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Boeing Commercial Airplanes vice President Ihssane Mounir, Boeing Commercial Airplanes CEO Kevin McAllister, Korean Air CEO Walter Cho and Air Lease corporation CEO John Plueger pose with models of Boeing 787 Dreamliner at a commercial announcement during the 53rd International Paris Air Show at Le Bourget Airport near Paris, France June 18, 2019.

Pascal Rossignol | Reuters

Korean Air confirmed it will spend a reported $9.7 billion on new Boeing aircraft to overhaul its aging fleet.

The Asian carrier has approved a budget of $6.3 billion to spend on 10 787-9 and 10 787-10 Dreamliner planes. A further 10 Dreamliner aircraft are to be leased at a cost of $3.4 billion.

The figures quoted are based on Boeing’s commercial list pricing and a discount can be expected. Confirmation of the purchase came after the close of Thursday trade in the South Korean Kospi index.

The deal was first announced in June at the Paris Air Show but has now been signed off by the board of Korean Air, according to Reuters. The investment will be made between now and 2025.

Boeing’s Dreamliner series, or 787, is a long-haul wide-body commercial plane that can seat up to 335 passengers. First introduced in 2011, the plane was considered a step up for fuel efficiency, range, and passenger comfort.

At present Boeing has delivered 859 of its 1,441 Dreamliner orders.

Korean Air Chairman Walter Cho has previously said the aircraft will become the “backbone” of the airline’s mid and long-haul fleet strategy and will replace its existing Boeing 777s, 747s and its Airbus A330s.

Korean Air wants to modernize its fleet to save on fuel costs and quell criticism that its planes are particularly bad for the environment.

Research from the Transition Pathway Initiative (TPI) in March this year identified the firm as the worst-performing major airline for emitting carbon particles into the atmosphere.

In a ranking of 20 airlines, stretching back to 2014, TPI found that Korean Air flights emitted between 170 and 200 grams of CO2 per passenger-kilometer.

By comparison Delta, Southwest and Qantas were calculated as closer to 100 grams of CO2 per passenger-kilometer.

Now watch: Boeing facing ‘nothing but bad news’

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At G-7, Trump says he is not happy about North Korea missile tests

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SAINT-JEAN-DE-LUZ, France — President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.

“I’m not happy about it but again he’s not in violation of any agreement,” Trump said when asked about the recent string of tests from the North’s Kim Jong Un.

“I discussed long-range ballistic and that he cannot do and he hasn’t been doing it and he hasn’t been doing nuclear testing. He has done short-range, much more standard missiles, a lot of people are testing those missiles, not just him. We are in the world of missiles folks, whether you like it or not,” Trump said.

Meanwhile, Japanese Prime Minister Shinzo Abe said North Korea’s test was in violation of UN Security Council resolutions.

On Saturday, North Korea fired what appeared to be two short-range ballistic missiles into the sea off its east coast, the South Korean military said, the latest in a series of launches in recent weeks amid stalled denuclearization talks.

North Korea, the only nation to have tested nuclear weapons this century, spent most of Trump’s first year in office perfecting its nuclear arsenal. The newest member of the world’s exclusive nuclear weapons club has stopped testing of its nukes for now as the U.S. and international community offer the possibility of relief from crippling economic sanctions.

Under the third-generation North Korean leader, the reclusive state has conducted its most powerful nuclear test, launched its first-ever intercontinental ballistic missile and threatened to send missiles into the waters near the U.S. territory of Guam.

Since 2011, Kim has fired more than 90 missiles and had four nuclear weapons tests, which is more than what his father, Kim Jong Il, and grandfather, Kim Il Sung, launched over a period of 27 years.

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Trump at G7 hints at ‘very big trade deal’ with Britain post Brexit

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U.S. President Donald Trump and Britain’s Prime Minister Boris Johnson arrive for a bilateral meeting during the G7 summit on August 25, 2019 in Biarritz, France.

Pool | Getty Images News | Getty Images

SAINT-JEAN-DE-LUZ, France — President Donald Trump met Britain’s Prime Minister Boris Johnson kicking off Group of 7 meetings in the French seaside town of Biarritz.

Clouding the G-7 gathering, which represents the world’s major industrial economies, is the U.K.’s uncertain removal from the European Union.

“He needs no advice, he’s the right man for the job,” Trump said when asked if he had any guidance for Johnson on how to deliver Brexit. “This is a different person and this is a person that is going to be a great prime minister in my opinion,” Trump added of the new prime minister.

In less than three months, Johnson will be at the helm of overseeing U.K.’s removal from the European Union, a move considered to be one of the most significant political and economic changes for the kingdom. And yet, it is still unclear, how, when or if Britain will still leave the European Union. The uncertainty around Brexit has rocked global markets and spooked allies.

Trump said that he would have a major trade deal with U.K. upon leaving the European Union.

“We’re are having very good trade talks between the U.K. and ourselves. We’re going to do a very big trade deal, bigger than we’ve ever had with the UK,” Trump said. “At some point, they won’t have the obstacle of, they won’t have the anchor around their ankle, because that’s what they had. So, we’re going to have some very good trade talks and big numbers,” he said without adding any more detail on a potential deal.

U.S. President Donald Trump and Britain’s Prime Minister Boris Johnson attend a bilateral meeting during the G7 summit on August 25, 2019 in Biarritz, France.

Pool | Getty Images News | Getty Images

Johnson said he was similarly looking forward to future trade deals with the United States and praised Trump’s work on the American economy.

“We’ll be having some pretty comprehensive talks about how to take forward the relationship in all sorts of ways, particularly on trade and we are very excited about that,” Johnson said. “And I just want to actually congratulate the president on everything that the American economy is achieving, it’s fantastic to see that,” he added.

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‘I could declare a national emergency’

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SAINT-JEAN-DE-LUZ, France — President Donald Trump said Sunday he could declare the escalating U.S.-China trade war as a national emergency if he wanted to.

“In many ways this is an emergency,” Trump said at the G-7 leaders meeting of the ongoing trade battle between the world’s top two economies.

“I could declare a national emergency, I think when they steal and take out and intellectual property theft anywhere from $300 billion to $500 billion a year and when we have a total lost of almost a trillion dollars a year for many years,” Trump said, adding that he had no plan right now to call for a national emergency.

“Actually we are getting along very well with China right now, we are talking. I think they want to make a deal much more than I do. I’m getting a lot of money in tariffs its coming in by the billions. We’ve never gotten 10 cents from China, so we will see what happens.”

Trump’s comments come as he met with Britain’s Prime Minister Boris Johnson kicking off Group of 7 meetings in the French seaside town of Biarritz.

Clouding the G-7 gathering, which represents the world’s major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.

U.S. President Donald Trump attends a bilateral meeting with Britain’s Prime Minister Boris Johnson during the G7 summit on August 25, 2019 in Biarritz, France.

Pool | Getty Images News | Getty Images

On Friday, Trump said he would raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1. What’s more, tariffs on another $300 billion of Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%.

When asked if Trump had second thoughts about Friday’s move to escalate the trade war with China, Trump said “Yup.” “I have second thoughts about everything,” he added.

Trump then dismissed concerns that leaders at the G-7 and other U.S. allies would pressure him in ending the trade war with China.

“I think they respect the trade war, it has to happen. China has been, well I can only speak for the United States, I can’t say what they are doing to the U.K. and other places, but from the standpoint of the United States what they’ve done is outrageous that presidents and administrations allowed them to get away with taking hundreds of billions of dollars out every year and putting it into China,” Trump said.

“Our country is doing really well, we had horrible trade deals and I’m straightening them out. The biggest one by far is China,” he added.

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