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Boeing reports big loss, signals more job cuts

first_imgTopics : MAX deliveries pushed backThe company reported a $2.4 billion loss in the quarter ending June 30 as revenues plunged 25 percent to $11.8 billion.The hit from coronavirus has prolonged and worsened Boeing’s slump due to the crisis surrounding the 737 MAX, which was grounded globally in March 2019 following two deadly crashes.Boeing said it was making “steady progress” towards getting the MAX recertified to fly, after the Federal Aviation Administration completed test flights earlier this month. That process, too, was delayed by the pandemic.Calhoun said the company was targeting the resumption of commercial deliveries following regulatory approval in the fourth quarter, shifting back the timeframe from the third quarter.The company resumed some activity on the MAX in May after completely halting work for a few months, but on Wednesday slowed the production ramp-up plans.Boeing said it planned to gradually increase output of the aircraft to 31 a month at the beginning of 2022, a delay from the earlier plan to hit that level in 2021, and a far cry from the 57 per-month target for 2020 before the coronavirus disruption.The Boeing chief also lowered the output plans for the 777 and the 787 jets.Executives told financial analysts on a conference call they were rethinking all operations with an eye towards lower costs. To that end, Boeing is considering consolidating all its 787 production to one factory; at present, the 787 is built in both Washington state and South Carolina.During a subsequent phone call with reporters, Calhoun said the company was at an early stage of the review. Calhoun, in an interview with CNBC, said the latest surge in US coronavirus cases made the near-term travel outlook “more difficult” because airlines that had added flights amid a brief uptick in interest are now cutting back. But there also was “more optimism about a vaccine” for COVID-19 sometime in 2021, which would support an industry recovery, he said.Calhoun said he still thinks it will be about three years before the industry recovers to pre-coronavirus levels. “Regretfully, the prolonged impact of COVID-19 causing further reductions in our production rates and lower demand for commercial services means we’ll have to further assess the size of our workforce,” Chief Executive Dave Calhoun said in a message to employees.”This is difficult news, and I know it adds uncertainty during an already challenging time. We will try to limit the impact on our people as much as possible going forward.”The results underscored anew the battered state of commercial aviation following lockdowns and travel restrictions imposed to limit the spread of the coronavirus. It comes on the heels of deep losses by leading US carriers that have announced belt-tightening plans of their own that will remove tens of thousands of jobs.Airlines have canceled orders, suspended deliveries and deferred maintenance. Boeing delivered just 20 planes during the quarter, down from 90 in the year-ago period. center_img Boeing suffered a bigger-than-expected loss in the latest quarter, the company announced Wednesday, and signaled additional job cuts are likely as it contends with a protracted air travel downturn amid the coronavirus pandemic.The aerospace giant, which previously suspended the dividend for shareholders and announced a 10 percent staff downsizing, also said it would phase out production of the iconic 747 jumbo jet and ratchet back production plans on other commercial aircraft due to the weak outlook.Those moves are expected to lead to further job cuts. ‘Emotional’ 747 decision In the CNBC interview, Calhoun said ending production of the 747 in 2022 was an “emotional decision for everyone” at Boeing, but commercial needs necessitated the move.”This is just us facing reality,” he told CNBC. “Our customers want the new technology.”But he said the company would continue to service the 747s already on the market for decades into the future.While Boeing’s commercial plane business has been battered by COVID-19, the company reported flat revenues from its defense and space business compared with the year-ago period.Calhoun said these programs ensured “some critical stability for us in the near-term as we take tough but necessary steps to adapt for new market realities,” according to a Boeing earnings release.He told CNBC he does not expect to need additional financing following a $25 billion bond offering earlier this spring that is expected to provide enough cash to get through the downturn.The company’s share price initially gained ground, but then retreated and finished 2.8 percent lower at $166.last_img read more

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Australia’s COVID-19 epicenter extends hard lockdown till late September

first_imgTopics : If the infection rate subsides as hoped by the end of September, Andrews said restrictions would be relaxed gradually over the subsequent two months, though some businesses would have to remain shut through late November.Andrews said modelling showed cases would continue to average around 60 a day by next weekend, and if the state opened up too quickly it would be on track for a third wave by mid-November.”You’ve got to defeat the second wave and do it properly. Otherwise you just begin a third wave. A third wave will mean we can’t do the economic repair that people desperately want us to do,” Andrews said.The federal government has blamed the lockdown in Victoria for dragging Australia deeper into its first recession in nearly 30 years, while other states have largely reopened their economies.”Today’s announcement from the Victorian government to extend lockdown arrangements will be hard and crushing news for the people of Victoria and a further reminder of the impact and costs that result from not being able to contain outbreaks of COVID-19,” Prime Minister Scott Morrison said in a statement.The pandemic has resulted in the loss of around 500,000 jobs in Victoria, including 250,000 under the stage 4 restrictions.Business groups were disappointed with the slow reopening outlined by Andrews.”We can’t continue to let business and jobs be decimated on the way to controlling the spread of the virus,” Victoria Chamber of Commerce and Industry chief Paul Guerra told reporters.After Sept. 28, if daily infection rates have dropped to between 30 and 50 for 14 days, child care, construction sites, manufacturing plants, and warehouses, will go back to normal, allowing 101,000 workers to return to their jobs.Schools will also partially reopen and outdoor gatherings of up to five people would be allowed.After Oct. 26, if daily cases have dropped below five, cafes and restaurants could reopen, mostly for outdoor service, and shops and hairdressers would reopen.At the same time, the curfew would be lifted, with no limits on leaving home, outdoor gatherings could increase to 10 and homes would be able to have five visitors.After Nov. 23, cafes, bars and restaurants could have more people indoors, schools could reopen more fully, museums and other entertainment venues could reopen, and larger gatherings would be allowed.Restrictions in regional Victoria will ease from Sept. 14. Australia’s second most populous state has been the epicenter of a second wave of the novel coronavirus, now accounting for about 75% of the country’s 26,282 cases and 90% of its 753 deaths.Victoria on Sunday reported 63 new COVID-19 infections and five deaths, down from a peak of 725 new cases on Aug. 5. By contrast, Australia’s most populous state, New South Wales, has had no more than 13 cases a day since early August.Melbourne’s stage 4 restrictions, which had been due to end on Sept. 13, shut most of the economy, limited people’s movements to a tight zone around their homes for one hour a day and imposed a night time curfew.From Sept. 14, the rules won’t be quite as tough, as the curfew will begin an hour later at 9 p.m, and people can go outdoors for two hours instead of one, while those living alone will be allowed to have a visitor.center_img Australia’s coronavirus hot spot state of Victoria on Sunday extended a hard lockdown in its capital Melbourne until Sept. 28, as the infection rate has declined more slowly than hoped.”We cannot open up at this time. If we were to we would lose control very quickly,” State Premier Daniel Andrews told a televised media conference on Sunday.The hard lockdown was ordered on Aug. 2 in response to a second wave of infections, that erupted in Melbourne.last_img read more

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Dayot Upamecano responds to Arsenal transfer speculation ahead of Tottenham clash

first_img Metro Sport ReporterWednesday 19 Feb 2020 8:18 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2kShares Comment Advertisement Mourinho looks ahead to RB Leipzig match without a recognised strikerTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 12:13FullscreenMourinho looks ahead to RB Leipzig match without a recognised striker is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.‘I will speak with my agents and my parents at the end of the season and we will make the right decision.’Bayern Munich and Barcelona, meanwhile, are likely to rival Arsenal for Upamecano with their respective stalwarts, Jerome Boateng and Gerard Pique, nearing the end of their careers.Upamecano’s task this evening has been rendered slightly easier given the absence of Harry Kane and Heung-Min Son, with the South Korea international unlikely to play again this season following confirmation of an elbow injury.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal‘If he plays two or three games then it’s because he [Tottenham’s press officer] is very optimistic, and I hope he is right. But, in my mind, I’m not thinking about that,’ said Jose Mourinho at his pre-match press conference.‘We are going to miss him. The club wrote a nice statement. If I was the one to write the statement, I would write different.’MORE: Arsenal legend Paul Merson blasts Chelsea forward Michy Batshuayi after Man Utd defeatMORE: Ray Parlour sends message to Arsenal over Bukayo Saka amid Manchester United and Liverpool links Dayot Upamecano has been linked with a summer transfer to Arsenal (Picture: Getty)Dayot Upamecano has admitted he is aware of interest from ‘several clubs’ amid speculation he has been marked out a primary transfer target for Arsenal.Mikel Arteta side have recorded rare back-back-back clean sheets and strengthened their defence in the January window with the loan signings of Cedric Soares and Pablo Mari.Despite the recent improvement, Arsenal remain focused on strengthening their rearguard in the summer and France Under-21 international Upamecano has been regularly linked with a move to the Gunners.Upamecano has just 18 months remaining on his current contract, which contains a £50million release clause, and has a chance to impress his potential suitors when RB Leipzig take on Spurs in their Champions League last 16 first leg tie this evening.AdvertisementAdvertisementADVERTISEMENTSpeaking ahead of arguably the biggest fixture in the Bundeliga club’s recent history, he said: ‘There are several clubs that want me. Dayot Upamecano responds to Arsenal transfer speculation ahead of Tottenham clash Advertisementlast_img read more

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Pep Guardiola contacts former Arsenal flop as Man City prepare €50m bid

first_imgIsmael Bennacer made just one senior appearance during his time at Arsenal (Picture: Getty)According to RMC, Guardiola has already spoken to the 22-year-old and outlined his vision for the player, who could team up with his compatriot Riyad Mahrez at the Etihad Stadium.Despite failing to make an impact at Arsenal, Bennacer harbours no ill feeling towards his former club and earlier this week credited the likes of Mesut Ozil and Santi Cazorla with having a major impact on his career.‘I arrived in England in July 2015, then stayed in a hotel for the first two months because I didn’t want to live with a family I didn’t know,’ he told La Gazzetta dello Sport magazine Sportweek.‘I was 17 years old and couldn’t live on my own, so my sister came to live with me, then the girl I’d been dating since school who in England would go on to become my wife.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal‘Finally, in September, I got some time on the pitch, but I was thrown on after two other injuries against Sheffield, played wide left in a trident attack, which I had never done before. I felt incredible pressure and wasn’t sure what was going on.‘I never played again after that, but I have no regrets, as I still got to train with important players like Mesut Ozil and Santi Cazorla. I had four years left on the Arsenal contract, but I had to be at a club where they really wanted me.‘I didn’t know Empoli, but I accepted a move down from the Premier League to Serie B because they were the club who wanted me the most. I did the same when deciding on Milan – I chose them for their history too, but also because it was the best project for me.’MORE: Chelsea’s chances of signing Pierre-Emerick Aubameyang from Arsenal rated by Craig BurleyMORE: Ian Wright was late for training ‘every single day’ at Arsenal, claims Tony AdamsAdvertisementAdvertisementFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Pep Guardiola contacts former Arsenal flop as Man City prepare €50m bid Advertisement Man City boss Pep Guardiola is already making plans ahead of this summer’s transfer window (Picture: Getty)Pep Guardiola has contacted Milan midfielder Ismael Bennacer with Manchester City primed to launch a €50million bid. The Algeria international has resurrected his career in Serie after he failed to make the grade during the course of a two-year spell in north London with Arsenal.Indeed, Bennacer made just a solitary senior appearance during a League Cup defeat at Sheffield Wednesday before he was loaned out to Tours by Arsene Wenger. The gifted playmaker subsequently moved to and excelled at Empoli last season and earned himself a move to San Siro where he has enjoyed another reputation enhancing campaign, despite Milan’s struggles.AdvertisementAdvertisementADVERTISEMENTCity are on the brink of surrendering their Premier League title to Liverpool and although their spending power might be limited this summer, Guardiola is already making plans to rebuild a squad capable of challenging Jurgen Klopp’s relentless winning machine. Comment Metro Sport ReporterWednesday 3 Jun 2020 11:30 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.8kShares Advertisementlast_img read more

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Reliable child abuse measure vital for NZ

first_imgSunday Star Times 1 July 2012New Zealand’s child abuse record is brutally laid bare in one of the most comprehensive releases of Government data on the nation’s bruised and broken children. There are 22,000 substantiated child abuse cases each year, resulting in around 1000 prosecutions and 128 recorded hospital admissions. One expert says child abuse rates are not falling and it’s time we developed reliable measures to quantify the horrific harm suffered by children. The child abuse rates, prosecutions and hospital admission figures – released under the Official Information Act – highlight stark differences in reporting. A number of hospitals are failing to record suspected rates of child abuse, while other hospitals have been accused of pointing the finger at innocent parents…CYF figures show a sharp increase in child abuse, from 19,596 to 22,087 in the past three years. There were 1126 cases of substantiated sexual abuse in 2009, jumping to 3225 in 2011. About half of all abuse is classified as emotional.CYF FIGURESSubstantiated abuse         2009     2010     2011Emotional                         10,938    12,532   12,595Physical                              2,855      2,884     3,225Sexual                                 1,126      1,201     1,501Neglect                               4,677      4,403     4,762Total                              19,596   21.020   22,087POLICE FIGURESChild abuse convictions   2009       2010       2011                                              838        963       1055 read more

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Saudi Arabia bars entry for pilgrims over coronavirus

first_imgDUBAI – Saudi Arabia on Thursdaysuspended visas for visits to Islam’s holiest sites for the “umrah”pilgrimage, an unprecedented move triggered by coronavirus fears that raisesquestions over the annual hajj. The kingdom, which hosts millions ofpilgrims every year in the cities of Mecca and Medina, also suspended visas fortourists from countries with reported infections as fears of a pandemic deepen. Muslims pilgrims gather outside the door of the Kaaba, Islam’s holiest shrine, in Mecca, Saudi Arabia. AFPcenter_img Saudi Arabia, which so far has reportedno cases of the virus but has expressed alarm over its spread in neighbouringcountries, said the suspensions were temporary. It provided no timeframe forwhen they will be lifted. (AFP)last_img

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Di Maria: I tore up Real Madrid’s letter asking me not to play World Cup final

first_imgRelatedPosts Aguero could be out of action until November, Guardiola says UCL: Benfica kicked out by player who left club one week earlier + other results MultiChoice unveils sport channels, content line-up Paris Saint-Germain attacker Angel Di Maria has recalled how he tore up a letter from Real Madrid asking him not to play in the 2014 World Cup final. Di Maria was desperate to feature for the Albiceleste against Germany, but was short of full fitness after suffering an injury in the quarter-final win against Belgium. “The only three who know the truth are doctor Daniel Martinez, [coach] Alejandro Sabella and me,” he told Telefe. “I had a [muscle] tear in the game against Belgium, I was at about 90 per cent. The leg wasn’t totally right, but I wanted to play and I didn’t care at all if I never played football again. “It was one of the things I was told could happen, but for me it was the World Cup final, it was my final.” But Madrid were worried that their player, who had been Man of the Match in May as Real won the Champions League against Atletico in Lisbon, might suffer a serious injury. “I knew they wanted to sell me,” Di Maria said. “And so the letter arrived. Daniel told me it was from Real Madrid, but I didn’t even want to look at it and I tore it up. “I went to talk to Alejandro and I told him, crying, that I wasn’t at 100%. I knew he loved me and that he wanted me to play, but he sought the best for the team. “I was going to have an injection. I wanted to try. But after the meeting, he decided to play Enzo Perez in my place.” Di Maria did not even make it onto the pitch in the 1-0 defeat to Germany and was sold by Real Madrid to Manchester United later in the summer.Tags: AlbicelesteAlejandro SabellaArgentinAGermanyParis Saint-GermainUEFA Champions Leaguelast_img read more

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Alan Pardew hails Yohan Cabaye masterclass as Crystal Palace beat Southampton

first_img Pardew was instrumental in luring Cabaye, Palace’s club-record £10million signing, from Paris St Germain in the summer, and after another fine performance the manager said: “It was a Frenchman who was the difference between the two sides, it was a masterclass from Yohan Cabaye. “If you want to come and see how a midfielder plays in the Premier League – tackling, heading, passing, being calm on the ball, being frantic when you need to be – he did everything. “I wouldn’t say we dominated it for the whole period. The last 10 minutes got a bit frantic but overall I thought we deserved to win, I thought we did enough, although both goalkeepers have had to pull off some really good saves to keep the scoreline at 1-0. “I kept saying our home form’s been good, but obviously results didn’t back that up. We got an important win, we were so determined, we’ve got to take that into every game now and try and stay sixth for this Christmas period.” The defeat leaves Southampton without a win and with only a solitary draw from their past five games, and while manager Ronald Koeman insisted he remains unconcerned about their performances and that they deserved more at Selhurst Park, he said their results have become a problem. “I’m worried about results,” he said. “I’m not worried about how we play football. “If we don’t create chances we need to be very worried. We are disappointed about the final result, I am not disappointed about the team. “We worked hard, we did everything, the wind was (affecting) our football, but it was a fighting game, and that makes it more difficult. Alan Pardew praised Yohan Cabaye for being “the difference” in Crystal Palace’s 1-0 Premier League defeat of Southampton. “If we keep this level then the three points will come. I don’t doubt that. “It was very difficult to play our football in the wind. It makes it difficult for both teams. “Crystal Palace is a team who played a little bit more direct than Southampton and maybe that was the reason we had some difficulties in the beginning. “After that we controlled the game, we had a good chance, a good header. The second half we played well, we dominated the game. “Paulo (Gazzaniga, Southampton’s goalkeeper) had some good saves. Both goalkeepers deserved a win (with) the performances they showed, and the goalkeeper of Crystal Palace maybe a little bit more because the header of (Steven) Davis and the last one, the header of Shane (Long). “That’s the reason I think we deserved one point.” Cabaye scored the game’s only goal towards the end of the first half and was unfortunate not to secure a second as he inspired his team to victory and created further goalscoring chances. The three points strengthened sixth-placed Palace’s pursuit of the top six and European football in addition to hampering the ambitions of a potential rival. Press Associationlast_img read more

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Joe Jonas, Charlie Walk offer advice to music industry students

first_imgCharlie Walk, president of Republic Records and Joe Jonas, lead singer of pop band DNCE, spoke at the Carson Television Center at the Thornton School of Music Friday as part of Thornton’s Popular Music Program Founding Director Christopher Sampson’s “Popular Music Forum” to offer advice to music industry students and promote DNCE’s latest project.Walk played a music video clip of DNCE’s most successful single, “Cake by the Ocean” and discussed how to distinguish between a Top 40 hit and a regular hit.“I don’t mean to say this in a cocky way or arrogantly, but we’re not doing classical music we’re doing pop music. ‘Pop’ is a derivative of the word ‘popular,’” Walk said. “I’ve been involved with over 400 number one songs. I know how they started, I know how they broke and every case has been different and there have been casualties along the way, but we’re pretty good at predicting the future.”Jonas offered perspective on the creative process behind his personal successes and failures.“There’s been times in my career and I’m like ‘This is the song, this is the one’ and I play it for somebody and they have a different opinion and tell me to go back to the studio,” Jonas said.Despite the possibility of creative conflict, Jonas highlighted the necessity of trusting your manager as in artist.“And for years, it was really toward the Jonas years, it was us against the world. We thought we knew everything and I think it’s because we’ve been doing it for so long and you sort of get comfortable in your own little world,” he said. “It’s really important to trust your team.”This is something Jonas learned from his experience after his solo debut album, Fastlife, failed to take off in 2011.“I can only speak for my personal experience, having a solo record that didn’t do well. It sold only maybe, a hundred thousand records and that was after a long period of time. That wasn’t really great, compared to what I had with my brothers. It was really screwing with my head, but I had to take a step back,” Jonas said.Jonas reiterated the importance of trusting his team. “Even the smallest things, it’s about trusting Republic and Charlie. I think for a lot of artists, especially new artists, a lot of times, they think they know everything,” Jonas said. “But when you walk into it, you have to take a step back. Obviously your art is very important, but these guys know what they’re doing.”Toward the end of the forum, the duo took questions from students.A student asked Jonas and Walk whether they believed success was defined as just selling out stadiums and millions of records, as mentioned throughout the talk, or if it was more than that. “When I was younger, the term was called ‘selling out,’ Jonas said. “There’s a big question: [Do] you want to create something that obviously you’re really proud of, you can play at a stadium and travel the world, sell millions of records, that’s obviously very exciting” Jonas said. “But there’s also, yeah, if you play at a small club in your hometown and you’re still really proud of your music that’s also really great. It’s whatever you want it to be.”This post was updated at 12:03 a.m. on April 4 for style and grammar.last_img read more

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Banner unhappy with fixture schedule

first_imgThe side are due to play Cork in the final round of the Munster Hurling League on Wednesday, but the joint managers Donal Moloney and Gerry O’Connor have criticised the scheduling of the tie.It’s understood that 13 senior Clare hurlers will be playing in the Fitzgibbon Cup just 24 hours earlier.Speaking after yesterday’s win over Waterford, the management team confirmed they could decide against fielding a team if the game is not postponed.last_img

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