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    Airbus, With Eye on U.S. Race, Says It Will Be Ready for Higher Tariffs

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    The giant European airplane maker’s chief executive said it would pass along any higher charges to its customers.Airbus, the world’s largest commercial airplane manufacturer, said on Wednesday that it was preparing for the possibility that the United States would impose new tariffs on all imports, and that the company would deal with the higher charges by passing them along to its airline customers.In a call with reporters, Airbus’s chief executive, Guillaume Faury, said the European company was monitoring the U.S. presidential election next week and would be prepared for the possibility of a new 10 percent tariff. Former President Donald J. Trump, the Republican candidate, has made sweeping tariffs a critical plank of his economic platform if he wins.Mr. Faury said any new tariff would be passed along to Airbus’s airline customers, in much the same way that Airbus dealt with a tariff that Mr. Trump put on European aircraft in 2020 as part of a long-running airplane subsidy dispute.“So that’s something we will be discussing with our customers” if necessary, Mr. Faury said. “But it puts them in a difficult place of adding an additional cost on what they have ordered and what they’re procuring,” he said. “That’s basically mainly a decision of the state that has to be borne by the companies.”He added: “So we are prepared. We know what it feels like. We don’t believe that’s helping aviation and the competitiveness of the airlines and the aviation industry, but it’s something we would be able to manage.”Airbus on Wednesday announced a 22 percent jump in its net profit for the first nine months of the year despite major problems in its supply chain. Mr. Faury said that Airbus’s net profit rose to 983 million euros, or $1.1 billion, through September, and that its third-quarter adjusted earnings before interest and taxes were €1.4 billion.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Boeing Will Sell $19 Billion in Stock Amid Costly Strike

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      The aerospace company, locked in a standoff with striking workers, is seeking to shore up its balance sheet and avoid a credit rating downgrade.Boeing on Monday began to raise roughly $19 billion by selling stock, an attempt to shore up its finances as a costly and disruptive worker strike weighs on the plane maker’s balance sheet.The sale comes shortly after the aerospace giant reported a $6.1 billion loss in the last quarter and said it was cutting about 17,000 jobs. A weekslong strike by Boeing machinists is costing the company tens of millions of dollars each day, according to analyst estimates, adding to the financial strain created by long-running production and quality issues.The fund-raising aims to stave off a potential credit rating downgrade, which could make it more expensive for the company to borrow money. Boeing has about $58 billion in debt. S&P Global Ratings said this month that it was considering lowering Boeing’s credit rating to “junk” status, depending on how long the strike continues.Boeing’s shares fell about 1 percent Monday morning. The company’s stock has fallen more than 40 percent this year.Last week, Boeing’s largest union, which represents about 33,000 workers, rejected a tentative labor contract, extending a strike that began last month and has halted airplane production at crucial plants in the Seattle area. The proposed agreement did not address a frozen pension plan that workers were seeking to restore.Boeing indicated in regulatory filings this month that it planned to raise as much as $25 billion by selling stock or debt over the next three years, and the company entered into a $10 billion credit agreement with a group of banks. It described the plans as “two prudent steps to support the company’s access to liquidity.”The plane maker hasn’t reported an annual profit since 2018. Before the machinists’ strike started to weigh on the company, two fatal crashes of Boeing’s 737 Max in 2018 and 2019 cost it billions of dollars and severely damaged its reputation. Concerns about the safety of Boeing’s commercial planes resurfaced in January, when a door panel on a 737 Max 9 jet blew open during an Alaska Airlines flight.The stock sale on Monday covers only the company’s near-term needs, “without an extended strike or further production disruptions,” analysts at Wells Fargo said in a research note. More

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      Boeing Union Workers Reject Contract

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      The vote, hours after Boeing reported a $6.1 billion loss, will extend a monthlong strike at factories where the company makes its best-selling commercial plane.Boeing’s largest union rejected a tentative labor contract on Wednesday, a blow to the aerospace manufacturer and the Biden administration, which had intervened in the hopes of ending an economically damaging strike that began more than five weeks ago.The contract, the second that workers have voted down, was defeated by a wide margin, with 64 percent of those voting opposing the deal, according to the union, the International Association of Machinists and Aerospace Workers. The union represents about 33,000 workers, but it did not disclose how many voted on Wednesday.“This wasn’t enough for our members,” said Jon Holden, president of District 751 of the union, which represents the vast majority of the workers. “They’ve spoken loudly and we’re going to go back to the table.”The vote is a setback for Boeing’s new chief executive, Kelly Ortberg, who is trying to restore Boeing’s reputation and business, which he described in detail earlier on Wednesday. In remarks to workers and investors, Mr. Ortberg said Boeing needed to undergo “fundamental culture change” to stabilize the business and to improve execution.“Our leaders, from me on down, need to be closely integrated with our business and the people who are doing the design and production of our products,” he said. “We need to be on the factory floors, in the back shops and in our engineering labs. We need to know what’s going on, not only with our products, but with our people.”Mr. Ortberg delivered that message alongside the company’s quarterly financial results, which included a loss of more than $6.1 billion. This month, Boeing also announced plans to cut its work force by about 10 percent, which amounts to 17,000 jobs. Boeing also recently disclosed plans to raise as much as $25 billion by selling debt or stock over the next three years as it tries to avoid a damaging downgrade to its credit rating.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      ‘No Smoking’ Sign on Planes Won’t Need Off Switch After FAA Rule Change

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      The Federal Aviation Administration did away with a rule that had required an off switch for the sign even though smoking on U.S. flights ended years ago.The days of airplane cabins hazy with cigarette smoke are long gone, but a reminder of that era is still visible inside commercial jets.Smoking has been banned on commercial flights in the United States for decades, but the Federal Aviation Administration is only just updating an outdated rule to reflect that reality. Starting on Tuesday, the illuminated overhead “No Smoking” sign no longer requires an off switch.That obsolete requirement had become “time-consuming and burdensome” for airlines and airplane manufacturers to comply with, the F.A.A. said in a rule enacting the change. In February, for example, United Airlines was briefly unable to use a handful of new Airbus planes because the “No Smoking” signs on board couldn’t be shut off, causing the airline to delay a few flights. The issue was resolved after the F.A.A. granted United an exemption.Dozens of such exemptions have allowed that requirement to live on while the agency focused on more pressing matters. But the long life of the mandate also reflects how entangled smoking once was with commercial flights, which began in the 1910s.“The rise of aviation literally parallels the rise of the cigarette,” said Alan Blum, the director of the University of Alabama’s Center for the Study of Tobacco and Society.Pipes, cigars and chewing tobacco were once more popular than cigarettes, but that began to change in the early 20th century, according to Dr. Blum. During World War I, cigarettes were added to rations for American soldiers fighting abroad.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      2 Missing After Navy Fighter Jet Crashes Near Mount Rainier

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      The two crew members who were onboard the aircraft remain missing, Navy officials said, after it crashed during a routine training flight.Searchers were looking on Wednesday for two crew members who had been onboard a Navy aircraft that crashed near Mount Rainier in Washington State during a training flight a day earlier, according to Navy officials.The condition of the two people was not known as of Tuesday, according to the Navy, and on Wednesday it said that it had no additional updates. It did not identify the two crew members.The cause of the crash, which took place after 3 p.m., was being investigated, the Navy said. Search and rescue teams from the Naval Air Station Whidbey Island, along with an MH-60S helicopter, headed to the crash site east of Mount Rainier to look for the crew members, it said.The Boeing EA-18G Growler, a specialized electronic attack aircraft, is part of the Navy’s “first line of defense in hostile environments,” according to its website. It is used by the VAQ-130 squadron, the oldest electronic warfare squadron in the U.S. Navy, known as the “Zappers.”An unveiling ceremony for the Boeing EA 18G Growler at Naval Air Station Whidbey Island in 2008. It is used by the oldest electronic warfare squadron in the U.S. Navy.Scott Terrell/Skagit Valley Herald, via Associated PressThe squadron had returned to Whidbey Island from a recent deployment, the Navy said in its statement on Tuesday. It had carried out operations in the Southern Red Sea, Bab el-Mandeb Strait and the Gulf of Aden to “maintain the freedom of navigation in international waterways,” the Navy said in an earlier statement about the deployment.During the nine-month deployment, the squadron had conducted nearly 700 combat missions to “degrade the Houthi capability to threaten innocent shipping,” the release said.The Houthis, the de facto government in northern Yemen that is backed by Iran, have launched attacks on ships sailing through the Red Sea and the Suez Canal, a crucial shipping route.All but one of the squadrons using the EA-18G Growler are based at the naval station on Whidbey Island, which is about 30 miles north of Seattle. The station had notified the public of scheduled training operations this week.Military training flights have led to dangerous and even fatal crashes in recent years. In August, an Army helicopter crashed during a routine training at a military base in Alabama, killing a flight instructor and injuring a student pilot. In 2021, a military training jet crashed into a backyard in Lake Worth, Tex., injuring the plane’s two pilots, and damaging several homes. More

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      Boeing Seeks to Line Up Billions in Financing as Strike Goes On

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      The aerospace giant said it could raise as much as $25 billion in debt or equity over the next three years, including a $10 billion line of credit.Boeing on Tuesday announced steps to improve its financial position as costs mounted and a strike by its largest union entered its second month.In two regulatory filings, the company said that it could raise as much as $25 billion by selling debt or stock over the next three years and that it had entered into a $10 billion credit agreement with a group of banks, which it has not yet drawn on.“These are two prudent steps to support the company’s access to liquidity,” the company said in a statement. The banks are BofA Securities, Citibank, Goldman Sachs Lending Partners and JPMorgan Chase.The moves come days after Boeing revealed about $5 billion in new costs and announced a restructuring that included plans to cut 17,000 jobs, or 10 percent of its work force.The strike, which began a month ago, is costing the company tens of millions of dollars a day, according to various estimates. Most of the workers who walked out are involved in production of commercial airplanes, bringing much of that work to a virtual halt, though one major airplane program is manufactured at a nonunion factory in South Carolina.Talks between the company and the union representing 33,000 striking employees, the International Association of Machinists and Aerospace Workers, broke down last week, with Boeing retracting its latest contract offer and each side blaming the other for intransigence.Julie Su, the acting labor secretary, visited Seattle on Monday to meet with Boeing and the union, the union said in a statement.The strike is very likely costing Boeing about $1.3 billion in capital a month, according to calculations by Sheila Kahyaoglu, an analyst at Jefferies, the investment bank. Given those costs and its need for more debt, raising $10 billion by selling new shares would provide the company “considerable flexibility,” she added.Last week, S&P Global Ratings also said it was considering lowering Boeing’s credit rating, depending on how long the strike lasts, to junk status, a downgrade that would raise Boeing’s borrowing costs. The company’s debt totals nearly $58 billion, up from about $9 billion a decade ago.And the chief executive of one of the world’s largest airlines, Tim Clark of Emirates, said recently that Boeing could be forced to seek bankruptcy protection if it was not able to issue more shares to improve its financial position. “Unless the company is able to raise funds through a rights issue, I see an imminent investment downgrade with Chapter 11 looming on the horizon,” Mr. Clark told The Air Current, an aerospace news publication. More

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      Plane Crash Near Wright Brothers Memorial Leaves ‘Multiple’ Dead

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      A single-engine plane was trying to land when it crashed into a wooded area near the memorial in North Carolina on Saturday, the National Park Service said.Multiple people were killed after a small plane crashed at an airport in North Carolina on Saturday near the Wright Brothers National Memorial in Kill Devil Hills, the National Park Service said.The single-engine airplane was trying to land at the First Flight Airport when it crashed into a wooded area nearby.The plane then caught fire, the Park Service said. It did not specify how many people died or where the flight originated.The Kill Devil Hills Fire Department responded to the fire and extinguished it, officials said.The First Flight Airport, established in 1928, is a single-runway, public-use airport that commemorates the site where Orville and Wilbur Wright made their first powered flight in 1903.The site is managed by the National Park Service.Officials with the National Transportation Safety Board are investigating the crash.The Wright Brothers National Memorial will be closed on Sunday, the Park Service said. More

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      Lie-Flat Seats and Chilled Champagne: Testing Eric Adams’s Upgrade Life

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      Life is grand in the Bentley Suite at the St. Regis Istanbul, with its marble floors and walk-in closet, its 24-hour butler service, and its views stretching all the way to the blue waters of the Bosporus.The Bentley suite at the St. Regis Hotel in Istanbul is named for the luxury car, and the light fixture over the bed is said to evoke the undulations of the Nürburgring racetrack in Germany. The light sculpture suspended above the vast bed, where New York Mayor Eric Adams slept in 2017, is said to evoke the undulations of the Nürburgring racetrack in Germany. The complimentary chocolate-covered strawberries on the coffee table are dusted with crushed pistachios and nestled on a bed of delicately crumbled cookies. The curved leather sofa has two built-in Champagne coolers that light up and open at the press of a button.The sofa in the Bentley Suite has two embedded Champagne coolers that open at the touch of a button.If you were to think about New York City (but why would you?) while reclining on your private balcony and gazing at the Gucci store across the street, you might be struck by the notion that the suite is roughly three times the size of your first apartment.The suite comes with a terrace with views over the city. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Safety Board Warns of Rudder Control Defect in Some Boeing Planes

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      The National Transportation Safety Board said it had found a defective part in the system that helps steer the aircraft after investigating an incident at Newark airport.The National Transportation Safety Board on Thursday issued a safety alert and recommendations for some Boeing planes, warning that a defect could cause the rudder control system that helps steer the aircraft to jam.The warning applies to some of the company’s 737 Max and 737NG jets. It stems from the agency’s investigation into a United Airlines Boeing 737 Max 8 that experienced “stuck” rudder pedals while landing at Newark Liberty International Airport in February.The safety board said it had been notified that more than 350 of the defective parts were delivered to Boeing, but it was not immediately clear how many planes with the affected component might be in service. The Federal Aviation Administration said it believed United was the only U.S. operator that had the faulty parts, and United said it had removed the components from its nine affected planes.The safety board urged the F.A.A. to determine whether the faulty parts should be removed from service and, if so, to mandate that U.S. operators replace them. It also recommended informing international aviation regulators to encourage similar actions. The F.A.A. said in a statement that it had “been monitoring this situation closely” and would convene a panel to determine its next steps.The warning adds to a string of safety woes for Boeing, which is already under intense scrutiny from regulators after incidents including a panel that blew off a jet midair this year. An audit conducted by the F.A.A. after that incident found dozens of problems throughout the 737 Max’s manufacturing process.The safety board opened its investigation into the rudder control issue on Feb. 6, after the captain of a 737 Max 8 had to use the nose wheel steering tiller to maintain control of the plane when the rudder pedal became stuck while landing at Newark. A plane’s rudder control is primarily used on takeoff and landing to maintain the direction of the plane’s nose.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More