Boeing's new move to take on Airbus

U.S. aerospace giant Boeing has agreed to a $4.75 billion joint venture with Brazilian company Embraer, best known for making 70- to 100-seat range regional aircraft. Under the terms of the deal, Boeing will own 80% of Embraer’s commercial airplane and services business; Embraer will keep the remaining 20%, with the right to force Boeing to buy it out over the next ten years. The deal will help Boeing compete against European rival Airbus, which is also moving into the smaller plane market, notes CNBC.