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FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight from Los Angeles taxis after landing at Reagan National Airport shortly after an announcement was made by the FAA that the planes were being grounded by the United States over safety issues in Washington, U.S. March 13, 2019. REUTERS/Joshua Roberts/File Photo
April 26, 2019
(Reuters) – American Airlines Group Inc cut its 2019 profit forecast on Friday, saying it expected to take a $350 million hit from the grounding of Boeing’s 737 MAX planes after cancelling 1,200 flights in the first quarter.
The company said it now expects its 2019 adjusted profit to be between $4.00 per share and $6.00 per share.
Analysts on average had expected 2019 earnings of $5.63 per share, according to Refinitiv data.
The No. 1 U.S. airline by passenger traffic said net income rose to $185 million, or 41 cents per share, in the first quarter ended March 31, from $159 million, or 34 cents per share, a year earlier.
Total operating revenue rose 2 percent to $10.58 billion.
(Reporting by Sanjana Shivdas in Bengaluru)
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FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo
April 26, 2019
By Aditi Shah and Abhirup Roy
NEW DELHI/MUMBAI (Reuters) – The grounding of India’s Jet Airways is turning into a quick windfall and long-term opportunity for international airlines keen to scoop up nearly a million outbound passengers from what was once the nation’s biggest airline.
Jet, which previously had a fleet of around 120 largely Boeing Co planes, was forced to indefinitely halt all flight operations on April 17 after its banks rejected the carrier’s plea for emergency funds.
The carrier’s descent into crisis has benefited international airlines in the form of rising fares and demand, data showed.
Fares from India to cities such as Dubai, London, New York, Singapore and Bali in the first quarter of 2019 rose between 4 percent and 32 percent from a year ago, according to Indian travel portal MakeMyTrip Ltd.
In the peak travel months of May and June, fares to London have spiked as much as 36 percent and tickets to San Francisco are up nearly 20 percent from a year ago, according to data from travel portal Yatra.com.
“For the next three months it’s actually bonanza time for international players,” said Ashish Nainan, a research analyst at CARE Ratings. “At least until the middle of June, the fares are not going to come down.”
Due to rising demand, even before Jet’s lessors grounded planes, carriers such as British Airways, Cathay Pacific Airways Ltd, Singapore Airlines Ltd and United Airlines saw an up to a 27 percent increase in passenger numbers from India in the last quarter of 2018, data from India’s aviation regulator showed. That is the latest period for which the data is available.
India is one of the world’s fastest-growing aviation markets, clocking 15-20 percent domestic growth in recent years. It has long had only two full-service long-haul carriers, state-run Air India and Jet.
Jet is now hoping to be bailed out by a new investor, with final bids due on May 10.
INCREASING CAPACITY
Before its grounding, Jet had the biggest share of India’s outbound international air traffic, carrying 12 percent of the 7.8 million passengers headed overseas in the Oct-Dec quarter, down from 14 percent a year earlier, data from the Directorate General of Civil Aviation showed.
For an interactive graphic on Jet’s market share, click https://tmsnrt.rs/2WvDQYi
For an interactive graphic on average daily flights by the airline, click https://tmsnrt.rs/2FeFDel
The total number of passengers traveling overseas with Jet fell 10 percent during the last quarter of 2018 even as the outbound travel market grew about 5 percent.
Meanwhile, Singapore Airlines posted a 27 percent increase in passengers from India, Cathay registered 17 percent growth and British Airways saw a 10 percent rise in the same period.
Cathay said the events at Jet combined with increasing demand for travel had led it to deploy larger aircraft with more seats on some Indian routes.
“In the long term we would certainly like to be able to offer more capacity into India, not just on our existing routes but by establishing new services to secondary cities,” Cathay said in a statement.
Singapore Airlines, in an email to Reuters, said the Indian market is “very promising” but declined to give details of airfare levels or demand patterns in the wake of Jet’s exit, citing a quiet period before the release of its annual results.
DOMESTIC GAINS
Jet’s grounding has also had a big impact on the domestic market, with inter-city air fares to major cities such as New Delhi, Mumbai, Bengaluru and Kolkata soaring more than 20 percent in May and June, according to Yatra.com.
The spike in fares is expected to underpin strong earnings for IndiGo and SpiceJet Ltd, which are set to report results for the quarter ended March 31 in the coming weeks.
“Domestic Indian carriers are the main benefactors, but I suspect if Jet fails to be revived by May 10 then Vistara and other airlines that ply international routes, particularly the lucrative Gulf market, are the main winners,” said Shukor Yusof, the head of aviation consultancy Endau Analytics. Vistara is a joint venture of India’s Tata Sons and Singapore Airlines.
Inadequate bilateral traffic rights between India and other countries, however, could be an impediment to foreign carriers’ hopes of winning business lost by Jet, some analysts said.
“Even before Jet’s operational shutdown, international capacity was significantly constrained,” said Kapil Kaul, CEO for South Asia of consultancy CAPA. “We have now more serious capacity challenge … this is unlikely to be stabilized in the near term.”
A new national government likely to be in place sometime after elections end in May is expected to address the international capacity constraints, and once bilateral agreements are eased airlines including Emirates, Turkish and Qatar would immediately benefit, said Kaul.
“We would love to add more flights but we are at the limit of the allocation granted to us for traffic rights,” Emirates Chief Commercial Officer Thierry Antinori told reporters in Dubai on Wednesday.
(Additional reporting by Alexander Cornwell in Dubai, Jamie Freed in Singapore and Tanvi Mehta in Mumbai; Editing by Muralikumar Anantharaman)
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International Monetary Fund (IMF) Managing Director Christine Lagarde attends a thematic forum of the second Belt and Road Forum for international cooperation in Beijing, China, April 25, 2019. REUTERS/Jason Lee
April 26, 2019
BEIJING (Reuters) – China’s massive Belt and Road infrastructure program should only go where it is needed and where the debt it generates can be sustained, International Monetary Fund Managing Director Christine Lagarde said on Friday.
In brief remarks to nearly 40 world leaders and other high-ranking officials at China’s second Belt and Road summit in Beijing, Lagarde said the program to build ports, railroads and other trade-enhancing infrastructure was having a positive impact on growth in certain countries but needed to be managed carefully.
She called for a revamped “Belt and Road 2.0” to include increased transparency, an open procurement process with competitive bidding and better risk assessment in project selection.
“History has taught us that, if not managed carefully, infrastructure investments can lead to a problematic increase in debt,” Lagarde said in remarks prepared for delivery at the conference. “I have said before that, to be fully successful, the Belt and Road should only go where it is needed. I would add today that it should only go where it is sustainable, in all aspects.”
Lagarde said that Chinese authorities were taking positive steps with a new debt sustainability framework that will be utilized to evaluate projects.
The sustainability initiative was announced on Thursday as China seeks to allay concerns that the Belt and Road plan to boost trade links was saddling poor countries with debts they cannot repay.
She also applauded the launch of a green investment principle for Belt and Road projects at the Beijing conference, emphasizing low-carbon and climate resilient investments.
“Debt sustainability and green sustainability will strengthen BRI sustainability,” Lagarde said.
The IMF chief said the Belt and Road initiative was helping to stimulate infrastructure investment and developing new global supply chains. She cited a new manufacturing zone in Kazakhstan linked to Belt and Road and construction of a highway in Senegal linking three cities to the country’s main airport, which has helped underpin strong growth.
(Reporting by David Lawder in Washington; Editing by Richard Borsuk)
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Chinese President Xi Jinping speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo
April 26, 2019
By Brenda Goh and Yilei Sun
BEIJING (Reuters) – China’s Belt and Road initiative must be green and sustainable, President Xi Jinping said at the opening of a summit on his grand plan on Friday, adding that the massive infrastructure and trade plan should result in “high quality” growth for everyone.
Xi’s plan to rebuild the old Silk Road to connect China with Asia, Europe and beyond with huge spending on infrastructure, has become mired in controversy as some partner nations have bemoaned the high cost of projects.
China has repeatedly said it is not seeking to trap anyone with debt and only has good intentions, and has been looking to use this week’s summit in Beijing to recalibrate the policy and address those concerns.
Xi said in a keynote speech to the summit that environmental protection must underpin the scheme “to protect the common home we live in”.
“We must adhere to the concept of openness, greenness, and cleanliness,” he said.
“Operate in the sun and fight corruption together with zero tolerance,” Xi added.
“Building high-quality, sustainable, risk-resistant, reasonably priced, and inclusive infrastructure will help countries to fully utilize their resource endowments.”
Western governments have tended to view it as a means to spread Chinese influence abroad, saddling poor countries with unsustainable debt.
While most of the Belt and Road projects are continuing as planned, some have been caught up by changes in government in countries such as Malaysia and the Maldives.
Those that have been shelved for financial reasons include a power plant in Pakistan and an airport in Sierra Leone, and Beijing has in recent months had to rebuff critics by saying that not one country has been burdened with so-called “debt traps”.
Since 2017, the finance ministries of 28 countries have called on governments, financial institutions and companies from Belt and Road countries to work together to build a long-term, stable and sustainable financing system to manage risks, China’s finance ministry said in a report released on Thursday.
Debt sustainability has to be taken into account when mobilizing funds, the finance ministry said in the report, which outlined a framework for use in analyzing debt sustainability of low-income Belt and Road nations and managing debt risks.
The framework is based on the IMF/World Bank Debt Sustainability Framework for Low Income Countries while penciling in local conditions and development of partner nations, according to the report.
CHINESE PROMISES
The Belt and Road initiative will also open up development opportunities for China just as China itself is further opening up its markets to the world, Xi said.
“In accordance with the need for further opening up, (we’ll) improve laws and regulations, regulate government behavior at all levels in administrative licensing, market supervision and other areas, and clean up and abolish unreasonable regulations, subsidies and practices that impede fair competition and distort the market,” he said.
Xi promised to significantly shorten the negative list for foreign investments, and allow foreign companies to take a majority stake or set up wholly-owned companies in more sectors.
Tariffs will be lower and non-tariff barriers will be eliminated, Xi added.
China also aims to import more services and goods, and is willing to import competitive agricultural products and services to achieve trade balance.
“China will strengthen macroeconomic policy coordination with major economies in the world and strive to create positive spillover effects to promote a strong, sustainable, balanced and inclusive growth for the world economy,” said Xi.
VISITING LEADERS
Visiting leaders include Russia’s Vladimir Putin, as well as Prime Minister Imran Khan of Pakistan, a close China ally and among the biggest recipients of Belt and Road investment, and Prime Minister Giuseppe Conte of Italy, which recently became the first G7 country to sign on to the initiative.
The United States, which has not joined the Belt and Road, is expected to send only lower-level officials, and nobody from Washington, citing concerns over opaque financing practices, poor governance, and disregard for internationally accepted norms.
“The United States is not sending high level officials from Washington to the Belt and Road Forum,” a spokesman for the U.S. Embassy in Beijing said.
“We continue to have serious concerns that China’s infrastructure diplomacy activities ignore or weaken international standards and best practices related to development, labor protections, and environmental protection.”
(Reporting by Brenda Goh and Yilei Sun; Additional reporting by Tony Munroe, Stella Qiu, Ryan Woo, Cate Cadell and Tom Daly; Writing by Ben Blanchard; Editing by Simon Cameron-Moore)
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FILE PHOTO: A Scandanavian Airlines, known as SAS, Airbus A320-200 airplane takes off from the airport in Palma de Mallorca, Spain, July 29, 2018. REUTERS/Paul Hanna
April 26, 2019
OSLO (Reuters) – Wage talks broke down on Friday between SAS and its pilots in Norway, triggering a strike, a government-appointed mediator said in a statement.
SAS said earlier its Swedish pilots would also go on strike, affecting tens of thousands of passengers.
(Reporting by Terje Solsvik; Editing by Jacqueline Wong)
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FILE PHOTO – September 9, 2018; Carson, CA, USA; Kansas City Chiefs wide receiver Tyreek Hill (10) runs the ball against the Los Angeles Chargers during the second half at StubHub Center. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports
April 26, 2019
An explosive audio recording aired by a Kansas City television station on Thursday night reportedly includes Kansas City Chiefs wide receiver Tyreek Hill threatening his fiancée, who accused him of injuring their young son.
In the recording broadcast by CBS affiliate KCTV, a voice identified as the boy’s mother, Crystal Espinal, tells Hill that her son said regarding who punched him, “Daddy did it.” She adds, “He is terrified of you.”
A voice alleged to be Hill replies, “You need to be terrified of me, too, b—.” The man identified by the TV station as Hill adds, “I didn’t do nothing.”
Espinal reportedly made the recording as an “insurance policy” and gave it to a friend, who passed it along to the TV station, according to a report from the Kansas City Star. The 11-minute recording, reportedly taped at a Dubai airport, includes Espinal accusing Hill of using a belt on the boy, along with an accusation that “you open up his arms and you punch him in the chest.”
–The Kansas City Chiefs officially announced their acquisition of defensive end Frank Clark from the Seattle Seahawks. The team’s announcement did not mention any signing of a new contract, but it did include a photo of Clark putting pen to paper. According to multiple reports Tuesday, Clark agreed to a five-year, $105.5 million contract, with $63.5 million guaranteed, as part of the trade.
The deal, which was reported Tuesday, sent the 29th overall pick in Thursday’s first round and a 2020 second-round pick to the Seahawks. The teams also swapped 2019 third-round picks, with the Chiefs moving up eight spots from No. 92 overall to No. 84.
Clark, who turns 26 in June, was set to make $17.1 million on the franchise tag in 2019, after being tagged by the Seahawks. Clark has 35 sacks and 72 QB hits through 62 games (33 starts) over four seasons since being drafted in the second round by Seattle in 2015.
–The Houston Texans are open to trading franchise-tagged defensive end Jadeveon Clowney for the right price, ESPN’s Chris Mortensen reported.
The Texans tagged Clowney earlier this offseason, and various reports since have said the sides are not close to a long-term extension. They have until July 15 to agree to a new deal, or Clowney will play 2019 on the tag, which is worth $15.967 million.
Clowney, 26, has 18.5 sacks and 42 quarterback hits over the last two seasons. He is likely seeking more than $20 million annually on a contract extension.
–The Philadelphia Eagles and defensive tackle Tim Jernigan agreed to a one-year contract. The move comes after Philadelphia previously declined to pick up Jernigan’s $11 million option in March.
Jernigan, 26, played in just three games last season after undergoing offseason back surgery to repair a herniated disc.
The previous season, he was a key cog in the Eagles’ Super Bowl-winning campaign and recorded 29 tackles and 2.5 sacks in 15 games.
–The Tampa Bay Buccaneers exercised their fifth-year option on cornerback Vernon Hargreaves III.
In 2018, Hargreaves was placed on injured reserve with a season-ending shoulder injury he suffered in the season opener against the New Orleans Saints. He also ended the previous season on injured reserve.
Selected 11th overall in the 2016 draft, Hargreaves is coming off a down 2017 season that saw him post 42 tackles over nine games, missing the team’s final seven contests with a hamstring injury. He had 76 tackles, a forced fumble and an interception in his 16-game rookie season in 2016.
–Field Level Media
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FILE PHOTO – Dec 10, 2017; Kansas City, MO, USA; Kansas City Chiefs wide receiver Tyreek Hill (10) celebrates after a play against the Oakland Raiders in the first half at Arrowhead Stadium. Mandatory Credit: Jay Biggerstaff-USA TODAY Sports
April 26, 2019
An explosive audio recording aired by a Kansas City television station on Thursday night reportedly includes Kansas City Chiefs wide receiver Tyreek Hill threatening his fiancée, who accused him of injuring their young son.
In the recording broadcast by CBS affiliate KCTV, a voice identified as the boy’s mother, Crystal Espinal, tells Hill that her son said regarding who punched him, “Daddy did it.”
She adds, “He is terrified of you.”
A voice alleged to be Hill replies, “You need to be terrified of me, too, b—.”
The man identified by the TV station as Hill adds, “I didn’t do nothing.”
Espinal reportedly made the recording as an “insurance policy” and gave it to a friend, who passed it along to the TV station, according to a report from the Kansas City Star. The 11-minute recording, reportedly taped at a Dubai airport, includes Espinal accusing Hill of using a belt on the boy, along with an accusation that “you open up his arms and you punch him in the chest.”
The Johnson County (Kansas) District Attorney’s office now has the recording, the newspaper reported.
The development comes a day after the district attorney’s office announced it would not bring charges against him for child abuse and neglect. Officials have said the criminal case is closed but could reopen with new evidence.
Hill’s attorneys insisted earlier Thursday that Hill is “innocent of any crime.”
For his part, the 25-year-old Hill released a statement through his lawyers before the recording came to light.
“I love and support my family above anything. My son’s health and happiness is my number one priority. I want to thank the Kansas City Chiefs, my attorneys, my agent and my union for supporting me through this. My focus remains on working hard to be the best person for my family and our community I can be, and the best player to help our team win,” Hill said in the statement.
Authorities had been investigating incidents — one on March 5 for child abuse and neglect, and one on March 14 for battery — at Hill’s home in Overland Park, Kan. Both police reports indicated a juvenile was involved.
Hill and Espinal were listed on the March 5 police report as “others involved.” On the March 14 report, Espinal was listed as “others involved,” with a juvenile listed as the victim.
The Kansas City Star reported previously that the couple’s son sustained a broken arm in the incident. The Star also reported earlier this week that the boy was recently removed from his parents’ custody as part of a family court process called a “child in need of care” case.
Despite not being charged with a crime, Hill could be subject to discipline from the NFL.
–Field Level Media
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FILE PHOTO – A Crossrail worker walks in the new Farringdon underground station of the Elizabeth line, in London, Britain June 15, 2018. REUTERS/Peter Nicholls
April 25, 2019
LONDON (Reuters) – London’s new flagship rail line connecting Heathrow Airport to the Canary Wharf financial district may not now open before 2021, more than two years behind schedule, the Crossrail project said on Thursday.
Billed as Europe’s most ambitious infrastructure project, the line, which runs under the capital, was supposed to open in December 2018, but was delayed shortly before the launch by problems with testing and the completion of signaling work.
When open, the Elizabeth Line, as the link has been named, will connect destinations such as Heathrow west of the city with the rail hub of Paddington, shopping districts such as Bond Street, Canary Wharf in the east, and beyond.
It is expected to carry about 500,000 passengers a day and alleviate pressure on the Victorian-era metro (subway) network, the Underground or Tube. An initial budget of around 15 billion pounds ($19 billion) has risen to 17.6 billion pounds.
“Crossrail is an immensely complex project and there will be challenges ahead,” new chief executive Mark Wild said. “This new plan will … allow this fantastic new railway to open around the end of next year.”
Among the remaining tasks are building and testing the software to integrate the train operating systems with signaling systems; testing station and tunnel systems; and running train trials.
Crossrail said it had identified a six-month window, with a midpoint at the end of 2020, for it to open the central section of the line between Paddington and Abbey Wood to the east of London. All stations on the route will open apart from Bond Street, which has further problems.
Once the section has opened, trains will run on the whole line as soon as possible. Crossrail will also provide more specific estimates as the line gets nearer to completion.
Crossrail’s chairman said he knew it needed to rebuild trust with its stakeholders after the lengthy delays.
(Reporting by Kate Holton; Editing by Kevin Liffey)
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FILE PHOTO: A Scandanavian Airlines, known as SAS, Airbus A320-200 airplane takes off from the airport in Palma de Mallorca, Spain, July 29, 2018. Picture taken July 29, 2018. REUTERS/Paul Hanna
April 25, 2019
COPENHAGEN (Reuters) – Airline SAS said on Thursday it will cancel a number of flights from midnight as a precautionary measure in case of a threatened pilots’ strike.
“As a result of the notice of strike from the pilots’ union in Denmark, Norway and Sweden, SAS is taking precautionary measures to protect travelers and staff,” it said in a statement posted on Facebook.
“This means that a number of flights will be canceled to avoid stranded travelers and crews,” it said.
Swedish, Danish and Norwegian pilot unions earlier this month called a strike if there was no agreement on wages and other terms after an earlier round of talks broke down without the parties finding common ground.
National mediators in the three countries have been trying to broker a deal since last week between delegations of the two parties. SAS spokeswoman Freja Annamatz said negotiations were still ongoing.
(Reporting by Jacob Gronholt-Pedersen and Andreas Mortensen)
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FILE PHOTO: A Scandanavian Airlines, known as SAS, Airbus A320-200 airplane takes off from the airport in Palma de Mallorca, Spain, July 29, 2018. REUTERS/Paul Hanna/File Photo
April 25, 2019
STOCKHOLM (Reuters) – Seventy thousand travelers with SAS will see their flights canceled on Friday unless negotiators agree a last-minute deal to stop nearly all of its around 1,500 pilots going on strike after midnight, the carrier said on Thursday.
Swedish, Danish and Norwegian pilot unions earlier this month called a strike if there was no agreement on wages and other terms after an earlier round of talks broke down without the parties finding common ground.
National mediators in the three countries have been trying to broker a deal since last week between delegations of the two parties. SAS spokeswoman Freja Annamatz said negotiations were still ongoing.
A strike would affect 70 percent of SAS flights. The remaining 30 percent are operated by partners that would not be affected by strike action, Annamatz said.
Should a strike last through the weekend, around 170,000 travelers would be affected in total, she added.
Earlier this week, the airline offered travelers concerned about a possible strike the chance to reschedule flights for the April 26-29 period to another date free of charge.
SAS is in the midst of renewing an elderly and fuel-intensive fleet after spending years cutting costs in the face of cut-price competition from budget carriers such as Norwegian Air Shuttle and Ryanair.
The airline reported a bigger than expected loss for its fiscal first quarter in February, but said it still expected to run a profit for the full year.
(Reporting by Anna Ringstrom; Editing by Niklas Pollard and Jan Harvey)
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