briefed on the decisions. The administration is expected to issue a supplemental rule as early as next week to seek public comment on whether or not they should force larger refiners to make up for the exempted gallons in a process known as reallocation. The EPA said earlier this year that it would force larger refiners to make up for future exempted gallons, but was silent on how it would treat exempt gallons from the dozens of backlogged requests. The supplemental rule will include various options in a bid to test how the market may respond, the sources said. How the administration deals with exemption requests and the reallocation issues will have consequences for the oil and agricultural industries, and impact the price of commodities from gasoline and renewable diesel to soybeans and corn, along with the companies that produce them. In the past, widespread exemptions without reallocation have sent credit prices lower, along with prices for soybeans and ethanol. (Reporting By Jarrett Renshaw; Editing by Chizu Nomiyama ) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 minutes ago
- Yahoo
James Dobson dies; leaves legacy as influential, at times controversial, Christian leader
James Dobson, the Christian family psychologist-turned media mogul who founded Focus on the Family and launched a career in public ministry in which he exerted influence over the highest levels of American politics, has died. He was 89. The Colorado Springs-based Dr. James Dobson Family Institute, one of several evangelical Christian parachurch groups that Dobson helped found and lead in the past 50 years, announced its founders' passing Aug. 21. 'Dr. Dobson was a pioneer—a man of deep conviction whose voice shaped the way generations view faith, family and culture,' Gary Bauer, senior vice president of public policy at the Dr. James Dobson Family Institute, said in a news release. 'His bold leadership, integrity, and compassion helped equip countless families to thrive in a world of shifting values. He was a mentor, a counselor, and a steady voice of truth in turbulent times.' Dobson's legacy is defined by his longtime commitment to educating evangelicals on traditional family values, placing him squarely in the middle of debates about abortion and LGBTQ+ rights. His prominence as an author and radio host positioned him for higher political gains. He served in special advisory roles to several Republican presidents, including Ronald Reagan, George H.W. Bush and Donald Trump. This article originally appeared on USA TODAY: James Dobson, Focus on the Family founder, has died
