The Boeing Co.’s stock fell below $30 this morning.
A couple causes:
The U.S. government may have to give insurer AIG another $30 billion to stay afloat after the insurance giant posted a $62 billion loss. CNN points out with that $62 billion the government could buy 250 Boeing Co. 747 jumbo jets.
AIG, of course, has its own aircraft business, International Lease Finance Corp. – one of Boeing and Airbus’ biggest customers. While ILFC chief Steven Udvar-Hazy tries to find financing to save the aircraft leasing company, AIG warns that ILFC might not be able to cover its debt payments this year.
Dow Jones also reports that GE’s aircraft leasing arm is also suffering due to problems at its parent company.
On the upside, while Air China says it will seek compensation from Boeing for delays to its 787, the carrier has no plans to cancel its orders. In fact, Air China isn’t canceling or deferring deliveries of 24 aircraft scheduled this year, Reuters reports.
Lastly, the decline in air traffic is actually helping the A380 at Los Angeles. Air traffic controllers say the LA airport wouldn’t be able to accommodate Qantas’ A380 super jumbo jet if it weren’t for the drop in traffic. Read more here.
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