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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)
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US Senators criticize FAA failures prior to fatal helicopter collision
U.S. Senators criticized the Federal Aviation Administration on Thursday for a litany of failures that occurred before the collision in January 2025 between an American Airlines regional plane?and Army chopper, which killed 67 people near Reagan Washington National Airport. Senator?Maria Cantwell, the top Democrat on Commerce Committee, stated at a hearing the National Transportation Safety Board's findings about the crash revealed the "failures" of the FAA. The NTSB concluded that the FAA allowed helicopters to fly close to the airport without any safeguards to separate aircraft from helicopters. It also failed to act on data or recommendations to move helicopters away from the airport. Tammy Duckworth is the top Democrat in the aviation subcommittee. She noted that controllers asked to reduce the arrival rate of Reagan Airport, the busiest airport in the United States. Duckworth said that FAA management failed to act upon the warnings raised by a controller workforce understaffed and overworked. Duckworth said that the FAA's failure to act in the face of alarms screamed out by DCA controllers that it was a matter of "when, not if," one of DCA's near misses would turn into a fatal tragedy is emblematic of the chronic crisis that has plagued the FAA under multiple administrations. The crash was the worst aviation accident in U.S. history for more than 20 years. The FAA expressed its appreciation for the NTSB’s expertise and input, and stated that it would carefully consider all recommendations. After the incident, the agency stated that it "?immediately acted to improve safety" and took "decisive steps?to rectify past failures." The NTSB has rebuked FAA for serious communication, culture, and safety issues. The FAA responded by saying it would carefully consider the recommendations. It also said that after the collision, the agency immediately took steps to improve safety. The NTSB found issues with the FAA's handling of traffic at Reagan. It said the agency rejected the advice to include hot spots on a chart for helicopter routes. Homendy also said that the FAA did not review 'helicopter routes as required annually and had routes which were not designed to ensure proper separation. Homendy stated that Helicopter route 4 near DCA, which was closed following the collision, had been in existence since 1986. She said that not one annual review had been done. (Reporting and editing by David Shepardson)
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Airbnb forecast revenue above estimates on premium rentals demand
Airbnb's first-quarter revenue was above Wall Street expectations on Thursday, as it focuses primarily on premium bookings in order to offset a waning demand from budget-conscious customers. According to data compiled and analyzed by LSEG, the company expected a revenue between $2.59 billion - $2.63 billion for the third quarter. This compares with an average analyst estimate of $2.53billion. High-end travelers, such as Marriott and United Airlines hotel operators, are boosting results, while lower-end customers are struggling with sticky inflation and economic insecurity. Analysts had estimated 10,24%. San Francisco-based Airbnb expects revenue to grow "at least in the low double-digits" by 2026. 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 will launch a new segment in?May 2025 that allows guests to book services like a personal chef or a yoga instructor. This will allow it to better compete with hotels which offer a wider selection of frills. In the fourth quarter of 2018, half of Airbnb's experience bookings did not include a booking for accommodation. The company also seeks to expand its?hotels offered by partnering up with boutique and independent hotels in cities such as New York or Madrid where rental supply is limited due to regulations. Airbnb wrote in a shareholder letter that it believes bringing more hotels on the platform will increase its total market. In the fourth quarter of last year, its earnings per share were 56 cents. 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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FedEx's Holiday-Quarter Adjusted Profit to Top Wall Street's View
FedEx, a global delivery company, announced on Thursday that its?adjusted? earnings for the current holiday season would exceed Wall Street's median estimate. It also set growth goals through 2029. FedEx announced that its earnings for the third quarter, ending February 28, will surpass analysts' expectations. This announcement was made ahead of its annual Investor Day in Memphis, Tennessee where it is headquartered. FedEx compared the average FactSet estimate of $4.01 for each share. FedEx announced in December that its 'third-quarter adjusted earning per share will fall below the reported $4.82 for the second quarter. The third quarter's earnings, which are typically the highest due to holiday deliveries, include $150 million of unexpected peak-season expenses related to finding trucks and planes to transport goods that would normally have flown aboard its fleet of MD-11 cargo aircraft that was grounded after the deadly UPS crash on November 20, 2025. FedEx has begun a multi-year restructuring which includes cutting billions in costs, merging its Ground and Express delivery options and automating certain operations. It will also spin off its Freight business in June. Raj Subramaniam, CEO, told investors that the transformation would translate into profitable growth, increased margins, stronger cash generation, and higher returns. FedEx Freight has not been included in the growth targets set for 2029. On the basis of?its fiscal 2026 estimates, it anticipates a 2029 consolidated revenue of $98 billion. This represents a 4% annual compound growth rate. It expects to achieve an operating income of $8 Billion in 2029, representing a 14% CAGR. It sees a 2029 adjusted operating profit margin of 8%. This is up about 200 basis points. John Dietrich said that the company is "religiously focused on costs" and would be better able to handle unexpected challenges. FedEx's fiscal 2025 report shows revenue of $87.9 Billion, an adjusted operating profit of $6.12 Billion, and a 7% adjusted operating margin. On Thursday, shares of FedEx rose 0.2% to $367.83.
Sources say CME will list Hong Kong and Taiwan warehouses as part of the Asia Aluminium push.
Three sources who are directly familiar with the matter have confirmed that CME Group will approve Taiwan and Hong Kong to be warehouse locations for aluminum. This is as the U.S. commodity exchange intensifies its competition against the London Metal Exchange (LME) Asia.
The new locations planned would be a major expansion for CME, as the region accounted last year for two thirds of the global production of metals used in packaging and transportation.
CME's Asian warehouse footprint is currently limited to Malaysia, Singapore and South Korea.
C. Steinweg and Pacorini Global Services, warehouse operators in Taiwan's port of Kaohsiung have applied to list their storage facilities as able to accept metal delivered against CME's Comex aluminum futures.
CME, Steinweg, and Pacorini declined to comment.
Steinweg and Pacorini operate LME warehouses in Kaohsiung that hold just under 10% total LME aluminum inventories
According to two sources in the warehousing sector, the companies applied to list on Taiwan's CME after talking with the exchange. They also said that CME representatives recently visited Taiwan to inspect warehouses and learn about its regulations.
Sources declined to identify themselves as they are private.
Comex aluminum is delivered to bonded storage, unlike Comex copper where all metals are delivered duty-paid in warehouses within the U.S. This makes it more appealing to those who work in derivatives trading outside the U.S.
Comex has approved Asian aluminum brands including metal from Indonesia's Inalum and Malaysia's Press Metal.
HONG KONG SITES ARE IN DEMAND
Meanwhile, two more CME notices in late January showed that UK-based warehousing firm Henry Bath and Singapore-headquartered GKE Metal Logistics have applied to list aluminium storage in Hong Kong, with the latter also seeking to house lead.
Henry Bath refused to comment, while GKE didn't respond to an inquiry for comment.
Hong Kong's potential as a CME aluminum delivery location follows the LME's approval, since last year, of more than 12?warehouse facilities located in the Chinese Special Administrative Region.
These warehouses struggled at first to attract metal due to their high rents and limited space, but LME stocks of copper in Hong Kong helped.
The Hong Kong LME warehouses currently do not have any aluminium.
Sources said that Hong Kong made little sense at the moment, but they noted that there were good flows of aluminum into Kaohsiung.
Comex Aluminium stocks worldwide
Comex launched its 'aluminum contract' in 2019. Trading volumes were negligible, but they increased to 1.6% by 2023. Calculations show that in 2024 they increased to 1.9%, and then dropped again to 1.2% last year.
Last year, the LME's aluminium contract represented 80.6% the total amount of futures traded in the metal. The Shanghai Futures Exchange held 18.2%. Reporting by Tom Daly, Pratima Dasai and Alexander Smith; Editing by Veronica Brown & Alexander Smith
(source: Reuters)