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☆ Hyundai, Kia warn 570,000 U.S. owners to park outside until recalls completed
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

WASHINGTON, March 23 (Reuters) - Hyundai (005380.KS) and Kia (000270.KS) are recalling just over 570,000 U.S. vehicles over fire risks and urged owners to park outside and away until getting repairs. The automakers said some vehicles with a tow hitch harness could catch fire due to a short circuit. The models covered are 2022-2023 model year Hyundai Santa Cruz, 2019-2023 Santa Fe, 2021-2023 Santa Fe Hybrid, 2022-2023 Santa Fe Plug-in Hybrid, and 2022-2023 Kia Carnival. Hyundai and Kia dealers will install new fuse and wire extension kits to address the issue. Hyundai said as an interim repair, dealers will inspect the tow hitch module and remove the fuse as necessary.

CHICAGO, March 14 (Reuters) - U.S. airlines on Tuesday tried to reassure investors about the strength of travel demand, a day after United Airlines (UAL.O) stoked worries about the industry's pricing power. Even as executives in other sectors of the economy have warned of recession risks, airline chief executives until now have remained upbeat as consumer travel demand stayed strong. Delta reaffirmed its first-quarter outlook, saying travel demand is strong and getting stronger. American Airlines (AAL.O) CEO Robert Isom said the Texas-based carrier was enjoying "tremendous" demand. Airline ticket prices have gone up due to persistent capacity constraints and an unending thirst for travel after pandemic-related restrictions ended.

☆ Honeywell company veteran Kapur to replace Adamczyk as CEO
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

He has held several key positions in the company, including CEO of its building technologies as well as performance materials and technologies units. Kapur also oversees the company's operating model, Honeywell Accelerator, which uses various tools, processes and best practices to improve efficiency. Adamczyk, who has been Honeywell's CEO since 2017, will continue to serve as executive chairman and draw a base salary of $1.3 million, the company said in a regulatory filing. Kapur's base salary as CEO will be $1.5 million, Honeywell said. They have risen 61% since Adamczyk became CEO.

☆ SVB found old concentration risk
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 10 (Reuters Breakingviews) - Silicon Valley Bank’s closure on Friday by California authorities is a reminder of an old lesson: Don’t put too many eggs in one basket. The bank, owned by SVB Financial (SIVB.O), counted half of all U.S. venture capital-backed startups as clients. When tech took a disproportionate hit from the recent inflationary downturn, clients burned through savings, pulling out their deposits. SVB focused on tech, but its downfall is an old story of concentration risk. The eggs in the basket cracked, and in 1988 alone, 175 Texan banks, accounting for 25% of the state’s banking assets, failed.

☆ GM explores using ChatGPT in vehicles
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - General Motors Co (GM.N) is exploring uses for ChatGPT as part of its broader collaboration with Microsoft Corp (MSFT.O), a company executive told Reuters. "ChatGPT is going to be in everything," GM Vice President Scott Miller said in an interview last week. GM in 2021 partnered with Microsoft to accelerate the commercialization of driverless vehicles. Shares of GM were down about 2% on Friday amid a broader drop. Reporting by Nathan Gomes in Bengaluru and Joseph White in Detroit; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

March 9 (Reuters) - General Motors Co (GM.N) on Thursday said it was offering buyouts for most of its salaried employees and global executives and expects to take a pre-tax charge of up to $1.5 billion to cover the costs. GM, whose share fell about 1%, had 58,000 salaried employees at the end of 2022. Eligible employees interested in the voluntary program must sign up by March 24 and those agreeing will leave GM by June 30. The buyouts are separate from job cuts the company made last month. A GM executive in February said the company was cutting hundreds of executive-level and salaried jobs.

☆ A startup raised $79 million for its open smart-locker network. Check out the pitch deck it used to raise the funds.
▼ + stars: | 2023-03-08 | by ( Maybrit Martschin | Nathan Rennolds | Business Insider Deutschland | ) www.businessinsider.com time to read: +2 min

Myflexbox is an Austrian startup that offers a smart-locker network. The company uses an open API to connect operating systems from different delivery providers. Insider has an exclusive copy of the pitch deck it used to raise 75 million euros. To help them achieve this, the founders recently secured 75 million euros, or about $79 million, in new funding. Insider has an exclusive copy of the pitch deck it used to raise the funds.

☆ DoJ sues to block JetBlue, Spirit Airlines merger
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

March 7 (Reuters) - The U.S. Justice Department filed a lawsuit to stop JetBlue Airways (JBLU.O) from buying Spirit Airlines (SAVE.N), saying that the planned merger "would put travel out of reach for many cost-conscious travelers". [1/7] Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21, 2022. REUTERS/Dado Ruvic/Illustrations 1 2 3 4 5JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its $3.8 billion merger offer in late July last year but the acquisition had been expected to face a tough antitrust review from the beginning. Below are the key events of the takeover saga:Reporting by Nathan Gomes and Kannaki Deka in Bengaluru; Editing by Shounak Dasgupta, Anil D'Silva and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Lockheed resumes final testing of advanced F-35 jet
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Lockheed Martin is pictured at the Eurosatory international defence and security exhibition in Villepinte, near Paris, France June 13, 2022. REUTERS/Benoit TessierMarch 6 (Reuters) - Lockheed Martin Corp (LMT.N) said on Monday it resumed final testing of its advanced F-35 fighter jets, after the U.S. Government cleared delivery of engines from supplier following a safety conncern. "Safety remains our top priority as we continue to produce the world's most advanced fighter aircraft," Lockheed said. Lockheed Martin sends its new planes on check-out flights before completing paperwork for the final sale to various customers, which includes the U.S. military. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Rebecca Cook/File PhotoMarch 6 (Reuters) - American carmakers will lean on technology to keep the horsepower wars going among their electric muscle cars, a tectonic shift from the big, rumbling motors of the past. GM and Dodge have both issued timelines to stop selling gas-powered muscle cars and replace them with electric variants that will wear the same badges. Dodge's Charger and Challenger muscle cars will not be made next year, while Chevrolet has laid out plans for an electric Corvette. Brands such as Polestar and Mercedes-Benz (MBGn.DE) have announced optional power upgrades to their sedans that improve acceleration and total horsepower via paid OTA (over-the-air) software updates. Dodge has said it will transition its muscle cars to an electric platform, and is working to differentiate those models.

☆ Union Pacific shares rise after CEO Fritz to step down amid investor pressure
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Shares of Union Pacific Corp (UNP.N) surged nearly 10% before the bell on Monday, a day after the U.S. railroad operator announced that its Chief Executive Lance Fritz would step down this year amid pressure from investor Soroban Capital Partners. The gains came after some Wall Street analysts backed the leadership change at the company, which has struggled with labor shortages and service issues. Union Pacific's shares have dropped more than 25% over the past 10 months. Other analysts said a new leadership has the potential to improve the company's operating ratio — a key profitability metric. In its most-recent quarter, the company flagged higher operating expenses caused by operational inefficiencies and the current economic environment hitting its revenue growth.

[1/3] A U.S. Navy F/A-18 Super Hornet fighter lands on the deck of the USS Ronald Reagan, a Nimitz-class nuclear-powered super carrier, during a joint naval drill between South Korea and the U.S., in the West Sea, South Korea, October 29, 2015. REUTERS/Kim Hong-JiFeb 23 (Reuters) - Boeing Co (BA.N) said on Thursday it plans to stop production of the F/A-18 Super Hornet in late 2025 after delivering the last of the fighter jets, as the aerospace giant shifts focus to winning the race for the sixth-generation of combat aircraft. Trade publication Defense News in 2020 reported that at least one prototype was built and flown by the Air Force. It said production of the F/A-18 jet, which debuted in 1983, could be extended until 2027 if the Super Hornet is selected by the Indian Navy for its future fighter. Reporting by Nathan Gomes in Bengaluru and Valerie Insinna in Washington; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Norfolk Southern CEO apologizes to Ohio townspeople, vows to 'do what's right'
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

Shaw sat down with people from the town of 4,700 people for the CNN event, repeatedly apologizing and saying, "We're going to do what's right for the community." U.S. and Ohio environmental regulators and the company hired experts who say testing shows the water and air are safe. Norfolk Southern reported net profit of $3.27 billion in 2022 when it paid nearly $1.2 billion in dividends to shareholders and bought back $3.1 billion worth of shares. Insurance will help offset those costs, including a liability policy that will cover up to $1.1 billion in certain situations. Stewart said he was planning to sell his house so he could retire but now his property value had plummeted.

☆ Norfolk Southern wants to 'make things right' after Ohio train crash, CFO says
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - Norfolk Southern (NSC.N) will take responsibility for cleaning up the environmental damage from this month's train derailment and controlled detonation of hazardous materials in East Palestine, Ohio, its finance chief said on Wednesday. "We take responsibility ... We're fully dedicated to making things right," George said at an investor conference hosted by Barclays. Norfolk Southern will quantify costs of the clean up no later than its first-quarter earnings, he said. The National Transportation Safety Board (NTSB) has said it would release a preliminary report on its initial findings on Thursday into the derailment. He will be joined by representatives from the Federal Railroad Administration and Pipeline and Hazardous Materials Safety Administration.

☆ Carvana's net loss widens on cooling used car demand
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Companies Carvana Co FollowFeb 23 (Reuters) - Carvana Co (CVNA.N) said on Thursday its net loss rose over nine-fold in the fourth quarter hurt by shrinking demand for pre-owned vehicles, sending its shares down 5% in extended trade. The debt-laden used car retailer has been struggling to sell cars it acquired at elevated rates last year when semiconductor shortages hampered supply of new cars. Carvana, known for its automated car vending machines, allowed users to buy used cars online and offered home deliveries, which made it popular during the COVID-19 pandemic when people were confined to their homes. However, demand of used cars has cooled following an improved availability of new cars and as people look for alternative means to commute in an attempt to trim expenses with a higher interest rates. Carvana posted a fourth-quarter net loss of $806 million, or $7.61 per class A share, up from a loss of $89 million, or $1.02 per class A share, a year earlier.

☆ Norfolk Southern takes responsibility for Ohio crash environment cleanup, CFO says
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

"We take responsibility ... We're fully dedicated to making things right," Mark George, Norfolk Southern's (NSC.N) chief financial officer, said at an investor conference hosted by Barclays. A day earlier, the head of the U.S. Environmental Protection Agency (EPA) ordered Norfolk Southern to "pay for cleaning up the mess" created by toxic chemicals that spewed into the air, water and soil after the accident. Norfolk Southern plans to quantify related costs no later than its first-quarter earnings. The National Transportation Safety Board (NTSB) plans to release a preliminary report on Thursday on its initial findings into the fiery crash. He will be joined by representatives from the Federal Railroad Administration (FRA) Hazardous Materials Safety Administration (PHMSA).

☆ Billionaire investor Jim Chanos says short on GE shares - CNBC
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

Feb 22 (Reuters) - Jim Chanos is short on General Electric Co (GE.N), the billionaire investor said in a CNBC interview on Wednesday. Chanos added the company's fair value was "way below" its current stock price, which pared gains after the comment and was last trading up 0.6% at $82.63. GE in January forecast a lower-than-expected full-year adjusted profit as it struggles with ongoing supply chain disruptions and persistent problems at its money-losing renewable energy business. The short-seller also said he was short on cryptocurrency exchange Coinbase Global Inc (COIN.O), adding it did not seem to have sustainable income sources. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ The founder of Uncle Nearest Premium Whiskey, the best-selling Black-owned spirit brand in the US, explains how she reached $100 million in sales
▼ + stars: | 2023-02-18 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +6 min

Fawn Weaver founded Uncle Nearest Premium Whiskey, the US's best-selling Black-owned spirit brand. Uncle Nearest has generated more than $100 million in sales since its launch, information Insider verified with documentation. Uncle Nearest Premium Whiskey. In 2017, Weaver opened the Nearest Green Distillery and launched Uncle Nearest Premium Whiskey, making storytelling the foundation of her brand's success. Fawn Weaver, founder and CEO of Uncle Nearest Premium Whiskey.

☆ Lockheed Martin gets U.S. Navy contract worth up to $2 billion
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: 1 min

Feb 17 (Reuters) - The U.S. Navy has awarded Lockheed Martin Corp (LMT.N) a contract worth up to $2 billion related to hypersonic weapon systems, the defense firm said on Friday, amid a global uptick in demand for arms and ammunitions. Under the contract, Lockheed will integrate the Conventional Prompt Strike (CPS) weapon system on to the navy's ZUMWALT-class destroyer stealth ships. The defense contractor will also provide launcher systems, weapon control, integrated missile components, and platform integration support for the naval platform. The contract comes as the United States and its global rivals have been developing several hypersonic weapons, which travel in the upper atmosphere at more than five times the speed of sound. Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Lockheed Martin gets U.S. Navy contract worth up to $2 bln
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: 1 min

☆ Ford halts production, shipments of F-150 Lightning over possible battery issue
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowFeb 14 (Reuters) - Ford Motor Co (F.N) said on Tuesday that it had stopped production and shipments of its F-150 Lightning electric pickup after discovering a potential battery issue during pre-delivery checks. "We are not aware of any incidences of this issue in the field," Ford spokesperson Emma Bergg said in an email. Ford added it was investigating the matter, which was earlier reported by CNBC and first reported by Motor Authority. The automaker last year added a third work crew for the electric pickup truck to capitalize on the strong demand for EV adoption. Reporting by Nathan Gomes in Bengaluru and David Shepardson; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Delta Airlines employees to get 5% pay bump amid strong travel demand
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Delta Air Lines Inc (DAL.N) said on Tuesday that it would bump up the pay of its employees by 5%, amid an industrywide shortage of workers as airlines look to cash in on robust demand for air travel. Delta's raise includes a 5% base pay increase for ground and flight attendant employees worldwide at all steps of the pay scale and a 5% pool for eligible merit employees worldwide, the airline's chief executive Ed Bastian wrote in a memo to employees. The pay hike, which will be effective from April 1, comes at a time when airlines are coming up with attractive pay offers to retain workforce and add staff after a faster-than-expected rebound in the U.S. travel market. The carrier offered a 34% cumulative pay increase last month to its pilots over three years in a new contract after the Atlanta-based carrier's pilots voted overwhelmingly in October to authorize a strike. The latest hike includes all employees worldwide, except those covered by an industry or government requirement or collective bargaining agreement.

☆ Spirit Airlines beats estimates on strong travel demand
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Ultra low-cost carrier Spirit Airlines Inc (SAVE.N) posted better-than-expected quarterly results on Monday, fueled by strong demand for air travel despite ongoing economic concerns. Shares of Spirit rose over 7% to $21 in aftermarket trade. U.S. airlines have been trying to cash in on strong demand for air travel, undeterred by rising interest rates and a looming recession, as pandemic restrictions ease. Spirit earned $0.12 per share on an adjusted basis, above analyst estimates of $0.04 per share, according to Refinitiv data. The Miramar, Florida-based airline's total operating revenue in the quarter rose nearly 41% to $1.39 billion, compared with analysts' estimates of $1.38 billion.

"Knock at the Cabin" is an apocalyptic psychological horror film by M. Night Shyamalan. Tickets are now available for purchase for the M. Night Shyamalan horror film both online and in theaters. Check out the trailer for "Knock at the Cabin""Knock at the Cabin" is directed by M. Night Shyamalan with a screenplay by Shyamalan, Steve Desmond, and Michael Sherman. How to watch "Knock at the Cabin"You can watch "Knock at the Cabin" exclusively in theaters starting February 3. "Knock at the Cabin" is based on "The Cabin at the End of the World," a 2018 novel by Paul G. Tremblay.

☆ Airlines cancel over 1,400 U.S. flights as ice storm hits multiple states
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - Airlines canceled over 1,400 flights in the United States on Wednesday, after an ice storm hit states from Texas to West Virginia. A total of 1,467 flights within, into or out of the United States were canceled, while 527 flights were delayed as of 6.48 a.m. The Federal Aviation Administration (FAA) on Tuesday warned in a tweet that travelers could expect to see some snowy conditions in certain areas including Dallas, Fort Worth and Memphis, which could delay certain flights. loadingAirlines canceled nearly 1,400 flights in the United States on Wednesday, after a severe winter storm hit their operations in certain regions. Low-cost carrier Southwest Airlines Co (LUV.N) led cancellations with 487 flights, while Fort Worth, Texas-based peer American Airlines Group Inc (AAL.O) closely followed, canceling nearly 480 flights.

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