Reuters

(Reuters) - Boeing posted a bigger quarterly loss, as its troubled defense and space business exacerbated the financial strain on the U.S. planemaker that has already scaled back commercial aircraft production to tackle a quality crisis.

Boeing posts bigger loss as defense business struggles to turn around

The announcement comes as the firm is working to repair its reputation and financial woes.

Troubled Boeing names new boss for 'next chapter'

The Independent

Boeing lost more than $1.4 billion in the second quarter and said a longtime industry executive will take over as chief executive of the troubled aircraft manufacturer next week.Robert “Kelly” Ortberg, 64, a former CEO at Rockwell Collins, will succeed c as CEO, the company said.Boeing's loss was wider and revenue lower than Wall Street expected. Revenue fell 15% from a year earlier, and both its commercial-airplanes business and defense unit lost money.The disappointing results come at a tumultuous time for Boeing. The company agreed to plead guilty to fraud in connection with the Max, two of which crashed, killing...

Boeing names new CEO as it posts a loss of more than $1.4 billion in second quarter

UPI News

Boeing's board of directors said Friday it has elected Robert K.  "Kelly" Ortberg as Boeing's new president and CEO.

Boeing board chooses Robert K. Ortberg as new president and CEO

Boeing named a new CEO Wednesday after reporting a core operating loss of $1.4 billion in the second quarter — more than triple the loss from a year ago — as increased scrutiny of the safety and quality of its planes kept the troubled company from making enough aircraft to return to profitability.

Boeing names new CEO after losses more than triple

Business Times

Federal health authorities have issued another warning to consumers regarding ground cinnamon products, following the discovery of elevated lead levels in multiple additional brands. The Food and Drug Administration (FDA) announced on Tuesday that it recommends recalls of nine brands of ground cinnamon products, with lead levels ranging from 2.03 to 7.01 parts per million (ppm).

Health Alert: FDA Finds High Lead Levels in Popular Cinnamon Brands, Issues New Recall and Urges Immediate Disposal

Intel Corporation is preparing to cut thousands of jobs as part of a strategy to finance its recovery and address eroding market share, according to a report by Bloomberg News. The move is expected to help the company cope with financial challenges and intensify its efforts to regain competitive ground in the semiconductor industry.

Intel Plans Thousands of Job Cuts Amid Financial Struggles and Market Share Losses

Chicago, IL

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Foodie in Chicago

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

California State

Chico, CA

California's Park Fire has surged to become the fifth largest wildfire in the state's recorded history, engulfing 383,619 acres as of Tuesday morning, according to Cal Fire. The massive blaze, which ignited in Chico's Bidwell Park on July 24, continues to pose significant challenges despite a slight increase in containment from 12% to 14%. More evacuations were lifted on Monday, but many areas around the fire's perimeter remain active, with spot fires complicating efforts to control the blaze.

California's Park Fire Grows to Fifth Largest Wildfire in State History

Prince Harry and Meghan Markle may have a chance to mend their rift with the royal family if they visit the UK this summer.

Prince Harry, Meghan Markle Could End Royal Feud With UK Visit Soon Amid Claims Reconciliation Is Unlikely Because They 'Don't Trust' Them

In a stark warning reminiscent of Cold War-era tensions, Russian President Vladimir Putin has cautioned the United States against deploying long-range missiles in Germany, signaling that such actions would provoke Russia to station similar nuclear-capable missiles closer to Western borders. The warning comes amid escalating geopolitical friction between the two nuclear powers.

Putin Threatens to Station Nuclear Missiles Near Western Borders if U.S. Proceeds with German Deployment

SEOUL, South Korea -- Samsung Electronics Co. reported a 15-fold increase in operating profit for the second quarter this year, largely thanks to a strong demand for memory chips amid the expansion of artificial intelligence technologies. The South Korean semiconductor and smartphone giant said Wednesday in a statement that its...

Samsung posts a 15-fold increase in operating profits in last quarter

British oil giant BP PLC announced a substantial $7 billion stock buyback plan for 2024, even as it grapples with a near 30% decline in profits for the first half of the year. This move comes as the company faces criticism for prioritizing shareholder returns over more aggressive climate action.

BP to Reward Shareholders with $7 Billion Buyback Despite Falling Profits

Delta Air Lines is grappling with the financial fallout from a significant IT outage earlier this month, which CEO Ed Bastian disclosed has cost the company $500 million. The disruption, caused by a botched software update from cybersecurity firm CrowdStrike, led to thousands of canceled flights and left passengers stranded, incurring massive costs in lost revenue and customer compensation.

Delta Faces $500 Million Hit from IT Meltdown, Seeks Damages from CrowdStrike and Microsoft

The musician and mogul's firm Marcy Venture Partners may be undergoing a merger with Pendulum Holdings, a firm co-founded by Barack Obama's former financial advisor. Jay-z is reportedly making major waves in the venture capital space. The music legend and mogul’s venture capital firm, Marcy Venture Partner may be laying...

Jay-Z's Venture Capital Firm Is Reportedly Laying Plans To Deploy A Merger That Could Be Valued At $1B

The Federal Reserve is on the cusp of its first interest rate cut since the onset of the pandemic, with the move anticipated as early as September. This decision follows months of data showing cooling inflation and a weakening labor market, conditions that align with the Fed's dual mandate of controlling inflation and maintaining employment.

Fed Expected to Cut Rates Soon, Awaiting September Decision

John Deere, faced with lower customer demand for equipment, declining sales, and a difficult ag economy, confirmed cuts in its global salaried workforce. Corridor Business says Deere didn’t release details on the number of salaried employees affected. In a statement, the company says it’s been forced to make tough decisions, including layoffs at John Deere production facilities and reductions in the global salaried workforce. The most recent round of cuts follow hundreds of previously announced layoffs of Deere’s production workers in recent months. The company didn’t release when the salaried workforce reductions would take place. In a statement, Deere said, “As the largest global manufacturer of agricultural equipment, John Deere, like many others, faces significant economic challenges, rising operational and manufacturing costs, and reduced customer demand, including a 20 percent decline in sales from 2023 to 2024.” Impacted employees get up to 12 months’ severance pay based on years of service.

Deere Confirms More Layoffs

Elon Musk is under fire from Kamala Harris's campaign and prominent Democrats for sharing a manipulated, AI-generated video of the Vice President. The video, which falsely depicts Harris claiming she was "selected because I am the ultimate diversity hire," was posted by Musk on his X platform (formerly known as Twitter) with the caption "This is amazing" and a cry-laughing emoji.

Musk Faces Backlash for Sharing AI-Generated Kamala Harris Video

Illinois State

MOD Pizza has over 500 locations across the country with 22 restaurants in Illinois. The Washington-based chain offers fast-casual fare known for its customized, artisan-style pizzas. Customers can choose from over 40 toppings and 8 sauces to create their own masterpiece.

Bankruptcy Looms for Major Pizza Chain With Chicago Suburban Locations

A recent study has revealed alarming levels of lead and cadmium contamination in dark chocolate products, posing potential health risks, especially to vulnerable groups such as children and pregnant women.

Toxic Metals Found in Popular Dark Chocolate Brands, Study Shows

NewsBreak

Boeing Appoints Kelly Ortberg as CEO Amid Q2 Revenue Miss and Loss

Boeing announced Wednesday that Kelly Ortberg, former CEO of Rockwell Collins, will take the helm...

Boeing Appoints Kelly Ortberg as CEO Amid Q2 Revenue Miss and Loss

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