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first_imgChicago-based Boeing was already contending with a drop in advance payments from customers of its 737 Max aircraft, grounded after two crashes. Now that plane is nearing a return to service at a time when few airlines want new aircraft.The collapse in long-range flying threatens another critical source of cash for Boeing: deliveries of its 787 Dreamliners, which can carry passengers from Sydney to Chicago without refueling.Boeing said it is closely monitoring the market and customer needs. The company has already drawn down $7.5 billion of the $13.8 billion it borrowed in January to help bolster cash until the Max is back in the market.“Managing our liquidity and balance sheet are key focus areas,” a spokesman said, adding that it will “assess all levers to help provide adequate liquidity as we navigate the current challenges.”During periods of tumult, Toulouse, France-based Airbus sets up what it describes as a “watch tower.” That involves devoting extra personnel to help distressed customers delay aircraft orders, as well as letting opportunistic buyers jump the line. The company was able to move more than 600 orders around in this way between 2009 and 2011, following the last global economic shock.The European plane manufacturer is using the same system to manage coronavirus impact, as “commercial, production and finance teams monitor a number of parameters on a daily, weekly and monthly basis,” a spokesman said.Plunging trafficAirline traffic is expected to contract this year for only the fourth time since the Great Depression, although the full impact will depend on how long the Covid-19 virus continues to spread, said Ron Epstein, an analyst with Bank of America Corp. Oil prices are also plunging after Saudi Arabia decided to remove pricing curbs, giving airlines less incentive to trade in older, less fuel-efficient models.“We’re deflating from a very high altitude and that’s concerning,” said Richard Aboulafia, aerospace analyst with Teal Group. “We’ve had one very bad year of traffic, and it’s going to be followed by an even worse year of traffic.”On the sidelines of last week’s ISTAT Americas conference of aircraft financiers, manufacturers and operators in Austin, Texas, executives looked for parallels to the industry slump that lasted two years after the terrorist attacks on Sept. 11, 2001. During that span, the compound annual growth rate of revenue for Boeing and Airbus and their constellation of suppliers was about minus 11 percent, by Aboulafia’s calculation.The correction would be more devastating if airlines’ hadn’t already cut back because of other problems: The 737 Max grounding last year, industrial foul-ups that have delayed Airbus’s narrow-body jets and durability issues that have plagued the three major jet engine manufacturers, said consultant Adam Pilarski, former chief economist for McDonnell Douglas before it merged with Boeing.“If all the airplanes that were ordered that were supposed to be delivered would have come, this bubble would’ve been enormous,” Pilarski said. “But we started deflating it by having incompetent manufacturers. Luckily it’s all of them.”Airline failures?Still, United President Scott Kirby is among those warning there will be more airline failures, particularly outside of the U.S. When carriers shut down, they leave behind fleets of used planes – further crimping demand for new models.“Airlines are desperate to cut capacity, costs and crew, but cannot do it quickly enough,” said Shukor Yusof, founder of aviation consultant Endau Analytics in Malaysia. “There will soon be airlines going out of business.”Others are more optimistic, noting that other outbreaks ended in a matter of months, and pent-up demand for travel will return. Over more than a half century, commercial aviation has weathered so-called “black swan” events where air traffic stalls, only to come back stronger in the end, said John Plueger, CEO of Air Lease Corp., the largest publicly traded US aircraft lessor.“There’s no doubt in my mind that this, too, shall pass,” he said.But with China reeling and globalization waning, the 2020s are likely to be a sobering comedown from the frothy era that followed the 2008 financial crisis.“We’re into a decade of cooling the jets and sticking to the knitting,” Avolon’s Slattery said. “I think it’s a decade of growth, but I don’t think it’s the pace we saw over the last decade.” Boeing Co. and Airbus SE, which until recently couldn’t make planes fast enough to satisfy airlines, are suddenly contending with the opposite risk: churning out jets with no buyers.Demand for new aircraft is drying up as customers wary of the coronavirus shun air travel, ending the longest boom in aviation history. That 16-year surge began as airlines emerged from another infectious disease crisis, the one related to Severe Acute Respiratory Syndrome, or SARS. Now the new virus points to leaner times.In less than a month, the tumult has clipped about US$175 billion in market value from the US aerospace industry, a critical source of American exports. And the future looks just as grim. Passenger revenues could drop as much as $113 billion this year if the virus spreads extensively, according to the International Air Transport Association, the largest global airline trade group. Topics :center_img “I personally think it will get worse before it gets better,” said Domhnal Slattery, chief executive officer of Avolon, the third-largest global aircraft leasing company.Boeing and Airbus, which were rolling in cash while airlines went on a $1.15 trillion buying binge stretching back to 2008, are now intently focused on preserving capital and avoiding making “white tails.” That’s the industry term for buyer-less aircraft. Even well heeled carriers such as Delta Air Lines Inc. and United Airlines Holdings Inc., are carefully assessing plans to add new jetliners.Travel restrictions related to the pandemic are preventing airline representatives from China, the biggest international market for new airplanes, from even visiting Boeing’s delivery center in Seattle or Airbus’s in France to test-fly and sign ownership papers for new jets.Other criseslast_img read more


first_imgIndonesia’s automotive industry players can breathe a sigh of relief as national car sales in June rebounded strongly, promising a smoother road for the rest of the year, analysts have said.National car sales jumped more than threefold in June to 12,623 units from a record low 3,551 units a month before, according to Association of Indonesian Automotive Manufacturers (Gaikindo) data compiled by diversified conglomerate PT Astra International. Despite the rebound, sales in June were almost 79 percent lower year-on-year (yoy).In total, sales reached 260,933 units during the first half, a plunge of around 46 percent from the same period last year. “We expect the recovery to ramp up ahead,” RHB Sekuritas analyst Andrey Wijaya wrote in a research note dated July 16. “We are also positive on monthly sales, as national retail sales came up to 29,682 units (+74.8 percent mom [month-on-month], -54.6 percent yoy) – which means dealers’ businesses have begun to return to normal levels.”However, he warned that an increase in COVID-19 infections would have a severe negative impact on the auto industry, as well as a further weakening in global economic growth.Car sales have become one of the indicators of Indonesia’s household spending, which accounts for more than half of the country’s gross domestic product (GDP).Indonesia’s automotive industry was hit hard by the government’s decision to implement large scale social restrictions (PSBB) in several cities nationwide to curb the spread of the coronavirus. Car wholesales nosedived in April and hit rock bottom in May with a more than 95 percent annual drop as the pandemic hit demand. A rebound in car sales in June is highly likely due to pent up demand after most dealers closed their doors for more than two months due to the partial lockdowns, Sucor Sekuritas analysts wrote in a report on July 1.“Although it is still too early to conclude that purchasing power has returned, we are happy to see that sales performance has started to gain traction,” they wrote.“It is also our strong belief that the sales trend will further improve, albeit slowly, in the second half. At this juncture, we project car sales will decline by 30 to 40 percent yoy this year to only around 600,000 to 700,000 units versus 1.05 million units in 2019.”Previously, Gaikindo decided to cut its domestic car sales target this year by 40 percent to just 600,000 units. The association also slashed Indonesia’s car export target to 175,000 units in 2020 from the initial target of 350,000 to 400,000 units.Indonesia has recorded national car sales of around 1 million units annually in recent years.Gaikindo co-chairman Jongki Sugiarto told The Jakarta Post on Monday that carmakers aimed to sell at least 30,000 cars in July to achieve its sales projection of 100,000 cars in the April-July period.“If we could achieve 100,000 car sales in [in the April to July period], we could achieve our annual target. I believe we can achieve that,” he said.Automotive industry expert Bebin Djuana said on Tuesday that manufacturers should keep their production low despite the sales increase in June, as falling car demand from March to May caused rising car stocks in dealers across the country.Four-wheeled vehicle production reached over 82,000 and 89,000 units in February and March, respectively, according to Gaikindo data.The car production rate dropped by April and hit rock-bottom in May with only 1,997 cars being produced during the month. The production number climbed in June with 16,000 units, as car sales started to rebound.The improvement in the industry is expected to be beneficial for Astra, half of whose revenue is sourced from the automotive business, according to RHB Sekuritas and Sucor Sekuritas analysts.Astra, whose stocks trade at the Indonesia Stock Exchange (IDX) under the code ASII, traditionally hold more than half of the country’s car wholesale market share but its share dropped to a record low of 31 percent and 38 percent in May and June, respectively.“We believe ASII is likely to benefit in the longer term, supported by our unchanged thesis of an increase in demand for higher-capacity automobiles, as the new normal (social distancing, public health fears) may result in the public leaning more toward using private vehicles over public transportation,” Andrey of RHB said.Astra’s stocks had dropped 2.79 percent as of 2:36 p.m. Western Indonesia Time on Wednesday as the main gauge, the Jakarta Composite Index (JCI) slipped 0.24 percent. The stocks have lost 23 percent of their value in the last year. (prm)Topics :last_img read more


first_imgTripp Gaylord ended his first IMCA Modified start in the 1st Class Chassis Wild West Tour in victory lane Friday at Sweetwater Speedway. (Photo by Melissa Coker, Melissa’s Out On A Limb Photography) The satisfying win came at a track where Hansen hadn’t had much tour luck in the past.  Making his 109th consecutive Wild West Tour start, Chase Hansen topped the IMCA Modified main event on night two of the doubleheader weekend at Sweetwater Speedway. (Photo by Melissa Coker) Both drivers earned $1,200 and saw their names added to the Fast Shafts All-Star Invitational ballot.  After starting fifth, Gaylord found the middle line to his liking on Friday. He passed Ricky Alvarado and Braxton Yeager for the lead following a restart and stayed in front to the end of the 30-lapper.  “Rock Springs is a good track, always racy,” Gaylord said after his runner-up finish on night two. “We were very comfortable running our line. We were having fun out there, I think I could have run another 100 laps.” The tour for Modifieds first ran from 2007-2014, with IMCA Sunoco Stock Cars and Karl Kustoms Northern SportMods added when the tour resumed last year.  ROCK SPRINGS, Wy. (June 19-20) – A driver making his first-ever tour start and a driver who’s never missed a tour event were weekend IMCA Modified winners at Sweetwater Speedway.  “It felt good to have a good car we could be competitive with,” he said. “We started 14th and got sixth on Friday so we were good both nights.” center_img DeVilbiss raced from 13th to finish third. Braxton Yeager and 15th starting Jake Donnelly completed the top five.  Gaylord’s opening night checkers ended the streak of a record six straight wins Zane DeVilbiss recorded on the way to the last year’s crown. “It feels like it’s been years trying to get that big out-of-state win,” said Gaylord, who’d run second to Alvarado in the Yeager Memorial finale. “We knew there would be a lot of good cars there and it turned out to be a very good weekend for us with the Modified.”  Justen Yeager was fourth, DeVilbiss fifth.  Hansen started the Saturday show from outside the front row. He had the lead when the second lap was scored and led the distance, pulling away after a caution at midway and beating Gaylord and Alvarado across the stripe. Tripp Gaylord topped the Friday night 1st Class Chassis Wild West Tour feature, returning to Rock Springs to redress a runner-up finish on night two of May’s Rudy Yeager Memorial. Chase Hansen was the Saturday winner, collecting his career third checkers, and first since 2014, in his 109th tour start. Stock Car winners at Rock Springs were defending tour champion Ed Henderson and DeVilbiss. Michael Johnson and Brian Baker were the Northern SportMod winners.last_img read more


first_img“We’re kind of banged up,” Clarkson said after pouring in 33 points to go with seven rebounds and seven assists. “We didn’t have all our main guys and stuff. So I had to step up and I knew what I had to do tonight.”Odds were that the Lakers (16-29) would eventually win without Ball, having lost their first eight when he did not play. But few could have imagined it would come on a night like Friday, especially when the remaining Lakers shot just 2 for 14 from the foul line.They tied a franchise low for made free throws, and their 14.3 percent shooting was the worst in franchise history, shattering the 27.8 percent that was set in 2000.“It’s got to be the worst of all time from the free-throw line,” Coach Luke Walton said. “So it was all defense for us tonight.”The Pacers entered the night as the NBA’s fourth-best 3-point shooting team, knocking down 37.7 percent of their shots from deep this season. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersRelated Articles PreviousPacers center Domantas Sabonis, right, is fouled by Lakers guard Tyler Ennis during the first half of Friday’s game at Staples Center. The Lakers won a game without Lonzo Ball for the first time all season, having gone 0-8 without him before Friday. (AP Photo/Kyusung Gong)Los Angeles Lakers guard Jordan Clarkson, front, goes up for a basket past Indiana Pacers center Domantas Sabonis during the second half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Los Angeles Lakers forward Corey Brewer, left, tries to catch a rebound over Indiana Pacers guard Lance Stephenson during the second half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong) SoundThe gallery will resume insecondsIndiana Pacers guard Victor Oladipo, left, drives toward the basket as Los Angeles Lakers guard Josh Hart defends during the first half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Indiana Pacers guard Lance Stephenson, right, shoots as Los Angeles Lakers center Brook Lopez, center, and forward Corey Brewer defend during the first half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Los Angeles Lakers forward Julius Randle, center, shoots as Indiana Pacers forward T.J. Leaf, left, and center Al Jefferson defend during the second half of an NBA basketball game, Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Indiana Pacers center Al Jefferson, right, goes up for a basket past Los Angeles Lakers center Brook Lopez during the first half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Los Angeles Lakers guard Jordan Clarkson, front, drives toward the basket past Indiana Pacers forward Bojan Bogdanovic during the second half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Los Angeles Lakers forward Larry Nance Jr. dunks during the second half of the team’s NBA basketball game against the Indiana Pacers on Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Indiana Pacers center Al Jefferson, right, and Los Angeles Lakers center Brook Lopez vie for a rebound during the first half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Los Angeles Lakers forward Kyle Kuzma commits an offensive foul against Indiana Pacers guard Victor Oladipo (4) during the first half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Indiana Pacers guard Victor Oladipo dunks during the first half of the team’s NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Indiana Pacers center Domantas Sabonis, right, is fouled by Los Angeles Lakers guard Tyler Ennis during the first half of an NBA basketball game, Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Los Angeles Lakers forward Julius Randle, left, reaches for a rebound next to Indiana Pacers center Domantas Sabonis during the second half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Los Angeles Lakers forward Kyle Kuzma shoots over Indiana Pacers center Domantas Sabonis during the second half of an NBA basketball game, Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Indiana Pacers forward Bojan Bogdanovic, right, goes up for a basket past Los Angeles Lakers forward Corey Brewer during the second half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Indiana Pacers center Domantas Sabonis dunks over Los Angeles Lakers forward Kyle Kuzma during the second half of an NBA basketball game, Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Los Angeles Lakers guard Jordan Clarkson, center, celebrates his 3-pointer with guard Gary Payton II, right, and other teammates during the second half of an NBA basketball game against the Indiana Pacers on Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)Pacers center Domantas Sabonis, right, is fouled by Lakers guard Tyler Ennis during the first half of Friday’s game at Staples Center. The Lakers won a game without Lonzo Ball for the first time all season, having gone 0-8 without him before Friday. (AP Photo/Kyusung Gong)Los Angeles Lakers guard Jordan Clarkson, front, goes up for a basket past Indiana Pacers center Domantas Sabonis during the second half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)NextShow Caption1 of 18Los Angeles Lakers guard Jordan Clarkson, front, goes up for a basket past Indiana Pacers center Domantas Sabonis during the second half of an NBA basketball game Friday, Jan. 19, 2018, in Los Angeles. (AP Photo/Kyusung Gong)ExpandLOS ANGELES — Jordan Clarkson stepped to the foul line with 4:06 remaining in a close game, took his dribbles and fired. The ball did something it had only done once before on Friday, and only at the hand of Clarkson.It went in.Clarkson completed a four-point play, giving the Lakers a seven-point lead as they went on to beat the Indiana Pacers 99-86.Clarkson had made only four shots in his previous two games, shooting 20 percent from the floor. On Friday, with Lonzo Ball, Brandon Ingram and Kentavious Caldwell-Pope all ailing from various injuries, Clarkson erupted for his best game of the season. The Lakers, somehow, held them to 8 percent.Indiana made just 2 of 25 attempts from beyond the arc.“Maybe they got to get some work in, too,” Clarkson said. “Shoot, we got to get some work in, too, that free-throw line. It’s like a virus or something, man.”Clarkson was the only Lakers player to make a free throw, going 2 for 3. Kyle Kuzma missed three foul shots, while Julius Randle, Tyler Ennis, Larry Nance Jr. and Brook Lopez all missed two.A fourth-year guard who has become the team’s sparkplug off the bench, Clarkson has endured an up-and-down season. He has been the source of several trade rumors, with many speculating that the Lakers will look to clear the two years, $25 million remaining on his contract before the Feb. 8 deadline.“I’m just hooping to be honest with you,” Clarkson said. “If I’m here, I’m going to help them win games, impact how I can. If I’m not, it is what it is.”Clarkson scored 16 points in the fourth quarter, including a 3-pointer with 1:53 remaining that took a high bounce before falling through the net and, on the next possession, a breakaway layup that put the Lakers ahead 97-82.The layup capped a 15-2 run as the Lakers shut down Indiana down the stretch.“You win games in this league by being able to get stops,” Walton said.For Clarkson, the outburst marked a season high and was his fifth career 30-point performance.Victor Oladipo, expected to make his first All-Star team next month, led the Pacers with 25 points but was just 1 for 5 from beyond the arc. Center Domantas Sabonis added 15 points and 14 rebounds for Indiana.Walton stressed before the game that it would take a collective effort to win with so many players in street clothes, and that’s exactly what he got.Nance contributed 10 points and 11 rebounds while shooting a perfect 5 for 5 from the field.Ennis, starting in place of Ball, tallied a Lonzo-esque seven points, five rebounds and five assists. And Randle, one game after pulling down only one rebound in a lopsided loss in Oklahoma City, finished with 14 points and four rebounds in a rare start at center.🎥 Luke Walton talks about winning despite missing three starters, and the performances by Jordan Clarkson and Julius Randle pic.twitter.com/XOCCGaOkgJ— Los Angeles Lakers (@Lakers) January 20, 2018 Brandon Ingram can lead Lakers by being ‘quiet alpha’ center_img 🎥 Jordan Clarkson got warmer as the game went on, finishing with 33 points, 7 boards, and 7 assists #LakersWin pic.twitter.com/9ZWjnv3NOB— Los Angeles Lakers (@Lakers) January 20, 2018 Julius Randle embraces coach’s challenge to be Lakers’ ‘bully’ Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more


first_imgMonaco face an almost impossible task to retain their Ligue 1 title with a squad shorn of players that lit up their championship charge as big-spending rivals Paris St Germain look to add Brazilian striker Neymar to their bloated ranks.The principality side have seen Tiemoue Bakayoko, Benjamin Mendy and Bernardo Silva all depart for the Premier League and sports daily L’Equipe reported on Thursday that coveted French forward Kylian Mbappe has also asked to leave the club.Meanwhile, last season’s runners-up PSG have recruited Brazil full back Dani Alves from Juventus and are close to completing the staggering acquisition of Neymar from Barcelona for a world record 222 million euros ($262.94 million).”We know that it will be very difficult to successfully defend our title and everybody knows who the favourites are,” Monaco vice-president Vadim Vasilyev said ahead of Friday’s opening day of the season.Monaco have also lost forward Valere Germain to Olympique de Marseille and midfielder Nabil Dirar to Fenerbahce but the side has constantly shown they can adapt and evolve in recent seasons under the shrewd guidance of coach Leonardo Jardim.The Portuguese has steered them to top-three finishes in every campaign since joining in 2013-14 and last year Monaco played some of the most attractive football in Europe as they netted 107 league goals on the way to a famous title triumph.Monaco have a reputation for nurturing young talent and they will be looking to get the most out of Belgian prospect Youri Tielemans, a gifted midfielder who scored 18 goals and had 15 assists for Anderlecht last season.advertisement”Like every year, we will try to rely on a blend of talent and experience and we’ve been implementing this in our recruitment,” Vasilyev added.Monaco kick off the season on Friday at home to Toulouse as they bid to move within one victory of the French record of 14 consecutive league wins, having prevailed in their last 12 games of the previous campaign.PSG take on Amiens at the Parc des Princes on Saturday but even if he has completed the transfer, Neymar and the club’s fans will need to wait a little longer until he makes his debut.Other title contenders include Marseille, who have strengthened with the arrival of Germain from Monaco, midfielder Luiz Gustavo from VfL Wolfsburg and defender Adil Rami from Sevilla.Nice, third last season, will again rely on volatile Italian striker Mario Balotelli to lead the line for a side buoyed by their progression to the Champions League playoffs with an away goals win over Ajax Amsterdam on Wednesday.($1 = 0.8443 euros)last_img read more