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☆ Southwest Airlines reshuffles senior management roles
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Southwest customers visit the help desk after U.S. airlines, led by Southwest, canceled thousands of flights due to a massive winter storm which swept over much of the country before and during the Christmas holiday weekend, at Dallas Love Field Airport in Dallas, Texas, U.S., December 28, 2022. The Texas-based carrier promoted vice president of network planning, Adam Decaire, to senior vice president of network planning and network operations control (NOC), effective immediately. "This change creates a tighter feedback loop between schedule design and schedule execution while adding resiliency and reliability to the network," the carrier said. The carrier on Monday announced key leadership changes in departments including marketing & customer experience, culture & communications, legal-corporate & transactions and sales. Reporting by Aishwarya Nair in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Companies Stellantis NV FollowJan 5 (Reuters) - Chrysler parent Stellantis NV (STLA.MI) Chief Executive Officer Carlos Tavares said on Thursday that more auto plant closures will happen if high prices for electric vehicles cause vehicle markets to shrink from pre-pandemic levels. Automakers will risk losing pricing power as chip supplies recover, Tavares said at the CES technology trade show in Las Vegas. Stellantis said last month it would indefinitely idle an assembly plant in Belvidere, Illionois, citing high costs for electric vehicles. Tavares told reporters said similar actions "will happen everywhere as long as we see high inflation of variable costs." The company had flagged that increasing costs related to the electrification of the automotive market as the most impactful challenge affecting the auto industry.

☆ American Airlines pilots raise concerns over new cockpit protocols
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - The union representing 15,000 American Airlines (AAL.O) pilots has voiced concerns regarding the new cockpit protocols enforced by the airline, without adequate training. The carrier on Tuesday implemented new procedures for cockpit communications during critical events such as low visibility landings, according to the union. "The operational changes that management is attempting to implement without fulsome training alters how pilots communicate, coordinate, and execute flight safety duties at some of the most high-threat times of flight," Allied Pilots Association (APA) said in a post on Monday. "This attempt to train by bulletin, while ignoring serious safety concerns and well-established best practices, runs the risk of dramatically eroding margins of safety," it added. Reporting by Aishwarya Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. authorities probe FTX engineer Singh -Bloomberg News
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - U.S. authorities are investigating the chief engineer of bankrupt crypto exchange FTX, Nishad Singh, ratcheting up pressure on founder Sam Bankman-Fried's inner circle, Bloomberg News reported on Thursday, citing people familiar with the matter. The Securities and Exchange Commission and the Commodity Futures Trading Commission are also probing Singh, the report said, citing a source. A lawyer for Singh, Andrew D. Goldstein, did not immediately reply to a request for comment. The SEC and CFTC did not immediately respond to requests for comment. Lawyers for Bankman-Fried did not immediately respond to a request for comment.

☆ SEC objects to Binance.US's deal to buy Voyager Digital
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has filed a limited objection to Binance.US's proposed $1 billion acquisition of bankrupt cryptocurrency lender Voyager Digital, a bankruptcy court filing showed on Wednesday. The regulator pointed out the failure to include necessary information in Binance.US's disclosure statement. Attorneys for Voyager and Binance.US did not immediately respond to requests for comment. Last month, the U.S. Committee on Foreign Investment in the United States (CFIUS) said its review could delay or block the deal. Reporting by Aishwarya Nair in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. auto sales to fall in 2022, GM set to reclaim top spot from Toyota
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Full-year U.S. auto sales are forecast to be about 13.9 million units, down 8% from 2021 and 20% from the peak in 2016, according to industry consultant Cox Automotive. Inventory shortages, caused by surging material costs and persistent chip shortage, spilled into 2022, hobbling production at many automakers. Reuters GraphicsGM's 2022 U.S. sales are set to rise 2.3%, while Toyota's is expected to fall 9%, according to Cox Automotive. Both automakers are set to report sales figures on Wednesday. Some industry observers fret that price hikes by automakers to blunt inflationary pressures and rising interest rates will take a toll on new vehicle sales in the new year.

☆ Goldman Sachs' consumer banking unit head steps down - memo
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - The head of Goldman Sachs Group Inc's (GS.N) direct-to-consumer unit, Swati Bhatia, is stepping down from the role, according to an internal note seen by Reuters. The move comes as Goldman Sachs in October signaled it was scaling back its ambitions for the loss-making consumer unit, Marcus. read more read moreChief Executive Officer David Solomon, who took the helm in 2018, has tried to diversify the company's operations with Marcus. Bhatia, formerly the chief payments risk officer at digital payments company Stripe, had joined the bank in February 2021. Separately, the bank appointed Zeeshan Razzaqui as co-head of merchant point-of-sale lending at Platform Solutions, its unit focusing on financial technology products.

☆ FedEx, other shippers warn extreme weather will delay some U.S. holiday gift deliveries
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - A severe winter storm gripping most of the United States threatens to delay millions of last-minute Christmas gift deliveries due to shutdowns at major shipping hubs. FedEx (FDX.N), United Parcel Service (UPS.N), the U.S. Postal Service and Amazon.com (AMZN.O) alerted customers that severe weather was disrupting key operations in Tennessee, Indiana, Kentucky, Illinois, the Dakotas and other areas hard-hit by strong winds, bitter cold and blizzards. UPS and FedEx told Reuters they have contingency plans in place if severe weather shuts or idles cargo planes and delivery trucks. As a result, shipping companies have ample capacity to handle this year's holiday delivery surge, Jindel said.

REUTERS/Elijah NouvelageWASHINGTON, Dec 22 (Reuters) - Airlines canceled more than 2,700 U.S. flights Thursday and Friday, disrupting holiday travel for thousands, as a powerful winter storm hit the United States. The extreme weather coincided with the start of a holiday travel season that could be one of the busiest ever. The Federal Aviation Administration said Thursday that the winter storm was bringing blizzard conditions to the Midwest with major travel disruptions expected in Chicago, Detroit and Minneapolis-St. Paul. More than 1,830 U.S. flights had been canceled Thursday and another 900 flights for Friday were scrapped, according to flight tracking website FlightAware. Last year's holiday period was marred by an outbreak of COVID-19 among staff that forced airlines to cancel thousands of flights.

☆ Bombardier CEO voices concerns over awarding Canada's defense contract to Boeing
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Bombardier Inc (BBDb.TO) Chief Executive Eric Martel voiced concerns over Canada's potential plan to buy reconnaissance jets directly from Boeing Co (BA.N) instead of tapping its home-grown aerospace industry through a bidding process. "As President and CEO of Bombardier, I want to publicly share my concern that Canada, which is facing an important choice about the airborne surveillance of its vast borders, may be considering awarding a sole-source contract directly to Boeing." Martel's comments come after a recent media report that Canada was considering a multi-billion dollar purchase of up to a dozen P-8 Poseidon aircraft from Boeing. Martel pushed for Bombardier's jets, saying the Canadian planemaker's Global 6500 aircraft "will be the right-sized solution and will respond to Canada's needs". Reporting by Aishwarya Nair in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Sports betting operator BetMGM hit by data breach
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Sports betting service BetMGM said on Wednesday personal information of its customers were obtained in an unauthorized manner, but did not specify the number of users affected. The issue affected customer information such as name, contact information, date of birth, hashed Social Security number, account identifiers and information related to transactions with BetMGM, the company said. BetMGM did not immediately respond when asked about the number of customers impacted by to the breach, which it believes occurred in May this year. BetMGM's online operations were not compromised, the company added. Last month, sports-betting firm DraftKings Inc (DKNG.O) also reported a security issue wherein login information of some customers was compromised on other websites.

☆ 3M to end 'forever chemicals' output at cost of up to $2.3 billion
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Perfluoralkyl and polyfluoroalkyl substances (PFAS) do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods. Pressure to stop producing the chemicals has also increased, with investors managing $8 trillion in assets earlier this year writing to 54 companies urging them to phase out their use. 3M expects related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its PFAS exit. In the fourth quarter, it expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August, the Biden administration said it will propose designating certain forever chemicals as hazardous substances under the U.S. Superfund program.

☆ 3M to stop making 'forever chemicals', to take up to $2.3 bln charge
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

The per- and polyfluoroalkyl substances are known as forever chemicals because the substances do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods across the country. Last month, 3M and DuPont de Nemours Inc (DD.N) were among several companies to be sued by California's attorney general to recover clean-up costs. The company expects to incur related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its exit from PFAS. In the fourth quarter, 3M expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August this year, the Biden administration said it will propose designating certain "forever chemicals" as hazardous substances under the nation's Superfund program.

☆ Blackstone to sell stake in MGM Grand, Mandalay Bay to VICI Properties
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

Dec 1 (Reuters) - Blackstone Inc (BX.N) will sell its 49.9% stake in the joint venture that owns the MGM Grand Las Vegas and Mandalay Bay resorts to co-owner VICI Properties Inc (VICI.N) for about $1.27 billion in cash, the companies said on Thursday. The deal includes the assumption of Blackstone Real Estate Investment Trust's (BREIT) existing property-level debt that has a principal balance of $3 billion. The company had been ramping up investments in the real estate sector until earlier this year. In July, the company drew commitments worth $24.1 billion for its latest real estate fund. VICI Properties, which owns properties such as the Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, expects the deal to be immediately add to adjusted funds from operations (AFFO) per share upon closing.

☆ Airbnb launches service allowing American renters to host apartments
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - Airbnb Inc (ABNB.O) said on Wednesday it is introducing a new listing service in the United States that will help renters find an apartment where they can host part-time. "As the cost of living continues to rise, renters can use the extra income earned by hosting part-time on Airbnb to contribute to their rent, save for a home, or pay for other living expenses," Airbnb co-founder Nathan Blecharzyck said. The short-term rental firm has partnered with more than 175 buildings in 25+ cities across the United States, the company said in a blogpost. Landlords who partner with the new listing service will get a share of the total booking revenue from Airbnb sublets - 20% in most cases, the WSJ report added. Renters have hosted on average nine nights per month and earned on average $900, Airbnb said.

Companies Honeywell International Inc FollowNov 18 (Reuters) - Honeywell International Inc (HON.O) will pay $1.3 billion to end asbestos-related claims stemming from its former unit, the industrial giant said on Friday, helping it reduce its environmental liabilities. Honeywell said the one-time, lump sum payment will have 'limited obligations' to the trust following the completion of the deal. The company's former unit, North American Refractories Company (NARCO), had filed for bankruptcy in 2002 after facing lawsuits over asbestos-related illnesses. Following the bankruptcy, Honeywell set up the compensation trust to resolve billions of dollars worth of asbestos claims. Additionally, the North Carolina-based company reaffirmed its previously announced full-year and fourth-quarter outlook.

☆ Tesla EVs ranked among the worst in annual reliability survey by Consumer Reports (Nov. 15)
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Tyrone Siu/File PhotoNov 15 (Reuters) - Electric vehicles (EVs) from Tesla Inc (TSLA.O) and other brands were among the least reliable vehicles in the United States, Consumer Reports magazine's annual reliability survey showed on Tuesday. Tesla, the world's most valuable automaker, climbed by four spots and was ranked 19th out of the 24 brands. read moreThe top-ranked brands in the survey were Toyota and Lexus, and seven of the ten best-scoring brands were Japanese and Korean. Among brands owned by Detroit automakers, Lincoln was the only one in the top ten, securing the tenth place. The magazine's annual survey of new vehicle reliability predicts which cars will give owners fewer or more problems than their competitors, based on data collected.

☆ Tesla EVs ranked worst in annual reliability survey by Consumer Reports
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. REUTERS/Tyrone Siu/File PhotoNov 15 (Reuters) - Electric vehicles (EVs) from Tesla Inc (TSLA.O) and other brands were among the least reliable vehicles in the United States, Consumer Reports magazine's annual reliability survey showed on Tuesday. Tesla, the world's most valuable automaker, climbed by four spots and was ranked 19th out of the 24 brands. read moreThe top-ranked brand overall in the survey was Lexus, and seven of the ten best-scoring brands were Japanese and Korean. The magazine's annual survey of new vehicle reliability predicts which cars will give owners fewer or more problems than their competitors, based on data collected.

☆ Tesla, Mercedes EVs ranked worst in annual reliability survey by Consumer Reports
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. REUTERS/Tyrone Siu/File PhotoNov 15 (Reuters) - Electric vehicles (EVs) and full-size pick-up trucks from Tesla Inc (TSLA.O), Mercedes-Benz (MBGn.DE) and other brands were among the least reliable vehicles in the United States, Consumer Reports magazine's annual reliability survey showed on Tuesday. Tesla, the world's most valuable automaker, climbed by four spots and was ranked 19th out of the 24 brands. read moreThe top-ranked brand overall in the survey was Lexus, and seven of the ten best-scoring brands were Japanese and Korean. The magazine's annual survey of new vehicle reliability predicts which cars will give owners fewer or more problems than their competitors, based on data collected.

☆ FedEx's freight unit to furlough workers
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - FedEx Corp's (FDX.N) freight division is furloughing employees in some U.S. markets as current business conditions are hurting its volumes, the package-delivery company said on Monday. The move comes barely a week after the Memphis, Tennessee-based company warned of lower-than-expected delivery volumes in the United States as the pandemic-driven e-commerce bubble deflates. read moreThe company "will continue to evaluate the environment and bring back furloughed employees as business circumstances allow," FedEx said in an emailed statement. Some eligible employees will be offered permanent transfer opportunities to other markets that have hiring needs, it added. FedEx Freight will maintain health benefits and provide other financial incentives for furloughed employees, the company said.

SINGAPORE/LONDON, Nov 11 (Reuters) - Regulators are moving in on distressed crypto exchange FTX as it scrambles to raise billions in funds to stave off collapse, while its chief executive, Sam Bankman-Fried, faces heightened scrutiny. The Securities Commission of the Bahamas has frozen assets of FTX Digital Markets, an FTX subsidiary. FTX Australia called in administrators on Friday, the Australian Financial Review reported, citing a company statement. Bankman-Fried is under investigation by the U.S. Securities and Exchange Commission for potential securities law violations, Bloomberg reported, citing a source. This source said helping out FTX was the question for larger investors in FTX.

Meanwhile, the Securities Commission Of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, an FTX subsidiary. Broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX. "We believe there is a 20-30% chance of a FTX rescue at best," said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds. He is seeking the remainder from other funds, including current investors such as Sequoia Capital, the source added. It was not clear whether Bankman-Fried will be able to raise the funds he needs or if these investors would participate.

☆ FTX to start U.S. bankruptcy proceedings, CEO to exit
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +4 min

LONDON, Nov 11 (Reuters) - Crypto exchange FTX is to start U.S. bankruptcy proceedings and CEO Sam Bankman-Fried is to step down, after a liquidity crisis at the cryptocurrency group that has prompted intervention from regulators around the world. The distressed crypto trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals. "I'm really sorry, again, that we ended up here," said FTX founder Bankman-Fried, in a series of tweets after the commencement of the bankruptcy filing. FTX is under investigation by the U.S. Securities and Exchange Commission, Justice Department, and Commodity Futures Trading Commission, according to a source familiar with the investigations. Cyprus's Securities and Exchange Commission has asked FTX EU to suspend its operations on Nov. 9, the regulator said on Friday.

☆ Bahamas securities regulators freeze assets of FTX's unit
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 10 (Reuters) - The Securities Commission Of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, a subsidiary of the cryptocurrency exchange. The regulator said it had also suspended the registration and applied to the Supreme Court of The Bahamas for the appointment of a provisional liquidator of FTX Digital Markets Ltd. Reporting by Aishwarya Nair in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ FTX needs emergency funding amid withdrawal requests - WSJ
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - FTX Chief Executive Sam Bankman-Fried told investors on Wednesday that the cryptocurrency exchange needs an emergency funding to cover a shortfall of up to $8 billion due to withdrawal requests received in recent days, the Wall Street Journal reported, citing people familiar with the matter. FTX did not immediately respond to a Reuters request for comment. Reporting by Aishwarya Nair in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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