Business Briefs – January 26, 2017

Boeing Sees More Airliner Deliveries, Lower Defense Revenue

DALLAS (AP) – Boeing Co. beat Wall Street expectations for fourth-quarter profit despite a slump in revenue from its defense business, and it forecasts that deliveries of commercial jets will rise in 2017 after slipping last year.

Boeing said Wednesday that it expects full-year earnings in 2017 to be roughly in line with analysts’ forecasts, although its revenue prediction fell short of Wall Street targets.

Company executives spoke positively about the potential for higher defense spending, lower taxes and less regulation under the new administration. They even downplayed the sting of President Donald Trump’s recent comments about the high price of new Air Force One planes.

Hyundai Motor’s Profit Tumbles 39 Percent on Weak Car Sales

SEOUL, South Korea (AP) – Hyundai Motor Co. reported Wednesday a 39 percent drop in its fourth-quarter income, hit by weak demand in South Korea and the United States and higher costs from strikes and sales incentives.

The South Korean automaker said its net profit was 1 trillion won ($859 million) for the period, compared with 1.6 trillion won a year earlier. Analysts surveyed by FactSet were anticipating 1.5 trillion won of net income. Sales fell 1 percent to 24.5 trillion won ($21 billion).

White House, Trump Organization Name Ethics Advisers

NEW YORK (AP) – President Donald Trump and his hotel and real estate business on Wednesday separately named ethics counselors, the latest attempt to address conflicts-of-interest concerns that arise from his decision to maintain financial ties to his company.

President Trump selected Washington attorney Stefan Passantino as his White House ethics adviser. Trump’s company tapped a former George H.W. Bush campaign lawyer and a longtime company executive as in-house ethics monitors.

But ethics experts, including the head of the Office of Government Ethics, have criticized the plan, saying it doesn’t do enough to ensure that Trump won’t make decisions as president that personally benefit himself, his family or his company.

Contractor Says Trump Refusing To Pay for Work at D.C. Hotel

WASHINGTON (AP) – An electrical subcontractor who worked on the Trump International Hotel in Washington has sued a company owned by President Donald Trump for more than $2 million, alleging it was not fully paid.

AES Electrical filed its lawsuit in the District of Columbia Superior Court, the latest in a string of lawsuits involving Trump’s renovation of the historic Old Post Office building a few blocks from the White House.

AES alleges that it bore increased expenses last year because of change orders and other demands from Trump’s staff. It also said it was told to accelerate the pace of work so Trump could hold a “soft opening” prior to the election.