World financial news

Boeing Co’s largest labor union said its members had rejected the plane maker’s contract offer and voted to strike, but the union agreed to postpone a walkout for 48 hours to allow more time for negotiations.

The International Association of Machinists leadership announced the extension, which means Boeing employees will stay on the job until Friday, after saying that 87 percent of its members voted to start a strike at midnight on Wednesday.

If a deal for a new three-year contract is not reached by Friday, nearly 27,000 Boeing workers will start a strike that would cost the company about $100 million in revenue per day as customers’ planes sit idle on production lines.

Boeing shares fell 2.2 percent to $64.61 in early New York Stock Exchange trade.

Even though its workers voted overwhelmingly to strike, Boeing stopped short of promising anything specific or committing to improve on its last offer bad credit payday loan.

“We offered employees the best package of pay and benefits in the aerospace industry,” Doug Kight, Boeing vice president and lead negotiator, said in a statement.

“The Federal Mediation & Conciliation Service has asked both parties to meet at a neutral location this week to explore whether an agreement can be reached,” Kight added.

The union leadership surprised rank-and-file members, who were preparing picket signs for a strike as the vote was being counted, with news of the postponement, drawing angry shouts from the crowd gathered at a Seattle union hall. 

Read more