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Turkish Airlines aims to spread its wings at Istanbul’s giant new airport

A Turkish Airlines (THY) Boeing 737-800 aircraft prepares to take off at Ataturk International Airport in Istanbul
A Turkish Airlines (THY) Boeing 737-800 aircraft prepares to take off at Ataturk International Airport in Istanbul, Turkey, April 3, 2019. REUTERS/Murad Sezer

April 4, 2019

By Ceyda Caglayan and Dominic Evans

ISTANBUL (Reuters) – After three false starts and a labor protest over harsh working conditions, Turkey will fully open a new airport in Istanbul this week that will give its fast-growing flagship airline a platform to challenge Gulf rivals for regional dominance.

Authorities plan to shift flights from the city’s Ataturk Airport, on the edge of the Sea of Marmara, to the new airport 30 km (20 miles) north on the Black Sea shores, in a mammoth 45-hour transfer operation starting on Friday.

The $8 billion airport is one of several infrastructure mega-projects championed by President Tayyip Erdogan and will initially be able to handle 90 million passengers a year, a number which Turkey hopes to more than double by 2027.

That would make it the biggest in the world, measured against current airport operations globally.

“Istanbul Airport will rise to second place in terms of passenger numbers it serves in around five years,” Transport Minister Cahit Turhan told reporters in the gleaming departure hall. “When all phases are complete, Istanbul Airport will sit in the leader’s chair.”

The airport is supposed to be fully operational on Sunday after authorities transport 10,000 pieces of equipment, from massive aircraft-towing vehicles to sensitive security sensors, across the city in a complex two-day operation, after which Ataturk Airport will close for passenger flights.

The move should support Turkey’s ambition to make Istanbul a global aviation hub and will offer Turkish Airlines a chance to grow beyond the restrictions of Ataturk airport’s limited size.

After 15 years of rapid growth, the airline flies to more countries than any competitor, helped by its Istanbul base which is close to European, African and Middle Eastern destinations.

That location means many cities are within a 4-5 hour flight radius which can be flown by fuel-efficient, narrow-bodied planes. The relatively low costs helped deliver profit last year of 4.05 billion lira ($716 million).

With more slots available, the airline plans to increase its total fleet from 338 aircraft to 476 over the next four years, and analysts say it will challenge the three big regional competitors: Emirates, Qatar Airways and Etihad.

“It puts them on a level playing field with the Gulf carriers,” aviation expert John Strickland said.

However there are potential risks ahead. The airport is opening just as years of strong economic growth are grinding to a halt in Turkey, and any weakness in the domestic market could prove a drag on Turkish Airlines’ business.

‘HUGE THREAT’

Istanbul’s opening comes a decade ahead of the expansion of Dubai’s Al Maktoum International Airport to handle 130 million passengers a year, which has been pushed back to 2030.

Dubai-based Emirates will one day shift to the airport, which ultimately aims to be able to handle 260 million passengers a year. For now, Dubai plans to focus on Emirates’ current hub Dubai International, which handled nearly 90 million passengers in 2018.

The Gulf airlines already face testing times. Qatar Airways said last month it would report a second consecutive annual loss this year, after losing access to 18 Middle East destinations over a dispute with Gulf neighbors.

Emirates warned in November of tough times after first-half profit fell to its lowest in a decade, and Abu Dhabi has abandoned its goal of becoming a major air travel hub akin to Dubai.

Turkey’s aviation sector has become a “huge threat” to Gulf airlines, a senior executive at one Middle Eastern airport said, and also to rivals in Asia and Europe.

That includes Frankfurt Airport, one analyst said. It is the hub of Lufthansa, one of Europe’s largest airlines, and handled 69.5 million passengers last year. It is a roughly three-hour flight from Istanbul, slightly closer than the Gulf.

Turkish Airlines is not the only emerging rival.

Ethiopia overtook Dubai last year as a conduit for long-haul passengers to Africa, highlighting the success of the state airline’s drive to win back market share on routes to and from Africa which had been dominated by Turkish Airlines and Emirates.

Turkish Airlines has targeted fast-growing Asian economies, signing a code share agreement with India’s largest domestic carrier Indigo on December, and setting up a joint venture with China’s ZTO to extend its cargo operations.

“The upside of the new airport … is its potential to tap Chinese, Indian and other emerging Asian markets,” said Erdem Kayli, senior analyst at TEB Investment/BNP Paribas.

POLITICAL RISKS

The project has been plagued by delays and a protest last year over conditions for workers, after the government said 27 workers had died since construction started in 2015.

Full operations at the new airport have already been held up three times. Formally opened by Erdogan in October, it has handled fewer than 20 daily flights as the full opening was pushed back first to January, then March and now April.

The opening comes at a time when Turkey’s ties with the United States and Europe have frequently been strained. This presents another potential risk for Turkish Airlines – as Qatar’s dispute with other Arab states has shown, politics can damage a country’s carrier.

“There is uncertainty about Turkey’s relationships with other parts of the world, not least the United States,” Strickland said. “That gives uncertainty.”

The airport is one of the showcase projects of a 16-year construction boom under Erdogan, who has overseen the building of bridges, ports and railways that have transformed the country.

Some of the biggest schemes, including a planned 40-km shipping canal parallel to the Bosphorus, have been criticized as ill-conceived and wasteful.

Some analysts question whether the airport’s ultimate target of 200 million passengers a year is feasible, given the presence of a second international airport, Sabiha Gokcen, on Istanbul’s Asian side.

“It seems unrealistic to expect to reach such passenger numbers, because of airspace constraints,” said an aviation analyst at an international brokerage company who asked not to be named. “The city has another airport, and there’s a question mark whether total passenger numbers of the two airports can exceed 150 million.”

(Additional reporting by Alexander Cornwell in Dubai; Editing by Pravin Char)

Source: OANN

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Dollar sags on lower U.S. yields, Fed minutes in focus

FILE PHOTO: U.S. dollar notes are seen in this picture illustration
FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo

February 20, 2019

By Shinichi Saoshiro

TOKYO (Reuters) – The dollar sagged against its peers on Wednesday in the wake of falling U.S. yields and as investors remained cautious ahead of the Federal Reserve’s policy meeting minutes due later in the session.

The U.S. currency has also been weighed down as safe-haven demand for the liquid dollar has ebbed on optimism that a fresh round of talks between China and the United States would help resolve their trade conflict.

The dollar index versus a basket of six major currencies was a touch lower at 96.495 after shedding about 0.4 percent overnight.

“The dollar is weighed with Treasury yields on a downturn. Attempts by participants to price in potentially dovish FOMC (Federal Open Market Committee) meeting minutes are also keeping the dollar on the defensive,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

The benchmark 10-year U.S. Treasury yield fell sharply to an 11-day low on Tuesday ahead of the Fed meeting minutes, which are due later on Wednesday.

The minutes from the January Fed meeting will be closely watched following a dovish statement from the central bank at their January policy-setting meeting.

The dollar was steady at 110.61 yen, unable to remain near a high of 110.825 touched the previous day after Bank of Japan Governor Haruhiko Kuroda said the central bank was ready to ramp up stimulus if sharp yen rises hurt the economy.

“It’s hard for the dollar to retain its gains against the yen as the downward pressure from lower U.S. yields is quite strong,” Ishizuki at Daiwa Securities said.

The euro was unchanged at $1.1341 after advancing 0.25 percent on Tuesday, when it brushed a near two-week peak of $1.1358.

The pound was effectively flat at $1.3063 after rallying the previous day to a two-week high of $1.3073.

Sterling had surged more than 1 percent on Tuesday on hopes that British Prime Minister Theresa May will make progress in seeking changes to her Brexit deal with the European Union. [GBP/]

Offshore Chinese yuan extended the previous day’s gains to touch 6.74 per dollar, its strongest since Feb. 1.

The yuan had been lifted on Tuesday after Bloomberg reported that said the United States is pressing to secure a pledge from China that it will not devalue its yuan as a part of a trade deal.

(Editing by Sam Holmes)

Source: OANN

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Trump's Fed Pick Owes IRS $75K

Stephen Moore, President Donald Trump's pick for a seat on the Federal Reserve board, owes the Internal Revenue Service $75,328, reports The Guardian.

A January 2018 filing shows the U.S. government won a judgment against Moore for a federal tax lien valued at $75,328 for unpaid taxes, penalties, interests, and other costs in 2014.

Moore disputes the claim and said he was eager to "reach an agreement" with authorities.

"For several years I have been working through a dispute with the IRS, attempting to be returned what my attorneys and accountant believe were tax overpayments of tens of thousands of dollars," he said.

"It is an honor to have the opportunity to serve my country with distinction by being nominated for the Federal Reserve board, and I am ready to move forward with confirmation."

Trump last Friday announced plans to nominate Moore, 59, for a sixth seat on the board. He is still subject to confirmation.

Moore, a fellow at the conservative Heritage Foundation, referred questions about the matter to his wife, Anne Carey, who blamed the judgment on a mix-up where Moore accidentally claimed alimony and child-support payments to his ex-wife as deductions. Only alimony is tax deductible.

"It was not an attempt at defrauding the U.S. government," Carey said, according to the Washington Examiner.

Source: NewsMax America

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Hyundai Motor names former Nissan executive Jose Munoz as COO

Jose Munoz, chief performance officer at Nissan Motor Limited, responds to a question on the new Renault-Nissan-Mitsubishi Alliance venture capital fund during roundtable with journalists at the 2018 CES in Las Vegas
FILE PHOTO - Jose Munoz, chief performance officer at Nissan Motor Limited, responds to a question on the new Renault-Nissan-Mitsubishi Alliance venture capital fund during roundtable with journalists at the 2018 CES in Las Vegas, Nevada, U.S. January 9, 2018. REUTERS/Steve Marcus

April 18, 2019

(Reuters) – South Korean automaker Hyundai Motor Co on Thursday named former Nissan executive Jose Munoz as its global chief operating officer.

Munoz, who will take charge on May 1, has also been named president and chief executive officer of Hyundai Motor North America and Hyundai Motor America.

Previously, Munoz, 53, was Nissan Motor Co’s chief performance officer and head of its China operations.

He joined Nissan in 2004 in Europe and led its expansion in North America after the global financial crisis. Since then, Nissan has raised its market share in the United States and posted record sales.

Munoz resigned from Nissan in January, further rattling the Japanese automaker’s management team amid the investigation into ousted Chairman Carlos Ghosn’s alleged financial misconduct.

Widely considered as a close ally of Ghosn and a potential successor to lead the automaking partnership between Nissan and France’s Renault SA, Munoz had been a “person of interest” in Nissan’s widening internal investigation.

Munoz will be based in California and will report to Hyundai’s top leadership in Seoul.

(Reporting by Sanjana Shivdas in Bengaluru)

Source: OANN

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Trump Puts $3.3 Billion FBI Headquarters Proposal on Hold

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Washington Post: Mueller Report to Be Lightly Redacted

Special counsel Robert Mueller's report on Russian interference in the 2016 presidential election, set to be released Thursday morning, will be lightly redacted but still offer a thorough look at objection charges mulled over by Mueller's team against President Donald Trump, according to The Washington Post.

The report will list a "detailed blow-by-blow of the president's alleged conduct — analyzing tweets, private threats, and other episodes at the center of Mueller's inquiry," according to the Post, which cited people familiar with the matter.

Mueller, who turned in his report to Attorney General William Barr on March 23, neither charged nor exonerated Trump on obstruction of justice charges and also said neither Trump nor his campaign conspired with Russia to win the 2016 campaign.

Barr has been accused by Democratic lawmakers of trying to spin Mueller's findings, a notion fueled by his decision to hold a press conference ahead of the report's release to present his overview of it and discuss his review process.

House Speaker Nancy Pelosi, D-Calif., said Barr had "thrown out his credibility & the DOJ's independence with his single-minded effort to protect" Trump.

And Senate Minority Leader Chuck Schumer, D-N.Y., said, "The process is poisoned before the report is even released."

"Barr shouldn't be spinning the report at all, but it's doubly outrageous he's doing it before America is given a chance to read it," Schumer said.

Source: NewsMax Politics

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Taliban announce launch of spring offensive amid peace talks

The Taliban have announced the start of their spring offensive even as they talk peace with the United States and prepare for a significant gathering to find an end to the protracted war and an eventual withdrawal of U.S. troops from Afghanistan.

In a lengthy missive distributed in five languages, including English, the Taliban say the fighting would continue while foreign fighters are in Afghanistan and supported by Afghan security forces.

The announcement says, "mujahedeen brothers are requested to launch the jihadi operation with complete sincerity and pure intentions."

It was written to Taliban fighters on the ground. It calls for coordination, strict adherence to the Taliban's military command structure and exhorts fighters to avoid civilian casualties.

Still preparations are underway for Afghan-to-Afghan talks to begin April 19.

Source: Fox News World

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Good morning and welcome to Fox News First. Here’s a look at what you need to know today …

EXCLUSIVE: Trump says ‘Sleepy Joe’ Biden doesn’t have what it takes

President Trump, in a wide-ranging, exclusive phone interview with Fox News’ Sean Hannity, dismissed the launch of former Vice President Joe Biden’s presidential campaign, nicknaming him “Sleepy Joe” and saying he’s “not the brightest bulb.” Biden, the president said, has name recognition but he won’t “be able to do the job.” When asked about Sen. Bernie Sanders, I-Vt., Trump criticized his record, saying Sanders had “misguided energy” and asserted that Sanders “talks a lot” but hasn’t accomplished anything. The president referred to former U.S. Rep. Beto O’Rourke of Texas as “a fluke” who had lost much momentum and outright dismissed Sen. Kamala Harris, D-Calif., and South Bend, Ind., Mayor Pete Buttigieg — although he said he was “rooting” for Buttigieg. (Trump could address Biden and the other Democratic presidential candidates when he speaks today before the National Rifle Association.)

The Democratic Party’s youth movement: Biden’s biggest challenge?
Former Democratic National Committee (DNC) chair Howard Dean warned Joe Biden about the troubles he may face in his presidential campaign, especially from the “35-year-olds” who Dean says have been running the party — a clear nod to Rep. Alexandria Ocasio-Cortez, D-N.Y., and fellow freshmen Democrats. “This is a very different party than even the party Joe Biden ran in in 2012. Very different,” Dean continued. “A lot of people could win this race. There’s 20 people in there. I think it’s going to take $20 million to get to the starting line. If you can’t raise $20 million, you’re gone, and I think that’s going to take care of about six or eight of these folks. … But it is not the same party that it was five years ago.” A progressive political group that boosted Ocasio-Cortez’s bid for Congress last year vowed to oppose Biden and blasted him as part of the “old guard.”

More tales from the FBI texts
Text messages between former FBI officials Peter Strzok and Lisa Page indicate they discussed using briefings to the Trump team after the 2016 election to identify people they could “develop for potential relationships,” track lines of questioning and “assess” changes in “demeanor” – language one GOP lawmaker called “more evidence” of irregular conduct in the original Russia probe. Fox News has learned the texts, initially released in 2018 by a Senate committee, are under renewed scrutiny, with GOP Sen. Chuck Grassley and Homeland Security Committee chair Ron Johnson sending a letter Thursday night to Attorney General Bill Barr pushing for more information on the matter. President Trump, speaking on Fox News’ “Hannity” Thursday night, responded to this report by accusing Strzok and Page of an attempted “coup.” “They were trying to infiltrate the administration,” he said.

Kim accuses US of acting in ‘bad faith’
North Korean leader Kim Jong Un, fresh off his summit with  Russian President Vladimir Putin, said the U.S. has been acting in “bad faith” since his Hanoi meeting with President Trump over the stalemated issue of North Korean denuclearization. The North Korean leader told the Korean Central News Agency that, “the situation on the Korean Peninsula and the region is now at a standstill and has reached a critical point,” the Straits Times of Singapore reported. Kim warned that the situation “may return to its original state as the U.S. took a unilateral attitude in bad faith at the recent second DPRK-US summit talks,” the Korean Central News Agency added.

NFL Draft 2019: It’s all about defense
The first round of the 2019 NFL Draft saw a run on defensive players, with eight of the top 12 picks in Nashville coming from that side of the ball. After Oklahoma quarterback Kyler Murray was taken first overall by the Arizona Cardinals, the San Francisco 49ers started a run of four straight front-seven players by taking Ohio State defensive end Nick Bosa with the second overall pick — the highest draft slot for any Buckeye since left tackle Orlando Pace went No. 1 overall to the St. Louis Rams in 1997.

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TODAY’S MUST-READS
Fox News’ Ed Henry recalls spending time with Celtics great John Havlicek.
Massachusetts judge accused of helping illegal immigrant evade ICE pleads not guilty.
Rosenstein slams Obama administration for choosing ‘not to publicize full story’ of Russia hacking.
F.H. Buckley: What Democrats have forgotten about citizenship.

MINDING YOUR BUSINESS
Amazon crushes earnings expectations, but revenue growth slows.
Low-tax states among best places to make a living in 2019.
Construction job market booming: These states are hiring.

#TheFlashback
2018: Bill Cosby is convicted of drugging and molesting Temple University employee Andrea Constand at his suburban Philadelphia mansion in 2004; it is the first big celebrity trial of the #MeToo era.
1986: An explosion and fire at the Chernobyl nuclear power plant in Ukraine causes radioactive fallout to spew into the atmosphere. (Dozens of people are killed in the immediate aftermath of the disaster while the long-term death toll from radiation poisoning is believed to number in the thousands.)
1977: Notorious nightclub Studio 54 opens in New York.

SOME PARTING WORDS

Watch the “Special Report” panel take a look at former Vice President Joe Biden’s decision to run for president a third time and the battle for the “soul” of America.

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CLICK HERE to find out what’s on Fox News programming today and over the weekend!

Fox News First is compiled by Fox News’ Bryan Robinson. Thank you for joining us! Have a good day and weekend! We’ll see you in your inbox first thing Monday morning.

Source: Fox News National

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Joe Biden’s brain surgeon said his former patient is “totally in the clear” as speculation over the candidate’s health — with Biden possibly becoming the oldest president in U.S. history — is likely to become a campaign issue.

The former vice president, who had been perceived by many as the strongest potential contender for the Democratic Party’s 2020 presidential nomination, formally announced his candidacy Thursday.

But Biden’s age – 76 – is expected to become a source of attacks from a younger generation of Democrats not because of obvious generational differences, but possibly for actual health concerns if Biden gets into office.

WHY THE MEDIA ARE CONVINCED JOE BIDEN WILL IMPLODE

Biden himself agreed last year that “it’s totally legitimate” for people to ask questions about his health if he decides to run for president, given his medical history — which has included brain surgery in 1988.

“I think they’re gonna judge me on my vitality,” Biden told “CBS This Morning.” “Can I still run up the steps of Air Force Two? Am I still in good shape? Am I – do I have all my faculties? Am I energetic? I think it’s totally legitimate people ask those questions.”

“I think they’re gonna judge me on my vitality. …  I think it’s totally legitimate [that] people ask those questions.”

— Joe Biden

But Dr. Neal Kassell, the neurosurgeon who operated on Biden for an aneurysm three decades ago, told the Washington Examiner that Biden appears to be “totally in the clear” — and even joked that the operation made Biden “better than how he was.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it,” Kassell said. “That’s more than I can say about all the other candidates or the incumbents.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it.”

— Dr. Neal Kassell

BIDEN’S CLAIM HE DIDN’T WANT OBAMA TO ENDORSE TRIGGERS MOCKERY

At the same time, however, Biden hasn’t been forthcoming about his health at least since 2008 when he released his medical records as a vice presidential candidate. The disclosure that time revealed some fairly minor issues such as an irregular heartbeat in addition to detailing previous operations, including removing a benign polyp during a colonoscopy in 1996, the outlet reported.

It remains unclear if Biden had more aneurysms. Some medical experts say that people who have had an aneurysm can have another one.

An aneurysm, or a weakening of an artery wall, can lead to a rupture and internal bleeding, potentially placing a patient’s life in jeopardy.

Biden won’t be the only Democrat grappling with old age. Sen. Bernie Sanders, another 2020 frontrunner, is currently 77 years old and agreed with Biden last year that their ages will be an issue in the race.

“It’s part of a discussion, but it has to be part of an overall view of what somebody is and what somebody has accomplished,” Sanders told Politico.

“Look, you’ve got people who are 50 years of age who are not well, right? You’ve got people who are 90 years of age who are going to work every day, doing excellent work. And obviously, age is a factor. But it depends on the overall health and wellbeing of the individual.”

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Sanders released his medical records in 2016, with a Senate physician saying in a letter that the senator was “in overall very good health.”

Source: Fox News Politics

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German carmaker Daimler endured a weak start to the year, echoing troubles at other major manufacturers, as sales in the big Chinese market stuttered.

The company said Friday that its net income fell to 2.1 billion euros ($2.3 billion) in the first quarter from 2.3 billion euros during the same period a year earlier, while revenue dipped to 39.7 billion euros from 39.8 billion euros.

Vehicle sales fell 4% to 773,800 units, with a double-digit percentage drop in China offsetting gains in other markets like the U.S. and Europe.

The company said there were also problems with high inventories and bottlenecks in the supply chain.

Chairman Dieter Zetsche said that “we cannot and will not be satisfied with this — as expected — moderate start to the year.”

Source: Fox News World

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President Ashraf Ghani has inaugurated the country’s new parliament after almost six months since elections were held and following long delays, claims of voter fraud, unresolved disputes and political bickering.

Ghani spoke at the ceremony on Friday in Kabul, which brought together both the lower, legislative 249-seat chamber and the appointed 104-member upper house.

He expressed regret over the delays and the fact that 33 seats for lawmakers from the districts in central Kabul province were empty because the election commission still has not announced results for those districts.

Ghani blamed what he said was the “inefficiency of former election commission members” who have since been replaced.

The October election day was marred by bombings and attacks on polling stations across the country that killed 27 civilians and 11 policemen.

Source: Fox News World

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Cambodian authorities have ordered a one-hour reduction in the length of school days because of concerns that students and teachers may fall ill from a prolonged heat wave.

Education Minister Hang Chuon Naron said in an announcement seen Friday that the shortened hours will remain in effect until the rainy season starts, which usually occurs in May. The current heat wave, in which temperatures are regularly reaching as high as 41 Celsius (106 Fahrenheit), is one of the longest in memory.

Most schools in Cambodia lack air conditioning, prompting concern that temperatures inside classrooms could rise to unhealthy levels.

School authorities were instructed to watch for symptoms of heat stroke and urge pupils to drink more water.

The new hours cut 30 minutes off the beginning of the school day and 30 minutes off the end.

School authorities instituted a similar measure in 2016.

Source: Fox News World

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