Connect with us


Delta Air Lines forecasts strong profit, amid travel boom



Delta Air Lines forecasts a stronger-than expected profit in the fourth quarter as travel demand soars

Delta Air Lines Inc has forecast a stronger-than-expected profit in the fourth quarter. The carrier expects travel demand to remain robust, despite growing risks of an economic recession.

Shares of Delta Air Lines soared more than 5% Thursday morning. The carrier forecast another stronger-than-expected profit in the fourth quarter after a summer travel surge.

The airline said it expects travel demand to stay strong despite growing risks of an economic recession and sharply higher ticket prices.

In an interview with Reuters, CEO Ed Bastian said consumers’ finances were still “quite healthy,” adding: “This demand surge is going … to continue for some time.”

Delta said its third-quarter earnings were impacted by Hurricane Ian, which led to mass flight cancellations last month, but strong travel demand generated the highest quarterly revenue in the company’s history.

Delta airplanes are seen at John F. Kennedy International Airport during the spread of the Omicron coronavirus variant in Queens, New York City, U.S., December 26, 2021. REUTERS/Jeenah Moon

Loosened health restrictions as well as a strong U.S. dollar have encouraged more Americans to travel overseas. Office re-openings are also boosting corporate travel demand.

Delta said corporate bookings, the industry’s cash cow, have increased. Its international passenger revenue has recovered to 97% of 2019 levels.

But growing risks of an economic recession amid high inflation have sparked worries about travel spending. This has hammered airline shares. It also took the focus away from what is shaping up to be the industry’s best earnings performance in three years.

The Federal Reserve is aggressively raising interest rates to tame inflation. They’re lowering demand and slowing economic growth, putting the industry’s pricing power under threat.

Thursday’s consumer price index report from the Labor Department showed that airline fares rose by nearly 43% in September, the fastest rate on record.

Higher ticket prices led to a 23% jump in Delta’s total revenue in the latest quarter.

Report by Chris Dignam.

Continue Reading


How Elon Musk built his empire



A plane arrives in China. On board, one of the world’s richest men. He’s come to convince authorities that he should be allowed to set up a brand new factory.

He is Elon Musk.

And this is his first trip to China in three years.

Continue Reading


Amazon employees walk out to protest office policies



Staff at warehousing giant Amazon have walked off the job to protest the company’s return-to-office program

Over 1,900 Amazon employees pledged to protest globally over proposed changes to the company’s climate policy, layoffs and a return-to-office mandate.

The activist group behind the rally is known as Amazon Employees for Climate Justice (AECJ), who are seeking a greater voice for employees.

“Our goal is to change Amazon’s cost/benefit analysis on making harmful, unilateral decisions that are having an outsized impact on people of color, women, LGBTQ people, people with disabilities, and other vulnerable people,” organisers said.

Over 100 people gathered at the heart of Amazon’s Seattle headquarters on Wednesday. The company said it had not witnessed any other demonstrations.

AECJ said the walkout comes after Amazon made moves “in the wrong direction”.

The company recently has recently overturned a desire to make all Amazon shipments net zero for carbon emissions by 2030.

The company maintains a pledge on climate change.

Amazon spokesperson Brad Glasser told Reuters the company is pursuing a strategy to cut carbon emissions.

“For companies like ours who consume a lot of power, and have very substantial transportation, packaging, and physical building assets, it’ll take time to accomplish.”

AECJ protesters also sought support for the 27,000 staff, who had lost their jobs in recent months —around 9 per cent of Amazon’s global workforce.

The company has also mandated a return-to-office program.

Continue Reading


The Great Resignation vs. The Great Burnout



As employees recover from the height of the pandemic, the Great Resignation has come to light

The pandemic saw the term ‘the great resignation’ coined as thousands of people resigned from their jobs across the U.S. in 2021 and 2022.

Karin Reed, the author of ‘Suddenly Hybrid said the great resignation was a period of employees taking control of their future.

“A lot of people realised in their current environment they were not happy with what they were doing with their job. They chose to vote with their feet and go elsewhere,

In other parts of the world, a spike in resignations was not reported.

However, a higher degree of workers began reporting post-Covid burnout, as they made a return to the office.

“There’s been a blurring of the lines. You have work that’s not confined by a physical space.

“Instead of closing the computer and walk away, our computer is in the next room.”

Continue Reading
Live Watch Ticker News Live

Trending Now

Copyright © 2023 The Ticker Company PTY LTD