Latest News
-
Sources say Trump will appoint a government contracting expert as the new TSA head.
Two sources said on Thursday that President Donald Trump plans to nominate a business executive with extensive experience in government contracts as the head of the Transportation Security Administration. Trump is planning to hire?David Cummins. He oversees Serco North America's federal, state and local government customer portfolio. Trump had proposed earlier this month to privatize much of the TSA operations and cut nearly 10,000 workers. Trump has not nominated anyone to replace David Pekoske as TSA head since his first day of office in 2025. Pekoske was nominated by Trump during his first term and Joe Biden, the former president, nominated him to serve a second 5-year term. The government shutdown that lasted six weeks in the spring caused major disruptions including long airport security lines of four or more hours. Trump's budget proposes cutting TSA more than $1.5 billion. It also wants to force smaller airports to use private security in place of TSA, as a step towards privatizing this agency that was created after September 11, 2001. The White House stated that this change will reduce the TSA's payroll by over 4,500 jobs. TSA plans to eliminate 4,800 more jobs through improved efficiency, eliminating redundant staffing and reducing exit lanes. Employee reductions would save over $500 million. TSA has lost over 1,600 employees due to government funding disruptions last fall and this spring. The Biden administration grew the TSA. The TSA screened 904 millions passengers in 2024. This was a record-breaking number and an increase of 5% over 2023. The White House stated last year that "TSA has consistently been failing audits, while implementing intrusive screen measures which violate Americans' dignity and privacy." In September, Homeland Security announced that it would remove five senior officials for suspicions of targeting Biden's political rivals with an aviation security watchlist now abolished. The TSA's Quiet Skies program, which was scrapped in late June, required an enhanced screening of some air passengers who were deemed to pose a greater security risk. (Reporting and Editing by Franklin Paul and Rod Nickel, Rod Nickel, David Shepardson)
-
Tinubu, Nigeria's president, grants airlines a 30% debt reduction and orders fuel price discussions
Festus Keyamo, the Aviation Minister, said that Bola Tinubu, Nigeria's President, approved a?30% relief on a?debt owed by local?airlines to aviation agencies. He also ordered talks between fuel marketers, airlines and regulators in order to arrive at a fair price for jet fuel within 72 hours. After jet fuel prices rose by nearly 300%, domestic airlines have warned that they cannot continue to operate without increasing ticket prices. The minister has described the meeting as a "fair and reasonable price" for jet fuel. Any agreement reached will be made public. * The'soaring 'jet fuel prices are upending the global aviation industry as a result of the 'Iran war. This has forced airlines to increase fares, reduce growth plans, and rethink forecasts. (Reporting from Abuja by Camillus Eboh; Writing by Elisha Gbogbo; editing by Nia Williams).
-
Trump declares that the US will not use nuclear weapons in Iran war
Donald Trump, the U.S. president, said on Thursday that he wouldn't?use nuclear weapons in the?"war" against Iran. "Why would I use nuclear weapons?" "We've decimated them in a conventional manner without using it," Trump said to reporters at the White House, when asked if he would use a nuclear weapon. "No, I wouldn't use it." He added that a nuclear weapon must never be used. When asked how long he would be able to wait for an enduring?peace agreement with Iran, Trump replied, "Don't hurry me." He said that Iran may have loaded up its weapons "a little bit", but that the U.S. Military could do that in about one day. Their navy is gone. Their anti-aircraft, air force, and navy are all gone. "I want to get the best deal. I could do a deal now, but?I'm not interested in doing that. Trump stated that he wanted to keep the deal forever. (Reporting and writing by Trevor Hunnicutt, editing by Michelle Nichols & David Ljunggren; Ismail Shakil)
-
Portugal asks Air France, KLM and Lufthansa to submit binding bids for the tight TAP race
Portugal has asked Air France-KLM and Germany's Lufthansa if they would submit binding bids for a minority stake of the national flag carrier TAP. This follows closely matched initial offers from European airline groups. In July, the Portuguese government revived TAP’s long-delayed Privatisation, with a view to selling a 44.9% share to a strategic partner in order to improve its global network. A further 5% was reserved for TAP employees. Lisbon will send formal invitations to two airlines that were the first to make offers by the end April. They must submit binding bids before the end July. The process should be completed by the beginning of September. Air France-KLM and Lufthansa made non-binding bids earlier this month. They included a "proposed price" for the TAP share, along with a list of industrial and strategic plans, and anticipated synergies. Details were not revealed. Infrastructure Minister Miguel Pinto Luz stated that the two bids are "largely equal and very ambitious" from a strategic, industrial, and financial perspective, and the government is comfortable with TAP’s valuation. With proposals that are so close and meet all dimensions, the financial valuation of TAP could end up playing an important role. "We will wait for binding offers," said Pinto Luz at a press conference. In a press release, Lufthansa stated that it intends to "submit" a "solid and attractive" binding offer citing "strong interest" for TAP. Air France-KLM stated in a press release that it has a "strong and continuing interest in TAP", and added that "it is aiming to make Lisbon its unique Southern European Hub and to integrate TAP in line with the group's "unique consolidation approach, which prioritizes "cooperation within a clearly defined framework". TAP?s main appeal is its lucrative and prime slots that connect its Lisbon hub to Brazil, Portuguese-speaking African nations and the United States. (Reporting and editing by Andrei Khalip, Alexander Smith and Sergio Goncalves)
-
Siemens Energy's outlook is boosted by a surge in demand for power equipment
Siemens Energy raised its forecast for 2026 on Thursday after a rise in orders and profits in the second quarter. The company joined peers in benefiting a surge of demand for data centers that require power equipment supplied by Siemens Energy. Siemens Energy cited "positive business developments" and strong market demand to increase its sales forecast from 11-13%. It also increased the profit margin for special items from 9-11% to 10-12%. The surge in demand for grid components and gas turbines, fuelled by energy hungry?data centres has also seen U.S. competitor GE Vernova increase its annual'revenue and profit estimates' on Wednesday. Siemens Energy shares on the Frankfurt Stock Exchange rose 6.6% following the results. They traded at 1640 GMT. Stocks of the group hit a new record high on Thursday. It is now Germany's third most valuable company, after its former parent Siemens and SAP. The market value for the stock was around 158 billion euros ($185billion). This rise is fueled by a strong global demand for power grids and gas turbines, as governments around the world depend on fossil fuels to provide energy 24 hours a day and upgrade their aging networks. Siemens Energy also released its preliminary results for the second quarter ahead of their publication on May 12. Sales increased by 8.9% to 10.3 billion euro ($12.1 billion) and profit before special items rose by 28% to $1.16 billion. Siemens Gamesa, the struggling wind division of Siemens, is closely watched by investors who want to know if it will be able to break even this year. The?quarterly loss was 44 million euros compared to 249 million euro loss for the same period in last year.
-
American Airlines rejects United merger, explores deeper Alaska ties
Robert Isom, American Airlines' Chief Executive, rejected the merger with United Airlines on Thursday as being anti-competitive. He also pledged to defend American Airlines' Chicago hub. He spoke in the midst of renewed speculation about industry consolidation after United CEO Scott Kirby brought up the possibility earlier this year that a tie-up between American and the Trump administration, as well as the fact that U.S. Airlines face tighter restrictions at congested hubs. Isom, speaking on the company's earnings call for the first quarter of this year, said that federal action would ease congestion at Chicago O'Hare Airport and allow American to rebuild their schedule to about 500 departures per day. Last week, the U.S. Federal Aviation Administration capped flights for summer at O'Hare after airlines planned?more than the airport could handle and forced carriers to scale back their plans. Isom stated that without these steps, O'Hare would have been on a delay schedule for the'very first flight of a day'. Roommates who are not married Isom stated that American does not intend to back down in Chicago where it competes with United. Isom added that the two carriers will be "roommates" for "a very long time." He called such a tie up anti-competitive, and bad for the customers. He said, "We are going to be roommates and not get married." Isom said that American is open to new opportunities, if they become available. However, there are no plans in place at this time. ALASKA PARTNERSHIP IS FOCUSED American sees room for improvement in partnership. According to two sources familiar with the situation, it was reported that American and Alaska were in early-stage discussions to deepen their relationship. This could include bringing Alaska to 'American's joint transatlantic and transpacific business arrangements. The pilots' union in the United States has warned against this plan, saying it would "vigorously" defend contract protections linked to code-sharing. The union stated on Thursday that "pursuing a plan for more of our flying to be done by another carrier is not a way to make American Airlines a global competitive airline." Isom stated that any expansion would remain within the limits of those labor agreements. American and Alaska have a partnership based on codesharing, loyalty rewards and West Coast connectivity to international routes. They call it a "West Coast International Alliance". Isom said that the United States sees space to strengthen ties with Canada. (Reporting and editing by Howard Goller; Rajesh Kumar Singh)
-
Spirit Airlines is in advanced discussions with government on financing, lawyer claims
Spirit Airlines' lawyer confirmed that the bankrupt airline is in advanced talks with the federal government about the terms of a significant financing package to assist the airline's restructuring. Marshall Huebner said that Spirit's outside lawyer, Marshall Huebner told a bankruptcy court in New York, the details of the financing package proposed by the Trump Administration had been?shared with its main creditor groups. The federal government's financing would do much more than just make the reorganization a possibility. Huebner stressed that talks are continuing. "I don't think anyone can predict where this is going." Other outlets reported that the Trump administration is close to a deal with Spirit Airlines, a low-cost airline. The government will provide about $500 million to assist Spirit Airlines in its bankruptcy. The package is likely to be a short-term loan that will keep Spirit Airlines?running? during bankruptcy. It would then become a long-term loan once the airline emerges from bankruptcy. Warrants would give the U.S. The?sources claimed that the government could have a stake up to 90%. Huebner 'declined to reveal the terms of deal under discussion, which highlights one of the 'unintended consequences' of U.S. Israeli policy on Iran: a surge... in jet fuel prices, which has nearly doubled costs and squeezed margins, pushing weaker airlines.... closer to the edge. U.S. president Donald Trump said on CNBC?on Tuesday he preferred to see Spirit acquire, but that government involvement is possible, signaling an interest in intervening. (Reporting and editing by David Shepardson)
-
Sources say that the demand for Russian Urals crude oil is increasing, which has led to an increase in freight rates.
According to calculations and source data, tanker freight rates for the shipment of Urals crude oil from Russia's western ports to India firmed up this week due a?recovering?demand, as port loadings slowly re-invigorate after drone attacks. Sources said that freight costs for Urals cargoes transported from the Baltic port of Primorsk to India by Aframax tankers with 100,000 tons are currently at $18 million, compared to $16 million for a one-way trip in mid-April. Transport costs of Urals shipments from the Black Sea port Novorossiisk in India via Suezmax tankers with a capacity of?about 140,000 tons per voyage have firmed up to $20-21 million, compared to?roughly $19million a few weeks ago. Drone attacks by Ukraine could threaten supplies from Russia's west ports, and thus revenues. Early April saw an increase in exports from March, but ports like?Novorossiisk & Ust-Luga still operate below capacity. After a drone strike on Thursday, a fire broke out in a Transneft oil-pumping facility that supplies crude to Russia's biggest?export terminal?in the Baltic Port of Primorsk. Urals shipments are currently handled by shadow fleet tankers that try to avoid Western restrictions. Greek shipowners are still cautious about working with Russia because of sanctions. EU countries did not approve a complete ban on Russian oil maritime services - one the most prominent restrictions in the 20th package Russia sanctions.
Stocks close lower on fading hopes for quick Iran deal, mixed quarterly earnings
U.S. stock prices fell on Thursday in choppy trade as investors resurfaced concerns about AI-driven disruptions across the software industry.
After Iran tightened its control over the "Strait of Hormuz", stocks remained near unchanged. Tehran released video footage showing its commandos storming the cargo ship it claimed to have captured, and demanded that the U.S. end its naval blockade of Iranian ports.
Stocks fell after news that Iran's parliament speaker Mohammad Bagher Ghalibaf resigned from a negotiating team. Oil prices soared after reports of air strikes in Iran, causing losses to be extended.
Iran's Fars News Agency said that the air defenses had been activated because of small drones in several locations throughout the country.
Jay Hatfield is the CEO and CIO at Infrastructure Capital Advisors, a New York-based firm.
"We had a good run and people are looking for some exposure, and using war as an explanation is not a terrible excuse."
The markets had rallied over the past few weeks on the hope that a solution to the Iran War was near, as well as expectations of strong corporate earnings.
This week, however, gains have been more difficult to achieve. The Nasdaq lost its 13-session winning streak on Monday as the optimism for a war resolution faded.
Fears of inflation grew as oil prices remained near $100 per barrel.
According to preliminary data the S&P 500 dropped 29.86 points or 0.42% to 7,108.04, and the Nasdaq Composite fell 218.14 or 0.88% to 24,439.42. The Dow Jones Industrial Average dropped 182.45 points or 0.36% to 49,313.27.
The data released on Thursday shows that the number of initial claims for unemployment benefits increased marginally in the previous week. However, the risks from rising prices caused by the war may hamper the economy.
S&P Global’s flash U.S. Composite Output PMI Index, which tracks manufacturing and service sectors, increased in April after nearly stagnating in March. The improvement was due in part to "stock building in response to concerns about supply availability and prices hikes."
Focus on the Packed Earnings Calendar
Tajinder Dhillon is the head of earnings at LSEG. He says that so far the earnings season has been a success. 82.1% out of 123 companies have surpassed analyst expectations. Earnings growth is now 15.6%, up from 14.4% at the beginning of the month.
The S&P?500 Tech index had the worst performance of all 11 major S&P sectors. This was largely due to a decline in IBM, whose revenue growth slowed down in the first quarter because of weakness in its software?business.
ServiceNow's quarterly results, which stated that revenue growth had been?dented" by delays in concluding government deals in the Middle East, also weighed on the sector.
The results raised concerns that traditional software business models may be disrupted by AI. As a result, the S&P 500 index for software and services dropped 5% in the session.
Tesla shares fell after the company increased its spending plan to over $25?billion per year.
Avis Budget, a car rental company, saw its shares plunge by about 50% after a rally that was similar to the "meme stock" craze.
Texas Instruments, on the other hand, surged higher after it forecasted second-quarter revenues and profits above Wall Street's expectations.
(source: Reuters)