Bloomberg Daybreak: Asia Edition
Daybreak Weekend: Boeing Earnings, UK Banks, BRICS Summit
Oct 18, 2024
George Ferguson, a senior aerospace analyst, shares insights on Boeing's Q3 earnings while navigating through strikes and financial hurdles. Lee Clasgow discusses UPS, projecting optimistic revenue growth amid labor challenges. Charlie Nunn, Lloyds' CEO, emphasizes the UK economy's potential despite geopolitical uncertainties and the banking sector's vital role in driving investments. Saleha Mohsen analyzes the BRICS summit, addressing its aim to counter Western influence and the rising challenges to the dollar's global dominance.
39:34
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Quick takeaways
- Boeing is grappling with financial challenges due to significant cash usage and production impacts from ongoing strikes affecting profitability.
- The BRICS summit's potential inclusion of new members aims to enhance collaboration while countering Western economic dominance amidst global geopolitical tensions.
Deep dives
Boeing's Financial Challenges
Boeing is currently facing significant financial strain, with a reported cash usage of approximately $1.3 billion during the last quarter, raising concerns about its liquidity. The company is working on securing up to $25 billion through various funding mechanisms, including new share offerings and convertible bonds. This financial maneuvering is critical as Boeing's credit rating hovers just above junk status, which complicates its ability to raise additional funds without significant shareholder dilution. The ongoing strike among its Pacific Northwest machinists is further exacerbating these challenges, as it impacts production of key aircraft models, particularly the 737, vital to Boeing’s profitability.
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