Business Industrials

  • 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,...

  • SEOUL, South Korea— Hanjin Shipping is to receive as much as $100 million in additional funds to resolve the cargo crisis caused by its slide toward bankruptcy. Korean Air and Hanjin Shipping are part of Hanjin Group, one of the largest business conglomerates in South Korea. The state-owned bank said its credit line will be used only when other available funds...

  • FedEx surges on Q1 beat

    Discussing FedEx's quarterly results and how investors should look at the stock, with David Vernon, Bernstein Vice President & Senior Research Analyst, and Brandon Oglenski, Barclays Director & Senior Equity Analyst.

  • The launch of the new $650 million facility in the eastern city of Fujairah on Wednesday will make it easier for hulking tanker ships known as "very large crude carriers" to load their cargo rather than have it ferried to them out at sea. Docking at Fujairah's Indian Ocean- facing port means the tankers will not have to sail through and back out the narrow Strait of...

  • *13 ships waiting outside Busan port as capacity strained. SEOUL, Sept 21- The largest shareholder of Hanjin Shipping Ltd agreed on Wednesday to lend 60 billion won to help unload cargo that has been stranded since the world's seventh-largest container carrier collapsed late last month. A rehabilitation plan for Hanjin is "realistically impossible" if top...

  • WARSAW, Poland— Air China has started regular flights between Beijing and Warsaw, the first ever direct connection to Poland by any Asian airline. Poland's main airline, LOT, is already flying to Beijing and the number of passengers has been growing as business ties intensify. Warsaw's Chopin Airport wrote in a tweet Wednesday that Air China launched its service...

  • *13 ships waiting outside Busan port as capacity strained. A rehabilitation plan for the world's seventh-largest container carrier is "realistically impossible" if top priority debt such as backlogged charter fees exceed 1 trillion won, the Seoul Central District Court said, South Korea's Yonhap newswire reported on Wednesday. Some 13 Hanjin container...

  • Sept 20- Failed South Korean cargo line Hanjin Shipping Co Ltd found the money to unload a full container ship waiting outside a New York- area port. The National Retail Federation on Tuesday urged U.S. But the Miami has not been allowed in port because of a dispute about empty Hanjin shipping containers, which the Miami normally would load up as ballast to exit port.

  • CHICAGO, Sept 20- Package delivery company FedEx Corp said on Tuesday quarterly profit rose more than expected on stronger revenue in its express, ground and freight business units, lifting its stock by almost 3 percent. Excluding TNT integration costs, FedEx said it expected full-year fiscal 2017 earnings of $11.85 to $13.35 per share. Memphis- based FedEx...