Business

Boeing will record $1 billion charge

Boeing on Tuesday said it will record a $1 billion charge because of a delay in producing a new version of the 747 freighter jet, blaming slow sales and late design changes .

It's the second time in four months that the company has announced delays in delivering a new aircraft model. In June, it announced further postponement of the 787, a highly anticipated passenger plane which is more than two years behind schedule.

The troubles come as the airplane maker grapples with dwindling orders amid the global economic downturn, which has undercut demand for air travel and cargo services. Some airlines have been forced to cancel or delay plans to buy new planes. Boeing has cut costs and announced plans to slash thousands of jobs and scale back production of some aircraft.

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