Boeing Cuts Thousands of Jobs, Prepares for Air Travel Slow Down Amidst Coronavirus Surge

American aerospace giant Boeing announced a fresh round of job cuts during its earnings call on Wednesday morning as coronavirus cases continued to surge worldwide.

Boeing said it would cut 7,000 jobs by the end of 2021, according to The Wall Street Journal. The job cut, the latest in a series of coronavirus-related cuts, would take the company to 130,000 employees after starting 2020 with 160,000.

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Boeing Says Pandemic Will Cut Demand for Planes for a Decade

Boeing is lowering its expectations around demand for new planes over the next decade as the coronavirus pandemic continues to undercut air travel.

The company on Tuesday predicted that the world will need 18,350 new commercial airplanes in the next decade, a drop of 11% from its 2019 forecast. The value of that market will slide by about $200 billion from last year’s forecast, to $2.9 trillion.

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ANALYSIS: Boeing’s Dropped Bid for Next-Generation ICBM Represents Shrinking Industrial Base

In late July, Boeing dropped out of the running for the new intercontinental ballistic missile competition. Boeing chose to remove itself with the expectation it will be unable to provide the system at a competitive price.

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Boeing Cancels Controversial Satellite Order Funded by China

by Hanna Bogorowski   Boeing decided to cancel an order for a satellite that uses sensitive technology used by the U.S. military and was reportedly being funded by a state-owned Chinese financial firm. A Wall Street Journal investigation revealed Tuesday the troubling web of financial transactions that skirted around U.S.…

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