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Here"s What Makes Host Hotels (HST) an Apt Portfolio Choice

Host Hotels (HST) is set to gain from the lodging industry's recovery and improving demand-supply fundamentals. Further, strategic acquisitions and a strong balance-sheet position act as tailwinds. Host Hotels & Resorts’ HST well-located properties in markets with strong demand drivers like central business districts of main cities, close to airports and resort/conference destinations make it a suitable choice for your portfolio. It also enjoys a strong presence in the Sunbelt region and the top 22 U.S. markets.In light of the effective vaccine roll-outs and improving demand-supply fundamentals, the lodging industry is presently experiencing a rebound in traffic. This enables the hotel real estate investment trust (REIT) to witness an improvement in occupancy and revenue per available room (RevPAR).Analysts seem bullish on this Zacks Rank #1 (Strong Buy) stock. The Zacks Consensus Estimate for 2022 funds from operations (FFO) per share has increased 5.1% over the past month, indicating a favorable outlook for the company. You can see the complete list of today’s Zacks #1 Rank stocks here.Shares of HST have lost 11.9% in the past year, narrower than its industry's decline of 20.6%. Given its progress on fundamentals and upward estimate revisions, the stock is likely to keep performing well in the quarters ahead, and hence the dip offers a good entry point.Image Source: Zacks Investment ResearchFactors Aiding Host HotelsHealthy Operating Performance: Leisure travel in the Sunbelt markets has increased, with urban hotels displaying improvements in demand. This is mainly attributed to the first-quarter 2022 RevPAR sequential improvement of 11%, and the momentum is likely to continue in the current quarter. Also, management expects sustained strength in leisure businesses and the transient and group businesses to continue recovering in the urban markets as companies start opening up.During the quarter, all owned-hotel pro-forma earnings before interest, taxes, depreciation and amortization (EBITDA) were $330 million, surging from $49 million reported a year ago. On a year-over-year basis, the average occupancy percentage increased to 54.6% from 28.5%, while the average room rate improved to $305.6 from $253.9, marking a 20.4% rise.With the lodging industry resuming operations and improving industry demand-supply fundamentals, HST is likely to witness healthy operating performance in the upcoming period.FFO Growth: Over the past three to five years, HST has witnessed poor FFO per share growth compared with the industry due to the health crisis. However, with the travel demand reviving, the company has a substantial upside potential for growth. The FFO per share is expected to significantly increase for 2022 compared with the industry’s average of 9.69%.Acquisitions & Development: The company is focused on enhancing the quality of its portfolio and has made significant acquisitions of high-quality properties over the past years with long-term growth prospects. To achieve a higher portfolio EBITDA and revenues, HST has broadened its acquisition focus to include urban markets beyond the top 25 ones.During the fourth quarter of 2021, the company completed two acquisitions, The Alida, Savannah and Hotel Van Zandt in Austin, TX, thereby driving its total value of acquisitions for 2021 to $1.6 billion. In January 2022, the company also acquired a 49% ownership interest in a joint venture with Noble Investment Group, a private hospitality asset manager with a focus on upscale select-service and extended-stay properties. These buyouts aim to elevate the EBITDA growth profile of the company’s portfolio.Capital Expenditure: Host Hotels engages in strategic capital allocations to improve its portfolio quality and strengthen its position in the United States, where it has a greater scale and competitive advantage. During the first quarter of 2022, Host Hotels incurred around $122 million of capital expenditure. Of this, $83 million was return on investment capital projects spend and $39 million was renewal and replacement project expenditure. For 2022, the company expects capital expenditure in the $500-$600 million range.Balance Sheet Strength: Host Hotels is focused on maintaining a healthy balance sheet position and undertakes appropriate steps to strengthen its position further. It is also the only company with an investment-grade rating among lodging REITs. As of Mar 31, 2022, the company had $1.9 billion in total available liquidity. Currently, HST has no material debt maturities until January 2024. As of May 4, 2022, the company enjoyed investment-grade ratings of Baa3 from Moody’s and BBB- from both Fitch and S&P Global, providing easy access to debt at favorable costs. With solid balance sheet strength, the company is well-poised to capitalize on long-term growth opportunities while carrying out redevelopment initiatives.Other Stocks to ConsiderSome other top-ranked stocks in the REIT sector are Rexford Industrial Realty REXR, OUTFRONT Media OUT and Cedar Realty Trust CDR.The Zacks Consensus Estimate for Rexford Industrial Realty’s current-year FFO per share has moved 1% northward in the past two months to $1.93. REXR carries a Zacks Rank of 2 (Buy) at present.The Zacks Consensus Estimate for OUTFRONT Media’s ongoing year’s FFO per share has been raised 7.7% over the past two months to $2.09. OUT carries a Zacks Rank #1, currently.The Zacks Consensus Estimate for Cedar Realty Trust’s 2022 FFO per share has moved 3.6% upward in the past month to $2.59. CDR presently carries a Zacks Rank of 2.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +25.4% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Host Hotels & Resorts, Inc. (HST): Free Stock Analysis Report Cedar Realty Trust, Inc. (CDR): Free Stock Analysis Report Rexford Industrial Realty, Inc. (REXR): Free Stock Analysis Report OUTFRONT Media Inc. (OUT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJun 24th, 2022Related News

United pilots are on track to get a big pay raise as the industry continues to combat the pilot shortage that"s leading to massive flight cancellations

The modified contract comes after American nearly doubled the salaries of pilots at its wholly-owned subsidiaries, Envoy Air and Piedmont Airlines. United Airlines pilots walk through Newark Liberty International Airport.Niall Carson - PA Images/Getty Images United Airlines' pilot union approved a tentative agreement that would increase pilot pay, among other benefits. The deal also includes a new paid maternity leave policy and improved scheduling procedures. The move comes as the industry struggles to hire and retain pilots. Pilots at United Airlines are set to get a massive pay raise. On Friday, the Air Line Pilots Association (ALPA), a union that represents more than 14,000 United pilots, voted to approve a "tentative agreement" that would increase crew member salary, among other benefits.After getting union approval, the deal was sent to members for a vote, which closes on July 15. If a majority of members vote in favor of the contract, then the deal "will generate an additional $1.3 billion of value for United pilots over the course of the two-year agreement," ALPA said in a press release."This agreement raises the bar for all airline pilots and leads the industry forward," chairman of ALPA's United pilot group Captain Michael Hamilton said. "Our ability to reach this agreement, and the current success of United Airlines, is driven by front-line United pilots who stayed unified and focused throughout negotiations despite the incredible challenges we faced during the largest disruption in the history of aviation."If ratified, the deal will provide a number of benefits to pilots, including a 14.5% pay raise over 18 months, a new eight-week paid maternity leave policy, and new schedule procedures to reduce pilot fatigue and improve flexibility.The agreement also increases pay for instructors, evaluators, and line check airmen. ALPA said the higher compensation is to "increase training capacity to meet United's unprecedented hiring and growth plans." This is in line with American Airlines' increase pay for line check airmen at its wholly-owned carriers Envoy Air and Piedmont Airlines, who will be paid $427.40 per hour under a new contract. Regular pilots also will see their salaries nearly doubled.For months, airlines have been struggling to hire, train, and retain pilots, with carriers like Alaska Airlines, American Airlines, and Mesa Airlines admitting to having a shortage.Mesa CEO Jonathan Ornstein told CNBC in May that the company could 'use about 200 pilots," while Alaska CEO Ben Minicucci said in a YouTube video that the carrier was about 63 pilots short last month.Meanwhile, American grounded 100 regional jets in early June because it doesn't have enough pilots to fly them. United made a similar move in December.The shortages, compounded with weather and air traffic control (ATC) issues, have led to significant flight delays and cancellations, especially over key weekends. The Juneteenth holiday saw over 35,000 flights disrupted from Thursday to Monday.In an interview with Bloomberg on Monday, Kirby blamed ATC staffing for the disruptions over recent weekends, particularly at Newark. In an effort to improve on-time performance at its hub airport, United is reducing domestic departures by 12%, which the airline says will make travel easier for all people flying through Newark.Read the original article on Business Insider.....»»

Category: personnelSource: nytJun 24th, 2022Related News

Spirit Airlines was the most complained-about US carrier in April, followed by American Airlines, amid flight cancellations and delays

More than 5,000 passenger complaints were lodged against US airlines in April, according to the Department of Transportation. Spirit Airlines A319 aircraft.Marcus Mainka/Shutterstock Spirit Airlines received the most complaints from US passengers in April, a DoT report said. American Airlines had the second-highest number of complaints, per the report. There were more than 5,000 complaints lodged against US airlines in April, the report said. The American airline that received the most complaints in April was Spirit Airlines, according to the US Department of Transportation (DoT).Spirit racked up 637 complaints in April, the DoT said in a report titled "Air Travel Consumer Report." Most of the carrier's complaints were filed over flight problems, including cancellations, delays, and misconnections, per the report.Overall, Spirit had 394 complaints for flight problems, 122 complaints over refunds, and 30 complaints each for baggage and reservations, ticketing, and boarding, the DoT said in its report. Other complaints were filed for fares, customer service, and oversale, per the report.The DoT said in the report there were a total of 5,079 complaints lodged against US airlines by American airline passengers in April. This was more than a 320% increase from April 2019, before the COVID-19 pandemic began, when the number of complaints came to 1,206, per a previous DoT report.Complaints in April this year were up 15% from the previous month of March, when US passengers reported 4,423 problems with airlines, per a DoT report last month.Trailing behind Spirit as the second most-complained about airline was American Airlines, per the DoT's latest report. Travelers filed 491 issues against American — the highest number of complaints were over flight cancellations and delays, according to the report.Spirit and American didn't immediately respond to Insider's request for comment made outside of normal working hours.Spirit flight attendants protested at airports in Dallas, Las Vegas, and Orlando in mid-April over staff shortages and flight cancellations, which meant some crew ended up stranded overnight in airports and sometimes left without hotel accommodation, according to the Association of Flight Attendants – Communications Workers of America.Passenger complaints come as the airline industry grapples with a staffing shortage during the busy summer travel season, causing delays and cancellations to flights.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 24th, 2022Related News

Spirit Airlines was the most complained about US carrier in April, followed by American Airlines, amid flight cancellations and delays

More than 5,000 passenger complaints were lodged against US airlines in April, according to the Department of Transportation. Spirit Airlines A319 aircraft.Marcus Mainka/Shutterstock Spirit Airlines received the most complaints from US passengers in April, a DoT report said. American Airlines had the second-highest number of complaints, per the report. There were more than 5,000 complaints lodged against US airlines in April, the report said. The American airline that received the most complaints in April was Spirit Airlines, according to the US Department of Transportation (DoT).Spirit racked up 637 complaints in April, the DoT said in a report titled "Air Travel Consumer Report." Most of the carrier's complaints were filed over flight problems, including cancellations, delays, and misconnections, per the report.Overall, Spirit had 394 complaints for flight problems, 122 complaints over refunds, and 30 complaints each for baggage and reservations, ticketing, and boarding, the DoT said in its report. Other complaints were filed for fares, customer service, and oversale, per the report.The DoT said in the report there were a total of 5,079 complaints lodged against US airlines by American airline passengers in April. This was more than a 320% increase from April 2019, before the COVID-19 pandemic began, when the number of complaints came to 1,206, per a previous DoT report.Complaints in April this year were up 15% from the previous month of March, when US passengers reported 4,423 problems with airlines, per a DoT report last month.Trailing behind Spirit as the second most-complained about airline was American Airlines, per the DoT's latest report. Travelers filed 491 issues against American — the highest number of complaints were over flight cancellations and delays, according to the report.Spirit and American didn't immediately respond to Insider's request for comment made outside of normal working hours.Spirit flight attendants protested at airports in Dallas, Las Vegas, and Orlando in mid-April over staff shortages and flight cancellations, which meant some crew ended up stranded overnight in airports and sometimes left without hotel accommodation, according to the Association of Flight Attendants – Communications Workers of America.Passenger complaints come as the airline industry grapples with a staffing shortage during the busy summer travel season, causing delays and cancellations to flights.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 24th, 2022Related News

Blue Bird to provide electric taxi fleet in Indonesia"s international airports

Indonesia-based Blue Bird Holding Group has been partnering with international airports in Indonesia to provide electric mobility services, according to the group's press releases......»»

Category: topSource: digitimesJun 24th, 2022Related News

Asia’s Richest Person, Gautam Adani, Pledges $7.7 Billion for Social Causes

Gautam Adani and his family have pledged to donate 600 billion rupees ($7.7 billion) to a slew of social causes to mark his 60th birthday. Gautam Adani, Asia’s richest person, and his family have pledged to donate 600 billion rupees ($7.7 billion) to a slew of social causes, to mark his 60th birthday. The donation will be managed by the Adani Foundation for bolstering health care, education and skill development, Adani told Bloomberg in an interview Thursday. “This is one of the largest transfers made to a foundation in Indian corporate history,” he said, adding that this commitment also honors the birth centenary year of his father, Shantilal Adani. The Indian tycoon, a first-generation entrepreneur who turns 60 on Friday, joins the ranks of global billionaires like Mark Zuckerberg and Warren Buffett who have committed large parts of their wealth for philanthropy. Adani’s pledge is almost half of what Bill Gates and Melinda French Gates donated to their foundation in 2021. [time-brightcove not-tgx=”true”] Read More: Gautam Adani is on the 2022 TIME 100 List Among Indian tycoons, Azim Premji, former chairman of Wipro Ltd., has a charitable trust with the largest endowment estimated at $21 billion, while Tata Trusts, overseen by Ratan Tata, chairman emeritus of Tata Sons Ltd., made donations of over $102 billion at current value, according to a 2021 report by Hurun India and EdelGive Foundation. With a net worth of almost $92 billion, according to the Bloomberg Billionaires Index, Adani has added a little more $15 billion to his wealth this year on the back of a runaway rally in his companies’ shares, making him the biggest wealth gainer globally. “We will invite three expert committees in coming months to formalize strategy and decide allocation of funds in these three areas,” he said. The committees will have members from the Adani family in supporting roles, the tycoon said, adding the plan was to add one or two more focus areas in the coming months. On our father’s 100thbirth anniversary & my 60thbirthday, Adani Family is gratified to commit Rs 60,000 cr in charity towards healthcare, edu & skill-dev across India. Contribution to help build an equitable, future-ready India. @AdaniFoundation pic.twitter.com/7elayv3Cvk — Gautam Adani (@gautam_adani) June 23, 2022 The Adani group, which started off with a small agri-trading firm in 1988, has now spawned into a conglomerate that spans coal trading, mining, logistics, power generation and distribution. More recently, it has forayed into green energy, airports, data centers and cement. Its billionaire-founder has also committed to invest a total of $70 billion by 2030 to make his group the world’s largest renewable-energy producer. The Adani Foundation, led by his wife Priti Adani, was established in 1996 and has worked on social programs in the rural hinterland of India. It has reached more than 3.7 million people in 2,409 villages across 16 states in India, according to its website. Adani hails from the western Indian state of Gujarat — like the country’s Prime Minister Narendra Modi and his fellow billionaire Mukesh Ambani — and has grown his businesses exponentially in the past decade by dovetailing his business strategies to the government’s nation-building priorities. A college dropout, Adani first tried his luck in Mumbai’s diamond industry in the early 1980s before returning to Gujarat to help run his brother’s plastics business. In 1988, he set up Adani Enterprises Ltd. as an agri-trading firm which has now morphed into the flagship firm for the conglomerate. Adani’s recent empire-building exercise has seen him enter new lines of businesses such as media, digital services and sports as well as bring in investors, including TotalEnergies SE and Abu Dhabi-based International Holding Company PJSC......»»

Category: topSource: timeJun 24th, 2022Related News

United Airlines Cuts 12% Of Newark Flights To Reduce Delays 

United Airlines Cuts 12% Of Newark Flights To Reduce Delays  United Airlines' announcement to reduce domestic flights from Newark Liberty International Airport to resolve flight disruptions sent airline stocks tumbling Thursday, underperforming the broader market.  United told Reuters it would temporarily cut 50 daily departures, representing 12% of its 425 daily flights from Newark. The change will be effective July 1 and wouldn't result in the airline exiting airports across the country.  United executives said the Federal Aviation Administration (FAA) approved the temporary cut on June 17, citing Newark airport construction and air traffic control problems. In a previously unreported letter seen by Reuters, the agency said reducing flights could "help carriers manage delays during terminal and runway construction projects." "After the last few weeks of irregular operations in Newark, caused by many factors including airport construction, we reached out to the FAA and received a waiver allowing us to temporarily adjust our schedule there for the remainder of the summer. "Even though we have the planes, pilots, crews, and staff to support our Newark schedule, this waiver will allow us to remove about 50 daily departures which should help minimize excessive delays and improve on-time performance – not only for our customers, but for everyone flying through Newark," United's executive vice president and COO Jon Roitman wrote in a letter to staff.  United shares closed down 2.5% on the news. The S&P Airlines Industry Index fell as much as 3% but recovered some losses by the end of the cash session, closing down around 1%. The index has yet to recover from the virus pandemic and peaked in April 2021 and now approaches COVID lows.  Through mid-June, FlightAware data shows Newark had the second-most delays of any U.S. airport, behind Chicago Midway.  The airline industry has struggled with flight cancellations and delays due to many factors, including pilot and staffing shortages, weather-related issues, robust consumer demand, and, as Untied described above, infrastructure woes.  Last week, more than 10,000 flights were delayed or canceled, leaving travelers across the country furious and struck at airports, some for more than 24 hours. The spate of flight disruptions was enough for Transportation Secretary Pete Buttigieg to warn airlines to fix their problems ahead of the increased travel season associated with the Fourth of July holiday or face consequences.  Besides United, American Airlines, Southwest Airlines, Delta Air Lines, JetBlue Airways, Alaska Airlines, and Spirit Airlines have also reduced flights to address congestion. Some carriers are pulling flights from smaller airports.  United's CEO Scott Kirby pointed out a significant issue plaguing airlines: a pilot shortage. The industry is short a whopping 12,000 pilots, and Kirby said: "there's no quick fix." Pilots have staged protests due to being overworked.  So maybe once demand simmers down, flight disruptions abate, but that might not be until the second half of the year, according to Raymond James analyst Savanthi Syth. She pointed out a more significant pullback in demand will be seen in 1H23, followed by a recovery into 2024.  Tyler Durden Thu, 06/23/2022 - 18:40.....»»

Category: blogSource: zerohedgeJun 23rd, 2022Related News

Stockman: The Spasmodic Chaos Of The Post-Lockdown US Economy

Stockman: The Spasmodic Chaos Of The Post-Lockdown US Economy Authored by David Stockman via The Brownstone Institute, The Biden Administration’s utterly ridiculous plan to enact a three-month holiday from the 18.4 cents per gallon Federal gas tax should be a wake-up call with respect to a far broader and more destructive threat. To wit, the US economy has lost its market-based bearings and is now behaving like a spasmodic heap of discord, dislocation and caprice owing to repeated batterings via out-of-this-world government regulatory, fiscal and tax interventions. In combination, the Green Energy attacks, the Virus Patrol’s lockdowns and scare-mongering, the Fed’s insane money-pumping and Washington’s unprecedented $6 trillion fiscal bacchanalia of the last two years have deeply impaired normal economic function. Accordingly, the business sector is flying blind: It can’t forecast what’s coming down the pike in the normal manner based on tried and true rules of cause and effect. In many cases, the normal market signals have gone kerflooey as exemplified by the recent big box retailers’ warnings that they are loaded with the wrong inventory and will be taking painful discounts to clear the decks. Yet it is no wonder that they stocked up on apparel and durables, among others, after a period in which the Virus Patrol shutdown the normal social congregation venues such as movies, restaurants, bars, gyms, air travel and the like. And than Washington added fuel to the fire by pilling on trillions of spending power derived from unemployment benefits that reached to a $55,000 annual rate in some cases and the repeated stimmie checks that for larger families added up to $10,000 to $20,000. Employed workers didn’t need the multiple $2,000 stimmie checks because in its (dubious) “wisdom” the Virus Patrol forced them to save on social congregation based spending. Likewise, temporarily laid-off workers didn’t need the $600 per week Federal UI topper. For the most part they had access to regular UI benefits, and also suffered forced “savings” via the shutdown of restaurants, bars, movies etc. Even the so-called “uncovered” employees not eligible for regular state benefits didn’t need $600 per week of UI bennies. The targeted temporary coverages could have paid 65% of their prior wage for well less than $300 per week on average. So what happened is that the double whammy of forced services savings and the massive flow of free stuff from Washington created a tsunami of demand that sucked the inventory system and supply chains dry. For instance, here is the Y/Y change in inflation-adjusted PCE for apparel and footwear. The steady-state condition of the US economy for that sector oscillated right near the flat-line during 2012-2019. Then the Washington policy hurricanes hit. During the original Q2 2020 lockdowns, real spending  for apparel and footwear plunged by -27.0%, as Dr. Fauci and the Scarf Lady sent half of the American public scurrying for the fetal position in their bedrooms and man-caves. But it didn’t take the American public long to get the joke. They soon re-cycled their restaurant spending etc. and topped it up with a tsunami of Washington’s free stuff during the 18 months ending in September 2021. That literally turned spending patterns upside down. That is to say, the Amazon delivery boxes were declared “safe” once the CDC figured out that the virus didn’t pass on surfaces—so the public went nuts ordering apparel and footwear. By Q2 2021, especially after Biden idiotic $1.9 trillion American Rescue Act in March 2021, the Y/Y change had violently reversed to +57.1%. That’s whip-saw with malice aforethought. Left to their own devices consumers would never yo-yo their budgets in this manner, meaning, in turn, that retail, wholesale and manufacturing suppliers had no possible way to rationally cope with the Washington-fueled supply-chain upheavals. As is also evident from the chart, the inflation-adjusted Y/Y change in May plunged nearly back to normal—just +3.4%. Yet it will take years for supply chains and inventory levels and mixes to recover from the economic chaos generated by Washington. Y/Y Inflation-Adjusted Change PCE for Apparel And Footwear, 2012-2022 The same story holds for durable goods—with the yo-yo amplitude even more extreme. As shown by the chart below, the trend level of growth in real PCE for durables was 3.3% per annum during the 14 year period between the pre-crisis peak in October 2007 and the pre-Covid top in February 2020.  Other than during the 2008-2009 recessionary contraction, the numbers followed a stable pattern that businesses could cope with. And then came the Washington ordered whipsaws. During April 2020 real PCE plunged by -17.5%from prior year, only to violently erupt by +70.5% Y/Y in April 2021. Those stimmies and forced “savings” again! But now that’s over and done. During May 2022 the Y/Y change was -9.1%. Again, it is no wonder that businesses have the wrong inventories and supply chains have been monkey-hammered from one end of the planet to the other. Y/Y Change In Real PCE Durables, 2007-2022 In fact, that points to another dimension of the bull-whip story. To wit, the one time conversion of manufacturing to the global supply chain had a hidden vulnerability—-ultra JIT (Just-In-Time). That is to say, when shipping distances for goods went from 800 miles within the US to 16,000 miles (from factories in Shanghai to terminals in Chicago (or 68 days at sea), a prudent system would have built-in large amounts of redundant inventory to safeguard against the the sweeping disruptions of the past two years. But the carry-cost of in-depth inventory redundancy would have been extremely costly. That’s owing to working capital costs and the risk of stockpiling the wrong-mix of goods. That is, potential inventory costs and merchandise discounts and write-off would have eaten heavily into the labor arbitrage. But fueled by the Fed easy money and idiotic 2.00% inflation target, supply chains became ever more extended, brittle and vulnerable. That fact is now indisputable. As it happened, however, the push to ultra-JIT supply chains caused a massive one-time deflation of durable goods costs. In fact, the nearly 40% contraction of the PCE deflator for durables between 1995, when the China export factories first cranked-up, and the pre-Covid level of early 2020 is one of the great aberrations of economic history. We seriously doubt that the black line below actually happened, save for the BLS endless fiddling with hedonics and other adjustments to the CPI. Yes, toys, for instance plunged by upwards of 60% during this 25-year period, but then again did they make a whopping big negative hedonics adjustment to accounts for the China junk toy standard? Still, the deflationary free ride is over. Already, the durables deflator is up nearly 13% from the pre-Covid low and there is far, far more ground to recoup as global supply chains rework the busted JIT models that evolved prior to 2020. PCE Deflator for Durable Goods, 1995-2022 When it comes to Washington-induced whipsaws, however, there are few sectors that have been as battered as the air travel system. During April 2020, for instance, passenger boardings were down a staggering 96% from the corresponding pre-pandemic month, as in dead and gone. Moreover, this deep reduction pattern prevailed well into the spring of 2021. The airline shutdowns were not necessitated by public health considerations: Frequent cabin air exchanges probably made them safer than most indoor environments. But between the misbegotten guidelines of the CDC and the scare-mongering of the Virus Patrol, even as late as January 2022 loadings were still down 34% from pre-pandemic levels. The industry’s infrastructure got clobbered by these kinds of operating levels. Baggage handlers, flight attendants, pilots and every function in-between suffered huge disruptions in incomes and livelihoods—-even after Washington’s generous subsidies to the airlines and their employees. And then, insult was added to injury when pilots and other employees were threatened with termination owing to unwillingness to take the jab. The result was an industry to turmoil and sometimes even ruin. Then the traffic came flooding back. From 70% of pre-pandemic levels in mid-winter 2021-2022, boardings have subsequently rebounded to 90% in recent months. Alas, the air travel system is severely disorganized with labor shortages of every kind imaginable, leading to schedule gaps and cancellations like rarely before. And now the whipsaw is in the inflationary direction as desperate passengers pay previously unheard of prices to get scarce seats during the summer travel months. As CBS News recently reported, Airlines cancelled nearly 1,200 U.S. flights on Sunday and Monday, leaving passengers stranded and luggage piled up at airports across the the country. Thousands more trips were scrapped across the globe as the summer travel season kicks off. Now for the bad news: Airline analysts say delays and cancellations are likely to persist, and could even get worse. “We may not have seen the worst of this,” Kit Darby, founder of Kit Darby Aviation Consulting, told CBS MoneyWatch. Right now, when you have normal things like airplane maintenance or weather, delays are much more severely felt. There are no reserved extra pilots, planes, flight attendants — and the chain is only good as the weakest link,” Darby said. Many of these problems stem from airlines slashing staff early on in the pandemic, when air travel plummeted. Demand has since roared back faster than airlines have been able to ramp up hiring. “The biggest issue is they don’t have the capacity. They have not been able to bring back full capacity in terms of pilots, TSA checkpoints, vendors at the airport, baggage handlers, ground staff or flight attendants,” New York Times travel editor Amy Virshup told CBS News.  Right. But what is way up now is ticket prices. After plunging by -28% in May 2020 under Fauci’s benighted orders, May prices soared by +38% on a year-over-year basis. Again, what we have is an economy careening lower and then higher owing to massive and unnecessary government interventions. And in the case of energy, the mayhem is even more severe. For want of doubt, however, here is the inflation-adjusted level of airline personal consumption expenditures in recent years. In 2020, the proverbial trap-door literally opened up under the industry. Real output fell by $62.3 billion or 52%, then rebounded by 63% the following year. Real PCE for Air Transportation, 2002-2021 That’s surely some kind of destructive economic yo-yo. And it was all fueled by the Washington politicians and apparatchiks who have no clue that America’s grand $24 trillion economy is not some kind of glorified game of bumper cars. *  *  * This article is reprinted from David Stockman’s ContraCorner, which offers such analysis daily to subscribers. Pound-for-pound, Stockman’s daily analysis is the most comprehensive, salient, insightful, and data-rich of anything available today. Tyler Durden Thu, 06/23/2022 - 13:10.....»»

Category: blogSource: zerohedgeJun 23rd, 2022Related News

2,500 residences proposed near Denver International airport

A concept plan for development includes townhomes and apartments at Tower Road and East 60th Avenue......»»

Category: topSource: bizjournalsJun 23rd, 2022Related News

Heathrow airport expects to handle more than 54 million passengers this year despite ongoing travel chaos

Britain's busiest airport raised its 2022 passenger forecast by 1.6 million, despite airlines being unable to say when flight cancelations will end. A British Airways plane at Heathrow airport.Steve Parsons/PA Images via Getty Images London Heathrow has increased its passenger forecast for the year, according to an investor report. The London airport has already handled 20.1 million passengers this year, per the report. The increase comes amid ongoing travel disruption that airlines have no end date for. London Heathrow expects to handle 54.4 million passengers this year despite the travel chaos affecting air travel this summer, according to an investor report released on Thursday. In April the airport said it forecast 52.8 million passengers but had raised the outlook due to a "steady traffic increase in 2022".Britain's biggest airport has already handled 20.1 million passengers this year even before the summer peak summer, overtaking the total for all of 2021. Last week it also reopened Terminal 4, which had remained closed since the pandemic struck. The increase in passengers comes despite airlines being unable to say when a wave of flight cancelations will end, Sky News reported.All carriers contacted by the broadcaster, including EasyJet and British Airways, were unable to provide a timeline for an end to last-minute flight cancelations that have caused chaotic scenes in airports across the UK.Airports told Sky News the matter was an issue for airlines. Heathrow said it was "working closely" with airlines and ground handlers to match supply with demand amid ongoing travel disruption, but warned: "Rebuilding resource and capacity across all European airports including airlines and ground handlers is expected to take at least 12 months."It said it was on track to recruit up to 1,000 new security officers this year and was working with airlines to increase automation at check-in.The number of last-minute flight cancelations has prompted the UK government and aviation regulator to order airlines to ensure their summer schedules are deliverable.Staff shortages and the economic impact of Russia's invasion of Ukraine are among some of the reasons blamed for the surge in cancelations.Read the original article on Business Insider.....»»

Category: dealsSource: nytJun 23rd, 2022Related News

American Airlines Ending Service In These Three US Cities Amid Pilot Shortage 

American Airlines Ending Service In These Three US Cities Amid Pilot Shortage  Right before the Memorial Day holiday -- the start of the busiest US travel season -- we outlined major airlines were axing flights from their schedules. Now carriers are at it again, with American Airlines saying it'll eliminate service to three cities (Islip and Ithaca, New York, and Toledo, Ohio) after the Labor Day holiday weekend due to staffing shortages.  "We're extremely grateful for the care and service our team members provided to our customers in Islip, Ithaca, and Toledo, and are working closely with them during this time," American Airlines said in a statement to Fox Business. The airline blamed the "difficult" decision to slash service because of a shortage of pilots that has plagued the industry at a time when travel demand is robust.  We recently noted Delta Air Lines, JetBlue, and Alaska Airlines removed flights to minimize disruptions and bounce back faster when challenges arise, though, as of last weekend, more than 10,000 flights were canceled due to staffing woes, and airlines were paralyzed to resolve issues that left some travelers stuck at airports for more than 24 hours.  United Airlines CEO Scott Kirby warned last month that the "pilot shortage for the industry is real" and said airlines are short more than 12,000 pilots. He said training new pilots take years, and "there's no quick fix."  Meanwhile, Transportation Secretary Pete Buttigieg warned airlines that the federal government might take action if disruptions continue: "That is happening to a lot of people, and that is exactly why we are paying close attention here to what can be done and how to make sure that the airlines are delivering," Buttigieg said on Saturday. TSA checkpoint data traveler throughput shows no signs of demand destruction, meaning travel chaos because of pilot shortages could be a weekly occurrence this summer.  All this comes as ticket prices are sky-high, and reduced flights make it harder and harder to catch flights to small metro areas. And forget traveling by car. The national average for regular gas is still priced at around $5 a gallon.  What a mess...  Tyler Durden Wed, 06/22/2022 - 21:45.....»»

Category: blogSource: zerohedgeJun 22nd, 2022Related News

Netflix joins Tesla, Amazon, Apple, and others in covering travel costs for employees seeking abortions in different states. Here"s how companies are pushing back against increasing restrictions.

With the Supreme Court possibly poised to overturn decades of precedent on abortion, some employers are taking steps to ensure workers receive care. Protesters, demonstrators and activists gather in front of the U.S. Supreme Court as the justices hear arguments in Dobbs v. Jackson Women's Health, a case about a Mississippi law that bans most abortions after 15 weeks, on December 01, 2021.Chip Somodevilla/Getty Images The US Supreme Court appears poised to overturn the abortion-rights ruling under Roe v Wade. Companies like Netflix, Citi, Apple, Yelp, and Amazon are expanding support for workers seeking abortion. Here is a list of major companies taking steps in response to any rollback of reproductive rights. In a surprise leak, a Supreme Court majority decision appears poised to overturn decades of settled law in reversing the constitutional right to abortion under Roe v Wade.On Tuesday, Chief Justice John Roberts confirmed that the draft document was real, but said the court has not yet reached a final ruling.Though the leak itself was unexpected, it follows a concerted effort that has long been underway in many Republican-controlled states to severely limit access to abortion.Several large companies with employees located in places like Texas and Oklahoma have announced their own initiatives to preserve access to medical treatments that are in the process of being criminalized by state lawmakers. 26 states are "certain or likely" to ban abortion if Roe is struck down, according to analysis by the Guttmacher Institute. Employers like Citi, Apple, Yelp, and Amazon are specifically including abortion in their expansion of existing benefits programs, which reimburse employees for travel costs related to seeking medical care that is not available near the employee's home.Others like Uber and Lyft have pledged support for transportation for people seeking abortions, as well as legally defending drivers against abortion related lawsuits.Below is a list of major companies and how they are responding to rollbacks of reproductive rights.NetflixThe streaming company told Insider it will reimburse expenses for US employees and their dependents who need to travel for cancer treatment, transplants, gender-affirming care, or abortions through its health plans. It is a $10,000 lifetime allowance per employee and/or their dependents per service.StarbucksThe coffee company, which employs 240,000 workers across the US, announced an expansion of its employee benefits package that will soon include reimbursement for travel to access abortion or gender-affirming care that is not available locally. The benefit also applies to employees' dependents enrolled in the company's programs."Like many of you, I'm deeply concerned by the draft Supreme Court opinion related to the constitutional right to abortion that was first established by Roe v. Wade," Starbucks executive vice president Sara Kelly said in a letter to staff. "Regardless of what the Supreme Court ends up deciding, we will always ensure our partners have access to quality healthcare."TeslaThe electric carmaker, which officially relocated its headquarters to Texas in December, announced in a report on May 6 that it has offered "travel and lodging support for those who may need to seek healthcare services that are unavailable in their home state" since 2021 under its Safety Net and health insurance program.AppleApple CEO Tim Cook addressed concerns about Texas' fetal heartbeat bill during a town hall meeting in September. The company soon followed up with a memo that called the bill "uniquely restrictive," and said the employee health plan covers participants who "travel out-of-state for medical care if it is unavailable in their home state."CitigroupCiti, which has roughly 8,500 employees in Texas, notified investors in a March filing that "In response to changes in reproductive healthcare laws in certain states in the U.S., beginning in 2022 we provide travel benefits to facilitate access to adequate resources."AmazonOn May 2, just hours before news of the Supreme Court draft decision broke, Amazon told employees it would cover up to $4,000 per year in travel costs related to non-life threatening medical treatments, including elective abortion. The policy covers both corporate and warehouse workers and their dependents who are enrolled in the company's Premera or Aetna health plans.SalesforceShortly after the Texas bill passed in September, Salesforce told employees via its internal messaging system: "If you have concerns about access to reproductive healthcare in your state, Salesforce will help relocate you and members of your immediate family."Yelp"Overturning Roe v. Wade will jeopardize the human rights of millions of women who stand to lose the liberty to make decisions over their own bodies," Yelp said in a statement on Tuesday. "Turning back the clock on the progress women have made over the past 50 years will have a seismic impact on our society and economy."In explaining Yelp's decision cover travel costs for employees seeking abortion in a different state from the one where they live, chief diversity officer Miriam Warren previously told Insider, "This is not a new issue for Yelp; this is a new benefit.""Our company and our CEO have long been invested in promoting gender equity," she continued, "the possibility of which is diminished when women don't have control over their own reproductive health."LyftIn response to the "heartbeat" abortion bans recently passed in Oklahoma and Texas, Lyft announced it would cover the legal fees of drivers sued in either state for transporting passengers to abortion providers. The ride-share company said it is also working with healthcare partners to cover transportation costs to airports and clinics for women in Oklahoma and Texas seeking out-of-state abortion care. Lyft's US medical benefits include coverage for elective abortions. On April 29, the company said it will cover the transportation costs for employees seeking abortions outside of Texas and Oklahoma. UberUber announced it would also cover drivers' legal fees soon after Lyft. "Drivers shouldn't be put at risk for getting people where they want to go," Uber CEO Dara Khosrowshahi said on Twitter, referring to a provision that allows private citizens to sue individuals "aiding and abetting" an illegal abortion and creates a $10,000 "reward" for successful lawsuits.MatchMatch Group CEO Shar Dubey created a fund for Texas-based employees seeking healthcare services outside of the state following the "heartbeat" abortion ban. "I'm not speaking about this as the CEO of a company," Dubey said. "I'm speaking about this personally, as a mother and a woman who has fervently cared about women's rights, including the very fundamental right of choice over her body."BumbleBumble created a relief fund for organizations supporting Texans' reproductive rights. The $6.6 billion company founded by Whitney Wolfe Herd in 2014 tweeted that it was "women-founded and women-led," and would "keep fighting against regressive laws like SB8." Bumble and Match were some of the first Texas-based tech companies to speak out against the ban. "We are dismayed by the rumors of the Supreme Court decision that was leaked last night," a Bumble spokesperson said Tuesday. "At Bumble, we believe strongly in women's right to choose and exercise complete control over their bodies. The safety, privacy and freedom of family planning are critical to equality for all ... The health and safety of our team is our utmost priority and that includes covering access to abortion care. We will continue to partner with organizations that work to provide reproductive access to all." DellIn response to TX SB8, Dell Technologies CEO Michael Dell sent an email to all Texas employees on Wednesday, September 8 that said: "Our leadership team is carefully reviewing the implications of recent legislation on our business and on you, our team members."  While the internal message did not mention SB8 by name, Dell wrote that "there's much we still don't know about how all of these laws will ultimately play out" and the company's "goal is for you to have more (health) coverage, not less."A Dell spokesperson declined to comment on the Supreme Court draft opinion leaked Monday, adding that the company's focus "is on our team members and supporting them with the benefits and support they need."Levi'sLevi's employees, including part-time retail workers, can seek reimbursement for travel expenses related to seeking an abortion in another state."Protecting access to the full range of reproductive health care, including abortion, is a critical business issue. Efforts to further restrict or criminalize that access would have far-reaching consequences for the American workforce, the US economy and our nation's pursuit of gender and racial equity.It would jeopardize workplace gains women have made over the past 50 years, disproportionately impact women of color and force companies to implement different health policies for different locations. Given what is at stake, business leaders need to make their voices heard and act to protect the health and well-being of our employees. That means protecting reproductive rights," Levi Strauss & Co said Tuesday in a statement shared with Insider. LushLush Handmade Cosmetics said in January that it's reviewing healthcare coverage to ensure all US staff can access abortion services. "We are fraught with concern for the state of women's rights in this country. Not only because Lush employs over 80% of women but because we know access to safe reproductive care, including abortion is an essential part of a healthy workforce and community. For seven months we've been campaigning for the right to access to abortion for all in TX, FL, OH, MO, AK and OK.The leaked draft of the Supreme Court opinion confirms our worst fears and we are currently exploring ways to support impacted staff with inclusive and equitable care. But this 'fix' can only be temporary from the business community, we need legislation like the Women's Health Protection Act, passed to reflect the will of the majority of the country and ensure that women's rights are affirmed as what they are — human rights," Brandi Halls, Chief Ethics Officer for Lush Cosmetics North America, said in a statement shared with Insider on Tuesday. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 22nd, 2022Related News

Viasat (VSAT) Secures Shareholder Nod for Inmarsat Buyout

The buyout by Viasat (VSAT) will create a leading communications service provider with complementary assets and enhanced scale for offering affordable, secure and reliable connectivity. Viasat Inc. VSAT has secured shareholders’ approval for its proposed acquisition of Inmarsat, paving the way for the likely closure of the deal by the second half of 2022, subject to the fulfillment of mandatory closing conditions and regulatory clearance. The transaction, inked in November 2021, is valued at $7.3 billion comprising $850 million in cash, approximately 46.36 million Viasat shares valued at $3.1 billion (based on the closing price as of Nov 5, 2021) and the assumption of $3.4 billion of net debt.With more than 40 years of experience, Inmarsat operates a diverse portfolio of mobile telecommunications satellite networks, boasting a multi-layered global spectrum spanning L-band, Ka-band and S-band airwaves. It has established itself as a key player within the mobility segment and has achieved an edge in network design with its multi-dimensional mesh network.The buyout will create a leading communications service provider with complementary assets and enhanced scale for offering affordable, secure and reliable connectivity. The combined company intends to integrate the spectrum, satellite and terrestrial assets of both firms to create a framework incorporating multi-band, multi-orbit satellites and terrestrial air-to-ground systems that can deliver higher speeds and greater density of bandwidth at high-demand locations like airport and shipping hubs and low latency at a lower cost.In particular, the merged entity will boast a broad portfolio of spectrum licenses across the Ka-, L- and S-bands and a fleet of 19 satellites in service with an additional 10 spacecraft under construction and slated for launch within the next three years. The global Ka-band footprint will support bandwidth-intensive applications driven by L-band assets that support all-weather resilience and highly reliable, narrowband and IoT connectivity. It will help unlock greater value by incorporating Viasat’s state-of-the-art beamforming, end-user terminal and payload technologies and its hybrid multi-orbit space-terrestrial networking capabilities.Viasat’s Ka-band solutions enable business jet customers to enjoy high-speed Internet connectivity from takeoff to touchdown. It empowers aviation clients to reinforce their in-flight connectivity (IFC) investments and helps customers stay connected with smooth web browsing and streaming services. Boasting unrivaled speed and quality, Viasat’s Ka-band service has been specifically designed to meet accretive demands of data backed by next-gen business applications. The Ka-band leverages global bandwidth to provide avant-garde Internet service with best-in-market pricing to boost the competitiveness of the business jet market.The surging popularity of high-engagement IFC solutions has forced leading airline companies to scout for new ways to utilize Viasat’s high-capacity satellite solutions to maximize passenger satisfaction. The company’s impressive bandwidth productivity sets it apart from conventional and lower-yield satellite providers that run on incumbent business models. With an advanced level of Internet connectivity, airline carriers will offer customers an opportunity to stream all types of video content and seamlessly access free Wi-Fi aboard on air. In addition, it is likely to sow the seeds for future entertainment enhancements and personalization on customer seatback screens.The stock has lost 37.9% over the past year compared with the industry fall of 14.7%. We remain impressed with the inherent growth potential of this Zacks Rank #3 (Hold) stock.Image Source: Zacks Investment ResearchClearfield, Inc. CLFD, sporting a Zacks Rank #1 (Strong Buy), is a solid pick for investors in the industry. You can see the complete list of today’s Zacks #1 Rank stocks here.Clearfield delivered an earnings surprise of 37.5%, on average, in the trailing four quarters. Earnings estimates for the current year for the stock have moved up 114.7% since June 2021. Over the past year, Clearfield has gained a solid 67%.InterDigital, Inc. IDCC also sports a Zacks Rank #1. It has a long-term earnings growth expectation of 15% and delivered a stellar earnings surprise of 141.1%, on average, in the trailing four quarters. Earnings estimates for the current year have moved up 69.1% since June 2021.InterDigital is focused on pursuing agreements with unlicensed customers in the handset and consumer electronics markets. The company aims to become a leading designer and developer of technology solutions and innovation for the mobile industry, IoT and allied technology areas. InterDigital’s global footprint, diversified product portfolio and the ability to penetrate different markets are impressive.Sierra Wireless, Inc. SWIR carries a Zacks Rank #2 (Buy). It has a long-term earnings growth expectation of 15% and delivered an earnings surprise of 223.7%, on average, in the trailing four quarters.Over the past year, Sierra Wireless has gained 41.9%. Earnings estimates for the current year for the stock have moved up 616.7% since June 2021. The company continues to launch innovative products for business-critical operations that require high security and optimum 5G performance. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sierra Wireless, Inc. (SWIR): Free Stock Analysis Report InterDigital, Inc. (IDCC): Free Stock Analysis Report Viasat Inc. (VSAT): Free Stock Analysis Report Clearfield, Inc. (CLFD): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksJun 22nd, 2022Related News

Flying has become a nightmare as cancelations and delays skyrocket. Experts say it could get even worse.

Due to weather and staffing shortages, airlines have canceled flights four times more often on key weekends and travel experts say it could get worse Passengers wait for boarding at LGA.Robert Nickelsberg/Getty Images Chaos at US airports has become the norm, with cancelations on key weekends happening four times as often when compared to 2019. US airlines delayed or canceled more than 35,000 flights over the Juneteenth and Father's Day weekend. Travel analyst Henry Harteveldt told Insider that weather and staffing issues are driving the disruptions. Travelers hoping for a smooth journey after nearly two years of COVID disruptions are being confronted with a nightmare at the airport: Airlines have canceled flights four times as often on key travel weekends this year when compared to 2019, according to an Insider analysis of US flight data.It's making for a chaotic summer travel season as demand surges toward levels last seen before the pandemic.And things are only going to get worse, some experts and airline industry leaders say. They blame a series of issues conspiring to bottle up the system: pilot shortages, a lack of staff at air traffic control centers, and bad weather."The system doesn't bend anymore when there's a problem," Henry Harteveldt, a travel analyst and president of Atmosphere Research Group told Insider. "It just snaps."This year, airlines canceled 5% of all US-scheduled flights on May 27, the Friday before Memorial Day weekend — and 26% of flights arrived late. In 2019 over the same weekend, only 1% of flights were canceled on that Friday, while 17% of flights were late, according to FlightAware data.The situation did not improve over the past weekend, with the long Juneteenth holiday. Airlines canceled more than 35,000 flights — 6% of the total scheduled on Thursday and 5% on Friday.Busy holiday weekends have jammed up the system most so far this year, but flight cancelations have risen to 3% of all US-scheduled flights in 2022 compared to 2% in 2019, according to FlightAware data. Delays are on the rise, too. Experts say these are the issues to watch before you head to the airport this summer:Weather woesDark clouds of a thunderstorm above an airport.Issarawat Tattong/Shutterstock.comHarteveldt explained the "biggest unknown" affecting airlines is the weather, especially with the upcoming hurricane season.Airlines have been searching for solutions, like allowing aircraft to fly at lower altitudes below storm systems, according to a report from CNBC, but that strategy would increase the amount of fuel they burn — and with jet prices skyrocketing, that can put stress on airlines' bottom line.Meanwhile, American Airlines has created a program called HEAT that tracks potential disruptions so the carrier can proactively adjust its schedule. "We can start hours in advance, in some cases five, six hours in advance of what we believe the storm is going to be," American chief operating officer David Seymour told CNBC. "We've got to be able to be very nimble and adaptive to the scenario as it plays out."Air traffic control staffingAir traffic controller.Burben/ShutterstockUnited Airlines CEO Scott Kirby has blamed air traffic control, or ATC, for the mass disruptions in the US, saying staffing shortages have caused issues at its Newark, New Jersey hub."We've had weekends recently where [ATC] is at 50% staffing, and those controllers are working their tails off to be successful," he said in an interview with Bloomberg on Monday. "But, when you're at 50% staff with 89 operations scheduled, and they had us on a perfect clear blue sky day at 36 operations per hour, it's a nightmare for customers, for employees, and the airlines."To combat the issues in places like Florida, Texas, and Newark, the FAA has launched its "Be ATC" campaign to "hire the next generation of air traffic controllers." The application process opens on June 24 to eligible US citizens, but the window of opportunity is only open through June 27. Pilot shortageUnited Airlines pilots walk through Newark Liberty International Airport.Niall Carson - PA Images/Getty ImagesThe pilot shortage is another factor driving delays and cancellations, Harteveldt told Insider. During the pandemic, airlines lost a significant number of pilots due to early retirement. They're now struggling to hire, train, and retain enough pilots.Regional carriers have been particularly affected because their pilots are being scooped up by bigger airlines that pay more. However, some American wholly-owned regional carriers, like Envoy and Piedmont, are nearly doubling their pilot salaries as a way to keep them flying.Possible government interventionTransportation Secretary Pete Buttigieg.Photo by Ian Forsyth/Getty ImagesIf operations don't get better, Harteveldt said that the federal government has a responsibility to step in to "make sure the industry is serving its customers fairly."On Saturday, Transportation Secretary Pete Buttigieg told the Associated Press that there may be consequences for airline flight disruptions, particularly after his own flight from Washington, DC to New York was canceled on Friday. Buttigieg said he's asking airlines to "stress-test" their schedules to make sure they can operate as advertised, the AP reported. That could mean even more cancelations if airlines determine they don't have enough staff to cover their scheduled flights.Read the original article on Business Insider.....»»

Category: dealsSource: nytJun 22nd, 2022Related News

The CEO of the rebranded Russian McDonald"s isn"t happy that some old franchisees are still using McDonald"s branding and selling Big Macs

Some former McDonald's restaurants in Russia are selling Big Macs under a different name and are using packaging with its branding, Reuters reported. A customer uses a screen at a former McDonald's outlet in Russia.Getty Images Some of McDonald's former Russian franchisees are still using its branding. "Of course we're not happy about this," Oleg Paroev, the CEO of Vkusno & tochka, told Reuters. Vkusno & tochka has replaced most of the McDonald's restaurant, and has a different logo and menu. Some former franchisees of McDonald's Russian restaurants are still using its branding – and the CEO of the chain that took over most of the sites isn't happy about it.Russian businessman Alexander Govor bought the majority of Russia's McDonald's restaurants after the burger giant quit the country following its invasion of Ukraine. The restaurants began reopening on June 12 with a new menu, logo, and name – Vkusno & tochka, which translates as "tasty and that's it.""We don't have the right to use some colors, we don't have the right to use the golden arches, we don't have the right to use any mention of McDonald's," new owner Govor told Reuters.Though Vkusno & tochka still uses the same ingredients and equipment to make dishes, there are some major changes.The Big Mac has been taken off the menu, branded packaging has been scrapped largely in favor of plain boxes and bigs, and the logo, while still resembling an "M," has changed dramatically.Former McDonald's stores in Russia rebranded so quickly that some resorted to scribbling McDonald's logo off sauce packets.Kirill Kudryavtsev/AFP via Getty ImagesBut the same isn't true of all the former McDonald's franchise restaurants. Though the vast majority of McDonald's restaurants in Russia were owned by the company, around 100 were owned by franchisees. Some of these locations are continuing to sell Big Mac burgers under a different name and are using packaging and electronic screens with McDonald's branding, Reuters reported."Of course we're not happy about this," Oleg Paroev, the CEO of Vkusno & tochka, told Reuters. But even though continuing to use McDonald's brand violates Russian law, Vkusno & tochka has no rights to the brand so can't take legal action, he said.Paroev said that around 100 of McDonald's former Russian restaurants hadn't been bought by Govor. He said that Vkusno & tochka had suggested that the former franchisees join the new brand, and that one had already agreed.Unlike Vkusno & tochka, the ex-franchisees no longer have access to McDonald's old suppliers, Paroev said."It's a mystery to me what products are sold there," he told Reuters, speaking about restaurants in train stations and airports. "But I can say with certainty that it is absolutely not the same products or ingredients that were previously sold at McDonald's."Paroev told Reuters that Vkusno & tochka sold a record 120,000 burgers on its opening day and that the chain planned to open 1,000 restaurants within the next five years.Read the original article on Business Insider.....»»

Category: personnelSource: nytJun 22nd, 2022Related News

More than 1,300 Southwest pilots protested about pay and conditions outside a Dallas terminal despite soaring temperatures

Photos show pilots from the Southwest Airlines union formed a long line outside the airport while holding signs as temperatures hit 99 degrees. Southwest Airlines pilots picket outside Dallas Love Field airport on Tuesday.David Koenig/AP Southwest pilots protested over pay and conditions at a Texas airport, per Dallas Morning News. Photos show pilots from the airline's union formed a long line and held signs in high temperatures. Union president said Southwest has enough pilots but was misusing them, per Dallas Morning News. More than 1,300 pilots working for Southwest Airlines protested over pay and conditions outside a Texas airport on Tuesday, despite soaring heat.The Dallas Morning News first reported the protest.The pilots, who belong to the Southwest Airline Pilots Association, stood in their uniforms in a long line for hours outside Dallas Love Field airport, the newspaper reported.Photos below show them holding signs that read "Southwest's operation: From first to worst," "Our passengers and pilots deserve better," and "Summer of luv: Delayed, rescheduled, cancelled."Casey Murray, president of the Southwest Airlines Pilots Association, speaks at Dallas Love Field airport on Tuesday.David Koenig/APThe picket took place as temperatures hit almost 100 degrees in Dallas, according to weather trackers.The union, which represents almost 10,000 Southwest pilots, was protesting over the company's scheduling practices, including unfair working conditions and low pay, according to Dallas News.The pilots' association has said it's in contract negotiations with the airline but has made little progress.Casey Murray, its president, said Southwest has enough pilots but was not using them effectively, per the Dallas Morning News.He also said Southwest's flight schedule could lead to more delays and cancellations in the busy summer season.Southwest Airlines pilots picket outside Dallas Love Field airport on Tuesday.David Koenig/APThe union posted a statement on its website on Tuesday detailing the six reasons for its protest. They included statistics such as the number of times pilots in the association have volunteered to fly on their days off in the past year (164,084) and the number of times their schedules had changed over the past 12 months (312,084).The pilots' association and Southwest didn't immediately respond to Insider's request for comment.A Southwest spokesperson told the Dallas Morning News the company was aware of the protest and respected employees' rights to "express their opinions." They also told the newspaper the protest shouldn't have disrupted flights.The protest comes as a pilot shortage hits the airline industry during the summer travel rush.American Airlines CEO Robert Isom recently said the carrier had grounded about 100 regional jets due to a shortage of pilots.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 22nd, 2022Related News

I flew from one of Europe"s busiest airports. Staff shortages meant I had to queue for 90 minutes just to drop my bags off and get through security.

Schiphol Airport in Amsterdam has its own library, lets you take drinks through security, and doesn't play loudspeaker announcements. A sign at the airport said that customers face longer lines than usual "due to crowds and staff shortages."Grace Dean/Insider I flew from Schiphol, Amsterdam's massive airport that's ranked as one of the busiest in Europe. I queued for 90 minutes to drop my bag off and get through security because of staff shortages. The airport had its own library, let you take drinks through security, and didn't play speaker announcements. I flew from Schiphol Airport in Amsterdam, the Netherlands' biggest airport and one of the five busiest in Europe, on Thursday, June 9.The exterior of Schiphol Airport, Amsterdam,Grace Dean/InsiderSources: Aero Affairs, OAG, Simple FlyingMy flight took me from Schiphol to Gatwick, which is around 25 miles south of London. I'd flown from Schiphol before, but I'd never seen it so busy.A row of houses in Amsterdam.Grace Dean/InsiderMy airline, EasyJet, emailed me two days before my flight, saying: "There may be delays at the airport security control before your flight and we recommend that you arrive at AMS airport 3 hours before your flight time." I followed this advice, arriving at the airport, which is south-west of the city center, three hours before the flight was due to depart at 7:10 p.m. local time.The exterior of Schiphol Airport, Amsterdam,Grace Dean/InsiderThere were dozens of flights departing from the airport that day. The airport says that it has direct flights to almost 300 destinations and that 19.9 million passengers flew to or from Schiphol in the second half of 2021. The vast majority flew with KLM, the Netherlands' flagship carrier.Departure boards in Schiphol Airport, Amsterdam.Grace Dean/InsiderSource: Schiphol, Schiphol 2021 annual reportPhotos shared on social media over recent weeks have shown huge lines of customers waiting to pass through security at various airports because of labor shortages coupled with a surge in the number of people flying. Some passengers have been arriving hours in advance of their flight to ensure they don't miss it. Signs inside Schiphol told people not to arrive more than four hours before their flight.A sign in Schiphol Airport, Amsterdam.Grace Dean/InsiderThe entrance downstairs didn't seem too busy. I headed over to bag drop and security for passengers flying from gates in the airport's third departure lounge.The interior of Schiphol Airport, Amsterdam.Grace Dean/InsiderBut when I got up there I was confronted with a huge line of passengers queueing to drop off bags at the EasyJet desk. Most of the counters at the desk were closed.The queue for bag drop at Schiphol Airport, Amsterdam.Grace Dean/InsiderDespite the airline telling people to arrive at the airport around three hours before their flight, a screen by the EasyJet check-in desk said that check-in wouldn't actually open until two hours before the flight departed. There were no members of staff round to ask, so I just decided to join the line anyway.Check-in boards in Schiphol Airport, Amsterdam.Grace Dean/InsiderIt took about half an hour for me to get to the front of the line and drop my suitcase off ...The queue for bag drop at Schiphol Airport, Amsterdam.Grace Dean/Insider... after which I was redirected to another line.The queue for scanning boarding passes at Schiphol Airport, Amsterdam.Grace Dean/InsiderThis was to scan our boarding passes before going through security. I'd never had to queue like this before just to join the line for security.The queue for scanning boarding passes at Schiphol Airport, Amsterdam.Grace Dean/InsiderAfter this, I was led to my third line. A sign said that customers face longer lines than usual "due to crowds and staff shortages."The queue for security at Schiphol Airport, Amsterdam.Grace Dean/Insider"This feels like a queue for a really shit rollercoaster," the person behind me in the queue said.The queue for security at Schiphol Airport, Amsterdam.Grace Dean/InsiderSchiphol had around 62,000 employees in 2021, but is currently struggling to find staff and had to hold a job fair earlier this month. "The waiting times at Schiphol have been extremely long in recent weeks, due in part to a shortage of staff throughout the sector," it says on its website. "Ongoing shortages on the labor market have led to a high demand for personnel." A spokesperson told Insider that the airport's operations were "busy, but manageable."The interior of Schiphol Airport, Amsterdam.Grace Dean/InsiderSource: Schiphol, Schiphol 2021 annual reportDespite how busy the airport was, the staff at security were friendly and efficient.The queue for security at Schiphol Airport, Amsterdam.Grace Dean/InsiderThe security counters themselves looked quite futuristic.The security desks at Schiphol Airport, Amsterdam.Grace Dean/InsiderWe didn't have to take out liquids and electronics out of our cabin bags and I was also allowed to take through my half-full water bottle, which had never happened to me before.A sign in Schiphol Airport, Amsterdam.Grace Dean/InsiderAfter your bags were scanned, staff sent them down a two-channel conveyor belt: One for bags that needed a closer inspection, and one for bags that didn't. I'd never seen a belt like this in an airport before. It made the process quicker.The security desks at Schiphol Airport, Amsterdam.Grace Dean/InsiderI'd thought that I'd already been through the final line, but I had one more queue to go. This time it was for passport checks and stamps.The queue to have passports checked at Schiphol Airport, Amsterdam.Grace Dean/InsiderIn total, I'd spent 90 minutes waiting in line.The queue for scanning boarding passes at Schiphol Airport, Amsterdam.Grace Dean/InsiderBut because I'd got there early, this meant I still had another 90 minutes before my flight departed to explore the terminal. "We are aware of longer than usual security delays at Amsterdam airport currently and so are advising customers due to fly from Amsterdam to allow additional time to make their way through the airport," an EasyJet spokesperson told Insider, adding that it was "outside of our control."Departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderDespite the huge queues for check-in and security, the departure lounge really didn't seem too busy. There was a big line for the Jamie Oliver restaurant, though.Departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderWhat surprised me was that so many of the concessions in the airport were closed. It was only around 5:30 p.m. and there were dozens of flights still due to depart that day.A closed concession stand in departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderEven one of the Starbucks' was closed.A closed concession stand in departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderThe Rijksmuseum — one of Amsterdam's busiest and most famous museums — has a gift shop in Schiphol, but this too was closed.A closed concession stand in departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderThere was still a lot to do while you waited for your flight, though. As well as €2 ($2.10) massage chairs, various types of seats, and even some individual workspaces, the airport had its own so-called library.The library in departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderThis was home to books about Dutch culture, which a sign said were available in more than 40 languages.The library in departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderAlongside Dutch, signs around the airport were listed in English, as is the case in many major European airports. Some of the signs didn't even have any writing in Dutch.Departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderThe strangest thing for me was that Schiphol is one of a growing number of silent airports. This means that announcements aren't made over the loudspeaker telling passengers which flights have started boarding or calling for late passengers. Compared to other airports I'd been to, Schiphol didn't seem to have as many departure screens, either.Departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderSource: NU.nlFor me, this was a little unsettling. I was worried I'd miss boarding for my flight because of the lack of announcements, and the restaurant I'd gone to for a drink didn't have any screens, meaning I couldn't easily check whether passengers were being called to the gate.Departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderBut overall, the mood in the airport was quite calm.Departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderIt wasn't crowded, everything was incredibly clean, and the facilities were very sleek and modern.Departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderThere was artwork dotted throughout the airport, too, like this sculpture of a giant apple.A sculpture in Schiphol Airport, Amsterdam.Grace Dean/InsiderMy flight ended up being a little late. Passengers were told to head to the gate at around 6:50 p.m. and there was a long line to board the plane. By 7:10 p.m., the scheduled departure time for the flight, most passengers still hadn't boarded. But in the end, we only arrived into Gatwick 10 minutes late.The line to board my flight at Schiphol Airport, Amsterdam.Grace Dean/InsiderDespite the long lines for check-in and boarding, I was still impressed by the airport. It seemed modern and futuristic. Though I found the lack of announcements a bit unsettling, I can imagine that other passengers would have found a constant stream of announcements overwhelming.Departure lounge three at Schiphol Airport, Amsterdam.Grace Dean/InsiderRead the original article on Business Insider.....»»

Category: smallbizSource: nytJun 21st, 2022Related News

Grupo Aeroportuario del Sureste (ASR) Upgraded to Strong Buy: Here"s Why

Grupo Aeroportuario del Sureste (ASR) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy). Grupo Aeroportuario del Sureste (ASR) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.Therefore, the Zacks rating upgrade for Grupo Aeroportuario del Sureste basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.For Grupo Aeroportuario del Sureste, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.Earnings Estimate Revisions for Grupo Aeroportuario del SuresteFor the fiscal year ending December 2022, this airport facilities manager is expected to earn $12.94 per share, which is a change of 32.7% from the year-ago reported number.Analysts have been steadily raising their estimates for Grupo Aeroportuario del Sureste. Over the past three months, the Zacks Consensus Estimate for the company has increased 10.2%.Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.You can learn more about the Zacks Rank here >>>The upgrade of Grupo Aeroportuario del Sureste to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Grupo Aeroportuario del Sureste, S.A. de C.V. (ASR): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksJun 21st, 2022Related News

Putin has 2 daughters he barely ever talks about, and is rumoured to have at least 2 more. Here"s everything we know about them.

Russian president Vladimir Putin has tried to keep his personal life out of the spotlight, rarely if ever discussing his children. Russian President Vladimir and his now ex-wife Lyudmila Shkrebneva.Sergey Ponomarev/AP Russian president Vladimir Putin has at least two daughters he rarely talks about. He has two adult daughters with his ex-wife Lyudmila Shkrebneva: Maria, 36, and Katerina, 35. Rumors and investigations have also surfaced two possible others from extramarital affairs. President Vladimir Putin is famously secretive of his personal life, and has fought hard to prevent the media and the world from knowing much about his family.His carefully curated macho image — he's often photographed riding horses, lifting weights, and posing shirtless — has colored much of the public's understanding of him.He has also made a concerted effort to shield his children from the spotlight.Putin has never publicly acknowledged his children, though media outlets have for years speculated and reported about the two daughters Putin had with his ex-wife. Further reports center around rumors that two extramarital affairs may have produced another two daughters.Here is what we know about the lives of Putin's secret kids.Pat Ralph contributed reporting to previous versions of this article.Putin had two daughters in his first marriage to former flight attendant Lyudmila Shkrebneva, to whom he was married for three decades until their divorce in 2013.APSources: Vladimir Putin, Reuters, Business InsiderTheir daughter's names are Maria and Katerina. Maria was born in Leningrad in 1985, and Katerina was born in Germany in 1986 when the family lived there during her father's time in the KGB.Maria and Katerina Putin, from their father's personal archive.ReutersSources: Vladimir Putin, Reuters, NewsweekBoth girls are named after their grandmothers. Maria's nickname is Masha and Katerina's nickname is Katya.Putin's father, Vladimir Spiridonovich Putin, and his mother, Maria Ivanovna Shelomova.KremlinMasha and Katya are common Russian shortenings for Maria and Katerina.Sources: Vladimir Putin, Reuters, NewsweekWhen the family moved to Moscow in 1996, the girls attended a German-language school. The children were reportedly removed from school when Putin became acting president, and teachers educated them at home.Then-acting President Vladimir Putin and his wife Lyudmila applaud during a concert after an award ceremony in Gudermes on January 1, 2000.REUTERSSource: Newsweek"Not all fathers are as loving with their children as he is," Lyudmila said in a quote on Putin's government website. "And he has always spoiled them, while I was the one who had to discipline them."Vesti.ru screengrabSource: Vladimir PutinMaria studied biology in college and went to medical school in Moscow, while Katerina majored in Asian Studies in college. Both girls attended university under false identities.Putin and wife Ludmila arrive at the airport in Rostock-Laage, Germany on June 6, 2007.Alexander Hassenstein/Getty ImagesSources: Reuters, NewsweekMaria, now 36, is a medical researcher and lives in Moscow with her Dutch husband, Jorrit Faassen.APSources: Reuters, Newsweek, BloombergMaria and Faassen reportedly have a child — Putin told filmmaker Oliver Stone in 2017 that he was a grandfather. When Stone asked if he played with his grandchild, Putin replied, "Very seldom, unfortunately.""The Putin Interviews" was a four-part series that premiered on Showtime in May 2017.ShowtimeSources: Reuters, The Independent, Bloomberg, Daily MailMeanwhile, Katerina reportedly lives a high-flying life, living in lavish apartments and acquiring a fortune.Russian President Vladimir Putin makes a toast during an award ceremony in the Kremlin, in Moscow, Russia on Dec. 28, 2017.Kirill Kudryavtsev/Pool Photo via APSources: Reuters, The Independent, Bloomberg, Daily MailKaterina, now 35, is an accomplished acrobatic dancer and has a senior position at her alma mater, Moscow State University, heading a $1.7 billion startup incubator.Katerina Tikhonovna, daughter of Vladimir Putin, dancing.Jakub Dabrowski/ReutersSources: Reuters, BloombergKaterina married Russian billionaire Kirill Shamalov in 2013. But the couple divorced in 2018, and the divorce case revealed they were worth $2 billion.Kirill Shamalov, the former husband of Putin's daughter KaterinaReuters/Kommersant Photo/Dmitry DukhaninSources: Bloomberg, Reuters, The Guardian   But flight records suggest that in 2017, Katerina had begun a clandestine relationship with German ballet star Igor Zelensky. She had a daughter with him.Igor Zelensky the father of Katerina's child pictured, in 2014. In 2016 he became director of the Bavarian State Ballet.Tobias Hase/picture alliance via Getty ImagesZelensky has served as the director of the Bavarian State Ballet and the Munich State Ballet. Source: Important Stories and Der SpiegelKaterina secretly flew to Munich more than 50 times to see Zelensky between 2017 and 2019, with their daughter in tow.Igor Zelensky on stage in 2018 in Munich, Germany.Gisela Schober/Getty ImagesThe relationship was revealed by a 2022 investigation that examined Katerina's flight records, showing that she traveled with members of Putin's presidential secret service. Source: Important Stories and Der SpiegelThere are no official current photos of the girls. For Katerina, we found the slightly varying first names "Katerina", "Katya", and "Yekaterina," and the last names "Putina," "Tikhonova," and "Shamalov."Katerina Tikhonova (L), daughter of Russian President Vladimir Putin, dances with Ivan Klimov during the World Cup Rock'n'Roll Acrobatic Competition in Krakow, Poland, on April 12, 2014.REUTERS/Jakub DabrowskiSources: Reuters, NewsweekThere are rumors that Putin has a third daughter with girlfriend and former Russian rhythmic gymnast Alina Kabaeva.Putin greets rhythmic gymnast Alina Kabayeva during a meeting with candidates to the Russian Olympic team for Summer Olympics 2004 at the presidential residence in Novo-Ogaryovo outside Moscow on March 10, 2004.REUTERS/Pool ASSource: New York PostBut neither the child nor the relationship with Kabaeva have been confirmed.Putin smiles next to Russian gymnast Alina Kabaeva during a meeting with the Russian Olympic team at the Kremlin in Moscow, Russia on November 4, 2004.REUTERS/ITAR-TASS/PRESIDENTIAL PRESS SERVICESource: Business InsiderFinally, an investigation claimed that a former cleaning lady, Svetlana Krivonogikh, had an affair with Putin and suddenly moved into one of St Petersburg's wealthiest neighborhoods.An aerial view of St Petersburg's prestigious Birch Alley, where one of Putin's rumored mistresses was reported to live.Google EarthAn investigation by independent Russian outlet Proekt claimed that the pair had a close friendship between the late 1990s and the end of the 2010s, which resulted in a daughter. In that time, Krivonogikh went from a former cleaning lady to the billionaire owner of one of Putin's favourite ski resorts, according to the Organized Crime and Corruption Reporting Project.Krivonogikh's daughter, born 2003, is called Elizaveta Vladimirovna Rozova, and also goes by Luisa. Identity papers do not indicate a father, but her middle name means "daughter of Vladimir." She has not confirmed any relationship.A Google Earth image of St Petersburg's elite Birch Alley complex.Google EarthThe Proekt investigation remarked on Elizaveta's "phenomenal resemblance" to Putin and many connections between the president and her mother, but no relation has been proven. In an interview with Russian GQ, Elizaveta's face was not depicted. When asked whether she looked like Putin, she agreed, but said "there are a lot of people similar to Vladimir Vladimirovich," using an alternative, respectful name for Putin.Putin has tried to shelter his children from the media, attempting to keep them out of politics so they can live normal lives.Dennis Grombkowski/Getty ImagesSources: Reuters, Business InsiderDespite this, Katerina made her debut on Russian state TV as a biotechnology expert in December 2018.Katerina Tikhonova (R) on Rossiya 1 on December 7, 2018.Rossiya 1Source: Business InsiderHer appearance did not include comment on her being related to Putin. The link was briefly made public in the course of a dance competition, but later retracted.Katerina Tikhonova (L) and Vladimir PutinREUTERSSource: ReutersIn June 2021, Katerina addressed a conference that is Russia's equivalent of Davos — but nobody called her Putin's daughter, apparently out of fear of reprisal from the Kremlin.Katerina Tikhonova, deputy director of the Institute for Mathematical Research of Complex Systems at Moscow State University, on screen taking part in a session of the St. Petersburg International Economic Forum (SPIEF), Russia, on June 4, 2021.Evgenia Novozhenina/ReutersSource: The Washington PostIn late 2020, Putin announced Russia had completed its COVID-19 vaccine, although it had yet to complete clinical assessments. Putin said he gave the shot to one of his two daughters, but wouldn't specify which one.Russian President Vladimir Putin chairs a meeting with members of the government via video link at the Novo-Ogaryovo state residence outside Moscow, Russia, on August 11, 2020.Sputnik/Aleksey Nikolskyi/Kremlin via REUTERSSources: Business Insider, BBC, PoliticoPutin said his daughter's temperature decreased after getting two shots. "She has taken part in the experiment," he said, adding, "She's feeling well and has a high number of antibodies."Alexei Druzhinin, Sputnik, Kremlin Pool Photo / AP ImagesSources: Business Insider, BBC, PoliticoIt was a rare acknowledgment for Putin, but one still shrouded in mystery.Russia's President Vladimir Putin holds a meeting of the Russian Security Council at Moscow's Kremlin.Alexei NikolskybackslashTASS via Getty ImagesIn February 2022, Russia invaded Ukraine, prompting condemnation from around the world. Three weeks later an activist filmed himself inside what he said was a Biarritz apartment owned by Katerina's ex-husband, saying he wanted to host Ukrainian refugees there.An image showing an activist flying a Ukrainian flag from the balcony of a villa linked to Russian President Vladimir Putin in Biarritz, France.Russia TodaySource: Insider, The Insider.In April, the US sanctioned Maria and Katerina, saying that they had "enriched themselves at the expense of the Russian people." A statement said "This action cuts them off from the US financial system and freezes any assets they hold in the United States."Getty/ReutersThe Wall Street Journal said that the EU could also sanction the two women.An EU spokesperson said the bloc is "currently discussing the proposals for further sanctions, including new listings of individuals and entities," but could not comment on who would be targeted by them. Source: The Wall Street Journal, The White HouseThe US announcement also contained more details about their work. saying that it has close ties to the Kremlin. Tikhonova's work supports Russia's government and defense industry, while Vorontsova's genetics research programs are personally overseen by Putin, the White House said.The main building of the Moscow State University. As of 2021, Tikhonova was Deputy Director of its Institute for Mathematical Research of Complex SystemsAlexander Nemenov/AFP via Getty ImagesSource: ABC News.The US said it believed the women are hiding assets for Putin, which was its rationale for sanctioning them. The Kremlin expressed confusion over the decision, suggesting it was anti-Russian.Mikhail Svetlov/Getty ImagesA senior official at the Biden administration said: "We believe that many of Putin's assets are hidden with family members and that's why we're targeting them."Putin's top spokesperson Dmitry Peskov said the Kremlin found the decision "difficult to understand" and framed it as part of a "rabid" western animosity towards Russia. Source: ABC News, Reuters.The UK quickly followed suit with a raft of sanctions on Maria and Katerina, among others in Putin's inner circle, aimed at hitting their "lavish lifestyles."The villa registered in the name of Kirill Shamalov, Katerina Tikhonova's ex-husband, in Biarritz, France.Gaizka Iroz/AFP via Getty ImagesSource: The Press Association.Read the original article on Business Insider.....»»

Category: worldSource: nytJun 21st, 2022Related News

Bridge Industrial reveals plan for airport Park ‘N Fly lot

The developer hopes to deliver the project there in 2024......»»

Category: topSource: bizjournalsJun 21st, 2022Related News