US raises tariffs on European-built aircraft in ongoing dispute over subsidies

The U.S. government on Friday said it would increase tariffs on aircraft imported from the European Union to 15% from 10%, ratcheting up pressure on Brussels in a nearly 16-year transatlantic dispute over aircraft subsidies. EU officials have said they want to negotiate with Washington but will not be bullied into submission. EU officials had no immediate comment on Friday’s news. The WTO in October had awarded Washington the right to impose tariffs on $7.5 billion of annual EU imports in its ca


The U.S. government on Friday said it would increase tariffs on aircraft imported from the European Union to 15% from 10%, ratcheting up pressure on Brussels in a nearly 16-year transatlantic dispute over aircraft subsidies.
EU officials have said they want to negotiate with Washington but will not be bullied into submission.
EU officials had no immediate comment on Friday’s news.
The WTO in October had awarded Washington the right to impose tariffs on $7.5 billion of annual EU imports in its ca
US raises tariffs on European-built aircraft in ongoing dispute over subsidies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-15
Keywords: news, cnbc, companies, aircraft, wine, products, dispute, raises, officials, wto, airbus, washington, europeanbuilt, trade, ongoing, tariffs, subsidies


US raises tariffs on European-built aircraft in ongoing dispute over subsidies

The U.S. government on Friday said it would increase tariffs on aircraft imported from the European Union to 15% from 10%, ratcheting up pressure on Brussels in a nearly 16-year transatlantic dispute over aircraft subsidies.

The U.S. Trade Representative’s Office said it remained open to reaching a negotiated settlement with the EU on the issue, but could revise its actions if the EU imposed tariffs of its own in connection with a pair of disputes over the subsidies.

In a statement released late on Friday, USTR said it would make minor modifications to 25% tariffs imposed on cheese, wine and other non-aircraft products from the EU, including dropping prune juice from the list. It did not raise the tariff rates on those product, as it had suggested it might do in October.

The higher aircraft tariff will take effect March 18.

The U.S. action comes as U.S. President Donald Trump, emboldened by agreement on a Phase 1 trade deal with China, has trained his sights on restructuring the more than $1 trillion U.S.-EU trade relationship, raising the specter of another major trade war as the global economy slows.

EU officials have said they want to negotiate with Washington but will not be bullied into submission.

European planemaker Airbus said the U.S. move would hit U.S. airlines already facing a shortage of aircraft and complicate efforts to reach a negotiated settlement with the European Union in the longstanding dispute.

Airbus said it would continue discussions with U.S. customers to “mitigate effects of tariffs insofar as possible” and hoped USTR would change its position, particularly given the threat of EU tariffs on U.S. products in its own case before the World Trade Organization.

“USTR’s decision ignores the many submissions made by U.S. airlines, highlighting the fact that they — and the U.S. flying public — ultimately have to pay these tariffs,” the company said in a statement.

EU officials had no immediate comment on Friday’s news.

The USTR had announced in December that it could increase tariff rates up to 100% and subject additional EU products to tariffs, following a decision by the WTO that EU launch aid to Airbus continued to harm the U.S. aerospace industry.

The WTO in October had awarded Washington the right to impose tariffs on $7.5 billion of annual EU imports in its case against Airbus. Washington then slapped 10% tariffs on most European-made Airbus jets and 25% duties on products ranging from cheese to olives and single-malt whisky, from Oct. 18.

Boeing, in a statement, said it was working with U.S. federal and state officials to “promptly bring the United States into full compliance” with WTO rulings.

“The EU and Airbus could end these tariffs by finally complying with their legal obligations, ending these illegal subsidies, and addressing their ongoing harm. We hope they will,” the company said in a statement.

The Wine & Spirits Wholesalers of America (WSWA) said it remains strongly opposed to tariffs on European-origin wine and spirits, and urged U.S. and EU trade officials to negotiate an end to a trade dispute that was lowering revenues.

A study commissioned by the group estimated that the 25% tariffs implemented in October could result in the loss of nearly 36,000 jobs in the beverage alcohol industry.

The Distilled Spirits Council of the United States said tit-for-tat tariffs on alcoholic beverages were hurting companies and consumers on both sides of the Atlantic.

It said new U.S. government data showed the U.S. spirit industry’s exports to the EU, its largest export market, fell 27% in 2019 from a year earlier, and global exports of American whiskey declined 16% in the same period.

“We urge both sides to resolve these disputes so that consumers can enjoy #ToastsNotTariffs,” the group said.


Company: cnbc, Activity: cnbc, Date: 2020-02-15
Keywords: news, cnbc, companies, aircraft, wine, products, dispute, raises, officials, wto, airbus, washington, europeanbuilt, trade, ongoing, tariffs, subsidies


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

United cancels some Barcelona flights, waives cancellation fees as coronavirus derails Mobile World Congress

United Airlines on Thursday said it will scale back its flights to Barcelona after the Mobile World Congress — the world’s largest telecommunications trade show — was canceled because of the virus. The carrier had built up service for the event, adding two nonstops and using larger aircraft. United said it would provide a full refund to travelers who don’t want to travel to Barcelona because the event was canceled and that it will waive cancellation fees. United had added four round-trips betwee


United Airlines on Thursday said it will scale back its flights to Barcelona after the Mobile World Congress — the world’s largest telecommunications trade show — was canceled because of the virus.
The carrier had built up service for the event, adding two nonstops and using larger aircraft.
United said it would provide a full refund to travelers who don’t want to travel to Barcelona because the event was canceled and that it will waive cancellation fees.
United had added four round-trips betwee
United cancels some Barcelona flights, waives cancellation fees as coronavirus derails Mobile World Congress Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: leslie josephs
Keywords: news, cnbc, companies, fees, aircraft, barcelona, feb, travel, mobile, airlines, united, cancels, world, smaller, flights, waives, san, francisco, congress, derails, event, canceled, coronavirus


United cancels some Barcelona flights, waives cancellation fees as coronavirus derails Mobile World Congress

Coronavirus isn’t just hitting China travel. Barcelona trips are also feeling the impact.

United Airlines on Thursday said it will scale back its flights to Barcelona after the Mobile World Congress — the world’s largest telecommunications trade show — was canceled because of the virus. The annual event, which was scheduled for later this month, drew some 100,000 people last year.

The carrier had built up service for the event, adding two nonstops and using larger aircraft. It’s part of a trend among airlines to chase customers willing to pay high prices for special conferences such as the Consumer Electronics Show in Las Vegas, political events and sports, with additional, targeted service.

United said it would provide a full refund to travelers who don’t want to travel to Barcelona because the event was canceled and that it will waive cancellation fees.

United had added four round-trips between San Francisco and Barcelona for the event, and it will cancel two of them — leaving on Feb. 26 and Feb. 27 — and use smaller aircraft for the others. It will also use smaller planes on routes from San Francisco and Newark to Barcelona than it had previously planned.


Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: leslie josephs
Keywords: news, cnbc, companies, fees, aircraft, barcelona, feb, travel, mobile, airlines, united, cancels, world, smaller, flights, waives, san, francisco, congress, derails, event, canceled, coronavirus


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US recovers remains from Afghanistan plane crash, verifying identities: Defense official

The United States on Tuesday recovered the remains of individuals from a U.S. military aircraft that crashed in Afghanistan and was in the process of confirming their identities, a U.S. defense official said on Tuesday. On Monday, the U.S. military said an E-11A aircraft crashed in the province of Ghazni but disputed Taliban claims to have brought it down. The attempt was repelled, however, he told Reuters, but added that the Taliban would allow a rescue team access to recover bodies from the cr


The United States on Tuesday recovered the remains of individuals from a U.S. military aircraft that crashed in Afghanistan and was in the process of confirming their identities, a U.S. defense official said on Tuesday.
On Monday, the U.S. military said an E-11A aircraft crashed in the province of Ghazni but disputed Taliban claims to have brought it down.
The attempt was repelled, however, he told Reuters, but added that the Taliban would allow a rescue team access to recover bodies from the cr
US recovers remains from Afghanistan plane crash, verifying identities: Defense official Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-28
Keywords: news, cnbc, companies, fighters, military, afghanistan, site, forces, official, aircraft, taliban, recovers, defense, verifying, crash, ghazni, identities, crashed, remains, plane


US recovers remains from Afghanistan plane crash, verifying identities: Defense official

In this photograph taken on January 27, 2020 the wreckage of a US Bombardier E-11A jet is seen after it crashed in mountainous territory of Deh Yak district in Ghazni Province.

The United States on Tuesday recovered the remains of individuals from a U.S. military aircraft that crashed in Afghanistan and was in the process of confirming their identities, a U.S. defense official said on Tuesday.

On Monday, the U.S. military said an E-11A aircraft crashed in the province of Ghazni but disputed Taliban claims to have brought it down.

Earlier on Tuesday, Afghan forces and Taliban fighters clashed in a central region where the U.S. military aircraft crashed as the government tried to reach the wreckage site in a Taliban stronghold.

The U.S. defense official, speaking on condition of anonymity, said multiple attempts had been made to recover the remains but had been hampered because of the terrain and weather.

The Pentagon declined to comment.

Security forces were sent to the site immediately after receiving a report of the crash in the Deh Yak district, but were ambushed by Taliban fighters, Ghazni provincial police chief Khalid Wardak told Reuters.

“As per our information, there are four bodies and two onboard were alive and they are missing,” Wardak said, adding that the forces subsequently received an order to retreat and airborne action is to be taken instead.

Zabiullah Mujahid, a Taliban spokesman, said Afghan forces backed by U.S. military support had tried to capture the area around the crashed aircraft and clashed with fighters of the Islamist militant group.

The attempt was repelled, however, he told Reuters, but added that the Taliban would allow a rescue team access to recover bodies from the crash site.

“Taliban fighters on the ground counted six bodies at the site of the U.S. airplane crash,” he said, adding that while there could have been more, the militant group could not be certain, as fire had reduced everything to ashes.

Speaking on condition of anonymity, U.S. officials said the plane was carrying fewer than five people when it crashed, with one official saying initial information showed there were at least two.

The crashed aircraft, built by Bombardier Inc, is used to provide communication capabilities in remote locations.

The crash came as the Taliban and United States have been in talks on ending the 18-year war in Afghanistan.

Trump has long called for an end to U.S. involvement in Afghanistan, which began with an American invasion triggered by the Sept. 11, 2001, attacks that al Qaeda launched from then-Taliban-ruled Afghanistan.


Company: cnbc, Activity: cnbc, Date: 2020-01-28
Keywords: news, cnbc, companies, fighters, military, afghanistan, site, forces, official, aircraft, taliban, recovers, defense, verifying, crash, ghazni, identities, crashed, remains, plane


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US core capital goods orders post biggest drop in 8 months

Data for November was revised lower to show these so-called core capital goods orders edging up 0.1% instead of gaining 0.2% as previously reported. Economists polled by Reuters had forecast core capital goods would be unchanged in December. Core capital goods orders rose 0.8% on a year-on-year basis in December. Shipments of core capital goods decreased 0.4% last month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement.


Data for November was revised lower to show these so-called core capital goods orders edging up 0.1% instead of gaining 0.2% as previously reported.
Economists polled by Reuters had forecast core capital goods would be unchanged in December.
Core capital goods orders rose 0.8% on a year-on-year basis in December.
Shipments of core capital goods decreased 0.4% last month.
Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement.
US core capital goods orders post biggest drop in 8 months Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-28
Keywords: news, cnbc, companies, months, goods, core, month, biggest, orders, capital, aircraft, equipment, spending, quarter, drop, gdp, post


US core capital goods orders post biggest drop in 8 months

New orders for key U.S.-made capital goods dropped by the most in eight months in December and shipments were weak, suggesting business investment contracted further in the fourth quarter and was a drag on economic growth.

The Commerce Department said on Tuesday orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, fell 0.9% last month as demand for machinery, primary metals and electrical equipment, appliances and components declined.

That was the largest decrease since April. Data for November was revised lower to show these so-called core capital goods orders edging up 0.1% instead of gaining 0.2% as previously reported. Economists polled by Reuters had forecast core capital goods would be unchanged in December.

Core capital goods orders rose 0.8% on a year-on-year basis in December.

Shipments of core capital goods decreased 0.4% last month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement. They declined by an unrevised 0.3% in November.

Business investment has contracted for two straight quarters and likely remained in the red in the fourth quarter, subtracting from GDP growth. The Atlanta Fed is forecasting GDP to rise at a 1.8% annualized rate in the fourth quarter. The economy grew at a 2.1% rate in the July-September period.

The government will publish its snapshot of fourth-quarter GDP on Thursday.

Business investment had been weighed down by steep declines in both spending on equipment and nonresidential structures such as gas and oil well drilling. That has landed manufacturing in recession. Capital expenditure has been undercut by the White House’s 18-month trade war with China, which has hurt business confidence.

Though tensions have eased with the signing this month of a phase one trade deal between Washington and Beijing, manufacturing, which accounts for 11% of the economy, is not yet out of the woods. Boeing this month suspended production of its troubled 737 Max jetliner. The aircraft has been grounded since last March following two fatal crashes.

Though airlines have continued to submit orders, there have been no deliveries, leading to a rise in inventories at factories. Boeing’s biggest assembly-line halt in more than 20 years is already causing ripple effects down the supply chain. Boeing’s biggest supplier, Spirit AeroSystems, said early this month it planned to lay off more than 20% of the workforce at its Wichita, Kansas base.

Economists estimate the production suspension could slice at least half a percentage point from first-quarter GDP growth.

In December, overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, rebounded 2.4% after tumbling 3.1% in the prior month.

They were boosted by a 7.6% surge in orders for transportation equipment, which followed an 8.3% drop in November. Orders for defense aircraft and parts soared 168.3% last month, offsetting a 74.7% plunge in demand for civilian aircraft. Boeing reported on its website that it had received only three commercial aircraft orders in December, down from 63 in November. December is normally a strong month for orders.


Company: cnbc, Activity: cnbc, Date: 2020-01-28
Keywords: news, cnbc, companies, months, goods, core, month, biggest, orders, capital, aircraft, equipment, spending, quarter, drop, gdp, post


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Boeing’s 777X, the world’s largest twin-engine jet, takes off in maiden flight

Boeing’s 777X, part of a new generation of the wide-body aircraft, took off in its maiden flight — marking a milestone for the company struggling through the increasing fallout from two fatal crashes of its best-selling 737 Max. Bad weather postponed an attempt at the first flight on Thursday and again on Friday. Boeing’s 737 Max single-aisle jetliners have been grounded since March after the second of two crashes that together killed 346 people. The 777X-9 is slightly longer than Boeing’s most


Boeing’s 777X, part of a new generation of the wide-body aircraft, took off in its maiden flight — marking a milestone for the company struggling through the increasing fallout from two fatal crashes of its best-selling 737 Max.
Bad weather postponed an attempt at the first flight on Thursday and again on Friday.
Boeing’s 737 Max single-aisle jetliners have been grounded since March after the second of two crashes that together killed 346 people.
The 777X-9 is slightly longer than Boeing’s most
Boeing’s 777X, the world’s largest twin-engine jet, takes off in maiden flight Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-25  Authors: leslie josephs
Keywords: news, cnbc, companies, feet, crashes, worlds, boeing, jet, company, twinengine, 737, flight, boeings, largest, airlines, aircraft, takes, plane, maiden, 777x


Boeing's 777X, the world's largest twin-engine jet, takes off in maiden flight

Boeing’s 777X, part of a new generation of the wide-body aircraft, took off in its maiden flight — marking a milestone for the company struggling through the increasing fallout from two fatal crashes of its best-selling 737 Max. Bad weather postponed an attempt at the first flight on Thursday and again on Friday.

The first flight, which took off from Everett, Washington on Saturday, is part of testing that will occur throughout the year as the company works toward winning regulatory approval. That process promises receive more scrutiny after the two crashes of the 737 Max.

Boeing’s 737 Max single-aisle jetliners have been grounded since March after the second of two crashes that together killed 346 people. Boeing this month halted production of the planes, a move that has rippled through its supply chain and already cost close to 3,000 jobs at one manufacturer.

Boeing had aimed to first fly the 777X, a plane it launched at the 2013 Dubai Air Show, last year but the company faced delays because of snags with the General Electric GE9X engines, the largest aircraft engine in the world. The diameter of the engine fan is 11 feet, a foot wider than a NBA basketball hoop is high off the ground.

The plane is the largest twin-engine jet ever built and has a wingspan so wide — more than 235 feet — it features folding wingtips that reduce that width by more than 20 feet so the plane can fit into various airport taxiways and gates. The 777X-9 is slightly longer than Boeing’s most iconic plane: the hump-backed 747, which is fading away as airlines opt for twin-engine aircraft that require less fuel.

The 777X, an updated version of the 777 that first flew commercially in 1995, faces its own challenges. Orders for wide-body jets have slowed and several airlines have signed up for rival Airbus’ long-range single-aisle A321XLR planes. The 777X, which lists for $422.2 million although airlines usually receive discounts, can fit up to 426 passengers in a two-class configuration. Boeing had 344 firm orders for the 777X at the end of the third quarter, according to a company filing, and Emirates is its biggest single customer.

The flight is scheduled to be about four hours, landing at Seattle’s Boeing Field.


Company: cnbc, Activity: cnbc, Date: 2020-01-25  Authors: leslie josephs
Keywords: news, cnbc, companies, feet, crashes, worlds, boeing, jet, company, twinengine, 737, flight, boeings, largest, airlines, aircraft, takes, plane, maiden, 777x


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

CCTV Script 15/01/20

— This is the script of CNBC’s news report for China’s CCTV on January 15, 2020, Wednesday. After a 10-month grounding on the 737 MAX, expectations for Boeing’s performance this year were low, but the new released numbers were still jaw-dropping. Because cancellations outstripped new orders, Boeing’s commercial aircraft net order book for 2019 was negative, the first time this has happened to the company in recent decades. Boeing’s total orders for 2019 fell 77 per cent to 246, or just 54 after


— This is the script of CNBC’s news report for China’s CCTV on January 15, 2020, Wednesday.
After a 10-month grounding on the 737 MAX, expectations for Boeing’s performance this year were low, but the new released numbers were still jaw-dropping.
Because cancellations outstripped new orders, Boeing’s commercial aircraft net order book for 2019 was negative, the first time this has happened to the company in recent decades.
Boeing’s total orders for 2019 fell 77 per cent to 246, or just 54 after
CCTV Script 15/01/20 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-24
Keywords: news, cnbc, companies, cctv, 150120, boeings, orders, commercial, performance, script, max, boeing, total, 2019, 737, aircraft


CCTV Script 15/01/20

— This is the script of CNBC’s news report for China’s CCTV on January 15, 2020, Wednesday.

After a 10-month grounding on the 737 MAX, expectations for Boeing’s performance this year were low, but the new released numbers were still jaw-dropping. Because cancellations outstripped new orders, Boeing’s commercial aircraft net order book for 2019 was negative, the first time this has happened to the company in recent decades.

Boeing’s total orders for 2019 fell 77 per cent to 246, or just 54 after cancellations or replacements. And after accounting adjustments based on industry standards, which exclude orders placed last year but not delivered that year, Boeing’s actual net order book for 2019 is minus 87 for commercial jets. A Boeing spokesman said he was not sure exactly when the order was lost, but that it had not happened in the past 30 years. In terms of deliveries, Boeing delivered a total of 380 commercial aircraft in 2019, the lowest in more than a decade, down 53% from a year earlier. Boeing’s performance was even bleaker compared with that of rival Airbus, which delivered a total of 863 planes in 2019, its highest on record.

The latest figures also mean the world’s biggest commercial aircraft maker has officially shifted from Boeing to Airbus. The prolonged grounding of Boeing’s 737 MAX has hit not only its own performance but also the major airlines

Boeing has also signed compensation agreements with some airlines because of that, but one airline reported strong results on Tuesday: delta, the only major U.S. carrier not using the 737 MAX.

Ed Bastian

CEO of Delta Air Lines

as you know, we don’t fly the 737 Max. So, we’re not directly impacted by that issue. We’ve been monitoring it. We’ve been in touch with Boeing around it.

Some of the affected airlines continued to come under pressure on the same day that American airlines announced a further delay in the 737 MAX until June.

We know that Boeing still has a backlog of about 5,400 commercial aircraft in the face of continued low new orders, making the 737 MAX go-around a top priority for the company in 2020. When will Boeing recover its performance? It’s all up to FAA actually. At Boeing, the onus is on David Calhoun, Boeing’s new chief executive, who took over this week.

Ed Bastian

CEO of Delta Air Lines

I have a tremendous amount of respect for Dave.

He knows the company well. He’ll be able to get in and have an impact. And I think you’ll see his name continue to elevate at Boeing in terms of making the type of changes that are necessary.

It’s been widely reported that there’s a cultural issue at Boeing for some time now. And Dave will clean it up.

So how will Calhoun reform Boeing, and how long will it take Boeing to recover? We will keep an eye on this issue.


Company: cnbc, Activity: cnbc, Date: 2020-01-24
Keywords: news, cnbc, companies, cctv, 150120, boeings, orders, commercial, performance, script, max, boeing, total, 2019, 737, aircraft


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Trump administration increases pressure on Maduro regime with new sanctions

Venezuela’s President Nicolas Maduro Marco Bello | ReutersWASHINGTON — In the latest move meant to back Venezuelan opposition leader Juan Guaido, the Trump administration on Tuesday sanctioned more than a dozen aircraft used to support the regime of President Nicolas Maduro. The Department of Treasury identified 15 aircraft operated by Venezuela’s state-owned oil company, Petroleos de Venezuela SA, or PDVSA, that transport senior members of the Maduro regime. According to the Treasury release, V


Venezuela’s President Nicolas Maduro Marco Bello | ReutersWASHINGTON — In the latest move meant to back Venezuelan opposition leader Juan Guaido, the Trump administration on Tuesday sanctioned more than a dozen aircraft used to support the regime of President Nicolas Maduro.
The Department of Treasury identified 15 aircraft operated by Venezuela’s state-owned oil company, Petroleos de Venezuela SA, or PDVSA, that transport senior members of the Maduro regime.
According to the Treasury release, V
Trump administration increases pressure on Maduro regime with new sanctions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: amanda macias fred imbert, amanda macias, fred imbert
Keywords: news, cnbc, companies, sanctions, pressure, maduro, regime, venezuela, aircraft, treasury, power, pdvsa, trump, venezuelan, tensions, administration, chavez, president, increases


Trump administration increases pressure on Maduro regime with new sanctions

Venezuela’s President Nicolas Maduro Marco Bello | Reuters

WASHINGTON — In the latest move meant to back Venezuelan opposition leader Juan Guaido, the Trump administration on Tuesday sanctioned more than a dozen aircraft used to support the regime of President Nicolas Maduro. The Department of Treasury identified 15 aircraft operated by Venezuela’s state-owned oil company, Petroleos de Venezuela SA, or PDVSA, that transport senior members of the Maduro regime. According to the Treasury release, Venezuelan Oil Minister Manuel Salvador Quevedo Fernandez flew to an OPEC meeting last year in the United Arab Emirates on a PDVSA aircraft. Other regime officials used the company’s aircraft throughout 2019 as well as in 2018. What’s more, several of these aircraft were operated in an unsafe and unprofessional manner in proximity to U.S. military aircraft, while in international air space, Treasury said. “In the winter of 2019, PDVSA Learjet 45 flew in close proximity to a U.S. military aircraft over the Caribbean Sea. In the spring of 2019, during a joint operation conducted by PDVSA and the Venezuelan Integrated Air Command, PDVSA’s Learjet 45XR attempted to interfere with a U.S. military aircraft in the northern Caribbean Sea,” according to the Treasury release.

The U.S. move is the latest taken under Executive Order 13884, signed by President Donald Trump in August, authorizing a block on property and interests of the Venezuelan government. Under the Treasury’s Office of Foreign Assets Control, or OFAC, U.S. citizens are prohibited from using assets that have been blocked or sanctioned. “This action furthers U.S. efforts to use targeted sanctions and steady diplomacy to end Maduro’s attempts to usurp power, and to support a Venezuelan transition to democracy, including free and fair presidential elections,” wrote Secretary of State Mike Pompeo in a statement. The new development adds to what has become a nearly two-decade saga of crumbling relations between Washington and Caracas. Tensions between Venezuela and the U.S. can be traced back to when Hugo Chavez, Maduro’s predecessor, became president of Venezuela in 1999. During his campaign for president, Chavez vilified the U.S. and other countries he felt were taking advantage of Venezuela. Chavez also accused the U.S. of aiding in an attempted coup against his government in 2002. While the Bush administration tried to distance itself from the coup attempt, documents found in 2004 showed the CIA knew of an attempted coup back then. Read more: Tensions between Venezuela and the US keep rising. Here’s how they got to this point The U.S. condemned Venezuela for imprisoning political opponents as well as the Chavez regime’s consolidation of power. Chavez seized control of the country’s supreme court in 2004. He also increased his control over the local media, passing laws that penalized outlets for running content that “offends” public officials. Once Chavez died in 2013 and Maduro took over, tensions began to increase once again. Maduro, who is not the charismatic leader Chavez was, consolidated his power in 2017 by stripping the country’s opposition-led legislature of power. By then, a massive humanitarian and economic crisis had already begun.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: amanda macias fred imbert, amanda macias, fred imbert
Keywords: news, cnbc, companies, sanctions, pressure, maduro, regime, venezuela, aircraft, treasury, power, pdvsa, trump, venezuelan, tensions, administration, chavez, president, increases


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Boeing is in talks to borrow $10 billion or more as 737 Max crisis wears on

The tails of Boeing 737 MAX aircraft are seen parked at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019. Boeing is in talks with banks to secure a loan of $10 billion or more, according to people familiar with the matter, as the company faces rising costs stemming from two fatal 737 Max crashes. For example, Jefferies earlier this month forecast Boeing would issue $5 billion in debt this quarter. Spirit AeroSystems, which makes fuselages


The tails of Boeing 737 MAX aircraft are seen parked at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019.
Boeing is in talks with banks to secure a loan of $10 billion or more, according to people familiar with the matter, as the company faces rising costs stemming from two fatal 737 Max crashes.
For example, Jefferies earlier this month forecast Boeing would issue $5 billion in debt this quarter.
Spirit AeroSystems, which makes fuselages
Boeing is in talks to borrow $10 billion or more as 737 Max crisis wears on Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: leslie josephs
Keywords: news, cnbc, companies, borrow, aircraft, crisis, talks, loan, boeing, planes, familiar, max, 737, company, billion, wears, month


Boeing is in talks to borrow $10 billion or more as 737 Max crisis wears on

The tails of Boeing 737 MAX aircraft are seen parked at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019.

Boeing is in talks with banks to secure a loan of $10 billion or more, according to people familiar with the matter, as the company faces rising costs stemming from two fatal 737 Max crashes.

The company has secured at least $6 billion from banks so far, the people said, and is talking to other lenders for more contributions. The total amount could rise if there is additional demand from banks, one person familiar with the matter said.

Liquidity isn’t an immediate concern, analysts have said, but the new debt shows Boeing is shoring up its finances amid the cash-sapping fallout of the two crashes — one in Indonesia in October 2018 and another in Ethiopia in March last year — that killed all 346 people aboard the two flights.

The amount Boeing is seeking to borrow is more than what some analysts were expecting. For example, Jefferies earlier this month forecast Boeing would issue $5 billion in debt this quarter.

But the jets’ return has faced potential new delays that are threatening to drive up Boeing’s costs, including a new software issue disclosed by the company last week.

Boeing is suspending production of the troubled planes this month as the grounding stretches into its 11th month, a move that has rippled through the supply chain and already cost thousands of jobs.

The company also reversed its stance and will now recommend pilots undergo simulator training, a time-consuming and costly process, before the jets can fly again.

The company posted negative orders for aircraft last year, its weakest sales figures in decades, and handed the title of the world’s biggest aircraft manufacturer over to its European rival Airbus.

Boeing has developed a software fix for the planes after a flight-control system was implicated in the crashes but regulators have not yet signed of on that or completed other checks that would allow them to certify the planes as safe to resume operations.

Boeing declined to comment on the debt raise.

Moody’s Investors Service last week said it was putting Boeing’s credit rating, which is investment grade, on review due to the Max issues.

“Recent developments suggest a more costly and protracted recovery for Boeing to restore confidence with its various market constituents, and an ensuing period of heightened operational and financial risk, even if certification of the Max comes relatively near-term, as expected,” wrote Jonathan Root, Moody’s lead Boeing analyst.

The loan Boeing is negotiating will be a two-year, delayed-draw loan, meaning Boeing can tap into it later, a move that may not immediately affect its credit rating as another type of loan or a bond would, according to one of the people familiar with the matter.

Banks that have already committed to contribute to the loan include Citigroup, Bank of America Merrill Lynch, Wells Fargo and J.P. Morgan, people familiar with the matter said.

Boeing this month will pause production of the planes, which had been its best-selling aircraft. That decision is hurting its supply chain. Spirit AeroSystems, which makes fuselages and other parts for the 737 Max, said earlier this month it would lay off 2,800 workers.

Moody’s downgraded Spirit to junk territory last week, saying it “reflects our expectation that Spirit’s liquidity profile will quickly and materially erode in the absence of mitigating developments that remain largely out of the company’s control.”

General Electric, which makes engines for the planes through a joint venture with France’s Safran, has laid off 70 temporary workers in Quebec, but it could hire them back later.

Suppliers are in a tough position because they want to have skilled workers in place for a resumption in production.

GE, which reports earnings at the end of the month and also makes engines for Airbus planes, can move workers to other plants and programs. The company is also considering reducing worker overtime, according to a person familiar with the matter.

The 737 Max issues have cost airlines more than $1 billion in lost revenue, and Boeing took a $5.6 billion pre-tax charge last July to compensate its Max customers for the grounding.

While the company has reached compensation agreements with airlines including American and Southwest, those agreements apply only to revenue lost in 2019 and analysts expect Boeing will have to pay more without a firm date to get the planes back in the air.

Investors will hear more on the impact of the grounding from American and Southwest when they report earnings later this week and when Boeing reports on Jan. 29.

The new loan comes as Boeing is seeking to close its $4 billion acquisition of a majority stake in Embraer’s commercial plane business. The company has also continued to pay investors dividends during the crisis.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: leslie josephs
Keywords: news, cnbc, companies, borrow, aircraft, crisis, talks, loan, boeing, planes, familiar, max, 737, company, billion, wears, month


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Airbus releases photos of automatic take-offs

Airbus looks to have taken pilotless commercial jet flight one step closer after revealing that one of its test aircraft has taken off automatically. An Airbus test pilot is shown with one hand at rest as an A350-1000, fitted with image recognition technology, takes off automatically at Toulouse-Blagnac airport on December 18, 2019. The nose of the aircraft began to lift up automatically to take the expected take-off pitch value and a few seconds later we were airborne,” said Airbus Test Pilot C


Airbus looks to have taken pilotless commercial jet flight one step closer after revealing that one of its test aircraft has taken off automatically.
An Airbus test pilot is shown with one hand at rest as an A350-1000, fitted with image recognition technology, takes off automatically at Toulouse-Blagnac airport on December 18, 2019.
The nose of the aircraft began to lift up automatically to take the expected take-off pitch value and a few seconds later we were airborne,” said Airbus Test Pilot C
Airbus releases photos of automatic take-offs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: david reid
Keywords: news, cnbc, companies, takeoff, automatically, taken, technology, pilot, system, takeoffs, test, automatic, aircraft, airbus, releases, photos, toulouseblagnac


Airbus releases photos of automatic take-offs

Airbus looks to have taken pilotless commercial jet flight one step closer after revealing that one of its test aircraft has taken off automatically. The European planemaker said that in tests conducted at Toulouse-Blagnac airport on December 18, an A350-1000 with two pilots sitting ready to take over, conducted eight takeoffs on auto-pilot. Accompanying the press release was a photograph showing a pilot sitting with one hand at rest as the plane pitched up.

An Airbus test pilot is shown with one hand at rest as an A350-1000, fitted with image recognition technology, takes off automatically at Toulouse-Blagnac airport on December 18, 2019. Source: Airbus

“We moved the throttle levers to the take-off setting and we monitored the aircraft. It started to move and accelerate automatically maintaining the runway center line, at the exact rotation speed as entered in the system. The nose of the aircraft began to lift up automatically to take the expected take-off pitch value and a few seconds later we were airborne,” said Airbus Test Pilot Captain Yann Beaufils. The technology behind the takeoff is different from the Instrument Landing System (ILS) currently used around the world, Airbus said in its press release Thursday. Instead, the company said the automatic takeoff was made possible by image recognition technology installed directly on the aircraft. The company says the next step is automatic vision-based landing and taxi sequences taking place by mid-2020.

March to automation


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: david reid
Keywords: news, cnbc, companies, takeoff, automatically, taken, technology, pilot, system, takeoffs, test, automatic, aircraft, airbus, releases, photos, toulouseblagnac


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Jet builder Aerion expects to fly silent supersonic planes by 2024, unlocking a $40 billion market

Nevada-based Aerion expects to begin flying its AS2 supersonic jet by 2024, the company’s CEO Tom Vice said on Thursday, speaking at a UBS conference in New York City. In addition to flying nearly twice as fast as a commercial aircraft, Aerion developed a patented technology it calls “boomless cruise.” Aerion has multiple partnerships with global aerospace companies, including Boeing, and wants to target the private business jet market. Vice expects that backlog to grow to $3.5 billion by the en


Nevada-based Aerion expects to begin flying its AS2 supersonic jet by 2024, the company’s CEO Tom Vice said on Thursday, speaking at a UBS conference in New York City.
In addition to flying nearly twice as fast as a commercial aircraft, Aerion developed a patented technology it calls “boomless cruise.”
Aerion has multiple partnerships with global aerospace companies, including Boeing, and wants to target the private business jet market.
Vice expects that backlog to grow to $3.5 billion by the en
Jet builder Aerion expects to fly silent supersonic planes by 2024, unlocking a $40 billion market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: michael sheetz
Keywords: news, cnbc, companies, fly, silent, supersonic, planes, unlocking, jet, expects, aircraft, as2, billion, vice, company, market, aerion, builder


Jet builder Aerion expects to fly silent supersonic planes by 2024, unlocking a $40 billion market

NEW YORK CITY – Supersonic air travel is only a few years from returning if a small U.S. company succeeds in developing its next-generation jet.

Nevada-based Aerion expects to begin flying its AS2 supersonic jet by 2024, the company’s CEO Tom Vice said on Thursday, speaking at a UBS conference in New York City.

In addition to flying nearly twice as fast as a commercial aircraft, Aerion developed a patented technology it calls “boomless cruise.” This means AS2 would fly without creating a sonic boom – one of many issues that plagued the supersonic Concorde jets of the past.

“It allow us to fly at supersonic speeds, taking advantage of an atmospheric phenomenology called ‘mach cut-off,'” Vice said. “Although we still create the sonic boom, it actually refracts off a dense layer of the atmosphere called the caustic layer and goes back up.”

“So on the ground you don’t hear it,” Vice added.

Aerion has multiple partnerships with global aerospace companies, including Boeing, and wants to target the private business jet market. Vice said his company sees a market for as many as 300 aircraft over a 10-year period, bringing in as much as $40 billion in revenue.

“I don’t think people want to be stuck in a can at 35,000 feet for 20 hours … [and] the business jet market is just ripe for disruption – it’s only gone up 10% in speed in 60 years,” Vice said.

Aerion expects it will cost $4 billion total to develop AS2, with Vice saying the company has spent about $1 billion to build an engine for the jet. Aerion partnered with General Electric and uses “an off-the-shelf” engine core for AS2, the CEO said, which he believes was much less costly than developing an engine from scratch.

The company’s work on AS2 is already paying off, as Aerion has a $2.5 billion sales backlog for the jet. Vice expects that backlog to grow to $3.5 billion by the end of this year.

“Our backlog in sales is at price of $120 million per aircraft,” Vice said.

Vice gave an example of the demand Aerion expects to see for AS2, noting the company recently ran a model for an investment bank. Comparing AS2’s expected performance to the bank’s fleet of private jets, Aerion found that each person who flew on that fleet would save 3½ weeks of time if they flew on an AS2 instead.

While Vice said the company has redesigned the aircraft since previously released renderings, he only showed a fuzzy image of the new design at the conference. He laughed and said to expect Aerion to unveil a new design “in the next couple of months.”

The next few years will be critical for realizing Aerion’s vision. While the AS2 concept is finished, AS2 will then undergo preliminary design review in October, with the first aircraft beginning construction in about three years. Aerion expects to fly AS2 a year after that, aiming to enter it into commercial service by 2026.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: michael sheetz
Keywords: news, cnbc, companies, fly, silent, supersonic, planes, unlocking, jet, expects, aircraft, as2, billion, vice, company, market, aerion, builder


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post