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Thursday, April 25, 2024 | Daily Newspaper published by GPPC Doha, Qatar.

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Damage in Israeli air base after Iran attack

Israeli army footage of what it says is the damage caused by the Iranian attack on the Nevatim Air Base, which was launched late Saturday in retaliation for a deadly air strike widely blamed on Israel that destroyed its consular building in Syria's capital early this month. AFP

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Six months of bloodshed: The toll on Gaza’s children

The bloodiest ever Gaza war which broke out over six months ago has taken an appalling toll on children. NGO Save the Children estimates that some 26,000 children have been killed or injured in the war, 17,000 have been orphaned, according to UNICEF, and 1 in 3 children under two years old in northern Gaza is suffering from acute malnutrition. In total, at least 33,207 people have been killed in the besieged Palestinian territory in Israel's retaliatory campaign for the October 7 attack, according to Hamas-run Gaza's health ministry. The unprecedented Hamas raid on southern Israel resulted in the deaths of 1,170 Israelis and foreigners, most of them civilians, according to an AFP tally based on official Israeli figures. AFP

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Gazans struggle to secure flour for daily bread

"I spent the night on Kuwait Roundabout to secure this bag of flour", says a Palestinian in Gaza City carrying a bag of flour he managed to get from an aid truck. A UN-backed report warned that half of Gazans are experiencing "catastrophic" hunger, with famine projected to hit the north of the territory unless there is urgent intervention. AFP

Alex Macheras

Boeing burn through almost $4bn in Q1

Boeing burnt through almost $4bn of cash in the first quarter, reflecting slower 737 Max production and compensation to customers as the US plane maker grappled with the aftermath of the mid-air accident in January. The $3.9bn of free cash outflow is slightly lower than the $4-4.5bn the company had warned in March, but compares with an outflow of $786mn for the same period last year. Boeing reported a $355mn net loss in the first quarter.Boeing, which is grappling with multiple crises currently, reported an adjusted loss per share of $1.13, and revenue of $16.57bn in the first three months, according to a statement on Wednesday. Boeing, which didn’t provide earnings guidance for the year, rose as much as 4.6% in New York after the results, for its biggest intraday gain since January 31.Boeing’s first three months of the year have been overshadowed by the fallout from the near-catastrophic Alaska Airlines accident on January 5 that’s upended the company’s manufacturing, financials and management. Chief Executive Officer Dave Calhoun, who plans to step down by the end of the year, told employees in a memo that Boeing is “leaving no stone unturned” as it reworks its factories, encourages workers to point out defects and slows its system to identify faults in its processes.Boeing faces investigations by aviation regulators and the US Justice Department. Though no one was killed, the explosive loss of cabin pressure injured some on board and recalled the two fatal crashes that led to the worldwide grounding of the Max for nearly two years.A preliminary report by the National Transportation Safety Board found that four bolts meant to fasten the panel to the fuselage were missing. A US Federal Aviation Administration audit of Boeing found “multiple instances” where it allegedly failed to meet manufacturing and quality control requirements. Regulators have given the company until the end of May to submit a plan to improve.Boeing said on Wednesday it was “implementing a comprehensive action plan” to address the audit’s findings.“Near term, yes, we are in a tough moment,” Calhoun said in the memo. “Lower deliveries can be difficult for our customers and for our financials. But safety and quality must and will come above all else.”During the quarter, the Boeing 737 MAX programme slowed production below 38 a month, Boeing said. Boeing ended the reporting period with $7.5bn in cash and short-term securities, down from $16bn at the start of the year. The company said it still has access to $10bn in undrawn credit. Boeing had already cautioned a few weeks ago that it would suffer a cash outflow of as much as $4.5bn in the quarter. By that measure, the earnings release offered a respite at a time when little has gone Boeing’s way.The company has been hit by a leadership exodus, civil and criminal investigations, Congressional hearings and whistle-blower revelations. Its 737 factory has slowed to a crawl as the planemaker cuts down on out-of-sequence work and drafts a 90-day plan to bolster its quality and safety for US regulators.Boeing’s recovery hinges in no small part on input from the Federal Aviation Administration, which has tightened oversight of the company in the wake of the accident. Measures include a capped output of the 737, and inspectors on the ground at Boeing factories reviewing manufacturing.As of Tuesday, shares of Boeing had lost more than a third in value since the start of the year, the worst performer on the Dow Jones Industrial Average. Rival Airbus SE, which reports earnings on Thursday, had gained 18% in the period.The manufacturer is being squeezed by reduced revenue and the rising cost of keeping its suppliers afloat until its production system can smoothly handle higher manufacturing rates again.Boeing plans to build 737s at a very slow pace during the first six months of 2024, then accelerate to its previous 38-jet monthly rate later in the year, Chief Financial Officer Brian West said last month. As of March 1, it shifted inspections of the narrowbody frames to Wichita, Kansas, where they are built by supplier Spirit AeroSystems Holdings Inc.Fuselage shipments have fallen as a result, adding to Spirit’s own financial challenges. Boeing is providing a $425mn funding infusion, which Spirit is to repay over the next six months, the aerostructures supplier announced in a filing after the close of trading Tuesday.Boeing has been the subject of 32 whistle-blower complaints with the workplace safety regulator in the United States during the past three years, newly obtained documents reveal, amid mounting scrutiny of standards at the beleaguered aircraft maker.The figures shed light on the extent of alleged retaliation by Boeing against whistle-blowers as the Virginia-based company is facing mounting questions over its safety record and standards.The Occupational Safety and Health Administration (OSHA), which handles claims of retaliation against workers who blow the whistle on their employer, received the complaints of retaliation between December 2020 and March of this year, according to a table of figures compiled last month by officials at the agency. The author is an aviation analyst. Twitter handle: @AlexInAir

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