The International Air Transport Association (IATA) announced on Wednesday that airline profits are expected to stabilize in 2024. For 2023, net profit for the year is projected to reach $23.3 billion on a 2.6% margin, while in 2024, net profit is set to rise to $25.7 billion and a...
Aerostructures manufacturer Spirit AeroSystems Holdings posted a quarterly loss on Tuesday, proving to be yet another aircraft manufacturer that has been hit by the slump in air travel caused by the COVID-19 pandemic. The company explained in a statement that this loss resulted directly from the reduction in aircraft...
With the global energy crisis triggering a spike in oil demand, Brent Oil reached a price of $85 per barrel for the first time since 2018. The demand for oil comes due to a mass shortage of gas and coal.
Brent futures in London rose by 1.3% to a price...
As the global demand for oil continues to undergo an unbalanced recovery, the price of oil has slipped below $69 per barrel. Since failing to pass the $70 mark on Wednesday, global benchmark Brent has been unable to regain momentum.
Much of the inconsistency is the result of wavering performances...
Oil extended its rally on Wednesday as a further decline in U.S. inventories added to the effects of the recent OPEC+ decision to cut output by 1.16 million barrels per day.
West Texas Intermediate was up to more than $81 a barrel after closing at its highest level in...
The Calgary-headquartered Pembina Pipeline Corp. decided to pull its C$8.5 billion ($6.7 billion) offer to acquire Inter Pipeline Ltd., consequently providing Brookfield Infrastructure Partners LP with a clear path to pursue their own bid. Inter is expected to pay a C$350 million termination fee to Pembina, who in turn...
Oil prices held steady on Tuesday after the holiday break, thereby building on last week's weekly gain. Oil embarked on its largest weekly gain in the past two months after Houthi attacks on vessels in the Red Sea led to shipping disruptions and detours.
US benchmark West Texas Intermediate crude...
California-based EV company Lucid Motors and blank check company Churchill Capital IV (CCIV) completed a merger deal on Monday night. With the deal under wraps, the EV company is one step closer to realizing its goal of going public. Churchill Capital IV shares declined by 30% following the announcement.
As...
The Crown Prince of the Kingdom of Saudi Arabia announced on Saturday that the Gulf Arab nation will seek to eliminate carbon emissions by 2060. This will result in Saudi Arabia more than doubling its annual target for reducing net carbon emissions.
"The Kingdom of Saudi Arabia aims to reach...
French media conglomerate Vivendi SE revealed on Wednesday that its most-prized asset, Universal Music Group, is now worth 33 billion euros ($40 billion). This means that Universal is now worth more than its parent company. With a general meeting scheduled in June, Vivendi has released related documents outlining the...