Saudi Arabia, in its drive to enrich Arab culture, launches Arab Week at UNESCO in Paris    Civil Defense warns of thunderstorms hitting most Saudi regions until Saturday    Jeddah Mayoralty reclaims 18 government land sites on the North Obhur waterfront    Neymar exits Al Hilal match with muscle injury, leaving fans disappointed    Quality of Life Program CEO highlights Saudi urban transformations at UN-Habitat conference in Cairo    AlHisn Big Time Studios unveiled to transform film and TV production in Riyadh    Saudi Aramco's Q3 net income falls 15.5% to SR103 billion amid a jump in annual cash flows    Saudi Arabia approves cooperation agreement with US for the use of outer space for peaceful purposes    Almarai wins 'Best Corporate Sukuk' at Asset Triple A Islamic Finance Awards    Top climber falls to death after rare Himalayan feat    US voters flying home in time for election    Elon Musk can keep giving $1m to voters, judge rules    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Quincy Jones, titan of US music, dies aged 91    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Boeing seeks up to $35bn as costly strike drags on
Published in The Saudi Gazette on 16 - 10 - 2024

Boeing says it aims to secure up to $35bn (£26.8bn) in new funding from investors and banks as a costly strike by thousands of its workers enters its second month.
Also on Tuesday, the union representing more than 30,000 of the aviation giant's workers held a rally in the city of Seattle.
The company is moving ahead with plans to lay off around 17,000 workers, with the first redundancy notices expected to be issued in mid-November.
Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years.
Boeing plans to raise up to $25bn in stock and debt offerings and said it had reached a deal with major banks to borrow as much as $10bn.
"These are two prudent steps to support the company's access to liquidity," Boeing said in a statement.
The company's shares rose by 2.2% after the announcements.
The moves to raise new funding came just days after Boeing announced it would cut its workforce by 10% and said it expected to record a loss for the last three months.
BBC News understands that the layoffs will, for now, not affect striking workers.
The redundancies will be compulsory and workers will be offered severance payments.
The company also said deliveries of its 777X planes would be delayed by a year.
Boeing is due to release its quarterly results on 23 October.
Major credit ratings agencies had previously warned that the strike could lead to downgrades, which would make it more expensive for the company to borrow money.
S&P Global estimated the strike is costing Boeing around $1bn a month.
The walkout, at a company of major importance to the US economy, has become a source of concern for the Biden administration.
On Monday, acting US Labor Secretary, Julie Su, met representatives of the International Association of Machinists and Aerospace Workers union (IAM) and Boeing executives in Seattle.
Meanwhile, top Washington state Congressional Democrats have called on Boeing and IAM to "redouble... efforts to reach a mutually beneficial resolution." — BBC


Clic here to read the story from its source.