Latest news with #BoeingCo
The Star
15 hours ago
- Business
- The Star
Boeing set to restart jet handovers to Beijing amid tariff dispute
The Boeing logo is displayed at the company's factory, Sept. 24, 2024, in Renton, Washington. - AP NEW YORK: Boeing Co has begun shipping commercial jets to China for the first time since early April, indicating a reopening of trade flows amid the long-simmering tariff war between the United States and Asia's biggest economy. A Boeing 737 Max registered N230BE took off for Hawaii last Friday, according to Flightradar24 flight data. It was the first stop on a journey to the US planemaker's centre in Zhoushan, China where it typically finalises delivery of that model for domestic customers. The pending resumption of China-bound Boeing planes to one of the world's largest aviation markets comes after sparring between Washington and Beijing over the licensing of rare earth minerals and semiconductors. Under US President Donald Trump, aerospace has become increasingly enmeshed in negotiations over tariffs, with agreements punctuated by Boeing jet orders. The stakes were brought into focus after Bloomberg reported that China is considering placing an order for hundreds of aircraft built by European rival Airbus SE as soon as next month. The Boeing 737 Max jet took off at around 10am Seattle time last Friday, according to Flightradar24 data. The plane departed from King County International Airport-Boeing Field, south of downtown Seattle, heading to Kailua-Kona in Hawaii, the data showed. Previously, planes registered as N230BE had flown to Boeing's China delivery centre in Zhoushan and back to Seattle when Beijing asked its airlines to reject delivery of the US-made jets. Chinese government officials on May 12 lifted a ban on airlines taking delivery of Boeing planes after striking a truce with the United States that temporarily slashed tariffs on each side. China reduced its 125% duties on US goods to 10%, while the United States agreed to drop the combined 145% levies on most Chinese imports to 30%. But the accord struck in Geneva is for 90 days, leaving Boeing and its Chinese customers at risk of more trade gyrations. There's been added uncertainty as the White House moved to impose new restrictions on US technology shared with the Commercial Aircraft Corp of China Ltd, China's planemaker, and the jet it created to challenge Boeing and Airbus. China's airlines have been cautious about resuming US imports. Delivery activity has only recently stepped up at Boeing's Seattle facilities, including jets for Air China, Hainan Airlines, Xiamen Airlines, according to a website that tracks plane movements at the manufacturer. At stake for Boeing is the opportunity to finally clear its inventory of already built aircraft, a step to improving its finances. The sparring has also left in limbo the first major aircraft order from China since Trump visited Beijing in 2017. Both sides have a mutual interest in preserving commerce around aerospace, which traditionally has generated large trade surpluses for the United States. China's airlines can't rely solely on Boeing's European rival, Airbus, or its domestic upstart to provide the aircraft they need to expand operations. Planebuilder Comac also needs US-made engines, avionics and other technology to build its C919 jetliner. Boeing had expected to deliver another 50 planes to China when the latest trade spat erupted in April, with Beijing countering Trump's new levies by hiking tariffs that priced the US-made jets out of the market for Chinese carriers. With demand for new aircraft far-outstripping supply, Boeing has indicated that it's willing to find new takers if its China-bound aircraft get caught up in the trade wrangling. — Bloomberg
CNBC
2 days ago
- Business
- CNBC
Asian markets set to open higher as investors await Beijing-Washington trade meeting and China data
China Shenzhen Real444 | E+ | Getty Images Asian markets were set to climb Monday as investors awaited trade talks between the U.S. and China later in the day, following accusations between the two over breaching deal terms agreed in Geneva last month. Trade tensions are seemingly easing as China has reportedly granted temporary approvals for the export of rare earths, while jetliner Boeing Co has begun commercial jet deliveries to the Asian superpower. China is also slated to release a slew of data, including its consumer and wholesale inflation readings for May. Economists polled by Reuters expect consumer prices to have fallen by 0.2% year on year, while PPI is forecast to have declined by 3.2% from a year earlier.. Futures for Hong Kong's Hang Seng index stood at 23,801 pointing to a marginally higher open compared to the HSI's last close of 23,792.54. Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 37,975 while its counterpart in Osaka last traded at 37,980, against the index's Friday close of 37,741.61. Australian markets are closed for a public holiday. U.S. equity futures were mostly flat in early Asian trade. All three key benchmarks on Wall Street jumped last Friday, after the non-farm payrolls data came in better-than-expected. U.S. payrolls climbed 139,000 in May, the Bureau of Labor Statistics reported Friday, above the Dow Jones forecast of 125,000 for the month but less than the downwardly revised 147,000 in April. The Dow Jones Industrial Average popped 443.13 points, or 1.05%, to close at 42,762.87. The blue-chip index was up more than 600 points at its highs of the session. Meanwhile, the the broad-based S&P 500 also gained 1.03% — surpassing the 6,000 level for the first time since late February — and settling at 6,000.36, while the Nasdaq Composite rallied 1.20%, to end at 19,529.95. — CNBC's Sean Conlon and Jesse Pound contributed to this report.
Bloomberg
4 days ago
- Business
- Bloomberg
Boeing Poised to Restart Jet Handovers to China Amid Trade Spat
Boeing Co. has begun shipping commercial jets to China for the first time since early April, indicating a reopening of trade flows amid the long-simmering tariff war between the US and Asia's biggest economy. A Boeing 737 Max registered N230BE took off for Hawaii on Friday morning, according to Flightradar24 flight data. It is the first stop in a journey across the Pacific to the US planemaker's center in Zhoushan, China where it typically finalizes delivery of that model for domestic customers.
Bloomberg
29-05-2025
- Business
- Bloomberg
Boeing Aims to Review Move to 47 Max Jets a Month Near Year End
Boeing Co. aims to begin working toward boosting output of its 737 family of jetliners to 47 per month by later this year, a move that would mark a significant improvement in its factories and help put its finances on firmer footing. The planemaker is quickly approaching producing the cash cow jet at a rate of 38 planes per month, the maximum allowed by US regulators, Chief Executive Officer Kelly Ortberg said on Thursday. That's the first milestone toward returning the narrowbody jet to a pre-Covid manufacturing pace.
Business Insider
24-05-2025
- Business
- Business Insider
Boeing (BA) Strikes Deal to Avoid Prosecution Over Deadly 737 Max Crashes
Boeing Co. (BA) has reached a deal with the U.S. Justice Department that will see the commercial aircraft manufacturer avoid prosecution over two crashes of its 737 Max airplanes that killed 346 people. Confident Investing Starts Here: The decision means Boeing won't face a trial as scheduled next month, which crash victims' families have demanded for years. The 'non-prosecution agreement' allows Boeing, a major U.S. military contractor and leading U.S. exporter, to avoid being labeled a 'felon.' Officials with the Department of Justice say they met with crash victims' family members last week ahead of the deal being announced. In a court filing, the Justice Department said it 'is the government's judgment that the agreement is a fair and just resolution that serves the public interest.' Hefty Fines Under terms of the deal, Boeing must 'pay or invest' more than $1.1 billion, including a $487.2 million criminal fine. The hefty payment also includes $444.5 million for a new fund for crash victims, and $445 million more that will go towards compliance, safety, and quality programs. Boeing has been trying for years to put the two crashes of its best-selling Max airplanes — a Lion Air flight in October 2018 and an Ethiopian Airlines flight less than five months later — behind it. The Max aircraft were grounded worldwide for nearly two years after the second crash. Families of crash victims have criticized previous government agreements with Boeing as 'sweetheart deals,' and demanded accountability from the company and that its executives stand trial for the crashes. Several victim family members issued a statement shortly after the latest deal was announced, criticizing it and saying that it sets a dangerous precedent. BA stock has gained 14% this year. Is BA Stock a Buy? The stock of Boeing Co. has a consensus Moderate Buy rating among 20 Wall Street analysts. That rating is based on 15 Buy, four Hold, and one Sell recommendations assigned in the last three months. The average BA price target of $213.37 implies 5.44% upside from current levels.
