FedEx Boss Warns Of A 'Worldwide Recession'
- FedEx's CEO thinks we're barreling toward a global recession.
- His comments in a CNBC interview came after the firm reported disappointing first-quarter results and announced a slew of aggressive cost-cutting measures to help it weather the coming storm.
- "I think so. But you know, these numbers, they don't portend very well," FedEx CEO Raj Subramaniam said in response to a question about whether the economy was "going into a worldwide recession."
- To help mitigate the situation, FedEx plans to cut flights and temporarily park some aircraft, trim labor hours, and freeze hiring. It's also set to close 90 retail locations and five corporate offices.
- The company is also revising its 2023 financial outlook and said it expected conditions to worsen in its second quarter.
Yahoo
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FAA Denies Proposed Exemption from 1,500 Hour Rule
KEY POINTS:
- The FAA on Monday denied Indianapolis-based Republic Airways' request for an exemption to the rule that requires 1,500 hours of flying time for air transport first officers. In its ruling, the FAA found that Republic’s proposal for a 750-flight-hour threshold as part of its in-house training program would fail to provide an equivalent level of safety and not serve the public interest.
- Republic Airways, which flies under code-share agreements with Delta, United, and American Airlines, petitioned the FAA to allow first officers who graduated from its Leadership in Flight Training Academy (LIFT) to apply for a restricted air transport pilot (R-ATP) with the same reduced flight hour requirement afforded to military or ex-military pilots. In its April filing, Republic stated that its R-ATP program resembles U.S. military training “by providing comprehensive and structured training for civilian pilots through training that satisfies the spirit of regulations while enhancing safety and providing a benefit to the public.”
- In its petition, Republic cited a need to commit to “diversity, equity, and inclusion” among pilot ranks as one reason the exemption would serve the public interest. The airline asserted that its LIFT program provides a cost-effective means of flight training and access to a large pool of students including those from underrepresented minority groups. In particular, Republic provided figures detailing the combined costs of flight training and tuition at private university programs, public university programs, and the Republic program, estimating those costs to total $219,600, $171,333, and $75,000, respectively.
- Perhaps more to the point, the airline also contends that the exemption would provide a service to the public by satisfying continuing commercial aviation demand, specifically in small communities that rely on commercial aviation services.
- Republic noted that its program better prepares its ATPs for Republic’s initial qualification than outside vendors and that its analysis shows the LIFT training produces more than an equivalent level of safety as military training. The FAA disagreed with the assertion, however.
AIN Online
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Boom's Future Is In Doubt | Engine Makers Refuse To Help
KEY POINTS:
- Boom Supersonic may be forced to make its own engine for its ultra-fast Overture jet.
- "After careful consideration, Rolls-Royce has determined that the commercial aviation supersonic market is not currently a priority for us and, therefore, will not pursue further work on the program at this time," the company continued. "It has been a pleasure to work with the Boom team and we wish them every success in the future."
- After Rolls-Royce's comments, GE Aviation, Honeywell, and Safran Aircraft Engines have all told FlightGlobal that they are not currently interested in making a supersonic engine for Boom.
- Nevertheless, Boom is hard-set on finding an engine manufacturer and producing a power plant that is environmentally friendly. The company hopes its $200 million Overture jets will run on 100% sustainable aviation fuel (SAF).
- "As a practice, we avoid commenting on any ongoing and confidential negotiation with our suppliers, until both sides are ready to announce jointly," Boom told Insider on Friday. "However, we can reconfirm our intention to announce Boom's selected engine partner and transformational approach for reliable, cost-effective, and sustainable supersonic flight, later this year."
- With engine makers reluctant to partner with Boom, Henry Harteveldt, travel analyst and president of Atmosphere Research Group, told Insider that the company may need to make its own.
Business Insider
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Hawaiian/Southwest Make Less Than $25/Flight | Pullback Is Imminent
KEY POINTS:
- In the battle of Hawaii flights, things continue to go downhill. Both in terms of pricing and profitability. How long can it go on?
- When you look at the current price point for $39 interisland fares, did you know that only $26 goes to the airline? The remaining $12+ is a combination of taxes and fees in which they do not participate. But the $26 is before the advertising cost.
- As one investment analyst said this week, “Southwest is bleeding cash in the interisland market. Southwest Airlines will probably rein in its interisland ambitions eventually, but it might not be soon.” In terms of blood, Southwest has much more they can afford to lose than Hawaiian.
- Mainland Hawaii routes seem to be working for both airlines, but not interisland.
- Even at $39, there appears to be inadequate demand to fill flights, further exacerbating the financial loss. If you’re traveling to Hawaii this fall, this is the best time ever to consider adding another island to your itinerary. Flights are readily available and the prices can’t be beaten.
Beat of Hawaii
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