Business Industrials

  • JAKARTA, Sept 26- Indonesian airline operator PT Sriwijaya Air plans to launch an initial public offering of equity shares in March, owner and group chief executive Chandra Lie told reporters on Monday. Sriwijaya Air's plan to go public next year comes as domestic rival Lion Air, the country's biggest budget carrier, is also considering floating its shares on...

  • SHANGHAI, Sept 26- For Captain Dick S. Danielsen, the childhood dream has been to sail the world's biggest ships. If they don't, then I think they're lying, "he told Reuters from his ship during a 24 hour-long stop in Shanghai's port last Saturday. While hailed as engineering feats, these mega-ships are now being blamed for contributing to the overcapacity glut...

  • MEXICO CITY— Mexico's state-owned oil company says it is working to extinguish a blaze aboard a loaded tanker ship in the Gulf of Mexico. Mexico's Navy rescued 31 crew members and no injuries were reported. The Veracruz Port Authority said the Burgos was scheduled to dock Sunday morning.

  • SANTIAGO, Sept 23- Brazil's Amaro family, one of the main controllers of LATAM Airlines, sold a 6.47 percent stake in the regional carrier on Friday on the Santiago stock exchange for some $296 million, as part of a strategy to modify the company's ownership structure. On Thursday, the Amaros and Cueto families agreed to modify their ownership structure in Latin...

  • WILMINGTON, Del, Sept 23- Failed South Korean container carrier Hanjin Shipping Co Ltd told a U.S. judge on Friday that cargo owners were withholding up to $80 million in payments for completed shipments, complicating the company's ability to move stranded freight. "Hanjin is not the only bad guy here," Ilana Volkov, an attorney for the shipping company, said at a...

  • NEW DELHI, Sept 23- A Samsung Electronics smartphone stored in an overhead baggage compartment on an Indian plane emitted smoke in mid-flight on Friday, India's aviation regulator said, but there was no damage and the aircraft landed safely. Passengers on board an IndiGo flight smelled smoke coming from the baggage bin and alerted cabin crew who saw sparks and...

  • DALLAS— Prosecutors say a North Texas man who helped smuggle what he thought was cocaine onto flights from Dallas-Fort Worth International Airport must serve nearly 16 years in prison. Moniteveti "Vince" Katoa was sentenced Thursday in Dallas. The packages were flown to Las Vegas, Phoenix, Chicago and San Francisco, plus Newark, New Jersey, and Wichita, Kansas.

  • NEW DELHI— An Indian airline said Friday that a Samsung Note 2 phone emitted smoke and sparks on a flight from Singapore to the southern Indian city of Chennai. IndiGo said the phone was found in the bag of a passenger in an overhead bin after other passengers reported smelling smoke in the plane. The aircraft made a normal landing at Chennai airport and all...

  • NEW DELHI, Sept 23- A Samsung Electronics smartphone sent smoke from an overhead baggage compartment on an Indian commercial plane during a flight on Friday, India's aviation regulator said, but there was no damage and the aircraft landed safely. The IndiGo flight was on its way to Chennai from Singapore, the airline said. A spokesperson for India's Directorate...

  • *Singapore court approves discharge of cargo on seized vessel. SEOUL, Sept 23- South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line. The collapse of South Korea's biggest shipping operator...

  • SEOUL, Sept 23- South Korea said cash withheld by Hanjin Shipping Co Ltd and support from its parent group should roughly meet funding needed for unloading cargo from vessels operated by the troubled container line. In a statement prepared for a briefing on the collapse of the nation's biggest container mover, the government said the 60 billion won loan pledged...

  • SEOUL, Sept 23- South Korea will announce new measures to bolster the shipping industry in October, finance minister Yoo Il-ho said on Friday, urging the swift unloading of cargo trapped on Hanjin Shipping Co Ltd's ships. Around 90 percent of Hanjin's container ships are expected to finish offloading cargo by the end of October, with vessels in close vicinity of...

  • BRASILIA, Sept 22- The International Air Transport Association urged Brazil on Thursday not to list Ireland as a tax haven, a decision that would increase taxes on aircraft leases for Brazilian carriers struggling to regain profitability. In an effort to dissuade Brazilian companies from moving to tax havens, Brazil's government announced a week ago it would...

  • BERLIN, Sept 22- International airlines have requested antitrust immunity from the United States to allow them to discuss routes to Venezuela, which is blocking ticket revenues from leaving the country, the International Air Transport Association said on Thursday. Airlines have around $3.8 billion in revenues trapped in Venezuela due to currency controls.

  • BRASILIA, Sept 22- The International Air Transport Association urged Brazil on Thursday not to list Ireland as a tax haven, a decision that would increase taxes on aircraft leases for Brazilian carriers struggling to regain profitability. In an effort to dissuade Brazilian companies from moving to tax havens, Brazil's government announced a week ago it would...

  • ATHENS, Sept 22- China's biggest shipping company, COSCO Shipping, plans to ramp up container volume at Greece's biggest port in Piraeus by 35 percent by 2018, the port's new managing director, Fu Cheng Qiu, told Reuters on Thursday. COSCO Shipping, which owns the world's fourth-largest container shipping fleet, bought 51 percent of the port's operating company...

  • COPENHAGEN, Sept 22- The world's biggest shipping firm, A.P. Low freight rates and oversupply have rocked the container shipping sector, with South Korea's Hanjin Shipping Co Ltd forced into receivership last month, stranding an estimated $14 billion in cargo on its ships. Estimates for the sum of the parts vary, with Denmark's Sydbank saying the Transport and...

  • DALLAS— A passenger has been removed from an American Airlines flight to Dallas after causing a disruption that led pilots to make an unplanned stop in Lubbock, Texas. The airline says other passengers helped flight attendants restrain the man during the redeye flight Thursday morning from Ontario, California. Airline spokesman Ross Feinstein says the...

  • NEW YORK— Lennar will spend $643 million to acquire luxury homebuilder WCI Communities Inc., tying up two of the largest home construction companies in Florida as the U.S. real estate market continues to heat up. On Tuesday, Lennar reported a 5 percent jump in third-quarter profit and its revenue continues to rise as it delivers more homes. Lennar also said that...

  • COPENHAGEN, Denmark— Danish conglomerate A.P. Moller-Maersk A/S is splitting its massive container shipping operations and its energy business into separate companies, in a major shakeup that follows years of declining oil prices and freight rates. A.P. Moller-Maersk raised the possibility of separating its oil units from the group through joint ventures,...