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Boeing to Temporarily Shut Washington Factories: Live Business Updates Boeing to Temporarily Shut Washington Factories: Live Business Updates
(32 minutes later)
Boeing plans to announce on Monday that it will temporarily shut down its operations in Washington state, where the company has two major factories and several smaller sites, in an effort to slow the spread of the coronavirus among its tens of thousands of employees in the region, according to three people familiar with the matter.Boeing plans to announce on Monday that it will temporarily shut down its operations in Washington state, where the company has two major factories and several smaller sites, in an effort to slow the spread of the coronavirus among its tens of thousands of employees in the region, according to three people familiar with the matter.
The factories will close for two weeks and all of the 70,000 employees will continue to receive paychecks during that time, according to two of the people, who spoke on condition of anonymity to discuss internal decisions. Boeing is in contact with the Pentagon to determine how to handle its work on the KC-46 tanker and P-8 military aircraft, are made in the Washington factories.The factories will close for two weeks and all of the 70,000 employees will continue to receive paychecks during that time, according to two of the people, who spoke on condition of anonymity to discuss internal decisions. Boeing is in contact with the Pentagon to determine how to handle its work on the KC-46 tanker and P-8 military aircraft, are made in the Washington factories.
For now, company’s other major production facilities, in Missouri, South Carolina, Arizona and Pennsylvania, will remain open.For now, company’s other major production facilities, in Missouri, South Carolina, Arizona and Pennsylvania, will remain open.
Last week, the company instructed all employees to telecommute if they could, but stopped short of suspending manufacturing because it is difficult to ramp up production after an assembly line has been halted.Last week, the company instructed all employees to telecommute if they could, but stopped short of suspending manufacturing because it is difficult to ramp up production after an assembly line has been halted.
More than 30 Boeing employees have tested positive for the coronavirus, with the majority in Washington state, the company said. Nearly 2,000 workers have been sent home to remain in isolation after possible exposure.More than 30 Boeing employees have tested positive for the coronavirus, with the majority in Washington state, the company said. Nearly 2,000 workers have been sent home to remain in isolation after possible exposure.
Boeing workers in Washington have been complaining about the conditions on the factory floors, where employees often work in close proximity and cleaning supplies are scarce, according to three current employees who spoke on the condition of anonymity. A petition to shut down a plant in Everett, the company’s largest facility, has received more than 8,200 signatures.Boeing workers in Washington have been complaining about the conditions on the factory floors, where employees often work in close proximity and cleaning supplies are scarce, according to three current employees who spoke on the condition of anonymity. A petition to shut down a plant in Everett, the company’s largest facility, has received more than 8,200 signatures.
“There are people who leave that campus and go all over the state of Washington. They all go back to their communities and families possibly sick,” Crissy Stipkovich, who created the petition, said in an interview. Ms. Stipkovich does not work for Boeing but has family members and friends who work at the factory. “It is a hotbed for infection right now and the employees are not being protected.”“There are people who leave that campus and go all over the state of Washington. They all go back to their communities and families possibly sick,” Crissy Stipkovich, who created the petition, said in an interview. Ms. Stipkovich does not work for Boeing but has family members and friends who work at the factory. “It is a hotbed for infection right now and the employees are not being protected.”
The Federal Reserve said it would buy as much government-backed debt as it needs to keep financial markets functioning, and unrolled a series of programs meant to shore up both large and small businesses, in a staggering, whatever-it-takes-effort to cushion the economic blow of coronavirus.The Federal Reserve said it would buy as much government-backed debt as it needs to keep financial markets functioning, and unrolled a series of programs meant to shore up both large and small businesses, in a staggering, whatever-it-takes-effort to cushion the economic blow of coronavirus.
“Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate,” the central bank said in a Monday morning statement, adding that “the Federal Reserve is using its full range of authorities to provide powerful support for the flow of credit to American families and businesses.”“Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate,” the central bank said in a Monday morning statement, adding that “the Federal Reserve is using its full range of authorities to provide powerful support for the flow of credit to American families and businesses.”
The Fed resurrected a massive bond-buying program — last used in response to the financial crisis — earlier this month, saying it would spend $700 billion on Treasury securities and $200 billion in mortgage-backed debt. But on Monday, the central bank said it won’t limit its purchases, instead buying “in the amounts needed to support smooth market functioning.”The Fed resurrected a massive bond-buying program — last used in response to the financial crisis — earlier this month, saying it would spend $700 billion on Treasury securities and $200 billion in mortgage-backed debt. But on Monday, the central bank said it won’t limit its purchases, instead buying “in the amounts needed to support smooth market functioning.”
The central bank will also try to bolster the corporate bond market, which has been under pressure as companies shut down in the face of the virus.The central bank will also try to bolster the corporate bond market, which has been under pressure as companies shut down in the face of the virus.
Stocks on Wall Street were unsteady on Monday as investors remained focused on the political stalemate in the U.S. Senate that has slowed a rescue plan for the American economy.Stocks on Wall Street were unsteady on Monday as investors remained focused on the political stalemate in the U.S. Senate that has slowed a rescue plan for the American economy.
At its lowest point on Monday the S&P 500 was down nearly 5 percent, even after the Fed unveiled its new bond buying program.At its lowest point on Monday the S&P 500 was down nearly 5 percent, even after the Fed unveiled its new bond buying program.
Traders, while welcoming the Fed’s expanded plans to buy assets, largely remained cautious about the central bank’s ability to shift the trajectory of an economy that appears to be in free-fall because of the coronavirus crisis.Traders, while welcoming the Fed’s expanded plans to buy assets, largely remained cautious about the central bank’s ability to shift the trajectory of an economy that appears to be in free-fall because of the coronavirus crisis.
“It is hard for the Fed to stimulate underlying demand. For that, fiscal stimulus is needed,” Randy Watts, chief investment strategist at William O’Neil, an equity research and advisory firm, wrote in an email. “The deal in the Senate of the fiscal stimulus bill is obviously disappointing.”“It is hard for the Fed to stimulate underlying demand. For that, fiscal stimulus is needed,” Randy Watts, chief investment strategist at William O’Neil, an equity research and advisory firm, wrote in an email. “The deal in the Senate of the fiscal stimulus bill is obviously disappointing.”
Senate Democrats on Sunday blocked action on an emerging deal to prop up the economy, halting the progress of a nearly $2 trillion government rescue package. They contended that the legislation failed to adequately protect workers or impose strict enough restrictions on bailed-out businesses.Senate Democrats on Sunday blocked action on an emerging deal to prop up the economy, halting the progress of a nearly $2 trillion government rescue package. They contended that the legislation failed to adequately protect workers or impose strict enough restrictions on bailed-out businesses.
Major indexes in Germany, Britain and France were lower and most Asian markets also fell.Major indexes in Germany, Britain and France were lower and most Asian markets also fell.
On Monday, forecasters at Morgan Stanley offered one of the grimmest assessments for how much damage the coronavirus could inflict on the American economy in the months to come.On Monday, forecasters at Morgan Stanley offered one of the grimmest assessments for how much damage the coronavirus could inflict on the American economy in the months to come.
The economists said in a research note that they now expect the economy to contract at an annualized rate of 2.4 percent in the first quarter of the year and a 30 percent rate in the second quarter — which would be the worst single-quarter drop recorded in modern American economic statistics.The economists said in a research note that they now expect the economy to contract at an annualized rate of 2.4 percent in the first quarter of the year and a 30 percent rate in the second quarter — which would be the worst single-quarter drop recorded in modern American economic statistics.
In that scenario, the unemployment rate would approach 13 percent, which would also be a record.In that scenario, the unemployment rate would approach 13 percent, which would also be a record.
“Economic activity has come to a near standstill in March,” they wrote.“Economic activity has come to a near standstill in March,” they wrote.
Treasury Secretary Steven Mnuchin touted the new Federal Reserve programs and called on the Senate to quickly pass the bill that he spent the weekend negotiating with lawmakers.Treasury Secretary Steven Mnuchin touted the new Federal Reserve programs and called on the Senate to quickly pass the bill that he spent the weekend negotiating with lawmakers.
“We are using all the tools we have and we’ve told Congress we need additional tools ASAP,” Mr. Mnuchin said on the Fox Business Network. “I hope the Senate passes this bill today.”“We are using all the tools we have and we’ve told Congress we need additional tools ASAP,” Mr. Mnuchin said on the Fox Business Network. “I hope the Senate passes this bill today.”
Mr. Mnuchin said that he believed an agreement was close and that Republicans and Democrats would put partisanship aside for the good of the economy.Mr. Mnuchin said that he believed an agreement was close and that Republicans and Democrats would put partisanship aside for the good of the economy.
The Treasury secretary dismissed speculation that President Trump will have to shut down the entire economy as “fake news” and pushed back against accusations that the government is implementing a corporate welfare program.The Treasury secretary dismissed speculation that President Trump will have to shut down the entire economy as “fake news” and pushed back against accusations that the government is implementing a corporate welfare program.
Amazon has always guaranteed fast delivery times for items. That’s changing with the coronavirus.Amazon has always guaranteed fast delivery times for items. That’s changing with the coronavirus.
Over the weekend and on Monday, Amazon sellers and customers of its Prime service found that delivery times for nonessential items were showing a much later delivery time of April 21. Typically, Amazon Prime deliveries take one or two days to reach customers in the United States.Over the weekend and on Monday, Amazon sellers and customers of its Prime service found that delivery times for nonessential items were showing a much later delivery time of April 21. Typically, Amazon Prime deliveries take one or two days to reach customers in the United States.
Last week, the online retail giant said that to focus on the surge in demand for household staples and medical supplies, it would pull back on stocking items like consumer electronics and toys.Last week, the online retail giant said that to focus on the surge in demand for household staples and medical supplies, it would pull back on stocking items like consumer electronics and toys.
“To serve our customers while also helping to ensure the safety of our associates, we’ve changed our logistics, transportation, supply chain, purchasing, and third-party seller processes to prioritize stocking and delivering items that are a higher priority for our customers,” said Keri Bertolino, an Amazon spokeswoman, in an emailed statement. “This has resulted in some of our delivery promises being longer than usual.”“To serve our customers while also helping to ensure the safety of our associates, we’ve changed our logistics, transportation, supply chain, purchasing, and third-party seller processes to prioritize stocking and delivering items that are a higher priority for our customers,” said Keri Bertolino, an Amazon spokeswoman, in an emailed statement. “This has resulted in some of our delivery promises being longer than usual.”
Recode earlier reported the news of Amazon’s delivery delays.Recode earlier reported the news of Amazon’s delivery delays.
A federal housing regulator will provide short-term financing to mutual funds and hedge funds to stave off financial problems for investors in securities cobbled together from residential mortgages.A federal housing regulator will provide short-term financing to mutual funds and hedge funds to stave off financial problems for investors in securities cobbled together from residential mortgages.
The Federal Housing Finance Agency authorized two government-backed mortgage finance firms — Fannie Mae and Freddie Mac — to begin making short-term loans to investors in mortgage-backed securities to provide them ability to meet payments to banks and other lenders, according to two people familiar with the agency’s plan who were not authorized to speak publicly.The Federal Housing Finance Agency authorized two government-backed mortgage finance firms — Fannie Mae and Freddie Mac — to begin making short-term loans to investors in mortgage-backed securities to provide them ability to meet payments to banks and other lenders, according to two people familiar with the agency’s plan who were not authorized to speak publicly.
The financing provided by Fannie and Freddie is intended to be a two-day bridge loan that will permit mortgage investors to avoid having to sell off assets in order to raise cash. The loans are of such a short duration because the underlying bonds will be flush with cash on April 1 as mortgage payments come in from homeowners and mortgage servicing firms, one of the people said.The financing provided by Fannie and Freddie is intended to be a two-day bridge loan that will permit mortgage investors to avoid having to sell off assets in order to raise cash. The loans are of such a short duration because the underlying bonds will be flush with cash on April 1 as mortgage payments come in from homeowners and mortgage servicing firms, one of the people said.
As small businesses such as restaurants, bars, gyms and hair salons are forced by the coronavirus pandemic to go dark and lay off millions of employees, frantic owners are desperate for government aid to help them salvage enterprises that can’t survive for long without customers.As small businesses such as restaurants, bars, gyms and hair salons are forced by the coronavirus pandemic to go dark and lay off millions of employees, frantic owners are desperate for government aid to help them salvage enterprises that can’t survive for long without customers.
But the main federal lifeline offered so far — low-interest disaster loans — is unappealing to many people running on thin margins and leery of taking on debt they can’t afford to repay.But the main federal lifeline offered so far — low-interest disaster loans — is unappealing to many people running on thin margins and leery of taking on debt they can’t afford to repay.
Congress authorized up to $7 billion early this month for small business disaster loans through the Small Business Administration. But defaulting can have catastrophic consequences: The agency asks those seeking more than $25,000 — and most small business loans are at least that much — to put up collateral, preferably real estate.Congress authorized up to $7 billion early this month for small business disaster loans through the Small Business Administration. But defaulting can have catastrophic consequences: The agency asks those seeking more than $25,000 — and most small business loans are at least that much — to put up collateral, preferably real estate.
“All we do is make enough money to make it through the off-season,” said Donna Benefiel, who owns the Sunset Produce Market in Banks, Ore., and a grocery store on the Oregon coast. “We’re not that profitable. We don’t have any reserves. How do we borrow a year’s worth of money and then have to pay it back?”“All we do is make enough money to make it through the off-season,” said Donna Benefiel, who owns the Sunset Produce Market in Banks, Ore., and a grocery store on the Oregon coast. “We’re not that profitable. We don’t have any reserves. How do we borrow a year’s worth of money and then have to pay it back?”
American front-line medical personnel are running desperately short of masks and protective equipment as they battle the coronavirus outbreak. China, already the world’s largest producer of such gear by far, has ramped up factory output and is now signaling that it wants to help.American front-line medical personnel are running desperately short of masks and protective equipment as they battle the coronavirus outbreak. China, already the world’s largest producer of such gear by far, has ramped up factory output and is now signaling that it wants to help.
Reaching deals won’t be easy. Increasingly acrimonious relations between Washington and Beijing are complicating efforts to get Chinese-made masks to American clinics and hospitals. A breakdown over the last few days in the global business of moving goods by air around the world will make it costly and difficult as well.Reaching deals won’t be easy. Increasingly acrimonious relations between Washington and Beijing are complicating efforts to get Chinese-made masks to American clinics and hospitals. A breakdown over the last few days in the global business of moving goods by air around the world will make it costly and difficult as well.
The International Monetary Fund expects “a recession at least as bad as during the global financial crisis or worse,” the fund’s managing director, Kristalina Georgieva, said in a statement on Monday. She added that she expected a recovery in 2021: “The faster the virus stops, the quicker and stronger the recovery will be,” she said.
General Electric said that it will lay off 10 percent of the U.S. staff, about 2,500 people, from its aviation unit, which makes engines for military and commercial aircraft. The company has already frozen hiring and merit raises and reduced nonessential spending.General Electric said that it will lay off 10 percent of the U.S. staff, about 2,500 people, from its aviation unit, which makes engines for military and commercial aircraft. The company has already frozen hiring and merit raises and reduced nonessential spending.
SoftBank announced that it will sell down $41 billion in assets as it seeks to buy up its own shares, which have dropped precipitously in the last month amid investor concerns about the coronavirus’s impact on its holdings in top tech companies like Uber.SoftBank announced that it will sell down $41 billion in assets as it seeks to buy up its own shares, which have dropped precipitously in the last month amid investor concerns about the coronavirus’s impact on its holdings in top tech companies like Uber.
Dollar General said it would hire up to 50,000 employees by the end of April, nearly doubling its hiring rate, as it tries to meet increased demand from shoppers.Dollar General said it would hire up to 50,000 employees by the end of April, nearly doubling its hiring rate, as it tries to meet increased demand from shoppers.
Reporting was contributed by Natalie Kitroeff, Jeanna Smialek, David Gelles, Stacey Cowley, Tiffany Hsu, Davey Alba, Niraj Chokshi, Jim Tankersley, Matthew Goldstein, Alan Rappeport, Keith Bradsher, Ana Swanson, Carlos Tejada, Ben Dooley, Vindu Goel, Melissa Eddy, Kevin Granville and Daniel Victor.Reporting was contributed by Natalie Kitroeff, Jeanna Smialek, David Gelles, Stacey Cowley, Tiffany Hsu, Davey Alba, Niraj Chokshi, Jim Tankersley, Matthew Goldstein, Alan Rappeport, Keith Bradsher, Ana Swanson, Carlos Tejada, Ben Dooley, Vindu Goel, Melissa Eddy, Kevin Granville and Daniel Victor.