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Logistics
Wall St to open mixed as US-Iran tensions unnerve investors
Wall Street's major indexes are on course for a choppy opening on Monday, as 'heightened investor anxiety' over the Middle East conflict has tempered optimism following last week's earnings. Futures were thrown into turmoil at the start of the week following conflicting reports regarding a U.S. Warship near the Strait of Hormuz. Tehran claimed that it forced a U.S. Warship to return after it tried to enter the Strait of Hormuz. The semi-official Fars News Agency in Iran reported that two missiles hit the warship. However, the United States has denied this report. Investors were prompted to pause after a
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Transportation
Lazard hires Ure, former Western Midstream chief executive officer as senior advisor
Lazard, an investment bank, has hired former Western Midstream Partners Chief Executive Michael Ure to be a senior advisor in the group's energy, infrastructure, and power. Ure, who is based in Houston, has been in management and executive roles for more than 20 years, according to the statement. He worked at Occidental Petroleum as senior vice president of business development and Shell. He was most notable as the head of Western Midstream. Ure was named CEO of Western Midstream in August '2019. He guided the company as Occidental acquired Anadarko Petroleum, giving it control over Western Midstream. Ure remained in
Passenger Transportation Services
Passenger Transportation Services
Sources say that the Air India CEO search has narrowed down to Singapore Air executive Kannan and insider Aggarwal.
Two sources who have direct knowledge of this matter say that Vinod Kanan, the Singapore Airlines CEO and Air India's Nipun Aggarwal, the commercial head of Air India are the frontrunners for the position of new CEO at Air India. This suggests that the search for the next CEO of India's second largest airline is close to completion. New Zealander Campbell Wilson announced last month that he resigned from the airline due to its persistent losses and regulatory scrutiny. One source said that the board of 'Tata Sons', the majority owners of the airline is currently discussing both names. There...
Passenger Transportation Services
United Airlines plane strikes light pole at Newark Airport
According to the Port Authority of New York & New Jersey, a United Airlines plane struck a light post on its final descent into Newark International Airport on Sunday. The aircraft caused damage to both the pole and a truck traveling nearby. According to the Federal Aviation Administration, United Airlines Flight 169 hit a light pole while approaching Newark Liberty International Airport around 2 p.m. FAA said that the Boeing 767-400 was safely landed and had arrived from Venice, Italy. A spokesperson for United said that "our maintenance team is evaluating damage to aircraft." Our crew was removed from service...
Passenger Transportation Services
United Airlines plane strikes light pole at Newark Airport
According to the Port Authority of New York & 'New Jersey, a United Airlines aircraft struck a light post on its final descent into Newark International Airport on Sunday. The damage caused to the pole and to a tractor-trailer traveling along the highway nearby. United Airlines Flight 169?hit a light post on the New Jersey Turnpike at around 2:00 p.m. while on approach to landing at?Newark Liberty International Airport. This was according to the 'Federal Aviation Administration. FAA reported that the?Boeing 777 landed safely after arriving from Venice, Italy. Port Authority said that no injuries had been reported and minor...
Passenger Transportation Services
Spirit reports that most customers have been refunded and staff has returned to work after the shutdown
Spirit Airlines announced on Sunday that it had almost completed refunding passengers and returning crew members to their homes following its decision to cease operation over the weekend. Spirit Airlines abruptly cancelled flights early Saturday morning. This left passengers and staff stranded in the U.S. as well as the Caribbean and Latin America. The airline had collapsed under financial pressures, including a steep rise in fuel costs due to the Iran War. Cirium, an aviation analytics firm, reported that the carrier had over 4,000 domestic flights planned through May 15. The company reported that most customers who paid with credit...
Passenger Transportation Services
Americans on a tight budget lament the loss of Spirit Airlines, a low-cost airline
U.S. travelers were upset to hear of Spirit Airlines' closure on Saturday. They said that the closure of this ultra-low cost carrier eliminated one of their few options for air travel. Spirit Airlines abruptly canceled flights overnight, leaving passengers and staff stranded in the U.S. Caribbean and Latin America. The airline collapsed under financial pressures, including a sharp increase in fuel prices due to the Iran War. Former Spirit customers have praised the airline on social media sites such as Reddit or X where they vent their frustrations over delayed or cancelled flights. Reddit user AioliUpset7805 wrote on a thread...
Passenger Transportation Services
Spirit Airlines passengers stranded after collapse of budget airline are helped by airlines
The U.S. Government and major airlines scrambled on Saturday to assist stranded employees and passengers after the bankrupt discount airline Spirit Airlines ceased operation. This was the first industry casualty associated with the Iran War. The airline's collapse over night following a double-digit increase in jet fuel prices due to the Iran war will cost thousands of jobs. This is a major blow for President Donald Trump who had proposed $500 million in order to save Spirit, despite the opposition of many Republicans and some of his closest advisors. Spirit's failure highlights the unintended effects of the U.S. and Israel...
Passenger Transportation Services
US airline industry does not need bailout and has cash
U.S. Transportation secretary?Sean Duffy stated Saturday that he did not 'think the government needed to bail out low cost airlines who?have asked for $2.5 billion in government relief due?to?high jet oil prices. "I'd say at this point, it's not necessary." They have cash. We would be the lender of last recourse if they wanted to go to the U.S. Government. Duffy said at a Newark Airport press conference after the collapsed of budget airline?Spirit Airlines that if they can find dollars on the private market, I think it's best for them. A group of U.S. low-cost airlines, including Frontier, Avelo...
Passenger Transportation Services
Sources say that the Air India CEO search has narrowed down to Singapore Air executive Kannan and insider Aggarwal.
Two sources who have direct knowledge of this matter say that Vinod 'Kannan, the Singapore Airlines CEO and Air India's commercial head Nipun Aggarwal will be the two frontrunners for the position of new CEO at Air India. This suggests that the search for the next CEO of India's second largest airline is close to completion. Last month, New Zealander Campbell Wilson announced his resignation as the airline faced persistent losses and regulatory oversight. One source said that the board of Tata Sons - the majority owner of 'airline' - is considering both names. There has not been a final...
Transportation
There are at least 11 deaths in western Mexico following a bus crash.
The Labor Day holiday weekend in Mexico turned tragic on Friday when at least 11 people were killed and 31 injured after a 'tourist bus'?crashed? in the western state of Nayarit. The Nayarit government said that the bus was traveling from Jalisco and veered off of the highway near Amatlan de Canas. Officials said that the passengers were on their?way to a recreation center in Nayarit. Nayarit,?Jalisco and other emergency crews responded to the call. They closed the road and conducted rescue operations as well as investigated the cause of the accident. The Nayarit government shared photos of the bus...
Passenger Transportation Services
Spirit Airlines is preparing to shut down operations following the failure of a bailout plan, reports WSJ
The Wall Street Journal reported that Spirit Airlines, the bankrupt discount carrier, is about to stop operations after it failed to reach an agreement with bondholders, as well as the U.S. Government, on a bailout program. Last month, President Donald Trump said that his administration wanted to purchase the embattled carrier for the "right price." Later, sources said that the administration proposed $500 million of financing in exchange for warrants equal to 90% Spirit's equity. The?report, citing sources familiar with the issue, said that there had been disagreements within the Trump administration about whether and how the bailout should be...
Passenger Transportation Services
Oscar statuette for 'Mr. The flight carrying 'Nobody Against Putin" is missing
The Oscar trophy that belongs to Pavel Talankin - the?Russian filmmaker who won this year's best documentary for "Mr. The Oscar statuette for 'Nobody Against Putin,' which was won by the?Russian director Pavel Talankin, who won best documentary this year for 'Mr. Talankin had been scheduled to fly on Lufthansa from John F. Kennedy International Airport in New York to Frankfurt. David Borenstein, the co-director of his film, said that Transportation Security Administration (TSA), agents informed him that the statuette was a security risk. Borenstein posted on Instagram that a TSA agent had stopped him at the airport and told...
Passenger Transportation Services
Sky News reports that British Airways pilots narrowly reject pay reform
Sky News reported that British Airways pilots rejected IAG's proposal to overhaul their pay on Thursday. According to the report, the airline's proposals included a 4% pay rise, but were paired with a cut in pension contributions and the reduction of the hourly Flying Pay Bonus awarded to pilots. The rejection highlights the tensions between British Airways' pilots and the carrier, as they both seek to change long-term career and pay structures while offering modest wage increases. The British Airline Pilots' Association said that they had communicated the democratic decision of their members to British?Airways. While a pay deal for...
Ground Transportation
Amtrak, the US passenger rail company, sets a record for ridership and cuts losses
Amtrak, the U.S. passenger rail company, said Tuesday that it had set records for revenue and ridership in a single year. It also cut its losses by 15 percent to $598 millions and is aiming for profitability by 2028. Amtrak is a major effort in rehabilitating the infrastructure of the Northeast corridor between Boston, Massachusetts and Washington. It is expanding service throughout the United States by purchasing new Acela trains with higher speeds and replacing regional trains from next year. Amtrak reported that in the twelve months ending September 30, it had 34,5 million trips made by customers, an increase...
Whaleboat sinks into river in Congo, killing at least 107 people
According to a government internal report viewed by us on Friday, at least 107 people died when a whaleboat caught blaze in the west of Democratic Republic of Congo. In a memo, the Ministry of Social Affairs stated that 146 people were missing after the boat, which was a narrow double-ended open vessel, caught fire near Malange Village in Lukolela Territory on Thursday night. The note stated that rescue teams recovered 209 survivors after the vessel burnt and drifted downriver. The fire destroyed the cargo and 15 riverside houses. The search operations continued Friday, with community volunteers and naval personnel...
As inventories shrink, premiums for copper contracts on the nearby LME soar.
The premiums for copper contracts near London Metal Exchange have increased to their highest level since October 2022 due to low inventories, large cash contracts and warrants held by traders. The title document that confers ownership on metal is a warrant. Tom-next, also known as the premium or backwardation that is charged for purchasing copper tomorrow and then selling it the next day, is currently trading at above The price of a metric tonne is $48. This compares to a $2 discount at the beginning of the week. The premium for the cash Copper Contract over the Three-Month Forward It...