Seattle, Oct. 30, 2024 – Boeing Company and union leaders representing 33,000 striking workers held fruitful talks Tuesday, with the help of the Biden administration’s top labor official, as they try to end a seven-week labor dispute that’s crippling Boeing’s US manufacturing. Boeing and the International Association of Machinists and Aerospace Workers had a “productive face-to-face meeting”, with assistance from acting Labor Secretary Julie Su, to “address key bargaining issues,” the union said on its website. The “negotiating committee will continue to engage with the company to secure the best …
Boeing shores up cash reserves as labour strike, operations costs soar
Seattle, Oct. 16, 2024 – Boeing (BA) made two big moves late Monday night to shore up its balance sheet as the company faces an extremely difficult time ahead. First, Boeing entered into an agreement to secure$10 billion in supplemental credit from a consortium of banks led by Bank of America Securities, Citibank, Goldman Sachs, and JPMorgan. Second and more importantly, the company filed a mixed shelf registration with the SEC to offer uo to $25 billion in new debt securities, common stock, preferred stock, and other share offerings. Earlier, the …
Boeing’s endless doom loop gives no respite to CEO Ortberg
Seatle, Oct. 14, 2024 – As Boeing Co. lurches from one crisis to the next, there’s been one constant for the embattled planemaker: Its predicament appears to be only getting worse. From a freak accident that blew a door-size hole into the fuselage of an airborne 737 Max to revelations of sloppy workmanship and now a crippling strike entering its second month, the icon of US manufacturing been beset by trouble since the first days of January. Cash is dwindling, plane production is anemic and the stock is heading for …
Boeing would be biggest-ever US ‘fallen angel’ If cut to junk
Washington, Oct. 11, 2024 – If cut to junk status, Boeing Co. will be the biggest US corporate borrower to ever be stripped of its investment-grade ratings and join junk bond indexes, flooding the high-yield market with a record volume of new debt to absorb. On Tuesday, S&P Global Ratings said it’s considering downgrading the planemaker to junk as strikes at its manufacturing sites persist, hurting production. Last month, Moody’s Ratings said it’s considering a similar move. Fitch Ratings has highlighted the growing risks but not yet announced a review. …
Turkish Airlines pilot dies while flying plane from Seattle
New York, Oct. 9, 2024 – A Turkish Airlines flight made an emergency landing in New York early Wednesday after the captain lost consciousness midflight and died, an airline spokesman said in a statement. Yahya Ustun, senior vice president for media relations, said on X that Ilcehin Pehlivan, 59, did not respond to medical intervention onboard the Airbus 350 scheduled to fly from Seattle to Istanbul. There was a co-pilot in the cockpit. The flight was over northern Canada before it turned to the south, making a four-hour flight to New …
Return of Emirates has opened more opportunities for local airliners – Keyamo
Abuja, Oct. 3, 2024 – The return of Emirates to Nigeria will open more international destinations to local airliners. Festus Keyamo, the Minister of Aviation and Aerospace Development, said this on Wednesday after arriving in Lagos aboard an Emirates aircraft from UAE. He assured that the Emirates Airline had returned to stay in Nigeria after two years of absence. Emirates suspended its flight operations to Nigeria in November 2022 due to its failure to repatriate over $85 million revenue trapped in Nigeria. Keyamo said the new Bilateral Air Service Agreement …
TSF commends Nigeria’s aviation sector’s compliance improvements under Cape Town convention
Abuja, Sept. 25, 2024 – The Tinubu Stakeholders Forum (TSF) has commended the major achievements recorded by the Nigerian government in the aviation sector by boosting and repositioning it as a safe and reliable destination for aircraft leasing. This commendation follows the recent announcement by the Aviation Working Group (AWG) that Nigeria’s Cape Town Convention (CTC) compliance index score has increased from 49 per cent to 70.5 percent In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Afolabi Josiah, the Forum praised the federal government’s dedication to aviation …
Nigeria signs MoU with Boeing on aircraft financing, airport management, safety
Abuja, Aug. 29, 2024 – Nigeria has signed a Memorandum of Understanding (MoU) with the aircraft manufacturers, Boeing, for aircraft financing and training among others. Festus Keyamo, the Minister of Aviation and Aerospace Management, disclosed this in a post on X on Thursday. He said the agreement was signed when he led a delegation of executives of major airlines in Nigeria under Airline Operators of Nigeria to Boeing company in Seattle, United States. “In Seattle, State of Washington in the USA, I led a delegation of the Executives of major …
1- day Strike: Keyamo urges aviation workers to shelf planned action
Abuja, Aug. 16, 2024 – Festus Keyamo, the Minister of Aviation and Aerospace Development, on Friday appealed to labour unions in his ministry to shelf their planned industrial action. The unions had announced plans to go on one-day nationwide strike on Aug. 21 to protest against the continued deduction of 50 percent from the internally generated revenue of key aviation agencies. They argued that the agencies in the ministry are cost recovery, but not profitmaking agencies which cannot survive on half of their revenue. Responding to the threat, Keyamo urged …
FAAN grounds Arik Air over indebtedness
Abuja, July 30, 2024 – The Federal Airports Authority of Nigeria (FAAN) has grounded Arik Air aircraft due to debt issues between the airline and its creditors. It announced this on Tuesday, stressing that it was making efforts to work out plans to rebook and transfer passengers billed to travel on Arik Air to other airlines. Mrs Obiagelo Orah, the Director of Public Affairs and Consumer Protection in FAAN, issued a terse statement to inform the public that Arik Airline had been grounded due to litigation issues between the airline …