Boeing sold no 737 Max planes last month
Stories you may have missed from the world of business. Boeing sold no new 737 Max planes in May, marking the second consecutive consecutive month that Boeing saw no orders for its best-selling 737 Max. This performance was compared to Europe's Airbus, which reported orders for 27 new planes. Meanwhile, General Motors has approved a new $6 billion share buyback plan to help improve its profitability in its electric vehicle operations. The company plans to opportunistically buy its stock after completing a $10 billion accelerated share repurchase approved in November. Spotify is set to introduce a new premium plan for its most ardent users later this year, charging at least $5 more per month for access to better audio and new tools for creating playlists and managing their song libraries. The US Federal Aviation Administration has pledged to crack down on unruly airplane passengers after tracking over 900 cases of in-flight disturbances so far this year.
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Boeing received orders for only four new planes in May — and for the second straight month, none for its best-selling 737 Max, as fallout continues from the blowout of a side panel on a Max during a flight in January. The results released Tuesday compared unfavorably with Europe’s Airbus, which reported orders for 27 new planes in May. Boeing also saw Aerolineas Argentinas cancel an order for a single Max jet, bringing its net sales for the month to three. The dismal results followed poor figures for April, when Boeing reported seven sales — none of them for the Max. — BLOOMBERG NEWS
General Motors authorized a new $6 billion share buyback plan as improving profitability in its electric vehicle operations allows the automaker to return cash to investors. The company plans to “opportunistically” buy its stock under the new program after completing a $10 billion accelerated share repurchase approved last November, according to a statement Tuesday. GM expects to exhaust the remaining $1.1 billion of the prior plan by the end of this quarter. — BLOOMBERG NEWS
Spotify will introduce a new, higher-priced premium plan for its most ardent users later this year, according to a person familiar with the plan. Users will be charged at least $5 more per month for access to better audio and new tools for creating playlists and managing their song libraries, said the person. Spotify will position this new option as an add-on for existing customers. — BLOOMBERG NEWS
Iceland gives whaling license to its only company still hunting them
Iceland granted a whaling license to the only company in the island nation still carrying out the practice. Hvalur hf will be permitted to continue whaling until the end of the season this year, Iceland’s Fisheries Minister Bjarkey Olsen Gunnarsdottir, said in a statement on Tuesday. Iceland is one of just three countries in the world, along with Norway and Japan, to have allowed commercial whaling in recent years. It suspended the practice for most of the hunting season last summer on grounds of animal welfare after Svandis Svavarsdottir, then minister for fisheries, determined that the killing of the animals took longer than allowed by the law. She was later rebuked by the country’s ombudsman, who said the decision was disproportionate and lacked legal footing. She, in turn, called the law “obsolete.” — BLOOMBERG NEWS
Affirm to be offered on Apple Pay
Affirm, a buy now, pay later company, said its payment products are expected to be available to Apple Pay users in the United States later this year. The agreement will allow users checking out online or in-apps with Apple Pay on iPhone and iPad to be able to apply to pay over time with Affirm, the company said in a filing with the US Securities and Exchange Commission on Tuesday. Affirm is one of the primary players in the buy now, pay later market, which has continued to grow since its explosion during the pandemic-era days of increased e-commerce shopping. — BLOOMBERG NEWS
FAA receives more than 900 cases of disruptive passengers so far this year
The US Federal Aviation Administration reaffirmed its commitment to crack down on unruly airplane passengers after tracking more than 900 cases of travelers causing in-flight disturbances so far this year. According to the regulator, there have been 915 cases of unruly passengers from the beginning of January through June 9, including 106 cases involving intoxicated travelers. The FAA has increased its focus on unruly passengers in recent years as the number of incidents spiked during the COVID-19 pandemic. 2021 was the worst on record with nearly 6,000 cases, representing an almost 500 percent increase from the prior year, according to the agency’s data. — BLOOMBERG NEWS
Jury says Chiquita is liable for killings by paramilitary group
A jury in South Florida has ruled that Chiquita Brands is liable for eight killings carried out by a right-wing paramilitary group that the company helped finance in a fertile banana-growing region of Colombia during the country’s decades-long internal conflict. The jury on Monday ordered the multinational banana producer to pay $38.3 million to 16 family members of farmers and other civilians who were killed in separate episodes by the United Self-Defense Forces of Colombia — a right-wing paramilitary group that Chiquita bankrolled from 1997 to 2004. The company has faced hundreds of similar suits in US courts filed by the families of other victims of violence by the paramilitary group in Colombia, but the verdict in Florida represents the first time Chiquita has been found culpable. The decision, which the company said it planned to appeal, could influence the outcome in other suits, legal experts said. — NEW YORK TIMES
Michael Dell is on a selling spree. The chief executive of Dell Technologies Inc. intends to sell 10 million shares worth $1.3 billion, according to a regulatory filing dated June 6. Combined with shares worth $1.6 billion he and the Michael & Susan Dell Foundation unloaded earlier this year, 2024 is on track to be his biggest selling year ever. It would top a previous record set in 1999, when the billionaire sold $1.7 billion worth of Dell stock. The internet bubble burst the following year. Even after the sales, Dell will own nearly half the Round Rock, Texas-based company, the biggest asset in his $108 billion fortune, according to the Bloomberg Billionaires Index. — BLOOMBERG NEWS
Biden close to naming a new head of the FDIC
Three weeks after President Biden vowed to pick a new leader for the Federal Deposit Insurance Corp., the bank regulator shaken by a vast workplace abuse scandal, a front-runner has emerged: Christy Goldsmith Romero, who sits on the five-member Commodity Futures Trading Commission, according to two people with knowledge of the administration’s thinking. Goldsmith Romero is a lawyer who, after the financial crisis, spent more than 12 years in an office created by Congress to investigate fraud and other misconduct by banks that received money from the government’s roughly $450 billion crisis rescue package, the Troubled Asset Relief Program. From 2011 to 2022, Goldsmith Romero led the office as the special inspector-general for the program. Her work exposing fraud, which often put her at odds with not only bankers but also some government officials who were concerned about the potential damage it would do to overall public opinion of the bailout, has made her especially appealing for the job of cleaning up the FDIC, said the people, who asked for anonymity to discuss the matter. Biden has not made a final decision. Goldsmith Romero’s position as the front-runner for the job was first reported by The Wall Street Journal. — NEW YORK TIMES
Themen: Aviation, Airlines