News Briefs – July 29, 2020

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Boeing reports second-quarter results

Boeing on July 28 reported a loss of $2.38 billion in its second quarter.
On a per-share basis, the Chicago-based company said it had a loss of $4.20. Losses, adjusted for non-recurring gains, were $4.79 per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of $2.93 per share.
The airplane builder posted revenue of $11.81 billion in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $12.61 billion.
Boeing shares have decreased 48 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has declined 50 percent in the last 12 months.
“We remained focused on the health of our employees and communities while proactively taking action to navigate the unprecedented commercial market impacts from the COVID-19 pandemic,” said Boeing President and Chief Executive Officer Dave Calhoun. “We’re working closely with our customers, suppliers and global partners to manage the challenges to our industry, bridge to recovery and rebuild to be stronger on the other side.” AP
 

Raytheon Technologies issues second quarter report

Raytheon Technologies Corporation on July 28 reported a second-quarter loss of $3.84 billion, after reporting a profit in the same period a year earlier.
The Waltham, Massachusetts-based company said it had a loss of $2.55 per share. Earnings, adjusted for one-time gains and costs, came to 40 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The an aerospace and defense company posted revenue of $14.06 billion in the period.
Raytheon Technologies shares have dropped 59 percent since the beginning of the year. The stock has declined 55 percent in the last 12 months. AP
 

U.S. military says airstrike killed civilian in Somalia

The U.S. military has acknowledged killing a civilian and wounding three others with an airstrike in Somalia earlier this year.
A report released July 28 substantiates allegations around the Feb. 2. airstrike. “We believe our operations caused the inadvertent death of one person and injury to three others who we did not intend to target,” U.S. Africa Command chief Gen. Stephen Townsend said.
The original report on the airstrike said one member of the al-Shabab extremist group was killed in the vicinity of Jilib.
This is the second in a new series of quarterly reports the U.S. military issues on airstrikes in Somalia and allegations of civilian deaths after coming under growing pressure from Somalis and human rights groups.
The Trump administration has dramatically increased the number of airstrikes carried out in the Horn of Africa nation against the al Qarda-linked al-Shabab extremist group and, to a lesser extent, a small number of fighters linked to the Islamic State group in northern Somalia.
The new statement says it received 12 new allegations this quarter around four incidents. It says four incidents remain under review, three of them from the previous report.
The U.S. Africa Command says those who wish to make allegations can submit them in their native language on its website. AP
 

Airbus moves to end 16 years of litigation, end US tariffs

European planemaker Airbus says it is taking the last step to end 16 years of litigation with the United States at the World Trade Organization over subsidies.
The manufacturer said it will end a system of financial support from France and Spain that the WTO had deemed illegal and unfair to rival Boeing. The Trump administration used the case as justification to slap tariffs on $7.5 billion worth of European exports.
The U.S. tariffs covered not only Airbus planes but also a range of typical European exports, from gouda cheese to single-malt whiskey.
The Airbus case centers on so-called launch aid from European countries that WTO judges ruled had impeded sales for aircraft from Boeing in the twin-aisle and very large aircraft markets.
Airbus said July 24 that it had agreed to make changes to this system of financial support.
“After 16 years of litigation at the World Trade Organisation, this is the final step to stop the long-standing dispute and removes any justification for U.S. tariffs,” the company said.
A WTO official said the trade body hasn’t received any communication from the European Union on this matter, and declined to comment further. AP

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