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[1/3] Chinese President Xi Jinping speaks with Colombian President Gustavo Petro during a meeting at the Great Hall of the People in Beijing, China, October 25, 2023. The upgrade of relations with Colombia means China now has strategic ties with 10 out of the 11 South American countries with which it has relations. Paraguay is the last South American nation that has ties with Taiwan, which China claims as part of its territory. In 2022, shipments from Colombia to China totalled $7 billion, up almost 20% from five years earlier. Among the 11 South American countries that have diplomatic ties with Beijing, Colombia has the largest trade deficit with China despite increased Chinese imports.

Persons: Xi Jinping, Gustavo Petro, Ken Ishii, Xi, Petro, Ivan Duque, Liz Lee, Ryan Woo, Ellen Zhang, Bernadette Baum, Robert Birsel, Nick Macfie Organizations: of, People, REUTERS Acquire, Initiative, South American, Tuesday, China Harbour Engineering Company, Bogota Metro, Xian Metro Company, Bombardier Inc, Columbia, China Civil Engineering Construction Corporation, Zijin Mining, Canada's Continental, Thomson Locations: Beijing, China, Colombia, Latin America Colombia, Xi's, Initiative BEIJING, U.S, America, Guyana, South America, Central America, Caribbean, United States, Taiwan, Paraguay, American, Latin America, Bogota, Argentina, Venezuela, Bolivia, Suriname

☆ Bombardier quarterly profit beats estimates on demand for business jets
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Christinne Muschi/File PhotoMONTREAL, Aug 3 (Reuters) - Canada's Bombardier Inc (BBDb.TO) on Thursday reported better-than-expected quarterly profit and higher revenue despite supply chain pressures, helped by demand for flying and maintaining private planes. The Montreal-headquartered business jet maker reported a second-quarter profit of $10 million from continuing operations, compared with a loss of $109 million a year earlier. CEO Eric Martel told analysts that despite "pressure points" such as smaller suppliers, the supply chain is improving and will "remain a key area of focus for the foreseeable quarters". Last month, Gulfstream jet maker Textron Inc (TXT.N) raised its full-year profit forecast on strong jet pricing. On a per share basis, quarterly adjusted profit was 72 cents, compared with a loss of 48 cents a year earlier.

Persons: Christinne, Eric Martel, Refinitiv, Allison Lampert, Abhijith, Saumyadeb Chakrabarty, Jan Harvey Organizations: Bombardier Global, REUTERS, MONTREAL, Bombardier Inc, Gulfstream, Textron Inc, Bombardier, Thomson Locations: Montreal, Quebec, Canada, Bengaluru

☆ Bombardier swings to profit on deliveries of pricier business jets
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

MONTREAL, April 27 (Reuters) - Bombardier Inc (BBDb.TO) swung to a first-quarter adjusted profit, helped by increased deliveries of its pricier planes, the business jet maker said on Thursday. Business jet makers are planning to deliver more planes this year, despite concerns over supply chain snarls, following a surge in demand to fly private during the COVID-19 pandemic. But analysts have reported softening business jet traffic in major markets compared with 2022 as fears of an economic downturn loom. Bombardier delivered 22 business jets during the quarter, up one from a year earlier. However the company delivered two more medium-sized and two more large-cabin business jets which command stronger pricing.

Higher costs and a shortage of available new parts are also delaying aircraft repairs, which risk pushing up air fares. Some makers of brand-name parts like General Electric Co (GE.N) stand to benefit because they also sell used parts, known as used serviceable material. Honeywell Aerospace Trading (HON.O), the U.S. conglomerate's used parts business, is among companies enjoying higher demand since 2021. Ultimately, the alternatives to new parts may bring relief but a congested supply chain must be fixed, said Benjamin Hockenberg, president of JSSI Parts & Leasing. "Certain models, certain situations, (used parts) will fill the void, but I think we also need to see a repaired supply chain," said Hockenberg.

☆ Air Canada CFO Kazzaz to retire, ex-Bombardier exec Di Bert to take over
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Air Canada (AC.TO) said on Tuesday that Chief Financial Officer Amos Kazzaz would retire at the end of June and be replaced by former Bombardier Inc (BBDb.TO) executive John Di Bert. Di Bert, who has served as CFO for both Bombardier and Pratt & Whitney Canada, will assume the role at Air Canada on July 1. The change comes at a time when Air Canada, like other North American carriers, faces cost pressures due to a labor shortage amid a rebound in travel. Toronto-listed shares of Air Canada were up about 2% on Tuesday. Reporting by Pratyush Thakur in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Energy, industrial stocks lift TSX; Lundin Mining jumps
▼ + stars: | 2023-03-28 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"But here it seems the market likes the deal and is giving a thumbs up with respect to the acquisition." ET (14:10 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 61.34 points, or 0.31%, at 19,686.08. Energy stocks (.SPTTEN) added 0.8%, tracking oil prices amid supply disruption risks from Iraqi Kurdistan. Still, the bourse is up for the quarter underpinned by gains from January as equities bounced back from previous year's losses. Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 72.86 points, or 0.4%, at 19,459.92, preliminary data showed. The energy sector fell 1.8% as the price of oil settled 1.3% lower at $69.96 a barrel. Oil fell after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Heavily weighted financials were down 0.7% as concerns about the global banking sector lingered following interest rate hikes by the Swiss National Bank and the Bank of England. Bombardier shares ended up 2.8% after the company raised its 2025 revenue and free cash flow targets at its investor day, banking on strong demand for private flights.

REUTERS/Dado Ruvic/Illustration/File PhotoMONTREAL, March 23 (Reuters) - Business jet maker Bombardier Inc (BBDb.TO) on Thursday raised 2025 revenue and free cash flow targets at its investor day, and said it would produce more corporate planes, sending shares up 4.9% in morning trade. Corporate jet makers have reported swelling order backlogs on persistent strong demand for private flying in the U.S. He said Bombardier expects to produce about 150 business jets by 2025, and is targeting more than $9 billion in annual revenue, up from an earlier goal of $7.5 billion. With no announced 2025 capex target and the entry into service of its flagship Global 7500 in 2018, investors and analysts are expected to raise questions over plans for a new jet. Desjardins analyst Benoit Poirier said Bombardier's free cash, revenue and deliveries targets were stronger than expected and deemed the lack of a capex commitment less risky.

☆ TSX futures edge higher as bullion prices gain
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Futures for Canada's main stock index were slightly up on Thursday as bullion advanced but lower crude oil prices kept a lid on gains for the commodity-heavy bourse. March futures on the S&P/TSX index were up 0.2% at 7:11 a.m. Crude oil prices fell on fears of weakening demand, while safe-haven assets like gold rose. ETGold futures : $1,980.9; +1.6%US crude : $70.28; -0.8%Brent crude : $76.19; -0.7%U.S. ECONOMIC DATA DUE ON THURSDAYInitial Weekly Jobless Claims due at 8:30 a.m. ETFOR CANADIAN MARKETS NEWS, CLICK ON CODES:TSX market reportCanadian dollar and bonds report CA/Reuters global stocks poll for Canada ,Canadian markets directory($1 = 1.3681 Canadian dollars)Reporting by Johann M Cherian in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Bombardier lifts 2025 financial targets amid strong business jet market
▼ + stars: | 2023-03-23 | by ( Allison Lampert | ) www.reuters.com time to read: +1 min

MONTREAL, March 23 (Reuters) - Canadian business jet maker Bombardier Inc (BBDb.TO) on Thursday raised its 2025 revenue and free cash flow targets at its investor day, capitalizing on strong demand for private flights. Montreal-based Bombardier said in a statement it is now targeting more than $9 billion in annual revenue by 2025, up from an earlier objective for that year of about $7.5 billion. Corporate jet makers have reported swelling order backlogs on persistent strong demand for private flying, especially in the United States, the world's largest market for business aviation. But while demand continues to be strong, supply chain snags and fears of a recession remain headwinds. Chief Executive Eric Martel said previously the company's defense business for special mission business jets could grow to a possible $1 billion in annual revenues.

☆ TSX gains as commodity-linked stocks rise, Bombardier soars
▼ + stars: | 2023-03-23 | by ( Johann M Cherian | ) www.reuters.com time to read: +1 min

SummarySummary Companies Capstone copper slumps on secondary offeringBombardier rises to TSX top on upbeat 2025 targetsTSX rises 0.5%March 23 (Reuters) - Canada's key stock index edged higher on Thursday as mining and energy stocks advanced, with gains in Bombardier after its upbeat targets for 2025 also supporting the benchmark. ET (14:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 105.09 points, or 0.54%, at 19,637.87. The collapse of two mid-sized U.S. lenders in March had triggered a selloff in the financials-heavy TSX as investors lost confidence in the global banking system. Still, on a quarterly basis, TSX is up 1.4%, clinging to early gains from January when investors returned to battered markets from 2022. Capstone copper corp (CS.TO) was the top loser on the index after the copper miner announced a bought secondary deal offering of C$285 million.

☆ Bombardier jet deliveries to rise in 2023 on private flying boost
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] An attendee exits the Bombardier Global 6500 business jet at the National Business Aviation Association (NBAA) exhibition in Las Vegas, Nevada, U.S. October 21, 2019. REUTERS/David Becker/File PhotoFeb 9 (Reuters) - Canada's Bombardier Inc (BBDb.TO) on Thursday forecast higher business jet deliveries for 2023, after strong demand for private flying drove its quarterly results above expectations despite persistent supply-chain snags. Cessna jet maker Textron Inc (TXT.N) had also offered a strong 2023 forecast last month. It forecast 2023 revenue of more than $7.6 billion, compared with estimates of $7.69 billion, according to Refinitiv data. Free cash flow is expected to be over $250 million, compared with last year's $735 million.

☆ Bombardier CEO voices concerns over awarding Canada's defense contract to Boeing
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Bombardier Inc (BBDb.TO) Chief Executive Eric Martel voiced concerns over Canada's potential plan to buy reconnaissance jets directly from Boeing Co (BA.N) instead of tapping its home-grown aerospace industry through a bidding process. "As President and CEO of Bombardier, I want to publicly share my concern that Canada, which is facing an important choice about the airborne surveillance of its vast borders, may be considering awarding a sole-source contract directly to Boeing." Martel's comments come after a recent media report that Canada was considering a multi-billion dollar purchase of up to a dozen P-8 Poseidon aircraft from Boeing. Martel pushed for Bombardier's jets, saying the Canadian planemaker's Global 6500 aircraft "will be the right-sized solution and will respond to Canada's needs". Reporting by Aishwarya Nair in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Mesa says it will halt American Airlines flights, finalizing deal with United
▼ + stars: | 2022-12-18 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 17 (Reuters) - Mesa Airlines (MESA.O) said late Saturday it is finalizing an agreement to operate regional flights for United Airlines (UAL.O) after an announcement it will wind down flights for American Airlines (AAL.O) early next year. American Eagle is a network of six regional carriers operating 3,400 daily flights under a codeshare with American – often flights to smaller regional cities. Three of the six are American Airlines subsidiaries, and three are contract carriers including Mesa. Mesa said the switch was prompted by a regional pilot shortage and American's actions related to that. But, Ornstein added in the Mesa memo, "American chose not to fund the higher pilot rates for their non-affiliated carriers.

☆ Some CFOs Are Boosting Their Credit Lines as Insurance Against Recession
▼ + stars: | 2022-11-16 | by ( Kristin Broughton | Nina Trentmann | ) www.wsj.com time to read: +7 min

In addition to recession-planning, some companies are expanding their credit lines in response to higher input and inventory costs, corporate bankers said. Term loans are also funded at the outset, unlike credit lines. Photo: Xcel EnergyThe company increased its revolving credit lines primarily because it is expanding and also confronting higher commodity costs, Mr. Johnson said. Xcel doesn’t typically allow its commercial-paper balances to exceed 40% of its total borrowing capacity under its revolving credit lines, Mr. Johnson said. Bombardier in the third quarter closed on a new $300 million, five-year revolving credit facility.

☆ Bombardier's loss narrows on strong demand for business jets
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Bombardier Inc (BBDb.TO) on Thursday reported a smaller adjusted loss in the third quarter, as robust demand for private jet travel boosted the aircraft maker's margins. The Montreal-based company said its third-quarter adjusted loss narrowed to $2 million from $95 million a year earlier. Corporate jet makers have been reporting swelling order backlogs on persistent strong demand for flying private, especially in the United States, the world's largest market for business aviation. The company reported third-quarter free cash flow of $52 million, compared with $100 million last year. Bombardier reported an adjusted loss of $0.10 per share.

☆ Gulfstream Aerospace weighs G550 replacement for special missions
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

ORLANDO, Fla., Oct 17 (Reuters) - General Dynamics Corp's (GD.N) Gulfstream Aerospace is weighing one of its business jets to replace its popular G550 aircraft which is now out of production for special mission purposes, President Mark Burns said on Monday. Governments are eying "special mission" business jets capable of looking or listening at potentially lower running costs than converted passenger or military planes. The rising demand for small jets with systems once reserved for bigger planes has energised a market led by Gulfstream, which faces challenges from rivals Bombardier (BBDb.TO) and France's Dassault Aviation SA (AM.PA). In September, Canada's Bombardier Inc (BBDb.TO) said the company's defense business involving special mission private jets could grow to a possible $1 billion in annual revenues from a 'fraction' of it right now. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Allison Lampert in Orlando, Fla.

☆ Private jet makers tout emission-fighting efforts, backlogs at air show
▼ + stars: | 2022-10-17 | by ( Allison Lampert | ) www.reuters.com time to read: +5 min

It will also test the strength of business jet demand, which surged during COVID-19 and swelled order backlogs, but could now face a softer economy. Honeywell International Inc (HON.O) has forecast up to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, up 15% from last year's outlook. BUSY QUARTERU.S. business jet traffic recovered faster in 2021 than commercial flight traffic, soaring above 2019 levels. Independent aviation analyst Brian Foley expects private jet usage in the United States to go down to more traditional levels this fall. Despite being a sellers' market, aviation attorney Stewart Lapayowker sees some early signs of softness.

☆ Honeywell forecasts increase in private jet deliveries over next decade
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +2 min

Oct 16 (Reuters) - Honeywell International Inc (HON.O) on Sunday lifted its outlook for business jet deliveries, as the COVID-19 pandemic brought in a wave of first-time users and buyers in the private flying market. Honeywell forecast up to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, up 15% from last year's outlook, while the usage in 2022 is expected to climb 9% higher. Private flying demand boomed during the pandemic as wealthier passengers opted for charter planes due to concerns about exposure to the virus. Register now for FREE unlimited access to Reuters.com RegisterPassengers who used to fly first class on a commercial airline have now increasingly switched to private flying. "Demand for new business jets is as high as we've seen it since 2015, and we expect high levels of demand and expenditures for new aircraft for several more years," said Heath Patrick, Honeywell Aerospace president, Americas aftermarket.

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