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And airlines have made it chaotic by design — so people will pay to get an easier boarding process. Decades ago, airlines used to board first class and use an open boarding process for the main cabin. A better boarding processAirlines have been experimenting with different boarding schemes to try to speed up the process. Jason Steffen, a University of Nevada, Las Vegas physics professor developed a boarding method that boards passengers in rows of two. Southwest Airlines has the fastest boarding process of any major airline by simply allowing people to claim the first available seat.
Persons: New York CNN —, Don’t, Nathan Howard, it’s, you’ve, , Henry Harteveldt, Robert Mann, Nicolas Economou, Harteveldt, Massoud Bazargan, Jeffrey Greenberg, ” Bazargan, Aircrafts, , Wilma, Jason Steffen, Charlie Riedel, Steffen, Organizations: New, New York CNN, Atmosphere Research, Carriers, Airlines, Embry, Riddle Aeronautical University, Universal, Transportation Department, Companies, University of Nevada, Southwest Airlines Locations: New York, Daytona Beach , Florida, Las Vegas
While a civil suit lodged against KLM (AIRF.PA) in the Netherlands is one of the most prominent, complaints and cases against other airlines have been mounting. Lockwood said the ASA would use machine learning tools to scan online advertising to catch potentially misleading wording. Separately, the Austrian advertising watchdog told Lufthansa's Austrian Airlines arm last year to stop making claims about a carbon neutral flight using biofuel. The lawsuit alleges that carbon offset programmes don't work as advertised and the company misled consumers. The company is investing in newer planes and sustainable fuel to "decarbonise" its operations, the person added.
Persons: Miles Lockwood, Lockwood, Joanna Plucinska, Mark Potter Organizations: KLM Airlines, Fossielvrij, Dutch, KLM, Airlines, Ryanair, Lufthansa, Etihad, Standards Authority, ASA, Reuters, Lufthansa Group, Austrian Airlines, Delta Air Lines, Delta, Thomson Locations: Netherlands, Amsterdam, Austrian, Los Angeles
Visitor passes the Raytheon Technologies Corporation (RTX) logo at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. In July, RTX said a rare powder metal defect could lead to the cracking of some engine components and called for accelerated inspections affecting 200 engines by mid-September. Repair work that CEO Greg Hayes had initially expected would take 60 days is now projected to last up to 300 days per engine. An average of 350 jets could be grounded per year through 2026, with as many as 650 jets sitting idle in the first half of 2024. Disclosing higher-than-expected gross costs of $6-7 billion for dealing with the problem, RTX said it expected an up to $3.5 billion pre-tax hit to profits over the next several years.
Persons: Benoit Tessier, Pratt & Whitney, RTX, Greg Hayes, Safran, Hayes, Germany's, Robert Stallard, Valerie Insinna, Abhijith, Tim Hepher, Arun Koyyur, Nick Zieminski, Grant McCool Organizations: Raytheon Technologies Corporation, International Paris Air, Le, REUTERS, Pratt &, RTX Corp, Airbus, Pratt, Raytheon, GE, CFM, Boeing, Aero, Germany's Lufthansa, AIRBUS, U.S, Spirit Airlines, JetBlue Airways, Hawaiian Airlines, Jefferies, Vertical Research Partners, Thomson Locations: Le Bourget, Paris, France, Clayville , New York, Washington, Bengaluru
A 16-year-old cyclist located his bike using an Apple AirTag. However, using an Apple AirTag, the son quickly found his bike in the Brussels Airport, where Gray hopped on a connecting flight. Still, he told CNN, there was no movement on finding the bike — until he decided to reach out to Brussels Airport. AdvertisementAdvertisement"I just needed someone to care, and finally found someone who did," Barnett told CNN. Brussels Airlines did not immediately respond to a request for comment from Insider.
Persons: Luke Barnett, Gray, Barnett, Ella Dollinschi, We've Organizations: Apple, Service, EF, Cycling team's, CNN, Europe —, Brussels Airport, — United, US Department of Transportation, That's, Brussels, Airport, United Airlines, Brussels Airlines Locations: Wall, Silicon, Europe, Brussels, Greenville , South Carolina, Greenville, Spartanburg, Vermont
When the airline lost his bike, he tracked it himself
  + stars: | 2023-09-05 | by ( Julia Buckley | ) edition.cnn.com   time to read: +10 min
His journey had been operated by two different, code-sharing airlines: Brussels Airlines from Lyon to Brussels, then United to the US. “They said, ‘Well, based on our records, Brussels Airlines have the bag and need to give it to us.’ They said they’d message Brussels Airlines. Barnett replied with the location as tracked by AirTag, and two photos of Gray with the bike bag to show her its size. ‘I just needed someone to care’Ella Dollinschi went above and beyond to recover Barnett's bike at Brussels Airport. And in general, I think it’s important to help other people from a humane perspective.”Luke and Gray Barnett certainly agree.
Persons: Luke Barnett, Gray, , , Luke, , ” Gray’s, Barnett, United wasn’t, Gray’s, , ’ ”, , ‘ United, we’re, Barnett wasn’t panicking, hadn’t, he’d, messaged, Ella Barnett, “ Ella, ” “, ” Ella wasn’t, ’ Ella Dollinschi, Ella, She’s Ella Dollinschi, didn’t, ” Luke, Gray Barnett, we’d, Ella Dollinschi, Scott Olson, United –, United, Mr Barnett, We’ve, ” Barnett, he’s, It’s, – Barnett, He’ll Organizations: CNN, EF, Cycling team’s, Brussels –, Brussels Airlines, Star Alliance, United, Brussels Airport, Getty, callbacks, Facebook, US Department of Transport, Cycling team's, . Airlines, Brussels, Chicago O'Hare, Airport Locations: France, Belgium, Greenville , South Carolina, Europe, Lyon, – Lyon, Brussels, United, Vermont, Greenville, , Chicago, bleeped, Spartanburg
Flights will be capped at 452,500 per year, Harbers said, 9.5% below 2019 levels and lower than a previous proposal of 460,000. Airlines that use Schiphol including Air France-KLM (AIRF.PA) have sued to try to prevent the cap at one of Europe's busiest airports. The decision is "arbitrary, ill-thought out and undercuts procedures normally used," said Ourania Georgoutsakou, managing director of industry group Airlines For Europe (A4E). Airlines opposed to the ban are appealing to the Dutch Supreme Court after losing an appeal in July. The International Air Transport Association (IATA), which supports the airlines' case, on Thursday told the Dutch caretaker government not to proceed ahead of a national election in November.
Persons: Yves Herman, Mark Harbers, Harbers, Ourania Georgoutsakou, Mark Rutte, Toby Sterling, Mark Potter Organizations: KLM, REUTERS, Rights, Aviation, European Commission, Airlines, Air France, Europe, Dutch, International Air Transport Association, U.S . Department of Transport, Thomson Locations: Amsterdam, Netherlands, Schiphol
Demand for carbon credits is on track to fall in 2023, according to two of the top data providers. Nestle, which has also not disclosed its spending on offsets, said it would stop using carbon offsets and was seeking other routes to net zero. Until this year, the voluntary carbon market had grown as more companies came under shareholder pressure to adopt net zero policies. SECOND THOUGHTSFor the carbon markets, another issue is that regulators and carbon market advisory bodies are limiting the scope of their use by companies. "You need to reduce emissions and that's how you will be judged in the market when you're disclosing your carbon emissions."
Persons: Elizabeth Frantz, Gucci, Renat Heuberger, Stephen Donofrio, certifier Verra, EasyJet, Jane Ashton, Ashton, Naomi Swickard, Verra, Zimbabwe's, Steve Wentzel, Wentzel, Kristian Rönn, Rob Hayward, Susanna Twidale, Sarah McFarlane, Barbara Lewis Organizations: New England Forestry Foundation, REUTERS, Nestle, Reuters, Marketplace, Shell, Boston Consulting, Offset, GEO, Verra, Carbon, Investments, United Nations, Voluntary, Initiative, EU, KLM, Companies, Thomson Locations: Hersey, New Hampton , New Hampshire, U.S, Kenya, Pole, Stockholm, Ghana
U.S. Commerce Secretary Gina Raimondo talks to Chinese Premier Li Qiang during a meeting at the Great Hall of the People in Beijing, China Tuesday, August 29, 2023. "China is actively advancing its high-level opening-up and making efforts to provide a world-class, market-oriented business environment governed by a sound legal framework," he said. Asked what her message was to U.S. business in China, Raimondo said: "The message is to continue to do what you're doing. She is pressing China to take actions to improve business conditions. That sentiment was echoed by Jens Eskelund, president of the European Union Chamber of Commerce in China, who said "'uninvestible' is not a term we would use to describe China", instead describing it as "under-invested."
Persons: Gina Raimondo, Li Qiang, Andy Wong, Biden, Raimondo, Liu Pengyu, Michael Hart, Hart, Jens Eskelund, Chen Jining, Chen, Walt Disney, David Shepardson, Andrea Shalal, Nicoco Chan, Jason Xue, Joe Cash, Martin Quin Polland, Lun Tian, Laurie Chen, Sandra Maler, Robert Birsel Organizations: Commerce, of, People, REUTERS Acquire, Rights, . Commerce, U.S . Commerce Department, Global, American Chamber of Commerce, European Union Chamber of Commerce, chipmaker Micron Technology, Micron, Shanghai, Shanghai Disneyland, Walt, Shendi Group, Boeing, Thomson Locations: Beijing, China, Rights SHANGHAI, WASHINGTON, United States, Washington, Shanghai, U.S, New York
U.S. Commerce Secretary Gina Raimondo talks to Chinese Premier Li Qiang during a meeting at the Great Hall of the People in Beijing, China Tuesday, August 29, 2023. "China is actively advancing its high-level opening-up and making efforts to provide a world-class, market-oriented business environment governed by a sound legal framework," he said. Raimondo is in Shanghai on Wednesday for the last day of meetings before returning to the United States. Asked what her message was to U.S. business in China, Raimondo said: "The message is to continue to do what you're doing. Michael Hart, president of the American Chamber of Commerce in China, said businesses had been "very clear" in making their concerns known to the Chinese government.
Persons: Gina Raimondo, Li Qiang, Andy Wong, Biden, Raimondo, Liu Pengyu, Michael Hart, Hart, Chen Jining, Chen, Walt Disney, David Shepardson, Andrea Shalal, Chan, Jason Xue, Joe Cash, Martin Quin Polland, Tian, Sandra Maler, Robert Birsel Organizations: Commerce, of, People, REUTERS Acquire, Rights, . Commerce, Commerce Department, Global, American Chamber of Commerce, chipmaker Micron Technology, Micron, Shanghai, Shanghai Disneyland, Walt, Shendi Group, Boeing, Thomson Locations: Beijing, China, Rights SHANGHAI, WASHINGTON, United States, Washington, Shanghai, U.S, New York
At what age should kids become financially independent?
  + stars: | 2023-08-29 | by ( Chris Taylor | ) www.reuters.com   time to read: +5 min
REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - At what age should American kids become financially independent? In almost every category, Baby Boomers expect people to become financially independent a year or two earlier compared to what Gen Z has to say. With health insurance, for instance, adult kids can typically stay on parent plans until the age of 26. BE STRATEGIC ABOUT FINANCIAL ASSISTANCEThe reality is the parents do indeed help adult kids out financially: 68% of them have made such a sacrifice, according to Bankrate. For instance, if such help has erased your own emergency fund, or depleted your retirement accounts, that is not going to help anybody – and, in fact, will boomerang on those kids later if you become dependent on them.
Persons: Dado Ruvic, , Ted Rossman, Amy McGahan, , Lauren Young, Diane Craft Organizations: REUTERS, Boomers, Pew Research Center, Thomson Locations: Cleveland
The United Kingdom's air traffic control systems have grounded thousands of flights on one of the busiest travel days of the year. LONDON — A technical glitch which has caused hundreds of U.K. flights to be disrupted could take "days" to fix, causing chaos for passengers during the busy summer travel period. Hundreds of flights were delayed and canceled Monday after a systems failure at the U.K.'s air traffic control services left operators unable to automatically process flight plans. Britain's National Air Traffic Service said several hours later that it had resolved the issue, but warned that it would take time for normal flight schedules to resume. The issue comes during the U.K.'s busy public holiday travel period, with many people returning from summer vacations.
Persons: Juliet Kennedy, Kennedy, Mark Harper, Harper Organizations: LONDON, Air Traffic Service, London's, London Gatwick, BBC Radio, Civil Aviation Authority Locations: Heathrow, Manchester
Starting Monday, passengers flying on Korean Air may be asked to step on a scale before boarding their flight. Is it reasonable to weigh passengers? "Fuel is 20 times more than the passenger weight," he said. Where airlines weigh passengersAir New Zealand weighed passengers in June for reasons, it said, related to safety and fuel efficiency. Commercial airline seating is based on average passenger weight from the 1950s to 1970s, Hilderman said.
Persons: , Vance Hilderman, Shem Malmquist, Hilderman, we're, Jose Silva, Finnair, Nick Gausling, Gausling, Tigress Osborn, Jodi Jacobson Organizations: Korean, Korean Air, CNBC, Gimpo, Incheon Airport, Bombardier, Embraer, Aviation, Istock, Florida Tech's College of Aeronautics, Transport & Health, RMIT University's School of Engineering, U.S . Federal Aviation Administration, New Zealand, Hawaiian Air, Samoa Air, Reuters, Flyers, European Union Aviation Safety Agency, International Civil Aviation Organization, Romy Group, National Association Locations: Honolulu, American Samoa, United States, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. United Airlines CEO Oscar Munoz on travel demand, pilot wage negotiations, airline near missesFormer United Airlines CEO Oscar Munoz joins 'Squawk Box' to discuss the state of the airlines industry, travel demand, pilot wage negotiations, and more.
Persons: Oscar Munoz Organizations: United Airlines
Mistakes by air traffic controllers — stretched thin by a nationwide staffing shortage — have been one major factor. So do the air traffic controllers who scour the skies and manage takeoffs and landings. The number of fully trained air traffic controllers nationwide has fallen 10 percent in the past decade. data and the agency’s most recent “Air Traffic Controller Workforce Plan.”Nearly all U.S. air traffic control facilities are understaffed Circles represent 313 air traffic facilities in the United States, including airport towers and larger regional centers. Desiree Rios for The New York TimesPilots, air traffic controllers and federal investigators have warned repeatedly that America’s air safety system is fraying.
Persons: Louis Armstrong, , , Biden, Matthew Lehner, Mr, Lehner, Ilana Panich, Kennedy, Jan, , ” Jennifer Homendy, Joe Raedle, Reagan, Desiree Rios, , Organizations: Southwest Airlines, Louis Armstrong New, International Airport, Delta Air, New, Airport, American Airlines, Frontier Airlines, Frontier, Federal Aviation Administration, The New York Times, United Airlines, American, Airbus, louisiana Magnolia, Times, Phoenix, NASA, Aviation, Pilots, Technology, U.S, Airlines, United, , Bergstrom International Airport, Kennedy International, Delta, FedEx, JetBlue Airways, JetBlue, National Transportation Safety, Spirit Airlines, Fort Lauderdale, Las Vegas, San, Casper, Federal Aviation, The Times, FAA, National Transportation Safety Board, Department of, Gulfstream, Miami, The New York Times Pilots, Flying Magazine, Sky Harbor, Boeing Locations: Airport Mississippi, New Orleans, San Francisco, American, Dallas, louisiana, louisiana Magnolia Minden arkansas, Minden louisiana, United States, U.S, San Diego, Phoenix, Swiss, Continental, Buffalo, United, Delta, Southwest, , Austin, Texas, New York, Austin , Texas, Sarasota , Fla, Burbank, Calif, Boston, New York City, Fort, Salt Lake, Ontario, Denver, Las, Portland ,, Baltimore, Miami, Peoria, Ill, Fort Worth, Jacksonville, Fla, Philadelphia, Fort Lauderdale, Lexington, Ky, Tampa
In an interview, O'Leary said this would not deter JetZero and its radical design. The Air Force said materials and manufacturing advances have made production more attainable. Whereas Boeing aimed to commission new engines for its abandoned project, JetZero says aerodynamic savings allow it to exploit existing models. Capital Alpha Partners analyst Byron Callan said the decision to back JetZero suggested Air Force "frustration" with traditional aerospace companies' use of cash to favor shareholders rather than bigger developmental risks. "One way to potentially change behaviors is to award contracts to smaller firms like JetZero," he wrote.
Persons: Carlos Barria, Tom O'Leary, O'Leary, they're, NORTHROP, Northrop Grumman, Ron Epstein, Byron Callan, JetZero, Valerie Insinna, Tim Hepher, Mark Potter Organizations: Pentagon, REUTERS, Rights, U.S . Air Force, The Air Force, Boeing, Airbus, Reuters, Air Force, Bank of America, Pratt, Capital Alpha Partners, Force, Thomson Locations: Arlington , Virginia, U.S, California, Asia, Kosovo
Cramer's Lightning Round: Don't touch ChargePoint
  + stars: | 2023-08-15 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Opendoor's year-to-date stock performance. Stock Chart Icon Stock chart icon Nextera Energy's year-to-date stock performance. Stock Chart Icon Stock chart icon CVS's year-to-date stock performance. Because of shrinkage, because of pilferage, because of those darned plastic things that are like in front of every single thing you want to buy..."Stock Chart Icon Stock chart icon ChargePoint's year-to-date stock performance. Stock Chart Icon Stock chart icon Volaris' year-to-date stock performance.
Persons: Nextera, it's, I'm, ChargePoint's, Volaris, I've Organizations: Nextera Locations: Mexico
That has made it tricky to predict consumer spending. The swirl of confusing trends tees up a closely watched retail earnings season that could offer more clarity about consumers and the economy. As inflation cools, the growth of average hourly earnings has begun to outpace the rise in the consumer price index. He called low unemployment "the big offset that's helped consumer spending hang in." "I thought with all of the revenge travel that's been happening, that would impact consumer spending on goods," she said.
Persons: Aditya Bhave, that's, Andrew Garthwaite, That's, Levi Strauss, Chip Bergh, Michael Baker, Davidson, splurge, Baker, Taylor Swift, Davidson's Baker, Nikki Baird, she's, I'm, Corie Barry, headboards Organizations: Getty, Bank of America, Target, Walmart, JPMorgan, Wall, Federal Reserve, Credit Suisse, U.S, of Labor Statistics, CNBC, . Bureau, Labor, D.A, New York Federal Reserve, Federal Reserve Board Locations: Waterbury , Connecticut, U.S, Italy
REUTERS/Eduardo Munoz/File PhotoWASHINGTON, Aug 7 (Reuters) - Major U.S. airlines on Monday asked the Federal Aviation Administration to extend cuts to minimum flight requirements at congested New York City-area airports and a Washington airport, citing a lack of adequate air traffic control staffing. Airlines can lose their slots at congested airports if they do not use them at least 80% of the time. In the Airlines for America letter, the group said air traffic control staffing and extreme weather "are unique circumstances beyond our control." In June, a government audit said the FAA faces critical air traffic staffing shortages and "lacks a plan to address them." Last summer there were 41,498 flights from New York airports where air traffic control staffing was a contributing factor in delays.
Persons: John F, Eduardo Munoz, David Shepardson, Leslie Adler, Matthew Lewis, David Gregorio Our Organizations: Kennedy International, REUTERS, Major U.S, Monday, Federal Aviation Administration, FAA, Delta Air Lines, United Airlines, Washington National Airport, Airlines for America, Reuters, Airlines, Newark Liberty International Airport, New, Philadelphia, America, Thomson Locations: New York City, U.S, Major, Washington, New York, Chicago, Newark
A logo of low cost carrier Spirit Airlines is pictured on an Airbus plane in Colomiers near Toulouse, France, November 6, 2018. Pratt & Whitney's new engine issue adds to headache for carriers that are already grappling with shortages of pilots, air traffic controllers and new planes, making it harder to add more flights. Spirit Airlines, which is the largest operator of GTF-powered NEO aircraft in the United States, previously cut 2023 capacity estimates due to unscheduled engine removals. Spirit, however, said RTX has promised to compensate the airlines affected by the new engine issue. Christie said Spirit has as many as 13 engines out of initial 200 identified by Pratt & Whitney for accelerated inspection.
Persons: Regis, Pratt, Ted Christie, Christie, RTX, Rajesh Kumar Singh, Mark Porter, Jonathan Oatis, Conor Humphries Organizations: Spirit Airlines, Airbus, REUTERS, Pratt & Whitney, Thomson Locations: Colomiers, Toulouse, France, United States, Florida
TD Cowen upgrades Ross to outperform from market perform TD Cowen said consensus is "underestimating [a] margin recovery" for Ross. TD Cowen downgrades Columbia to market perform from outperform TD Cowen said demand looks muted for Columbia Sportswear . Bernstein downgrades Etsy to market perform from outperform Bernstein said it's concerned about slowing growth. Piper Sandler reiterates Crocs as overweight Piper Sandler said the shoe company is "underpinned by +DD [double digit] earnings growth and compelling valuation." Citi reiterates Apple as buy Citi said it's standing by its buy rating heading into Apple earnings after the bell.
Persons: TD Cowen, Ross, Cowen, Bernstein, Etsy, it's, Piper Sandler, Crocs, CROX, QCOM, Jefferies, Simon, Telsey, Roblox, Morgan Stanley, Robinhood, Janney, Coke Organizations: TD Cowen downgrades Columbia, Columbia, Buyers, Citi, Deutsche Bank, Qualcomm, Apple, Simon, Bank of America, UBS, Costco Locations: underperform, Wingstop, 1Q22
Frontier Airlines was the most likely of the 15 largest US carriers to bump people from flights in early 2023. A further 3,395 were voluntarily denied boarding and 2,442 were involuntarily denied boarding. The data covers domestic US flights and international flights that departed from the US, and doesn't include passengers who were involuntarily denied boarding for other reasons. These are how the 15 carriers rank in terms of the proportion of passengers involuntarily bumped, per ATCR data:Frontier Airlines Envoy Air Spirit Airlines PSA Airlines American Airlines Skywest Airlines Republic Airways Southwest Airlines Alaska Airlines Jetblue Airways United Airlines Hawaiian Airlines, Endeavor Air, Allegiant Air, Delta Air LinesFrontier says on its website that in the event of an overbooked flight, passengers who volunteer to give up their seats get "alternative travel accommodations" as well as a Frontier voucher. "It is our goal to find enough volunteers so that no customers are denied boarding involuntarily," the airlines says.
Organizations: Frontier Airlines, Endeavor, Frontier, Travel, Department of Transportation's, of Aviation Consumer Protection, June's, Consumer, Airlines, Envoy Air, Delta Air Lines, Endeavor Air, Hawaiian Airlines, Frontier Airlines Envoy Air Spirit Airlines PSA Airlines American Airlines Skywest Airlines Republic Airways Southwest Airlines Alaska Airlines Jetblue Airways United Airlines Hawaiian Airlines, Allegiant Locations: Delta
1,200 Pratt & Whitney engines on Airbus A320neo jets will need to be removed for inspection. JetBlue, Spirit Airlines, and Wizz Air are among the airlines to be impacted. The company said a "rare condition" contaminated the powder metal used to make "certain engine parts" and it could cause cracks to form on critical engine parts, per The Wall Street Journal. Those Pratt & Whitney engines are used on about 40% of the twin-engine Airbus A320neo jets, per the Journal. An Airbus spokesperson said the company is working with its customers and Pratt & Whitney to minimize the disruption and implement the required inspection plans.
Persons: Greg Hayes, Pratt, Chris Calio, Calio, France24 Organizations: Pratt & Whitney, Airbus, JetBlue, Spirit Airlines, Wizz, Aerospace, RTX, Street, Reuters, Whitney, Pratt, Wizz Air, Boeing, Paris Air
Microscopic contaminants were found in a metal used in the engine's high-pressure turbine discs - part of the engine core. In an interview, Chief Executive Greg Hayes acknowledged the airlines' frustration over a spate of problems with the Geared Turbofan (GTF) engines over the last seven years. While the latest GTF issue could be the last straw for some, we suspect that the negative (share price) response is overdone". Low-cost Indian carrier Go First, which plunged into financial crisis this year, blamed "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos. Announcing quarterly earnings on Tuesday, RTX increased its 2023 sales expectation from $72 billion to $73 billion to $73 billion to $74 billion.
Persons: Whitney, Pratt, Greg Hayes, Safran, RTX, Robert Stallard, Wizz, Hayes, Pratyush Thakur, Valerie Insinna, Mike Stone, Susan Mathew, Rajesh Singh, Tim Hepher, Shounak Dasgupta, Sharon Singleton, Nick Zieminski Organizations: Pratt, Airbus, U.S, RTX Corp, Raytheon Technologies, CFM International, GE, Reuters, Research, Spirit Airlines Inc, JetBlue Airways, Wizz, Thomson Locations: Paris, Bengaluru, Washington, Chicago
Shares of RTX tumbled 14% Tuesday after the aerospace giant said a manufacturing problem with some of its popular engines will require "accelerated" inspections on about 200 airplane engines. The problem stems from powdered metal used to make some engine parts, RTX, the parent of airplane engine maker Pratt & Whitney, said during a quarterly earnings call. RTX, previously known as Raytheon Technologies, trimmed its cash-flow outlook for the year by $500 million to $4.3 billion due to the problem. "It's going to be expensive," RTX CEO Greg Hayes said during an earnings call. Pratt & Whitney said that it also expects about 1,000 more engines will have to be removed from airline fleets over the next nine to 12 months.
Persons: Pratt, Whitney, RTX, Greg Hayes, Airbus didn't Organizations: Whitney, Airbus A320neo, Airbus Group, Pratt, Raytheon Technologies, Boeing, Max, Federal Aviation Administration, FAA, Delta Air Lines, Airbus Locations: Hamburg, Germany, RTX
U.S. airlines have sparred with the administration in recent years over responsibility for flight delays, passenger rights, landing slots and other issues. President Joe Biden has often criticized airlines, saying in February "airlines can’t treat your child like a piece of baggage." While Buttigieg works with airlines when possible, he added: "We're going to beat 'em up when we think that's important to get passengers a better deal." United Airlines (UAL.O) CEO Scott Kirby recently suggested the Federal Aviation Administration had "failed us" before changing his tone. The Transportation Department plans to propose new rules requiring airlines compensate passengers for significant flight delays or cancellations when carriers are responsible.
Persons: Pete Buttigieg, Biden, We're, Buttigieg, Joe Biden, Scott Kirby, Michael Whitaker, David Shepardson, Jamie Freed Organizations: . Transportation, Reuters, U.S, Federal Aviation Administration, United Airlines, United, Southwest Airlines, Transportation Department, FAA, Thomson
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