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As of October 16, 2024, Boeing's strike involving 33,000 workers continues with no resolution in sight. The International Association of Machinists and Aerospace Workers rejected Boeing's latest pay offer, leading to significant financial losses for the company, estimated at $50 million daily. Federal mediation efforts have so far failed.
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British Airways has canceled hundreds of flights from December to March due to ongoing supply chain issues with Rolls-Royce Trent 1000 engines. The airline aims to provide certainty for travelers amid the disruptions, affecting routes including London to Kuala Lumpur and New York JFK.
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European airlines, including Ryanair, are grappling with significant delays in aircraft deliveries from Boeing and Airbus. Ryanair's CEO has warned that these delays will impact growth plans and passenger traffic estimates for 2025. The situation is exacerbated by ongoing strikes affecting Boeing's production capabilities.
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Boeing is exploring the sale of parts of its space business, including the troubled Starliner spacecraft, amid ongoing financial losses and operational challenges. The company has reported nearly $6 billion in losses, raising concerns about its future in the aerospace industry.
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European airlines are grappling with declining profits amid rising operational costs and delivery delays from Boeing. Ryanair reported an 18% drop in profits, while Air France-KLM's earnings fell short of expectations due to reduced travel during the Paris Olympics. British Airways' parent company, IAG, posted strong profits, contrasting with its competitors' struggles.
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Boeing workers have ratified a new contract, ending a seven-week strike that halted production. The International Association of Machinists and Aerospace Workers reported that 59% of members approved a deal featuring a 38% pay increase over four years, but the company declined to restore a frozen pension plan.