Executives at aviation leader Boeing have revealed that international air travel, decimated by the economic downturn, is beginning to stabilize but may not recover until 2011 as companies and passengers continue to scale back.
The World Trade Organization is set to rule today what is being dubbed as the biggest trade dispute in history - between aerospace giants Boeing and Airbus. The US planemaker is accusing the EU of handing out illegal subsidies to its arch rival, and it is believed that the WTO is expected to agree.
Boeing has said the inaugural flight of its Dreamliner would take flight by the end of the year, with delivery of the first plane toward the end of 2010, two years behind schedule. It will also cost the aerospace giant an additional $2.5bn to get the revolutionary aircraft airborne.
After a torrid past year, Boeing has turned a corner by reporting a 17 percent rise in profits for the second quarter, comfortably beating Wall Street expectations. It also announced that it has fixed the structural problem that has delayed the launch of the Dreamliner.
Ryanair chief executive Michael O’Leary is considering plans for passengers to stand during flights so more people can be squeezed onboard.
Boeing has once again been forced to delay the maiden flight of its new eco-friendly 787 Dreamliner, despite announcing at last week’s Paris Air Show that it would be airbourne by the end of this month.The Seattle-based manufacturer said a side section of the aircraft needs to be reinforced, making it “several weeks” before it is able to confirm a new flight and delivery schedule.
Boeing has trimmed its forecast for new plane order for the first time in 10 years due to the global downturn severely denting both consumer and cargo demand. The Seattle-based aviation giant expects 29,000 commercial planes to be ordered over the next 20 years, with a market value of $3.2 trillion, down from its forecast of 29,400 last year.
A radical cut-back in airline spending has forced Boeing to lose more aircraft orders than it gained over the first quarter of this year.Unveiling its first quarter results, the Seattle-based aerospace giant said that it received bookings for 28 aircraft but lost 32. Profits during the period halved to $610 million from $1.2 billion in the same period last year.
Boeing has reported an unexpected fourth-quarter loss and forecast 2009 earnings well below estimates as it struggles with a dip in demand for its planes amid the downturn. The manufacturer is also still reeling from a two-month strike by its assembly workers.Boeing, which fell behind arch rival Airbus in the race for plane orders last year, reported a quarterly loss of US$56 million, compared with a profit of US$1.03 billion for the same period a year earlier.
Boeing has been dealt yet another blow after Russian airline S7 cancelled an order worth $2.4bn for 15 Boeing-787 Dreamliner aircraft. It is the first airline to cancel a major contract for the 787.The news will come as a blow to Boeing after it yesterday revealed plummeting profits and announced it was cutting 10,000 jobs, equivalent to 6 percent of its 162,200-strong workforce, as the demand for new planes continues to weaken.
Boeing and UK-based carrier Thomsonfly today revealed an updated interior for the operator’s Boeing 757-200 and 767-200 airplanes that creates a modern, spacious feel highlighted by newly-designed curved ceilings and larger, more rounded storage bins.