New York (CNN Business) United Airlines gave a $10 million deposit to a startup developing electric aircraft — all for the goal of shuttling customers to and from the airport by air rather than gridlocked roadways. It's not clear when or if the plan will come to fruition, as Archer, the company developing the electric air taxis, is still in the development phase. However, the company said Wednesday that's it's finishing the design of its production model. Archer estimates the first of its four-seater helicopters could be in operation by 2024. California-based Archer, which was founded in 2018, has raised nearly a billion dollars, according to analytics company Crunchbase . It refers to its aircraft as an eVTOL, or "electric vertical takeoff and landing" configuration. The company states they'll be able to travel up to 60 miles at up to 150 miles per hour. The aircraft is expected to lift off much like a helicopter, and it'll rotate its propellers from providing vertical to … [Read more...] about United Airlines puts $10 million behind plan to shuttle customers by electric aircraft
An Airbus A319-115 passenger bus veered off the runway during takeoff and caught fire in the Tibet region of China Thursday. The crash sent black smoke billowing into the air and injured more than 36 passengers and aircrew. The Airbus A319-115, with 122 people aboard, left Chongqing for Nyingchi, in the Tibetan region of China, after leaving the city of Chongqing in the southwestern part of the country. In videos shared by state media, the aircraft’s left side appeared to be on fire as people headed away from the scene. Tibet Airlines said that the videos also showed fire trucks spraying water on the Airbus A319. Tibet Airlines reported that the accident occurred at 8:09 a.m. (0109 GMT). All 113 passengers and nine flight crew aboard the Airbus A319-115 jet were evacuated. Passengers injured evacuation the Airbus A319. According to the Civil Aviation Administration of China (CAAC), 36 people were injured during the evacuation. During the takeoff, the … [Read more...] about Fire on Airbus A319-115 Injures 36 Passengers in China
The logos of Disney+, Netflix, HBOMax and CBS in this combination photo from Reuters files. REUTERS/File Photo Over an earnings period that appeared to signal the end of Netflix envy, Walt Disney Co restored hopes that growth in the streaming business will continue. But Disney, which edged past Netflix as streaming leader by global subscribers last quarter, is the outlier among its media peers. The industry-wide scramble of the last few years to copy Netflix Inc has slowed to a more deliberate pace over the last two weeks, as companies change their tune on the streaming business. Rather than placing streaming at the center of their strategy, it is now just one of several lines of business. “We effectively have four or five or six cash registers,” Warner Bros Discovery’s CEO, David Zaslav, told analysts last week. “And in a world where things are changing and there’s a lot of uncertainty … that’s a lot more stable and a lot better than having one cash register.” In recent … [Read more...] about Is Netflix envy over in Hollywood? Not quite
THAI Airways International has posted a 155% increase in revenue and a narrower loss in the first quarter of this year, with liquidity surging to the highest point since the company filed for bankruptcy in 2020 . On Tuesday, the carrier announced its first-quarter revenue totaled 1.1 billion baht, up 155% from the same period last year. An improvement in the airline’s performance is attributable to an increase in passenger and cargo traffic following the reopening of borders and the lifting of public health restrictions. THAI Airways International and its subsidiaries posted a first-quarter loss of 3.2 billion baht, down from 8.9 billion baht a year ago. There was a loss of 1.49 baht per share, compared to a loss of 5.59 baht per share in the first quarter of last year. The demand for international travel has increased significantly since the beginning of the year. Since the beginning of the month, Thailand’s entry rules have been relaxed, and Test & Go has … [Read more...] about Thai Airways Posts a 155% Increase in Revenue
Shopping carts outside a Bed Bath & Beyond store in Louisville, Kentucky, U.S., on Saturday, Jan. 2, 2021. Bed Bath & Beyond Inc. is scheduled to release earnings figures on January 7. Retail traders who lurk in forums like Reddit’s WallStreetBets are back to betting against Wall Street pros and the Federal Reserve as rallies for meme stocks like Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. show shades of last year’s mania. The home-good retailer nearly tripled at one point during its nine-day winning streak while the movie-theater firm capped a 65% rally of its own as speculative pockets of the stock market surge. The pair have powered a basket of 37 meme stocks tracked by Bloomberg higher by 10% over the past week while the most-hated stocks tracked by a Goldman Sachs Group Inc. basket is up roughly 17% over the same period. The resurgence of more speculative areas of the market is likely fueled in part by individual traders willingness to jump … [Read more...] about Meme-stock frenzy returns, baffling Wall Street’s ‘smart guys’
INFLATION CRUSH CONTINUES… CNBC: Wholesale inflation rose 11% in April as producer prices keep accelerating Prices at the wholesale level accelerated further in April, part of a broader inflation problem persisting through the U.S. economy, the Bureau of Labor Statistics reported Thursday. The producer price index, which tracks how much manufacturers get for products at their initial sale, rose 0.5% on the month and 11% from a year ago, a decrease from the record 11.5% in March. Excluding food, energy and trade services, core PPI rose 0.6% in April and 6.9% from a year ago, the latter a decline from 7.1% last month. AFTER SEVERAL FIRE BOMBINGS OF PRO-LIFE GROUPS & THE AT-HOME INTIMIDATION OF SUPREME COURT JUSTICES, AG GARLAND FINALLY ISSUES A STATEMENT… CNBC: AG Garland directs U.S. Marshals to help ‘ensure the Justices’ safety’ after leaked Supreme Court abortion draft The head of the Department of Justice on Wednesday directed the U.S. Marshals Service to … [Read more...] about Editor Daily Rundown: Inflation Crush Continues
The operator of low-cost carrier Cebu Pacific managed to trim its losses in the first half on the back of better revenues as improving mobility boosted passenger and cargo businesses. In a regulatory filing on Thursday, Cebu Air Inc. said it incurred a net loss of P9.5 billion, narrower than the P13.79 billion in the same period a year ago. This was supported by its total revenues growing by 250.3 percent to P20.68 billion for the period from last year’s P5.9 billion. Passenger revenues grew more than five times to P11.66 billion with volume growing to 6.3 million from just 1.2 million previously. Average fares were up 8.8 percent to P1,855 as of end-June, boosting top line figures in this segment. Cebu Pacific and other local airlines are currently collecting fuel surcharges to cover the cost of elevated oil prices. For this month, airlines are allowed to impose a fuel surcharge of P355 to P1,038 for domestic flights and P1,172.07 to P8,714.84 for international flights per … [Read more...] about Appetite for travel helped Cebu Pacific operator narrow losses in H1
Share to Twitter Share to Linkedin Moderna published a better-than-expected set of Q2 2022 results last week, although its revenue growth rates and margins are taking a hit as the big demand tailwinds seen earlier in the pandemic ease. While Moderna’s revenue grew by about 9% year-over-year to $4.75 billion driven by better average selling prices, net profit margins contracted from almost 64% in Q2 2021 to 46%, as the company took on one-time charges relating to writedowns on unused inventory and unutilized external manufacturing capacity, a clear sign that vaccine uptake is tapering off. While Moderna recently secured a $1.7 billion deal with the U.S.to supply at least 66 million doses of new booster doses targeting the omicron BA.4 and BA.5 strains, this being offset by weaker demand from emerging markets with the company seeing a substantial reduction of expected deliveries to the COVAX alliance. Moderna has also had to delay some deliveries to the European … [Read more...] about With Growth Slowing, Is Moderna Stock Still Worth A Look?
Share to Twitter Share to Linkedin Big data and analytics player Palantir Technologies stock stock fell by close to 14% in Monday’s trading after the company’s Q2 2022 earnings report. Now, second-quarter earnings were actually pretty strong, with revenue growing by a better than expected 26% year-over-year to $473 million, driven by strong commercial demand, particularly in the U.S, with adjusted profits also coming in ahead of estimates. However, Palantir slashed its revenue outlook for 2022 to about $1.9 billion, implying a growth rate of just about 23%. This comes as a surprise, as the company had recently guided to annual growth of 30% or better each year through 2025. The company also did not reiterate its 30% outlook during the Q2 conference call. Palantir is attributing this to weaker demand from commercial customers, who are facing a tough macro environment which is forcing them to delay investments in technology. Moreover, the company also sees … [Read more...] about Is Palantir’s Guidance Cut An Opportunity To Buy?
The Armed Forces of the Philippines would likely fail to meet its target to complete the second stage of a capability upgrade program by the end of the year, according to a top military official. The military’s modernization program has undergone several incarnations since the first component was conceived in 1995 and it was supposed to complete the penultimate stage, called Horizon 2, of its latest version this year. Its third and final phase, or Horizon 3, was supposed to start next year and last until 2028. “The Horizon 2 objective will not be attained by the end of 2022… The fund sources of AFP modernization are very limited,” AFP deputy chief of staff Vice Adm. Rommel Anthony Reyes told senators in a committee hearing on Wednesday. The second horizon, which envisioned the military to become “mission capable for territorial defense in the West Philippine Sea,” started in 2018 and would end this December. The first horizon from 2013 to 2017 was for the acquisition of equipment … [Read more...] about Military modernization program stalled again