NEW YORK —
United Airlines says the Boeing 737 Max has been pulled from its flight schedule until June, the latest in a string of troubling news plaguing the airplane manufacturer.
The developments follow Boeing’s announcement Monday that it would halt Max production in January. It did not say when production would resume.
Also on Friday, Spirit AeroSystems, which builds fuselages for Boeing, said it will end deliveries intended for the Max as damage from the troubled plane begins to ripple outward to suppliers. Adding to the woes, Boeing’s new Starliner capsule went off course Friday during its first test flight. It was supposed to go to the International Space Station, but will not land there as planned.
Airlines have already been dealing with the ripple effects of the Max, which was grounded worldwide after the second of two crashes of its jet. They have delaying putting the Max into their flight schedules, which has led to fewer available seats and higher prices. The grounding also has stopped airlines from adding routes and expanding, analysts say.
United said Friday that the airline expects to cancel thousands of flights in coming months as a result of the grounding. The company had previously planned to return the plane to its flight schedule in March. United currently has 14 Max-9 aircraft, but it was supposed to have 30 by this time.
United expects to cancel about 75 flights per day this month and 56 flights per day in January. The airline said it has been swapping aircraft and using spare planes to try to minimize disruptions.
Southwest Airlines, which was counting on the Max to update its fleet, has said it will add the plane back into its schedule in April. American Airlines did the same last week.
Spirit AeroSystems, based in Witchita, Kansas, said Friday that Boeing asked that deliveries be wound down by the end of the year. Revenue from 737 Max components account for more than half of Spirit’s total annual revenue. The company employs 13,500 people, and is the largest job provider in Kansas’ biggest city.
This week, Kansas Gov. Laura Kelly said that the state may have to help pay workers at a company if the planes don’t return to the sky soon. Shares of Spirit AeroSystems Holdings Inc. slid 2% Friday.
Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.
TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.
The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.
Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.
Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.
TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.
This report by The Canadian Press was first published Sept. 26, 2024.
MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.
The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.
Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.
A strategic review is often seen by investors as a prelude to a sale by a company.
Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.
Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.
This report by The Canadian Press was first published Sept. 26, 2024.
MONTREAL – National Bank of Canada says it has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank.
The Montreal-based bank says it has received the Competition Bureau’s clearance for the deal.
The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.
Canadian Western shareholders voted to approve the deal earlier this month.
National Bank announced an all-stock deal to buy Canadian Western earlier this year in a proposal that valued the Edmonton-based bank at about $5 billion.
It has said its acquisition of Canadian Western will significantly expand its western footprint and create a stronger national competitor.
This report by The Canadian Press was first published Sept. 26, 2024.
