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Safran targets higher 2026 profit as jet engine services prosper
French aerospace group Safran announced increased earnings and revenue?for 2026, following a year of profitability gains?due to strong demand for its civil jet engines. Safran, which produces?engines for Airbus and Boeing planes under the CFM venture with GE Aerospace, forecasted 6.1 to 6.2 billion euro ($7.2 billion up to $7.4billion) in recurring operational profit this calendar year. This was based on an estimated percentage increase in revenue of "low to middle teens" for the period. The French version of the earnings announcement stated that this was an increase between 12% and 15%. Safran reported a 26% increase in its recurring operating income, adjusted to 5.2 billion euro, and a margin improvement of 1.5 percentage points, to 16.6%. The company's adjusted revenue increased by 15% to 31,33 billion euros, and it also generated 3,92 billion euros of free cashflow. According to a consensus compiled by the company, analysts expected recurring total operating income of 5,22 billion euros from revenue of 31,49 billion euros. They also anticipated free cashflow of 3.66 billion euro. Safran reported that the revenue from services for civil engines has increased by 30% when measured in U.S. dollars. Aftermarket sales were boosted by the demand for air travel, and interest in older jets despite delays in production. The company reported a positive trend in defence, thanks in part to the new orders it received for its engines for the Rafale fighter. Safran has raised its financial targets to 2028. It now expects recurring operating income to be between 7.0 and 7.5 billion euros. This is up from the 6.0 to 6.5 billion euro it predicted at an investor's day in 2024.
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Amprion's main owners are looking at options to increase their stakes, as the funding needs of the company continue to rise.
Two people who are familiar with the situation said that the owners of Amprion - Germany's second largest power transmission grid - may consider selling their stakes to new investors in order to meet the growing funding requirements for energy networks throughout Europe. The people stated that some members of M31 - a joint venture between investors who own 74.9% of Amprion - are evaluating options. These include shifting stakes to coshareholders or divesting them, they said. Amprion stated that it would not be able to comment on any matters related to M31. It said that it was evaluating the financing options available for its investments, and that it had been in discussions with several financial institutions. Both M31 and the m3one management company, which is responsible for all issues relating to this joint venture, declined to comment. Needs for a SKYROCKETING Financing Amprion, Germany's second-largest high-voltage grid company after TenneT Germany, has a grid of approximately 11,000 km (6.835 miles). Its regulated asset base is 11.7 billion euro ($13.9 billion) and it represents a significant gauge of network valuation. Sources said that some shareholders are reviewing their investments due to the astronomical costs associated with?modernising and maintaining Europe's grids of energy, as well as securing them. Amprion has plans to spend over 36 billion euro by 2029. This requires that its owners provide regular capital increases. Amprion announced in December that its owners had contributed 2.2 billion euro in equity. Grids, which are the backbone of the power supply, require more funding to expand, but they also offer returns that are regulated and in the single-digit percentage range. This makes them a good investment for pension funds, infrastructure, and other fund managers. M31's largest shareholder is AEBG. It is backed up by five pension funds, led by AEVWL. AEVWL said Amprion shareholders should carefully consider whether to buy, sell or remain untouched in the event of a capital increase. In response to a question, Markus Altenhoff (AEVWL's Head of Capital Investment) said: "Every professional will have to take this decision matrix into consideration." M31's other shareholders include Munich Re's asset management arm MEAG Munich Ergo, ?Swiss Life, Talanx, Commerzbank's Commerz ?Real and insurer Versicherungskammer. Timo Werner of Commerz Real, who manages a fund for the division that owns 6% in M31, stated that the group was "very comfortable" about its investment, and that networks were an important element of its strategy. The Insurance Chamber said that it planned to be a long-term shareholder in?M31. Swiss Life, Talanx, and MEAG declined to comment. RWE Alkaios Holding owns the remaining 25,1% of Amprion. This joint venture was formed last year when?German utility RWE transferred a portion of its Amprion stake to Apollo Global Management. German division of Dutch grid operator TenneT is already undergoing a major ownership change. A consortium led by Norges, a sovereign wealth fund, bought 46% of the company last year. The German government agreed to buy a minority blocking stake this month.
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GE Aerospace uses robots and a 'Lean" approach to solve jet engine repair problems
Suresh Sinaiyan, a GE Aerospace technician, has spent more than a decade repairing compressor blades on jet engines by guiding them with precision across a sanding band. At the 'new automation lab' of the aerospace giant in Singapore, he teaches a robot the same task. The switch is a part of GE’s efforts to prepare for the next wave of industrial development, and to ease aviation's most pressing bottleneck: overloaded repair shops and scarce spare parts. The unexpected wear and tear of the latest generation 'jet engines' across the industry has caused many jets to be idled and led airlines keep older jets in flight longer. Maintenance lines have stretched into months while engines wait in repair queues. This pressure has now become a public battle. The airlines have complained about engine makers raising prices to take advantage of shortages, while the manufacturers claim they are investing money in expanding support because they have borne huge development costs. Tony Fernandes is the co-founder and CEO of Malaysian low cost airline AirAsia. He said it bluntly: "They must remember that airlines are their future, so treat us as partners." SINGAPORE as the Pressure Valve GE claims that Singapore is a critical part of its solution. The 2,000-employee GE repair?hub will be upgraded with digital tools, AI and more automation as part of a $300 million investment plan. The company wants to increase repair volume by 33% in Singapore without increasing the footprint of?the site -- by reorganising, reshaping and automating tasks when it's efficient. The factory is leading the way in GE's "Flight Deck" recipe for continuous improvement, eliminating waste and reducing costs. This was pioneered by Japanese automakers - and championed Larry Culp. It's not just about sprinting to the end of a quarter in order to produce a Wall Street Guide. Culp said in an interview that it is about making every minute and day count. GE, along with rivals like Pratt & Whitney, have been balancing the need to keep existing aircraft flying while supplying new assembly lines with parts and engines. By repairing more worn parts, you can reduce the pressure on your engine by reducing the need for new components. GE claims that repairs can halve both the time?needed to complete key processes and the cost for airlines. Faster turns, tighter floor space Iain Rodger of GE Aerospace Component Repair Singapore told me during a tour that "repair can improve turnaround times... the shorter the time the engine has to be off the wing the better." A reorganised area for repair is overhauling CFM56 turbo nozzles that have been scorched by extreme heat in one of the most popular engines on earth. Workers claim that turnaround times have improved since 2021 when they were 40 days. GE targets 21 days by the year 2028. The area will lose about a third its floor space in order to be ready for the next challenge, which is to develop repair capabilities for newer LEAP engine models that are entering?overhaul cycle. If the airline does not approve repairs, it may be forced to replace worn out parts with newer, more expensive, and limited-supply replacements. Han Hui Min, Nozzles' Business Leader, said of the new layout: "Now we can identify issues and see where they are." TEACHING ROBOTS the HUMAN TOUCH Repairs that require a technician’s touch are among the most difficult to automate. Take these compressor blades out of a CFM56 motor. The spinning blades create a?pressure' as air rushes in to the core of the motor. After years of use, the blade?tips will deform. This must be repaired by a process known as blending. It's really difficult to do. Sinnaiyan said that (until now) the process was 100% manual. The blades must be filed down to a few thousandths, using eye, feel and coordination. GE is betting that if they can capture this skill and turn it into a robotic process that can be repeated, then it will reduce the need for specialised workers while increasing throughput - at a lower cost. Analysts have noted that engine manufacturers make some of their largest profits by servicing used parts, and licensing certain repairs to shops in exchange for lucrative royalties. The process of each repair is the secret sauce to an increasingly important part?of business. Scaling repairs have limits. The work must adhere to approved procedures and strict standards of quality. Nick Cunningham, an analyst at Agency Partners, said that the slowdown in plane production - which increased demand for older jets and subsequently for repairs – is nearing its end. If GE's Singapore changes are successful, they can help the industry overcome its bottlenecks. They could also ease fares. Airlines executives and others have warned that the supply crunch is not likely to disappear quickly. Culp explained that the goal was to move away from heroic firefighting and towards a more preferred type of performance. Reporting by Tim Hepher and Rajesh K Singh in Singapore; Editing and production by Joe Brock, Matthew Lewis
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After court order, New York tunnel project is expecting to receive frozen US funds
After a U.S. court of appeals refused to overturn a lower court's order, the commission in charge of the $16 billion Hudson Tunnel Project in New York said it would soon receive $205 million in federal funding that had been frozen. Last week, the funding freeze caused construction to be halted and 1,000 workers were out of work. U.S. district judge Jeannette Vargas issued a preliminary order last week that ordered the federal government release funds to a project that would overhaul critical rail infrastructures in New York and New Jersey, which had been frozen since October 1 by President Donald Trump. The Second Circuit U.S. Court of Appeals announced?on Friday that it would refer the matter to a panel of judge later this month. However, the court did not issue the order requested by the government to block Vargas' decision from taking effect. Letitia James, New York Attorney general, said that the Trump administration should immediately release funds for the project. James said that the administration "never had the power to freeze these funds, and now it has no excuse for delay" after the lower court's order was upheld. The U.S. Transportation Department didn't immediately respond to an inquiry for comment. The department had warned earlier that it would release funds if there was no court order to stop Vargas' decision. The White House directed questions to the Justice Department which didn't immediately respond. The Gateway Development Commission (which is responsible for the management and construction of the Hudson Tunnel Project) said that "while it is a good step, moving forward we need consistent access to federal funding." Gateway said that it worked with contractors to "plan how to deploy these funding in the most efficient way" and to get workers to the construction sites as quickly as possible. Trump promised to 'unfreeze funds,' according to a source, in exchange for Democrats supporting his request to rename Washington Dulles Airport, and New York Penn Station, after him. Democrats strongly criticised the offer. The Hudson Tunnel Project is a plan to build a new commuter tunnel between Manhattan and New Jersey and to repair an old tunnel that's used daily by over 200,000 people and 425 trains. Vargas' ruling came hours after New York &?New Jersey announced that construction would cease due to a lack of funding. The Hudson Tunnel, which was heavily damaged by Hurricane Sandy in 2012, requires frequent emergency repairs, which disrupt travel along the country's busiest passenger rail line. Former President Joe Biden allocated $15 billion to the project. So far, nearly $2 billion has already been spent. Reporting by David Shepardson, Editing by Chris Reese & Jamie Freed
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Air Canada's core profit for 2026 is slightly higher than expected due to international demand
Air Canada's forecast for 2026 core profits was marginally higher than Wall -Street expectations on Thursday. The company attributed this to a strong demand on international routes outside of the U.S., and an increase in premium travel. International travel remains a relative bright light, even as domestic demand is showing signs of slowing down. This has cushioned carriers with large overseas networks. The Canadian carrier has been able to offset the softness on U.S. Canada routes with strong long-haul bookings, and a resilient demand for premium cabins. Analysts expect the Canadian flag carrier to achieve adjusted earnings before taxes, interest, depreciation, and amortization of C$3,35 billion ($2,46 billion),?to C$3,75 billion annually, as opposed to an average expectation of C$3.5billion. The airline anticipates that its?seat mile capacity, which is a key measure for passenger capacity, will rise between 3.5% to 5.5% by 2026. The company noted that it had a strong booking momentum for 2026, as well as opportunities from future fleet investments. Analysts at TD Cowen stated that "Inflation due to its labor agreements and delayed aircraft deliveries" will put pressure on CASMex (cost-per-available seat mile excluding the cost of fuel) by 2026. Air Canada announced plans last month to expand its winter schedule in Europe and Latin America, as the demand for these regions remains strong, despite some parts of North America losing momentum. As part of the fleet renewal, earlier this week it ordered eight widebody 'Airbus A350-1000' jets with an option for eight more. The aim was to improve its long-haul offering and fuel efficiency. The Canadian carrier reported net?income for the fourth quarter of C$296million, or C$1per share. This compares to a loss in the previous year of C$644million, or C$1.81per share. Air Canada reported total operating revenue of C$5.77billion, up from C$5.40billion a year ago. (1 Canadian dollar = 1.3616 dollars) (Reporting and editing by Sriraj Kalluvila, Krishna Chandra Eluri and Shivansh Tiwary in Bengaluru)
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As AI concerns weigh, trucking stocks fall.
Stocks in trucking and logistic companies fell on Thursday, as investors feared that AI technology would increase competition for firms that rely on software. Landstar System, C.H. Robinson fell by more than 14 percent, while Dow Jones Transportation Average dropped 4%. Investors are concerned that the steep fall in logistics shares follows a recent drop in software stocks. They fear future AI products will cause fierce competition among established businesses, eroding their profit margins. These fears contrast with the optimism that has driven Wall Street to record-breaking highs over the past few years. Jeffrey Favuzza, a trader at Jefferies, wrote in a note to clients on Thursday that the underlying theme for not only Tech but also for all corners of the market is a shoot first ask questions later approach for any market area with an AI headline. Algorhythm Holdings, a logistics company focused on AI, said that its SemiCab division increased customers' freight volume by?300%-400% without a corresponding rise in operational staff. Algorhythm Holdings' stock soared by about 30%, boosting its stock market value to $6 million. Algorhythm sold karaoke machines before. Algorhythm Holdings changed its name from The Singing Machine Company to Algorhythm Holdings in August after selling the business to Stingray Music. Last week, global markets were shook by the launch of 'plug-ins' for Claude Cowork agent by?AI developer Anthropic. This rekindled fears that AI systems are rapidly evolving and could threaten traditional software companies. Reporting by Lance Tupper, New York; and Noel Randewich, San Francisco.
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Airbnb forecasts revenue above estimates on premium rentals demand
Airbnb's first-quarter revenue forecast was higher than Wall Street's estimates on Thursday as the vacation rental company rely on premium bookings to offset a drop in demand from cost-conscious consumers. In volatile trading after the market, shares of 'the travel company' rose?about 5 percent. LSEG data shows that the company's revenue for the third quarter is expected to be between $2.59 and $2.63 Billion, compared to an average analyst estimate of $2.53 Billion. Marriott, United Airlines, and other travel companies have observed that higher-end customers are boosting results, while lower-end customers struggle with inflation and economic uncertainty. Airbnb, based in San Francisco, expects revenue to increase by "at least low-double-digits" in 2026. This is roughly in line analysts' estimates of 10,24%. However, the firm does not expect an increase in adjusted core profit margins this year, as it continues to invest in marketing, technology and product. Airbnb has launched a new segment in May 2025 that allows customers book services like a personal chef or yoga instructor. This will allow it to better compete with hotels which offer a greater selection of "frills". In the fourth quarter of 2018, half of Airbnb experiences were not booked with an accommodation. The company is also expanding its hotel offerings by partnering with boutique and independent hotels, in cities like New York and Madrid where regulations have restricted the supply of rentals. Airbnb wrote in a shareholder letter that it believes adding more hotels to the platform will increase its total market. The earnings per share for the 'fourth quarter' were 56 cents, compared with 73 cents one year ago. It reported quarterly revenue of 2,78 billion dollars, compared with expectations of $2.71 million. (Reporting by Aishwarya Jain in Bengaluru; Editing by Sriraj Kalluvila)
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Public Storage's core FFO for the full year is below expectations, and CEO Joe Russell will depart
Public Storage, an investment trust in real estate, forecast its core funds from operations for 2026 below Wall Street expectations on Thursday. This was due to a softer demand for their'self-storage' units and the departure of its CEO. The Glendale-based company is expecting core FFO for the full year to be in the range between $16.35 and $17.00 per common share. According to data compiled by LSEG, the midpoint of this forecast is lower than analysts'?average estimates of $16.91 a share. Joe Russell, the president and CEO of Self-Storage World's largest self-storage facility, will also step down on March 31, 2019. Tom Boyle will succeed him as the new top boss on April 1, replacing Joe Russell, who is currently chief financial officer. Joe Fisher is the new Chief Financial Officer, with effect from February 16. He was previously chief financial officer and investment director at UDR, an?REIT for multifamily housing. Public Storage, a company that leases storage space on a monthly basis to individuals and businesses, reported core FFO at $4.26 per share, compared to $4.21 per a share, for the?quarter ending December 31. The revenue for the fourth quarter was $1.22 billion compared to $1.18 billion the previous year. Public Storage's portfolio consisted of 3,533 self-storage facilities in 40 states. This represents approximately 258 millions net rentable square foot in the United States. (Reporting and editing by Alan Barona in Bengaluru, with Abhinav?Parmar reporting from Bengaluru)
Marianne Faithfull died at the age of 78, an English singer and actress.
British media reported that Marianne Faithfull died on Thursday at the age of 78. She had a long and successful singing career, which began when she was a teenager. The BBC reported that her spokesperson said, "It's with great sadness that we announce Marianne Faithfull's death."
"Marianne died peacefully today in London, surrounded by her loving family." She will be missed dearly."
Faithfull, the convent-educated child of a World War Two British Intelligence officer, was a front row seat to the drug, alcohol, and sexual excess that characterized the early days of rock music.
The slow, haunting tone of her first hit "As Tears Go By" in 1964 presaged a darker side to British pop music that had been winning over hearts all around the globe with the breezy, early tunes by The Beatles and The Rolling Stones.
Faithfull, the former girlfriend of Mick Jagger fell victim to heroin addiction and anorexia after the relationship ended. She spent two years on the streets in London's Soho area, early 1970s.
Faithfull never gave up, no matter how bad she fell. She has released 21 solo albums including "Broken English", which was critically acclaimed in 1979 and earned her a Grammy nod. She also wrote three autobiographies, had a career as a film actor, and published 21 books.
In 2020, she made a comeback after contracting COVID-19 during the early days. She fell into a 3-week coma in a London hospital.
Nicholas, her son, told her that the medical staff was so certain she wouldn't recover that they had written a note on the chart under her bed saying "Palliative Care Only."
"They thought I would croak!" Faithfull spoke to the New York Times about April 2021.
She recovered and finished her album within a year: "She Walks in Beauty", a collection Romantic poems that she read and put to music. She complained later of symptoms such as fatigue, breathing difficulties and a lack of memory. In June 2021, she had to cut short an interview for a podcast.
According to media reports, Faithfull moved into Denville Hall in March 2022. This retirement home is located in London and houses professional actors.
Marianne Evelyn Gabriel Faithfull, born in London on December 29, 1946 to a British Intelligence officer who interrogated POWs. Her mother was related to Austrian royalty.
She was sent to a Roman Catholic convent school at the age of 7, but she still had a rebellious spirit.
In her book "Faithful: An Autobiography" published in 1994, she said, "Eversince my days at convent, my secret heroes have been decadents and aesthetes. They are doomed Romantics. They are mad Bohemians. And they eat opium."
Faithfull spent her formative years in swinging London during the mid-1960s, when she was an aspiring folk singer. She married at 18 and had a child, but she attended a party which changed her life.
She met Rolling Stones Manager Andrew Loog Oldham, who launched her music career. He also brought her to the inner circle of the band.
She left her artist husband John Dunbar in 1966 and began a relationship Jagger. Together, they formed the "It couple" of London's vibrant psychedelic music scene. Faithfull sang backing vocals on the Beatles' single "Yellow Submarine." She also inspired the Stones for "Sympathy for the Devil."
Her fame was largely due to her drug and alcohol-fueled antics, which she shared with rock's bad boys.
In 1968, she and Jagger were both arrested for cannabis possession. Her most famous caper may have been when she was found wrapped in a rug made of bearskin by police during a raid on Keith Richards' home.
Faithfull was forever immortalized for the incident, but later revealed that she did not take part in an orgy as reported in British tabloids.
Faithfull claimed that she had just taken a shower when the police came into the house. She grabbed a rug to cover herself up. She claimed that the double standard for women meant she was slandered, while the arrests boosted the image of Jagger as a rock outlaw.
Faithfull took issue with Jagger's portrayal of her as a mere artistic muse.
"It is a horrible job." You don't have any male muses do you? What do you have in mind? "No," she replied in 2021.
Faithfull's glamorous life faded fast as the 1960s ended. She spent two years on the streets in London, anorexic and addicted to heroin after she and Jagger separated in 1970.
She found a positive in the chaos.
"Being a drug addict was an admirable lifestyle for me." The anonymity was something I had not experienced since I was 17 years old. In London, as a street addict, I found it. In her autobiography, she said: "I had no phone and no address."
She described the experience as "meat for the mill" for her gritty album, "Broken English," that she called her masterpiece.
Faithfull was grateful for the opportunity to learn from the greats, such as Jagger, Paul McCartney, and John Lennon, despite the personal costs, which included an overdose in Australia in 1969, that left her in a state of coma.
She was planning to go to Oxford University and study comparative religion, philosophy, literature but ended up getting a different kind of education.
"You know, I did not go to Oxford. But I went to Olympic Studios to watch the Rolling Stones and the Beatles record. I observed the best artists at work and I learned a lot from them. I also watched how Mick worked. She told The Guardian that she learned a great deal from him and will be forever grateful. (Reporting and editing by Diane Craft; Alistair Bell)
(source: Reuters)