19 Oct

Hard times for Boeing, long a symbol of American might

first_imgFaced with the calamitous fallout from the coronavirus on airline customers and the broader economy, Boeing found itself in an unfamiliar and uncomfortable position in March.The company, a longtime symbol of American industrial power, was unable to raise the funds to finance its business.Since that low point as the coronavirus health crisis was mushrooming into an economic crisis, private bond markets have improved considerably, enabling Boeing to fill its liquidity gap with US$25 billion in bonds issued last month.  But that bitter reality at the outset of the COVID-19 pandemic underscores how deeply the 103-year-old company has fallen, in no small part due to its own missteps.Boeing, which alone accounts for about one percent of US gross domestic product, has suffered numerous canceled orders for the 737 MAX, the jet that has been grounded for more than a year following two crashes that killed 346 people.Demand has also diminished the 787 “Dreamliner” amid the downturn in commercial air travel, adding to its woes.”Boeing has serious financial challenges,” said Stan Sorscher, a former Boeing engineer. “Air travel is down, aircraft are grounded, airline customers don’t need new airplanes, and capacity in the supplier network is questionable.” Boeing chief executive David Calhoun has insisted Boeing will weather the crisis though he acknowledged the company lost ground through its own actions.”There is no question that the MAX problems, the accidents, set us back and set us back for roughly two years,” Calhoun said earlier this month on Fox Business Network.Avoiding a bailoutEven throughout this rocky period, Boeing has continued to enjoy success in its defense business.But the company will need to show evidence of a genuine turnaround in its civil aviation division following the MAX crisis, which revealed problems with corporate culture that critics say showed the Boeing cut corners on safety to meet profit goals.Credit ratings agencies have punished the company, downgrading its debt to just above junk status.But Boeing’s clout in Washington has cushioned it from being seen as a likely candidate for bankruptcy, even during the current slump.The company’s supply chain consists of some 17,000 companies in the United States employing 2.5 million workers.Early in the crisis, Boeing had sought $60 billion in federal support and won strong backing from key players in Washington, including US President Donald Trump, who said in April, “We can’t let anything happen to Boeing.”But Calhoun expressed misgivings about how support from the US Treasury would be structured and the conditions imposed. In addition to barring the company from paying dividends, the government could have demanded a stake in the company.Instead, Boeing benefited from a series of emergency steps by the Federal Reserve that boosted liquidity in the corporate debt market and opened the door to its $25 billion bond offering, the sixth largest in history.But issuing debt means Boeing will have to pay higher interest if its credit rating is downgraded further.MAX outlook hazyWith the latest infusion of funds, Boeing is “pretty sound financially,” according to a banking source who has advised Boeing. “Investors believe in this story longer term and are willing to lend to this company in the short term,” the source said. “There is some expectation that it might take time.”But Calhoun has cautioned it could take up to five years for the aviation industry to recover to its pre-coronavirus growth levels.Boeing plans to trim its production of the widebody 787 to 10 per month this year  from 14 at the start of 2020, and cut down to seven a month in 2022.Meanwhile, archrival Airbus stands as well positioned for the post-pandemic period because of its advantage in the narrow-body planes.As the airline market recovers, there likely will be stronger demand for smaller jets like the Airbus A320neo, which require less fuel and have fewer seats to fill.”Long-term, Boeing’s product line, in total, is inferior to Airbus. The 787 is strong, but demand is weak,” said Scott Hamilton, managing editor of Leeham News, which covers aviation.”The Boeing 777X is a good airplane but the market has passed it by,” he said adding that “The MAX family line is inferior to the A320neo family. Boeing doesn’t have a viable competitor to the A220.”The timeframe for the MAX’ return to service remains hazy. Airlines canceled 258 orders for the plane in March and April.Boeing has said it aims to win government approval for the MAX to return in mid-2020, but regulatory sources told AFP that there will be no test flight before June.Boeing plans to cut 10 percent of its staff, or about 16,000 jobs, to save money. It also could cut one of the 787 assembly plants, or move other engineering staff to cut costs, aviation sources said.Boeing is “cutting new program development spending and retreating from any signs of a new product launch,” said Richard Aboulafia, aviation expert at Teal Group, a research firm specializing in aviation and defense. “They just went an entire decade without launching a single all-new product, only the second decade that’s happened in company history. And there are no signs of anything happening in the decade ahead.”Topics :last_img read more

19 Oct

Lion Air Group temporarily suspends domestic flights amid confusion

first_imgLion Air Group will temporarily suspend all domestic flight operations for five days amid passenger confusion over the government’s mandated pre-flight documents.The group said on Wednesday that operations would be suspended between May 27 and 31 so the company could disseminate information about the new boarding requirements via its website and branch offices.“Many potential passengers were unable to continue their journey or fly and had to bear all the expenses, just because they were unaware or misinformed about requirements,” said Lion Air spokesman Danang Mandala Prihantoro in a statement.The airline also maintained that customers with flights slated for such dates may either request a refund or a reschedule. Lion Air Group had resumed operations on May 10 after the government relaxed a ban on all passenger flights. The relaxation was meant to allow certain people, such as officials, medical staff, businessmen, the critically ill and bereaved family members, to fly between cities.However, passengers need to provide certain documents prior to boarding a plane, in compliance with the circular letter No. 4/2020 issued by the COVID-19 task force.Generally, they are required to show their flight ticket, identity card, medical letter stating that they are coronavirus-free, as well as official letters of duty, among other documents.Danang said the air carrier would also use the five-day break to inspect the health of employees involved in previous flights.Last week, the Transportation Ministry suspended a flight operated by Lion Air Group full service subsidiary Batik Air on the Jakarta-Denpasar, Bali route as the airline was found to have violated the physical distancing policy in its operation.The flight in question was filled by more than half the aircraft capacity, which exceeded the maximum capacity allowed by the government regulation.Topics :last_img read more

19 Oct

Batik producers look to face masks to survive pandemic

first_img“We used to be able to make displays and provide batik-making classes at hotels and tourism destinations, but all of those establishments have been forced to limit their operations during the pandemic,” said Haryati.While in normal times Haryati’s business could bring in at least Rp 20 million (US$1,345) per month, in those three months, she made zero revenue.Haryati began to see a light at the end of the tunnel in May when she received orders for cloth masks from several government institutions as part of a program managed by the region’s COVID-19 task force.Read also: Most small businesses could shut down in six months due to COVID-19: UNIDO Editor’s note: This article is part of a public campaign by the COVID-19 task force (Satgas COVID-19) to raise people’s awareness about the pandemic.Topics : After being hit hard by the economic crisis in the first three months of the COVID-19 pandemic, batik crafters in many parts of Indonesia have begun to find their feet making and selling batik cloth masks.Haryati Suroso, owner of Batikque Batik in Sleman, Yogyakarta, told Kompas daily newspaper on Friday that her business had been shaken when the pandemic forced most tourism destinations and hotels in the province to temporarily shut down.During the early stages of the pandemic, she said, her business relied on the Upakarti Sleman Gallery to sell its products.center_img “At that time, we still had a lot of left-over cloth or cloth with mixed up colors, so we turned it into cloth face masks,” said Haryati, who began making batik in 2012.Since receiving the orders in May, she began to find a market by selling her products online. Today, Haryati can earn at least Rp 5 million a month.“We’re starting to recover in terms of selling batik clothes, but our revenue is still half what it was,” she added.Elsewhere, Lily Mariasari, a fashion designer and founder of Elemwe boutique, said that her business’ earnings dropped 70 percent at the beginning of the pandemic.Despite the difficulties of the time, she decided to continue supporting batik crafters in Jakarta to help them stay afloat.Twelve batik makers that Lily supports live in a low-cost apartment in Tambora, West Jakarta. She has been supporting them since October 2019. The crafters produce batik clothes with motifs inspired by Jakarta’s Betawi culture. Read also: Small businesses resort to online channels to survive pandemic“We’re lucky that these crafters can still create clothes, especially during the pandemic. They even managed to take part in the Karya Kreatif Indonesia [Indonesia’s Creative Creation] event held by Bank Indonesia,” said Lily.She added that the crafters were mothers and wives, who used to only produce 12 items per week. “But now they can create 20 batik items per week.”With the help of these women and other batik makers in Jakarta, Lily said her boutique could produce 5,000 batik cloth masks per day.“Around 70 percent of my orders are for cloth face masks, while the remaining are for batik clothes, outfits and accessories,” she added.Meanwhile, Agustina Giarawati, a batik cloth producer from Surakarta, Central Java, said her business lost about 80 percent of its earnings in the early days of the pandemic. In the first month of the pandemic, she was only able to sell 1,000 batik clothes – an amount that in normal times, she could sell in a week.However, several months later, her business began to rebound after receiving face mask orders for donations, a market that quickly grew.To produce the face masks, she uses stamped batik cloth.“My daily revenue is around Rp 500,000. The orders mostly come from Bali and Surakarta,” said Agustina. (nkn)last_img read more

6 Oct

Gold Coast records two top sales in Queensland

first_img14 Tawarri Crescent, Burleigh Heads.The concrete and timber panelling combination continues inside while high ceilings and luxury finishes complement the style.Sean Smith of Professionals Black & Young Burleigh Gold Coast Real Estate took the property to auction. 44 Sunshine Blvd, Broadbeach Waters was the biggest sale in Queensland this week.THE two biggest sales in Queensland this week were both on the Gold Coast, according to CoreLogic.The top sale was a five-bedroom Broadbeach Waters mansion that changed hands for $1.85 million. 14 Tawarri Crescent, Burleigh Heads sold under the hammer on the weekend for $1.7 million.The second highest sale in the state this week was a Burleigh Heads residence, which was featured on the cover of the Gold Coast Bulletin’s Real Estate magazine last month.The three-level ultra-modern house which has an industrial vibe throughout sold under the hammer on the weekend for $1.7 million. From the outside the house at 14 Tawarri Cres stands out with a mix of clean lines, timber and concrete. 14 Tawarri Crescent, Burleigh Heads.center_img 44 Sunshine Blvd, Broadbeach Waters. 44 Sunshine Blvd, Broadbeach Waters.More from news02:37International architect Desmond Brooks selling luxury beach villa20 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoDescribed as providing the “ultimate Gold Coast lifestyle”, the waterfront house at 44 Broadbeach Blvd features a pool, outdoor spa, two outdoor dining areas and rumpus room.Nick Jamieson of Belle Maison Realty handled the sale.last_img read more

6 Oct

QLD’s high-rise apartment boom is slowing fast: ABS

first_imgViews of high-rise buildings in Brisbane’s CBD.QUEENSLAND’S high-rise building boom is unwinding rapidly, with new figures showing a sharp drop in the construction of dwellings other than houses across the state.Allen Wargent Property Advisory co-founder Pete Wargent has analysed the latest Australian Bureau of Statistics construction work data and noted it shows the value of higher density building work in Queensland fell by about 25 per cent over the course of 2017.It’s a trend Mr Wargent believes will continue in 2018. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE The Reserve Bank of Australia in Sydney. Photo: AFP/Peter Parks.“Population is rising, more homes are being built and economic activity is being sustained by construction-dependent companies and sectors,” he wrote to clients. “This is further supported by public infrastructure works focused on road and transport related projects.”CommSec and AMP expect official interest rates to remain on hold until late this year. The value of construction work fell by nearly 20 per cent in the December quarter, according to ABS data.Economists had been expecting only a 10 per cent drop.AMP Capital head of investment strategy and chief economist Shane Oliver said the result was largely due to a spike in engineering work associated with the import of liquefied natural gas platforms in previous quarters.Residential construction across the country remains soft, but non-residential building rose a solid four per cent quarter on quarter and is up 14.4 per cent year on year.CommSec senior economist Ryan Felsman noted the construction pipeline in the southeastern states of Australia remained very strong, supported by record low interest rates. center_img Cranes on high-rise apartment buildings in South Brisbane.He noted that as construction slowed, Brisbane’s apartments were gradually filling up — but it was taking time for stock to be absorbed.Overall construction work in Queensland fell three per cent during the December quarter and 10.9 per cent over the year, according to the ABS figures. HAMPTONS STYLE STUNNER SELLS FOR A PRETTY SUM HOMES TO SUIT EVERY BUYER More from newsParks and wildlife the new lust-haves post coronavirus21 hours agoNoosa’s best beachfront penthouse is about to hit the market21 hours ago QUEENSLANDER GLAMOUR But Mr Wargent said post-mining boom engineering construction was no longer dragging down the state’s economy, paving the way for a recovery.Nationally, the value of construction work fell by a worse than expected 19.4 per cent to $50.3 million during the last quarter of 2017.last_img read more

27 Sep

California Bathroom Bill Moves Forward

first_imgCitizenLink 24 July 2013California legislators have passed a bill that would force public schools to allow gender-confused youth to choose whether they would like to use the boys or girls restrooms and locker rooms based on their “gender identity.”If signed by the governor, AB 1266 would also let students who believe they are the opposite sex participate in sex-segregated activities, including sports teams. The new law would apply to students in elementary, middle and high school.“As a society, we know we must protect children from harm, but this law is in direct violation of this principle,” said Brad Dacus, president of the Pacific Justice Institute (PJI). “These politicians have disregarded the safety and privacy of all children, in exchange for appeasing the vocal LGBT lobby.”PJI Staff Attorney Matthew McReynolds sent a letter this spring to the state Assembly urging lawmakers to reject the bill.http://www.citizenlink.com/2013/07/24/california-bathroom-bill-moves-forward/last_img read more

26 Sep

Dominican workers told to stand against suggestions to make Sunday an ordinary working day.

first_img 12 Views   no discussions Share Share Tweet LocalNews Dominican workers told to stand against suggestions to make Sunday an ordinary working day. by: – May 6, 2011center_img Share Sharing is caring! Secretary Treasurer of the Water Front & Allied Workers Union Kertiste  Augustus, says a  proposal to make sunday an ordinary working day must be rejected because the idea is not in keeping with the Holiday Pay Act of Dominica.“I refer to the intent by a certain sector to propose a change in the schedule of the Holiday Pay Act #1901, to make Sunday an ordinary day. The workers of Dominica, and like- minded institutions must stand in opposition to this proposal. I want to make it fundamentally clear, that I sure oppose this intent, by whomsoever advocates  it. Our law provides for one day of rest per week preferably the sunday.”Mr.Kertiste Augustus made these remarks during his speech at the Labour Day Rally held May 1st 2011.Dominica Vibes Newslast_img read more

26 Sep

Ten Dominican students leave to study in China

first_imgEducationLocalNewsTertiary Ten Dominican students leave to study in China by: – August 30, 2011 95 Views   no discussions Share Share Photo credit: chineseculture.about.comTen Dominican students left the island on Saturday, August 27th to study in China, as part of the People’s Republic of China Scholarship Programme for the academic year 2011/2012.Chinese Ambassador to Dominica, His Excellency Wongtu Rie has said that the Chinese government is very pleased to be making this contribution to Dominica through the education sector.The Ambassador says that his government believes that an investment in the education sector will provide many benefits to Dominica as it relates to human resource development.“The Chinese Government is very elated to be assisting the Government of Dominica in making these scholarships available to Dominican students. This will now bring the total number of Dominican students granted scholarships to study in China to one hundred and fifteen (115), after just seven (7) years of cooperation.”Minister of Education, Honorable Petter Saint Jean believes that this milestone in the education sector is just one of the many fruits enjoyed by Dominica, resulting from its diplomatic relations with China; a country and government that continues to invest heavily in the country’s development.“I can tell you that on behalf of the Government and people of Dominica we say a big thank you to the Chinese government for this gesture. Again, we would like to pledge our unwavering support to them as we continue to work together to build our nations,” said Saint Jean.Parliamentary Secretary in the Prime Minister’s Office and Minister with responsibility for Information Technology, Honorable Kelver Darroux reiterated Government’s commitment to the One-China policy.He encouraged the scholarship-awardees to ‘learn other cultures, interact and make their parents and Dominica proud.’The ‘One China Policy’ states that the Peoples Republic of China is the only legitimate state called China.At the invitation of the Chinese government, Prime Minister of the Commonwealth of Dominica, Honourable Roosevelt Skerrit, during a visit to China, signed the Joint Communiqué between the People’s Republic of China and the Commonwealth of Dominica on the Establishment of Diplomatic Relations, on March 23rd, 2004.Prime Minister Skerrit has since said that ‘China is an important player in the international arena and the establishment of diplomatic relations between the Commonwealth of Dominica and China is in the fundamental interests of the people in the two countries.’He says “Dominica recognizes that the government of the People’s Republic of China is the sole legal government representing the whole of China and that Taiwan is an inseparable part of China’s territory. The Commonwealth of Dominica will persistently adhere to the one-China policy and actively develop friendly relations of cooperation with China”.Dominica Vibes Newscenter_img Share Sharing is caring! Tweetlast_img read more

26 Sep

Lockdown fallout: Murray battles to explain Scottish heritage

first_img Loading… FacebookTwitterWhatsAppEmail分享 former British No 1 Andy Murray has been spending lockdown with his young family and shared a picture of himself on Instagram playing ‘dress up’ at the weekend. But it appears his daughters mistook his tartan kilt for a skirt. He wrote: ‘When your daughters want to play dress up and say “daddy put on your skirt!”. I tried to explain it was a kilt not a skirt but they assured me it was definitely a skirt’, as he posed in a kilt and paper tiara hat. Murray admitted last week that the enforced confinement due to the coronavirus pandemic has taken away any fear he had about the future after tennis. Former Britist number one Andy Murray in Scottish outfit: The his kids find it a bit funny! In a new departure the twice Wimbledon champion chatted with Novak Djokovic via Instagram on Friday night, and admitted that he has had to get used to a new way of life.Advertisement Murray told one of his great rivals that he has enjoyed his time off the road, which goes back well beyond the current crisis, because of the time spent with his young family. ‘I saw my kids going out cycling and swimming for the first time,’ said the 32 year-old Scot. ‘I guess you are learning a new way of living, you are so used to the travelling. I realise once tennis is done for me I will be just fine.’ Read AlsoMurray haunted by 2016 Roland Garros final loss to Djokovic Djokovic, who is isolating at his base in Marbella, also conceded that the present situation has taken some getting used to: ‘We have been six weeks in 24 hour lockdown here – as a tennis player it’s really weird being in one place, you never fully relax on tour,’ he said. ‘I haven’t experienced that for 15 years. I’m getting to know myself as a father and a husband.’ Promoted ContentDid You Know There’s A Black Hole In The Milky Way?A Guy Turns Gray Walls And Simple Bricks Into Works Of Art10 Risky Jobs Some Women Do6 Interesting Ways To Make Money With A DroneWhich Country Is The Most Romantic In The World?6 Extreme Facts About Hurricanes5 Of The World’s Most Unique Theme ParksThe Great Wall Of China: The Hidden StoryBest & Worst Celebrity Endorsed Games Ever Made7 Ways To Understand Your Girlfriend BetterThe Best Cars Of All Time10 Phones That Can Easily Fit In The Smallest Pocketlast_img read more

23 Sep

Warrant service leads to drug arrests in Greensburg

first_imgVerida BaylessGreensburg, In. — Deputies from the Decatur County Sheriff’s Department made several drug-related arrests Friday while serving an arrest warrant.Deputies were taking Verdia Bayless into custody in the 700 block of North West Street and discovered a strong smell ofRobert Simmonsmarijuana. Due to the odor of marijuana deputies conducted a search of the property and found several other people, drugs and paraphernalia.Ray SimmonsThe following residents were arrested:Verdia Bayless, 42, of Greensburg Dealing in Methamphetamine, Possession of Methamphetamine, Unlawful Possession of Syringe, Possession of Legend Drug, Maintaining a Common Nuisance, Possession of Paraphernalia, Possession of MarijuanaRobert Simmons, 45, of Batesville Dealing in Methamphetamine, Possession of Methamphetamine, Unlawful Possession of Syringe, Possession of Legend Drug, Maintaining a Common Nuisance, Possession of Paraphernalia, Possession of MarijuanaGregory BaylessRay Simmons, 22, of Batesville Dealing in Methamphetamine, Possession of Methamphetamine, Unlawful Possession of Syringe, Possession of Legend Drug, Maintaining a Common Nuisance, Possession of Paraphernalia, Possession of MarijuanaCrystal RobertsGregory Bayless Jr., 18, of Greensburg Maintaining a Common Nuisance, Dealing in Marijuana, Possession of Paraphernalia, Possession of MarijuanaCrystal Roberts, 26, of Greensburg Possession of Marijuana and Visiting a Common NuisanceKiara MapleKiara Maple, 19, of Greensburg, IN Possession of Marijuana and Visiting a Common NuisanceSheriff Durant said, “This is exactly how we are attacking the narcotics problem in Decatur County. We aren’t stopping at just why we are there. We are looking further for evidence of other crimes, focusing heavily on narcotics enforcement.”The Greensburg Police Department assisted in the investigation and arrests.last_img read more