|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||1.2250 - 1.3250|
|52 Week Range||0.8900 - 2.3100|
|Beta (5Y Monthly)||1.85|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Dec 09, 2014|
|1y Target Est||N/A|
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.French train maker Alstom SA confirmed it’s in talks to acquire the rail business of embattled Canadian train and plane maker Bombardier Inc., in a fresh attempt to bulk up against Chinese competition.Discussions are ongoing and no final decision has been made, Alstom and Bombardier said Monday in separate statements, without providing further details. The business could fetch about $7 billion, according to a person familiar with the matter.A purchase would make Alstom the clear No. 2 in rail equipment and help it counter the industry leader, China’s CRRC Corp., which is increasingly targeting global sales. The Franco-Canadian deal would come after a merger between Alstom and Germany’s Siemens AG was blocked last year by the European Union on antitrust considerations.Alstom shares advanced 2.1% to 49.60 euros as of 9:42 a.m. in Paris. The company has a market value of 11.1 billion euros ($12.1 billion), after rising 32% in the past year.Bloomberg News reported last week that talks were at an advanced stage, following its initial Jan. 21 report on the discussions. Dow Jones said over the weekend that an outline was in place for a deal with a price of more than $7 billion.Bombardier has been offloading assets to pay down debt following a costly expansion of its commercial aviation business. The embattled Canadian transportation firm shocked the market last month by warning of disappointing fourth-quarter sales. Bombardier announced Thursday it will exit a venture with Airbus that builds the A220 jetliner to preserve cash.ConsolidationA planned combination of Alstom and Bombardier’s Berlin-based rail division would face close antitrust scrutiny, having a near 50% share of the market for electric multiple units and a leading position in Europe’s urban transport market, according to analysis by German consultancy SCI Verkehr.Alstom and Bombardier have discussed potential remedies to address antitrust concerns, people familiar with the matter have said.A takeover of Bombardier’s rail business by Alstom would mark the latest attempt by some of the world’s biggest trainmakers to counter growing competition from China. Bombardier in 2017 held talks to combine its rail operations with competitor Siemens AG until the German company suddenly opted to pursue a deal with Alstom, which ultimately failed.In February 2019, the European Union blocked the planned Franco-German merger, which the companies said would have created a European rail champion. Regulators refused to cave in to warnings by executives and politicians from both France and Germany about the looming threat of Chinese competition.Bombardier in 2015 sold a 30% stake in its Berlin-based train business to pension fund Caisse de Depot et Placement du Quebec, valuing the unit at $5 billion at the time and helping the firm raise capital as it faced a cash drain from delays for its new jets.\--With assistance from Dinesh Nair.To contact the reporters on this story: Myriam Balezou in London at firstname.lastname@example.org;Aaron Kirchfeld in London at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, Andrew NoëlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The French train maker said discussions are continuing for the acquisition of Bombardier Transportation, though no final decision has been made.
(Bloomberg) -- French train giant Alstom SA has reached a preliminary deal to acquire Bombardier Inc.’s train business for more than $7 billion, the Wall Street Journal reported, citing people familiar with the matter.The discussions, first reported by Bloomberg News on Jan. 21, began before Bombardier surprised the market last month by warning of disappointing fourth-quarter sales.If terms are completed, the deal could be announced as early as Monday, according to the Journal report. Alstom is expected to buy the unit using mainly cash and some stock component. Quebec pension firm Caisse de Depot et Placement, which owns 32.5% of Bombardier’s train unit, has agreed to sell its stake to Alstom and acquire a minority holding in the combined train company, the report added.Alstom going ahead with a deal could allow the French company to avoid paying a material premium due to Bombardier Transportation’s cash needs and recent project delays, according to a Bloomberg Intelligence report last week.Alstom shares climbed 15% since the start of the year, while Bombardier dropped 13%.(Adds share performance in fifth paragraph. An earlier version of this story was corrected.)To contact the reporter on this story: Michael Bellusci in Toronto at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Kevin Miller, Linus ChuaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
French transport infrastructure company Alstom said on Monday it was in talks over a possible acquisition of the train business of Canadian company Bombardier , which could be worth $7 billion on an enterprise value basis. A source familiar with the matter told Reuters on Sunday that Alstom was close to agreeing a deal to buy Bombardier's train business, which will give the unit an enterprise value of $7 billion.
The Wall Street Journal, which first reported the news, said Alstom is expected to buy the business using mostly cash and some stock. Quebec pension giant Caisse de dépôt et placement, which owns a 32.5% stake in Bombardier's train unit, has agreed to sell its stake to Alstom and buy a minority stake in the combined train company, the WSJ report said. Bombardier declined to comment on the report and Alstom did not immediately respond to a request for comment.
(Bloomberg) -- Bombardier Inc., which once made everything from snowmobiles to commercial jets, is poised to become a shadow of its former self as the Canadian manufacturer accelerates asset sales to reduce debt.The company is completing its exit from commercial aerospace with the sale of its stake in the Airbus SE A220 program, once known as the C Series, to the European planemaker. Bombardier said in a statement it is also pursuing other “strategic options to accelerate deleveraging.” The company is near a deal to sell its rail-equipment unit to Alstom SA, Bloomberg News reported.“The C Series was a cash drain,” Bombardier Chief Executive Officer Alain Bellemare, said in a call with analysts Thursday. “The strategy was always to exit commercial aircraft while protecting jobs. We’ve done that in a very responsible matter. We are now with two very strong businesses and we are continuing to look at our options to see if we can continue deleveraging.”The dismembering positions Montreal-based Bombardier to retain only its private-jet division -- while giving it a path to taming a $10 billion debt load. The company’s 7.85% bonds due 2027 climbed 3.8 cents to 103.3 cents on the dollar, yielding 7.3%, according to Trace data. Shares rose 0.6% to C$1.58 in Toronto at 2:39 p.m.But for all its financial soundness, Bombardier’s exit from its marquee project marks the end of ambitious plans that once were a source of pride in the largely francophone province. The A220 won praise for fuel-efficient engines, composite wings and an airy cabin featuring large windows. But the plane ran more than two years late and about $2 billion over budget, and had trouble attracting buyers in an industry dominated by Airbus and Boeing Co.And there’s likely more divestitures to come. Alstom and Bombardier could reach an agreement as early as this week, though talks could still be delayed or fall apart, according to people familiar with the matter. Alstom could pay about 7 billion euros ($7.6 billion) for the rail business, Handelsblatt reported earlier, without saying where it got the information. Bombardier is also exploring the sale of its corporate-jet operation to Textron Inc., maker of Cessna planes, the Wall Street Journal reported Feb. 4.The Montreal-based company sold its turboprop-plane business to Longview Aviation Capital Corp. last year, and has agreements in place to offload its regional-jet operation and a wing plant in Northern Ireland. Those deals are on track to close in the first half of 2020, the company said in a statement Thursday as it reported a loss in line with expectations.Show MeAirbus is paying $591 million to Bombardier to raise its stake to 75%. That, combined with the other aerospace divestitures, will bring in more than $1.6 billion in cash and eliminate almost $2 billion in liabilities, according to the statement.Bombardier is seeking to reduce its debt to about $4 billion by the end of this year, chief financial officer John Di Bert said on the conference call.With positive free cash flow and the A220 divestiture, there are some positive elements for this “show me” story, Stephen Trent and Brian Roberts, analysts at Citigroup Global Markets, said.“Assuming that this smaller company now generates cash, it remains to be seen whether Bombardier further monetizes its remaining businesses, a potential positive catalyst – and a $52.1 billion firm order book might be a good place to start the conversation,” the analysts said.Cash NeedsThe deal keeps about 3,300 Airbus jobs in Quebec while boosting the provincial government’s share in the A220 to 25% from 16% for no cash. Economy Minister Pierre Fitzgibbon told reporters the government kept its promise not to add to the $1 billion the previous administration had poured into the plane less than four years ago and is under no obligation to add more money into the program.Quebec will however, book a charge of about C$600 million ($452 million) from its books to reflect the declining value of its investment and will reassess it yearly until it sells the stake in 2026, a new date that was part of the deal. It hopes to recoup it then.“Everybody likes the plane, orders are higher than ever,” Fitzgibbon said in an interview. “It’s not being utopian, on the contrary, to believe we’ll get our money back.”For now though, the A220 faces upcoming cash needs of up to $1.5 billion in the next three to four years, according to the minister. The venture will need to borrow and Airbus will be the sole guarantor if necessary, he said.Caisse Holding“We are incredibly proud of the many achievements and tremendous impact Bombardier had on the commercial aviation industry,” Bellemare said in the statement. “We are equally proud of the responsible way in which we have exited commercial aerospace, preserving jobs and reinforcing the aerospace cluster in Quebec and Canada.Any rail deal will also get Quebec involved as the Caisse de Depot et Placement du Quebec, the province’s influential pension fund manager, owns part of the Berlin-based train business. It spent $1.5 billion in 2016 for the 30% stake. That’s now grown into a 32.5% holding after the unit’s results failed to reach the targets underlying Caisse’s investment, Bombardier said Thursday.Bombardier reported an adjusted loss of 10 cents. Sales fell 2.3% to $4.21 billion. Analysts had expected $4.23 billion.(Updates with Quebec charge, minister interview starting in 13th paragraph.)\--With assistance from Divya Balji.To contact the reporters on this story: Sandrine Rastello in Montreal at email@example.com;Paula Sambo in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Brendan Case at email@example.com, Jacqueline ThorpeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
MONTREAL/OTTAWA (Reuters) - Bombardier exited commercial aviation on Thursday, selling a loss-making plane programme that ended its high-stakes gamble on a new jet that once drove it to the brink of bankruptcy. The Canadian plane and train maker sold its minority stake in the A220 jet, formerly known as the CSeries, to Airbus SE for $600 million, and said it would take a $1.6 billion charge on the programme. Bombardier, which required government bailouts in recent years as it struggled to fund the programme, finally sold a majority stake to Airbus in 2017 for one Canadian dollar, partly to avert a potentially devastating trade challenge from U.S. planemaker Boeing Co .
Canada's main stock index fell on Thursday for the first time in four sessions after a sharp jump in new coronavirus cases in China rattled investors worldwide and planemaker Bombardier slid on reporting a quarterly loss. * At 09:38 a.m. ET (14:38 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 36.09 points, or 0.2%, at 17,796.76. * A dramatic jump in new infected cases in China after it deployed a new diagnostic method and a record rise in the death toll, wiped any optimism of a slowing spread rate that had propelled Canada's benchmark to new highs for the last two sessions.
(Bloomberg) -- Airbus SE pledged to churn out more aircraft than ever and consolidated its ownership of the A220 jetliner, pressing home its advantage over Boeing Co. and its grounded 737 Max in the growing narrow-body market.The European planemaker said Thursday that it expects to hand over about 880 jets in 2020, building on record output last year. Deliveries of the A320-family workhorse, a direct competitor to the Max, will rise to as many as 67 a month by 2023, while the smaller A220 will also see volumes accelerate.Together, the moves are meant to draw a line under a tumultuous 2019 after production shortcomings prevented Airbus from fully exploiting the Max crisis at its U.S. rival. The Toulouse, France-based planemaker also ran into trouble with its military transport plane, the A400M, canceled the ambitious A380 super-jumbo and settled a longstanding bribery probe for 3.6 billion euros ($3.9 billion), driving annual results to a loss.“We’ve put a lot behind us in 2019 and are now looking at 2020 to set the foundations of sustainable growth,” Chief Executive Officer Guillaume Faury told reporters. “We want to continue to gain contracts, to maintain the visibility we have today.”Airbus is paying $591 million to the A220’s developer, Bombardier Inc., to boost its stake in the program to 75%, expanding its bet on a plane that seats 100 to 150 people and complements the larger A320.The promise of the new plane was underscored on Thursday when Airbus announced an outline agreement to sell 50 to Nigeria’s Green Africa Airways. It’s a coup for the A220, after the startup originally ordered the Boeing Max, which has been idled since last March.“We have opportunities with the A220,” Faury said. “We see it can be a solution for some of the needs of the market.”For Montreal-based Bombardier, exiting the A220 program closes the book on more than $6 billion of investment that was meant to challenge the two top planemakers, but instead left it saddled with debt that has forced the company into a breakup. Originally named the C Series, the A220 won praise for fuel-efficient engines, composite wings and an airy cabin featuring large windows. But the plane ran more than two years late and about $2 billion over budget, and had trouble attracting buyers in an industry dominated by Airbus and Boeing.After U.S. President Donald Trump’s administration imposed tariffs of about 300% on the jet, Bombardier agreed to sell about half the program to Airbus. Still, the Canadian company was left with hundreds of millions of dollars of funding obligations. Those are now gone, and with Thursday’s deal the government of Quebec lifted its share in the A220 program to 25%.After also selling its turboprop-plane business, its regional jet arm and a wing plant in Belfast, Bombardier is in advanced talks to sell its rail business to French rival Alstom SA, people familiar with the matter said Thursday. The embattled manufacturer is mulling the disposal of its corporate-jet operation to Textron Inc., maker of Cessna planes, the Wall Street Journal has said.Shares of Airbus fell 1.6% as of 12:34 p.m. in Paris, after announcing full-year results that were blighted by one-time charges.Earnings Highlights:Airbus slumped to a net loss after a 3.6 billion-euro penalty for a bribery settlement and a 1.2 billion-euro hit against lower export prospects for the A400M airlifter.The corruption settlement will hurt cash flow this year, as will the A400M, says Jefferies analyst Sandy Morris.Company needs to maximize “financial firepower” until full repercussions of Max crisis are known: Morris.Analysts said they were underwhelmed by Airbus’s production goals, citing estimates in the range of 900. The company is seeing some softness in the wide-body market where it sells the twin-aisle A330 and A350 models, Faury said in a Bloomberg Television interview.Narrow-Body BreadthAirbus has managed to broaden out its A320 family to address different customer demands, from the stout A319 to the A321 XLR that can perform some long-range missions. Still, its struggle to build custom cabin configurations has held back its ability to run away from the Max.The Boeing plane was grounded worldwide after two crashes within a five-month span that killed 346 people. Boeing has said it expects the Max to return to the skies mid-year at the earliest.Coming out with an all-new narrow-body probably won’t happen for another decade at a minimum, because technological advances don’t justify the expense at this point, Faury said.But he reiterated Airbus’s intention to build a so-called stretch version of the A220, which would give the European company another weapon against the Max.Asked if Airbus would consider stretching the model into a higher-capacity version, Faury said “not in the short term,” though it’s something the company is considering for the future.(Updates to recast with Boeing rivalry, adds comment from Airbus CEO)\--With assistance from Christopher Jasper, David Scanlan, Guy Johnson and Benedikt Kammel.To contact the reporter on this story: Charlotte Ryan in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, ;Brendan Case at firstname.lastname@example.org, Christopher JasperFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Canadian plane and train maker Bombardier Inc on Thursday reported a quarterly loss, partly due to charges related to some rail contracts in Europe. Bombardier said it expects 2020 free cash flow, excluding certain items, to be positive, compared with a cash outflow of $1.20 billion in 2019.
(Bloomberg Opinion) -- Bombardier Inc. has given up trying to compete in the commercial aerospace market by selling its remaining stake in the 100-150 seat A220 program to its joint venture partner Airbus SE. The 1.4 billion-euro ($1.5 billion) full-year net loss that Airbus announced on Thursday, alongside that deal, is a painful reminder of why Bombardier’s own large jet ambitions always looked doomed. In theory, building commercial jets is a fantastic business. There aren’t many competitors — Airbus and Boeing Co essentially have a duopoly in large aircraft — and demand is booming. As people in emerging markets get richer they want to travel more and climate worries haven’t dissuaded most people from flying yet.The trouble is that designing and launching a new commercial airliner consumes massive amounts of capital; and that’s if all goes to plan. Typically it doesn’t.The delayed A220, then known as the C-Series, ended up costing Bombardier at least $6 billion to develop and caused its debts to balloon to an unsustainable level. Airbus came to the rescue in 2017 by taking a majority stake in the program. But even now, long after the plane entered service, it is a burden on Airbus’s cash flow. Another reason why Bombardier sought Airbus’s help back in 2017 was that Boeing persuaded the U.S. to impose punitive import tariffs, thereby hurting the Canadian manufacturer.Trade and tariff threats are multiplying in the era of Donald Trump and Brexit. The better capitalized Airbus is more able to withstand these problems than Bombardier, but it’s not immune. Because of its World Trade Organization dispute with Boeing, the Americans have also imposed tariffs on the planes Airbus exports from Europe to the U.S.Unlike Bombardier, Airbus and Boeing both have large defense business whose cash flows help fund their massive development costs. Even that’s no guarantee of success. Pension costs (a function of the large workforces needed to build big planes) are a challenge — Airbus’s pension deficit has swelled to about 8 billion euros because of low interest rates. And then there’s stuff that just seems to come out of the blue. Airbus disclosed an astonishing 5.6 billion euros of negative adjustments to its annual results.Much of that relates to the fines Airbus must pay to settle bribery charges brought by various international authorities. But the company also suffered yet another 1.2 billion-euro charge on the troubled A400m military transporter program, more than 200 million euros of costs related to defense export restrictions, plus various other one-off costs.For a while it seemed as though Boeing had cracked the financial alchemy of commercial aerospace. Soaring cash flows were returned to shareholders via a massive share buyback program. After two fatal crashes involving its 737 Max, we now know that success came at the cost of squeezing suppliers, browbeating regulators and neglecting safety. In 2019 Boeing reported its first yearly loss in two decades.Following the disappointments of the A380 superjumbo program — a seemingly bottomless money pit — and various production difficulties involving new narrow-body aircraft, Airbus shareholders were hopeful that it too would start converting its massive order book into cash that could be returned to them. Airbus’s performance has certainly improved, yet that windfall never seems to arrive. Airbus’s 2020 production and profit guidance was weaker than expected. It should generate 4 billion euros of free cash flow this year, but once the corruption fines and several hundred million euros of tax and legal costs are paid, there will be precious little left. The coronavirus could yet cause unexpected setbacks; struggling airlines might have to cancel orders and there could be an impact on the supply chain. While Airbus is raising the dividend by 9%, share buybacks will have to wait.Bombardier’s withdraw from commercial aerospace is a sad acknowledgement of how hard it is to make money selling big aircraft. Even Airbus and Boeing struggle.To contact the author of this story: Chris Bryant at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Airbus is negotiating a preliminary order for up to 100 A220 jets as it prepares to buy out Bombardier's minority stake in the Canadian-designed jet, industry sources said. The marketing effort lifted a subdued Singapore Airshow as industry sources said Canada's Bombardier was ready to announce that it would cede its stake in the A220 programme to majority owner Airbus and complete its exit from commercial aviation. Airbus declined to comment.
The following are the top stories on the business pages of British newspapers. - British oil major BP Plc has vowed to reduce the carbon footprint of the oil and gas it produces to "net zero" by 2050 in a pledge to tackle climate change. - Canada's Bombardier Inc has been accused of exploiting its suppliers by the UK payment watchdog, small business commissioner.
Canada's Bombardier said on Tuesday German railway operator Deutsche Bahn's intercity double-deck trains were expected to be ready by summer as it was working to fix some software glitches. German newspaper Sueddeutsche Zeitung reported in January that Deutsche Bahn was refusing to buy 25 intercity trains worth 400 million euros ($444 million) from Bombardier due to technical defects.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Airbus SE is in talks to buy out Bombardier Inc.’s stake in the A220 jetliner program, according to people familiar with the matter.The negotiations between the companies are at an advanced stage, said the people, who asked not to be identified because the talks are private. The deal could be announced as early as this week, with both companies scheduled to report earnings on Feb. 13.Bombardier invested more than $6 billion in the A220’s development before ultimately ceding control of the program to Airbus in 2018 as it struggled to sell the single-aisle plane. Bombardier is obligated to pay as much as $350 million through 2021 to fund cash shortfalls for the jet program, according to the terms of their partnership agreement.A spokesman for Airbus declined to comment. Bombardier couldn’t immediately be reached for comment.Discussions were reported by the Wall Street Journal and caused Bombardier’s shares to jump as much as 4.5% Friday, reversing earlier losses.\--With assistance from Charlotte Ryan.To contact the reporters on this story: Layan Odeh in Dubai at email@example.com;Siddharth Philip in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Christopher Elser, Andrew DavisFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
MONTREAL/PARIS (Reuters) - Europe's Airbus SE is likely to acquire Canadian plane and train maker Bombardier Inc's remaining stake in the A220 passenger jet program, two industry sources said. A deal for Airbus to buy the 33.58% share in the program was widely expected after Bombardier said in January it was reviewing the stake in the joint venture. Airbus and Bombardier both declined to comment.
(Bloomberg) -- Bombardier Inc.’s ill-fated foray into building jetliners may be nearing an end, and investors are applauding.The company is in advanced talks to sell its stake in Airbus SE’s A220 program to the European aerospace giant, the Wall Street Journal reported Friday. A deal for Bombardier’s 34% holding in the venture could be reached as early as next week, the newspaper said, citing people familiar with the matter. Quebec, which owns 16% of the program, would retain its stake.Walking away from the A220 would close the book on Bombardier’s involvement in an aircraft program in which the company invested more than $6 billion amid a series of development delays and cost overruns. Bombardier, creaking under heavy debt and struggling to sell the all-new single-aisle plane, ceded control of the program to Airbus in 2018 while retaining a minority participation.Financial terms of the Airbus-Bombardier deal couldn’t be learned, the Journal said. The talks could still fall apart and the outlines of any agreements could change, the newspaper said. Both companies are scheduled to report earnings Feb. 13.Bombardier climbed 4.5% to C$1.49 at 3:34 p.m. in Toronto, reversing losses after the Journal’s story.A sale of the company’s stake in the A220, which was originally known as the C Series, would also be a milestone for cash-strapped Bombardier as it weighs selling other key businesses in a potentially far-reaching revamp.Saddled with a $10 billion debt load, the Montreal-based company has held talks to combine its rail-equipment operation with France’s Alstom SA. It’s also exploring a sale of its private-jet unit to Textron Inc., the Journal reported earlier this week.To contact the reporter on this story: Brendan Case in Dallas at firstname.lastname@example.orgTo contact the editors responsible for this story: Brendan Case at email@example.com, Susan WarrenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Canada's main stock index fell on Friday, led by declines in energy stocks, with investors also shrugging off a strong jobs report as a mounting death toll from the coronavirus epidemic hurt sentiment. * The death toll in mainland China reached 637 on Friday, with a total of 31,211 cases, WHO chief Tedros Adhanom Ghebreyesus said in Geneva. * At 10:04 a.m. ET (1504 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 72.9 points, or 0.41%, at 17,684.59.
The Pentagon has reduced the size of the delegation traveling to the Singapore Airshow in light of coronavirus concerns, people familiar with the matter said on Friday. Ellen Lord, the Pentagon's chief weapons buyer, will no longer attend the event as the lead Pentagon representative, the people said. Other Pentagon leaders including uniformed military officials still plan to attend.
Japan's Mitsubishi Aircraft Corp said on Thursday it will delay the first delivery of its SpaceJet regional jet for at least another year until after March 2021. The sixth delay is another blow to Japan's commercial jet ambitions and will further raise the development cost of an aircraft that its maker's chief shareholder Mitsubishi Heavy Industries Ltd had planned to bring to market in 2013. The "first commercial delivery of SpaceJet is expected to be in FY2021 or later," Mitsubishi Heavy said in a statement Thursday when released its earnings for the quarter ending Dec. 31.