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Boeing says it may raise $25 billion as Seattle strike bites – DW – 10/16/2024

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Boeing says it may raise  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.

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Boeing’s reputation has been severely hit over that period which has seen two 737 Max jets crashing, killing 346 people.

Boeing 737 Max incident could have been ‘much more tragic’

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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!”

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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.

A sign saying "Pension" is held above the crowd during a rally by Boeing machinists, labor allies and elected officials in Seattle at their union hall
Improved pensions was on the agenda of Boeing machinists, labor allies and elected officials in Seattle at their union hallImage: Manuel Valdes/AP/picture alliance

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.

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Union leaders at a rally in Seattle to demand better working conditions
Union leaders attended a rally in Seattle as the strike entered its second monthImage: Manuel Valdes/AP/picture alliance

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.

Boeing’s troubled Starliner spacecraft returns without crew

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jsi/msh (AP, AFP, Reuters)



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Seattle, WA

Seattle leaders mark 100 days until FIFA World Cup with artwork, security plans

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Seattle leaders mark 100 days until FIFA World Cup with artwork, security plans


The countdown to the FIFA World Cup hit a milestone Tuesday, approximately 100 days from the start of the global soccer tournament, which is being played this time in the U.S., Canada and Mexico.

Seattle is one of 16 host cities for the tournament, with the first game at Lumen Field scheduled for June 15.

Seattle-area hosts could net $3,800 as Airbnb eyes home sharing for FIFA World Cup fans

City leaders at a press conference on Tuesday described specific changes underway to welcome an estimated 750,000 people during the six matches, from adding new artwork in downtown to bolstering security.

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“Our aim is actually to revitalize, reinvigorate, rejuvenate the downtown core,” Seattle World Cup Organizing Committee CEO Peter Tomozawa stated.

People who take a trip through downtown Seattle will see that part of that work has started in anticipation of the World Cup, with 53 colorful paintings on the columns of the monorail, showcasing the flags of the countries of the competing teams.

“In just 100 days, people will come back to Seattle and will be using the system to travel back and forth to various events related to [the] FIFA World Cup,” Seattle Monorail Services Megan Ching said.

“The visitors who are coming here for the World Cup are already booking their trips: where to stay, how to get around and what to explore,” added Jorge Gotuzzo with Visit Seattle.

Darkalinos restaurant hopes the events planned for Pioneer Square will convince new customers to return beyond the tournament.

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“The summer season is what keeps us going,” General Manager Crystal Hernandez told KOMO News. “We’re going to have a beer garden in the plaza. There will be some live music outside.”

Behind the scenes, work continues to plan for crowd control and security. That means round table meetings and partnerships at the international, federal, state and local levels.

Iran’s participation in Seattle World Cup match up in the air following US strikes

“We’ve been working on the security plan for over three years,” Tomozawa explained. “We hired former SPD Chief John Diaz to design the plan and I have to say this is one of our highest priorities, for sure.”

Downtown Seattle Association President and CEO Jon Scholes adds that businesses are eager to build on the success of the recent Seahawks Super Bowl parade. He said there will be watch parties for the matches at Westlake, Pacific Place and along the waterfront.

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“Seattle’s a big event town, and we can do it well and produce a lot of joy for hundreds of thousands of people,” Scholes stated.

The World Cup Organizing Committee mentioned Seattle’s walkability makes it a great location for the tournament. It’s why they also announced a new walking path to connect multiple neighborhoods that will stay beyond the summer.

Seattle to host 4 free FIFA World Cup 2026 fan celebration venues starting June 11

It’s called the Unity Loop, runs about four-and-a-quarter miles and will connect the stadiums, waterfront, Seattle Center, Westlake and the CID, but no specifics were provided.



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Seattle police arrest man accused of throwing rocks at cars and buses, injuring two

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Seattle police arrest man accused of throwing rocks at cars and buses, injuring two


A 36-year-old man was arrested after Seattle police say he threw rocks at passing cars in South Seattle early Tuesday, shattering a truck window and injuring a couple in their 50s.

Patrol officers responded at 12 a.m. to reports of a man hurling rocks near Rainier Avenue South and South Henderson Street.

SEE ALSO | 3 hurt after late-night crash sends car into north Seattle auto parts store

Police said they found the couple with facial injuries after their truck window shattered. Firefighters treated both victims at the scene, and the couple then drove to a nearby hospital for further treatment.

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Officers found the suspect nearby and arrested him. According to the police report, the man made “multiple threats to shoot officers in the head and kick and punch officers before and after being placed into custody.”

Police also spoke with a King County Metro transit supervisor who reported that two Metro coaches had damage to their windshields and route destination signs after being struck by rocks. Police said no drivers or passengers were hurt.

More witnesses also told police they saw the suspect throwing rocks at moving vehicles.

Police said the suspect is a convicted felon and was booked into the King County Jail for investigation of assault, malicious mischief, and property destruction. Detectives in the General Investigations Unit are assigned to the case.



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Joey Daccord makes 35 saves as Seattle Kraken earn 2-1 win over Hurricanes

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Joey Daccord makes 35 saves as Seattle Kraken earn 2-1 win over Hurricanes


SEATTLE, WASHINGTON – MARCH 02: Andrei Svechnikov #37 of the Carolina Hurricanes shoots the puck during the second period of a game against the Seattle Kraken at Climate Pledge Arena on March 02, 2026 in Seattle, Washington.  (Christopher Mast / NHLI / Getty Images)

Joey Daccord made 35 saves and the Seattle Kraken survived a 6-on-4 penalty kill for the final 90 seconds for a 2-1 victory over the East’s top team in the Carolina Hurricanes on Monday night.

Kaapo Kakko and Ben Meyers each scored in the second period for the Kraken as they managed to beat a Hurricanes team that has the second-best record in the NHL, trailing only the Colorado Avalanche. The Kraken are now in a playoff spot by five points as they hold the No. 3 seed in the Pacific Division with 22 games to play.

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Nikolaj Ehlers scored the only goal of the night for the Hurricanes late in the second period, but Seattle was able to withstand Carolina’s offensive push in the final period to secure a second straight victory.

The Hurricanes are always a high-volume shooting team and Daccord faced plenty of chances. Carolina had 83 shot attempts to just 31 for the Kraken. Shots on goal were 36-15 in favor of the Hurricanes as well, but scoring chances were just 20-13 in Carolina’s favor as Seattle did a good job limiting the danger of the shots sent at Daccord.

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It was an eventful but scoreless first period between the two teams, with Carolina owning a 13-7 edge in shots. All three goals would come in the second.

Adam Larsson – who assisted on both goals for Seattle – deflected an Alexander Nikishin into the neutral zone to start a two-on-one rush chance for Kakko with Berkly Catton in support as Kakko ripped a shot through the armpit of Carolina goaltender Frederik Andersen for a 1-0 lead.

Kakko said he wanted to make the pass to Catton, but the lane was covered by Shane Ghostisbehere, so he elected to shoot.

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The Kraken earned a power play chance three minutes later on a tripping call against Eric Robinson. Carolina completely neutered the man-advantage for the first 90 seconds before the Kraken appeared to extend the lead.

With 15 seconds left on the power play, the Kraken rushed into the Hurricanes’ zone with Kakko finding a streaking Jaden Schwartz open on the back door for an easy finish behind Andersen. However, Carolina successfully challenged the goal for a missed offsides on Shane Wright that wiped out the goal.

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But the Kraken still managed to extend the lead soon after.

Jacob Melanson continues to be a spark plug for Seattle and helped restore the momentum immediately after the disallowed goal. On the shift coming out of the power play, Melanson delivered a big hit and connected with Adam Larsson on a breakout pass that sparked a rush. Ben Meyers crashed toward the net and was able to finish off his own rebound on a pass from Freddy Gaudreau to officially make it a 2-0 lead.

Melanson didn’t even get an assist out of the sequence, but was a big part of creating a goal for Seattle.

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After being extremely sharp defensively all night, Carolina finally pounced on an opportunity the Kraken were unable to turn away. Vince Dunn was just unable to control a loose puck in front of Seattle’s net as it landed on the stick of Nikolaj Ehlers instead, who snapped a shot past Daccord to make it a 2-1 game with 90 seconds left in the second period.

The Hurricanes took 32 shots in the third period as they attempted to find a tying goal, but only nine made it to Daccord, and he stopped them all. 

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Eeli Tolvanen was called for Seattle’s first and only penalty of the night – a holding call after breaking his stick – with 90 seconds left to play. With Andersen on the bench for a six-on-four chance for Carolina, Daccord stopped all three shots he faced to close out the win for Seattle.

The Source: Information in this story came from FOX 13 Seattle reporting.

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