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Safran targets higher 2026 profit as jet engine services prosper
French aerospace group Safran announced increased earnings and revenue?for 2026, following a year of profitability gains?due to strong demand for its civil jet engines. Safran, which produces?engines for Airbus and Boeing planes under the CFM venture with GE Aerospace, forecasted 6.1 to 6.2 billion euro ($7.2 billion up to $7.4billion) in recurring operational profit this calendar year. This was based on an estimated percentage increase in revenue of "low to middle teens" for the period. The French version of the earnings announcement stated that this was an increase between 12% and 15%. Safran reported a 26% increase in its recurring operating income, adjusted to 5.2 billion euro, and a margin improvement of 1.5 percentage points, to 16.6%. The company's adjusted revenue increased by 15% to 31,33 billion euros, and it also generated 3,92 billion euros of free cashflow. According to a consensus compiled by the company, analysts expected recurring total operating income of 5,22 billion euros from revenue of 31,49 billion euros. They also anticipated free cashflow of 3.66 billion euro. Safran reported that the revenue from services for civil engines has increased by 30% when measured in U.S. dollars. Aftermarket sales were boosted by the demand for air travel, and interest in older jets despite delays in production. The company reported a positive trend in defence, thanks in part to the new orders it received for its engines for the Rafale fighter. Safran has raised its financial targets to 2028. It now expects recurring operating income to be between 7.0 and 7.5 billion euros. This is up from the 6.0 to 6.5 billion euro it predicted at an investor's day in 2024.
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Amprion's main owners are looking at options to increase their stakes, as the funding needs of the company continue to rise.
Two people who are familiar with the situation said that the owners of Amprion - Germany's second largest power transmission grid - may consider selling their stakes to new investors in order to meet the growing funding requirements for energy networks throughout Europe. The people stated that some members of M31 - a joint venture between investors who own 74.9% of Amprion - are evaluating options. These include shifting stakes to coshareholders or divesting them, they said. Amprion stated that it would not be able to comment on any matters related to M31. It said that it was evaluating the financing options available for its investments, and that it had been in discussions with several financial institutions. Both M31 and the m3one management company, which is responsible for all issues relating to this joint venture, declined to comment. Needs for a SKYROCKETING Financing Amprion, Germany's second-largest high-voltage grid company after TenneT Germany, has a grid of approximately 11,000 km (6.835 miles). Its regulated asset base is 11.7 billion euro ($13.9 billion) and it represents a significant gauge of network valuation. Sources said that some shareholders are reviewing their investments due to the astronomical costs associated with?modernising and maintaining Europe's grids of energy, as well as securing them. Amprion has plans to spend over 36 billion euro by 2029. This requires that its owners provide regular capital increases. Amprion announced in December that its owners had contributed 2.2 billion euro in equity. Grids, which are the backbone of the power supply, require more funding to expand, but they also offer returns that are regulated and in the single-digit percentage range. This makes them a good investment for pension funds, infrastructure, and other fund managers. M31's largest shareholder is AEBG. It is backed up by five pension funds, led by AEVWL. AEVWL said Amprion shareholders should carefully consider whether to buy, sell or remain untouched in the event of a capital increase. In response to a question, Markus Altenhoff (AEVWL's Head of Capital Investment) said: "Every professional will have to take this decision matrix into consideration." M31's other shareholders include Munich Re's asset management arm MEAG Munich Ergo, ?Swiss Life, Talanx, Commerzbank's Commerz ?Real and insurer Versicherungskammer. Timo Werner of Commerz Real, who manages a fund for the division that owns 6% in M31, stated that the group was "very comfortable" about its investment, and that networks were an important element of its strategy. The Insurance Chamber said that it planned to be a long-term shareholder in?M31. Swiss Life, Talanx, and MEAG declined to comment. RWE Alkaios Holding owns the remaining 25,1% of Amprion. This joint venture was formed last year when?German utility RWE transferred a portion of its Amprion stake to Apollo Global Management. German division of Dutch grid operator TenneT is already undergoing a major ownership change. A consortium led by Norges, a sovereign wealth fund, bought 46% of the company last year. The German government agreed to buy a minority blocking stake this month.
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GE Aerospace uses robots and a 'Lean" approach to solve jet engine repair problems
Suresh Sinaiyan, a GE Aerospace technician, has spent more than a decade repairing compressor blades on jet engines by guiding them with precision across a sanding band. At the 'new automation lab' of the aerospace giant in Singapore, he teaches a robot the same task. The switch is a part of GE’s efforts to prepare for the next wave of industrial development, and to ease aviation's most pressing bottleneck: overloaded repair shops and scarce spare parts. The unexpected wear and tear of the latest generation 'jet engines' across the industry has caused many jets to be idled and led airlines keep older jets in flight longer. Maintenance lines have stretched into months while engines wait in repair queues. This pressure has now become a public battle. The airlines have complained about engine makers raising prices to take advantage of shortages, while the manufacturers claim they are investing money in expanding support because they have borne huge development costs. Tony Fernandes is the co-founder and CEO of Malaysian low cost airline AirAsia. He said it bluntly: "They must remember that airlines are their future, so treat us as partners." SINGAPORE as the Pressure Valve GE claims that Singapore is a critical part of its solution. The 2,000-employee GE repair?hub will be upgraded with digital tools, AI and more automation as part of a $300 million investment plan. The company wants to increase repair volume by 33% in Singapore without increasing the footprint of?the site -- by reorganising, reshaping and automating tasks when it's efficient. The factory is leading the way in GE's "Flight Deck" recipe for continuous improvement, eliminating waste and reducing costs. This was pioneered by Japanese automakers - and championed Larry Culp. It's not just about sprinting to the end of a quarter in order to produce a Wall Street Guide. Culp said in an interview that it is about making every minute and day count. GE, along with rivals like Pratt & Whitney, have been balancing the need to keep existing aircraft flying while supplying new assembly lines with parts and engines. By repairing more worn parts, you can reduce the pressure on your engine by reducing the need for new components. GE claims that repairs can halve both the time?needed to complete key processes and the cost for airlines. Faster turns, tighter floor space Iain Rodger of GE Aerospace Component Repair Singapore told me during a tour that "repair can improve turnaround times... the shorter the time the engine has to be off the wing the better." A reorganised area for repair is overhauling CFM56 turbo nozzles that have been scorched by extreme heat in one of the most popular engines on earth. Workers claim that turnaround times have improved since 2021 when they were 40 days. GE targets 21 days by the year 2028. The area will lose about a third its floor space in order to be ready for the next challenge, which is to develop repair capabilities for newer LEAP engine models that are entering?overhaul cycle. If the airline does not approve repairs, it may be forced to replace worn out parts with newer, more expensive, and limited-supply replacements. Han Hui Min, Nozzles' Business Leader, said of the new layout: "Now we can identify issues and see where they are." TEACHING ROBOTS the HUMAN TOUCH Repairs that require a technician’s touch are among the most difficult to automate. Take these compressor blades out of a CFM56 motor. The spinning blades create a?pressure' as air rushes in to the core of the motor. After years of use, the blade?tips will deform. This must be repaired by a process known as blending. It's really difficult to do. Sinnaiyan said that (until now) the process was 100% manual. The blades must be filed down to a few thousandths, using eye, feel and coordination. GE is betting that if they can capture this skill and turn it into a robotic process that can be repeated, then it will reduce the need for specialised workers while increasing throughput - at a lower cost. Analysts have noted that engine manufacturers make some of their largest profits by servicing used parts, and licensing certain repairs to shops in exchange for lucrative royalties. The process of each repair is the secret sauce to an increasingly important part?of business. Scaling repairs have limits. The work must adhere to approved procedures and strict standards of quality. Nick Cunningham, an analyst at Agency Partners, said that the slowdown in plane production - which increased demand for older jets and subsequently for repairs – is nearing its end. If GE's Singapore changes are successful, they can help the industry overcome its bottlenecks. They could also ease fares. Airlines executives and others have warned that the supply crunch is not likely to disappear quickly. Culp explained that the goal was to move away from heroic firefighting and towards a more preferred type of performance. Reporting by Tim Hepher and Rajesh K Singh in Singapore; Editing and production by Joe Brock, Matthew Lewis
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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)
Spain's lithium mine bid promises jobs but for who?
The proposed lithium mine could provide batteries for thousands of electric cars
Critics say that the job opportunities promised by mining companies are too limited.
My proposal is moving through the approval process
By Natalie Donback
He hauled them to his farm near Caceres, where they were divided into baskets and then pressed into oil. While Palomo was working, his six-year-old son Olmo chased their two sheep dogs.
Palomo stated, "I would like my son to have the opportunity to continue to enjoy our land as he grows older."
The valley is located on top of Europe's second-largest hard rock lithium deposit. A new underground mine has been proposed to tap its wealth.
According to Extremadura New Energies, the company that is seeking a license for it, the proposed San Jose Lithium Project would provide enough lithium each year to power 800,000 electric cars.
Residents are concerned about air pollution, the impact on water supplies and the threat to wildlife like the Spanish imperial Eagle.
The mine, owned by Australian Infinity Lithium, will not cause contamination or noise.
After reviewing the proposal the government of the autonomous Region of Extremadura requested that the company provide further details by June.
Some people in Extremadura (which borders Portugal on the west) hope that the European Union’s demand for Lithium -- a crucial raw material used to power everything from electric cars to cell phones -- will turn the region into an energetic hub, enabling Europe’s green energy transformation as it works to become carbon neutral in its energy system by 2050.
Extremadura has few industries, and is suffering from depopulation, with a 14.4% unemployment rate - the fourth highest in Spain.
Raquel Pastor is the director of the department for industry, energy, and mining in the Regional Government.
The European Commission added lithium to its list of essential minerals for the continent’s energy transition. This will help it reduce its dependency on Chinese minerals, and achieve its climate goals.
Lithium is an important component in batteries for electric cars, which emit fewer greenhouse gasses than traditional petrol or diesel powered vehicles.
The EC’s Critical Raw Materials Act aims to extract 10% of these minerals from Europe by 2030.
The EU is aiming to accelerate the permitting process for strategic projects that will be announced in this month. Caceres was on the first shortlist.
According to CIC energiGUNE (a Basque research institute), 13% of Europe’s lithium deposits can be found in Spain. The largest deposits are concentrated in the southern part.
Despite the fact that several companies are attempting to obtain licenses for Spain's lithium, none of them is approved or currently operational.
Critics have been very vocal in their opposition to proposed projects, citing environmental risks as well as potential impacts on agriculture and tourism.
Extremadura New Energies stated that the mine and processing facility would create 1,500 new jobs in a two-year phase of construction and 700 more jobs over its estimated 26 year operation.
Ricardo Salaya Monsell, a local union leader, said that companies had made similar promises in the past and failed to deliver.
Salaya, head of the Regional Federation for Industry, Construction and Agriculture, General Workers Union, said, "But we still see quality employment as valuable, so long as the necessary standard is met."
Farmers such as Palomo want the local government to invest in agriculture instead.
According to a new study from the University of Extremadura, agriculture could create the same number of local jobs, but with a longer-term perspective, in the next 60 year.
According to data from the government, only 9% of the people in the region are involved in agriculture. 73% work in other sectors such as tourism and hospitality.
What will happen to the workers of Caceres when the mine closes? Will they be forced to move to find employment? Palomo asked.
It's not the average life expectancy of a human being."
MINING JOBS
Ramon Jimenez Serrano, CEO of Extremadura New Energies, said that he is confident the local community will benefit from these jobs.
He said that the building phase would require mainly construction and assembly workers. However, degree-level positions such as administrators and technicians will be created during the exploitation phase.
Others, however, question the suitability of these jobs for locals due to their highly specialized nature.
Salaya said that if there is a large industrial project that requires a lot technical work, they may have to hire outsiders.
Extremadura New Energies created online courses that were subsidised by regional government to train local workers on the production of renewable energies and lithium batteries. Jimenez stated that 500 people had taken part in the course.
The mining company may dismiss the pollution risk, but "there are no precedents for modern industrial mines that have been operated and shut down without environmental contamination," stated Steve Emerman of the United States, a geophysics and mining specialist who testified in front of the European Parliament about the impact of mining on the EU.
Palomo's sheep and olives, which depend on the pristine environment of the Dehesa wooded pastureland, simply do not justify the mine.
He said that the 26-year, short-term project would threaten our ancient Dehesa landscape as well as centuries-old Olive trees.
(source: Reuters)