Latest news with #LEAP
New Straits Times
an hour ago
- Business
- New Straits Times
US suspends sales of some US technologies to China's airplane maker COMAC
WASHINGTON: The United States has suspended some sales to China of critical US technologies, including those related to jet engines to Chinese state-owned aerospace manufacturer COMAC, the New York Times reported on Wednesday. Citing two people familiar with the matter, the newspaper said the move was in response to China's recent restriction on exports of critical minerals to the US The paper said the department had suspended some licenses that allowed US firms to sell products and technology to COMAC to develop its C919 aircraft. The Commerce Department and Chinese Embassy in Washington did not immediately respond to requests for comment. The C919 is made in China but many of its components come from overseas, including its LEAP engine which is made by GE Aerospace and French engine maker Safran. GE Aerospace did not offer an immediate comment. The C919 - designed to compete with best-selling narrow-body models of dominant planemakers Airbus and Boeing - entered service in China in 2023 after winning domestic safety certification in 2022. The C919 currently only flies within China and Hong Kong. In 2020, the first Trump administration granted a license to GE to supply engines for the jet. "I want China to buy our jet engines, the best in the World," Trump said in February 2020. "I want to make it EASY to do business with the United States, not difficult." GE was licensed for the LEAP engines in 2014.
Yahoo
an hour ago
- Business
- Yahoo
US suspends sales of some US technologies to China's airplane maker COMAC, New York Times reports
WASHINGTON (Reuters) -The United States has suspended some sales to China of critical U.S. technologies, including those related to jet engines to Chinese state-owned aerospace manufacturer COMAC, the New York Times reported on Wednesday. Citing two people familiar with the matter, the newspaper said the move was in response to China's recent restriction on exports of critical minerals to the U.S. The paper said the department had suspended some licenses that allowed U.S. firms to sell products and technology to COMAC to develop its C919 aircraft. The Commerce Department and Chinese Embassy in Washington did not immediately respond to requests for comment. The C919 is made in China but many of its components come from overseas, including its LEAP engine which is made by GE Aerospace and French engine maker Safran. GE Aerospace did not offer an immediate comment. The C919 - designed to compete with best-selling narrow-body models of dominant planemakers Airbus and Boeing - entered service in China in 2023 after winning domestic safety certification in 2022. The C919 currently only flies within China and Hong Kong. In 2020, the first Trump administration granted a license to GE to supply engines for the jet. "I want China to buy our jet engines, the best in the World,' Trump said in February 2020. 'I want to make it EASY to do business with the United States, not difficult.' GE was licensed for the LEAP engines in 2014. Sign in to access your portfolio
Yahoo
an hour ago
- Business
- Yahoo
US suspends sales of some US technologies to China's airplane maker COMAC, New York Times reports
WASHINGTON (Reuters) -The United States has suspended some sales to China of critical U.S. technologies, including those related to jet engines to Chinese state-owned aerospace manufacturer COMAC, the New York Times reported on Wednesday. Citing two people familiar with the matter, the newspaper said the move was in response to China's recent restriction on exports of critical minerals to the U.S. The paper said the department had suspended some licenses that allowed U.S. firms to sell products and technology to COMAC to develop its C919 aircraft. The Commerce Department and Chinese Embassy in Washington did not immediately respond to requests for comment. The C919 is made in China but many of its components come from overseas, including its LEAP engine which is made by GE Aerospace and French engine maker Safran. GE Aerospace did not offer an immediate comment. The C919 - designed to compete with best-selling narrow-body models of dominant planemakers Airbus and Boeing - entered service in China in 2023 after winning domestic safety certification in 2022. The C919 currently only flies within China and Hong Kong. In 2020, the first Trump administration granted a license to GE to supply engines for the jet. "I want China to buy our jet engines, the best in the World,' Trump said in February 2020. 'I want to make it EASY to do business with the United States, not difficult.' GE was licensed for the LEAP engines in 2014. 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
LBCI
5 hours ago
- Business
- LBCI
Lebanese finance minister, World Bank discuss launch of Lebanon reconstruction fund
Finance Minister Yassine Jaber held a meeting with Jean-Christophe Carret, World Bank Country Director for the Middle East Department, and his accompanying delegation to discuss preparations for launching the Lebanon Emergency Assistance Project (LEAP), a reconstruction initiative. Under LEAP, the World Bank will establish a dedicated fund to attract donations to support Lebanon's recovery. Jaber said the meeting focused on technical and legal frameworks to ensure transparency and build donor confidence in the fund's governance and use of resources. He announced plans to invite ambassadors and representatives from international and Arab financial institutions to a meeting in Beirut by June 10 to formally present the project. Jaber expressed optimism about LEAP's momentum, noting growing international trust in Lebanon's leadership following recent legislative and governmental reforms. He added that upcoming meetings will intensify and involve all relevant local and international actors to ensure coordinated implementation.
CNBC
12 hours ago
- Business
- CNBC
GE Aerospace CEO sees supply chain improvements despite tariff hit
GE Aerospace's CEO said on Wednesday he is seeing supply chain improvements that will support an expected 15% to 20% increase in deliveries this year of jet engines used on popular narrowbody aircraft, after snags challenged deliveries in 2024. CEO Larry Culp also told the Bernstein Strategic Decisions conference that the engine maker pledged to be "completely in sync" with customer Boeing, as the U.S. planemaker gradually grows production of its strong-selling 737 MAX to a monthly rate of 38 and possibly above this year. GE Aerospace, however, is still expecting a hit of more than $500 million from tariffs due to a U.S.-led trade war. GE Aerospace holds a strong position in the narrowbody jet engine market through its partnership with France's Safran, which produces the LEAP engine used by both Boeing and European planemaker Airbus. While the U.S. market has seen some turbulence in domestic travel due to economic uncertainty, about 70% of GE's commercial engine revenue is driven by parts and services which remain in demand as older planes fly longer. Earlier this month, GE Aerospace signed an agreement with Qatar Airways to supply more than 400 engines to power the airline's next-generation Boeing 777-9 and 787 aircraft. Helped by internal changes, Culp said GE saw a double-digit increase in deliveries from critical suppliers in April and May, with some delivering twice as much as they were doing a year ago. "We're getting more and we're getting more in a predictable fashion," Culp said. Supply chain challenges, nevertheless, continue to dog plane production as Boeing and Airbus manufacture more jets, with no one particular bottleneck to blame. "A lot of people say, what's the one thing you need to solve for? I wish it was just one thing, right? It's 1,000 and it changes," Culp said. Culp added that he is working alongside Boeing CEO Kelly Ortberg on GE's imminent engine deliveries, and how those will step up in line with Boeing in 2026 and in 2027. Boeing has engines in its inventory after output of its strongest-selling 737 MAX slumped last year due to a quality crisis. "They're working their way through that inventory," Culp said of Boeing. "We want to make sure that we are completely in sync with them as we move forward." GE Aerospace is holding its investor day at the world's largest air show in Paris on June 17.
