Boeing is returning to the negotiating table two weeks after talks failed to resolve a labor strike at the company, with a federal mediator summoning representatives from Boeing and trade union International Association of Machinists (IAM) District 751 to relaunch talks yesterday, Bloomberg reports. Each day of the strike, which is entering its fourth-week, is costing the plane manufacturer some USD 100 mn in lost sales. Workers lost their access to company-backed healthcare benefits last week.

Where they stand: A second round of wage talks broke down with no progress last week. The strikers are looking for a 40% pay rise and the reinstatement of a defined-benefit pension. The aircraft manufacturer said that it made its “best and final” offer two weeks ago, which would have given workers a 30% raise over four years and restored a performance bonus. However, the strikers rejected the offer as insufficient.

ICYMI- Boeing started implementing a hiring freeze and considered furloughs last month, as the aviation giant scrambled to cut costs amid the 30k-worker strike, which is taking place at Boeing’s 737 Max Jets production hub. This is worsening the company’s already existing supply chain issues and delivery delays, pushing it to stop issuing purchase orders for the 737, 767, and 777 jets to preserve its credit rating.

BP has backtracked on its ambitious goal to slash oil output by 40% before 2030, Reuters reports, citing three sources with knowledge to the matter. Investors’ skepticism about the profitability of the company under its ambitious transition strategy has been building up for some time. Last February, the company downgraded its target to 25% before dropping it altogether. Most recently, last July, BP paused development on new offshore wind projects.Despite abandoning the ambitious goal, BP’s net zero 2050 target is still intact.

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