Latest News
-
Spirit Airlines delays rescue hearing as talks continue
Spirit Airlines has said that no bankruptcy court hearings will be held on Thursday, as talks with lenders continue over terms of a possible $500 million U.S. Government?rescue. In a court document filed on Wednesday, the airline said that talks are continuing and that lenders haven't filed a notice in New York Federal Court that would trigger a liquidation within seven business days. Last week, President Donald Trump stated that his administration was interested in buying the struggling airline for the "right price." The Florida budget carrier is running out of time. Marshall Huebner, a Spirit lawyer, said that Spirit urgently needs to access $240 million in funds or new financing. He said that the liquidation of Spirit could result in more than 17,000 job losses and a 'billions of dollar' worth of claims. Last week, a lawyer for Spirit?creditors stated that they had reviewed the term sheet of government's offer. Sources say that it includes $500 million of financing and that government must receive warrants equivalent to 90% of Spirit?s equity. Spirit would be able to avoid its second bankruptcy since 2025 with the senior debtor in possession financing. Separately budget airlines have requested $2.5 billion from the Trump administration to help offset the increase in jet fuel prices during the U.S. - Israel war against?Iran. Sean Duffy, Transportation Secretary, said that Congress would have to be involved in this request. "I don't have the money. I can't pull it from my couch cushions. It would take a lot of government involvement and bipartisan efforts to find the money for them. Duffy said on Tuesday that you can't just snap your fingers. JetBlue Airways CEO, Joanna Geraghty, said that the airline is focusing on its turnaround strategy and was not interested in government assistance. She added, however, "Never say Never -- We're open for anything, as long as the terms make sense to JetBlue."
-
C.H. Robinson's quarterly profits beat estimates due to cost-control measures
Freight forwarding firm C.H. Robinson's 'first-quarter' profit surpassed Wall Street expectations on Wednesday. It was helped by its use of AI agents to reduce costs. This sent its shares up 4% after-hours. In the past few quarters, there has been a reduction in the number of employees and an increase in the use of artificial intelligence to perform routine functions such as pricing shipments and monitoring cargo while it is in transit. This approach has helped the largest U.S. trucking firm to keep its margins more insulated against a prolonged slump in demand, which has affected rates and most trucking firms earnings. According to LSEG, the company reported a 'adjusted profit per share' of $1.35 in the first quarter. This was above analysts expectations of $1.24. The quarterly?revenue fell by 0.8% compared to a year ago, falling to $4.01 Billion. Analysts ?on average ?expected $4.03 billion. Reporting by Nandan Mandyam in Bengaluru and AnshumanTripathy; editing by Jonathan Ananda
-
Airline cancels flights due to Middle East conflict
Middle Eastern carriers increased capacity after the U.S. - Israel war against Iran caused severe disruption. Airlines outside the Gulf are continuing to reroute routes between Europe and Asia, away from major hubs in the region. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest airline in Greece will resume its flights to Tel Aviv on April 28 from?Athens, from Heraklion and Rhodes on April 30, and from Larnaca and Rhodes on May 21. Thessaloniki-Tel Aviv flights are cancelled through June 26. Flights to Riyadh & Amman will resume on May 21. The flights to Beirut and Dubai are cancelled until the 26th of June. AIRBALTIC Latvian airline airBaltic has announced that flights to Tel Aviv are cancelled until 28 June. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv till May 31. Air France-KLM Air France suspends its flights to Tel Aviv, Beirut and Dubai until May 10. KLM suspends flights to Riyadh and Dubai until the 14th of June. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai, Riyadh and cargo freighter service to Dubai, Riyadh and Dubai until June 30, and until May 31, respectively. In April, the airline will increase passenger flights to London, Paris, and Zurich to meet a surge of demand for travel to Europe. It intends to continue all scheduled flights after June. The U.S. carrier plans to resume New York JFK to Tel Aviv service on September 6 and has extended the suspension of Atlanta-Tel Aviv services through November 30, The launch of the Boston-Tel Aviv service, originally planned for October, has now been postponed until further notice. EL AL ISRAEL AIRLINES Israel's carrier announced that it will continue to expand its operations and, from April 27, operate flights?to approximately 40 active gateways. The cancellation of all flights to Dubai is in effect until May 31. EMIRATES The UAE airline announced that it will be operating a reduced schedule and flying to over 100 destinations. ETIHAD Airlines, the United Arab Emirates airline, has announced that it will operate a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR The Finnish airline has cancelled all flights to Doha until July 2 and continues to avoid the airspace over Iraq, Iran Syria, and Israel. Dubai flights will only be resumed in October. British Airways, owned by IAG, will?reduce flights to the Middle East once services resume. They will permanently?drop Jeddah from their list of destinations, adding more capacity for India and Africa. Plans to reduce service to Dubai, Doha, and Tel Aviv from two daily flights to one daily flight by July? Riyadh service will be reduced from two to one daily flight from mid-May. The changes will apply until the end of the summer season on October 24. One Dubai service will restart on October 16. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until June 1 and until May 31. The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 until May 30 to Beirut and Riyadh. The airline will operate its winter route from Dubai to October. LUFTHANSA GROUP Lufthansa has suspended its flights to Dubai, Tel Aviv, and Austrian Airlines. The suspension of flights to Abu Dhabi is in effect until October 24, as are those to Amman, Beirut Dammam, Riyadh Erbil Muscat Tehran. Eurowings, a low-cost airline, has suspended flights from Tel Aviv to Beirut until May 11 and Erbil to Erbil until May 14. Flights to Dubai and Abu Dhabi have also been suspended until October 24. ITA Airways has extended the suspension of flights from Tel Aviv, Riyadh, and Dubai to May 31. MALAYSIA AIRLINES Malaysian Airlines has suspended all flights to Doha through June 14. NORWEGIAN AIR The low-cost airline has delayed the launch of its Tel Aviv and Beirut service until June 15. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until June 1. QANTAS Australia's flag airline is adding more flights to Rome and Paris in response to a surge in demand for European destinations. The number of flights to Paris is increasing from three to five per week, and the Perth to Singapore service will go from daily to ten flights per day. A new schedule will be implemented gradually for flights starting in mid-April, and running until late July. QATAR AIRWAYS From May 1, the carrier will resume daily flights to Damascus and Bahrain, as well as Kozhikode. Qatar Airways has announced that it will expand its international flight network from June 16 to more than 150 destinations. ROYAL MAROC The Moroccan carrier announced that flights to Doha and Dubai were cancelled until 30 June. SINGAPORE Airlines In response to increased demand, the carrier has extended its Singapore-Dubai suspension flight until May 31 and added?services along the Singapore-London Gatwick route from late March to October 24. TURKISH AIRLINES SunExpress - Turkish Airlines' joint venture Lufthansa has cancelled flights from Dubai to May 21. WIZZ AIR Low-cost carrier suspends flights from Europe to Amman, Dubai and Abu Dhabi until mid-September. All flights to Medina are suspended indefinitely. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olesnska, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Rod Nickel, Lisa Shumaker, and Jonathan Ananda edited the book.
-
Coalition opposes Union Pacific and Norfolk Southern rail merger
A coalition of business groups, rival railways, and organized labor, announced on Wednesday that they oppose Union Pacific's proposed merger with Norfolk Southern. This comes just a day before the two are set to submit a revised application at the Surface Transportation Board. The American Chemistry Council, American Farm Bureau Federation and Teamsters Rail Conference are part of the coalition, which also includes BNSF Railway and CPKC Railway. Alliance for Chemical Distribution and National Industrial Transportation League are also members. This deal will create the nation's first coast-to-coast rail freight operator. It could also reshape America's freight industry by helping to streamline operations, and eliminating interchange delays at hubs like Chicago. Norfolk Southern and Union Pacific didn't immediately respond to requests for comment. Railroads filed their nearly 7,000 page application on December 19. They said the combination would improve reliability of service, divert trucks from rail to truck, retain shipper's options, and deliver broad benefits for the public while protecting union jobs. The proposed merger has been publicly supported by President Donald Trump, something that would have been unthinkable during the Biden administration's crackdown on consolidation. The Trump administration tends to approve large transactions or impose remedy rather than blocking them outright. The deal has raised concerns among some Republican state attorneys general and other state officials. Railroads have struggled with volatile freight volumes, rising fuel and labor costs, and growing pressure from shippers regarding service reliability. This is the first major railroad merger to be reviewed using the more stringent?framework that was put in place over a decade ago. The framework requires applicants prove their transaction will enhance competition, not just preserve it, while providing demonstrable benefits for the public.
-
Hormuz traffic is at a trickle, as the US-Iran deadlock intensifies
Shipping data revealed on Wednesday that six ships, a small fraction of the normal traffic, have crossed the Strait of Hormuz over the past 24 hours. The U.S. The United States and Iran are still unable to reach a deal that would reopen this vital waterway. According to SynMax's satellite analysis and Kpler ship tracking data, the vessel traffic was mostly through Iranian waters, and included a chemical tanker called Vast Plus, which is under US sanctions. The majority of ships were dry bulk carriers. It was not possible to determine if there had been more than six vessels transiting the strait. However, ship traffic in recent days has averaged seven vessels per day. This is a'minuscule' percentage of the normal waterway flow at the Gulf entrance, which was?between 125 and 140 daily passages prior to the Iran War?beginning on February 28. U.S. president Donald Trump called on Iran to sign a deal and "get smart" soon, after days of inaction and media reports that the U.S. was extending its blockade against Iran's ports. In its latest assessment report, the US Navy-led Joint Maritime Information Center stated that "despite the 8 April 2026 US-Iran truce, commercial traffic'remains restricted, with constrained Transits and continued Routing Uncertainty". Iranian officials have floated the idea of charging a toll on ships that pass through the Strait. Treasury Department warns that shipping companies who pay Iran to pass through Hormuz will be sanctioned, even if they are not Americans. Treasury has said that payments to the Revolutionary Guards or the Iranian government "directly or indirectly" for a safe passage through the Strait of Hormuz are not authorized for U.S. citizens, U.S. financial institution, or U.S. owned or controlled foreign entities. It said that "Such payments create significant sanctions exposures for non-U.S. citizens." Jonathan Saul is the reporter.
-
US bans Chinese airbag components linked to 10 fatal crashes
After ten fatal accidents, the National Highway Traffic Safety Administration banned Chinese airbag inflators that were substandard. They said they posed a serious risk to American drivers. The U.S. Auto Safety Agency said that it had been made aware of 12 accidents in the United States where there were deaths or serious injuries caused by ruptured replacement inflators manufactured in China by Jilin Province Detiannuo Automobile Safety System Co Ltd (also referred to as DTN) and illegally imported in the U.S. All the deaths have occurred in GM and Hyundai vehicles. In a NHTSA filing, the company said it "cannot prove that the inflators questioned" were manufactured by it. "Nor can it be proved?that accidents were caused by defective inflated." DTN stated that it had never sold any of the substandard inflators to the U.S. marketplace. The company cited NHTSA investigation findings that at least five Chinese companies produce these devices. NHTSA stated that the DTN airbag inflators failed in crashes where drivers survived. "Large metal fragments were sent into driver's chests, necks and eyes." The agency issued a?warning urgent to owners and repairers Shops in January. NHTSA reported that the latest death in Clarksdale in Mississippi occurred on February 16, in a '2020 Chevrolet Malibu. The replacement airbag inflators for nine of the fatal? NHTSA confirmed that three crashes were found in Hyundai Sonatas and two in used Chevrolet Malibus, but said they could not confirm whether the risk was limited to these models. NHTSA: "Whoever brings them into the country, and installs them, is putting American Families in danger." If you are a consumer who is?buying a used vehicle that was?in an accident where the 'airbag deployed, it should be checked. It should be inspected right away to make sure it's a valid NHTSA says that the replacement part is equivalent to the original.
-
Avis Budget's sixth consecutive day of declines follows a quarterly loss
Avis Budget shares were headed for a sixth consecutive session of declines after the car rental firm announced a second 'consecutive quarter loss' and a major investor slashed its stake. Stocks of the company have been on a roller coaster this month. Shares reached an all-time-high of $847.7 in April and then plunged about 80%. Analysts attributed the stock’s eye-watering rise to a “short squeeze” – where investors who bet against the company were forced to unwind their positions because of a rapidly increasing share price. According to data analytics company Ortex, short interest in the stock was last recorded at?around 69% of its total free float. This is down from an all-time record of 94.2% last week. Avis shares fell 7% last week to $169.2, a new four-week low. Stocktwits, a retail investor forum, ranked the stock as?the fifth trending ticker. The Parsippany-based New Jersey-based company reported a smaller first-quarter loss on Wednesday of $8.01 per common share, compared to a loss per share of $14.35 a year earlier. The U.S. rental car industry has continued to experience steady demand for their services, but profits have been squeezed due to high operating costs, increasing interest expenses, and increased vehicle depreciation. Avis, Hertz, and other companies have suffered losses due to their earlier investments in?electric cars. Weaker-than-expected demand has forced them to dispose of tens or thousands of EVs, sometimes at reduced prices, which accelerated depreciation. Filings?on?Tuesday showed that a major investor, Pentwater Capital Management had sold millions of Avis?shares?between April?22-April 23. LSEG data shows that two hedge funds – SRS Investment Management (SRS) and Pentwater (Pentwater) – own 64% of Avis’ total outstanding shares. Pentwater reduced its stake in Avis from 7.77 million shares to 4.33 millions shares. Pentwater didn't immediately respond to an inquiry for comment. Avis reported a 4% 'rise' in revenue for the first quarter, to $2.53 Billion, beating analysts' estimates of $2.43 Billion, according to LSEG. According to LSEG calculations the company recorded an adjusted loss per share of $7.85, compared to expectations of a $6.84 loss per share. (Reporting from Shashwat Chand in Bengaluru; Additional reporting by Shivansh Tiwary, Editing by Diti Pjara)
-
AerCap, a lessor of aircraft, says that high oil prices can bring about opportunities.
AerCap's head, who is the world's largest leasing company, stated on Wednesday that while higher fuel prices are not having a significant impact on airlines, they could benefit from a sustained spike. Aengus Kelley, AerCap's chief executive, said that demand for AerCap aircraft is strong and that airlines have not changed their behavior because of the Middle East conflict. In the first quarter, more than half of AerCap's 202 leasing deals were signed after the Middle East conflict began in March. Kelly stated that if jet-fuel prices remain at the current levels for a period of three to six month, airline 'profitability and balance sheet would be under pressure. This could potentially accelerate the retirement of older aircraft. He told analysts on a conference call that if fuel prices remain high for more than six months, AerCap will have additional growth potential. The company had beaten its first-quarter expectations and increased its outlook for the full year. He said that it was likely we would see more sale/leasebacks as airlines seek to fund growth, while prioritising cash and preserving liquidity. Kelly responded that AerCap did not agree to material assistance when asked if customers had requested concessions in order to offset rising costs. Kelly said that if fuel costs remain high, more requests may be made and they will be evaluated on a case by case basis. Kelly said that airlines that were able to reroute to Europe and Asia via the Gulf of Mexico, would be the "winners" in the current disruption. Kelly added that there was a strong demand for extra capacity. "But I wouldn't write off Middle Eastern carriers. They will return," he said. Reporting by Padraic HALpin. Conor Humphries, Mark Potter and Conor Humphries edited the report.
AirTrunk, an Australian company, invests $3 billion in two new data centers in Malaysia
Australia's?AirTrunk?said Thursday that it would invest $3 billion in?building two hyperscale?data?centers?in Malaysia, doubling its existing business there.
The two data centres, which will be located in Johor Bahru have a combined power of over 280 megawatts. They are also close to the existing AirTrunk data center campuses.
AirTrunk said that the four data centers would have a capacity of more than 700 Megawatts and the investment value in Malaysia will be $6.8 Billion.
AirTrunk CEO Robin Khuda said that the demand for cloud-based AI infrastructure in Asia-Pacific was growing faster than expected.
"Our job is not only to be ahead in one market but also across the entire region." AirTrunk is owned by a Blackstone consortium and announced last week that it would purchase Indian data centre developer Lumina CloudInfra to expand its business in India. AirTrunk said that it planned to?spend $5 Billion in India.
AirTrunk said that once the Indian deal has been completed, it will have more than three gigawatts of planned and operating capacity across?20 data centres in six regions.
The consortium bought the Australian-based firm in 2024 for A$24 Billion ($17.11 billion), which was the largest deal at the time.
(source: Reuters)