The April 7th Boeing CEO article here if you can't
Post# of 22940
Posted On: 04/28/2016 4:08:28 PM
The April 7th Boeing CEO article here if you can't see it:
Boeing Co. on Thursday warned that some airlines might not be able to accept new planes they ordered because of the continued absence of U.S. Export-Import Bank support for aircraft and engine sales.
Dennis Muilenburg, Boeing’s Chief Executive, called for swift action by the Senate Banking Committee to approve a nominee to the Ex-Im Bank’s board, which would allow the bank to provide export-credit guarantees for deals exceeding $10 million.
The board’s lack of a quorum has left the bank closed to aircraft deals since last July, even following its reauthorization in December after a lengthy bipartisan political battle over its future.
Boeing and jet-engine maker General Electric Co. are among the biggest recipients of the bank’s support, which can give airlines access to commercial funding they wouldn’t be able to secure at comparable rates.
Mr. Muilenburg said at the bank’s annual conference that Boeing may face a delivery slowdown for customers that rely on the bank. He said Ethiopian Airlines, for instance, had told Boeing that it couldn’t take delivery of new jets without Ex-Im guarantees.
He also said Boeing was recently shut out of a satellite deal with Singapore without recourse to export-credit financing, on which its commercial space business relies heavily.
“This deserves a vote,” said Mr. Muilenburg, referring to the Banking Committee’s deliberations on the Ex-Im board.
The bank hasn’t been able to achieve the quorum of three board members required to approve financing deals of more than $10 million. The Obama administration nominated a candidate for the third seat, said Mr. Muilenburg, but the approval is stalled in the committee, whose chairman is Alabama Republican Sen. Richard Shelby.
Asked about the pace of approval, Fred Hochberg, the EX-Im bank’s chairman, said he had sought a direct explanation from Mr. Shelby’s office. “I called, and they didn’t want to take the call,” he said.
The bank is a hot-button political issue across the political spectrum, with critics calling it a vehicle for corporate welfare. Defenders of the bank, including President Barack Obama, say it provides a critical service for U.S. manufacturers, who face competition from companies that benefit from their own domestic export-credit agencies.
Separately, Boeing said it delivered 176 jetliners during the first quarter, a 4.3% decline from a year earlier, which the company attributed to building U.S. Air Force tankers that won’t be delivered until 2017.
Boeing also said Thursday that it had received an order for four jumbo 747-8 freighters. Orders for Boeing’s venerable jumbo jet have flagged in recent years, but many of the recent sales have included Ex-Im support. The company didn't disclose the buyer of the 747s.
Boeing Co. on Thursday warned that some airlines might not be able to accept new planes they ordered because of the continued absence of U.S. Export-Import Bank support for aircraft and engine sales.
Dennis Muilenburg, Boeing’s Chief Executive, called for swift action by the Senate Banking Committee to approve a nominee to the Ex-Im Bank’s board, which would allow the bank to provide export-credit guarantees for deals exceeding $10 million.
The board’s lack of a quorum has left the bank closed to aircraft deals since last July, even following its reauthorization in December after a lengthy bipartisan political battle over its future.
Boeing and jet-engine maker General Electric Co. are among the biggest recipients of the bank’s support, which can give airlines access to commercial funding they wouldn’t be able to secure at comparable rates.
Mr. Muilenburg said at the bank’s annual conference that Boeing may face a delivery slowdown for customers that rely on the bank. He said Ethiopian Airlines, for instance, had told Boeing that it couldn’t take delivery of new jets without Ex-Im guarantees.
He also said Boeing was recently shut out of a satellite deal with Singapore without recourse to export-credit financing, on which its commercial space business relies heavily.
“This deserves a vote,” said Mr. Muilenburg, referring to the Banking Committee’s deliberations on the Ex-Im board.
The bank hasn’t been able to achieve the quorum of three board members required to approve financing deals of more than $10 million. The Obama administration nominated a candidate for the third seat, said Mr. Muilenburg, but the approval is stalled in the committee, whose chairman is Alabama Republican Sen. Richard Shelby.
Asked about the pace of approval, Fred Hochberg, the EX-Im bank’s chairman, said he had sought a direct explanation from Mr. Shelby’s office. “I called, and they didn’t want to take the call,” he said.
The bank is a hot-button political issue across the political spectrum, with critics calling it a vehicle for corporate welfare. Defenders of the bank, including President Barack Obama, say it provides a critical service for U.S. manufacturers, who face competition from companies that benefit from their own domestic export-credit agencies.
Separately, Boeing said it delivered 176 jetliners during the first quarter, a 4.3% decline from a year earlier, which the company attributed to building U.S. Air Force tankers that won’t be delivered until 2017.
Boeing also said Thursday that it had received an order for four jumbo 747-8 freighters. Orders for Boeing’s venerable jumbo jet have flagged in recent years, but many of the recent sales have included Ex-Im support. The company didn't disclose the buyer of the 747s.
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Risk comes from not knowing what you're doing.
The investor of today does not profit from yesterday's growth.
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
If a business does well, the stock eventually follows.
- Warren Buffett