Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
Asia Pacific markets traded mixed on Friday morning as investors remained worried over trade tensions between the United States and China.Asia Marketsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.Marketsread more
"The last thing I want is to put a date out there for lifting the grounding," said Dan Elwell, acting administrator for the FAA.Transportationread more
The charges allege he published secret documents obtained by former Army intelligence analyst Chelsea Manning, some of which included the disclosure of foreigners who were...Politicsread more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
See which stocks are posting big moves after the bell on Thursday, May 23.Market Insiderread more
Sentiment is "not negative enough to trigger a huge rally ... unless we get some kind of real breakthrough with China," Jim Cramer says.Mad Money with Jim Cramerread more
(Adds details, quotes)
PARIS, May 17 (Reuters) - Global airlines body IATA expects increasing trade tensions and higher costs will mean a cut in 2019 industry profit forecasts.
The International Air Transport Association trimmed its 2019 global airline industry profit forecast to $35.5 billion in December, from $38 billion, after it hit $32.3 billion in 2018.
Alexandre de Juniac, IATA director general, gave a strong steer on Friday that the industry group would trim its widely watched forecast again when it meets in Seoul next month.
"We are a bit pessimistic," he told a meeting of aerospace industry officials in Paris.
"I think we should be more cautious," he added, referring to probable changes to the forecasts published in December. He declined to give specifics ahead of the June 2 publication.
"The figures will be in the black but will be more difficult," he told a meeting of Usaire, an association of U.S. and European aerospace companies.
Trade tensions are already hurting cargo demand and passenger demand is sure to be affected too, he said.
Air cargo - a bellwether for the wider economy - transports over $6 trillion worth of goods, accounting for 35% of world trade by value, according to IATA.
Air freight traffic fell 2% in the first quarter of 2019.
"VERY TOUGH YEAR"
Although earlier rounds of tariffs affected items like steel that are hauled by sea, airlines are worried that future tariffs could include smart phones and computers that go by air.
This points to a "very tough year" for air freight, but reasonable though slower GDP growth should keep passenger traffic growing only a little below trend, IATA said on Friday.
"Among the reasons why cargo is declining and we see some slowdown in passenger traffic are probably the consequences of trade disputes and protectionist measures in various parts of the world," de Juniac said.
As well as escalating trade tensions, notably between the United States and China, airlines are also beginning to acknowledge concerns that the industry has reached the top of its business cycle after a longer than usual expansion.
"I am a bit worried and I am sorry to tell you that I think we are at a turning point," de Juniac said.
However, the long-term outlook remains robust, he added.
De Juniac noted concerns about airport capacity and other infrastructure problems across the world, but defended the industry's record in curbing emissions as a debate heats up in Europe around the impact of air travel on the environment. (Reporting by Tim Hepher; Editing by Alexander Smith)