Boeing CEO sees slow airline rebound, no dividend for ‘years’

first_imgBoeing’s head said Monday that restoring the dividend could take three to five years as the company girds for a slow air travel recovery in the wake of the coronavirus crisis.The comment from Chief Executive David Calhoun was a signal that paying back debt and keeping up Boeing’s manufacturing supply chain were bigger priorities than paying dividends for the foreseeable future.Speaking at the company’s annual meeting, Calhoun offered a sober outlook on the near-term prospects for commercial air travel in the wake of the virus that is projected to cost the airline industry an estimated $314 billions in 2020 revenues, potentially felling some carriers. Families of the MAX crashes’ victims have petitioned US Treasury Secretary Steven Mnuchin to withhold funding for Boeing unless it meets stringent safety and governance standards, according to lawyers who are representing the victims in suits against Boeing. “Based on what we know now, we expect it will take two to three years for travel to return to 2019 levels and an additional few years beyond that for the industry’s long-term trend growth to return,” Calhoun said.Even before COVID-19 broke out, Boeing was already under pressure after two crashes of its 737 MAX killed 346 people, leading to a global grounding since March 2019.Boeing is expected to soon initiate talks with the US Treasury on potential federal support for the aviation giant. Boeing has not said definitively whether it will take federal aid.Around $17 billion aimed at Boeing was included in the giant federal relief bill approved in late March under the CARES act, which restricts dividends and share buybacks from companies that take aid.  Topics : Directors re-elected The annual meeting was held remotely in light of the social distancing policies and included brief remarks from shareholders who put forth proposals to reign in executives after the MAX disasters.Proxy advisor Institutional Shareholder Services had recommended “no” votes on four longtime Boeing directors in the wake of the problems, citing a failure to adequately oversee management strategy and corporate culture.But all Boeing directors were re-elected by shareholders.A narrow 52 percent majority of investors did vote against making the chairman an independent member of the board.Boeing has divided the roles of CEO and chairman as it navigates its current crisis.Calhoun defended the company’s withdrawal from a $4.2 billion deal with Brazilian company Embraer, which has said it will sue Boeing following the move. Calhoun predicted the airline industry would have a strong recovery once the COVID-19 crisis is contained, but warned of a tough road ahead.The coronavirus will compel airlines to reconsider the way they manage flights, putting greater emphasis on hygiene.During a question and answer session with investors, Calhoun was asked whether Boeing expects planes to be reconfigured to meet social distancing guidelines.”Our customers without a doubt are going to have to create a new relationship with the flying public,” Calhoun said, adding that “for all of us, it’s going to be an education.” Airline clients are deferring deliveries, suspending payments to Boeing and retiring older aircraft, which hits the company’s services business. All those effects are on top of more than a year of lost revenues tied to the 737 MAX.”We know we’re going to have to borrow money in the next six months,” Calhoun said, adding that repaying debt will occupy the company for the next while, impeding its ability to return cash to shareholders.He also identified maintaining the company’s supply chain as a priority, saying “without the supply chain, there will be nothing to assemble.”Shares of Boeing fell 0.6 percent to $128.20 shorty after midday.last_img read more

Keppel to upgrade production barge for KrisEnergy’s Cambodia oil project

first_imgSingapore’s Keppel Offshore & Marine has clinched a contract for the modification and upgrading of a production barge for SJ Production Barge Ltd, a wholly-owned subsidiary of oil and gas company, KrisEnergy. Source: KeppelThe contract, worth about S$30 million ($21.78M), was won by Keppel’s wholly-owned subsidiary, Keppel Shipyard, the company said on Friday.Keppel Shipyard’s scope of work on the production barge for KrisEnergy includes installation of a power generation module, Electrical House, new accommodation units and other refurbishment works.When completed in or around 3Q 2019, the production barge will be capable of processing up to 30,000 barrels of fluid per day and equipped with gas, oil and water separation facilities. It will be deployed in the Apsara oil field, which lies in Block A of the Khmer Basin in the Gulf of Thailand. The field is Cambodia’s first hydrocarbon development.Cambodia Block A covers an area of 3,083 sq km, located approximately 150 km offshore Cambodia where water depths range between 50 and 80 meters. KrisEnergy holds a 95% working interest in the block with the remaining 5% held by the government of Cambodia.Phase 1A of the Apsara development consists of a single unmanned minimum facility 24-slot wellhead platform producing to a moored production barge. Produced crude oil will be sent via a 1.5 km pipeline for storage to a permanently moored floating, storage and offloading vessel.Chor How Jat, Managing Director (Conversions & Repairs) of Keppel O&M and Managing Director of Keppel Shipyard, said, “The new contract from KrisEnergy marks our first project together since Keppel O&M’s appointment earlier this year as its preferred partner for a comprehensive suite of offshore oil and gas solutions.”Brian Helyer, Vice President, Operations, for KrisEnergy, commented: “We are glad to join hands with Keppel Shipyard on this milestone oil development project for Cambodia.”Cambodia Block Alast_img read more

Eagles Participate In 3-Way Track Meet With Shiners At SC

first_imgJCD Varsity Track traveled to Switz for a 3-way with Rising Sun.Final Results:Men: JCD 69, SC 59 , RS 28Ladies: SC 75, JCD 51, RS 32Top performers for JCD.  100 D – 2nd Adrian Peetz -11.28, 3rd Tanner Dilk 12.01; 1600 2nd Damon Hughes-5:13, 4th Nathan Laswell*5:32; 400 D 2nd Christian Comer-1:00.15, 4th Luke Comer – 1:01.2; 800R 2nd Lorenzo Bernaardini 2:39, 3rd Jared Weston 2:40, 4th Seth Polhe- 2:41; Shot 1st Schmitt -42’11 PR, 4th Dylan Parcell-37’1; Discus -2nd Schmitt 110’10, 3rd Dylan Parcell – 105’2; Long 1st Garrett Boor- 17’2, 2nd-Christian Comer-17.0.5, 4th Adrian Peetz 16’4.5; 4×800 1st, 4×100 2nd, 4×400 3rd; 100D – Lauryn Dilk 4th; 1600m Shianna Bellingham 1st 6:24, Christina Bellingham 4th-7:15; 400m Kerigan Foster 3rd-1:17; 300 H Kara Merkel 4th- 1:08; 800R Dillan Hughes 2nd-3:00, Autumn Hammond 3rd- 3:11; 200D Lauryn Dilk 4th 31.11; 3200 Shianna Bellingham 1st 13:48, Katie Minch 3rd 15:36; Shot Shaylee Volz 2nd 28’4, Elizabeth Newhart 28’3, Kelsey Sebastian 4th -27’5; Disc Shaylee Volz 2nd 81’6, Elizabeth Newhart 78’10, Kelsey Sebastian 4th 69’10; 4×800 3rd, 4×100 3rd, 4×400 2nd.Courtesy of Eagles Coach Larry Hammond.last_img read more

Other Sports Khelo India 2019: Maharashtra continues to stay ahead with 177 medals, Delhi at second place

first_img For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps. Pune: Hosts Maharashtra stayed way ahead of others in the overall medals tally at the Khelo India Youth Games 2019 with a total of 177 medals. With Devika Ghorpade and Laxmi Patil on Tuesday storming into the semi-finals of the girls under-17 boxing event, Maharashtra now has 64 gold, 51 silver and 62 bronze medals. Delhi is at the second place with 121 medals, including 47 gold, 31 silver and 43 bronze, a media release said. Haryana is placed third in the overall medals tally with 110 medals that include 37 gold, 35 silver and 38 bronze, it added.Meanwhile, Karnataka swimmer Srihari Nataraj emerged as the most prolific gold medal winner, as he added two more on Tuesday to fetch a total of seven. With SP Likith, picking five, the Karnataka duo were the most decorated gold medallists of these Games.Meanwhile, in shooting, Patiala-based Sartaj Singh, hung on to a slender lead to beat a charge by National Junior Champion Aishwarya Pratap Singh Tomar of Madhya Pradesh and won the gold medal in the 50m 3-position rifle competition.Read | Pro Wrestling League: MP Yodha beat Delhi Sultans to register first winTelangana’s 13-year-old Esha Singh and Maharashtra’s Harshada Nit have won the girls under-17 and under-21 10m air pistol gold medals respectively.Also, on Tuesday, Maharashtra’s Snehal Bhongale and Ashwini Malage gave their team two more gold medals as the weightlifting competition concluded. And in the Under-21 Boys hockey played in Mumbai, Odisha were crowned as champions. last_img read more

Marcellus boys golfers improve to 7-0

first_img Tags: GolfMarcellusskaneatelesWest GeneseeWesthill Lee Piekiel and John White both shot 43, with Patrick Morocco getting a 44 and Lukas Stasyuk adding a 45. Dan Cacchione did shoot a 41 to lead Ludden, with Noah Kerwin adding a 48.Then Marcellus turned its attention to another neighbor, Jordan-Elbridge, a day later, and the result was much the same, the Mustangs handling the Eagles 203-272.At Millstone, Colella’s 36 nearly matched par, with Morocco and Piekiel both shooting 40. J-E featured Jeremy Melfi posting a 46 and Ben Sullivan contributing a 47. A perfect week concluded Thursday with Marcellus mauling Altmar-Pariwh-Williamstown 208-267. At Glenwood, Colella again got the low round, his 34 just ahead of Morocco’s 36 as Will Glass stepped up with a 41 and Stasyuk added a 43.That same day, J-E and Ludden met at Millstone, and the Eagles defeated the Gaelic Knights 245-264 as Sullivan shot a 44, with Melfi getting a 47 and Colin Jewsbury a 51.Ludden had the two best individual rounds from Kerwin, with a 42, and Cacchione, with a 43, but no other Gaelic Knights golfer improved on the 54 from Nico Santone.Solvay lost 276-326 to Fabius-Pompey last Monday, with Brendan Smith shooting a 53 for the Bearcats. On Friday, J-E had a 236-250 defeat to Pulaski, though Melfi tied the Blue Devils’ Chris Olson with a 42 as Zach Lipton contributed a 48.In girls golf, first place in the Onondaga High School League was at stake when Skaneateles hosted Christian Brothers Academy, the Lakers taking a 218-248 defeat to the Brothers.Julia Marshall posted a 54 amid the rain at Skaneateles Country Club, but CBA’s Elizabeth Lucas (52) and Isabella Meade (53) beat that total, and two others, Aubrey Mills (56) and Annie Kilmartin (57), were ahead of the 58 from the Lakers’ Tess Peterson.Marcellus had little trouble in last Monday’s match against Chittenango at Tuscarora, prevailing 234-322. Grace Alexander, with a 56, beat out Kendall Koloski (57) for individual honors as Bronte Stahl had a 60, Megan Mitchell a 61 and Sophia Matthews a 62.Westhill took a 245-255 defeat to Cazenovia last Monday afternoon. Kate Vaughan shot a 59 for the Warriors, but the Lakers’ Sophie Clancy was seven shots better with a 52. Julianne Bleskoski had a 61 and Charlotte Roth added a 67.Then Marcellus and Westhill went head-to-head a day later, and the Mustangs prevailed 234-273, with Alexander’s 53 proving to be the best total for either side.The round robin among local sides continued Wednesday, this time with Skaneateles beating Westhill 251-257. Peterson had a 59, while for the Warriors Vaughan had a 55 and Bleskoski improved to a 58.West Genesee returned to the win column last Monday against Cicero-North Syracuse’s Green team, claiming a 229-256 decision over the Northstars. Mikaela Riley fought through the rain at Westvale to shoot the low individual round of 47 for the Wildcats.Then WG lost 199-228 to the C-NS Blue team two days later. Riley’s 47 trailed only the 45 from the Northstars’ Abby Ainsworth, but three other C-NS Blue golfers beat the 59 from Allison Kallfelz as Alexa Robbins (60) and Maria Bove (62) followed.Another tough match on Friday saw WG fall 170-230 to Liverpool. Riley’s 47 was followed by 59 from Chrissy Van Allen, with the Warriors getting a 38 from Mia Avotins and a 40 from Natalya Avotins and setting a record-low score for itself at Liverpool Country Club. After a string of home victories at the Links at Sunset Ridge, the Marcellus boys golf team had to go elsewhere last week, but continued to dominate its opposition.In last Monday’s three-team match against Bishop Ludden and Bishop Grimes at Tuscarora, the Mustangs shot 210 to easily outdistance itself from the 233 from the Cobras and the 290 from the Gaelic Knights.Shawn Colella this time had company at the top of the individual standings, his 40 matched by teammate David Bosak. Share this:FacebookTwitterLinkedInRedditComment on this Story last_img read more

Hurley’s hard work helping for NCAA’s

first_imgFor Sarah Hurley, the chance to continue her career in running by joining the Badgers was an opportunity she could not pass up.A sophomore on the University of Wisconsin women’s cross country team, Hurley began running in seventh grade simply for something fun to do after school, but it soon became her passion as she progressed through high school.Hailing from Appleton, Wis., Hurley grew up a Badger fan, and after visiting the campus she made her decision to not just attend school at UW, but run competitively by walking on as a freshman.”I really like the campus,” Hurley said. “I love the area for running with the trails and places to run. It’s beautiful.”With a demanding training schedule, having many locations to run keeps 55 miles a week from becoming repetitive.The hard work and hours of practice is paying off for both Hurley and her team, after a second place finish at the regionals and a chance at a top finish at nationals.While she shares the same team goal, she has other personal aspirations that she is working toward this season.”I just want to run the best I can and help the team anyway I can,” Hurley said. “I’d like to PR, get my personal record. We already ran the nationals course, and I’d love to beat my time from that race and keep improving.”Hurley’s dedication, hard work and desire to succeed have made her an asset on both the cross country and track teams. Nothing comes easy, and Hurley pushed herself over the summer and continued to do so during the season in order to reach her goals.”I ran a lot this summer,” Hurley said. “My summer training was just a lot more miles than it has been in years past, basically higher mileage over the summer.”In preparation for any big race, like most athletes, Hurley tries to relax and keep her mind off of it until right before she steps onto the course.”Once it’s race time, the morning of the race, I just try to visualize myself at different spots in the race,” Hurley said. “I think about what hills I need to attack.”Hurley applies her determination from running to other aspects of her life, including academics with high hopes of a future career. Concentrating on political science, she is possibly working toward grad school or even law school with a dream job in mind.”I’d love to work for the government at the Capitol and stay in Madison. That’s one of my dream jobs,” Hurley said.Even with a demanding schedule as a student-athlete, she is able to balance her academics with practice and meets on weekends. While running is a big time commitment, being a three-sport athlete in high school prepared Hurley to create the balance she is maintaining now.The amount of time that training and meets take up could never take away from doing what she loves; in fact, it is one of the reasons she continues to run.”I love the sense of accomplishment after finishing a race,” Hurley said. “It’s a great feeling when you see the end result and you’re done. You realize that all the training and hard work has paid off.”last_img read more

Gaming day

first_imgAlexis Russell, a sophomore majoring in business administration, plays God of War Thursday afternoon at the PlayStation tent in Pardee Plaza. The event, hosted by Sony Computer Entertainment America LLC, allowed students to play video games and network with Sony campus recruiter representatives.Deena Khattab | Daily Trojanlast_img

Trojans finish regular season with a home win

first_imgThe No. 5 USC men’s swimming and diving team finished its regular season on a good note, beating Pac-12 rival Utah 157-138 on Saturday at McDonald’s Swim Stadium.The USC squad (4-3, 2-3)  was led by freshman Cristian Quintero, a spring semester addition who made his debut by winning the 500-yard and 1,650-yard freestyle. USC also started the meet with a win in the 200-yard medley relay, with junior Nick Karpov, freshman Sergio Lujan Rivera, junior Matt Voell and senior Jeff Daniels winning in 1:28.50. Utah finished second with a time of 1:29.42.Quintero followed the opening win by dominating the 1,650-yard freestyle with a time of 15:02.59. His time was the 10th best in the NCAA this season, an NCAA “B” cut, and the 10th-fastest in USC history. Freshman Cary Wright took second with a time of 15:32.57.USC next swept the 200-yard freestyle, with sophomore Mike Godbe (1:37.86), sophomore Jack Wagner (1:38.98) and junior Spencer Di Dio (1:40.63) finishing first, second and third, respectively.Sophomore Vladimir Morozov won the 100-yard backstroke in 47.46 while sophomore Chase Bloch took second in 48.65. Utah junior Austin Fiascone finished third with a time of 50.39.Utah junior Karson Applin won the 100-yard breaststroke in 55.32, with freshman Andrew Malone charging hard for second with a time of 55.76. Sophomore Blake Cushing finished third in 55.78.Junior Justin DiFederico won the 200-yard butterfly in 1:45.70, a season-best effort that ranks in the top 15 nationally. Sophomore Dimitri Colupaev took second (1:47.08) while Voell finished third (1:54.80).Utah’s Nick Soedel won the 50-yard freestyle in 20.13. Senior co-captain Jack Ostler was second (21.22), while Utah’s Alex Brown finished third (21.31). After the diving break, Soedel won again in the 100-yard freestyle (44.18). Karpov took second (45.61), while Utah’s Winter Heaven was third (45.63).Freshman Chad Bobrosky led the 200-yard backstroke after 50 and 100 yards, with the Utes’ senior Major Robinson challenging in the middle of the race. Morozov took second after 150 yards, but Bobrosky had more than enough space to win in 1:46.16, an NCAA “B” cut. Morozov finished second in his first 200-yard backstroke of the season (1:47.66), and Wright snuck ahead of Robinson to finish third (1:49.07).Quintero doubled up in the 500-yard freestyle to win in 4:24.00, posting his second NCAA “B” cut of the day. He was briefly overtaken by senior Julian Bonse, who ultimately finished second in 4:24.38, a personal record.Applin claimed the 100-yard butterfly in 48.02 with Bloch second (48.42) and Godbe third (49.74).In the diving pool, freshman Jordan Gear won the 3-meter with 330.30, edging Utah junior Nelson Foo (328.35). Gear would also finish second in the 1-meter (287.85), with Utah sophomore Caleb Herrick finishing first (293.10).Junior Alex Lendrum, in his first 400-yard IM of the season, had little trouble in the off event, winning in 3:50.22, a top 25 time nationally, a “B”cut, and USC’s best time of the season. Di Dio took second (3:54.69), while senior Will Orlady was third (3:55.07).USC closed the meet with a valiant effort in the 400-yard freestyle relay as Daniels, Morozov, Colupaev and Wagner won in 2:55.81, falling only .51 short of the 2006 pool record.last_img read more

CFNEM Awards $200,000 In New Scholarships

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis The Northeast Michigan Community Foundation hosted their 22nd annual Scholarship Recognition Celebration.The room was filled with proud families, hardworking students, and generous donors. All to recognize and celebrate this year’s scholarship recipients. The Northeast Michigan Community Foundation offers scholarships ranging from the arts, to education and even medical, providing aide to students attending a variety of different universities. Scholarships are created by donors, whether it’s for their families or in memory of a loved one.Today students were able to meet their donors at the luncheon. Keynote speaker Joshua Kroll is an example of just how beneficial these scholarships are to students. A graduate of Alpena High School, he is currently attending Michigan State University’s School of Medicine and has been awarded scholarships from the foundation for years.This year the foundation raised $200,000 in new scholarships…totaling $400,000 in scholarships for students this year.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Alpena Woman Sentenced For Stealing Grandmother’s Credit CardNext Alpena Woman Sentenced for Sexually Assaulting Teenagerlast_img read more

Ghana moves three places up in World Rugby Rankings

first_imgGhana have moved up three places to rank 89th in the latest World Rugby rankings after defeating The Vultures of Botswana in an Africa Cup eliminator last Saturday. Ghana came from behind to beat Botswana 36-25 at the Nduom Sports Complex in Elmina to qualify for the Pool stage Rugby Africa Cup.Prior to the current rankings, the Eagles were ranked 92nd in the world. Botswana, on the other hand, have plummeted from 71st  to 76th in the rankings. Ghana, who won the Challenge Trophy at this year’s Africa Men’s Sevens in South Africa qualified to the pool stage of the newly-created Rugby Africa Cup.The Eagles will clash with Zimbabwe who moved up just one place to 30th  in the world rankings and Tunisia who maintained their 39th position.last_img