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Boeing to issue layoff notices to thousands of workers amid escalating turmoil


Acting U.S. Labor Secretary Julie Su visited Seattle to intervene in the Boeing strike and looming job cuts. Roughly 33,000 workers have been on strike since September, seeking wage increases. Boeing plans to send out layoff notices to thousands of employees in its commercial aviation division in the coming months. The company is not seeking voluntary departures to avoid a loss of valuable skills. The delay in 777X deliveries until 2026 has raised concerns in the industry, with Emirates Airline President Tim Clark warning of possible financial troubles for Boeing. There are fears of a credit rating downgrade and potential bankruptcy. Boeing is expected to raise funds through a share issue. Airlines with deposits with Boeing are concerned about delays and financial risks. Despite having over $10 billion in cash, Boeing still needs to raise additional funds to address its financial challenges. Concerns about Boeing’s future in the wake of its recent announcements are growing in the industry.

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