Business | Oct 19th 2024 Edition

Facing snarl-ups in production caused in part by the continuing strike at its west-coast facilities, Boeing plans to raise up to $25bn in new capital and has secured a $10bn credit line. The company revealed its plans in a regulatory filing. It has also decided to slash 17,000 jobs, or 10% of its workforce, and will not proceed with any more furloughs of workers that were introduced at the start of the strike. The first deliveries of the 777X jet, which Boeing hopes will turn its fortunes around, were delayed again, to 2026. The Biden administration held talks with both sides in the dispute to try to broker a deal.