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Boeing Orders Tumble As Troubled Aircraft Maker Struggles To Overcome Its Latest Crisis

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Another sign of Boeing’s predicament is the fact that canceled sales outweighed falling orders in April.

Boeing announced Tuesday that it received orders for seven planes last month, which is an exceptionally low figure. That wasn’t enough to overcome canceled sales for 33 planes, 29 of which were due to the closure of Lynx Air, a cheap Canadian airline that ceased operations in late February.

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Boeing Orders Tumble As Troubled Aircraft Maker Struggles To Overcome Its Latest Crisis

As expected, deliveries of new Boeing jetliners were low, at 24 in April, putting the American company further behind its European rival Airbus.

In the first four months of the year, Airbus delivered 203 commercial jets, compared to 107 for Boeing. Deliveries are a key source of cash for businesses.

AP – VOR News Image

Boeing Orders Tumble As Troubled Aircraft Maker Struggles To Overcome Its Latest Crisis

The Federal Aviation Administration is halting the construction of new Boeing 737 Max jets as the firm works to enhance manufacturing quality.

The production halt came when a piece known as a door plug burst out of an Alaska Airlines 737 Max shortly after takeoff from Portland, Oregon, in January. The pilots were able to safely land the plane, but the incident has plunged Boeing into its most serious crisis since the fatal crashes of two Max jets in 2018 and 2019.

Current and former Boeing employees have accused the firm of cutting corners on safety, and the FAA, National Transportation Safety Board, and Justice Department are all looking into the matter.

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Boeing Orders Tumble As Troubled Aircraft Maker Struggles To Overcome Its Latest Crisis

While Boeing’s April results were disappointing, the company said it achieved a milestone last month when it delivered the 1,500th 737 Max to Ireland’s Ryanair.

SOURCE – (AP)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Car Dealerships Are Being Disrupted By A Multi-Day Outage After Cyberattacks On Software Supplier

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Car Dealership | AP News Image

NEW YORK — This week, car dealerships around North America experienced huge interruptions.

CDK Global, which offers software to thousands of auto dealers in the United States and Canada, was struck by back-to-back intrusions on Wednesday. This resulted in an outage that disrupted many of their operations on Friday.

Prospective auto purchasers may face showroom delays or handwritten vehicle orders with no obvious end. Here’s what you should know.

CDK Global is a key player in the automotive sales business. The company, situated in Hoffman Estates, Illinois, just outside of Chicago, supplies dealers with software technology to help with day-to-day operations such as vehicle sales, financing, insurance, and repairs.

Dealership | CNN Image

Car Dealerships Are Being Disrupted By A Multi-Day Outage After Cyberattacks On Software Supplier

According to the business, CDK supports over 15,000 retail locations in North America. It was unclear whether this week’s cyberattacks affected all of these places.

According to spokesperson Lisa Finney, CDK is “actively investigating a cyber incident” and has shut down all of its systems out of prudence.

According to Finney’s statement, CDK “executed extensive testing,” consulted third-party specialists, and restored its main DMS and Digital Retailing capabilities by the afternoon.

CDK encountered another “cyber incident” on Wednesday evening, according to Finney in an update the next day. “We remain vigilant in our efforts to reinstate our services and get our dealers back to business as usual as quickly as possible,” she said.

When that will happen is unknown. As of Friday morning, a recorded message from CDK on a hotline providing updates for its customers stated that “we do not have an estimated time frame for resolution—and therefore our dealer systems will be unavailable, most likely for several days.” According to the statement, customer care assistance lines are also inaccessible.

The notice also stated that the company was aware of “bad actors” posing as CDK members or affiliates in an attempt to get system access by contacting customers. It advised employers to be wary of any attempted phishing.

Dealerships | Bloomberg Image

Car Dealerships Are Being Disrupted By A Multi-Day Outage After Cyberattacks On Software Supplier

Several major automakers, including Stellantis, Ford, and BMW, reported to The Associated Press on Friday that the CDK outage had affected some of their dealers, but sales activities will continue.

In view of the current scenario, a Stellantis spokeswoman stated that many dealerships have moved to manual processes to assist consumers, including writing orders by hand.

A Ford representative stated that the disruption could result in “some delays and inconveniences at some dealers and for some customers.” However, many Ford and Lincoln customers continue to receive sales and service support through other avenues used at dealerships.

With many elements of the intrusions still unknown, client privacy is a primary priority, especially because little is known about what information may have been hacked this week.

Dealerships | WSJ Image

Car Dealerships Are Being Disrupted By A Multi-Day Outage After Cyberattacks On Software Supplier

In a statement to the Associated Press on Friday, Mike Stanton, president and CEO of the National Automobile Dealers Association, said that “dealers are very committed to protecting their customer information and are actively seeking information from CDK to determine the nature and scope of the cyber incident so they can respond appropriately.”

SOURCE – (AP)

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AmEx Buys Dining Reservation Company Tock From Squarespace For $400M

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AmEx | Fast Company Image

NEW YORK — American Express will pay $400 million for Squarespace’s Tock meal reservation and event management software.

AmEx began making dining and event purchases five years ago with the purchase of Resy, which provided cardmembers with access to difficult-to-find restaurants and locations.

AmEx | AP News Image

AmEx Buys Dining Reservation Company Tock From Squarespace For $400M

Other credit card difficulties have done the same thing. JPMorgan bought The Infatuation as a lifestyle brand in 2021.

Tock, founded in Chicago in 2014 and owned by Squarespace since 2021, offers reservation and table management services to about 7,000 restaurants and other venues.

AmEx | Yahoo Image

AmEx Buys Dining Reservation Company Tock From Squarespace For $400M

Tock has signed on restaurants such as Aquavit, a high-end Nordic restaurant in New York, and Chez Noir, a buzzy new restaurant in California.

Squarespace and Tock confirmed the acquisition on Friday.

AmEx’s purchase of Resy five years ago raised many heads in the credit card and dining industries. Since then, it’s become an important component of how the corporation secures high-end merchants to be AmEx-exclusive or to provide AmEx cardmembers with special treatment.

AmEx | Eat App Image

AmEx Buys Dining Reservation Company Tock From Squarespace For $400M

The number of eateries on the platform has increased fivefold.

AmEx also announced Friday that it will acquire Rooam, a contactless payment technology widely used in stadiums and other entertainment events. AmEx did not disclose the amount it paid for Rooam.

SOURCE – (AP)

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Under Armour To Pay $434 Million To Settle Lawsuit Over Sales Disclosures

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Under Armour | Retail Points Image

Under Armour announced on Friday that it has agreed to pay $434 million to settle a 2017 class action lawsuit. The lawsuit alleges that the sports clothing company deceived shareholders about its revenue growth to meet Wall Street expectations.

The proposed settlement, subject to court approval, avoids a trial scheduled for July 15 in Baltimore federal court.

Under Armour | Under Armour Image

Under Armour To Pay $434 Million To Settle Lawsuit Over Sales Disclosures

The shareholder lawsuit accused apparel firm CEO Kevin Plank of purposefully deceiving them about the company’s financial condition.

In 2021, the Baltimore-based corporation agreed to pay $9 million to settle Securities and Exchange Commission (SEC) claims of misleading investors about its revenue growth.

The SEC’s inquiry discovered that Under Armour failed to disclose to investors that it used a sales strategy to accelerate or “pull forward” a total of $408 million in existing orders in the second half of 2015.

Under Armour | CNN Image

Under Armour To Pay $434 Million To Settle Lawsuit Over Sales Disclosures

Mark Solomon, lead counsel for the shareholders and a partner at litigation firm Robbins Geller Rudman & Dowd, described the proposed settlement as an “important win,” highlighting pension funds’ critical role in keeping firms accountable.

Under Armour stated that it aims to pay the $434 million settlement with cash and rely on its $1.1 billion revolving credit facility.

In a regulatory statement, the business also stated that it has agreed to keep the roles of chairman and CEO distinct for at least three years.

Under Armour | Under Armour

Under Armour To Pay $434 Million To Settle Lawsuit Over Sales Disclosures

Under Armour stated that the company has repeatedly refuted the charges and engaged in this agreement in principle, which does not constitute an acknowledgment of fault or misconduct.

The business expects its total accrual in legal proceeding contingencies linked to the case to be $434 million in the first quarter of 2025, up from $100 million at the end of fiscal year 2024.

SOURCE – (CNN)

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