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☆ MH370 investigation: 10 years on, is the world any closer to finding Malaysia Airlines flight?
▼ + stars: | 2024-03-07 | by ( Chris Lau | ) edition.cnn.com time to read: +12 min

A helicopter takes off from Chinese warship Jinggangshan during an early search for the missing Beijing-bound Malaysia Airlines flight 370 on March 11, 2014. Beijing-bound Malaysia Airlines flight 370 dropped off the radar shortly after departing Kuala Lumpur in the small hours of March 8, 2014. Families of passengers from China and Malaysia on board MH370 during a remembrance event commemorating the 10th anniversary of its disappearance, in Subang Jaya, Malaysia, on March 3, 2024. Hasnoor Hussain/ReutersAviation experts tell CNN that improved detection technology will likely bring families closer to the missing plane than they ever have been, if a search were to be relaunched. Phoenix Autonomous Underwater Vehicle (AUV) Bluefin-21 is craned over the side of Australian Defense Vessel Ocean Shield in the search for missing Malaysia Airlines flight 370 on April 14, 2014.

Persons: MH370, Jiang Hui, ” Jiang, “, ”, Jiang Cuiyun, It’s, V.P.R Nathan, Anne Daisy, Hasnoor Hussain, Anthony Loke, Grace Subathirai Nathan, Adli Ghazali, Oliver Plunkett, it’s, ” Geoffrey Thomas, AirlineRatings.com, Leut Kelli Lunt, Richard Quest, Richard Godfrey, Godfrey, Fred Dufour, AirlineRatings’s Thomas, ” Godfrey, “ I’m, Sarah Bajc, Phil Wood, Bajc, Jiang Organizations: CNN, Malaysia Airlines, Reuters, Reuters Aviation, Malaysian, Transport, Malaysian Transport, Anadolu Agency, Getty, Boeing, Underwater, Australian Defense, Australia Department of Defence, CNN’s, Aviation, Radio, British Aerospace, MH370, British Locations: Beijing, China, Kuala Lumpur, Africa, Malaysia, Subang Jaya, United States, Madagascar, Putrajaya, Australia, Malaysian, Perth, AFP, Asia, Panama, Zhuji

☆ Rolls-Royce shares jump 8% after 2023 profits more than double
▼ + stars: | 2024-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LONDON — Rolls-Royce shares jumped more than 8% on Thursday after the British aerospace group more than doubled its annual profits in 2023 and forecast further momentum this year. Rolls-Royce, which manufactures jet engines for commercial aircraft along with power systems for ships and submarines, posted an underlying operating profit of £1.6 billion ($2 billion) in 2023, compared to £652 million in 2022. The group also reported a record free cash flow of £1.3 billion, driven by strong operating profit and continued growth of its long-term service agreement (LTSA) book. Rolls-Royce was the top performer in Britain's FTSE 100 in 2023, soaring over 200% on the back of a profit forecast upgrade and the announcement in November that profits could quadruple by 2027. "Our strong delivery in 2023 gives us confidence in our 2024 guidance and is a significant step towards our mid-term targets," Erginbilgic added.

Persons: Tufan Erginbilgic, Royce, Erginbilgic, Cheviot Organizations: Airbus, Universal Sky, LONDON, Royce, Power Systems, Defence Locations: Barcelona, Spain, British, Britain's

☆ Fort Smith, Canada plane crash: Fatalities reported including Rio Tinto employees in Northwest Territories
▼ + stars: | 2024-01-23 | by ( Sara Smart | Aya Elamroussi | ) edition.cnn.com time to read: +3 min

In response to the crash, Fort Smith Health Centre activated its mass casualty protocol around 8:50 a.m. on Tuesday, according to Northwest Territories Health and Social Services Authority. The crash also drew responses from the Royal Canadian Mounted Patrol, the Canadian Rangers and the Royal Canadian Air Force. Investigators with the Northwest Territories coroner’s office and the Transportation Safety Board were also sent to Fort Smith following the crash. Following the crash Tuesday morning, Fort Smith officials asked to stay away from the crash site to allow officials to respond. “Please be advised that an aviation incident occurred this morning,” the town of Fort Smith said in a post on Facebook.

Persons: Fort Smith, Garth Eggenberger, R.J, Simpson, David Lavallee, Lavallee, ” Organizations: CNN, Rio Tinto, Northwest, “, Fort Smith Health Centre, Northwest Territories Health, Social Services Authority, Royal Canadian Mounted Patrol, Canadian Rangers, Royal Canadian Air Force, Transportation, British Aerospace Jetstream, Northwestern Air Lease, Board of Canada, Northwestern Air Lease’s, RCAF, CNN Canada, CBC News, CC, Hercules, RCMP, CBC, Fort, Facebook, Royal Canadian Mounted Police, TSB Locations: Canada’s Northwest Territories, Fort, Rio, Northwest Territories, Winnipeg, Otter, Yellowknife, Trenton, Calgary

☆ Rolls-Royce shares at one-year high despite 'defective' engine jibes from Emirates boss
▼ + stars: | 2023-11-17 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

A Rolls Royce jet engine on display at the Rolls-Royce aircraft jet engine production and repair facility in Blankenfelde on February 28, 2023 near Berlin, Germany. The British aerospace and defense company's financial performance has been transformed, thanks to a turnaround plan led by its CEO Tufan Erginbilgic, who took the job in January. Its soaring stock price suggests that the markets have dismissed criticism of its jet engines by Emirates Airline President Tim Clark at the Dubai Airshow this week. The comments were directed at Rolls-Royce's Trent XWB-84 engines used on the Airbus A350-900 passenger jet. Rolls-Royce later pushed back against the criticism, saying in a statement that the A350-900′s XWB-84 engine "is the best engine out there when you look at efficiency, durability and reliability."

Persons: Royce, Tufan Erginbilgic, Tim Clark, Trent XWB, Clark, Ewen McDonald, Erginbilgic Organizations: Rolls Royce, Royce, Emirates, Airbus, Boeing, Deutsche Bank, Reuters Locations: Blankenfelde, Berlin, Germany, British, Dubai, Emirates

☆ GKN Aerospace-owner Melrose lifts 2023 profit expectations
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Hannah McKay/File Photo Acquire Licensing RightsNov 16 (Reuters) - British aerospace supplier Melrose (MRON.L) said on Thursday it expected 2023 profit to be 7% higher than its previous expectations, partly driven by stronger aftermarket demand and improved pricing. The owner of GKN Aerospace, which counts Airbus (AIR.PA) and Boeing (BA.N) as its top customers, said trading and margin performance during the four month ended Oct. 31 was better than its previous expectations. Melrose, which spun off its auto and other businesses in April to become a pure-play aerospace supplier, now expects an adjusted core profit of 680 million pounds to 700 million pounds ($842.5-$867.2 million) for the year ending Dec. 31. In September, Melrose flagged a potential cash hit of about 200 million pounds through 2026 after Pratt & Whitney parent RTX (RTX.N) warned of grounding of some engine variants for quality checks. GKN Aerospace has a 4% programme share on the GTF PW1100G variant impacted by this issue.

Persons: Hannah McKay, Pratt & Whitney, Yadarisa Shabong, Aby Jose Koilparambil, Savio D'Souza Organizations: REUTERS, Melrose, GKN Aerospace, Boeing, Pratt &, Thomson Locations: GKN, Redditch, Britain, British, Bengaluru

☆ 'There's a significant number of upside opportunities': A top-3% fund manager shares 9 of his favorite investments to make now — and why China's economy is in big trouble
▼ + stars: | 2023-09-23 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

Leading fund manager Mark Costa operates in one of the toughest parts of global markets: the foreign small- and mid-cap value category. In the past decade, his Brandes International Small Cap Value Fund (BISAX) has outperformed 91% of its peers despite logging a modest 4.8% annual return in that span. Of the 11 years that Costa has co-managed the fund, 2023 is shaping up to be one of the best. His foreign-focused small-cap value fund is up 25.3% year-to-date compared to 6% for its index, which puts it in the top 3% of its category, according to Morningstar. The best opportunities Costa sees in Japan are in its regional banking and healthcare industries.

Persons: Mark Costa, he's, Brandes, Costa, Morningstar, Costa wasn't, we've, Yue Yuen, We've, they've Organizations: Costa, Value, PAX, Companies, Royce, C Locations: China, it's, Hong Kong, Indonesia, People's Republic, Europe, Japan, United Kingdom

☆ Europe stocks dip at open on Fed decision day; Rolls-Royce up 20% after raising profit guidance
▼ + stars: | 2023-07-26 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

LONDON — European stock markets were slightly lower early Wednesday amid a slew of earnings and ahead of the latest monetary policy update from the U.S. Federal Reserve. The benchmark Stoxx 600 index was 0.1% lower, with sectors spread across losses and gains. France's CAC 40 fell 0.77% as luxury goods behemoth LVMH fell 3.6% after reporting a surprise slowdown in U.S. sales after the market close on Tuesday. Banks nudged 0.1% higher as Deutsche Bank and UniCredit both beat expectations, while British aerospace and defense firm Rolls-Royce soared 20% higher after it hiked its profit forecast for the year.

Persons: LVMH, Banks, Royce Organizations: U.S . Federal Reserve, CAC, Deutsche Bank

☆ Rolls-Royce shares soar 19% after engine-maker raises guidance
▼ + stars: | 2023-07-26 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

A Rolls Royce jet engine on display at the Rolls-Royce aircraft jet engine production and repair facility in Blankenfelde on February 28, 2023 near Berlin, Germany. LONDON — Shares of Rolls-Royce rocketed to their highest level since the start of the pandemic Wednesday morning after the British aerospace and defense firm raised its full-year profit guidance and said it would vastly outperform expectations for its half-year results. Market consensus is currently for a £934 million underlying operating profit, the company said. It added that it sees its first-half underlying operating profit, due August 3, coming in at just over double analyst expectations of £328 million. Rolls-Royce makes engines for Airbus and Boeing.

Persons: Royce rocketed Organizations: Rolls Royce, Royce, LONDON, Airbus, Boeing Locations: Blankenfelde, Berlin, Germany, British

☆ The Aviation Crisis Is Now Regional
▼ + stars: | 2022-09-19 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

Even in an aviation market that has rewarded shorter routes, regional airlines are doing terribly. This week, Cleveland-based Parker-Hannifin its acquisition of British aerospace and defense supplier Meggitt for £6.3 billion, equivalent to $7.2 billion. While it seemed like a fair price when the deal was announced last year, Wall Street analysts have since deferred their expectations for recovery at Meggitt by a couple of years. Shop visits by large jets have lagged behind due to the slow reopening of international routes. As George Zhao at Bernstein Research points out, though, it is the regional-plane rebound that has really disappointed.

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