Business

Queen of the Skies to end reign as Boeing winds down 747 output

Boeing Co (BA.N) is winding down production of the 747 jumbo jet, which democratized global air travel in the 1970s but fell behind modern twin-engine aircraft. Chief Executive Dave Calhoun told staff on Wednesday that Boeing will stop building the iconic jet in 2022. Here are some key facts and milestones regarding Boeing’s “Queen of […]

Business

Argentina may delay debt restructuring deadline amid impasse

Argentina’s government is considering pushing back a deadline for creditors to respond to its foreign debt restructuring proposal until mid-to-late August, a source close to the negotiations said. The cutoff for the $65 billion deal is currently Aug. 4, though the two sides are at an impasse over the value and legal terms of the […]

Business

U.S. lawmakers, Bank of America urge small-business agency to fix erroneous PPP loan data

Bank of America Inc (BAC.N), the second-largest U.S. lender, has asked the Trump administration to correct data meant to offer public accountability on the recipients of $520 billion in pandemic aid, and a group of U.S. Democratic lawmakers has written to demand action before more funds are allocated. The 30 lawmakers outlined a series of […]

Business

French energy group Total books $8 billion asset impairments

French energy group Total will book an exceptional impairment charge of $8 billon mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday. “Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian […]

Business

U.S. housing market pushes ahead, trade flows improve

Contracts to buy U.S. previously owned homes rose to a nearly 14-1/2-year high in June, the latest indication that the housing market was weathering the COVID-19 pandemic far better than the broader economy. Other data on Wednesday showed a sharp decline in the goods trade deficit last month, with trade boosted by a rebound in […]

Business

GM says it can pay off $16 billion loan if U.S. recovery continues

General Motors Co (GM.N) on Wednesday said if the U.S. economy continues to recover from the coronavirus pandemic and the auto industry does not experience any further production shutdowns, the No. 1 U.S. automaker should be able to generate enough cash to pay off a $16 billion loan by the end of the year. “Obviously, […]

Business

GM CEO says spinoff of the automaker’s EV assets not off the table

General Motors Co (GM.N) Chief Executive Mary Barra said Wednesday “nothing is off the table” when it comes to maximizing the value of the No. 1 U.S. automaker’s electric vehicle efforts, including a possible spinoff of those assets. Speaking to analysts after GM reported a smaller-than-expected loss in a quarter hurt by the coronavirus pandemic, […]