🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

UPDATE 1-PM May warns Boeing its relationship with the UK is being undermined by Bombardier row

Published 2017-09-28, 05:44 a/m
© Reuters.  UPDATE 1-PM May warns Boeing its relationship with the UK is being undermined by Bombardier row
BA
-
APA
-
BBDb
-

(Adds May quote, background)

LONDON, Sept 28 (Reuters) - British Prime Minister Theresa May said on Thursday that Boeing (NYSE:BA) BA.N was undermining its relationship with Britain by its behaviour in a dispute with Canadian rival Bombardier BBDb.TO that has put 4,200 jobs at risk in Northern Ireland.

"What I would say in relation to Boeing is that of course we have a long-term partnership with Boeing in various aspects of government and this is not the sort of behaviour we expect form a long-term partner and it undermines that partnership," May said when answering a question at a Bank of England event.

The U.S. Department of Commerce on Tuesday imposed a 220-percent duty on Bombardier's CSeries jets, whose wings are made at a plant in Belfast, following a complaint by Boeing which accuses Canada of unfairly subsidising Bombardier. said she would try to work with Canada's government to stress the importance of Bombardier to Northern Ireland.

May also said that there was a risk to the world economy from "creeping protectionism," adding that there signs that some countries were rowing back on their commitment to open markets and free trade.

"On the wider issue, I think there is a real challenge for us globally today because I think that there are aspects of protectionism creeping in around the world," she said.

On Wednesday, British defence minister Michael Fallon also criticised Boeing, using similar language to May. He ruled out cancelling existing orders with Boeing for nine P-8 spy planes and 50 Apache (NYSE:APA) helicopters, but added the U.S. firm was seeking other UK contracts.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.