TowneBank: Q1 Earnings Snapshot
PORTSMOUTH, Va. (AP) — PORTSMOUTH, Va. (AP) — TowneBank (TOWN) on Wednesday reported net income of $50.6 million in its first quarter.
The Portsmouth, Virginia-based bank said it had earnings of 67 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 68 cents per share.
The community bank posted revenue of $261.2 million in the period. Its revenue net of interest expense was $193.1 million, which topped Street forecasts.
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Yahoo
20 minutes ago
- Yahoo
Air India crash refuels Boeing and airline's problems
The fatal crash of a 787 Dreamliner that was being operated by Air India from Ahmedabad in northwestern India to London Gatwick Airport has once again fueled scrutiny of both Boeing and the airline, as the two companies have been trying to emerge from years of crises and poor reputations. The nearly 12-year-old Dreamliner crashed on a densely populated part of the city soon after takeoff, killing 241 of the 242 people on board on Thursday. The total death toll is expected to rise as the plane fell on a medical college hostel and rescue operations are still under way. The crash raises new concerns for Boeing, which continues to face mounting safety issues that have undermined public trust in its aircraft. These challenges come as the Seattle-based aerospace giant grapples with economic pressures from tariffs imposed by United States President Donald Trump, as well as increased regulatory attention that followed its recent safety issues. The reason behind the crash is not yet clear. But it is yet another fatal accident involving a Boeing aircraft, adding to a string of public relations crises that have made many travellers wary of flying on its planes. 'Boeing has become notorious and infamous with flyers at this moment, regardless of the model of the plane. Even the word 'Boeing' triggers a lot of people,' Adnan Bashir, an independent global communications and corporate affairs consultant who specialises in crisis communications, told Al Jazeera. The company's safety reputation began to unravel in October 2018 when a Lion Air flight operating a 737 MAX crashed due to a malfunction in the Maneuvering Characteristics Augmentation System (MCAS), a programme designed to prevent stalls. That crash killed all 189 people on board. Just months later, in March 2019, an Ethiopian Airlines flight using the same aircraft model crashed for the same reason, killing all 157 people aboard. Turmoil resurfaced in January 2024, when a door panel detached mid-flight on an Alaska Airlines route between Ontario, California, and Portland, Oregon. But until now, the 787 Dreamliner aircraft had maintained a relatively strong safety record. 'This is the first fatal crash of the 787, so despite all of its problems in the early days and all the production issues that Boeing had with the aeroplane, this has had a perfect safety record up to this point,' aviation expert Scott Hamilton told Al launched in 2011, Boeing has sold more than 2,500 of the model globally. Air India bought 47 of them, and to date, Boeing has delivered 1,189 Dreamliners. The model has faced years of safety-related scrutiny. In 2024, John Barnett, a former Boeing quality manager, was found dead under suspicious circumstances after long voicing concerns about the 787. Barnett had alleged that Boeing cut corners to meet production deadlines, including installing inadequate parts. He also claimed that testing revealed a 25-percent failure rate in the aircraft's emergency oxygen systems. In 2019, The New York Times published an expose that revealed Boeing had pressured workers not to report safety violations, citing internal emails, documents, and employee interviews. More recently, another whistleblower, Sam Salehpour, told lawmakers he was threatened for raising safety concerns about Boeing aircraft. Today's crash is the latest fatal incident to occur under the leadership of Boeing CEO Kelly Ortberg, who returned from retirement in 2024 to replace Dave Calhoun. Ortberg had pledged to restore the company's safety reputation. Previously, the last fatal Boeing incident occurred in December, when a Jeju Airlines flight crashed after a bird strike, killing 179 of the 181 people on board. Earlier this month, the US Department of Justice reached a settlement with Boeing that allowed the company to avoid prosecution for previous crashes. The deal required Boeing to pay $1.1bn, including investments to improve safety standards and compensation to victims' families. On Wall Street, Boeing's stock dropped nearly 5 percent from the previous day's market close. At this point, experts believe that ultimately, Boeing executives will be careful with their words because of the looming legal challenges they may face if an investigation finds the fault lies with the plane-maker. 'You can almost guarantee there's going to be lawsuits of some sort. Right now, they're likely triaging internal and external communication plans with their legal team. Because anything they say in public right now could be used as evidence. And so what they're going to be doing right now is staying quiet, most likely until more facts come out,' Amanda Orr, founder of the legal and policy communications consultancy firm Orr Strategy Group, told Al Jazeera. In response to today's crash, Boeing said, 'We are in contact with Air India regarding Flight 171 and stand ready to support them … Our thoughts are with the passengers, crew, first responders and all affected.' Boeing did not respond to Al Jazeera's request for comment. For Air India, which has been undergoing a major reinvention in the last few years, today's crash is a major setback in its efforts to rebrand and modernise. Founded in 1932, the airline was nationalised in 1953. After years of financial struggles and mounting debt, Tata Group acquired the airline for $2.2bn in 2022. As India's only long-haul international carrier to Europe and North America, Air India has a strong hold on global travel from across the country. In 2023, the carrier ordered 220 Boeing aircraft, including 20 Dreamliners, 10 777x jets, and 190 of the embattled 737 MAX. For now, Air India is focused on its response to the crash. 'At this moment, our primary focus is on supporting all the affected people and their families. We are doing everything in our power to assist the emergency response teams at the site and to provide all necessary support and care to those impacted,' said N Chandrasekaran, chairperson of Tata Sons, the holding company of Tata Group, in a statement provided to Al Jazeera. 'I express our deep sorrow about this incident. This is a difficult day for all of us at Air India. Our efforts now are focused entirely on the needs of our passengers, crew members, their families and loved ones,' Craig Wilson, the airline's CEO, said in a video statement. The airline has experienced a few fatal accidents in recent years. In 2020, an Air India Express flight skidded off the runway in Kozhikode in India, killing 20. A similar accident in Mangalore involving a 737-800 claimed 156 lives. Despite the shock of today's crash, flying remains one of the safest modes of travel. According to a 2024 study by the Massachusetts Institute of Technology, the risk of dying in a commercial airline accident is one in every 13.7 million passengers. This continues to be the safest decade in aviation history.
Eater
28 minutes ago
- Eater
Southern California Pastrami Favorite Finally Expands to Las Vegas
Southern California's beloved pastrami destination, the Hat, is finally moving forward with plans to open in Las Vegas — six years after the chain announced it would expand to Southern Nevada. Construction is now underway on a 4,122-square-foot restaurant at 6239 South Rainbow Boulevard — the same space it staked out in 2019 — with a drive-thru and outdoor patio. The Hat has been a California staple since 1951, serving pastrami dips poised for dunking into homemade au jus, plus burgers, turkey sandwiches, and onion rings. The Hat teased the opening on Instagram, announcing a grand opening in spring 2026. The Hat joins a growing parade of regional fast food favorites expanding into Las Vegas. Most recently, Georgia's favorite fast-food chicken chain, Zaxby's, opened a drive-thru here. Earlier this year, North Carolina-based Bojangles opened in the Southwest, and Hawaii-based Zippy's opened its second location in the Vegas area. And that's not to mention the grocery stores Aldi and H-Mart, which debuted in April. Still rumored to make a Las Vegas appearance: Portillo's potentially. Late-Night Skewers Land in Chinatown The team behind Chubby Cattle's conveyor-belt hot pot restaurant and the high-tech X-Pot on the Strip is back with a new late-night venture. Chubby Skewers opens Wednesday, June 18, on Spring Mountain Road, serving Northeastern Chinese Dongbei-style barbecue from 5 p.m. to 3 a.m. Skewers start at just $1, with a menu that ranges from wagyu beef to duck tongue to spicy cold noodles. The space channels the energy of old-school Chinese street stalls — think bold reds, neon lights, and low tables. New York Noodle Hybrid Extends Its Short-Term Pop-Up Pastaramen, the boundary-blurring Japanese-Italian pop-up from chef Robbie Felice, is extending its run at Bar Zazu in Resorts World Las Vegas through July 12. Originally slated for just a one-month residency, the crossover has drawn crowds with dishes like cacio e pepe gyoza, mochi ramen carbonara, and a $250 truffle porcini ramen that is dramatically prepared in a flaming wheel of Parmigiano-Reggiano. Brewdog Opens a Beer Hall Beneath Its Rooftop Behemoth UnderDog Beer Hall opens on Thursday, June 12, beneath BrewDog's massive 30,000-square-foot rooftop brewpub on the Las Vegas Strip. Tucked inside the Showcase Mall, UnderDog brings a more casual vibe with giant screens, a new pizza-focused menu, and beers on tap — including BrewDog favorites like Elvis Juice and guest pours from local Las Vegas breweries. Baguette Cafe Heads Downtown Baguette Café opened a new downtown Las Vegas location on May 22 right on Las Vegas Boulevard, near Fremont Street. It brings together signature French-inflected breakfast, brunch, and lunch fare just a block from Fremont Street. Known for thoughtful sourcing and warm hospitality, this marks the café's third outpost in the valley — and its first in the heart of Downtown. Chef Leticia Mitchell Opens Another Cocina Leticia's Cocina and Cantina is opening a new location at Boulder Station this summer. Known for dishes like birria quesatacos, shrimp ceviche, and Mexico City-style enchiladas suizas, chef Leticia Mitchell first gained national attention with an appearance on Diners, Drive-Ins and Dives . This will be her second location with Station Casinos, following the original inside Santa Fe Station. She also runs Letty's, a fast-casual spin-off downtown, and sister restaurant Carmelita's Mar y Tierra in East Las Vegas. Leticia's will replace the now-closed Guadalajara restaurant. See More:
Yahoo
32 minutes ago
- Yahoo
G7: Why there is hope of a Carney-Trump tariff breakthrough at Alberta summit
Global trade will be a major focus at next week's G7 summit as world leaders gather in Alberta, including U.S. President Donald Trump, who will be making his first appearance at a major international event since returning to the White House in January. Experts and ambassadors are expressing some optimism that this type of event could be a difference-maker in convincing Trump to reduce the amount of tariffs charged on imports to the U.S. Any possible concessions on the trade front would be welcomed by countries such as Canada, that are facing economic hardship because of tariffs. "It's issue No. 1," said John Kirton, director of the G7 Research Group at the University of Toronto. On Wednesday, CBC News and Radio-Canada reported that talks between Prime Minister Mark Carney and Donald Trump are advanced enough that a document containing a draft economic and security agreement has been exchanged between the Prime Minister's Office and the White House. Ottawa is stepping up its efforts in recent weeks to reach an agreement before the end of the G7 summit. Global trade has slowed as a result of the ever-changing tariffs announced by Trump that have targeted various countries and also certain materials, such as steel and aluminum. In response, many countries, including Canada, have enacted their own tariffs. Canada's unemployment rate has climbed to seven per cent, which economists say is a sign the trade war with the U.S. is taking a toll on the job market, especially the manufacturing sector. Trade and tariffs are the "make or break issue" that will determine whether the summit in the Alberta Rocky Mountain village of Kananaskis Country is a success or not, said Kirton. For now, he's hopeful the various leaders' meetings and one-on-one conversations could produce results. "[Trump] likes to deliver big wins and the other G7 leaders are smart enough to deliver agreements which are real wins," said Kirton, pointing to how countries could pledge to increase defence spending and make other commitments, in exchange for lower tariffs on imports into the U.S. World leaders, including Carney, Trump and leaders from France, Germany, Italy, Japan and the United Kingdom, as well as the European Union, are meeting in Alberta from June 15 to 17 for talks on a variety of other issues, including climate change and managing rapidly evolving technology. The summit is a high-profile event, yet only involves a handful of world leaders, which is noteworthy, said Gary Mar, CEO of the Canada West Foundation, an Alberta-based think-tank. "One of the reasons the G7 is effective is because it's a small group. It's small enough that it's focused and can really be productive," said Mar, who was part of the welcoming party at the Calgary airport when world leaders arrived for the last summit held in Kananaskis in 2002. Trade was not nearly as contentious at that gathering, but rather promoted as having a profound impact on economic growth and development around the world. At the time, U.S. President George Bush even highlighted the value of trade with Canada during the opening press conference. "We've got a significant relationship together. It's a vibrant, positive friendship," said Bush. "Trade is in the interests of all of us. There are some problems on occasion, but we've got the kind of relationship where we can be very frank about it and try to work them out." The 2002 summit was held less than 12 months after the terrorist attack on the Pentagon and World Trade Center, which is why the main focus was to discuss the war on terrorism and responding to the threat of weapons of mass destruction. Geopolitical tension and conflicts are expected to be one of the talking points at this year's G7, but the tariff situation will likely top the agenda. Trade policy needs to be discussed urgently, said Matthias Lüttenberg, Germany's ambassador to Canada, while on stage at a recent event in Calgary to discuss the G7. Free trade and open markets for Germany is "one of the most important pillars of our economic world view and it's the foundation of prosperity and sustainable growth for all of us," he said. The G7 has an important role to play and the summit has value in producing results on global issues, Lüttenberg said, a sentiment shared by other ambassadors attending the G7 event. "We know how it works and we have achieved so much together already. And I'm not only talking about leader statements, but it's also the practical work," he explained, pointing to the example of how the G7 agreed on certain sanctions against Russia following its invasion of Ukraine, while also working toward how to help Ukraine rebuild. Global economic growth is slowing more than expected only a few months ago as a result of the Trump administration's trade war, the Organisation for Economic Cooperation and Development said earlier this month. The global economy is on pace to slow from 3.3 per cent last year to 2.9 per cent in 2025 because of the tariff fallout, the agency said, trimming its estimates from March for growth of 3.1 per cent this year.
