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☆ Citigroup to sell China consumer wealth business to HSBC
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 9 (Reuters) - Citigroup Inc (C.N) said on Monday it had agreed to sell its China consumer wealth portfolio, including clients, assets under management (AUM) and deposits, to Asia-focused HSBC Holdings Plc (HSBA.L). Citi first announced its plan to exit China consumer banking in April 2021 as part of a global strategy revamp. The consumer banking business mainly served rich clients with deposit, fund and structured product offerings. Reuters first reported late last month that HSBC was set to acquire Citi's China consumer wealth business, in a major boost to the London-based bank's business in the world's second-largest economy. Apart from the China consumer banking deal, Citi plans to complete the sale of its Indonesia consumer business later this year, the bank statement said.

Persons: Andrew Kelly, Aishwarya Nair, Xie Yu, Sumeet Chatterjee, Dhanya Ann Thoppil, Jamie Freed, Miral Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup Inc, HSBC Holdings Plc, Citi, Reuters, HSBC, Standard Chartered, Thomson Locations: Manhattan , New York City, U.S, China, Asia, London, Singapore, Hong Kong, Europe, East, Mexico, Indonesia, Korea, Russia, Bengaluru

☆ Australia fines lender ANZ $9.6 mln for misleading customers over funds
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO: A pedestrian is reflected in the window of a branch of ANZ in central Sydney, Australia, October 25, 2017. The Australian lender falsely indicated to customers that they could avail cash advance from funds stated to be their 'Available Funds' without incurring fees and interest, according to the Australian Securities & Investments Commission (ASIC). The error resulted in customers being charged with thousands of dollars in fees while the average remediation paid was around $45 per affected account. "Many ANZ customers relied on the account information displayed by the bank and were charged fees that were inconsistent with that information," said ASIC Deputy Chair Sarah Court. "ANZ accepts responsibility for what has occurred and apologises to its customers, and has addressed the issues that gave rise to the contraventions," the lender said.

Persons: Steven Saphore, Sarah, Himanshi Akhand, Aishwarya Nair, Sherry Jacob, Phillips Organizations: ANZ, REUTERS, ANZ Group Holdings, Australian Securities & Investments Commission, National Consumer Credit, Thomson Locations: Sydney, Australia, Bengaluru

☆ Qantas charter unit's pilots vote in favour of protected industrial action
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

Three pilot groups, including pilots from aircraft charter company Network Aviation, have been negotiating with Qantas management over wage policy revisions. A spokesperson for QantasLink, an airline brand of Qantas, termed the step towards industrial action by the AFAP as "disappointing". "We have already reached in-principle agreement with the two other unions representing Network Aviation pilots, and we're continuing to negotiate in good faith to secure new agreements with our turboprop pilots." There are contingency plans in place to minimise disruptions to customers if the union proceeds with the industrial action, the spokesperson told Reuters. The AFAP also flagged the potential industrial action might impact certain charter flight operations to large mines and oil gas projects in Western Australia.

Persons: Loren Elliott, Rishav Chatterjee, Lewis Jackson, Aishwarya Nair, Rashmi Organizations: Qantas, Sydney Airport, REUTERS, Pilots, Network Aviation, Qantas Airways, Australian Federation of Air Pilots, Reuters, Network Aviation's, Thomson Locations: Sydney, Australia, Western Australia

☆ Australia's CBA, Tesla team up to support EV purchases
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Florence Lo/File Photo Acquire Licensing RightsSept 20 (Reuters) - Commonwealth Bank of Australia (CBA.AX) on Wednesday said it has partnered with Tesla (TSLA.O) to allow the automaker's customers to avail financing for electric vehicle (EV) purchases. Under the agreement, customers will be able to apply for personal loans through the bank directly from Tesla's website, CBA said, adding that the loans carry an interest rate of 5.49% per annum. CBA, Australia's biggest lender, said it aims to accelerate sustainable purchases by providing affordable financing. The bank has financed personal loans worth over A$50 million ($32.3 million) for purchase of sustainable products since Oct. 2022, according to the statement. ($1 = 1.5504 Australian dollars)Reporting by Aishwarya Nair in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Aishwarya Nair, Varun Organizations: Fair for Trade, Services, REUTERS, Commonwealth Bank of Australia, Tesla, CBA, Australia's, Thomson Locations: Beijing, China, Bengaluru

☆ Telstra Chairman Mullen to retire after 15 years
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

A pedestrian walks past a Telstra logo adorning a phone booth in the central business district (CBD) of Sydney in Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsAug 28 (Reuters) - Australia's Telstra (TLS.AX) said on Monday that its chairman John Mullen would retire at the conclusion of this year’s annual meeting on October 17. After serving on the telecom major's board for 15 years, the company said Mullen will be succeeded as chairman by current director Craig Dunn. Mullen served as chairman for the past seven years. The country's largest telecoms firm expects underlying EBITDA between A$8.2 billion and A$8.4 billion ($5.38 billion)for fiscal 2024, higher than A$7.86 billion in the previous year.

Persons: David Gray, John Mullen, Mullen, Craig Dunn, Dunn, Aishwarya Nair, Diane Craft Organizations: Telstra, REUTERS, Australia's Telstra, Risk, Thomson Locations: Sydney, Australia, Asia, Bengaluru

REUTERS/Aude Guerrucci/File PhotoAug 3 (Reuters) - Thousands of UPS workers will start voting on their tentative contract agreement with the delivery giant on Thursday after local leaders of the International Brotherhood of Teamsters endorsed the union's deal earlier this week. The tentative deal covering 340,000 Teamsters-represented workers at United Parcel Service (UPS.N) averted a threatened strike that could have wreaked havoc on the U.S. economy by disrupting about a quarter of the nation's parcel shipments. Leaders from Teamsters locals oversee messaging and "sell" the deal to members, who vote through Aug. 22. The tentative deal would raise it to $21 from the current $16.20. It remains to be seen whether the group can mobilize enough part-timers, who account for about half of UPS workers.

Persons: Peter Lyngso, Jose Negrete, Negrete, Lyngso, Lisa Baertlein, Susan Heavey Organizations: Parcel Service, Teamsters, REUTERS, International Brotherhood of Teamsters, United Parcel Service, Monday, Leaders, UPS, Reuters, Thomson Locations: U.S, Orange , California, Washington, Chicago, Anaheim , California, Louisville , Kentucky, Los Angeles

☆ UPS labor deal could pressure delivery firm's annual outlook, say analysts
▼ + stars: | 2023-07-26 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

July 26 (Reuters) - A tentative labor deal between United Parcel Service (UPS.N) and the Teamsters union on Tuesday could pressure full-year outlook for the world's largest parcel delivery firm, according to analysts. UPS shares closed down 1.9% on Tuesday signaling investor worries about the labor deal's impact on costs. Analysts say the new agreement could weigh on the company's margins at a time when most operators are cutting costs to protect profits amid an industry-wide slowdown. Susquehanna analyst Bascome Majors expects the new deal could drive UPS' cost per piece 2.5% higher than the brokerage's current expectations. Meanwhile, Wells Fargo analyst Allison Poliniak estimated the new contract could reduce UPS' 2024 earnings per share by more than $1.

Persons: Stephens, Jack Atkins, Majors, Fadi Chamoun, Wells, Allison Poliniak, Aishwarya Nair, Priyamvada, Shounak Dasgupta Organizations: United Parcel Service, Teamsters, UPS, FedEx, Susquehanna, BMO, Thomson Locations: U.S, Bengaluru

☆ Public Storage to acquire Simply Self Storage for $2.2 bln
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Self-storage operator Public Storage (PSA.N) said on Monday it has entered a deal to buy Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion, as it looks to expand its market presence. Demand for storage space has waned from the heights of the pandemic, as people return to offices, and some analysts expect more consolidation in the sector. Earlier this year, California-based Public Storage made a hostile bid to acquire smaller rival Life Storage. But in April, real estate investment trust Extra Space Storage announced a $12.7 billion deal with Life Storage. Eastdil Secured served as financial adviser to Public Storage, whereas Wells Fargo and Newmark Group acted as lead financial advisers to BREIT.

Persons: Blackstone, Eastdil, Aishwarya Nair, Krishna Chandra Organizations: Blackstone Real, Income, Newmark, Thomson Locations: California, BREIT, Wells, Bengaluru

☆ Canada's port workers union leadership backs new contract deal
▼ + stars: | 2023-07-21 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

OTTAWA, July 21 (Reuters) - Canada's Pacific dock workers' union leadership on Friday backed a tentative contract agreement with employers and will recommend the ratification of the contract to members, likely ending a standoff that led to a 13-day strike. On Tuesday, "there will be a stop work meeting ... to recommend the Terms of Settlement to the membership," the International Longshore and Warehouse Union (ILWU) said in a statement on its Web site. Leadership had been due to vote on Friday on whether to recommend ratification. That strike ended last week with a tentative deal that was rejected by union leadership on Tuesday. But the ILWU then withdrew its strike notice on Wednesday, leaving the talks in what the British Columbia Maritime Employers Association (BCMEA) said was a "fluid and unpredictable situation."

Persons: Prince Rupert, Steve Scherer, Aishwarya Nair, Ismail Shakil, Nick Zieminski, Grant McCool Organizations: OTTAWA, Warehouse Union, Leadership, British Columbia Maritime Employers Association, Canadian Manufacturers, Thomson, & ' $ Locations: British, Vancouver, Ottawa, Bengaluru

☆ Canada's port workers again announce tentative deal with employers
▼ + stars: | 2023-07-21 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

OTTAWA, July 21 (Reuters) - Canada's Pacific dock workers' union said it reached a new tentative contract agreement with employers and that its leadership would vote on Friday on whether to put the deal up for ratification by members. The local unit represents 3,000 of the 7,500 dock workers who went on strike for 13 days earlier this month. A ILWU source confirmed that the entire union leadership, and not just the Local 502, would vote on whether to ask for ratification. That strike ended last week with a tentative deal that was rejected by union leadership on Tuesday. But the ILWU then withdrew its strike notice on Wednesday, leaving the talks in what the British Columbia Maritime Employers Association (BCMEA) said was a "fluid and unpredictable situation."

Persons: Seamus O'Regan's, Prince Rupert, Steve Scherer, Aishwarya Nair, Ismail Shakil, Shilpi Majumdar, Frances Kerry, Nick Zieminski Organizations: OTTAWA, Warehouse Union, British Columbia Maritime Employers Association, Labour, Canadian Manufacturers, Thomson, & ' $ Locations: British, Vancouver, Ottawa, Bengaluru

☆ Marriott enters licensing deal with MGM to boost presence in Las Vegas strip
▼ + stars: | 2023-07-17 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

[1/3] Logo of Marriott hotel is seen in Vienna, Austria April 9, 2018. REUTERS/Heinz-Peter Bader/File Photo/File PhotoJuly 17 (Reuters) - Marriott International (MAR.O) said on Monday it entered a 20-year licensing agreement that will allow its loyalty members to earn and redeem existing points for booking stays at MGM Resorts International's (MGM.N) properties. The pair launched "MGM Collection with Marriott Bonvoy," which will allow members of the Marriott Bonvoy rewards program to earn and redeem points for stays at 17 MGM resorts across the United States and Canada. MGM's 40 million members will gain access to the Bonvoy loyalty program. Marriott will earn fees on total room revenue on the MGM Resorts that are part of the agreement, Marriott CEO Anthony Capuano said.

Persons: Heinz, Peter Bader, Marriott, Kate Xiao, Bill Hornbuckle, Bernstein's Xiao, Anthony Capuano, Barry Jonas, Aishwarya Nair, Shweta Agarwal, Will Dunham Organizations: REUTERS, Marriott, MGM Resorts, MGM, Cosmopolitan, Bernstein Hotels, Reuters, Truist Securities, Thomson Locations: Vienna, Austria, United States, Canada, Las Vegas, Marriott's, Bengaluru, Doyinsola, New York

☆ UPS says focused on reaching a labor deal before Aug. 1
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

July 14 (Reuters) - Delivery firm United Parcel Service (UPS.N) said on Friday the company is focused on reaching an agreement with the Teamsters workers' union before Aug. 1. Reporting by Aishwarya Nair in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Aishwarya Nair, Saumyadeb Organizations: Parcel Service, Teamsters, Thomson Locations: Bengaluru

☆ Explainer: Why U.S. labor unions are gaining leverage in contract talks with big employers
▼ + stars: | 2023-07-05 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

July 5 (Reuters) - U.S. union workers are finding more solid footing during contract negotiations with employers as a tight labor market allows employees to flex more bargaining power. Airline pilots, railroad employees, dockworkers, and others have pushed for higher pay and better benefits, rebuffing offers from companies that in some contracts appeared significant. The two on Wednesday accused each other of walking away from negotiations over a new contract. WHAT ARE SOME NOTABLE UPCOMING CONTRACT NEGOTIATIONS? Among U.S. airlines, Southwest Airlines (LUV.N) is yet to reach an agreement with its pilots union.

Persons: Joe Biden, Aishwarya Nair, Sriraj Organizations: Airline, United Parcel Service, Teamsters Union, Congress, Unions, United Auto Workers ', UAW, Detroit, Stellantis, General Motors Co, Ford Motor, U.S, Southwest Airlines, Southwest Airlines Pilots Association, Thomson Locations: Washington, Bengaluru

☆ Joby receives FAA nod to begin flight testing of its first built aircraft
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Joby Aviation (JOBY.N) said on Wednesday the U.S. aviation regulator has given the nod for flight testing of its air taxi, as it edges towards securing approval to begin commercial operations. The California-based company also said Toyota North America's CEO, Tetsuo Ogawa, will join its board on Saturday. Joby said the Federal Aviation Administration (FAA) had granted a Special Airworthiness Certificate which allows flight testing of its first production prototype without passengers. The aircraft will be delivered to Edwards Air Force Base after completing initial testing, the company said. The delivery is made under Joby's $131 million contract with the U.S. Air Force.

Persons: Tetsuo Ogawa, Joby, Aishwarya Nair, Krishna CHandra Organizations: Joby Aviation, U.S, Toyota North, Toyota, Archer Aviation, Vertical Aerospace, Federal Aviation Administration, FAA, Edwards Air Force Base, U.S . Air Force, Thomson Locations: California, Bengaluru

☆ UPS working with experts after phishing attack on some shippers, customers
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - United Parcel Service (UPS.N) said on Wednesday it is working with law officials and outside experts following reports of phishing messages that were sent via text messages to certain shippers and their customers in Canada. The package delivery company did not disclose the number of customers and shippers impacted. "Law enforcement has indicated that there has been an increase in smishing (SMS phishing), impacting a number of shippers and many different industries," UPS said in an emailed statement. UPS said it was sending privacy incident notification letters to individuals in Canada whose information may have been impacted. Reporting by Priyamvada C and Aishwarya Nair in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Priyamvada C, Aishwarya Nair, Shilpi Majumdar Organizations: United Parcel Service, UPS, Security, Thomson Locations: Canada, U.S, Bengaluru

☆ Joby receives FAA nod to begin flight testing of electric air taxi
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] Joby Aviation founder JoeBen Bevirt poses next to a Joby Aviation Air Taxi ahead of their listing at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 11, 2021. REUTERS/Andrew Kelly/File PhotoJune 28 (Reuters) - Joby Aviation (JOBY.N) said on Wednesday the U.S. aviation regulator has given the nod for flight testing of its electric air taxi, taking it a step closer to securing approvals for commercial operations. Joby said the Federal Aviation Administration (FAA) had granted a Special Airworthiness Certificate, which allows flight testing of its first production prototype without passengers. Rival Archer received the green signal for flight testing in 2021. Joby's aircraft will be delivered to Edwards Air Force Base after completing initial testing, the company said.

Persons: JoeBen Bevirt, Andrew Kelly, Tetsuo Ogawa, Joby, Archer, Germany's, Aishwarya Nair, Krishna Chandra Eluri Organizations: Joby Aviation, Joby Aviation Air Taxi, New York Stock Exchange, REUTERS, U.S, Toyota North, Toyota, Archer Aviation, Vertical Aerospace, Federal Aviation Administration, FAA, Aerospace, Edwards Air Force Base, U.S . Air Force, Thomson Locations: Manhattan , New York City, U.S, California, Joby's, Bengaluru

☆ Ford to cut jobs in the US, Canada to trim costs
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Ford Motor Co (F.N) said on Tuesday it will begin layoffs this week, impacting mostly engineering jobs in the U.S. and Canada, as part of the Detroit automaker's move to exit unprofitable locations and cut headcount. The development comes after the company said in May it expects to take up restructuring charges between $1.5 billion and $2 billion in 2023. "This is related to the Ford+ growth plan we introduced in 2021," the company added. CNBC reported on Monday job cuts were expected to affect all three of Ford's business units - Ford Blue, Model e and Ford Pro. In February, Ford also detailed plans to eliminate 3,800 product development and administration jobs in Europe in the next three years.

Persons: Ford, Stellantis, Jim Farley, Aishwarya Nair, Priyamvada, Krishna Chandra Organizations: Ford Motor, Detroit, Street Journal, General Motors, CNBC, Ford, Ford Pro, Thomson Locations: U.S, Canada, North America, Europe, Bengaluru

☆ Circor sticks with sale to KKR despite higher Arcline bid
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

Circor, an industrial machinery maker, said KKR had sweetened its all-cash deal from $49 to $51 per share in the wake of a rival bid of $52.65 per share in cash from an unidentified party. One of Fairbanks' subsidiaries is Hunt Valve, which competes with Circor in providing valve systems to the Navy. Arcline and KKR declined to comment. Circor said it rejected the higher offer because it concluded there was a risk of a protracted review by antitrust regulators that would jeopardize the deal. Circor shares ended at $51.49 on Tuesday, above the $51 per share deal clinched with KKR, indicating that some investors believed an even better deal was possible.

Persons: snubbing, Circor, Arcline, Gardner, Rand Inc's, Aishwarya Nair, David Carnevali, Vinay Dwivedi, Saumyadeb Chakrabarty, Leslie Adler Organizations: KKR, Co Inc, Arcline Investment Management, Fairbanks Morse Defense, U.S . Navy, Fairbanks, Hunt Valve, Circor, Navy, Representatives, Gardner Denver, Ingersoll, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Thomson Locations: Arcline, U.S, Bengaluru, New York

☆ Spirit Aero flags progress in talks with the union
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: 1 min

June 26 (Reuters) - Spirit Aerosystems (SPR.N) said on Monday it had held "constructive and positive meetings" with the U.S. machinists union through the weekend, indicating progress in negotiations for a new contract. Spirit, a crucial supplier for aerospace heavyweights Boeing (BA.N) and Airbus (AIR.PA), expects its Wichita production operations to remain suspended until an agreement is reached with the International Association of Machinists and Aerospace Workers. The company had said on Friday that it would meet the union on Saturday to continue talks after workers rejected a proposed four-year deal and announced a strike. read more"We have been working hard and making good progress," CEO Tom Gentile said. Reporting by Aishwarya Nair in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Gentile, Aishwarya Nair, Pooja Desai Organizations: U.S, Boeing, Airbus, International Association of Machinists, Aerospace Workers, Thomson Locations: Wichita, Bengaluru

☆ Spirit Aero to continue contract talks with union as strike looms
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. REUTERS/Benoit TessierJune 23 (Reuters) - Spirit AeroSystems Inc (SPR.N) said it will meet with the U.S. machinists union on Saturday to continue negotiations for a new contract, after workers rejected a proposed four-year deal and announced a strike. Shares of Spirit were up 4.8% in afternoon trade on Friday. The union did not immediately respond to a Reuters request for comment. Reporting by Aishwarya Nair in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Aishwarya Nair, Devika Organizations: Boeing, International Paris Air, Le, REUTERS, AeroSystems, U.S, Airbus, International Association of Machinists, Aerospace Workers, Thomson Locations: Le Bourget, Paris, France, Wichita, Bengaluru

☆ GE to jointly produce fighter jet engines in India
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] Indian Air Force (IAF) LCA Tejas performs an aerobatic display during the Aero India 2023 air show at Yelahanka air base in Bengaluru, India, February 13, 2023. REUTERS/Samuel Rajkumar/File PhotoJune 22 (Reuters) - General Electric's (GE.N) aerospace unit said on Thursday it has signed an agreement with India's state-owned Hindustan Aeronautics Ltd (HIAE.NS) to make fighter jet engines for the Indian Air Force. The agreement includes the potential joint production of GE Aerospace's F414 engines in India and the engines will be used to power Tejas fighter jets, GE said. Reuters reported in May the Biden administration was poised to sign off on a deal that would allow GE to produce jet engines powering Indian military aircraft. GE first began working with Hindustan Aeronautics and the Aeronautical Development Agency in 1986 to support the development of India's light combat aircraft with F404 engines.

Persons: Samuel Rajkumar, Electric's, Narendra Modi, Biden, Aishwarya Nair, Varun, Shounak Organizations: Indian Air Force, IAF, LCA Tejas, Aero, REUTERS, Hindustan Aeronautics Ltd, Indian, GE Aerospace's, Tejas, GE, Hindustan Aeronautics, Reuters, Aeronautical Development Agency, Thomson Locations: Aero India, Bengaluru, India, United States, Washington

☆ Delta resumes dividend after suspension during pandemic
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: 1 min

June 15 (Reuters) - Delta Air Lines (DAL.N) said on Thursday it would pay a quarterly dividend, resuming a payout that the carrier had suspended in March 2020 during the COVID-19 pandemic. The dividend, of $0.10 per share, will be paid on Aug. 7 to to shareholders of record as of the close of business on July 17, the carrier said. The resumption of the payout reflects Delta's progress on its three-year financial plan, the company said. The move comes as Delta forecast that strong summer travel demand will result in higher-than-expected profit for the quarter through June. Reporting by Aishwarya Nair in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Aishwarya Nair, Savio D'Souza Organizations: Delta Air Lines, Thomson Locations: Bengaluru

☆ Delta Air Lines resumes dividend suspended in 2020 during pandemic
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Delta Air Lines (DAL.N) said on Thursday it would pay a quarterly dividend, resuming a payout that the carrier had suspended in March 2020 during the COVID-19 pandemic. In December, Southwest Airlines (LUV.N) became the first major U.S. airline to reinstate its quarterly dividend, more than two years after suspending it in the wake of the pandemic. The move comes as Delta forecast that strong summer travel demand will result in higher-than-expected profit for the quarter through June. Delta Air Lines received $11.9 billion in U.S. assistance. In March 2020, Delta paid a $0.4025 share dividend, which was its 27th consecutive dividend at the time.

Persons: Aishwarya Nair, David Shepardson, Savio D'Souza, Alexander Smith Organizations: Delta Air Lines, U.S, Southwest Airlines, Delta, Thomson Locations: Bengaluru, Washington

☆ Archer Aviation hires former acting FAA administrator
▼ + stars: | 2023-06-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 13 (Reuters) - Air taxi maker Archer Aviation (ACHR.N) said on Tuesday former Federal Aviation Administration (FAA) acting administrator Billy Nolen had joined the company as chief safety officer. California-based Archer said in May it had completed final assembly of its first "Midnight" electric vertical takeoff and landing (eVTOL) aircraft. In March, Denver International Airport CEO Phil Washington withdrew his nomination to serve as FAA administrator after Republican criticism. Last week, the U.S. Transportation Department announced Deputy Secretary Polly Trottenberg was taking over as acting head of the FAA. She is also retaining her role as USDOT but focused on FAA, a department spokesperson said.

Persons: Billy Nolen, Archer, Billy, ” Adam Goldstein, Nolen, Phil Washington, Polly Trottenberg, Joe Biden, Katie Thomson, Bradley Mims, David Shepardson, Aishwarya Nair, Anil D'Silva, Emelia Organizations: Air, Archer Aviation, Aviation Administration, FAA, Reuters, Denver International, U.S . Transportation Department, Thomson Locations: California, Washington, Bengaluru

Companies Carvana Co FollowJune 9 (Reuters) - Shares of used-car retailer Carvana Co (CVNA.N) tumbled 12.5% in afternoon trading on Friday, as analysts suspect that the debt-laden company's upbeat second-quarter profit forecast is a 'one-time' upside. Carvana, known for its car-vending machines, said it sold or securitized loans worth about $2 billion as of June 8, compared with $1.3 billion sold or securitized as of May 4. Analysts also echoed worries about Carvana's plans to profitably return to growth given the existing debt load. Last month, Carvana said it expects to post a profit in the current-quarter and planned to further bring down excess used-car inventory. "Volume is still decreasing year-over-year," Carvana chief Ernest C. Garcia said in a conference on Thursday.

Persons: Michael Baker, Davidson, Carvana, Brad Erickson, Ernest C, Garcia, Priyamvada, Shinjini Organizations: Carvana, RBC, Thomson Locations: receivables, 4Q22, 1Q23, Bengaluru

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