Latest News
-
Avolta, a duty-free retailer, reports a lower annual revenue than expected
Avolta, a Swiss duty-free retailer, reported on Wednesday a?slightly?lower than expected annual turnover in a difficult environment. Avolta, which operates shops in airports, cruise liners, seaports, and other tourist destinations worldwide, reported a core revenue of 13.72 billion Swiss Francs ($17.63 billion) for 2025. This is up from 13.47 a year ago, but below analysts' expectations of 13.81 billion Swiss Francs according to a Vara Research?poll. In a press release, Chief Executive Officer Xavier Rossinyol stated that "even in a complex 'external' environment, such as the recent conflict affecting certain parts of Middle East, our size, diversification, and clear strategic directions give us confidence." The escalating 'Middle East conflict' has sent the global markets into a tailspin. It has also significantly dampened investors' economic optimism, as they fear that it will cause an oil price shock and raise inflation. The company confirmed its medium-term goals. It said it would propose a dividend?of 1.15 Swiss Francs per share for 2025. This is up from 1.00 Swiss francs an year ago.
-
Analysts see a smooth transition after IndiGo's CEO quits
IndiGo shares rose Wednesday after the resignation of CEO Pieter Elbers. Analysts expected a smooth transition, despite the crisis last year. After a 21.4% decline since early December, when it cancelled thousands flights, the?stock increased as much as 3.0% on that day to reach 4,512.90. In a recent note, Jefferies stated that leadership transitions are usually smooth and backed by founder oversight. The brokerage cited operational stability amid the Middle East Crisis, clarity about summer schedules, and progress in?CEO successions as key factors for the near future. HSBC stated that the airline 'is not expected to change its strategy in a major way,? with Bhatia likely focusing on operational efficiency and boosting the airline's reputation. IndiGo, the company that controls about 65% of the market in India, one of the fastest growing aviation markets in world, was forced to cancel 4,500 flight in December because it failed to properly plan for "pilot rest and duty" rules. This left tens thousands of passengers stranded. Elbers was reprimanded by regulators later for "inadequate oversight of flight operations and crisis-management." Bhatia, in an internal memo describing his new role, referred to the December cancellations as the worst crisis in the 20-year history of the budget carrier. On Tuesday, the global airline stocks stabilised after U.S. president Donald?Trump stated that the war could be "over soon". Fuel is typically between 20-25% of airline operating costs. (Reporting and editing by Sumana Naandy in Bengaluru. Urvi Dugar is reporting from Bengaluru.
-
New York Times Business News - March 11, 2019
These are the top stories from the business pages of the New York Times. ? The?story has not been?verified and the?report does not guarantee their accuracy. Boeing has said it will delay delivery of certain 737 Max jets while it fixes a wiring problem, but that the delay won't prevent it from meeting its sales goal for 2026 of 500?Max planes. YouTube has added a tool that allows government officials, candidates for political office and journalists to report videos where artificial intelligence is used to display their likeness. - 'USA Today has named Jamie Stockwell as the new leader of its Newsroom. She is a former editor for The Washington Post and The New York Times. (Compiled by Bengaluru newsroom; Editing by Sonia Cheema) - On Wednesday, the Trump administration plans to resume?the Global Entry Program. This comes just a few weeks after the program was paused because of a partial shutdown of the Department of Homeland Security. (Compiled by Bengaluru Newsroom; Editing done by Sonia Cheema).
-
Cathay Pacific reports 9.5% increase in annual profits on strong passenger demand and cargo demand
Cathay Pacific Airways announced a 9.5% increase in full-year profits on Wednesday, driven by a'strong passenger traffic recovery' and a robust cargo demand. The airline also said it would be increasing capacity this year, despite the geopolitical uncertainty. Hong Kong's flagship carrier's net profit topped HK$10.83billion ($1.38billion) in the year ending December 31. This was higher than the LSEG SmartEstimate prediction of HK$10.05billion and exceeded the HK$9.89billion recorded in 2024. Cathay Chairman Patrick Healy stated that the airline expects to increase passenger capacity by 10% this year, as they add frequencies and destinations to their network. This will also boost cargo capacity. The airline is facing headwinds due to the 'ongoing Middle East conflict', which has disrupted global operations and increased jet fuel prices, leading some airlines, including United, to increase fares and fuel surcharges. Healy stated in a press release that "the current global geopolitical climate is volatile and causes unexpected shifts in cargo and passenger traffic flows, as well as jet fuel prices." In '2025, revenue grew 11.9% to HK$116.8bn. This was largely due to a 15.8% increase in passenger revenue. The carrier carried 28.9?passengers in the year. This is a 26.5% increase from 2024. They achieved an 85.2% load-factor. Cathay has now made a profit for the third year in a row after?three years? of losses? due to the pandemic. During this time, it had also made?heavy layoffs?. ($1 = $7.8261 Hong Kong Dollars) (Reporting and editing by Jamie Freed; Additional reporting from Sameer Manekar, Bengaluru)
-
South Korea auditor finds cost cutting and faulty approvals on the Jeju Air crash scene
The state auditor stated that the South Korean transport ministry has been cutting construction costs for more than 20 years and approving unsafe airport safety structures. This was revealed in a report about aviation safety management following a Jeju?Air accident which killed 179 people. In the 'December 2024 crash, a 'Boeing 747-800 was hit by birds and then belly-landed at Muan Airport. It overran its runway, killing nearly everyone aboard after it hit a concrete support of a localiser. Two flight attendants were the only survivors. In a report released on Tuesday, the Board of Audit and Inspection stated that the Ministry built a concrete embankment 2.4 metres (7.9 ft) in height to be used as a localiser (a landing guidance system) at Muan Airport 'to reduce earthwork costs without properly reviewing relevant rules. According to international standards, localisers should be designed so that they can break apart easily upon aircraft impact. It is responsible for the construction of airports. The ministry transfers the operation to Korea Airports Corp. (KAC), but remains responsible for safety certification. The auditor found that the ministry approved 14 localisers which were not compliant at eight airports, including Muan Gimhae Jeju. The auditor also stated that the ministry approved inspections and operating permits for up to 22-years, erroneously finding that frangibility standards were met. The report identified wider shortfalls in the prevention of bird strikes and other aspects of management of air safety, and informed the Ministry of 30 cases of procedural or wrongdoing failure. The Ministry of Land and Infrastructure and Transport "humbly" accepted the findings, and said that it would follow up with strict measures including localiser improvements and bird strike prevention. We were unable to reach the spokespersons of KAC or Jeju Air for a comment. A separate government-commissioned report ?found the crash might not have been deadly if there had ?not been a concrete embankment at the end of the runway, an opposition lawmaker said in January, citing a simulation ?contained in the report. Public disclosure of a full "investigative" report is still pending. It has missed the deadline of one year for the release a progress report. Since the crash, Muan Airport has been closed. When it will open is not known. (Reporting and editing by Ed Davies, Christopher Cushing, and Joyce Lee)
-
Balcazar: Gas pipeline in Peru to be repaired this weekend
Jose Balcazar, the Peruvian president, said on Tuesday that the repairs of the main natural gas pipeline in the 'country should be 'finished' on Friday. This will allow natural gas supplies to return to normal this weekend. It could also bring the worst energy crisis the country has experienced in the past 20 years to an end. Transportadora de Gas?has worked to repair the Cusco Megantoni 'district' pipeline since early March when the rupture caused the government to impose emergency measures. Balcazar said that during a press briefing, the company anticipates reopening of natural gas supply on Saturday and distribution to be restored on Sunday. TGP's pipeline failure, which is the backbone system that supplies almost half of Peruvian electricity and the majority of LPG, forced gas rationing. This has pushed up energy prices, and exposed long-standing weaknesses in the Andean country's energy system. Balcazar said that in-person classes at schools and universities will'start back on Wednesday', after the government announced virtual classes due to rationing this week. Balcazar was a newcomer to the job, having been appointed by Congress in February following the ouster of his predecessor. The country is set to hold presidential elections on 12 April. Reporting by Marco Aquino; Writing by Brendan O'Boyle; Editing by Daina-Beth Solomon and Natalia Siniawski
-
Local police in Switzerland say that at least six people have died in a bus fire.
A bus fire in a small Swiss town on Tuesday resulted in at least six deaths, prompting police to open a criminal probe. The Fribourg police confirmed that the bus was engulfed by flames while driving on a road near Kerzers. This town is located in the canton Fribourg and is about 20 kilometers (12 miles) from the Swiss capital Bern. Frederic Papaux is a spokesperson for the Fribourg Police. The police said that three injured persons were transported to hospital. Papaux reported that passengers escaped the bus in a panicked state, and were injured. No other vehicles were involved. The video shows the remains of the car after the fires have been extinguished. Papaux could not confirm unverified reports on social media that a passenger on the bus poured gasoline onto themselves or how the fire started. Guy Parmelin, the Swiss president, expressed his condolences to the victims and confirmed that an investigation was underway. In a statement posted on X, he said: "I am shocked and saddened that yet again people lost their lives in a serious Swiss fire." A fire in a Swiss ski resort called Crans Montana killed 41 people, injured 115 and shook Switzerland. Reporting by Olivia Le Poidevin, Editing by Neil Fullick
-
La Prensa reports that China's COSCO Shipping has suspended operations at Panama's Balboa Port.
Local newspaper La Prensa on Tuesday reported that the Chinese shipping and logistics conglomerate COSCO Shipping has halted operations at the Balboa Port at the entrance of the Panama Canal. Could not immediately confirm the report. COSCO published a notice to clients, which was published by La Prensa. The company stated that empty containers should be returned to the Colon Container Terminal or the Manzanillo International Terminal in Colon Province. The newspaper reported that COSCO had not specified the reason for its suspension, or whether it was temporary or permanent. This move comes after a ruling by the Supreme Court of Panama in late January that canceled 'key port' contracts held by Panama Ports Company, a subsidiary owned by CK Hutchison from Hong Kong. APM Terminals - a Maersk unit - recently started 'temporary' operations at Balboa for a period of up to 18 months.
Gas need from United States LNG export plants heads for very first decrease in 8 years
Demand for U.S. gas to produce melted natural gas (LNG) for export this year is headed for its first decline given that the nation began exporting the superchilled fuel from the lower 48 states eight years back.
The U.S. is the world's largest exporter of the superchilled gas and an essential company of gas to Europe in the wake of Russia's. intrusion of Ukraine. Natural gas rates have stayed fairly. high in Europe as the expected U.S. growth in output in 2024 has. not materialized and the continent is bracing for a brand-new gas. price shock as colder winter season weather diminishes stocks.
Gas drillers have benefited from robust demand from. LNG export plants specifically considering that sanctions on Russian gas. improved European need for U.S. LNG. Manufacturers have indexed. some output to worldwide LNG rates, so slowing circulations of gas to LNG. export plants indicates they have less incentive to grow output.
Because 2016, when Cheniere Energy's Sabine Pass. export plant in Louisiana delivered its very first cargo, feedgas to. the plants increased every year, even in 2020 when lockdowns. throughout the COVID-19 pandemic slashed demand for energy.
LNG plant interruptions and hold-ups in construction of brand-new plants. have actually decreased need so far this year, LSEG data revealed.
With simply 11 days left in 2024, the amount of gas streaming to. the eight big U.S. LNG export plants reduced to an average of 13.0. billion cubic feet per day (bcfd) from approximately 13.1 bcfd. in 2023, LSEG information showed.
One billion cubic feet of gas can provide about 5 million. U.S. homes for a day.
The annual decrease in demand is forecasted even though. the first brand-new LNG export facility considering that 2022, Venture Global. LNG's 2.6-bcfd Plaquemines export plant in Louisiana, began. producing LNG over the previous week or two.
However the industry expects this year's decrease to be simply. a blip, with U.S. LNG capacity seen more than doubling over the. next four years. New plants coming online needs to lift capability. from around 13.8 bcfd now to 17.8 bcfd next year, 20.3 bcfd in. 2026, 22.0 bcfd in 2027 and 24.2 bcfd in 2028.
PLANT BLACKOUTS
Amongst the greatest factors in this year's fall in LNG feedgas. demand were numerous outages at Freeport LNG's 2.1-bcfd plant in. Texas. At least one of the plant's 3 liquefaction trains. shut every month in 2024, other than October, with a few of those. failures lasting numerous weeks, according to LSEG data.
Freeport LNG is the 2nd biggest U.S. LNG manufacturer, but. Venture Global's Plaquemines will most likely move into 2nd. location once it is totally operating.
Several big LNG jobs under building on the U.S. Gulf Coast have dealt with expense overruns due to labor lacks and. supply chain obstacles.
Venture Global's Plaquemines is over spending plan by $2.3 billion. even though it has actually remained on schedule. The 2.4-bcfd Golden. Pass plant in Texas, owned by Exxon Mobil and. QatarEnergy, is more than $2 billion over spending plan and behind. schedule.
Golden Pass was expected to begin producing its very first LNG. in 2024 but that was pressed back to late 2025 after its primary. contractor, Zachry Holdings, declared personal bankruptcy.
Projections call for feedgas materials to U.S. export. facilities to rise by an average of around 2 bcfd next year, a. substantial step up, said Alex Munton, director of worldwide gas. and LNG research at speaking with company Rapidan Energy Group.
We see only restricted disadvantage given tight worldwide market. conditions, with performance problems at Freeport the main threat,. Munton informed Reuters.
The decline is generally since the U.S. remains in between 2. generations of LNG build out, stated Individual retirement account Joseph, an LNG market. expert and senior researcher at Columbia University's Center on. Global Energy Policy.
We are bullish on U.S. LNG and typically on natural gas. demand development with strong development moving forward in the next five. years, Joseph stated.
Even with the decline in LNG feedgas materials, U.S. LNG. exports were anticipated to be up fractionally this year from 2023. due to improved efficiencies.
LNG exports were on track to increase by 1% in 2024 after. jumping 12% in 2023 and an average of 43% each year throughout the. prior five years (2018-2022), according to the U.S. Energy. Details Administration's (EIA) latest Short Term Energy. Outlook.
Faster development must resume next year when brand-new jobs. start. Gains might increase by around 14% to an approximated 13.7 bcfd. in 2025, according to EIA.
(source: Reuters)