Latest News
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Indonesia finds 10 bodies on crashed surveillance aircraft
The Indonesian search and rescue agency said that rescuers found 10 bodies on Friday from a fishery supevision plane?that had gone missing at the weekend in South Sulawesi Province, Indonesia. On Saturday, around 1:30 pm local time (0530 GMT), the?ATR42-500 turboprop belonging to aviation group Indonesia Air Transport lost contact with airtraffic control in South Sulawesi's Maros area. The plane was chartered for air surveillance by Indonesia's Marine Affairs and Fisheries Ministry. The passengers were staff from the ministry. Andi Sultan, a South Sulawesi rescue agency official, revealed through?tears in a video that authorities had found the ninth and tenth bodies on Friday morning. He added that the evacuation was still underway. Separately, the agency announced on its Instagram page that 10 bodies had been found. Rescuers found the wreckage in various locations around Mount Bulusaraung, in the Maros region. This is about 1,500 km northeast of Jakarta, the capital of this sprawling island nation. The chief of Indonesia's National Transportation Safety Committee, which investigates accidents in transport, has revealed to local media that the KNKT is investigating the contents found inside the black?box. This was the first fatal crash in Indonesia involving the ATR 42 manufactured by Franco Italian planemaker ATR, since?more? than a decade. Trigana Air Service ATR 42 300 crashed in 2015 into a mountainside in Indonesia's Papua Region, killing all 54 passengers. In 2021, a Boeing 737-500 operated by airline Sriwijaya Co crash into the Java Sea killing 62 people. (Reporting and editing by David Stanway; Stanley Widianto)
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China claims to have rescued a Philippine crew from a cargo ship near Scarborough Shoal
Chinese Coast Guard said on Friday that it had dispatched two vessels to rescue 21 'Philippine crewmembers' from a foreign cargo vessel which capsized in the South China Sea near Scarborough Shoal. The Coast Guard said that it received a report about the incident on Friday at 1:34 am. The Coast Guard said that 13 people had been rescued so far, while the search and rescue efforts continued. An email request for comment was not immediately responded to by the Philippine Embassy in Beijing. Scarborough Shoal, one of Asia’s most contested maritime features and a frequent flashpoint for disputes over fishing rights and sovereignty. The Chinese military announced on Tuesday that they had 'organised naval forces and air force to drive away an alleged Philippine government aircraft which it accused of 'illegally intruding' into the airspace above the atoll. China claims nearly the entire South China Sea. This area overlaps the exclusive economic zone of Brunei and Indonesia as well as the Philippines, Malaysia, Vietnam, and the Philippines. (Reporting and editing by Muralikumar Aantharaman; Beijing Newsroom)
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J&T Global Express, a Hong Kong-listed company, aims to raise $596 Million for technology and overseas expansion
J&T Global Express, an Indonesian courier service firm, announced on Friday that it aims to raise HK$4.65bn ($596.40m) via a?issue?of convertible bond. The bonds are initially convertible at HK$14.55 for each class B share. This can be converted into a maximum number of 319,6 million 'new shares. J&T Global stated that the proceeds would be used to "develop the group’s overseas business, technology advancement and optimize the capital structure of the group, including share purchase, as well as for other corporate purposes." The firm stated in a statement that it intended to list the 2026 Convertible Bonds on the Hong Kong Stock Exchange. J&T was launched in Indonesia by two ex-executives of the Chinese electronics?firm OPPO in 2015. It quickly became Southeast Asia's largest ecommerce?delivery company. In 2021, the company bought Best Inc's express delivery service in China from Alibaba. The deal was valued at $1.1 billion and helped launch an aggressive China expansion.
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CSX misses quarterly results estimates on weak industrial demand, lower coal volumes
Jan 22 - CSX reported Thursday that its fourth-quarter revenue, profit and earnings fell short of expectations. This was due to a weaker industrial market and lower export coal shipments. These factors were offset by higher pricing and increased intermodal traffic. U.S. -based railroad operators like CSX are facing a softer industrial environment and an uneven freight demand. This has led to companies reducing their costs and adjusting operations. Steve Angel, CEO of the company, said that "our quarterly results reflect a subdued industrial demand environment, and the actions we have taken to adjust our costs structure." The company will also focus on productivity, cost control, and capital discipline by 2026. Jacksonville, Florida based company also predicted operating margin expansion of 200 to 300 basis point?in 2026 compared with adjusted 2025 performance, helping shares to move 3.2% higher during extended trading. CSX’s operating margin for the third quarter was 31.6%, an increase of 30 basis points compared to a year ago. According to LSEG, the company reported revenue of $3.50billion in the fourth quarter. This was below analysts' average estimate, which was $3.54billion. The topline for the quarter was down by 1% compared to a year ago, due to lower merchandise volumes and lower export coal revenues. The 39 cents it earned per share is also slightly below the 41 cents expected. The decline was cushioned by higher prices?in intermodal and merchandise?, increased intermodal volumes, and fuel surcharge revenues. The firmer merchandise prices showed CSX’s ability to continue passing on rate increases. Apratim Sarkar, Shreya Biwas and Apratim Sarakar contributed to this report.
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Alaska Air releases cautious forecast regarding fuel costs and economic risks
Alaska Airlines forecast on Thursday a larger-than-expected loss for the first quarter and a profit outlook for the full year that was below Wall Street expectations, citing seasonality and fuel price volatility. According to LSEG data, the Seattle-based carrier 'expects' a profit per share of between $3.50 and $6.50. The midpoint is below the average analyst expectation of $5.54. Alaska anticipates a loss per share of between 50 cents and $1.50 for the first quarter. This is compared to Wall Street's expectation of a loss of 64 cents. Shane Tackett, Alaska's Chief Finance Officer, said in an interview with that the airline has adopted a more conservative stance on?guidance following last year's volatility. Airlines were hit by a sharp decline in demand after sweeping U.S. Tariffs and the longest U.S. In an interview with, Alaska's Chief Financial Officer Shane Tackett said the airline is taking a more conservative approach to?guidance after last year's volatility. Airlines were hit by a sharp drop in demand following sweeping U.S. tariffs and the longest?U.S. These factors also affected the full-year predictions of Delta Air Lines, and United Airlines. Both came in below analyst expectations. He said that if things stayed the same for the entire year, we would be able to achieve the highest end of the range. It doesn't need to get better. It only needs to keep its current momentum." DEMAND REBOUNDS BUT FUEL? AND TIMING BITE Tackett stated that Alaska has begun to regain demand lost last year during the abrupt booking slowdown. He estimated this loss at about $500 million. He said that the demand has increased sharply from early January. The yields are above those of last year, and corporate bookings have risen by 20% this quarter compared to last year across all sectors, including manufacturing, technology and finance. He said that loyalty revenue has also increased. He added that the revenue from main-cabins, which was behind industrywide growth last year, will be positive later this quarter. Tackett stated that travelers with the means of flying are booking their trips. Alaska's performance will be affected in the current quarter because much of its?first-quarter itinerary was booked before the demand increased in early January. Tackett estimates that the airline has left $50 to $100 million in potential revenue on its table. He said that a month earlier, when we booked the first quarter, "the demand was not as strong as it is now." The company is also particularly vulnerable to West Coast fuel refining margins. Tackett stated that a 10-cent change in fuel prices could translate to a 75 cent swing in the airline's earnings per share. Its outlook reflects the airline's historically weak first quarter. This is now compounded with Hawaiian Airlines' similar seasonal profile, as both carriers continue to integrate their networks. Alaska has also been absorbing increased labor and real estate costs since last year. Analysts had expected 12 cents per share. Its earnings for the fourth quarter came in at 43. Reporting by Rajesh Kumar Singh from Chicago and Shivansh Twary from Bengaluru, with editing by Diane Craft
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US power grid is put to the test by arctic cold and data center demand
Electric infrastructure in the U.S. is at risk of being weakened by the demands of data centers, which are constantly on the go. Starting Friday, a pattern of Arctic cold extreme weather is expected, bringing with it extremely low temperatures, heavy snow, and ice. This could pose significant challenges to the electric grid until next week. The North American Electric Reliability Corporation (NAERC), the United States' top power regulator, made this assessment on Thursday. In several Midwest and Great Plains States, the cold weather has already reduced gas supplies through freezing of oil and gas pipes and wells. U.S. Natural Gas Futures have risen by 63% in the last three days, reaching a six-week peak on Thursday due to forecasts of extreme temperatures over the next two week. According to data and analysts from LSEG, demand next week will likely approach 'last winter’s record, as homes and business crank up their heaters in order to escape a brutally cold snap. The PJM Interconnection, the U.S.'s largest power grid, is expected to reach a record-breaking winter electricity demand next week. The grid operator warned that "peak demand could exceed 130,000 MW next week for seven consecutive days, a winter streak PJM had never experienced." "Depending on the temperatures, PJM may set a record winter peak load on January 27. This cold weather could last into early February. PJM has taken extra precautions to prepare. PJM provides electricity to 67,000,000 people in 13 states, including Washington D.C. It has struggled to meet the booming demand for power from Big Tech's data centers, which are needed for the rapid growth of artificial intelligence. Extreme weather has caught regional grids including PJM off guard in recent years. In Texas, the worst incident occurred in early 2021. More than 200 people died when nearly half of Texas's generation capacity was lost. Millions of Texans lost power, including a family of an 11 year old boy who froze and died in his bed. In after-action reports, the Electric?Reliability?Council of Texas (ERCOT), which is the main grid operator in the state, was criticised for failing to ensure that the system had been properly winterized. Since then, utilities and grid operators have had to comply with stricter state and federal regulations. ERCOT plans, for instance, to complete at least 450 inspections during the winter season (December - February). ERCOT reported that 240 inspections were completed as of January 2018. The gap between summer and winter peaks is closing, due to rapid data center expansion, according to Philip Krein, an expert in grids at the University of Illinois Urbana-Champaign. This means that utilities will have less time, for example, when performing maintenance, to shut down power plants. Krein stated that this makes the grid vulnerable. The maintenance season is stretched like never before. Both ERCOT (the utility) and PJM (the power company) said that they expect to have enough electricity generation this winter to meet the demand. ERCOT forecasts that there is a very slight chance of a controlled, small blackout in the morning on January 31. ERCOT CEO Pablo Vegas stated on Thursday that he is confident in the Texas grid's ability to handle cold weather. (Reporting by Tim McLaughlin, Editing by Nia William and Diane Craft).
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WestJet seat U-turn exposes risks for airlines squeezing economy passengers
WestJet, a Canadian airline, abruptly reversed its decision to introduce tighter economy seats last week following viral videos showing passengers with limited legroom. This U-turn was a warning to North American carriers who are redesigning their cabins to favor higher-paying passengers, often by reducing space and cutting back on once-standard amenities in the rear of the plane. WestJet reconfigured a part of its Boeing 737 fleet in order to add premium seating as well as six extra seats in economy. In order to make more room, certain rows of economy seats were equipped with fixed-back chairs that couldn't recline. The pitch (the distance between the seat in front and the one behind it) was also reduced from 30 inches to 28 inches. The airline has since apologized, but the incident has now become a flashpoint for a larger North American effort to attract higher-paying passengers and charge them extras for items that were once standard. WestJet claimed that its changes would give travelers more choices at different prices. But critics said it was a step towards a thinner product - less comfort and higher fees for basic things like choosing seats. Robert Mann, an independent airline analyst, said WestJet’s case is a "cautionary story" for other carriers. He added that economy passengers have a certain tolerance level. Delta Air Lines executives, United Airlines executives, and American Airlines executives have all told investors that demand for tickets at the front of the cabin is the strongest, while the demand for cheaper tickets is weaker as low-income earners feel the pinch from rising costs after the pandemic. Delta's increased demand for premium seats has offset the softness of the main seat. The airline reported that premium-cabin revenues surpassed main-cabin revenues for the first quarter of the year. It expects most near-term growth in seats to come from the premium cabins. THE ECONOMY SQUEEZE Price-conscious travelers are forced to make trade-offs as airlines increase the number of extra-legroom rows and expand first-class cabins. They get less legroom, have fewer included features, and pay more for things that were once part of their ticket. United has increased its use of Basic Economy. This includes limiting changes, advanced seat selection, and on many routes, travelers are limited to one personal item, unless they qualify for exemptions. American Airlines has also reduced the number of perks included in its lowest fares. Even the 'economy' carriers are changing. Southwest Airlines, known for its open seating policy, will be moving to assigned seating by the end of this month. They'll also add fare bundles, and extra legroom can be purchased. Gabor Lukacs, an advocate for air passenger rights, said that travelers are now aware that the economy fare can cost more after fees and taxes have been added. Airline executives claim that lower base fares benefit travelers and help them cover increasing labor and operating costs. IdeaWorksCompany data shows that fares dropped 3.8% from the previous year in 2024, but revenue per passenger from add-ons rose 2.5%. When WestJet was asked for comment, it referred to the CEO's Friday statement, which stated that the airline had "tried seat pitchings that are popular around the world as they provide affordable airfares." Budget European carriers like Ryanair, WizzAir and easyJet are known for their'sold-out' seats that have a 28 or 29 inch gap between them and the row ahead. These planes are often used for short-haul flights. Some analysts warn that the strategy still assumes premium demand to hold. Demand has dropped quickly in past recessions, including the 2008 Financial Crisis and the first months of pandemic. The report also notes that the majority of seats are sold to price-sensitive customers who may not be willing to accept a new standard with less legroom or fewer inclusions. Viral BACKLASH WestJet's episode has re-opened the debate on how tight airlines can make economy cabins, as they add more premium seating. Ronn Torossian of New York crisis-PR firm 5WPR said, "Economy customers may not purchase lie-flat seats but they still make their decisions with their cameras, posts and purchases." Samantha Taylor, WestJet's Chief Experience Officer, told her staff that the rollout of the new seats was harming the cabin crew who were dealing with passengers' frustrations as well as the brand. Flight attendants and passengers have said that WestJet's backlash is due to the fear of a slower evacuation because of the tighter seating. People familiar with the situation said that some cabin crew raised concerns to the regulator Transport Canada and that their union requested a risk assessment by the airline. Transport Canada stated that the configuration met federal safety standards. Boeing, the manufacturer of the plane, has not responded to a comment request. The U.S. Federal Aviation Administration, when asked about the approval of?cabin reconfigurations', said that it allows planemakers use a computer-based analysis for certification purposes if there are reliable test data from previous live demonstrations. Two passengers who were seated in the reconfigured seat said that they couldn't have reached the position for the emergency brace. Amanda Schmidt, 32 years old, who filmed a video that was widely circulated of her father, a 6-foot-3 man, crammed into an economy chair for a part of a 4-hour flight, said the redesign had caused such a stir as it went beyond a simple threshold. Schmidt stated that "when you buy a chair for a person, it should be able to fit a person." Schmidt said, "You shouldn’t pay more just because you are tall." (Edited by Joe Brock, Rod Nickel and Rod Nickel; Allison Lampert and Rajesh Kum Singh in Montreal)
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Source: SpaceX has lined up four Wall Street Banks for the mega 2026 IPO
Elon Musk's SpaceX has lined up four Wall Street banks to play leading roles in a possible initial public offering. This could be one of the biggest market debuts. The person stated that Goldman Sachs and Morgan Stanley were being considered as senior leaders for the IPO. However, they cautioned that plans could change depending on market conditions. Last month, it was reported that SpaceX had been 'interviewing banks to play key roles in the IPO. Morgan Stanley emerged as a top contender for a major role due to its close ties with Musk. The company is also launching a secondary stock sale, which could put the company's value at up to $800 billion. reported Last month, SpaceX's plans come as the markets prepare for a potentially massive year of U.S. listings. Artificial intelligence firms?Anthropic, and OpenAI are also laying the groundwork for possible IPOs. SpaceX had been reported to be seeking a $25 billion IPO this year. The Financial Times reported on Thursday that Bank of American is a potential contender to play a major role in this offering. Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Bank of America declined to comment. SpaceX has not responded to a comment request immediately. (Reporting from Echo Wang in New York, and Prakhar Shrivastava in Bengaluru. Editing by Shreya biswas, Shailesh kuber and Nick Zieminski.
JD.com promises $3.12 billion in housing support for couriers
JD.com is one of China's biggest e-commerce firms. It has pledged to provide housing support for its army of couriers.
JD.com announced its move in a Friday post on the official WeChat page of its company. This follows a similar pledge made by food delivery firm Meituan. Meituan announced last month that it would invest 10 billion Yuan over the next five years in order to create a comprehensive welfare system for delivery riders.
JD.com, Meituan and Alibaba have been fighting for the market share of instant retail, or goods that are delivered in an hour.
The competition has led companies to spend billions on?subsidies and discounts for consumers, which have squeezed profit margins and prompted regulatory scrutiny.
Chinese authorities have summoned Meituan and JD to encourage them to engage in rational competition.
China's 12 million estimated couriers, who ride around on bicycles wearing the brightly colored uniforms of their employers, delivering anything from bubble tea and iPhones, are under increased pressure.
In recent years, the plight of delivery workers in China has been brought to the attention of the public through hit movies and best-selling memoirs. Viral videos on social media have also highlighted the precarious lives of these drivers.
As a response, some firms have improved the'social insurance coverage of couriers, and others have altered incentive structures to reward riders for making timely deliveries, instead of penalising them for being late.
JD.com said in a Friday post that it had already provided housing for 28,000 front-line staff and would provide 150,000 over the next five years.
Meituan offers subsidised "Rider Apartments", which are affordable and secure housing. Rents in certain areas of Beijing can be as low as 50% of the market rate.
(source: Reuters)