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Old June 3rd, 2005, 08:35 PM   #21
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Vietnam Airlines to Buy Boeing Dreamliners
3 June 2005

HANOI, Vietnam (AP) - Vietnam Airlines will buy four Boeing 787 Dreamliners as part of a plan to expand its fleet to meet increasing travel demands, an airline spokesman said Friday.

Prime Minister Phan Van Khai has instructed the state-owned airline to complete the contract, which is expected to be signed during his visit to the United States on June 19-25, said spokesman Nguyen Chan.

Chicago-based Boeing Co. has said the wide-body jetliners will be delivered to the communist country in 2010. The deal is valued at about $500 million at list prices, although airlines usually negotiate discounts.

Khai will be the first Vietnamese prime minister to travel to Washington. Vietnam and the U.S. are former foes that normalized diplomatic relations 10 years ago.
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Old June 5th, 2005, 03:07 AM   #22
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http://www.kingcountyjournal.com/sit...ry/html/208827

All Nippon Air may buy 53 Boeing 777s
2005-06-04
by Masumi Suga
Bloomberg News

The Boeing Co., the world's second-biggest commercial-aircraft maker, is poised to win an order for 53 long- range planes estimated at $13 billion from All Nippon Airways Co., beating out top rival Airbus SAS.

All Nippon, Japan's No. 2 airline, wants to replace its fleet of larger Boeing 747 and 777 planes with the 365-passenger 777-300ER, passing over the Airbus A380, president Mineo Yamamoto said. The Tokyo-based airline may decide on the plan in February, he said, without saying if it will buy or lease the planes.

``We are also studying the A380, but the 777-300ER is the most likely,'' Yamamoto said in an interview in Nagoya, Japan. ``Consolidating large-size planes into one model with the 777 may be the best way to improve our cost structure.''

Airbus Japan's President Glen Fukushima couldn't be reached to comment in Tokyo. Airbus spokeswoman Barbara Kracht declined to comment. Boeing spokesman Marc Birtel didn't immediately respond to messages left on his office and cell phone voice mails.

All Nippon's preference for Boeing's fuel-efficient model in its biggest replacement program underscores the change in strategy as global airlines head for an industry wide loss of $6 billion this year amid record fuel prices. The airline wants smaller long-range aircraft that use less fuel and are cheaper to maintain. Three out of every four of its planes are from Boeing.

``The 777 model, which is fuel efficient and able to handle long-haul destinations, matches All Nippon's fleet strategy'' said Takahiko Kishi, an analyst who rates All Nippon ``neutral plus'' at Mizuho Investors Securities in Tokyo. ``Reducing the types of planes to a single model is the right move.''

Shares of Chicago-based Boeing rose 28 cents Friday to close at $64.66 in New York Stock Exchange composite trading. They've risen 40 percent in the past year.

Cutting Costs

The move comes as the price of jet fuel surged to a record $76.38 a barrel in April. The 777-300ER, with a list price of $245.5 million, has a maximum flying distance of 8,500 nautical miles.

``Fuel efficiency and lightweight planes are the keys to our selection at a time when fuel prices are high,'' Yamamoto said.

All Nippon wants a single 777-300ER model to replace 23 Boeing 747-400 planes, four 747 SR/LR models, eight 777-300 and 17 Boeing 777-200, Yamamoto said. The move would cut the total aircraft types in its fleet of 186 planes to three from eight, lowering costs for training air crews, maintenance and operations, he said.

The airline, which in March completed a three-year, $2.8 billion cost-cutting plan 12 months ahead of schedule, is reorganizing its fleet and routes to cut costs and compete with larger competitor Japan Airlines.

The A380, developed by Toulouse, France-based Airbus, can carry up to 555 passengers in three classes and will be the world's largest commercial aircraft when it is scheduled to begin flying in the fourth quarter of next year.

Local Contracts

Boeing strengthened its dominance in selling planes to All Nippon and Japan Airlines by awarding contracts for parts to Japanese companies. As much as 35 percent of contracts for Boeing's proposed 787 aircraft, including work for the wings and fuselage, were awarded to Japanese manufacturers including Toray Industries Inc. and Mitsubishi Heavy Industries Corp.

All Nippon, Asia's second-largest airline by revenue, was the first customer for Boeing's 787, with a $6 billion order last year for 50 planes, which consume 20 percent less fuel than other models.

The 787, Boeing's first new aircraft model in more than a decade, would replace mid-sized Boeing 767 models and Airbus A321 planes. All Nippon also picked Boeing's 737 planes to replace its smaller aircraft, including 28 Airbus A320 planes.

All Nippon flies the Boeing 747, the world's largest commercial airplane in service, on domestic routes, putting 569 economy-class seats on its busiest flights. The 747-400ER plane can carry as many as 524 people in a typical three-class seating arrangement.
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Old June 5th, 2005, 03:12 PM   #23
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Ow, Sounds good!
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Old June 6th, 2005, 05:47 AM   #24
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Here's another article. It's long so I'll just link it. It's also part I of II

Boeing stumbles in race for China

Last edited by Bond James Bond; June 6th, 2005 at 06:42 AM.
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Old June 6th, 2005, 07:09 AM   #25
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Quote:
Originally Posted by Bond James Bond
Here's another article. It's long so I'll just link it. It's also part I of II

Boeing stumbles in race for China
Good article. It doesn't seem fair though that Boeing's being hurt by political issues they can't control, but oh well...
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Old June 7th, 2005, 06:02 PM   #26
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BA is talking with boeing about the b747Adv

Soaring debt and fuel bill hit BA dividend
Tom McGhie, Mail on Sunday
5 June 2005


BRITISH Airways will not pay a dividend for at least two years, new chairman Martin Broughton has said.

He said the airline, which is at the top of the profitability league, was still not making enough to pay its shareholders and renew its fleet.

But Broughton predicted that in two years BA would be achieving profit margins of ten per cent, which would trigger dividend payments and a fleet renewal programme.

BA, whose current margin stands at about seven per cent, is confident it can achieve the higher target, even though soaring fuel prices will cost an extra £400 million-a year. The company is also struggling with a huge pension deficit and debts of £3 billion.

Broughton, who was in China for the airline's inaugural flight to Shanghai, said the key to paying dividends was cutting costs.

And he said BA, which has just gone through a painful redundancy programme that cost 13,000 jobs, would be forced to make further job cuts.

The airline's move to Heathrow's Terminal 5 in 2008 would give it a chance to slash costs and change working practices. 'There is no alternative to cutting costs and it will mean further job cuts,' he said.

Broughton also disclosed that BA was in talks about buying an advanced version of the 747 jumbo jet if Boeing decides to go ahead with the model.

He hinted that BA might replace its present 747 fleet with American planes rather than the new giant Airbus A380. Meanwhile, the company is holding two trials to review the way it runs its short-haul fleet.

It is considering either copying no-frills airlines by making passengers pay for their meals, or offering even more luxury to premium passengers.
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Old June 7th, 2005, 06:17 PM   #27
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^ Yup, BA for the most part has been a loyal Boeing customer. They like to counter this with selecting Rolls Royce engines to make the Europeans happy.
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Old June 8th, 2005, 11:57 PM   #28
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Air Canada's $6B Boeing 777-787 order up in air as pilots negotiate: Milton
June 8, 2005

TORONTO (CP) - Air Canada may cancel a $6-billion-US order for 32 new Boeing long-range airliners if it doesn't reach an agreement with its pilots by Friday, airline chief Robert Milton has disclosed.

The purchase of 18 Boeing 777s and 14 of the new 787 Dreamliners was described as firm, although subject to "several conditions," when it was announced April 25.

Milton, chairman and chief executive officer of parent company ACE Aviation Holdings Inc., told a transport industry conference in New York on Wednesday morning: "I would highlight that we're actually in the final stages of negotiating with our pilot group the terms of the contract by which they'll fly these aircraft. We do have the ability, if we cannot reach an agreement by the 10th of June, to without penalty cancel these orders."

He added: "I think Boeing would be quite happy to take them and put them somewhere else if we can't figure it out. It is my hope, obviously, that we get it done. If we don't, we'll have to revert to Plan B - which would be adding more used aircraft."

The president of the Air Canada Pilots Association, Kent Wilson, said negotiations "are still going on, and when we have news I'll be able to comment more on it."

Wilson noted that whenever new aircraft are added to the fleet, there are talks over pay, training and other issues. The June 10 date, he added, is between Air Canada and Boeing.

Milton said the airline regards the new Boeing planes as "a game-changer going forward" as it expands on long international routes, particularly to Asia.

A spokesman for Boeing said the aircraft maker wouldn't comment on an "ongoing negotiation."

However, Boeing officials issued a glowing forecast Wednesday for the airliner industry, predicting the market will be worth $2.1 trillion US in the next 20 years as the global airline fleet more than doubles. That projection is an increase of $100 billion from the company's forecast last year.

Boeing projects demand for 25,700 new commercial passenger and freighter planes during the next 20 years, up from the 25,000 it predicted a year ago.

When the deal with Air Canada was announced, ACE (TSX:ACE.B - news) said that including options the order could expand to $15.9 billion US, totalling 36 Boeing 777s and 60 Dreamliners - a new model scheduled to be delivered in 2010.

Coincidentally, a media event in Montreal to show off a 777 en route to the Paris Air Show was postponed hours before it was to have taken place Wednesday. Air Canada cited a procedural delay related to maiden-flight approvals needed from the U.S. Transportation Security Administration.

Milton also told the webcast conference that "Wal-Mart pricing is permanently here" in the travel industry and Air Canada is reacting by morphing from a "legacy airline" to a "loyalty airline."

Its strategy is to provide "commodity pricing at the low end," while bulking up yields by charging more for scheduling flexibility and full frequent-flyer points.

"We are always competitive with our low-cost competitors," Milton declared. "Day in, day out, flight for flight, they know there is nowhere to go in terms of dropping prices that we won't match them."

Milton said Air Canada and its Jazz regional unit have been "pleasantly surprised" by how much they have gained from the domestic market share held by Jetsgo before that discount airline collapsed in March.

And he said Air Canada has benefited on international routes - while U.S. airlines have been hurt - because of the American government's stringent security requirements.

"People just find it too much of a hassle to change planes in the U.S."
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Old June 9th, 2005, 02:23 AM   #29
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http://seattlepi.nwsource.com/local/...=Boeing%20Boom

Wednesday, June 8, 2005 · Last updated 11:19 a.m. PT
Boeing back on stride with a boom in jet orders

By ELIZABETH M. GILLESPIE
ASSOCIATED PRESS WRITER

SEATTLE -- After two years of trailing its chief rival, Boeing Co. is fighting to reclaim the lead from Airbus SAS in the commercial jet market, backed by a hot new plane and a revamped sales team that has been freed to offer big price discounts.

The Chicago-based aerospace company had one of its strongest sales runs ever in the first five months of the year, booking orders for almost 280 planes - as many as in all of 2004 and four times the order total at this point last year. Many of those are for the fuel-efficient 787, a long-range wide-body jet that is scheduled to enter service in 2008.

Airbus has reported 196 orders from January through the end of May, but it could surge ahead at next week's Paris Air Show. John Leahy, chief salesman of the European airplane maker, said he expects up to 100 orders to be placed by several airlines for the new twin-engine A350, a direct competitor to the 787 that Airbus is promising to be on the market by 2010.

Investors are taking notice of Boeing's turnaround. Shares of the company are close to a four-year high and now trade at about $65 after recovering from a plunge between 2001 and 2003 that wiped out almost two-thirds of their value, when both its commercial and defense businesses were struggling.

In addition to a recovery in jet sales, Boeing said in its last earnings report that it posted higher sales for its Future Combat Systems, maritime aircraft and other defense programs that compensated for reduced deliveries of F/A-18 and F-15 fighter jets.

The narrow-body 737 continues to be Boeing's top-selling commercial jet. But industry analysts say the twin-engine 787, which will be built mostly from composite materials - high-tech, sturdy plastics that are lighter and don't require as much maintenance as aluminum - is the right product hitting the market at the right time.

"Clearly the interest in the 787 has been unparalleled, and it's addressing an industry concern, which is higher fuel costs and lower maintenance costs," said J.B. Groh, an analyst with D.A. Davidson, a financial consulting firm based in Lake Oswego, Ore.

When it is configured in three classes, the 787 will carry about 260 passengers up to 9,700 miles, allowing nonstop flights between Houston and Beijing, for example. It carries a list price of $120 million.

Late last year, when 787 orders had fallen short of Boeing's predictions, some wondered if the longtime top dog was losing out because it was too reluctant to offer discounts to match prices Airbus was offering for competing aircraft.

John F. Walsh, president of the consulting firm Walsh Aviation in Annapolis, Md., said Boeing appears more willing to slug it out with Airbus on pricing. "Before there were numerous reports that (former CEO Harry) Stonecipher ... was micromanaging the marketing team, and they seem to have a freer hand now," Walsh said.

Reached at his home in St. Petersburg, Fla., Stonecipher declined to comment. He resigned in March after admitting he'd had an affair with a female company executive.

Last December, after losing several high-profile sales battles to Airbus, Boeing replaced its top sales executive, Toby Bright, with Scott Carson, who had been head of Boeing's in-flight Internet venture, Connexion by Boeing.

Steven Udvar-Hazy, chief executive of International Lease Finance Corp., a major customer of both Boeing and Airbus, said Boeing's sales force seems to be re-energized under Carson's leadership and excited about the first new plane the company has offered in years.

"What we are seeing is a more aggressive sales force ... with a concerted effort to stop the market-share erosion they had been experiencing," Udvar-Hazy said.

Boeing spokesman Todd Blecher said cost savings from a renewed focus on lean manufacturing has given the company some pricing flexibility. "We will not, however, do any deal that we consider irresponsible or a bad business deal simply to grab market share," he said.

Boeing has racked up 128 firm orders and an additional 138 commitments for the 787 since it launched the program last year. Twenty-one airlines have ordered the plane so far, including two with sizable Airbus fleets: Northwest Airlines Inc. and Air Canada.

Until April, when it agreed to acquire 18 777s and 14 787s, Air Canada hadn't ordered any Boeing planes since 1989. The day the orders were announced, Robert Milton, chairman of the airline's parent company, Ace Aviation Holdings Inc., said the deal hinged on the planes' "overwhelmingly attractive economics" - notably fuel efficiency and lower maintenance costs.

Airbus has said the A350 will have more seats, fly farther, burn less fuel per seat and have lower per-seat maintenance costs than the 787.

European Aeronautic Defence and Space Co. said Wednesday its board intends to press ahead and develop the A350, despite a complaint the United States filed with the World Trade Organization over $1.7 billion in launch aid that four European governments are poised to provide. EADS owns 80 percent of Toulouse, France-based Airbus, and Britain's BAE Systems PLC owns the remaining 20 percent.

Richard Aboulafia, an aerospace analyst for the Teal Group in Fairfax, Va., predicts the Boeing-Airbus battle for market share will remain tight until 2009, a year after the 787 is scheduled to enter service.

What happens after that, Aboulafia surmised, will largely depend on the success of the A350, which Airbus has retooled a few times, after its first designs didn't catch on with airlines.

Some analysts have suggested the Airbus is scrambling to play catch-up. "Each time they talk about a new A350, they copy more of what we're doing on the 787," Blecher said, citing Airbus' plans to use more composite materials, make windows bigger and add more elbow room.

Airbus spokeswoman Mary Anne Greczyn said the company is simply responding to customers' demands. "It's very normal for any new aircraft program to go through an evolution, especially before launch," Greczyn said. "That's just listening to customers. That's just good business."
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Old June 10th, 2005, 07:03 AM   #30
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Air Canada reaches pact with pilots on new Boeings

MONTREAL, June 9 (Reuters) - Air Canada said on Thursday that it reached a tentative agreement with its pilots on contract terms related to the airline's $6 billion purchase of 32 wide-body jets from Boeing Co. .

Air Canada, which is owned by ACE Aviation Holdings Inc. , said the agreement is subject to ratification by the Air Canada Pilots Association's membership.

The airline said Boeing had extended a June 10 deadline to June 19, when a positive vote by pilots would allow the aircraft order to go forward.

The purchase agreement, which analysts say will likely cost Air Canada less than the $6 billion list price, includes firm orders for 18 Boeing 777s, including the Worldliner, which is touted as the world's longest range jet, and 14 of the new Boeing 787 Dreamliners.

Deliveries of the 777s to Air Canada are due to begin next year, and the Dreamliners will start to arrive in 2010.

ACE Aviation class B shares were up 65 Canadian cents or 1.6 percent at C$41 on the Toronto Stock Exchange on Thursday, a new high for the stock.

The stock has almost doubled since early October when Air Canada, the country's largest airline, emerged from 18 months of bankruptcy protection with a much reduced work force and debt burden and lower operating costs.

($1=$1.25 Canadian)
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Old June 13th, 2005, 09:28 AM   #31
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Monday, June 13, 2005
Boeing confidence in 787 soars

By JAMES WALLACE
SEATTLE POST-INTELLIGENCER AEROSPACE REPORTER

PARIS -- After a floundering start that saw little market enthusiasm in its initial attempt to go after Boeing's hot-selling 787 with the proposed A350, Airbus has come to this year's Paris Air Show with what it says is a redesigned and more competitive plane.

But Boeing's top 787 executive said he's not worried.

"There is no way they can beat us," Mike Bair, vice president and general manager of the 787 program, said on the eve of the opening today of the industry's biggest trade show.

"It is common logic," Bair said. "The A350 is a derivative plane. At some point you run out of things you can do with a derivative and you have to do something new."

Bair will kick off Boeing's participation in the air show with a media briefing this afternoon on the latest 787 program developments.

It is ironic that in the showdown between Boeing and Airbus over their competing midsize jets, it is Boeing that now talks up the advantages of an all-new aircraft design. For years, Boeing was criticized by Airbus and industry analysts for a strategy that saw it develop less expensive derivative planes to counter the growing Airbus threat.

Bair acknowledged "the shoe is on the other foot."

The Airbus A350 will be a derivative of the A330, only with an improved wing, greater use of light-weight composites and with modified fuel-efficient engines being developed for the all-new 787.

John Leahy, chief commercial officer for Airbus and its pugnacious sales chief, said in an interview that the A350, after a number of design improvements in recent months, is essentially an all-new plane. More than 90 percent of the parts have been redesigned from the A330, systems have been changed and the interior of the fuselage reworked to provide passengers more room and to allow about 30 more seats than the 787.

Leahy said the A350 will better the 787 in any number of comparisons based on seat-mile costs -- lower fuel burn per seat, lower maintenance costs per seat and even less empty airplane weight per seat.

"Not a chance," countered Bair.

The A350 will be from 20 to 30 tons heavier than the 787, Bair said, and it would require a "rewrite of physics" for the Airbus plane to beat the 787 in the kinds of comparisons mentioned by Leahy.

"He tells a good story," Bair said of Leahy.

The story that Bair will tell reporters today at the air show is of the "substantial progress" that has been made on the 787 program. Some highlights:

With 787 production slots sold out for 2008, 2009 and 2010, Boeing is assessing if it can produce more planes early on, Bair said.

"We have a profile for building up our rate, and it is just a question if we can bring that rate buildup forward," he said.

Even though the 787 does not enter passenger service until mid-2008, production in Everett will begin in 2007.

"You always assume in flight tests that you will find some issues," Bair said.

Boeing does not want to make the same mistake with the 787 that it made in 1998 with the next-generation 737.

At the time it started building the next-generation 737, Boeing was also ramping up 737 production rates. But Boeing had to go back and put in emergency exit doors over the next-generation 737 wings before the Europeans would certify the plane. Dozens of finished planes parked at Renton were cut apart for doors to be installed.

"We will be very measured on early production until we get the plane certified," Bair said of the 787. "And then we can have some flexibility in how quickly we can take that rate up. That's what we are looking at right now."

Boeing has previously said it would build about 96 planes the first two years.

By the end of June, Boeing engineers will have finished firm configuration of the 787 design and will hand off the plane to those who will then do what's known as "detailed" design. This is an important milestone in any new airplane program but more so on the 787 because for the first time Boeing's partners, such as the Japanese, will be doing most of the detailed design engineering.

The 787 will have a mostly composite airframe, but Bair said there will be less aluminum and more titanium parts than previously thought. That's because titanium is a better "partner" with composites, he said, explaining that aluminum acts like a battery when it comes into contact with composites and can cause corrosion. A selling point of the 787 is that its composite design will require far less maintenance than a conventional aluminum plane.

"We don't want to ruin the wonderful maintenance story by burying a piece of aluminum deep in the airplane where you would have to go tear it apart to check on it," Bair said.
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Old June 13th, 2005, 09:48 AM   #32
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Boeing sees stretch 747 deliveries starting in 2008

Boeing sees stretch 747 deliveries starting in 2008
Sun Jun 12, 2005 02:55 PM ET

By Christian Plumb
PARIS, June 12 (Reuters) - Boeing Co. could start delivering a stretch version of its jumbo 747 in 2008, the planemaker's head of commercial aircraft said on Sunday in the latest sign the company will approve the new plane model.

"We're getting very good interest in the Advanced (7)47," Alan Mulally said at an upbeat press briefing a day before the opening of the Paris Air Show, the aerospace industry's top showcase.

The 747 Advanced would be Boeing's closest competitor to archrival Airbus's flagship double-decker A380 plane -- a star debutante at the display of civilian and military planes at Le Bourget airport on the outskirts of the French capital.

"We would probably deliver around 2008," he said. "It's really paced by the engine on the (7)87."

Mulally also said he agreed with comments made by Boeing Chairman Lew Platt in an interview with the Independent on Sunday newspaper that the program is gaining "momentum."

Platt was quoted as saying a decision could be made on producing the modified 747 at an upcoming board meeting, which Mulally confirmed was scheduled for late June.

Chicago-based Boeing has declined to take on the superjumbo head-on, claiming that the potential market for the 555-seat plane would not justify the amount of investment needed to build a plane that big.

Instead, it will redesign the 30-year-old jet to run on the quieter, more economical engines under development for its smaller 787 Dreamliner, a change that would require little capital expenditure, he said.

'MUCH LOWER RISK'

"It's so much more modest compared with making a new, bigger airplane," he said, adding that the plane would carry about 50 more passengers than the current largest 747, and another 15 tons of cargo. "It's mainly engine change and some work on the wing.

Boeing expects the latest version of its venerable 747 -- still the largest passenger jet in service -- to capture 400 to 500 orders over a 20-year period, Mulally said, taking a swipe at the A380.

"People really appreciate that the A380 is really, really big, it's really big," he said. The 747 Advanced "is so much lower risk than an A380."

Mulally's was the latest recent Boeing presentation highlighting the recovery in the world aircraft market.

"It's going really, really well. You can see an interest in orders across all the airplane models."

The top U.S. planemaker last week forecast that the world passenger jet market would amount to $2.1 trillion over the next 20 years, led by mid-sized planes like the 787.

In addition to 266 orders and commitments for the plane, which aims to cut fuel and other operating costs by about one-fifth over similar models by using composite materials, Boeing has 427 sale proposals active with 27 different airlines, he said.

But he played down the possibility that Boeing, which could overtake Airbus in orders this year on the strength of demand for the 787, would announce much in the way of new orders at the air show, widely expected to be dominated by Airbus.

"We are not saving up anything for the air show per se," he said. "It's one week out of 52 weeks."
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Old June 19th, 2005, 08:29 AM   #33
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$6 Billion Air Canada Deal Down The Drain

Air Canada Notifies Boeing Of Aircraft Order Cancellation Following Results Of Pilot Vote

Air Canada Press Release
June 18, 2005


MONTREAL
-- Air Canada said today that it has been informed by the Air Canada Pilots Association that the tentative agreement on costs and other issues relating to the Boeing order has been rejected by the union membership. ACPA leadership had recommended ratification of the tentative agreement which had been negotiated with the assistance of Mediator Mr. M.G. Mitchnik. The Company accepts the pilots' decision and has notified Boeing of the order cancellation.

The agreement with Boeing announced April 25 was subject to the successful completion of certain conditions including the negotiation of satisfactory terms by the airline with its pilots. The order is subject to cancellation without penalty.

"We are naturally disappointed at having to cancel the wide body aircraft order but these aircraft can only be brought into our fleet on a pre- determined economic basis. Despite best efforts on the part of ACPA, the agreement has been rejected," said Montie Brewer, President and CEO of Air Canada. "Following a successful restructuring, Air Canada has been transformed into a viable carrier. We cannot lose sight of the effort it took to get to where the airline is today and while the cancellation of this aircraft order will be disappointing to our employee group at large, including many of our pilots, it is the right decision given the circumstances.

"The cancellation of the order is not material to our business plan over the next few years. There is no longer a requirement for a cash outlay to secure the order and we will seek to find alternative aircraft (of types covered by the current collective agreement) in the used market for the three 777-300ER aircraft contemplated for 2006 delivery under this order (two for Q2/06 and a third during Q4/06). We will adjust our plans and it is anticipated that the company will continue to grow on an unaltered basis. The critical component of the Boeing order were the 787 aircraft scheduled for delivery in 2010 and beyond to replace our Boeing 767 fleet. In time we will re-address this requirement.

"I thank ACPA's leadership for their efforts to secure an agreement which would have allowed us to go forward with ordering new aircraft at this time. It is naturally my hope that in time we will find ways to bring new aircraft into the fleet in a manner acceptable to the company and our pilots," said Mr. Brewer.

The agreement with Boeing included firm orders for 18 Boeing 777s, plus purchase rights for 18 more, in a mix of the 777 family's newest models: the 777-300ER, the 777-200LR Worldliner , and the newly announced 777 Freighter. Air Canada's 777 deliveries were scheduled to begin next year with the arrival of three 777-300ERs in 2006. The renewal plan also included firm orders for 14 Boeing 787 Dreamliners, scheduled for delivery in 2010.

Montreal-based Air Canada provides scheduled and charter air transportation for passengers and cargo to more than 150 destinations on five continents. Canada's flag carrier is the 14th largest commercial airline in the world and serves more than 29 million customers annually.

Air Canada is a founding member of Star Alliance providing the world's most comprehensive air transportation network.

The statements made in this release concerning the Company's future prospects are forward-looking statements that involve risks and uncertainties, which may prevent expected future results from being achieved. For those statements, we claim the protection of the safe harbour for forward-looking statements contained in the securities laws. The Company cautions that actual future performance could be affected by a number of factors, including regulatory change and competitive factors, many of which are beyond the Company's control. Therefore, future events and results may vary substantially from what the Company currently foresees. Additional information identifying risks and uncertainties is contained in the Company's 2004 Management's Discussion and Analysis and in other filings with securities commissions in Canada and the United States.
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Old June 19th, 2005, 09:07 AM   #34
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wow, big blow to boeing.
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Old June 19th, 2005, 10:24 PM   #35
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why this?
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Old June 20th, 2005, 05:19 AM   #36
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Damn, that sucks.
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Old June 20th, 2005, 06:40 PM   #37
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From what I can make out, the deal required Air Canada's pilots union to agree to some sort of freeze on seniority compensation. When the pilots refused, AC had no choice but to cancel the order.
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Old June 20th, 2005, 08:00 PM   #38
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that's really suck!
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Old June 21st, 2005, 02:22 PM   #39
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Alaska Airlines announce order for 35 738NG's

Boeing, Alaska Airlines Announce Order for 35 Boeing Next-Generation 737-800s

Agreement includes options and purchase rights for 65 additional airplanes

SEATTLE, Wash.-- Boeing (NYSE: BA) and Alaska Airlines today said the airline has ordered 35 Next-Generation 737-800 passenger airplanes worth an estimated $2.3 billion at list prices.

The Seattle-based airline also holds options for an additional 15 airplanes which, if exercised, would increase the order value by $983 million. Alaska Airlines also took purchase rights for another 50 airplanes, making this among the largest orders for 737-800s.

"When the hometown airline chooses the hometown airplane, it's cause for celebration," said Alan Mulally, president and CEO of Boeing Commercial Airplanes. "With this order, our Alaska Airlines partner reconfirms the value of the Next-Generation 737 as the airline continues building for success in an increasingly competitive environment."

Three of the 35 airplanes announced today were booked earlier this year, with the airline unidentified on the Boeing Orders & Deliveries website.

All the airplanes on firm order are to be delivered between 2006 and 2011. Alaska now operates 34 Next-Generation 737 airplanes consisting of 22 737-700s, two 737-800s and 12 737-900s.

The Next-Generation 737 provides the best value in its class, with proven profit-making capability, achieved through superior operating economics and passenger appeal. The jet flies 305 nautical miles further, and has operating costs that are four to 10 percent lower, than the Airbus A320. The Next-Generation 737 is the most popular single-aisle airplane and the fastest selling airplane of all time.
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Old June 22nd, 2005, 12:52 AM   #40
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... Now this would REALLY hurt!

Boeing Is Buffeted By Cancelation

By Tim McLaughlin
St. Louis Post-Dispatch
June 20, 2005



A canceled $6 billion order and a bankruptcy filing by Latin America's largest air carrier served as harsh reminders to Boeing Co. that the only thing certain in the airline industry is persistent turmoil.

Boeing's stock has enjoyed a steady tailwind over the last several months because of the thickening order book for the company's new 787 Dreamliner jet, including a recent $6 billion deal with Air Canada. But over the weekend, Boeing had to digest a double-jolt of bad news.

Montreal-based Air Canada nixed the Boeing deal after its pilots' union rejected it over cost-cutting concerns. And Brazilian carrier Varig SA filed for bankruptcy; Boeing's credit arm does business with the airline.

The leadership of the Air Canada Pilots Association had recommended ratification of the Boeing pact, but after Air Canada emerged from bankruptcy last year with a lighter load of debt and employees, there was little stomach for more cuts.

The Air Canada deal, announced in April, spurred momentum for the 787, because the plane was to supplant European rival Airbus SAS.

Boeing tried to take the edge off the disappointment by pointing out that the deal with Air Canada was preliminary and not the same as if the company had reached a final agreement that was subsequently canceled.

Still, the move by Air Canada raises questions as to whether other 787 deals might be at risk. Northwest Airlines, for example, has an agreement to buy up to 68 of the 787s, a multibillion-dollar program that could be undone if the carrier files for bankruptcy protection. Wall Street sees that as a likely scenario in coming weeks.

Howard A. Rubel, an analyst at Jefferies & Company Inc., called the canceled Air Canada deal "temporary turbulence." Boeing shares, up 23 percent this year, fell 95 cents to $63.97 in Monday trading.

On Friday, Boeing suffered another potential blow when Varig SA filed for bankruptcy protection in Rio de Janeiro and New York. Boeing's finance arm has about $389 million worth of exposure to Varig because of various airplane leasing deals, according to analysts at CreditSights Inc., an independent debt research firm.

"While Varig does not rank among the top five largest Boeing Capital Corp.'s customers, the airline's history of repeated default has made it one of the more risky customers worth keeping an eye on," CreditSights said Monday in a research note.

The research firm said Varig accounted for 4.2 percent of Boeing Capital's finance portfolio, consisting of two 737s and nine out-of-production MD-11s. Varig generated $3.4 billion in revenue in 2004, the company said in bankruptcy filings. But it also reports a negative net worth of about $2.5 billion and debt of nearly $2.8 billion, not including off-balance-sheet debt of about $2 billion and no significant fixed assets.

Other collateral risks in BCC's portfolio include bankrupt carriers United Air Lines Inc. and ATA Holdings Corp. A substantial portion of Boeing Capital's risk exposure is tied to U.S. commercial airline customers, CreditSights said.

"Despite the good vibes that were generated from the (Paris) Air Show (last week), BCC's customer and collateral risk through its exposure to several struggling airlines continues to weigh on Boeing's credit risk, especially when it comes to the turmoil among the North American carriers," CreditSights added.

These airlines ruffled Boeing's strong sales in 2005 with bad news on Monday:

Air Canada
Canceled a $6 billion preliminary order for Boeing 787 Dreamliners after its pilots' union turned down the deal over cost-cutting concerns.

Northwest Airlines
Has an agreement to buy up to 68 Dreamliner jets, but that could unravel if the carrier flies into bankruptcy court.

Varig SA
The Brazilian airline filed Friday for bankruptcy, which could put at risk nearly $400 million on the books of Boeing's financing business.
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