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☆ Airbnb says single-room listings jump amid cost-of-living crisis
▼ + stars: | 2022-11-16 | by ( Abhijith Ganapavaram | ) www.reuters.com time to read: +2 min

Nov 16 (Reuters) - Airbnb Inc (ABNB.O) said on Wednesday it had recorded a "disproportionate" 31% rise in single-room listings on its platform in the third quarter, as more people sought extra income in the face of a cost-of-living crisis. The company said property listings rose across regions, without disclosing specific numbers, and to aid the growth, it unveiled an app update on Wednesday to make the process easier. Some popular tourist destinations have, however, blamed the company for aggravating housing shortages, as landlords increasingly rent out properties to vacationers amid a surge in travel, rather than going for long-term tenants. It is also expanding its 'categories' feature, which will allow users to book vacations without entering a destination. Reporting by Abhijith Ganapavaram in Bengaluru and additional reporting by Doyinsola Oladipo in New York; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Raytheon sees castings shortages spilling into next year amid aftermarket demand
▼ + stars: | 2022-11-08 | by ( Abhijith Ganapavaram | ) www.reuters.com time to read: +2 min

Supply shortages have crippled aerospace's ability to meet a snapback in demand for travel. The supply of castings has been singled out as problematic by aerospace executives as manufacturing them is a labor-intensive process and it takes time to train new hires. Shortages are now prompting Raytheon to choose between making new engines and servicing old ones. TRAVEL DEMAND A 'WATCH ITEM'Raytheon, whose Pratt & Whitney engines power all of Airbus' A220 jets and about half of the A320neo aircraft, said it had not seen any signs of travel demand, which has turbocharged the industry's recovery, subsiding. However, he added travel demand remains a "watch item", amid recessionary fears.

☆ Canada's Ritchie Bros to buy IAA in $7.3 bln deal
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

Nov 7 (Reuters) - Canadian equipment marketplace Ritchie Bros Auctioneers Inc (RBA.TO) said on Monday it would buy IAA Inc (IAA.N) in a cash-and-stock deal valued at about $7.3 billion including debt. The purchase price of $46.88 per share represents a premium of about 19% to the closing share price of IAA common stock on Nov. 4. Under the terms of the deal, IAA stockholders will get $10 in cash and 0.5804 shares of Ritchie Bros common stock for each IAA share held, the companies said. Ritchie Bros stockholders will own about 59% of the combined company once the deal closes. Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's Ritchie Bros to buy U.S. damaged vehicle platform IAA in $7.3 bln deal
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Canadian equipment marketplace Ritchie Bros Auctioneers Inc (RBA.TO) said on Monday it would buy U.S.-based IAA Inc (IAA.N) in a cash-and-stock deal valued at about $7.3 billion including debt. The deal for IAA, which trades in damaged vehicles, will help Ritchie Bros expand its scope and footprint across the United States, Canada and Europe. Ritchie Bros currently specializes in online auctions for used equipments for construction to drilling and mining. Under the terms of the deal, IAA stockholders will get $10 in cash and 0.5804 shares of Ritchie Bros common stock for each IAA share held, the companies said. Ritchie Bros stockholders will own about 59% of the combined company once the deal closes.

☆ Canada's Ritchie Bros to buy salvage vehicle platform IAA in $7.3 bln deal
▼ + stars: | 2022-11-07 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Canadian equipment marketplace Ritchie Bros Auctioneers Inc (RBA.TO) said on Monday it would buy U.S.-based IAA Inc (IAA.N) in a deal valued at about $7.3 billion to diversify into the salvage vehicle market. Both the companies have benefited from rising demand for used equipment. The global used equipment market is highly fragmented with total annual used equipment volumes estimated at over $300 billion. IAA stockholders will get $10 in cash and 0.5804 shares of Ritchie common stock for each IAA share held, the companies said. The purchase price of $46.88 per IAA share represents a premium of about 19% to IAA's stock close on Nov. 4.

☆ Bombardier's loss narrows on strong demand for business jets
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Bombardier Inc (BBDb.TO) on Thursday reported a smaller adjusted loss in the third quarter, as robust demand for private jet travel boosted the aircraft maker's margins. The Montreal-based company said its third-quarter adjusted loss narrowed to $2 million from $95 million a year earlier. Corporate jet makers have been reporting swelling order backlogs on persistent strong demand for flying private, especially in the United States, the world's largest market for business aviation. The company reported third-quarter free cash flow of $52 million, compared with $100 million last year. Bombardier reported an adjusted loss of $0.10 per share.

Investors have been skeptical due to production delays, cuts in the jet delivery outlook and mounting losses at its defense business. Boeing projects that higher jet deliveries will generate $3 billion-$5 billion in free cash flow next year, higher than $1.5 billion-$2 billion expected this year. The company last month predicted it would deliver 375 MAX planes this year, lower than a July target of "low 400s." Both 737 MAX and 787 jets hold the key to its free cash flow and profits. Boeing needs to shore up its cash flow to help pay off its debt.

☆ Boeing expects $3 billion-$5 billion in free cash flow in 2023
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

CHICAGO, Nov 2 (Reuters) - Boeing Co (BA.N) on Wednesday forecast higher free cash flow as it expects to ramp up deliveries of 737 MAX and 787 jets, its Chief Financial Officer Brian West told investors on Wednesday. The Virginia-based planemaker estimates it will generate $3 billion-$5 billion in free cash flow next year, higher than $1.5 billion-$2 billion expected this year. West said the U.S. aerospace giant expects to deliver 400-450 MAX planes next year, more than the 375 single-aisle planes it expects to deliver this year. Similarly, it expects to deliver 70-80 787 planes in 2023. It is aiming to shore up its free cash flow to help pay off its debt.

Oct 26 (Reuters) - Boeing Co's (BA.N) ailing defense business on Wednesday recorded a $2.8 billion charge, but the U.S. planemaker stuck to its forecast of generating cash this year despite struggling to raise commercial jet production due to labor and supply shortages. The planemaker said it took charges on its Air Force One and refueling tanker program, among others. "Our revenue and earnings were significantly impacted by losses on fixed-price development programs in our defense business, driven by higher estimated manufacturing and supply chain costs," Boeing Chief Executive Dave Calhoun said in a message to employees. Boeing has appointed a senior troubleshooter Steve Parker to help turn around loss-making programs in its defense unit, Reuters reported on Tuesday. Demand at the global services business that provides spare parts and services such as jet conversions was a bright spot in the quarter through September, with revenue rising 5%.

☆ U.S. carrier Alaska exercises options to buy 52 more MAX jets from Boeing
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Alaska Airlines aircraft flies past the U.S. Capitol before landing at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. REUTERS/Joshua RobertsOct 26 (Reuters) - Alaska Airlines will exercise options to purchase 52 more 737 MAX jets from U.S. planemaker Boeing Co (BA.N) as the carrier phases out Airbus SE (AIR.PA) aircraft from its fleet, the company said on Wednesday. The multi-billion dollar deal for the jets, which are due to be delivered between 2024 and 2027, will expand Alaska's MAX fleet to 146 from 94. The deal is the latest narrowbody order for Boeing this year and underscores strong demand for the jets as airlines tap into a resurgence in travel. Alaska said it could operate over 250 new 737 MAX jets by 2030.

[1/3] The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, New York, U.S., November 17, 2021. A strong dollar has hurt the overseas profits of large firms, while soaring inflation has prompted interest rate hikes and companies to raise product prices, even as consumers have been forced to cut spending. Google's results bode ill for Facebook parent Meta Platforms (META.O), which is especially reliant on advertising and reports results on Wednesday. Last week, its smaller rival Snap Inc (SNAP.N) forecast no revenue growth for the holiday quarter, setting off warning bells in the social media industry. Shares in Spotify (SPOT.N), which also warned on slow advertising growth, slid 4%.

☆ Ford to exit Russia after JV stake sale
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

Oct 26 (Reuters) - Ford Motor Co (F.N) said on Wednesday it would exit Russia, after the U.S. automaker finalized a deal to sell its 49% stake in the Sollers Ford joint venture. "Ford shares will be transferred to the Joint Venture for a nominal value," the company said, adding that it retains the option to buy them back within a 5-year period "should the global situation change". The company had announced a full suspension of its operations in Russia in March. Ford follows U.S. firms including Cisco Systems Inc (CSCO.O) and Nike Inc (NKE.N) in announcing an exit from Russia, after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there. Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

[1/3] The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, New York, U.S., November 17, 2021. Google's results bode ill for Facebook parent Meta Platforms (META.O), which is especially reliant on advertising and reports results on Wednesday. Microsoft fell 2% and chipmaker Texas Instruments , which forecast quarterly revenue and profit below estimates, was down 5%. Shares in Spotify (SPOT.N), which also warned on slow advertising growth, slid 4%. "During the quarter we experienced expected weakness in personal electronics and expanding weakness across industrial," said TI boss Rich Templeton.

Oct 25 (Reuters) - General Electric Co (GE.N) on Tuesday trimmed its full-year profit forecast after reporting a decline in third-quarter earnings, primarily due to higher warranty and related reserves at its renewable energy business. The company, which is in the process of breaking up into three companies, is facing challenges at its onshore wind business. The restructuring will also affect jobs at its renewable energy unit's headquarters, he said. The company said corporate restructuring along with cuts at renewable energy business will cost $1.3 billion and generate $950 million in annualized savings. Excluding a $500 million warranty and related reserves at its renewable energy business, quarterly profit would have been 75 cents a share.

☆ GE cuts annual forecast, posts 19% drop in adjusted profit
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - General Electric Co (GE.N) reported a 19% drop in adjusted quarterly profit and cut its annual earnings forecast on Tuesday, as it struggles with supply snarls, inflationary pressures and weakness in its renewable energy business. The U.S. industrial conglomerate cut its full-year adjusted profit forecast to $2.40 to $2.80 per share, compared with an earlier expectation of $2.80 to $3.50, primarily driven by warranty costs and reserves at its renewable unit. Register now for FREE unlimited access to Reuters.com RegisterThe company, which is in the process of breaking up into three companies, said adjusted profit fell to $1.06 billion for the quarter through September from $1.32 billion, a year earlier. Reuters reported earlier this month that GE is laying off workers at its renewable business' onshore wind unit. Free cash flow, a closely watched metric, fell about 11% to $1.19 billion in the third quarter.

REUTERS/Joshua Schneyer/File PhotoOct 14 (Reuters) - Hyundai Motor Co's (005380.KS) air taxi unit has picked aerospace supplier Honeywell International Inc (HON.O) to develop avionics systems for its eVTOL (electric vertical take-off and landing) aircraft, the companies said, ahead of an announcement next week. "We want to see the FAA come out with its set of certification rules, quickly. Honeywell's collaboration with Supernal is its first with an air taxi firm established by an automaker. The company, which is a big supplier to Boeing Co (BA.N) and Airbus SE (AIR.PA), also has investments in other eVTOL firms - Lilium, Vertical Aerospace and Volocopter. The company expects the overall market for air taxis to be about $120 billion per year by 2030, Fymat added.

☆ Boeing, Taiwan's China Airlines finalize 787 order
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

Sept 28 (Reuters) - Taiwan's China Airlines (2610.TW) has finalized an order for 16 Boeing Co (BA.N) 787 Dreamliner jets, with an option for 8 more, the companies said on Wednesday, nearly a month after disclosing a provisional agreement. The firm order for 16 jets is worth $4.6 billion at list prices, though discounts are normal in such orders. China Airlines announced the 787 agreement last month, weeks after a visit to Taipei by U.S. House of Representatives Speaker Nancy Pelosi angered Beijing and stoked Sino-U.S. trade tensions. The airline now has 22 Boeing jets on order, including six 777 freighters, the companies said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. airlines sound bullish as bookings roar back
▼ + stars: | 2022-04-22 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

That's the message major U.S. carriers are sending investors after grappling with coronavirus-induced uncertainty for two years. Last week, rival Delta Air Lines (DAL.N) also forecast a return to quarterly profit, citing "historic" high bookings. An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. Fuel is the industry's second-biggest expense after labor, but major U.S. airlines do not hedge against volatile oil prices like most European airlines. "You put all that together, and we feel very bullish," Kirby said on the company's earnings call.

☆ Union Pacific says track congestion hurting ability to meet demand
▼ + stars: | 2022-04-21 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA Union Pacific rail car is parked at the Canadian Pacific Railway (CP Rail) Toronto Yard in Scarborough, Ontario, Canada March 20, 2022. REUTERS/Chris HelgrenApril 21 (Reuters) - Union Pacific Corp (UNP.N) said on Thursday congestion on tracks was hurting its ability to meet shipping demand even as price hikes helped the U.S. railroad operator top market expectations for quarterly results. Freight shipment demand, however, has allowed companies including Union Pacific to raise prices and mitigate the impact of congestion, labor shortage and rising costs. Total operating revenue in the quarter rose to $5.86 billion, topping analysts' expectations of $5.72 billion, according to Refinitiv data. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nathan Gomes in Bengaluru; Additional reporting by Abhijith Ganapavaram Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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