The world's biggest plane maker, Boeing, will cut production of its 747-8 jumbo jet in half and take a charge of 569 million dollars in its fourth quarter.

Starting in September Boeing will slow the production rate to six planes a year from twelve.

The four-engined plane is being overtaken in popularity by twin-engined craft which are more fuel efficient.

However, the 747 will still be used for the Air Force One presidential fleet, which is due to be upgraded.