Boeing said it is freezing hiring and weighing temporary furloughs in the coming weeks to manage costs as a strike by more than 30,000 Boeing workers who build planes in factories on the US West Coast stretched into its fourth day on Monday.
The company added that the strike would also affect spending on its supply chain, as it would stop issuing the majority of supplier purchase orders for the 737, 767 and 777 programmes affected by the stoppage, chief financial officer Brian West told employees.
“I know that these actions will create some uncertainty and concern,” Mr West wrote in a letter shared on Monday.
“This strike jeopardises our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.”
Boeing's actions to protect cash come as company and union negotiators are due to resume talks over a labour contract on Tuesday. Rating agencies have warned that the work stoppage could adversely affect the plane maker's recovery with a lengthy strike set to strain Boeing's already fragile finances.
Even before its factory workers downed tools, Boeing was struggling with a safety and production crisis caused by a door panel detaching from a near-new 737 Max plane in mid-air in January and is saddled with $60 billion of debt.
“We believe an extended strike would be costly and difficult to absorb, given the company's already strained financial position,” said S&P Global Ratings in a note on Monday.
“A shorter strike, on the order of weeks, would likely be manageable for Boeing and not lead to a negative rating action.”
The International Association of Machinists and Aerospace Workers, Boeing's largest union, last week overwhelmingly voted down a contract which included a 25 per cent pay increase spread over four years, but removed an annual performance bonus.
S&P said the strike does not immediately affect its issuer credit rating or negative outlook on the company.
Union leaders will meet federal mediators and Boeing to restart labour negotiations on Tuesday, the IAM said in a post on X on Saturday.
Jon Holden, the lead union negotiator, said on Saturday that workers wanted Boeing to increase its wage offer and reinstate a defined-benefit pension that was taken away a decade ago in return for keeping plane production in Washington state.
Two union sources told Reuters they did not expect Boeing to restore the old pension, but that demand could be used to negotiate bigger company pension contributions and higher pay.
Union members on the picket lines outside Boeing factories around Seattle were optimistic about their chances of getting a better deal out of Boeing, but few expect it to happen quickly.
This is the eighth strike since the IAM's Boeing arm was established in the 1930s. The last two, in 2008 and 2005, lasted 57 days and 28 days, respectively.
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Abu Dhabi Sustainability Week
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
The Norwegian Nobel Committee, which awards the prestigious peace prize, held its final meeting on Monday, the Nobel Institute said on Thursday, a day ahead of the announcement of the 2025 laureate.
This means a decision was made about the laureate or laureates before the conclusion of an agreement between Israel and Hamas, which included a ceasefire and the release of hostages.
President Donald Trump pushed for the ceasefire as part of a 20-point plan to resolve the Gaza war.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Formula One top 10 drivers' standings after Japan
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
ZAYED SUSTAINABILITY PRIZE
