Boeing no longer world’s largest planemaker after 737 Max grounding


Boeing no longer world’s largest plane maker after 737 Max grounding

Boeing Co. lost its title as the world’s largest plane maker to Airbus SE, suffering the biggest defeat in the companies’ 45-year duel because of the grounding of the 737 Max. The US aerospace giant delivered just 380 jetliners last year, according to a company statement Tuesday. That was fewer than half of Airbus’s tally of 863 planes. Boeing’s epic trouncing underscored the depth of the Max crisis, after global regulators halted commercial flights and deliveries of the model in March after two crashes killed 346 people. Airbus’s victory was its first since 2011 and 10th since 1974, when the company’s A300 jetliner made its commercial debut. — BLOOMBERG NEWS



MGM sells two Vegas resorts

MGM Resorts International is selling the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture for about $2.5 billion. The joint venture includes private-equity and real estate company Blackstone Group and MGM Growth Properties LLC. The joint venture will be owned 50.1 percent by MGM Growth Properties and 49.9 percent by Blackstone. It will also acquire the real estate assets of Mandalay Bay from MGM Growth Properties and lease both properties to MGM Resorts for an initial rent of $292 million. The Mandalay Bay was the site of a 2017 shooting that left 58 people dead. It is the deadliest mass shooting in modern US history. — ASSOCIATED PRESS


Vw had a good year

Volkswagen has announced record annual sales that could determine whether it keeps its crown as the world’s largest automaker. The company, based in Wolfsburg, Germany, said Tuesday that it delivered 10.97 million vehicles in 2019. That compares with 10.83 million in 2018, when Volkswagen edged out the Renault-Nissan-Mitsubishi alliance and Toyota, although the alliance was slightly ahead when trucks are removed from the totals. — ASSOCIATED PRESS


SmileDirectClub to sell directly to dentists and orthodontists

SmileDirectClub Inc. will start selling its teeth-straightening products to dentists and orthodontists, putting it in direct competition with onetime partner Align Technology Inc.’s Invisalign. A supply pact with Align that limited SmileDirectClub to selling its products only online and in retail shops expired at the end of 2019, the Nashville company said in a statement announcing the move Tuesday. SmileDirectClub makes 3-D-printed aligners that are custom fitted to patients based on impressions made in shops or at home with a kit. The company says more than 750,000 people have used its teeth-straightening products since it was founded in 2014. — BLOOMBERG NEWS



Citigroup fourth-quarter profit up 15 percent

Citigroup’s fourth-quarter profits rose by 15 percent, as the banking conglomerate benefited from a boost in trading similar to competitor JPMorgan Chase’s. The New York bank said Tuesday that it earned a profit of $4.98 billion, or $2.15 per share, compared with a profit of $4.3 billion, or $1.65 per share, in the same period a year earlier. The results topped analysts’ expectations for a profit of $1.81 a share, according to FactSet. Like JPMorgan Chase, which also reported its results Tuesday, Citi saw a boost in profits from its trading operations. Bond trading revenues rose 49 percent from a year earlier, when a steep downfall in the markets in the fourth quarter took its toll on all banks’ trading desks. — ASSOCIATED PRESS


Sugarbush deal is finalized

The deal to sell Vermont’s Sugarbush ski resort to the Alterra Mountain Co. has been completed, the company announced Tuesday. In a news release, Alterra, of Denver, said the purchase increases Alterra’s total year-round mountain destinations to 15 in six states and three Canadian provinces. Sugarbush president Win Smith will remain in that role and will oversee daily operations and plans for capital improvements. Among the Alterra Resorts are Steamboat and Winter Park in Colorado, Tremblant in Quebec, and Deer Valley Resort and Solitude Mountain Resort in Utah. — ASSOCIATED PRESS



New Jersey aims to boost e-vehicle use

New Jersey is on the cusp of taking its biggest step yet to promote electric vehicles. The state’s Senate and Assembly passed a bill late Monday calling for 2 million plug-in electric vehicles by 2035. That’s nearly 20 times the number in the state today. It would mean about 70 percent of all light-duty vehicles in New Jersey would be electric, based on the number of automobiles on the road now. To do it, the legislation would offer consumers rebates of as much as $5,000. — BLOOMBERG NEWS


To complete with Chick-fil-A, McDonald’s turns to MSG

In McDonald’s Corp.’s push to make a fried-chicken sandwich that better competes with Chick-fil-A’s, it picked up something extra in the recipe: MSG, a flavor enhancer with both fans and foes. The world’s biggest restaurant chain is testing chicken sandwiches with monosodium glutamate, an ingredient that adds a savory taste but has drawn health concerns from consumers. The additive is popping up in the new sandwich undergoing trials in Knoxville, Tenn., and Houston, as well as appearing at other locations in tests of sausage, soup bases, and different crispy-chicken fillets. — BLOOMBERG NEWS


Every US metro area saw prosperity in 2018

Americans in every US metropolitan area experienced economic prosperity in 2018, according to a recent report from the Bureau of Economic Analysis. For the first time in 26 years, no metro area saw per capita incomes fall that year — according to the latest available data — and it was only the fourth time since 1970 that every US urban region experienced prosperity. Americans in fewer than 6 percent of metropolitan areas have experienced uninterrupted gains in personal income since 1970. In contrast, as the country began to recover from the Great Recession in 2009, residents of 84 percent of metro areas saw incomes decline. A large number of areas saw significant decreases in 2013 and to a lesser extent in 2016. — BLOOMBERG NEWS



Ellison’s Tesla bet paid off

Larry Ellison’s faith in Tesla Inc. and his friend Elon Musk is being rewarded. The Oracle Corp. chairman bought 3 million shares of the electric-vehicle maker before joining Tesla’s board in December 2018. The stake — worth $1 billion at the time — is now worth more than $1.6 billion. The stock has surged 25 percent in just the first two weeks of 2020 as fourth-quarter vehicle deliveries exceeded estimates and Musk started handing over locally assembled cars to customers in China. — BLOOMBERG NEWS


Gen Z shoppers prefer to go green

Generation Z is generation green. The cohort of shoppers typically 22 and under is more willing to pay up for sustainable brands compared to other demographics, according to a study by First Insight Inc. The digital research company found that 73 percent of those it surveyed would pay more for sustainable items, with the majority of that chunk willing to pay a 10 percent price premium. — BLOOMBERG NEWS