Boeing beats analyst expectations as aircraft deliveries boost cashflow: Aerospace giant Boeing posted a USD 149 mn loss in 2Q 2023, compared to USD 160 mn in net income during the same period last year, according to the company’s latest earnings release. The results exceeded analysts’ forecasts, despite falling in the red, CNBC reports. A surge in commercial aircraft deliveries — which totaled 136 during the quarter — and the resultant bump in cashflows underpinned the better-than-expected results as the company ramps up production of its flagship products to meet orders, CNBC explained. These gains were, however, offset by losses in the company’s space and defense businesses, which drove the company into loss-making territory.

Market reax: Boeing’s stock price surged 9% on the news, closing at USD 232.80, its highest closing price since November 2021, CNBC reported.

EU ship operators will be required to buy permits on the carbon market for the first time next year,Reuters reports, citing a European Commission statement. So far, power plants, industries, and airlines were required to purchase the permits as part of a wider program to encourage companies to cut back emissions, but next year will see shippers added to the list. Some 78.4 mn new CO2 permits added to the market next year reflect the inclusion of the shipping sector, the commission said.

YES, BUT- There will be fewer permits to go around: The EU is looking to curb the number of permits sold on the market as it eyes tougher emissions policies, the newswire reports. The number of permits is cut back annually and reforms adopted by EU states this year have set out to hasten that rate. This means the number of permits in 2024 will fall to 1.39 bn, down from this year’s 1.49 bn. Analysts expect carbon prices to spike in coming years as more companies compete for a smaller pool of permits, Reuters explained.

The Canadian government is set to intervene in the ongoing port labor dispute to keep the country’s busiest port open, Bloomberg reports. The dock workers’ union turned down a mediated agreement for the second time in a month, prompting the country’s Labor Minister Seamus O’Regan Jr. to involve the Canada Industrial Relations Board. O’Regan has asked the Canada Industrial Relations Board to assess if the union’s rejection of the deal has made it impossible to reach a negotiated settlement. “If so, the government can either impose a new collective agreement on the parties or final binding arbitration,” he said in a statement. “The government is prepared for all options and eventualities,” he added.

Background:The strike, which began on 1 July and lasted for 13 days, caused significant disruptions to trade and the economy, hindering an estimated USD 7.6 bn in shipments. The rejected agreement would have increased wages by 19.2% over four years. Business groups are urging the government to ensure the ports stay open.

IMO Council appoints Arsenio Velasco as secretary-general for 2024-28: The International Maritime Organization (IMO) Council has appointed Panamanian Arsenio Velasco as secretary general for a four-year term, starting January 2024, pending the IMO Assembly’s approval, according to a statement. Velasco served as director of the IMO’s marine environment division for over six years and was previously Panama’s IMO representative, Reuters reports. according to his LinkedIn biography. He has also served with Panama’s maritime authority. Velasco succeeds current secretary general Kitack Lim from South Korea, who served a two-year term.

ALSO WORTH KNOWING-

  • Vietnam’s exports have hit their longest slump in 14 years after falling consecutively for five months, putting it at risk of missing its 6.5% growth target in 2023. (Bloomberg)
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