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WASHINGTON, April 14 (Reuters) – China’s central bank governor on Friday took a swipe at efforts by Western economies to trade more with allies and rely less on the world’s largest goods-exporting country, saying such “friend-shoring” attempts could prevent global supply chain tension from easing.
Reducing their deep dependence on supply chains with China at their center has become a top priority among Western economies as Beijing’s threats to Taiwan heighten geopolitical risks in Asia. The trade disruptions of the pandemic years have also added urgency to the desire to limit their dependence on China.
“The global economy is facing increasing downward pressures,” Yi Gang, governor of the People’s Bank of China, said in a statement to the International Monetary Fund’s steering committee.
“Despite an overall easing of supply chain tensions, they continue to be challenged by protectionist measures such as onshoring, nearshoring, and friend-shoring,” Yi said.
U.S. Treasury Secretary Janet Yellen has recently encouraged “friend-shoring,” or the diversification of supply chains away from China to market-oriented democracies such as India.
Group of Seven (G7) finance leaders on Wednesday pledged to support low- and middle-income countries playing bigger roles in supply chains, a move that would allow advanced economies to whittle down their reliance on China for strategic goods.
The fragmentation of global trade has drawn warnings from international institutions including the IMF.
IMF Managing Director Kristalina Georgieva has warned policymakers of the danger of a new Cold War as they ramp up efforts to secure their industrial supply chains amid geopolitical tensions between major powers.
On the IMF’s quota reform, Yi also called for quota increases that “reflect the relative share of members in the global economy” and strengthen the voice and representation of emerging market and developing economies.
China’s central bank governor criticizes Western efforts to trade more with allies and rely less on China, warning that “friend-shoring” attempts could prevent global supply chain tension from easing, amid calls to reduce dependence on China for strategic goods. #China #supplychain #trade #globalization
Boeing shares tumble as some MAX deliveries halted, airlines fret over impact
April 14 (Reuters) – Boeing Co (BA.N) shares closed down 5.6% on Friday after the planemaker halted deliveries of some 737 MAX jets due to quality-related problems in certain components made by one of its main suppliers.
Boeing is under tough regulatory scrutiny following the deadly crashes of its MAX planes in 2018 and 2019 and the pause in deliveries may delay plans for production ramp-up as it needs to undertake inspections of affected jets, some analysts said.
Any delay in deliveries is likely to upset airlines that have been counting on the company for a timely supply of planes to boost their fleets.
Boeing was poised to raise the production of its best-selling family of jets to 38 in June and 42 by January 2024 from 31 per month currently, Reuters reported earlier this week.
The problem, disclosed by Boeing on Thursday, involves the installation of two fittings that join the aft fuselage made by Spirit AeroSystems (SPR.N) to the vertical tail, which were not attached correctly to the structure of the fuselage before it was sent to the planemaker.
The latest quality issue is the second such problem to plague the planemaker this year, after it was briefly forced to halt deliveries of 767 freighters.
The recent discoveries can be attributed to two main factors: less experienced workers and more rigorous inspections of aircraft before delivery, Melius Research Vice President Scott Mikus said.
Boeing, together with Spirit, will have to undertake inspections of the affected MAX 7, MAX 8 and MAX 8200 airplanes and fuselages.
“Unlike the recent 787 delivery pause in Q1 … this issue relates to actual non-conforming parts, which will need to be inspected (at minimum) or reworked. This likely points to a longer pause this time (BA resumed 787 deliveries after ~2 weeks),” Wells Fargo analyst Matthew Akers said.
Akers, however, added that the impact could be “short term in nature” and that Boeing may push its 2023 cash flow goal of $3 billion to $5 billion toward the lower end.
Shares of Spirit closed down 20.7% on Friday.
“We see more negative financial exposure to this news at Spirit than at Boeing,” J.P. Morgan analyst Seth Seifman said.
The issue could weigh on the fleet-expansion plans of the airlines.
Southwest Airlines (LUV.N) expects the issue to impact its current delivery schedule, while American Airlines (AAL.O) said it was working with Boeing to understand the effect.
Europe’s Ryanair (RYA.I), which was scheduled to receive 24 737 aircraft over the next 2-1/2 months, said it was working with Boeing on the possible impact.
Boeing shares plummet as the company halts deliveries of some 737 MAX jets due to quality-related problems, which may delay production ramp-up and upset airlines that have been counting on a timely supply of planes to boost their fleets. #Boeing #737MAX #airlines #aviation