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New York Times Business News - April 29, 2019
These are the most popular stories from 'the New York Times' business pages. These'stories' have not been verified and we cannot vouch for their accuracy. The?U.S. Federal Communications Commission ordered an early license?review of the network's television stations after a joke made by late-night host Jimmy Kimmel led to calls from the White House that ABC fire the comedian. Federal Communications Commission ordered a license review of the network's TV stations. Pernod Ricard & Brown-Forman announced that they had ended their merger talks because the French spirits firm and 'the Kentucky-based owner Jack Daniels'?whiskey couldn't?agree on terms. The U.S. Supreme Court faced a case that has broad implications for the human rights litigation in American courtrooms, a longstanding lawsuit brought by members of Falun Gong's spiritual movement. They accused Cisco Systems of facilitating persecution of religious beliefs in?China. The Port Authority of New York & New Jersey has announced that it will install trackers in its rescue vehicles at three of its major airports. This comes after investigators criticized the agency for failing to 'install recommended devices' on a firetruck during a fatal collision with a plane at LaGuardia Airport. (Compiled by Bengaluru Newsroom)
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Aena, a Spanish airport operator, reports a 9% increase in quarterly profits on the back of increased airport traffic
Spanish airports operator, Aena, announced on Wednesday that its 'first-quarter net profits rose 9.3% compared to a year ago, as 'passenger traffic from and to Spain, which is one of the most visited countries in the world, continued growing. The company that operates all Spanish airports as?well as those in Latin America and Britain?said they booked a profit of $385.37 million, beating the average analyst's forecast of 325 millions euros compiled by LSEG. Spain's tourism sector?continues?to benefit from strong demand. Airlines operating in Spain have added capacity for the summer. However, the industry has warned of potential risks posed by a fuel supply crunch related to the Iran War, which could curtail travel. The first quarter of 2019 saw a 3.2% increase in passenger traffic at Spanish airports, which is higher than Aena's estimates for the full year, which were a 1.3% rise. This was a slower rate than 2025. Aena’s revenue increased 11.6% in the first quarter to reach 1.47 billion euros, which was slightly higher than analysts' expectations of 1.42 billion euro.
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High fuel prices and flight cancellations help Chinese stay close to home during May holidays
As fuel costs rise, the demand for overseas travel is expected to decrease. Travel agents and industry experts expect that most holidaymakers will stay in China. This trend has been seen during recent major holidays, as consumers choose cheaper local destinations due to an economic slowdown. The rising cost of jet fuel following the war with Iran has made travel abroad even more expensive. Price increases have led to a wave cancellations of flights between China and Southeast Asia. Media reports indicate that multiple carriers, including Air China, China Eastern Airlines, Spring Airlines, and Malaysia's AirAsia, have reduced or suspended flights between China and popular destinations like Bangkok, Phuket, and Kuala Lumpur. China Air Transport Association data showed that international flight cancellations increased to 7.4% during May Day, with 785 flights cancelled - more than twice the level of last year. The Iran War is affecting the price and availability of jet fuel. This has led to major cancellations, particularly by low-cost airlines, of flights between China, Southeast Asia and Australia. She also added that the average cost of flights between China, Southeast Asia and Japan that are still in operation is 18% higher than it was at the same point last year. May Pan, 39, a Beijing resident, expressed her gratitude that the trip she had planned with her husband, to Malaysia's Langkawi Island, was not affected. She said, "I bought my tickets six months ago. We planned this trip long ago." "I've heard that many flights to Southeast Asia were cancelled but, fortunately, ours has not been." The domestic demand is on the rise. While it's clear that more people are staying at home, there's still no certainty about whether spending per capita will ever return to levels before COVID. Train travel is cheaper than flying, and it also reduces the risk of flight delays. China Railway Group expects to make 158 million train trips between April 29 and may 6, up from the 151 million it made a year earlier. People can travel by train within the country. Parulis Cook said that they can travel to Hong Kong or Macau via train. Iran's war has a far-reaching impact that goes beyond the cancellation of flights. According to Dragon Trail’s latest Chinese Traveller Sentiment Report 43% of respondents stated that their travel plans were already affected by the conflict. Two-thirds also said the instability has significantly reduced their willingness to travel in the Middle East and North Africa. Bookings for self-driving domestic group tours increased by more than half a year ago, according to Chinese travel agency Tuniu. Demand for independent travel packages also grew by nearly 20 percent. China's May Day Holiday runs for five full days starting May 1. The May Day holiday in China is five days long, starting on May 1. Zhou Weihong, deputy general manager at Shanghai-headquartered Spring Tour, the travel arm of Spring Group, also said domestic trips were likely to outperform during the holiday. He said that the number of domestic trips booked through our platform had increased by 20% in comparison to last year. China's tourism industry has become a key barometer for consumer confidence as policymakers try to boost household spending and domestic demand. Retail sales growth was 2.4% in the first quarter compared to a GDP growth rate of 5%. This highlights Beijing's struggle for a consumer-driven recovery. Local governments are encouraging holiday spending by offering cultural and tourism offers centered on spring outings (flower viewing), educational travel and educational tours. They have also distributed over 284 billion yuan in vouchers for consumption and other subsidies.
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Bloomberg News reports that Spirit Airlines' discussions on $500 million US Rescue Financing have stalled.
Bloomberg 'News'reported that Spirit?Airlines has?hit a halt in their discussions regarding a possible $500 mln U.S. Government rescue financing, citing?sources. The report stated that a group of lenders including hedge fund Citadel is fighting back against proposed terms which could?significantly erode the value of their claims? and limit recovery. Could not immediately verify the report. Citadel and Spirit did not immediately respond to requests for comments. Spirit's rescue funding has hit a roadblock, just hours after it was reported that the airline had secured the support of two of three of its major creditor groups to secure a bailout. Last week, U.S. president Donald Trump said that his administration would consider buying the embattled carrier?at "the right price." A hearing in the New York Federal bankruptcy court could be held on Thursday if all the 'Spirit Creditor Groups' agree on the bailout agreement.
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Reports that the US will prolong its blockade of Iran, causing supply disruptions in the Middle East, have caused oil prices to rise.
On Wednesday, oil prices rose, continuing a multi-day rally. This was based on reports that the U.S. would extend its blockade against Iranian ports. This will likely cause supply disruptions in the Middle East's key producing region. The Wall Street Journal, citing U.S. sources, reported that Donald Trump had instructed his aides to get ready for an extended Iranian blockade. The report stated that Trump would continue to'squeeze Iran’s economy and oil output by preventing shipping into and out of its ports. Brent crude 'futures' for June rose by 52 cents or 0.47% to $111.78 per barrel at 0154 GMT. This was the eighth consecutive day of gains. The June contract expires Thursday, and the more actively traded July contract is at $104.84, an increase of 0.4%. U.S. West Texas Intermediate futures (WTI) for?June climbed 57 cents or 0.57% to $100.50 per barrel, after rising 3.7% the previous session. The price has risen seven of the last eight days. The recent increase in oil prices is due to the Strait Blockade. If Trump extends the blockade further, oil prices will continue to rise if supply disruptions worsen. Although there is a truce in the U.S. and Israeli war against Iran, the conflict remains "deadlocked" while both sides seek to end the fighting. Iran has blocked shipping through the Strait of Hormuz - a channel for 20% of global oil and natural gas supplies - and the U.S. has blockaded Iranian ports. The United States is pressing for an end to what it claims is Iran's nuclear weapons programme. Meanwhile, Iran demands some form of reparations from the latest?round of fighting and an easing in economic sanctions. The?U.S. is pressing for an end to the alleged nuclear weapons program of Iran, while Iran demands some form of compensation from the recent?round of fighting and an easing of the economic sanctions. Market sources say that the Hormuz shut down is continuing to cause global inventories to be drained. Late?on Tuesday, the American Petroleum Institute announced a?U.S. The American Petroleum Institute reported?U.S. crude oil inventories were down for the?second consecutive week. Sources reported that crude stocks dropped by 1,79 million barrels during the week ending April 24. Gasoline inventories dropped by 8.47 millions barrels while distillate stocks fell by 2.60million barrels.
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MISO, the US grid operator, says that it has enough buffer to cover peak summer days
The regional grid operator of 15 U.S. states in the 'Midwest' and 'South, said that its annual capacity auction showed there would be enough electricity this summer to meet peak demand. The auction prices of $424 per megawatt day indicate that the risk of summertime blackouts remains elevated in much of the territory controlled by the Midcontinent Independent System Operator. The annual auction ensures that the power plants can meet peak demand for electricity. The U.S. regional grid operators are struggling to keep reserve margins adequate due to the surge in demand from data centers that use a lot of energy and electric vehicles. MISO stated in a press release that "while summer prices reflect a tighter balance between demand and supply, the overall system shows enough capacity to satisfy expected needs throughout all seasons." MISO stated that there was more capacity than the target buffer. The auction cleared 3.5% above the 7.9% summer planning reserve margin. (Reporting by Tim McLaughlin, Editing by Chris Reese).
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HSBC expects UAE's exit to have a limited impact on OPEC+ in the near term
HSBC stated in a research note published on Tuesday that the United Arab Emirates' exit from OPEC, and the wider OPEC+ coalition from?May 20, 2026 will have a limited impact?on the oil markets. However, it could weaken OPEC's ability to manage prices and supply over time. The?UAE?,?one OPEC+'s biggest producers?, announced on Tuesday that it would be leaving both OPEC+ and OPEC, dealing a major blow to the producer's group, as the U.S./Israeli war against Iran disrupts the energy flow. HSBC predicts that global oil supplies will remain stable in the short term as disruptions to the Strait of Hormuz have effectively closed it since late February. The bank stated that?any increase of UAE production is limited while shipping access remains restrictive. The bank said that the Abu 'Dhabi Crude Oil Pipeline which bypasses Hormuz and transports crude to Fujairah has a capacity of up to 1.8 million barrels a day. It is probably already at or near full utilization. HSBC stated that once access to the Hormuz is restored, the UAE won't be bound by OPEC+ quotas, and can gradually increase output. The bank estimates Abu Dhabi National Oil Company's production could reach more than 4.5 millions barrels per day compared to an OPEC+ quota for May 2026 of approximately 3.4 million bpd. The bank said that any increase in the supply of oil is expected to be phased-in over 12 to 18 months, rather than delivered instantly. This is in line with ADNOC’s stated intention to gradually raise production and to adapt to market and demand conditions. The bank stated that additional?UAE barrels will help to'rebuild global oil inventories following recent draws. HSBC stated that the long-term impact of the loss of a key?Gulf Member could be detrimental to OPEC+'s cohesion, credibility and supply management. The UAE's growing production capacity, long-term investments, and $150 billion program until 2030 suggest an intention to monetise the reserves with less output constraints. Loss of UAE participation may also increase the risk that other members will not adhere to their obligations. HSBC stated that if collective discipline is weakened, OPEC+ could struggle to manage the price during periods of softer demands or increasing non-OPEC supplies. (Reporting and editing by David Gregorio in Bengaluru, Anmol Choubey from Bengaluru)
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ONEOK increases its profit forecast for 2026 after increased volumes drive quarterly beat
U.S. Pipeline Operator ONEOK increased its annual earnings forecast 'on Tuesday, after reporting a first-quarter core income that exceeded estimates. This was due to higher volumes in its natural /gas liquids, its gas?processing, and its pipeline systems. The 'company' raised its expectations for 2026 net profit to a range between $3.21 billion and $3.79 billion compared to its previous forecast of $3.19 to $3.71. The company also raised its EBITDA forecast to $8.0 to $8.5 billion from the previous range of $7.9 to $8.3billion. Midstream operators in the U.S. are benefiting from the rising production of shale gas, especially from the Permian basin, and from expectations that record-high flows will be achieved across?the U.S. Natural Gas System by 2026. This is due to stronger LNG exports as well as a rise in power demand from data centers. Pierce Norton, CEO of ONEOK, said, "Strong performance in a number of business segments is bolstering our outlook. It builds momentum throughout the year, and supports increased financial guidance expectations for 2026." According to LSEG data, the adjusted EBITDA for the quarter January-March rose to $1.997 Billion, exceeding analysts' average estimates of $1.95 Billion. Natural gas liquids segment (NGL) adjusted EBITDA quarterly rose by 11%, to $706m?from the year before. The company reported a 15% increase in the?NGL raw feed throughput volume, while refined product shipments increased by 12% and natural gas processing volumes increased by 5%. ONEOK?transports crude oil, refined products, and natural gas through its 60,000 mile-long pipeline network. Over the last two years, the company has acquired a number of companies, including Medallion Midstream, EnLink Midstream, and a Gulf Coast NGL pipeline from Easton Energy. (Reporting and editing by Sriraj Kalluvila in Bengaluru, Sumit Saha & Arunima K.)
Russia hits hospital in Ukraine's South after attacking port infrastructure
Officials from Ukraine said that Russia used drones to attack port infrastructures in the southern region of 'Odesa' in Ukraine. The strikes also damaged residential structures and a hospital, and two people were injured.
Oleh Kiper of the Regional Governor Oleh Kiper wrote on Telegram that the attack in southern Odesa destroyed the Admissions Department of a Hospital there and severely damaged other parts of the facility.
He said that at the time of attack, the medical staff and patients were housed in a shelter. They were then'moved' to another facility.
The regional prosecutor said that port infrastructure was attacked, but did not give any details.
Two people were injured in fires that broke out in a residential neighborhood, according to emergency services. They posted photos of fire-ravaged buildings and firefighters fighting the flames.
Kiper also said that there was a fire at the Danube Biosphere Reserve in the region.
Odesa, which is home to major Ukrainian seaports on the Danube and river ports, has been repeatedly targeted by Russian airstrikes during the?more than four-year war.
Ukraine's Air Force said that Russia launched 171 drones against the country since Monday evening. Air defence units neutralised or downed 154 drones.
Local officials reported that a drone and missile attack in northeastern Sumy caused a large fire in a residential neighborhood.
(source: Reuters)