Korean Air Formalizes $33 Billion Jet Deal With Boeing, GE
The company inked a $24.9 billion deal with Boeing that will see it commit to buy 50 jets by 2033, including 20 each of the planemaker's 777-9 and 787-10 aircraft, according to statement from Korea's trade ministry late Friday. A $7.8 billion transaction with GE covers eight engines, including maintenance and repair service.
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Yahoo
12 minutes ago
- Yahoo
Boeing addresses more labor strife amid attempt to resuscitate its reputation
A strike by thousands of workers that build fighter jets for Boeing at three U.S. plants is the second labor disruption for the plane builder in less than a year. The strike that began just after midnight Monday involving more than 3,000 members of the International Association of Machinists and Aerospace Workers arrives as Boeing is attempts resuscitate its reputation. Boeing, once a beacon of U.S. manufacturing and the gold standard in the global aircraft industry, has been rocked by fatal crashes, investigations and changes in leadership. Following is a quick rundown of events that have buffeted the Arlington, Va., company. ___ January 2013: 787s worldwide are grounded nearly three weeks after lithium ion batteries that are part of the planes led to a fire in one plane and smoke in a second. August 2015: The first 737 Max plane rolls off the production line and within a year are undergoing flight tests. Oct. 29, 2018: Lion Air Flight 610, a Boeing 737 Max 8, plunges into the Java Sea off the coast of Indonesia minutes after takeoff from Jakarta, killing all 189 people on board. Questions are raised over a new Boeing flight-control system called MCAS that Boeing did not disclose to pilots and airlines. Indonesian investigators say the Flight 610 pilots struggled for control as the automated system pushed the nose of the plane down more than two dozen times. March 1, 2019: Wall Street remains enamored with Boeing as commercial aircraft orders rocket. Shares of Boeing Co. close at an all-time high of $430.35. March 10, 2019: Ethiopian Airlines Flight 302, a Boeing 737 Max 8, crashes after takeoff from Addis Ababa, Ethiopia, killing 157 passengers and crew members. Shares of Boeing begin a long, downward slide and have yet to recover. March 2019: Within days of the second crash, the U.S. Federal Aviation Administration and regulators in nations around the world order the grounding of all 737 Max jets. Dec. 23, 2019: Boeing ousts CEO Dennis Muilenburg, who was seen as pressuring the FAA to lift the Max grounding order. Jan. 7, 2021: U.S. Justice Department charges Boeing with fraud but won't prosecute the company for misleading regulators about the 737 Max if it pays a $2.5 billion settlement. Jan. 5, 2024: A panel covering an unused emergency exit blows off a 737 Max 9 during an Alaska Airlines flight. Pilots land the plane safely. Feb. 26, 2024: A panel of outside experts, convened after the two deadly crashes, reports Boeing's safety culture falls short despite the company's efforts to fix it. March 11, 2024: A LATAM Airlines Boeing 787-9 Dreamliner flight between Australia and New Zealand suddenly plunges, injuring 50 people. Boeing tells airlines to inspect switches on pilots' seats after a published report said an accidental cockpit seat movement likely cause the rapid loss of altitude. March 25, 2024: Dave Calhoun, who replaced Muilenburg, says he will step down as CEO by year-end as part of a broader shakeup of Boeing leadership. July 7, 2024: Boeing agrees to plead guilty to conspiracy to defraud the U.S. government for misleading regulators who approved pilot-training standards for the Max. July 31, 2024: Boeing names Kelly Ortberg as its new chief executive. Ortberg is a trained engineer and was CEO of aerospace supplier Rockwell Collins for eight years. Many see his appointment as an attempt by Boeing to get back to its roots. Sept 13, 2024: About 33,000 Boeing factory workers walk off the job in a strike that will cripple production at one of the preeminent manufacturers in the U.S. for almost two months. It is the first labor action taken against the company in 16 years. May 23, 2025: The Justice Department reaches a deal with Boeing that takes criminal prosecution off the table for allegedly misleading regulators about the 737 Max jetliner before the two fatal planes crashes. Boeing agreed to pay or invest more than $1.1 billion, including an additional $445 million for crash victims' families, removing the risk of a criminal conviction that would have jeopardized the company's status as a federal contractor. The Associated Press
Associated Press
15 minutes ago
- Associated Press
Boeing addresses more labor strife amid attempt to resuscitate its reputation
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Boston Globe
4 days ago
- Boston Globe
Appellate judges question Trump's authority to impose tariffs without Congress
Brett Schumate, the attorney representing the Trump administration, acknowledged in the 99-minute hearing 'no president has ever read IEEPA this way' but contended it was nonetheless lawful. The 1977 law, signed by President Jimmy Carter, allows the president to seize assets and block transactions during a national emergency. It was first used during the Iran hostage crisis and has since been invoked for a range of global unrest, from the 9/11 attacks to the Syrian civil war. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Trump says the country's trade deficit is so serious that it likewise qualifies for the law's protection. Advertisement In sharp exchanges with Schumate, appellate judges questioned that contention, asking whether the law extended to tariffs at all and, if so, whether the levies matched the threat the administration identified. 'If the president says there's a problem with our military readiness,' Chief Circuit Judge Kimberly Moore posited, 'and he puts a 20 percent tax on coffee, that doesn't seem to necessarily deal with (it).' Schumate said Congress' passage of IEEPA gave the president 'broad and flexible' power to respond to an emergency, but that 'the president is not asking for unbounded authority.' Advertisement But an attorney for the plaintiffs, Neal Katyal, characterized Trump's maneuver as a 'breathtaking' power grab that amounted to saying 'the president can do whatever he wants, whenever he wants, for as long as he wants so long as he declares an emergency.' No ruling was issued from the bench. Regardless of what decision the judges' deliberations bring, the case is widely expected to reach the US Supreme Court. Trump weighed in on the case on his Truth Social platform, posting: 'To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!' In filings in the case, the Trump administration insists that 'a national emergency exists' necessitating its trade policy. A three-judge panel of the The issue now rests with the appeals judges. The challenge strikes at just one batch of import taxes from an administration that has unleashed a bevy of them and could be poised to unveil more on Friday. The case centers on Trump's so-called 'Liberation Day' tariffs of April 2 that imposed new levies on nearly every country. But it doesn't cover other tariffs, including those on Advertisement The case is one of at least seven lawsuits charging that Trump overstepped his authority through the use of tariffs on other nations. The plaintiffs include 12 US states and five businesses, including a wine importer, a company selling pipes and plumbing goods, and a maker of fishing gear. The US Constitution gives Congress the authority to impose taxes — including tariffs — but over decades lawmakers have ceded power over trade policy to the White House. Trump has made the most of the power vacuum, raising the average US tariff to more than 18 percent, the highest rate since 1934, according to the Budget Lab at Yale University. The attorney general for one of the states suing Trump sounded confident after the hearing, arguing that the judges 'didn't buy' the Trump administration's arguments. 'You would definitely rather be in our shoes going forward,' Oregon Attorney General Dan Rayfield said. Rayfield said that Trump's tariffs — which are paid by importers in the United States who often try to pass along the higher costs to their customers — amount to one of the largest tax increases in American history. 'This was done all by one human being sitting in the Oval Office,' he said.
