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IAG, parent company of British Airways, aims to bid for a stake in Portugal’s TAP, competing with Air France-KLM and Lufthansa.
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British Airways’ parent company IAG said it aims to join the bidding process for a stake in Portugal’s TAP, as it contends with Air France-KLM AF and Deutsche Lufthansa for a slice of the state-owned carrier with coveted routes bridging Europe and Latin America.
International Consolidated Airlines Group —which houses carriers like British Airways, Iberia and Vueling—said Friday that it had submitted its interest to state-holding company Parpublica, seeking to join TAP Air Portugal’s privatization. IAG didn’t disclose financial details.
“Several terms would need to be addressed before IAG could propose an investment,” the group added.
IAG’s submission comes after Air France-KLM and Lufthansa said earlier this week they had put forth statements formally expressing interest in purchasing a stake in TAP.
In July, Portugal’s government said it would shed a 49.9% stake in TAP, reserving 44.9% for private investors and 5% for company employees. Officials have been mulling over a partial sale of the national carrier for years.
One of the terms of the sale requires buyers to keep the main hub for TAP in Lisbon. IAG said its decentralized model aligns with the Portuguese government’s intent to protect TAP, adding that it would have significant potential within the group.
TAP could be a linchpin for routes linking Europe and Latin America, prized for its access to the Latin American market, both Air France-KLM and Lufthansa have said.
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Beijing and Washington at odds over range of trade and national-security considerations
Beijing and Washington are discussing a trade deal that could include fresh orders totaling hundreds of Boeing BA 0.37%increase; green up pointing triangle jets, people familiar with the matter said.
The purchase is envisioned as a component of a more expansive trade deal if the world’s two largest economies can reach an agreement in the next few months, they said.
The purchase discussions were earlier reported by Bloomberg News, which said China could buy as many as 500 jets from the American plane maker.
U.S. passenger-jet orders are becoming a favored concession for countries looking to improve tariff terms from American authorities. Qatar’s state-owned airline in May agreed to buy up to 210 wide-body 787 and 777X jets from Boeing as part of a broader bilateral agreement. Announced trade deals with the U.K., Japan and Indonesia have also tacked on pledges to buy a certain number of the American airplanes.
Talks between the two superpowers are significantly more complex. The two sides are at odds over a range of trade and national-security considerations that cover everything from the supply of precious minerals to the delivery of artificial-intelligence chips.
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Union representing about 3,200 St. Louis-area workers rejected the company’s latest contract offer
Boeing leaders face another picket line after machinists in its St. Louis-area defense business rejected their latest contract offer.
The union division that represents about 3,200 workers in Missouri and Illinois on Sunday rejected the aerospace giant’s latest four-year contract proposal, threatening the company’s fragile turnaround effort. The workers went on strike at midnight.
The machinists had worked without a contract for the past week as company and union representatives haggled over work schedules and benefits, among other issues.
The new work stoppage doesn’t match last year’s massive Boeing strike in the Pacific Northwest, which pulled more than 33,000 employees off production lines responsible for its workhorse 737 MAX passenger jet. That nearly eight-week showdown caused havoc in the company’s profit powerhouse before workers won a 38% raise over the life of their four-year contract.
The acquisition is expected to close in the fourth quarter
U.K. antitrust officials said they wouldn’t open an in-depth probe into Boeing’s deal to acquire fuselage maker Spirit AeroSystems Holdings, effectively clearing the transaction weeks after they launched the first phase of an investigation.
The Competition and Markets Authority started looking at the deal in June to determine whether it could stifle competition in the U.K. Officials have now concluded that isn’t the case and said the transaction didn’t warrant a more in-depth probe.
Boeing agreed to acquire Spirit in July last year in a roughly $4.7 billion deal that included Boeing-related commercial operations as well as commercial, defense and aftermarket operations.
Spirit, which split from Boeing about two decades ago, has been at the center of quality issues affecting 737 MAX jets. Spirit’s factory in Wichita, Kan., made the fuselage involved in last year’s Alaska Airlines door-plug blowout.
Boeing executives have said they believe taking control of Spirit’s operations would improve the safety and quality of its manufacturing.
Clearance from the CMA brings the companies closer to finalizing the transaction. If U.K. antitrust officials had concluded the deal threatened competition, they could have blocked it altogether or imposed so-called remedies on Boeing, meaning the jet maker could have been forced to sell certain assets or make other concessions to earn antitrust approval.
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Ryanair, Boeing's biggest European customer, said it could delay deliveries of some 737 MAX aircraft as it holds out for a trade deal between the U.S. and the European Union.
The airline, Europe's biggest by passenger numbers, said it doesn't urgently need jets due to be delivered through October, leaving it room to defer the orders and wait for an EU-U.S. agreement. Chief Executive Michael O'Leary said he expects any deal to include a carve out for commercial aerospace.
While the EU has weighed imposing duties on U.S. goods, including Boeing jets, O'Leary said he thought long-lasting tariffs were unlikely. "To the extent that they're imposed, I think they will be short-lived," he said.
Ryanair has a fixed price contract with Boeing, meaning the plane maker would be on the hook for any duties, O'Leary said. Ryanair would try to help ease the burden, he said, including by taking delivery of aircraft through its tariff-exempt U.K. subsidiary.
O'Leary spoke to analysts after Ryanair reported quarterly net profit of 819 million euros, equivalent to $952 million, more than double a year earlier. Shares rose over 5% in Europe and the U.S.
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Korean Air’s Boeing order is its largest-ever order and Boeing’s largest wide-body order from an Asia-based carrier
Boeing plans to sell 103 airplanes to Korean Air 003490 -0.63%decrease; red down pointing triangle Lines for $36.2 billion.
The intent to purchase is part of a larger planned investment by Korean Air to spend $50 billion on U.S. planes, spare engines and maintenance services.
The South Korean Airline aims to contract 20 years of engine maintenance service from GE Aerospace for $13 billion. It will also buy 11 spare engines from GE Aerospace and eight from CFM International for a total of $690 million, it said Monday.
The agreements were formalized at a signing ceremony in Washington, D.C.
Korean Air’s Boeing order is its largest-ever order and Boeing’s largest wide-body order from an Asia-based carrier, Boeing said. The order includes 50 737-10s, 25 787-10s, 20 777-9s and eight 777-8 freighters, and is scheduled for phased delivery through the end of 2030.
Korean Air currently operates 108 Boeing planes and has 72 of its jets on order. Its total book will be 175 Boeing planes once this deal is finalized, Boeing said.
Korean Air is buying the Boeing planes from a fuel-efficient family to support its growth, modernize its fleet and move ahead on integration following its merger with Asiana Airlines, Boeing said.
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Brisk plane deliveries lifted Boeing BA -0.08%decrease; red down pointing triangle to its best quarterly financial performance since 2023, just before a midair door plug blowout exposed a litany of quality-control problems.
The aerospace giant burned through $200 million in cash in the latest quarter, a smaller sum than Wall Street analysts expected. That keeps the company on track to bring in more cash than it spends before the end of this year.
Boeing is back to churning out 38 of its bestselling 737 MAX jets a month—as many as U.S. regulators will allow—a rate that executives have said it must maintain to stanch years of cash losses.
A faster tempo is still far away. Chief Executive Kelly Ortberg said in a message to workers Tuesday that the company won’t seek Federal Aviation Administration approval to speed 737 production to a more profitable 42 jets a month until internal performance metrics “show that we’re ready.”
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Cathay Pacific Airways said it will buy Boeing jets valued at about US$8 billion as the Hong Kong flag carrier posted a slight increase in first-half profit on higher passenger volumes and lower fuel prices.
The airline on Wednesday reported net profit of 3.65 billion Hong Kong dollars, equivalent to US$465 million, for the first six months of 2025, up 1.1% from a year earlier. It attributed the increase to higher passenger volumes and lower fuel prices, which offset lower yields as more capacity was added to the market.
Revenue for the period rose 9.5% to HK$54.31 billion.
Cathay Pacific’s 293 1.03%increase; green up pointing triangle passenger revenue in the first half climbed 14% to HK$34.21 billion, with its passenger load factor improving to 84.8% from 82.4% a year ago.
The airline said it will purchase 14 Boeing 777-9 aircraft with a basic price of about US$8.1 billion for delivery by 2034, bringing its order book for the plane to 35. Boeing said the order makes Cathay the biggest operator of its 777-9 jets in Asia-Pacific.
Cathay said it has the option to buy an additional seven jets and was granted significant price concessions.
Shares of Cathay Pacific fell after the results, ending 9.7% lower for its biggest one-day percentage loss in more than four years.
Cathay’s share price looks slightly overvalued, and the negative market reaction was likely due to passenger yields falling more than expected, said Lorraine Tan, director of equity research for Asia at Morningstar. The Hong Kong airline’s passenger yield dropped 12.3% in the first six months of the year.
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