Friday newspaper round-up: Boeing, Waitrose, Inmarsat
By Michele Maatouk
Date: Friday 19 Jul 2019
(Sharecast News) - Boeing reported on Thursday it would take an after-tax charge of $4.9bn in the second quarter on estimated disruptions from the prolonged grounding of its lucrative 737 Max passenger jets, after two deadly crashes. The charge is from "potential concessions and other considerations to customers", and the impact of continued lower production, the world's largest plane maker said in a statement, as airlines that use the planes extend flight cancellations until November. - Guardian
Waitrose is closing seven supermarkets as it undergoes its second round of store reductions this year, in a move that puts nearly 700 jobs at risk. Three supermarkets, in Bromley in London, Oadby in Leicestershire and Wollaton in Nottinghamshire, have been sold to Lidl in the latest sign of the changing grocery market being radically shaken up by fast-growing cut-price chains. - Guardian
Freight volumes are falling precipitously within the US and across much of the world as economic slowdown spreads, hitting levels that typically mark the onset of recession. The US rail transport group CSX Corp suffered its biggest share price drop since the Lehman crisis after slashing its outlook on Wednesday. The stock has fallen 12pc over the past two days. - Telegraph
The private equity companies bidding to take over Britain's largest satellite company Inmarsat have put forward a number of "voluntary undertakings" to secure a deal with the British Government. Connect Bidco, a consortium including buyout giants Apax Partners and Warburg Pincus, said it would ensure that the majority of key strategic decisions are made within the UK and that key parts of its global network operations would remain in the country. - Telegraph
One of the country's most senior civil servants has been selected to run the new audit watchdog as part of government measures to create more powerful regulators. Sir Jonathan Thompson, chief executive of HM Revenue & Customs, will leave the tax office in the autumn to take on the role of chief executive of the Financial Reporting Council. - The Times
Two million public sector workers including police officers, soldiers and teachers are to be given above-inflation pay rises, the government will announce next week. On Monday the Treasury will unveil the biggest public sector pay rise for six years, at an estimated cost of £2 billion, amid concerns that the private sector is pushing ahead on salaries. - The Times
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