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☆ Chevron agrees to buy Hess for $53 billion
▼ + stars: | 2023-10-23 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Chevron announced Monday that it has agreed to buy rival Hess in yet another oil industry consolidation deal. Hess (HES) also has large oil assets in Guyana, which Chevron said would help grow its production over the next decade. Chevron said that it would increase buybacks of its stock by $2.5 billion to $20 billion a year. Shares of Chevron slipped 3% in premarket trading following the deal announcement, while Hess’ shares were slightly higher. Since the start of 2022, just ahead of the big run-up in oil prices following Russia’s full-scale invasion of Ukraine, Hess shares are up 120%, while Chevron shares are up 42%.

Persons: Hess, Chevron, ”, Mike Wirth, Wirth, Critics, It’s, Biden, John Hess, — Chris Isidore Organizations: New, New York CNN, Chevron, ExxonMobil, Exxon, Anadarko Petroleum Locations: New York, Texas, Guyana, Ukraine, Marathon

☆ US airlines about to be hit with ‘tsunami’ of pilot retirements
▼ + stars: | 2023-04-19 | by ( Greg Wallace | ) edition.cnn.com time to read: +6 min

Washington DC CNN —The US airline industry is about to be hit with a “tsunami of pilot retirements” that will further the nation’s pilot shortage, limiting flight availability for passengers and putting upward pressure on fares, an industry group told Congress Wednesday. Black’s group represents the regional carriers which provide feeder service for the larger airlines such as American, United (UAL)and Delta (DAL). But the union representing most US airline pilots urged Congress against changing pilot qualification and training standards in an attempt to address the pilot shortage, saying some ideas would compromise safety. The Regional Airline Association, representing carriers that connect major cities to smaller regional airports, noted that the airlines are not the only destination for pilots with that qualification and warned of a significant pilot shortage that will get worse with a “tsunami” of retirements. Senior airline pilots frequently fly international routes, but international rules have an age 65 limit.

☆ Cheaper hotels, shorter trips: Trivago CEO on how inflation is reshaping travel
▼ + stars: | 2023-02-14 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

But as inflation has jumped, many tourists are hunting for ways to keep costs down, from opting for shorter trips to steering clear of higher-end hotels. “You have real wage contractions in quite a lot of markets,” Axel Hefer, CEO of search platform Trivago, told CNN. Meanwhile, domestic travel remains strong in countries like the United Kingdom, which has seen big swings in the pound in recent months. “People still do want to travel and do travel, but they’re still trying to compensate for the increase in prices,” Hefer said. For now, bookings for air travel still lag pre-pandemic levels.

☆ Akio Toyoda steps down: Toyota names Koji Sato new CEO
▼ + stars: | 2023-01-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Toyota’s longtime president and CEO Akio Toyoda is stepping down and handing over the reins of the world’s largest automaker to Lexus chief Koji Sato. The Japanese company announced the shakeup Thursday, saying that Toyoda would be appointed chairman of the board as Sato takes over daily management. Takeshi Uchiyamada, Toyota’s current chairman, will resign from his post but remain on the board, the company said. “I believe that over the past 13 years, I have built a solid foundation for passing the baton forward.”Akio Toyoda, president of Toyota, speaking at the company's showroom in Tokyo on Dec. 14, 2021. Sato will take over as CEO of Toyota in April.

☆ UK car sales hit 30-year low
▼ + stars: | 2023-01-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

The supply constraints saw many manufacturers prioritize the delivery of battery electric vehicles, which enjoyed record sales and overtook diesel cars for the first time in the UK market. Sales picked up in the last five months of the year, allowing the country to reclaim the position of Europe’s second-largest new car market by volume, behind only Germany. According to the SMMT, electric vehicles are now the second-most popular choice for new buyers after gasoline-powered cars. Diesel’s UK market share shrank by 40% on the previous year. In its most recent outlook, published in October, SMMT forecasts 1.8 million new car registrations in 2023, worth about £8.4 billion ($10 billion).

London CNN Business —The global airline industry is expected to return to profitability in 2023 for the first time in four years. In a forecast released Tuesday, the International Air Transport Association predicted that airlines will earn a net profit of $4.7 billion, despite fears of a global recession. Consumer demand for air travel has been boosted by the reopening of borders closed by the pandemic, as well as a strong US dollar that’s encouraged more Americans to travel overseas. “While we are mindful of macroeconomic headwinds, the travel industry is experiencing a counter-cyclical recovery,” Delta Air Lines CEO Ed Bastian said when delivering the company’s earnings results in October. “Global demand is continuing to ramp [up] as consumers shift spend to experiences, businesses return to travel and international markets continue to reopen.”— Chris Isidore contributed reporting.

☆ Apple has a huge problem at Foxconn's iPhone factory in China
▼ + stars: | 2022-11-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +5 min

“Every week of this shutdown and unrest we estimate is costing Apple roughly $1 billion a week in lost iPhone sales. Now roughly 5% of iPhone 14 sales are likely off the table due to these brutal shutdowns in China,” he said. Security forces clash with workers during a protest outside Apple supplier Foxconn's factory in Zhengzhou, China, on November 23. Covid outbreakEarlier this month, Apple said shipments of its latest lineup of iPhones would be “temporarily impacted” by Covid restrictions in China. Even before this week’s demonstrations, Apple had started making the iPhone 14 in India, as it sought to diversify its supply chain away from China.

Now, one day after the monarch’s funeral, strikes are back on as workers press their claims for better pay and conditions and annual inflation hovers around 10%. More strikes could be on the way this fall, threatening unprecedented disruption across a range of industries. Teachers, doctors and nurses are set to vote on strike action in the coming weeks. The walkout will overlap with strike action by hundreds of dockworkers at the Port of Liverpool, another key UK trade hub. Last week, the country narrowly averted a rail strike by more than 50,000 workers after unions and railroad companies came to a tentative deal over pay.

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