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☆ Delta lifts profit view on strong travel demand, lower fuel costs
▼ + stars: | 2023-06-27 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +2 min

CHICAGO, June 27 (Reuters) - Delta Air Lines (DAL.N) said on Tuesday it expects full-year profit per share at the high-end of its prior forecast on sustained travel demand. Shares rose about 1% in premarket trading as the Atlanta-based carrier also lifted its expectation for annual free cash flow ahead of its investor day. But with no let-up in travel demand, mainly for overseas trips and a moderation in fuel costs, analysts have revised upwards Delta's profit estimates. In a sign of growing confidence in its ability to generate free cash flow, Delta this month reinstated its quarterly dividend, which it had suspended in March 2020 during the pandemic. The company raised its free cash flow outlook for 2023 to $3 billion compared to more than $2 billion that it had forecast earlier.

Persons: Daniel McKenzie, Stephen Trent, Rajesh Kumar Singh, Shivansh, Jamie Freed, Arun Koyyur Organizations: Delta Air Lines, Delta, Seaport Research Partners, Citi, Thomson Locations: Atlanta, U.S, North America

KUALA LUMPUR, June 26 (Reuters) - Saudi Aramco (2222.SE) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. "Overall, we believe that oil market fundamentals remain generally sound for the rest of the year," said Nasser, who heads the world's largest oil company. "Despite the recession risks in several OECD countries, the economies of developing countries – especially China and India – are driving healthy oil demand growth of more than 2 million barrels per day this year," he told the conference. Although China faces economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, he added. Looking ahead, Vitol said oil demand could peak around 2030.

Persons: Amin Nasser, Nasser, Daniel Yergin, Russell Hardy, Sazali Hamzah, Petronas, Vitol, Hardy, Muyu Xu, Florence Tan, Christopher Cushing, Himani Sarkar, Conor Humphries Organizations: Saudi Aramco, Energy Asia, Petronas, Brent, Organization of, Petroleum, P Global, Vitol, EV, Thomson Locations: KUALA LUMPUR, Saudi, China, India, Kuala Lumpur, Malaysia, Russia, Iran, Saudi Arabia

☆ Renewables growth did not dent fossil fuel dominance in 2022, report says
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +5 min

Energy consumption grew everywhere apart from Europe, including Eastern Europe. Renewables, excluding hydropower, accounted for 7.5% of global energy consumption, around 1% higher than the previous year. The share of fossil fuels in global energy consumption remained at 82%. Most oil demand growth came from revived appetite for jet fuel and diesel-related products. Europe accounted for much of LNG demand growth, increasing its imports by 57%, while countries in the Asia-Pacific region and South and Central America reduced purchases.

Persons: Juliet Davenport, consultancies, Shadia, Philippa Fletcher Organizations: Belchatow, REUTERS, Stezycki Companies, World Energy, Energy, Energy Institute, consultancies KPMG, Kearny, BP, Renewables, OECD, Central America, Thomson Locations: Zlobnica, Poland, Ukraine, Europe, Asia, Paris, Eastern Europe, United States, Nigeria, North America, Pacific, South, Central, Japan, China, India, Indonesia

☆ Boom Supersonic is building its own engine after major manufacturers refused to help. Here's what we know about Symphony, which will power the super-speedy Overture jet.
▼ + stars: | 2023-06-21 | by ( Pete Syme | Taylor Rains | ) www.businessinsider.com time to read: +3 min

Last December, it decided to make its own engine after engine manufacturers refused to help. Now its Symphony engine will be made with the help of FTT, GE Additive, and StandardAero. Sustainable aviation fuel is made from sources like cooking oil and waste, and can reduce carbon emissions by up to 80% compared to traditional jet fuel. The company is aiming to be net zero by 2025, and Scholl said using sustainable aviation fuel is key to this. Boom's Symphony engine.

Persons: —, Blake Scholl, Scholl, Pete Syme, Boom, Royce Organizations: Supersonic, GE, Morning, Paris Air, SAF, FAA, United Airlines, American Airlines Locations: New York, London, Florida

☆ The world’s most eco-conscious airlines
▼ + stars: | 2023-06-16 | by ( Elissa Garay | ) edition.cnn.com time to read: +12 min

CNN —Most sustainability experts will scoff at the idea of “sustainable” and “airlines” in the same sentence. In 2022, an Airbus wide-body Beluga XL transport aircraft was filled with Sustainable Aviation Fuel" (SAF) for the first time. WiderøeNorway-based Widerøe, the largest regional airline in Scandinavia, says it is on track to become one of the world’s first fully emissions-free airlines. Alaska AirlinesAlaska Airlines has invested heavily in Sustainable Aviation Fuels (SAF). AaronP/Bauer-Griffin/GC Images/Getty ImagesWhile most major global airlines are targeting 2050 for net-zero carbon emissions, Alaska Airlines intends to meet that target as soon as 2040.

Persons: ”, Pedro Piris, Sola Zheng, Sina Schuldt, Nicolas Jammes, ” Akbar Al Baker, “, Zheng, –, that’s, it’s, Beata Zawrzel, Fabrizio Gandolfo, Nicolas Economou, Bauer, Griffin, It’s Organizations: CNN, Environmental Defense Fund, International Council, Clean Transportation, Commercial, International Air Transport Association, UN, Airbus, Beluga XL, Sustainable Aviation, Qatar Airways, SAF, European Union, Google, Environmental Defense, Airlines, United Airlines United, Aerospace, United, Flight Fund, Widerøe Norway, Widerøe, Royce, SAS SAS, Scandinavian, SAS, Wizz, Wizz Air, Etihad Airways Etihad, Getty, Etihad Airways, United Arab Emirates, Boeing, Etihad, Alaska Airlines Alaska Airlines, Aviation Fuels, AaronP, Alaska Airlines, Air Canada Canadian, Air Canada Locations: Europe, Denmark, Sweden, ICCT, Scandinavia, Norway, Canada

The International Energy Agency's (IEA) medium-term oil market report, released on Wednesday, forecast that Asia, and particularly China, was the engine of crude oil and refined product demand growth up until 2028. The report highlights that this presents both opportunities and risks for the global oil and product markets. The main risk is that the world's reliance on China's exports of refined fuels increases, but China's exports aren't determined by market imperatives. The IEA said China had about 3 million barrels per day (bpd) of unused refining capacity at the beginning of 2023. The IEA said its forecast for global product balances over the 2022-28 period is "heavily dependent on higher Chinese product exports, especially for diesel".

Persons: Clyde Russell, Tom Hogue Organizations: Energy, Beijing, IEA, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Asia, CHINA, Asia skyrocketing, Singapore, Russia, Ukraine

☆ Climate change: The world's biggest companies have made almost no progress on limiting greenhouse gas emissions since 2018
▼ + stars: | 2023-06-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The vast majority of the world’s biggest companies have done almost nothing in the past five years to cut their planet-heating pollution enough to avoid catastrophic climate change. Large companies are either more likely to contribute to extreme levels of warming or are not disclosing their greenhouse gas emissions at all, according to a new report from ESG Book, seen by CNN. Slow progressIn its analysis, ESG Book assigned “temperature scores” to companies based on publicly reported emission data and factors such as emission reduction targets to determine firms’ contribution to global climate goals. It accounted for direct emissions from operations as well as indirect emissions from use of the companies’ products. Still, slightly more than $1 trillion is expected to flow toward oil, gas and coal this year, significantly above the level consistent with the world reaching net-zero emissions by 2050, the IEA said.

Persons: ”, Daniel Klier, we’re, ” Klier, Fatih Birol Organizations: London CNN, CNN, Shell, BP, European Union, EU, International Energy Agency, World Meteorological Organization Locations: Paris, United States, United Kingdom, China, India

☆ Premarket stocks: Main Street traders are taking big risks. They might not pay off
▼ + stars: | 2023-06-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

But Main Street isn’t listening. New data from TD Ameritrade shows that retail investors shrugged off US debt ceiling uncertainty and recessionary fears last month as they increased their exposure to markets. That index aggregates Main Street investor positions and activity to measure how they’re positioned in the market. Retail investors also piled out of AI and tech stocks as the sectors surged in May, opting instead to put their money into riskier bets. But these trades are risky and while an institutional investor might lose their job for making a big mistake, a Main Street trader could lose their shirt.

Persons: New York CNN — “, recessionary, Dow, they’ve, Alex Coffey, Ameritrade, “, ”, Coffey, Binance, Changpeng Zhao, Zhao, Gary Gensler, Hanna Ziady, Willie Walsh, ” Walsh, Walsh Organizations: CNN Business, Bell, New York CNN, Federal Reserve, First Republic Bank, Nasdaq, Research, CNN, PayPal, Disney, Coffey Retail, US Securities and Exchange Commission, SEC, Global, International Air Transport Association, Airlines Locations: New York, USA, bro

☆ IATA: Airline industry expects to make profits of nearly $10 billion this year
▼ + stars: | 2023-06-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

IATA on Monday more than doubled its 2023 profit forecast for the global airline industry despite a looming economic downturn. Airlines are expected to make $9.8 billion in net profit in 2023, up from a December forecast of $4.7 billion. The industry’s main lobby group expects 4.35 billion people to travel by air this year, not far off the 4.54 billion passengers who flew in 2019. The figures mark a significant turnaround for the airline industry, which carried just 1.8 billion passengers in 2020 because of the coronavirus pandemic, at a loss of $76 per traveler. From that nadir, air travel has rebounded even as high inflation and rising interest rates weigh on spending by businesses and consumers in other areas.

Persons: Willie Walsh, ” Walsh, Walsh, “, CNN’s Richard Quest, we’re, ” — Gayle Harrington Organizations: London CNN — Global, International Air Transport Association Locations: Istanbul, “

[1/2] An Air France aircraft, operated with sustainable aviation fuel (SAF) produced by TotalEnergies, is refueled before its first flight from Nice to Paris at Nice airport, France, October 1, 2021. REUTERS/Eric Gaillard/File PhotoISTANBUL, June 5 (Reuters) - Airlines took aim at Europe over green fuel mandates and its failures to stem France's air traffic control strikes as they weigh on carrier capacities at a global airlines meeting in Istanbul on Monday. In 2021, the body released its strategy to achieve net-zero carbon emissions by 2050, including a progressive increase in sustainable aviation fuel use. A global approach to book and claim for SAF credits will help facilitate economies of scale in SAF production," he said. FRAGMENTATIONHowever, IATA said the EU's approach could cause more fragmentation by forcing airlines to buy SAF in Europe, ultimately hampering a harmonized global approach and sowing confusion.

Persons: Eric Gaillard, Willie Walsh, Walsh, Marie Owen Thomsen, Joanna Plucinska, David Evans Organizations: Air France, REUTERS, Airlines, EU, SAF, Air Transport Association, Officials, Chicago Convention, Activists, Thomson Locations: Nice, France, ISTANBUL, Europe, Istanbul, United States, COVID

☆ History says stocks could rise 22% in the next year as the market rally builds momentum — and investors can profit by buying these 11 stocks, according to BMO Capital Markets
▼ + stars: | 2023-06-03 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

But leading strategists at BMO don't see that narrow breadth as a serious concern. Investors shouldn't be too unsettled by the bad breadth in the stock market this year, according to top strategists at BMO Capital Markets. BMO Capital MarketsThose tech giants have beaten the broader market each of the first five months of 2023 and have crushed the S&P 500 overall. BMO Capital Markets"We found that narrow market breadth in general does not represent a bad omen for S&P 500 performance despite the contrary narrative being pushed by many investors," Belski wrote. Such scenarios have put the S&P 500 in positive territory 100% of the time in the following three and six months, with returns of at least 6%, Belski noted.

Persons: Brian Belski, Belski Organizations: BMO, BMO Capital Markets, Microsoft, Nvidia, BMO Capital

☆ Getting rich is only a swipe away
▼ + stars: | 2023-06-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Actor Leonardo DiCaprio, in his role as Jordan Belfort in the 2013 film, "The Wolf of Wall Street." Now a fraudster is only one swipe away from pitching you on how he or she can change your life with this simple strategy. But for a population that has grown accustomed to on-demand entertainment and instant results, getting rich apparently out of nowhere seems completely plausible. And if you'd like a rundown of how the big banks are thinking through their AI strategy, and the execs leading the charge, we've got you covered. We've got a rundown of the 10 most prestigious private middle and high schools in NYC, along with tips for getting in.

Persons: Dan DeFrancesco, Mike didn't, we've, I've, Leonardo DiCaprio, Jordan Belfort, There's, Dan Geiger, Matt Onofrio, Onofrio, you'd, Samantha Lee, I'm, Goldman Sachs, SMBs, Nvidia cofounders, We've, you've, Here's, Jeffrey Cane, Nathan Rennolds Organizations: Paramount, Onofrio, Garden State, JPMorgan, Apple, Street, SVB Securities, SVB Financial, Bloomberg, American Express, Nvidia, Senate, LinkedIn Locations: New Jersey, Silicon, NYC, New York, London

☆ A US Navy ship dumped diesel fuel into its own water supply. Years later, sailors were still getting sick.
▼ + stars: | 2023-06-01 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

The USS Boxer dumped fuel into the ocean, which contaminated its own water supply. A Marine veteran from that deployment told Insider they drank and showered in the contaminated water for as long as a few weeks. Boxer's crew soon noticed the smell of fuel in the drinking water, and Marines and sailors told Military.com that Boxer leadership had claimed that the water was safe to drink. The Boxer is not the only US Navy ship to be stricken with contaminated water over the last few years. One sailor aboard the USS Abraham Lincoln told Insider in an interview last year that the ship's water tasted "horrible" and they couldn't "escape it."

Persons: —, Military.com, Boxer, Wally Schirra, Machinist's, Michael Gonzales, Daniel Martin, Martin, it'll, Abraham Lincoln, USS Abraham Lincoln Organizations: US Navy, Service, Naval Surface Force, Navy Locations: Japan

☆ American Airlines raises second-quarter profit outlook on lower fuel costs
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday raised its forecast for second-quarter profit on lower jet fuel costs and high travel demand. Travel demand has stayed strong even amid worries of a looming recession, with travel during the Memorial Day weekend topping 2019 pre-COVID levels for the first time. American Airlines Group forecast second-quarter adjusted profit in the range of about $1.45 to $1.65 per share, compared with its previous outlook of about $1.20 to $1.40 per share. The company expects average fuel price per gallon, including taxes, to be about $2.55 to $2.65 in the second quarter, down from its previous estimate of about $2.65 to $2.75. Reporting by Shivansh Tiwary in Bengaluru; Editing by Savio D'Souza and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Shivansh, Savio D'Souza, Shounak Organizations: American Airlines Group Inc, American Airlines Group, Thomson Locations: Bengaluru

☆ Private jets get a bad rap. Jetex is trying to make them greener
▼ + stars: | 2023-05-29 | by ( Rym Bendimerad | ) edition.cnn.com time to read: +7 min

Because they often travel shorter distances than commercial jets, private jets are generally less efficient, and their emissions per passenger are much higher. According to data from European non-profit Transport and Environment, private jets can be five to 14 times more polluting than commercial planes, and 50 times more polluting than trains. Yet the private aviation sector has seen considerable growth in recent years. EVTOL aircraft have a more limited range than private jets, and would be used for short flights around and between cities – which, in the future, could be an eco-friendlier option for the many celebrities who’ve been criticized for traveling short distances in their private jets. “We are seeing some really exciting innovations coming from private aviation,” said Dr. Kearns.

☆ NASA looks to spice up astronaut menu with deep space food production
▼ + stars: | 2023-05-29 | by ( Steve Gorman | ) www.reuters.com time to read: +6 min

[1/4] A team member from Interstellar Lab of Merritt Island, Florida, prepares Daikon Radish sprouts during NASA’s Deep Space Food Challenge Phase 2 prize announcement on May 19, 2023. The NASA-sponsored Deep Space Food Challenge prompted Sheehan to modify his invention as a way of producing edible proteins, carbohydrates and fats from the same system. TASTES LIKE ... SEITANThe resulting single-cell protein drink entered in NASA's contest has the consistency of a whey protein shake, Sheehan said. But the imperative for self-contained, low-waste food production requiring minimal resources has become more pronounced as NASA sets its sights on returning astronauts to the moon and eventual human exploration of Mars and beyond. Advances in space-based food production also have direct applications for feeding Earth's ever-growing population in an era when climate change is making food more scarce and harder to produce, Fritsche said.

☆ Norway's sovereign wealth fund votes against Chevron and Exxonmobil
▼ + stars: | 2023-05-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The world’s biggest investor in the stock market wants ExxonMobil and Chevron to do more to tackle the climate crisis. Norway’s sovereign wealth fund, which holds $1.4 trillion in total assets, announced Friday that it would back calls for the US oil companies to set more aggressive emission reduction targets. It said it would support motions proposed by climate activist group Follow This at the companies’ annual shareholder meetings next Wednesday. ExxonMobil and Chevron (CVX) have urged shareholders to reject them. It holds a 0.86% stake in Chevron and a 1.13% stake in ExxonMobil, according to the latest fund data.

☆ Some climate-tech startups want you to believe AI tools can save the planet — but it's not that simple
▼ + stars: | 2023-05-24 | by ( Aaron Mok | ) www.businessinsider.com time to read: +9 min

AMP Robotics is just one of more than 44,500 climate tech startups that have emerged since 2010. Last year investors poured $70.1 billion into climate tech, an 89% rise compared with 2021, according to HolonIQ Global Impact Intelligence. While AI tools like Horowitz's waste-sorting robots have been around for years, the advent of generative-AI tools like OpenAI's ChatGPT has reignited conversations around deploying AI to address societal issues. PersefoniBut researchers warn AI may do more harm than goodResearchers, activists, and climate tech execs agree that AI can't single-handedly cool the planet. AMP RoboticsEven AI climate tech executives see limits to their impactEven climate tech executives believe there are limitations to AI.

Persons: Matanya Horowitz, Horowitz, ChatGPT, Carling Spelhaug, Sasha Luccioni, Luccioni, David Rolnick, Banks, James Newsome, Newsome, Rolnick, Bill McKibben, McKibben, Helena Norberg, Hodge, Norberg, OpenAI's ChatGPT Organizations: AMP Robotics, Caltech, Global, Intelligence, Carling, UN, McGill University, Research, Tech, Greenpeace, AMP Locations: Colorado, Africa, South America

☆ Ukraine wants to work with Western countries to create another 'sea of NATO' on the border with Russia
▼ + stars: | 2023-05-24 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +7 min

Doing so would help turn the Black Sea into another "sea of NATO," the foreign minister said. "It's time to turn the Black Sea into what the Baltic Sea has become, a sea of NATO," Dmytro Kuleba said. "The Black Sea can never be a NATO sea," Kremlin spokesman Dmitry Peskov said in response to Kuleba's comments. The Black Sea region is "a strategically important area for Euro-Atlantic security," Geoană said in April. At the conference in April, Romania's foreign minister said a strong NATO presence in the Black Sea was a "must."

☆ EU will go easy on Indian resale of Russian fuel
▼ + stars: | 2023-05-23 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Yet, the risk of an energy inflation resurgence makes a European Union ban on Russian oil reselling a tough call. The war in Ukraine has offered India an opportunity to boost purchases of discounted Russian oil. European imports of oil derivatives jumped to 200,000 barrels per day after the EU banned Russian crude products imports on Feb. 5 from 154,000 barrels previously, according to Kpler data. And New Delhi argues oil products substantially transformed in a third country cannot be subject to EU sanctions. loadingTo avoid an open clash with India, the EU could try to target European companies buying Russian-origin refined oil.

☆ Bangladesh struggles to pay for fuel imports as dollar crisis worsens -letters
▼ + stars: | 2023-05-22 | by ( Ruma Paul | ) www.reuters.com time to read: +3 min

DHAKA, May 22 (Reuters) - Bangladesh is struggling to pay for imported fuel because of a dollar shortage, letters reviewed by Reuters show, with the state petroleum company owing more than $300 million as it faces an "alarming decrease in fuel reserves". Heavily reliant on energy imports, Bangladesh is grappling with power cuts resulting from a fuel shortage that have badly hurt its exports-oriented garments industry. BPC imports 500,000 tonnes of refined oil and 100,000 tonnes of crude oil every month. The April letter said several fuel suppliers had either sent fewer cargoes than scheduled or threatened to halt supplies. Others in South Asia, such as Sri Lanka and Pakistan, have also sought or received IMF funds this year.

The European Business Aviation Convention & Exhibition (EBACE), hosted in Geneva, kicks off on Tuesday and brings together everyone from brokers, planemakers to engine producers. CO2 emissions from private jets in Europe grew by 31% between 2005 and 2019, according to environmental group Transport and Environment. Protesters are expected to gather on Tuesday outside the conference location in Geneva to highlight the rising number of private jet flights amidst a worsening global climate crisis. "The big innovations are usually deployed first in our industry," Kok said. Business jet flights have dropped in Europe by around 6% compared with the same time in 2022, WINGX data showed.

☆ Boeing launches data tool to chart path to net-zero emissions target
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 17 (Reuters) - Boeing Co (BA.N) said on Wednesday it is rolling out a data modeling tool aimed at helping airlines and policymakers determine the quickest, most efficient path to reducing aviation emissions to zero by 2050. Boeing unveiled a beta version of Cascade in July 2022 but it was not publicly available. The public launch of Cascade comes just days after U.S. Transportation Secretary Pete Buttigieg met with counterparts from Canada, the United Kingdom and Singapore at the Asia-Pacific Economic Cooperation forum to discuss investments in sustainable aviation fuel. On Tuesday, Reuters reported that European Union countries are set to finalize SAF targets for airports despite some pushback from airlines. “Our intent is to scale SAF and help it scale by first ... examining what has to change in an airplane to be 100% compatible with (SAF),” Raymond said.

☆ U.S. refiners build new oil processing as travel rises
▼ + stars: | 2023-05-16 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

HOUSTON, May 16 (Reuters) - U.S. oil refiners aim to run at up to 94% of a total 17.9 million barrels per day processing capacity this quarter, according to company forecasts and analysts, driven in part by expectations of seasonal travel demand. This quarter is traditionally one of the year's hottest for demand as companies build gasoline and jet fuel output for the summer vacation season. He estimates refiners overall will run at 94% utilization rate this quarter, matching the 2017-19 average for the period. High prices will keep U.S. refinery utilization rates at levels near last year's about 91.7% this year and next, the U.S. Energy Information Administration forecast in January. Refiners will add the capacity to process an additional 328,000 bpd in this quarter, increasing gasoline and diesel supplies this summer.

☆ No one knew a US aircraft carrier water tank had jet fuel in it until the unaware crew hooked it up to the drinking water system, Navy report finds
▼ + stars: | 2023-05-16 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

The Navy acknowledged that it found jet fuel in the drinking water aboard the carrier USS Nimitz. A new investigation says that no one realized a water tank was polluted with jet fuel for more than a year. A failed manway cover gasket then allowed the leak into the offline potable water tank. US Navy"When developing the sequencing document used to empty potable water tanks, the ship was unaware that any of the tanks contained JP-5," the investigation says. Polluted water on Navy ships is not isolated to these two vessels.

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