Latest news with #GeorgeFerguson
Bloomberg
13-05-2025
- Business
- Bloomberg
China Removes Boeing Ban After US Trade Truce
Bloomberg's George Ferguson talks China's decision to lift the month-long ban on Boeing deliveries in the days following a short-term trade agreement between the US and China. (Source: Bloomberg)
Yahoo
08-05-2025
- Business
- Yahoo
Trump admin. announces $10B Boeing deal with an UK airline
At a White House press conference confirming a trade deal between the US and United Kingdom, Secretary of Commerce Howard Lutnick hinted at a new $10 billion order for Boeing (BA) planes from UK officials. Shares of the airline manufacturer are jumping on this news. Bloomberg Intelligence senior aerospace, defense, and airlines analyst George Ferguson joins Wealth to break down how British Airways (IAG.L) is most likely behind this large order and what it signals for Boeing's global positioning. For more expert insight and the latest market action, click here. George, this certainly has catapulted Boeing shares higher on the day. We're sitting at gains of about 4% on the back of this announcement. As we're thinking about who potential buyers could be, potentially hearing that later on today, but this all coming as Boeing for itself is trying to make sure for their own production that they're able to meet some of that demand. What's your read into this? Well, so, I think my first read into this is it's not surprising. So we expect that as the US negotiates trade deals around the world that, you know, Boeing will probably play a prominent role in a number of them because I think as they, as the administration approaches other governments and talks about balance of payments, uh, it's it's only natural that our biggest exporter Boeing, uh, is probably going to be involved in closing that that payment gap. And so, again, not surprising and we're expecting more. When I look at the UK, uh, you know, I I really think it's probably, uh, IAG airlines. It's probably British Air that would place any order of this size. I mean, there's other airlines like EasyJet, largely a Airbus flyer, a small low-cost carrier. Uh, but British Air already has a number of big Boeing wide bodies and the backlog triple sevens, 787s. So I I could see follow-on orders for some of those. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
06-04-2025
- Entertainment
- BBC News
Bristol Arena: U-turns, rows and Covid lead to decades of delay
After more than 20 years of promises, bitter rows and tens of millions of pounds spent, the prospect of a music arena in Bristol is inching closer. The chief executive of the company behind the project has said The 19,000-seater YTL Arena "will open in 2028" after years of delays. First announced in 2018, the latest plans for the arena will place it at the centre of the Brabazon development in Filton, which will also include 6,500 with concert goers facing at least another three year wait until the music kicks in, many will be asking why has it taken so long? The start of a long journey Plans for an arena in Bristol were first mooted in 2003 as part of the city's bid to become the European Capital of Culture for 2008. Plans for a 10,000 capacity multi-purpose venue on a brownfield site near Temple Meads station formed part of the bid. Bristol's bid failed - and despite buying land earmarked for the arena, the city council shelved the plans in 2007, claiming it wasn't "viable" amid spiralling costs. Back and forth to Temple Meads In 2009, new plans for a 15,000-seater music and sport venue were floated at a site in Ashton Vale close to where Bristol City Football Club wanted to build a new three years later, the city council said it wanted to revive the plans on the Temple Meads site - with the then Liberal Democrat council committing to funding 2014, plans for a 12,000-capacity venue were approved by the authority, which was spearheaded by the then city mayor George Ferguson. But the £92.5m project was beset by delays and rising costs, with the opening date pushed back to 2018. In 2016, there was confusion over plans to build an eight-storey car park at the site, with councillors deferring a final decision on the plans due to a "lack of detail" around infrastructure. In 2017, the arena became the battleground for bitter infighting at City Hall - with Mayor Marvin Rees claiming "nothing was off the table" when it came to its January 2018, he confirmed he was considering a privately-funded offer from the Malaysian-owned construction company YTL to move the project to the Filton site - before scrapping plans at Temple Meads the following decision, which went against council recommendations, showed "contempt for democracy", some councillors said. Following the mayor's announcement, the Labour MP for the Temple Meads area, Karyn Smyth claimed millions of pounds had been spent to "achieve precisely nothing" and that her constituents "deserved better". Take off at Filton In 2019, YTL revealed its plans for an arena on the former Filton 17,000-capacity venue was then given the go-ahead by Bristol City Council, South Gloucestershire Council and the Government. In 2023, YTL admitted "challenges" brought on by the Covid-19 pandemic meant the arena wouldn't open until 2026 at the latest. The developer has now said the project is "ready to go" and is set to open in three years' time. While construction is yet to begin on the arena, work on a railway station to bring concert-goers to the venue is under this week revealed plans for a large public square next to the proposed new station, to be called called Station hundreds of people have already bought and moved into new homes as part of the development, and there are plans for schools, student accommodation and sports facilities.
Yahoo
18-03-2025
- Business
- Yahoo
The real reason Southwest is charging for bags now
Southwest could be pushing for more credit card sign-ups by offering cardholders a free checked bag. Experts say Southwest could draw more loyalty revenue but also lose some customers to competitors. Airlines cash in billions of dollars through their lucrative credit card partnerships. Southwest Airlines did a complete 180 when it announced the end of its popular "two bags fly free" policy this month — officially undoing much of what made it unique among airlines. Bags will now cost extra on most tickets, but two key groups will keep the perk: those with high status and people who hold the airline's Rapid Rewards credit cards. Southwest likely hopes the lure of this freebie— despite the $69 to $149 annual fee for its personal credit cards — will garner more signups and, in turn, a boost in loyalty-related revenue. In 2024, the program brought in some $2.2 billion, according to regulatory filings, making up about 8% of Southwest's total operating revenue. It currently has $4.8 billion worth of points on its balance sheet, including those sold for its credit cards, that customers have not yet redeemed. For years, loyalty programs have grown into a lucrative source of revenue for airlines. Carriers sell miles in bulk to credit card companies, which in turn offer them to customers when they make purchases. Airlines get a portion of the annual fees and a bonus when new users sign up for the co-branded card. In many cases, they offer free or heavily discounted flights, airport lounge access, priority boarding, access to seat upgrades, and other perks. With no lounges to dangle as carrots for sign-ups and only nascent plans for extra-legroom front-of-the-plane seats launching in 2026, a free bag is one of the few perks Southwest can offer to potential cardholders (in addition to coveted early-boarding spots and free assigned seats). And as rising costs eat into airline profits as travel demand appears to be weakening, Southwest is likely chasing a bigger cut of the moneymaking credit card business and a chance to take more "wallet share," as some analysts call it. Southwest declined to comment when asked about any future plans for its credit cards and potential benefits. But its social media team appeared to be ready to use the new policy to promote credit cards. In a now-deleted comment on Instagram, Southwest responded to someone who suggested the first checked bag should be free. "Great idea! We'll do that… for our credit card holders," they said, according to screenshots posted online. Southwest declined to comment about the comment's deletion. Bloomberg Intelligence analyst George Ferguson told BI that a free bag as a credit card perk could push people into the program and boost loyalty revenue. "Southwest is becoming more like a full-service carrier," he said. "Part of the grow-up phase is to get a real loyalty program that's going to support the bottom line." He added that the backlash about bags is likely to be short-lived since Southwest is just aligning itself with the norm of the US airline industry. "You can complain all day long, but at the end of the day, it's not going to change the environment," he said. Southwest's stock has rallied since the announcement. Henry Harteveldt, an aviation analyst at Atmosphere Research Group, told BI that Southwest is likely to extend its credit card benefits beyond free flight perks to further attract interest. But he warned Southwest may struggle to compete against American, Delta, and United, which have more robust networks, premium cabins, and airport lounges. "A traveler who may have been loyal to Southwest up until now may be more open to flying other airlines — and could sign up for those carriers' credit cards, if they feel they offer compelling value," he said. Airline credit cards can be as lucrative as a carrier's basic business of flying people from A to B. Delta brought in $7.4 billion, or about 12% of its total operating revenue, through its partnership with American Express in 2024, according to filings. At American, the share was about 11%, and at United about 5%. The airline loyalty system may seem counterintuitive. "Free" flight redemptions (which can be bought with points) suggest an airline lost potential revenue from that seat. However, the miles were created out of essentially nothing — meaning the airline doesn't have to put up any actual assets — and the airline received real money from the bank. Chasing status and points via a membership program or credit card creates loyalty to a brand, so people are more likely to book on a specific airline — further bringing in revenue. "Having an airline credit card tends to make you a stickier customer," Raymond James analyst Savanthi Syth told BI. Airlines also rely on customers forgetting about points earned through flying, meaning any potentially redeemed seat is put back into inventory once any accrued points vanish. Because points are essentially a controllable currency, airlines can change their loyalty systems to maximize their potential earnings. Delta, for example, adjusted its SkyMiles program in 2023 to be based on dollars spent rather than miles flown. This made earning status more expensive. Southwest's restructured program may similarly impact customers. Instead of saving their points for flights, loyalty members may find themselves spending them on seat upgrades, or checked bags that that were previously free. Still, Southwest has one trick up its sleeve: its popular companion pass. This allows customers to bring a buddy on every flight they take for free, paying only taxes and fees. It's one of the only airlines to offer such a wide-ranging companion pass. Southwest's credit card promo through March 28 is offering the pass as part of a sign-on bonus — making the perk temporarily more attainable. The pass usually requires customers to earn 135,000 points or take 100 one-way flights in a single year. Credit card spending and bonuses can help customers more quickly earn the popular companion pass — which offers among the best value in the industry — and potentially give Southwest a competitive edge over other carriers. Only time will tell how the bet pays off. Read the original article on Business Insider
Bloomberg
18-02-2025
- Bloomberg
Delta Flights Resume in Toronto After Plane Flip
Delta Air Lines Inc. resumed flights at Toronto-Pearson International Airport after a regional jet flipped out of control and skidded along the runway before coming to rest upside down. There were no fatalities, but 21 passengers were injured and taken to hospitals, with 19 since being released. Investigators from Canadian aviation officials and the US National Transportation Safety Board are reviewing the crash, which occurred in windy and snowy conditions. Bloomberg's George Ferguson reports on Bloomberg Intelligence (Source: Bloomberg)
