Wednesday, February 8, 2017

#MuslimBan could cost Boeing $20 billion, 100,000 U.S. jobs lost

    Wednesday, February 08, 2017   No comments

Around $20 billion worth of Boeing commercial aircraft orders to foreign countries could be at risk due to President Donald Trump's immigration action targeting countries such as Iran and Iraq.

"We think the president's travel ban could have negative implications for orders from Iran and Iraq," said James Corridore, an aerospace analyst at CFRA Research. "We see these contracts as vulnerable to cancellation, though we also think it possible that the current injunction against the travel ban will be upheld, which could lessen the impact."

In announcing the Boeing deal on Dec. 11, Boeing said the new orders will support nearly 100,000 new jobs. Boeing is in the midst of cost-cutting in its commercial aircraft division and is facing tough competition from Airbus.

In December, Boeing announced a $16.6 billion agreement for the state-owned Iran Air to buy 50 of its narrow-body 737 passenger jets and 30 of the wide-body 777 aircraft. Separately, Iraq has firm orders to buy 10 of Boeing's 787 Dreamliner wide-body aircraft and another 18 of the 737s.

Corridore noted that list prices value the combined contracts at about $20 billion. source


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