Beijing, China - October 24, 2024

Boeing reported a six-billion-U.S. dollar quarterly loss on Wednesday, as the company grapples with both ongoing strikes by machinists rejecting its latest contract and reputational damage from safety failures.

The company had offered a new proposal in Seattle days earlier, which included a 35 percent wage increase over four years, reinstatement of an incentive plan, improved 401k contributions and a one-time signing bonus of 7,000 U.S. dollars.

However, 64 percent of the 33,000 union members of the International Association of Machinists voted against the proposal, extending the six-week strike.

Workers are pushing for a 40 percent pay hike over three years, arguing that Boeing's offer fails to address inflation. They also want traditional pensions, cut a decade ago, to be restored.

The strike has severely disrupted Boeing's production, halting the assembly of 737 MAX, 767 and 777 jets, while delaying the 777X's delivery to 2026.

Earlier this month, the company announced a 10 percent staff reduction, affecting about 17,000 workers.

The six-billion-U.S. dollar quarterly loss reflects not only the financial strain from the strike but also the long-term fallout from safety scandals, including two fatal crashes involving the 737 Max jets in Indonesia and Ethiopia just five months apart in 2018 and 2019 that killed 346 people.

Though the planemaker agreed to a settlement in July, admitting to defrauding the U.S. government and paying 487 million U.S. dollars in fines, victims' families argue the penalty is too lenient, calling for fines up to 24.8 U.S. billion dollars.

This year, Boeing continues to face regulatory scrutiny following multiple safety breaches, including a January incident in which an Alaska Airlines plane's door panel blew out mid-flight.

Shotlist:
Beijing, China - Oct 24, 2024:
1. Graphic showing Boeing's contract offer;
FILE: Dubai, UAE - Nov 17, 2023
2. Various of Boeing plane models on display at 2023 Dubai Airshow;
3. Logo of Boeing, interior of airplane;
4. Various of Boeing plane flying at airshow;
FILE: China - Exact Date and Location Unknown
5. Various of Boeing 737 Max 8 plane;
FILE: Addis Ababa, Ethiopia - March 2019
6. Various of grounded Boeing 737 Max 8 plane;
FILE: Miami, Florida, USA - Dec 29, 2020
7. Various of travelers at airport;
8. Screen showing flight information;
9. Various of passengers lining up, checking in;
10. Luggage bags being loaded on airplane.

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