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Boeing NewsEos bankruptcy filing signals end to cheap executive travelEos, the premium airline that flew between London and New York, filed for Chapter 11 bankruptcy protection last night, a move that appeared to signal the end of cut-price executive-only flights across the Atlantic. The American carrier’s flights were suspended last night, leaving hundreds of passengers stranded at Stan-sted and John F Kennedy airports. The grounding of Eos follows the collapse of Maxjet last December and the announcement that Silverjet, which operates from Luton, is seeking a bailout from new investors. L’Avion, which flies from Paris to New York, is also thought to be struggling. Last night it emerged that mainstream carrier Continental Airlines had withdrawn from merger talks with United Airlines amid concerns about United’s financial health in the face of high oil prices. Continental is now focused on a possible alliance with British Airways and American Airlines. All four of the pure business class airlines were launched over the past couple of years to take advantage of a boom in business-class travel between Europe and the United States. They hoped to take on the established transatlantic carriers such as British Airways and Virgin by offering services tailored to business-class travellers. However, sustained high oil prices have pushed up operating costs while the worsening economic environment has reduced demand for premium air travel and the new carriers struggled to compete with better-capitalised rivals. Eos occupied the top end of this niche market and flew only 48 passengers on its Boeing 757s, styling itself a budget-first class service. Silverjet, the last of the British all-business-class carriers, flies 100 passengers on its larger 767 aircraft and charges from £999 for a business-class return – about a third of a typical BA business-class fare. None of the three premium-only carriers that operated from Britain has ever made a profit. In regulatory filings in America, Eos said that it had lost $37 million ($£18.6 million) in the first nine months of last year on revenue of $53 million. Silverjet was losing about $£1 million a month and its share price has fallen from a peak of £2.09 last March to 14p. A spokesman for Silverjet said: “We are a different model to Eos and we remain very confident of continuing to fly.” Eos, which was founded by David Spurlock, a former British Airways executive, was the first of the low-cost business operators to launch, starting flights in October 2005, and it raised $212 million from private equity groups and individual investors. Eos had begun to edge its way into the City$’s favours and is thought to have been included on the preferred airline lists of a number of big institutions. However, it still needed additional financing and approached its original investors seeking more money this month. When that move failed, Eos approached rival airlines, including BA and Virgin, to propose a takeover. It found no interest. Jack Williams, the chief executive of Eos, said: “There are times when even though you execute your business plan, external forces prevent you from controlling your own destiny.” Rising oil prices are causing havoc in the airline industry and Eos is the seventh carrier in two weeks to seek bankruptcy protection or go bust.Read Full Article Demand Lifts Boeing and General DynamicsBoeing said its profits rose 38 percent, to $1.21 billion. General Dynamics said its net income jumped 32 percent, to $572 million.Read Full Article Stocks Higher as Oil Prices DropWall Street advanced following better-than-expected profits at Boeing and after an increase in oil supplies sent energy prices lower, easing concerns about inflation.Read Full Article Boeing Profit Jumps 38% as Orders GrowThe aircraft maker said it earned $1.2 billion in the first quarter as its backlog of orders grew to a record $346 billion. It also reaffirmed its 2008 profit outlook.Read Full Article Boeing ballistic: BA’s boss has every right to a rantI know this is going to be hard, but do spare a thought for poor Willie Walsh. The announcement of further delays to the 787 Dreamliner is yet another bruising for British Airways’ battered chief executive. And this time it really is due to circumstances beyond his control.Read Full Article External News for: boeingRussian firm, EADS may give Boeing competition for Air Force tanker - Washington PostWashington PostRussian firm, EADS may give Boeing competition for Air Force tankerWashington PostNorthrop had partnered with Airbus parent European Aeronautic Defence and Space (EADS) to compete against Chicago-based Boeing. But Northrop said it felt ...Boeing could face a foreign invasion in tanker biddingChicago Tribune'Bizarre' tanker twist: Russians will bid against Boeing for Air Force contractSeattle TimesRussian Firm to Bid on Tanker ProgramWall Street JournalReuters -MarketWatch -eTaiwan Newsall 646 news articles »Russian firm, EADS may give Boeing competition for Air Force tanker - Washington PostWashington PostRussian firm, EADS may give Boeing competition for Air Force tankerWashington PostNorthrop had partnered with Airbus parent European Aeronautic Defence and Space (EADS) to compete against Chicago-based Boeing. But Northrop said it felt ...Boeing could face a foreign invasion in tanker biddingChicago Tribune'Bizarre' tanker twist: Russians will bid against Boeing for Air Force contractSeattle TimesRussian Firm to Bid on Tanker ProgramWall Street JournalReuters -MarketWatch -eTaiwan Newsall 646 news articles »Boeing ups production rate of 777s, 747s - TheNewsTribune.comCBC.caBoeing ups production rate of 777s, 747sTheNewsTribune.comAnticipating fresh demand for new airliners, Boeing said Friday it will increase the production pace for two airliners, the 777 and the 747. ...Boeing steps up jet production; sees airline recoveryMarketWatchBoeing plans to ramp up production of 777s, 747sHeraldNetHigh demand: Boeing speeds up 777, 747 productionUSA TodayCalgary Herald -Financial Times -BloggingStocks (blog)all 435 news articles »Russian firm, EADS may give Boeing competition for Air Force tanker - Washington PostWashington PostRussian firm, EADS may give Boeing competition for Air Force tankerWashington PostNorthrop had partnered with Airbus parent European Aeronautic Defence and Space (EADS) to compete against Chicago-based Boeing. But Northrop said it felt ...Boeing could face a foreign invasion in tanker biddingChicago Tribune'Bizarre' tanker twist: Russians will bid against Boeing for Air Force contractSeattle TimesRussian Firm to Bid on Tanker ProgramWall Street JournalReuters -MarketWatch -eTaiwan Newsall 646 news articles »Boeing ups production rate of 777s, 747s - TheNewsTribune.comCBC.caBoeing ups production rate of 777s, 747sTheNewsTribune.comAnticipating fresh demand for new airliners, Boeing said Friday it will increase the production pace for two airliners, the 777 and the 747. ...Boeing steps up jet production; sees airline recoveryMarketWatchBoeing plans to ramp up production of 777s, 747sHeraldNetHigh demand: Boeing speeds up 777, 747 productionUSA TodayCalgary Herald -Financial Times -BloggingStocks (blog)all 435 news articles »Boeing 787 Dreamliner completes flutter, ground effects tests - Seattle Post Intelligencer (blog)Plain DealerBoeing 787 Dreamliner completes flutter, ground effects testsSeattle Post Intelligencer (blog)Boeing has completed flutter and ground effects testing on its 787 Dreamliner, key steps in the airliners certification program. ...Boeing 787 Completes Critical Flutter TestingWired NewsContinental Airlines could be first in US to get Boeing 787 DreamlinerPlain DealerContinental: Demand sluggish, but 787 Dreamliners to arrive in late 2011USA Todayall 4 news articles » |
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