Seattle, WA
Boeing says it may raise $25 billion as Seattle strike bites – DW – 10/16/2024
Boeing indicated on Tuesday that it could raise up to $25 billion (€23 billion) including by issuing and selling new shares to aid its ailing balance sheet after years of heavy losses, while factory workers of the US planemaker continue to strike, demanding a better salary.
Boeing said in back-to-back regulatory filings that it could raise the funds over the next three years and enter into a fresh agreement with lenders.
Years in the making
The planemaker hasn’t made an annual profit since 2018, losing more than $25 billion in total over the years that have followed.
Boeing’s reputation has been severely hit over that period which has seen two 737 Max jets crashing, killing 346 people.
Finances for the planemaker are currently under even more strain as a strike by workers who build most of its airline jets goes into its second month. The industrial action has deepened Boeing’s cashflow issues, slowing production and delivery.
Factory workers held a large rally in Seattle on Tuesday to demand better wages, adding pressure on new CEO Kelly Ortberg to end the dispute.
Hundreds of workers were in the main hall at union headquarters chanting “Pension! Pension! Pension!” and “One day longer, one day stronger!”
Boeing is cutting around 10% of its workforce — or 17,000 people — “over the coming months,” and postponing the launch of its first 777X jetliner. But factory workers in Seattle remained undeterred on Tuesday, as they continued to fight for higher wages and improved pensions.
Around 33,000 West Coast workers, most in Washington state, have been on strike since September 13, calling for a 40% salary increase spread over four years.
The strike has halted production of Boeing’s best-selling 737 MAX and its 767 and 777 twin-aisle aircraft. The company is typically paid on delivery with its orders from airlines, hence the additional short-term cashflow strain.
Boeing made an offer to raise hourly wages for striking workers by 30% but union negotiators rejected it, saying it “did not go far enough” to address concerns, and that the planemaker “has missed the mark with this proposal.”
Now entering its second month, the strike has no end in sight and has only added to the company’s litany of problems.
As a result of the action, Boeing has said it is pushing back first delivery of the 777X to 2026 from 2025. The plane was originally supposed to enter service in January 2020.
Share price boosted
But the company’s stated contingency plans did improve investor sentiment slightly on Tuesday, as shares of The Boeing Co roseby 2% in afternoon trading.
Boeing’s securities filings indicated that it has the ability to raise funds by offering stocks or debt over the next three years if needed, but also did not commit it to doing anything.
The planemaker said that it entered into a $10 billion supplemental credit agreement with several leading banks to provide short-term liquidity.
American credit assessment agency Fitch Ratings said the announcements increase Boeing’s financial flexibility and ease short-term liquidity fears. Management’s ability to tap capital sources other than debt “will help alleviate downgrade risks” by improving the likelihood of paying off debt that matures in 2025 and 2026, Fitch said.
The news comes as a welcome boost after credit rating agency Standard & Poor’s said last week it was considering cutting Boeing’s credit rating.
jsi/msh (AP, AFP, Reuters)
SEATTLE – Western Washington is staying locked into a cool and unsettled weather pattern as we head into the second half of the week.
Showers will continue to rotate through the region over the next several days as a series of weather disturbances move overhead, keeping skies mostly cloudy and temperatures running below average for mid-May.
Thursday will bring a brief break in the action before the next weak system arrives later in the day. Expect scattered showers to redevelop with plenty of cloud cover sticking around. Temperatures will remain cool, with highs near 60 degrees.
It will be cool on Thursday in Western Washington with increasing clouds and showers. (FOX 13 Seattle)
What’s next:
The weather turns a bit more active Friday as the next system swings into the Pacific Northwest. Western Washington will see widespread showers and even the possibility of a few isolated thunderstorms. While not everyone will hear thunder, a few heavier downpours and small hail can’t be ruled out if any storms manage to develop during the afternoon.
Rain showers will push through Western Washington again on Friday afternoon. (FOX 13 Seattle)
Saturday will be cool with scattered showers and another chance for isolated thunderstorms, especially near the Cascades. Afternoon highs will struggle to make it out of the 50s across many lowland Puget Sound area communities.
Mountain travelers should also be prepared for a dramatic change compared to the recent warm spell. Much colder air will filter into the Cascades this weekend, and while significant snow accumulation looks unlikely, higher elevations could still see snow showers and sharply colder conditions. Anyone planning outdoor recreation in the mountains should be ready for winter-like weather at times.
Snow levels will drop to near pass levels in the Washington Cascades Friday through Sunday. (FOX 13 Seattle)
Looking Ahead:
The pattern finally begins to improve late in the weekend and into early next week. High pressure is expected to rebuild over the northeastern Pacific, bringing a return to drier weather and some sunshine. Temperatures should gradually rebound back into the 60s by Monday and Tuesday, although the ridge may remain weak enough to allow for occasional clouds at times.
Temperatures will be cool the next three days with showers in Seattle, but next week will be drier and warmer. (FOX 13 Seattle)
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The Source: Information in this story came from the FOX 13 Seattle Weather Team and the National Weather Service.
SEATTLE – Remember that iconic Gap advertisement with the girl group dancing to “My milkshake brings all the boys to the yard” that took the internet by storm in August?
What we know:
Katseye, the girl-group in the ad, are taking center stage at Climate Pledge Arena on Nov. 17, with ticket sales dropping on Thursday, May 21 and their new EP, Wild, is set to release on Aug. 14 via Hybe x Geffen Records.
The global girl group announced their WILDWORLD TOUR on Wednesday, bringing Katseye to arenas across Europe and North America this fall.
Katseye’s tour will kickoff in Dublin, Ireland on September 1, at Dublin’s 3Arena, while the North American portion of their tour launches Oct. 13 in Miami, Florida at Kaseya Center. Other honorable tour venue mentions include UBS Arena in Belmont Park, NY and Crypto.com Arena in Los Angeles.
The WILDWORLD TOUR will conclude at Palacio de los Deportes in Mexico City on Nov. 27.
Keep reading for ticket information and the full tour itinerary.
Ticket Information
What’s next:
Tickets will be available beginning at the end of May. Specifically, Weverse Artist Presale tickets will be available on Wednesday, May 20 at 11:00 a.m. local time, before the Katseye.World Presale at 3:00 p.m. local time.
General onsale begins Thursday, May 21 at 3:00 p.m. local time at www.katseye.world.
Tour itinerary
KATSEYE – WILDWORLD TOUR
UK/EU
9/1 – Dublin, Ireland – 3Arena
9/3 – London, UK – The O2
9/6 – Manchester, UK – Co-Op Live
9/9 – Paris, France – Accor Arena
9/11 – Amsterdam, Netherlands – Ziggo Dome
9/13 – Cologne, Germany – Lanxess Arena
9/15 – Antwerp, Belgium – AFAS Dome
9/17 – Copenhagen, Denmark – Royal Arena
North America
10/13 – Miami, FL – Kaseya Center
10/15 – Atlanta, GA – State Farm Arena
10/20 – Charlotte, NC – Spectrum Center
10/22 – Washington, DC – Capital One Arena
10/24 – Belmont Park, NY – UBS Arena
10/28 – Boston, MA – TD Garden
10/30 – Montreal, QC – Bell Centre
11/1 – Hamilton, ON – TD Coliseum
11/3 – Detroit, MI – Little Caesars Arena
11/5 – Chicago, IL – United Center
11/7 – Minneapolis, MN – Target Center
11/10 – Austin, TX – Moody Center
11/11 – Dallas, TX – American Airlines Center
11/14 – Las Vegas, NV – MGM Grand Garden Arena
11/17 – Seattle, WA – Climate Pledge Arena
11/19 – Oakland, CA – Oakland Arena
11/21 – Los Angeles, CA – Crypto.com Arena
11/24 – Phoenix, AZ – Mortgage Matchup Center
11/27 – Mexico City, MX – Palacio de los Deportes
2026 Festival Dates
6/5 – New York, NY – The Governors Ball Music Festival
7/30 – Saint Charles, IA – Hinterland Music Festival
8/8 – Pasadena, CA – 88rising Festival: Head In The Clouds
The Source: Information in this story came from a press release from Katseye and the katseye.world website.
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To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter.
Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national news.
SEATTLE – An upper level low will increase showers and isolated storms overnight. Some storms that develop could produce locally heavy rain, thunder and lightning along with gusty winds. The best chance will be along and east of the I-5 corridor. Scattered showers will be possible during the day. There is also a chance for a light dusting of snow in the higher mountains.
Upper level low will increase showers and isolated storms overnight with scattered showers possible during the day. (FOX13 Seattle)
Wind Advisory in Eastern Washington
As the disturbance crosses through the region, winds will be especially gusty in Central and Eastern Washington. A Wind Advisory will be in effect for many of these locations through late Wednesday night.
Winds will be picking up on Wednesday with gusts nearing 50 mph. (FOX13 Seattle)
What’s next:
After warming into the low 80s on Tuesday, Wednesday will feel quite a bit different. Afternoon highs will only be in the upper 50s and low 60s, a good 20 degrees cooler than just 24 hours ago.
Afternoon highs will be significantly cooler on Wednesday.
Looking Ahead:
Even after Wednesday’s early morning rain, the rest of the week will remain unsettled. Additional chances for showers and cooler into the weekend. We will again near 70 degrees by early next week.
Cooler and wet for Wednesday with additional showers possible this week.
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How to get tickets for Journey’s new Seattle concert date at Climate Pledge Arena
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To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter.
Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national news.
The Source: Information in this story came from the FOX 13 Seattle Weather Team and the National Weather Service.
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