Boeing's Pay Standoff Sparks Strike Amid Financial Strains

Boeing has retracted its pay offer to 33,000 U.S. factory workers as a major strike enters its fourth week. Despite negotiations with federal mediators, talks have failed. The company is exploring financial measures, including stock sales, while dealing with factory shutdowns and credit rating challenges.

Boeing has withdrawn its pay proposal to around 33,000 factory workers in the United States, with no further negotiations scheduled, as a strike enters its fourth week.

The company held talks with union representatives and federal mediators earlier this week, but discussions broke down, leaving both parties in a stalemate.

Union demands for a 40% pay increase and pension restoration contrast with Boeing's previous offer, while the company explores financial options amid factory shutdowns and a looming credit rating threat.

(With inputs from agencies.)