Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Boeing Company (The)    BA

BOEING COMPANY (THE) (BA)
Mes dernières consult.
Most popular
Report
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

House Votes To Extend Export-Import Bank's Authority For Three Years

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/09/2012 | 08:49pm CET
   By Corey Boles 
   Of  
 

House lawmakers approved a three-year reauthorization of a federal agency that provides assistance to U.S. firms selling generally big-ticket goods abroad, and that had found itself thrust into the limelight of a congressional fight over concerns over the size and scope of the federal government.

The U.S. Export-Import Bank helps U.S. manufacturers sell products to overseas customers by providing loan guarantees and some forms of limited insurance to ease those foreign buyers' ability to buy American products.

Its biggest customers are large U.S. exporters particularly firms like Boeing Co. (>> The Boeing Company), Caterpillar Inc. (>> Caterpillar Inc.), General Electric Co. (>> General Electric Company) and Honeywell International (HON).

The bank's authorization was renewed through fiscal year 2014 with an increase in its financing cap to $140 billion from its current $100 billion during that period. The increase in its financing ceiling is structured to go up gradually and only if the bank maintains a default rate of less than 2% on the financing assistance it provides.

Rep. Gary Miller (R., Calif.), one of the authors of the legislation extending the bank's mandate, said in a floor debate before the vote that the bank's current default rate was less than 1.5%.

Senate Majority Leader Harry Reid (D., Nev.) said this week that he intended to bring up the House legislation. A Democratic leadership aide said the Senate could move on the bill as soon as later Wednesday, but cautioned that depended on the level of opposition among Senate Republicans.

Typically the Export-Import bank has been renewed on autopilot with little attention paid to it. Although the 330-93 House vote was ultimately a strong endorsement of continuing its mandate, it came after two months of wrangling over the role the bank plays in promoting U.S. exports.

Some conservative Republicans had expressed concern both about what they saw as interference by the federal government in private markets, and about the potential cost to the taxpayer.

But Democratic and Republican defenders of the bank have argued that it has never cost the taxpayer a single dime, and in fact has consistently returned a modest profit to the Treasury. They further argued that every major foreign trading partner of the U.S. operates a similar entity that helps domestic exporters, leaving American exporters at a disadvantage if it failed to continue the bank.

An agreement was reached last week between House Majority Leader Eric Cantor (R., Va.) and Minority Whip Steny Hoyer (D., Md.) that paved the way for the legislation to come to the floor this week.

Cantor said that while he was "no fan of government subsidies" he believed the bill "brings strong necessary reforms" to the bank, while ensuring the U.S. didn't "unilaterally disarm" and stop providing financing assistance to the country's exporters.

Hoyer said the bank supported 300,000 U.S. manufacturing jobs and was integral to the country remaining competitive internationally.

To mollify conservative critics, the legislation includes directions to the Obama administration that it must initiate negotiations with foreign trading partners--primarily the European Union--about winding down assistance to exporters. The Treasury secretary would be instructed to report back to Congress annually until this goal is accomplished. But this language doesn't limit the bank's activities in the absence of such an international agreement.

It does require more transparency about the bank's activities by submitting business plans to Congress.

In the Senate, tea-party-backed Republican lawmakers are demanding the right to hold votes seeking to amend the legislation reauthorizing the bank, and have threatened to hold up a vote on final passage until they get their way.

Leadership aides of both parties have said an agreement is likely to be reached to allow some votes to occur followed by the expected final approval of the bill in the coming days.

-By Corey Boles, Dow Jones Newswires; 202-862-6601; [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BOEING COMPANY (THE)
09:54a ALASKA AIR : Retired Boeing Executive Ray Conner Brings 40 years of Global Exper..
02:01a BOEING : Presence at Singapore Airshow Underpins Growth Prospects in Asia-Pacifi..
01/22 BOEING : The Times Herald-Record, Middletown, N.Y., Barbara Bedell column
01/22 Airbus plots response as Boeing warms to new jet - Air Lease CEO
01/22 AerCap CEO does not expect wave of aircraft finance M&A
01/22 Major carriers say no plans to hedge fuel despite rising prices
01/22 AIRBUS : U.S. aviation agency clears Boeing's new Dreamliner
01/22 AIRBUS : in talks with insurers to fill export funding gap
01/22 BOEING : 's 787-10 Dreamliner Cleared for Commercial Service by Federal Aviation..
01/22 NSN : 15603-257-2798; support, structural; wsic: l
More news
News from SeekingAlpha
01/22 Triumph to expand production role for Boeing 767 program
01/22 Air Lease chairman sees risk of Boeing 737 MAX delays over engines
01/22 Good, Tasty Total Return And Income For This Food Company
01/22 WALL STREET BREAKFAST : Futures Slip As Shutdown Continues
01/21 Military chopper crashes in California
Financials ($)
Sales 2017 92 550 M
EBIT 2017 9 487 M
Net income 2017 6 933 M
Debt 2017 2 321 M
Yield 2017 1,72%
P/E ratio 2017 29,81
P/E ratio 2018 26,03
EV / Sales 2017 2,20x
EV / Sales 2018 2,18x
Capitalization 201 B
Chart BOEING COMPANY (THE)
Duration : Period :
Boeing Company (The) Technical Analysis Chart | BA | US0970231058 | 4-Traders
Technical analysis trends BOEING COMPANY (THE)
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 338 $
Spread / Average Target -0,08%
EPS Revisions
Managers
NameTitle
Dennis A. Muilenburg Chairman, President & Chief Executive Officer
Jenette Ramos Senior Vice President-Supply Chain & Operations
Gregory D. Smith CFO & EVP-Enterprise Performance & Strategy
Ted Colbert Chief Information Officer
Gregory L. Hyslop CTO, Senior VP-Engineering, Test & Technology
Sector and Competitors
1st jan.Capitalization (M$)
BOEING COMPANY (THE)14.52%201 306
UNITED TECHNOLOGIES CORPORATION6.53%107 975
LOCKHEED MARTIN CORPORATION3.41%94 336
AIRBUS SE11.80%88 507
GENERAL DYNAMICS2.78%62 165
RAYTHEON4.70%56 768