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Boeing faces major challenges and leadership changes
Boeing faces 32% drop in Dow amid crises, production issues, and strikes, while Airbus and S&P 500 gain.
Boeing faces 32% drop in Dow amid crises, production issues, and strikes, while Airbus and S&P 500 gain.
Boeing is set to be the biggest loser in the Dow Jones Index for 2024, with a 32% decline in stock value.
In contrast, rival Airbus has seen an increase of over 11%, while the S&P 500 gained more than 23%.
Boeing’s shares began 2024 at $257.50, but a cabin panel blowout incident involving a 737 MAX in January led to investigations and the temporary grounding of the aircraft.
The U.S. Federal Aviation Administration (FAA) responded to safety concerns by restricting 737 production to 38 planes per month, causing shares to drop to around $211.
Production has faced additional challenges due to supply-chain issues, quality concerns, and a significant strike that stalled most commercial aircraft production.
Boeing has reported substantial losses across its commercial, military, and space divisions throughout the year.
In July, the company made a $4.7 billion acquisition of supplier Spirit AeroSystems, which has also struggled with production quality.
In August, Kelly Ortberg was appointed as CEO, succeeding Dave Calhoun.
However, Ortberg faced immediate challenges as around 33,000 production workers went on strike in September over a contract dispute, which extended into November.
During the strike, Ortberg announced plans to cut the workforce by 10% and indicated that Boeing anticipates continued cash losses into 2025.
News
Ukraine Russia peace talks stall with no breakthrough
Zelenskiy blames Moscow for stalling Geneva peace talks; negotiations to resume amid unresolved eastern territory and nuclear power plant disputes.
Zelenskiy blames Moscow for stalling Geneva peace talks; negotiations to resume amid unresolved eastern territory and nuclear power plant disputes.
Two days of high-stakes negotiations in Geneva have ended without a breakthrough, as Ukraine and Russia failed to reach an agreement on key issues in the ongoing war. Despite international pressure, both sides walked away without a deal.
President Volodymyr Zelenskiy accused Moscow of deliberately stalling United States-mediated peace efforts, while Russia signalled it would not accept terms it sees as unfavourable. The White House says further talks are expected.
Major sticking points remain over territory in eastern Ukraine and control of the Zaporizhzhia nuclear power plant, with both sides rejecting proposals that would involve significant territorial concessions.
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Iran on edge as military build up meets domestic unrest
Iran strengthens military and nuclear sites amid US carrier presence, escalating fears of confrontation and internal dissent pressure.
Iran strengthens military and nuclear sites amid US carrier presence, escalating fears of confrontation and internal dissent pressure.
Iran is ramping up military readiness as tensions with the United States intensify, with Tehran fortifying key nuclear sites and reviewing defence strategies amid the deployment of U.S. aircraft carriers in the region. Leaders in the Islamic Republic say they are prepared to respond to any imposed conflict, signalling a high-stakes standoff that could reshape regional security dynamics.
At the same time, the regime faces mounting domestic discontent, with security forces cracking down on dissent and carrying out widespread arrests following recent protests. While Iran insists it has made concessions toward a nuclear deal, Washington says key demands remain unmet, leaving negotiations in limbo and the country’s political future under strain.
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Jesse Jackson dies at 84 civil rights leader and presidential candidate
Civil rights leader Jesse Jackson, 84, dies, leaving a legacy in equality advocacy and global diplomacy.
Civil rights leader Jesse Jackson, 84, dies, leaving a legacy in equality advocacy and global diplomacy.
Civil rights icon Jesse Jackson has passed away at the age of 84. Known as a servant leader, he dedicated his life to giving a voice to the oppressed and advocating for equality worldwide.
Jackson founded Operation PUSH and the National Rainbow Coalition, and served as a special envoy to Africa under President Bill Clinton, leaving a lasting impact on global diplomacy and social justice.
He also ran for the Democratic presidential nomination in 1984 and 1988, played a key role in US politics, and helped secure the release of hostages abroad, remaining a tireless advocate until his passing.
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