More carmakers caught in headlights of VW engine-rigging scandal

More carmakers caught in headlights of VW engine-rigging scandal
Volkswagen has admitted it installed illegal software into 11 million 2.0 liter and 3.0 liter diesel engines worldwide (AFP Photo/Josh Edelson)

Volkswagen emissions scandal

Iran's 'catastrophic mistake': Speculation, pressure, then admission

Iran's 'catastrophic mistake': Speculation, pressure, then admission
Analsyts say it is irresponsible to link the crash of a Ukraine International Airline Boeing 737-800 to the 737 MAX accidents (AFP Photo/INA FASSBENDER)

Missing MH370 likely to have disintegrated mid-flight: experts

Missing MH370 likely to have disintegrated mid-flight: experts
A Malaysia Airlines Boeing 777 commercial jet.

QZ8501 (AirAsia)

Leaders see horror of French Alps crash as probe gathers pace

"The Recalibration of Awareness – Apr 20/21, 2012 (Kryon channeled by Lee Carroll) (Subjects: Old Energy, Recalibration Lectures, God / Creator, Religions/Spiritual systems (Catholic Church, Priests/Nun’s, Worship, John Paul Pope, Women in the Church otherwise church will go, Current Pope won’t do it), Middle East, Jews, Governments will change (Internet, Media, Democracies, Dictators, North Korea, Nations voted at once), Integrity (Businesses, Tobacco Companies, Bankers/ Financial Institutes, Pharmaceutical company to collapse), Illuminati (Started in Greece, with Shipping, Financial markets, Stock markets, Pharmaceutical money (fund to build Africa, to develop)), Shift of Human Consciousness, (Old) Souls, Women, Masters to/already come back, Global Unity.... etc.) - (Text version)

… The Shift in Human Nature

You're starting to see integrity change. Awareness recalibrates integrity, and the Human Being who would sit there and take advantage of another Human Being in an old energy would never do it in a new energy. The reason? It will become intuitive, so this is a shift in Human Nature as well, for in the past you have assumed that people take advantage of people first and integrity comes later. That's just ordinary Human nature.

In the past, Human nature expressed within governments worked like this: If you were stronger than the other one, you simply conquered them. If you were strong, it was an invitation to conquer. If you were weak, it was an invitation to be conquered. No one even thought about it. It was the way of things. The bigger you could have your armies, the better they would do when you sent them out to conquer. That's not how you think today. Did you notice?

Any country that thinks this way today will not survive, for humanity has discovered that the world goes far better by putting things together instead of tearing them apart. The new energy puts the weak and strong together in ways that make sense and that have integrity. Take a look at what happened to some of the businesses in this great land (USA). Up to 30 years ago, when you started realizing some of them didn't have integrity, you eliminated them. What happened to the tobacco companies when you realized they were knowingly addicting your children? Today, they still sell their products to less-aware countries, but that will also change.

What did you do a few years ago when you realized that your bankers were actually selling you homes that they knew you couldn't pay for later? They were walking away, smiling greedily, not thinking about the heartbreak that was to follow when a life's dream would be lost. Dear American, you are in a recession. However, this is like when you prune a tree and cut back the branches. When the tree grows back, you've got control and the branches will grow bigger and stronger than they were before, without the greed factor. Then, if you don't like the way it grows back, you'll prune it again! I tell you this because awareness is now in control of big money. It's right before your eyes, what you're doing. But fear often rules. …

Thursday, January 30, 2020

Boeing reports first loss since 1997 as MAX costs rise to $18.6 bn

Yahoo – AFP, John BIERS, January 29, 2020

Boeing reported its first annual loss in more than two decades as the lengthy
grounding of the 737 MAX weighed on revenues and added to costs (AFP Photo/
Jason Redmond)

New York (AFP) - Boeing reported its first annual loss in more than two decades Wednesday as the lengthy grounding of the 737 MAX undercut the company's revenues and exploded costs.

The aerospace giant reported a $1.0 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, the company's first year in the red since 1997.

Newly-installed Chief Executive David Calhoun, who took the reins this month to stabilize the situation, pledged to turn the company around even as Boeing disclosed $9.2 billion in additional costs connected to the MAX, essentially doubling the bill from the disaster.

Some analysts had expected new costs twice as high, and despite the hefty charges, Boeing shares advanced Wednesday.

The MAX has been grounded since March following two crashes that killed 346 people that opened the doors to intense scrutiny of Boeing's safety practices, as well bruising congressional investigations which have revealed a troublesome culture at the aviation giant.

"We are committed to transparency and excellence in everything we do," Calhoun said in a statement. "Safety will underwrite every decision, every action and every step we take as we move forward."

Calhoun has been at the helm of Boeing only since January 13 after Dennis Muilenburg was ousted in December following criticism of his handling of the crisis, and immediately after a damning series of internal communications were released.

Calhoun is targeting mid-2020 to win approval from aviation regulators to resume flights on the MAX, which is seen as a realistic timeframe after Muilenburg repeatedly pushed a more optimistic schedule.

Calhoun told CNBC that he was "confident as a CEO can be" of the current timetable, adding that "we put together a schedule we think we can make."

Higher costs

The grounding of the MAX dented Boeing's earnings in multiple ways, among the most damaging of which was a halt in deliveries of new planes to customers, a major source of revenue.

Boeing revenues in the fourth quarter plunged 36.8 percent to $17.9 billion, while revenues for all of 2019 dropped 24.3 percent to $76.6 billion.

The crisis also prompted the manufacturer to first reduce and then halt production of the MAX.

Boeing said Wednesday the changes in the production schedule added $2.6 billion in costs connected to airplane deliveries, plus another $4 billion in "abnormal production costs," which are primarily in 2020 and associated with the suspension of the MAX plus a "gradual resumption" of production.

Chief Financial Officer Greg Smith said MAX production will be at "low rates" in 2020, with increases "over the next few years."

The company set aside $2.6 billion to compensate airlines that have been forced to cancel thousands of flights due to grounded MAX planes and undelivered aircraft.

With these costs and expenses disclosed previously, the total impact on Boeing is $18.6 billion.

Ripple effects

The MAX crisis has also weighed on numerous suppliers, such as Spirit AeroSystems, which announced earlier this month that it would lay off 2,800 employees in Kansas due to the production stoppage.

And General Electric, which builds engines for the MAX, said the crisis lowered cash flow by $1.4 billion for 2019.

Boeing also announced Wednesday that it would again cut back production of the 787 Dreamliner, a top-selling plane that has supported revenues during the protracted 737 MAX grounding.

The aerospace giant plans to trim production to 10 airplanes a month in early 2021 through 2023 based on the "near-term market outlook," Boeing said.

The company in October had dropped production to 12 a month from 14 due to lower orders from China.

A note from JPMorgan Chase said Boeing's charges on the MAX were "less than feared," although the company was expending cash at a faster rate than expected. Boeing has reportedly lined up $12 billion in loans, but "balance sheet management" in 2020 will be an area for questions, the note said.

In another non-MAX development, Boeing set aside $410 million to cover costs of an additional uncrewed mission after the December NASA flight did not reach the International Space Station.

"NASA is evaluating the data received during the December 2019 mission to determine if another uncrewed mission is required," Boeing said.

Boeing shares rose 2.2 percent to $323.66 in early-afternoon trading.

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